[Form 4] Royal Gold Inc Insider Trading Activity

Rhea-AI Filing Summary

Royal Gold Inc. (RGLD) Form 4 summary: William Holmes Heissenbuttel, President & CEO and a director, reported a disposition on 08/18/2025 of 657 shares of Royal Gold common stock at a price of $171.55 per share. The filing indicates these shares were withheld to satisfy taxes rather than sold on the open market. After the transaction, Heissenbuttel beneficially owned 124,140 shares directly. The Form 4 was signed by Michelle Perry by power of attorney on 08/19/2025.

Insights

Securities Analyst

TL;DR: Routine tax-withholding disposition by the CEO; not a market sale signal.

The Form 4 shows a small, administratively driven disposition of 657 shares at $171.55, identified as shares withheld to satisfy tax obligations. This type of transaction (code F) typically reflects payroll/tax mechanics for option exercises or equity awards rather than an intent to liquidate holdings. The remaining direct holding of 124,140 shares leaves the reporting person materially invested in the company. No derivative activity or additional transfers are disclosed.

Corporate Governance Expert

TL;DR: Compensation-related withholding disclosed; governance impact appears minimal.

The filing documents a tax-withholding disposition referenced in the explanation: "Represents shares withheld to satisfy taxes; no shares were sold." Such disclosures are consistent with executive equity compensation settlements and standard governance transparency. The signature by power of attorney is properly noted. There are no indications of unexpected executive departures, pledging, or other governance actions in this Form 4.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Heissenbuttel William Holmes

(Last) (First) (Middle)

1144 15TH STREET, SUITE 2500

(Street)

DENVER CO 80202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ROYAL GOLD INC [ RGLD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/18/2025		F		657(1)	D	$171.55	124,140	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares withheld to satisfy taxes; no shares were sold.

Remarks:

	Michelle Perry, by power of attorney	08/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did William Heissenbuttel report on Form 4 for RGLD?

He reported a disposition of 657 shares of Royal Gold common stock on 08/18/2025 at a price of $171.55 per share.

Why were the 657 shares disposed according to the filing?

The filing explains the shares were withheld to satisfy taxes; the Form states explicitly that no shares were sold.

How many Royal Gold shares does the reporting person own after the transaction?

Following the reported transaction, the reporting person beneficially owned 124,140 shares (direct ownership).

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Michelle Perry, by power of attorney on 08/19/2025.

What is the reporting person's role at Royal Gold?

The reporting person is listed as both a Director and an Officer (President & CEO).