[Form 4] ROYAL GOLD INC Insider Trading Activity

Rhea-AI Filing Summary

Raffield Martin, identified as Senior Vice President, Operations and an officer of Royal Gold Inc. (RGLD), reported a Section 16 transaction dated 09/14/2025. The Form 4 shows a transaction coded F with rule/code 18(1) and a price of $189.32. The filing reports 9,995 shares as the amount of common stock beneficially owned following the reported transaction, held directly. The explanatory remark states that shares were withheld to satisfy taxes and that no shares were sold. The Form 4 was signed by Michelle Perry by power of attorney on 09/16/2025.

Positive

• Insider disclosure completed showing compliance with Section 16 reporting requirements
• Transaction arose from tax withholding, with the filer stating no shares were sold, which limits interpretation as insider selling

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine tax-withholding reported; not a cash sale, minimal investor impact.

The Form 4 discloses a transaction on 09/14/2025 involving withholding under Code 18(1) with a reported price of $189.32 and a resulting beneficial ownership of 9,995 shares. The filer explicitly states shares were withheld to satisfy taxes and that no shares were sold. For investors, this is a routine post-exercise tax withholding disclosure rather than a disposition for liquidity, so it is unlikely to signal management intent to reduce exposure.

Corporate Governance Expert

TL;DR: Filing reflects compliance with Section 16 reporting; no governance red flags present.

The Form 4 is completed with role identification (SVP, Operations), transaction coding, and an explanatory remark clarifying tax withholding. The signature by power of attorney is provided. There is no indication of unusual related-party transactions, unexplained disposals, or late amendments in the supplied content. This appears to be a routine insider reporting event consistent with equity compensation administration.

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).

1. Name and Address of Reporting Person^*

Raffield Martin

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Operations

3. Date of Earliest Transaction (Month/Day/Year)
09/14/2025

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	09/14/2025		F		18(1)	D	$189.32	9,995	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	09/16/2025
	** 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 did RGLD insider Raffield Martin report on the Form 4?

The Form 4 reports a transaction dated 09/14/2025 coded F / 18(1) with a price of $189.32 and shows 9,995 shares beneficially owned following the transaction.

Did Raffield Martin sell shares of RGLD according to this Form 4?

No. The remarks state the reported movement represents shares withheld to satisfy taxes and explicitly note that no shares were sold.

What role does the reporting person hold at Royal Gold (RGLD)?

The Form 4 identifies the reporting person as SVP, Operations and marks the person as an officer for the issuer.

When was the Form 4 signed and by whom?

The signature block shows Michelle Perry, by power of attorney with a signature date of 09/16/2025.

How many shares does the Form 4 show as beneficially owned after the transaction?

The filing reports 9,995 shares as beneficially owned following the reported transaction.