[SCHEDULE 13G] Royal Gold Inc SEC Filing

Rhea-AI Filing Summary

State Street Corporation reported beneficial ownership of 3,155,985 shares of Royal Gold Inc common stock, representing 4.8% of the class. The filing shows no sole voting or dispositive power; instead it discloses shared voting power of 2,895,485 shares and shared dispositive power of 3,155,985 shares. Several State Street affiliates are identified as the entities through which the holdings arise, including SSGA Funds Management and State Street Bank and Trust Company. The filer certified the shares are held in the ordinary course of business and not for the purpose of influencing control of the issuer.

Positive

• Transparent disclosure of beneficial ownership (3,155,985 shares, 4.8%) increases clarity on institutional holdings
• Filer certifies holdings are held in the ordinary course and not to influence control, indicating passive intent

Negative

• No sole voting or dispositive power reported, limiting State Street's direct influence over corporate decisions
• Position remains below 5%, which is generally below common regulatory and market thresholds for material control influence

Insights

Financial Analyst

TL;DR: State Street holds a meaningful institutional stake (4.8%) but reports no sole control and declares a passive intent.

The report discloses a sizeable institutional position of 3,155,985 shares, which is relevant as an indicator of institutional ownership but remains below a 5% threshold that commonly attracts heightened market attention. The filing's explicit statement that holdings are in the ordinary course and not intended to influence control, combined with zero sole voting or dispositive power, supports a characterization of these holdings as passive. From a shareholder-structure perspective, this represents stable institutional interest without an active governance push.

Corporate Governance Expert

TL;DR: Disclosure lists multiple State Street affiliates as holders; the structure implies delegated, shared voting and disposition rather than centralized control.

The schedule identifies several State Street-related entities as the channels for the position, indicating holdings are dispersed among affiliates with shared authorities. The absence of sole voting or dispositive power means the reporting entity does not assert unilateral influence over Royal Gold's governance. For governance analysis, this filing increases transparency about who holds material shares but does not signal an imminent change in control or activist intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ROYAL GOLD INC

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

780287108

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 780287108

1

Names of Reporting Persons

STATE STREET CORPORATION

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,895,485.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,155,985.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,155,985.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.8 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ROYAL GOLD INC
(b)	Address of issuer's principal executive offices: 1144 15TH STREET SUITE 2500 , DENVER, COLORADO, 80202
Item 2.
(a)	Name of person filing: STATE STREET CORPORATION;
(b)	Address or principal business office or, if none, residence: ONE CONGRESS STREET, SUITE 1, BOSTON MA 02114, UNITED STATES
(c)	Citizenship: MA
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 780287108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3155985.00
(b)	Percent of class: 4.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 2,895,485
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,155,985
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. NOT APPLICABLE
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. SSGA FUNDS MANAGEMENT, INC. (IA);STATE STREET BANK AND TRUST COMPANY (BK);STATE STREET GLOBAL ADVISORS EUROPE LIMITED (IA);STATE STREET GLOBAL ADVISORS LIMITED (IA);STATE STREET GLOBAL ADVISORS TRUST COMPANY (IA);STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED (IA);STATE STREET GLOBAL ADVISORS, LTD. (IA);
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. NOT APPLICABLE
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. NOT APPLICABLE

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

STATE STREET CORPORATION

Signature:	ELIZABETH SCHAEFER
Name/Title:	SENIOR VICE PRESIDENT, CHIEF ACCOUNTING OFFICER
Date:	08/08/2025

FAQ

How many Royal Gold (RGLD) shares does State Street report owning?

State Street reports beneficial ownership of 3,155,985 shares of Royal Gold common stock.

What percentage of RGLD does State Street own?

The filing states the holdings represent 4.8% of the class.

Does State Street have sole voting power over its RGLD shares?

No. The filing reports 0 sole voting power and 2,895,485 shares of shared voting power.

Is State Street holding the shares to influence control of Royal Gold (RGLD)?

The filer certified the securities are held in the ordinary course of business and were not acquired to influence control of the issuer.

Which State Street affiliates are identified as holding the securities?

The filing identifies affiliates including SSGA Funds Management, State Street Bank and Trust Company, State Street Global Advisors Europe Limited and other State Street Global Advisors entities.

Does this Schedule 13G filing indicate an activist or control attempt by State Street?

No. The filing's statements of ordinary-course holdings and the absence of sole voting or dispositive power indicate no declared attempt to influence control.