# ROYAL GOLD INC (RGLD)

Informational only - not investment advice.

CIK: 0000085535
SIC: 6795 Mineral Royalty Traders
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6795 Mineral Royalty Traders](/industry/6795/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=85535
Filing source: https://www.sec.gov/Archives/edgar/data/85535/000008553526000008/rgld-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0000085535-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000085535.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,030,471,000 USD | 2025 | verified |
| Net income | 466,281,000 USD | 2025 | verified |
| Assets | 9,537,524,000 USD | 2025 | verified |
| Net margin | 45.25% | 2025 | computed |
| Operating margin | 61.93% | 2025 | computed |
| Revenue YoY | +43.24% | 2025 | computed |
| ROE | 6.51% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | RGLD | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 45.2% | 17.8% | 87 | 157 |
| Operating margin | 61.9% | 22.9% | 83 | 73 |
| Revenue growth | 43.2% | 4.1% | 95 | 158 |
| ROE | 6.5% | 5.9% | 53 | 160 |
| ROA | 4.9% | 1.6% | 85 | 164 |
| Liabilities / equity | 0.33 | 1.45 | 4 | 160 |
| Current ratio | 3.12 | 1.29 | 78 | 19 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 67 Holding And Other Investment Offices, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1030471000 | USD | 2025 | 2026-02-19 |
| Net income | 466281000 | USD | 2025 | 2026-02-19 |
| Assets | 9537524000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000085535.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 440,814,000 | 459,042,000 | 423,056,000 | 498,819,000 | 615,856,000 | 603,206,000 | 605,717,000 | 719,395,000 | 1,030,471,000 |
| Net income | -77,149,000 | 101,530,000 | -113,134,000 | 93,825,000 | 199,343,000 | 302,532,000 | 238,982,000 | 239,440,000 | 332,023,000 | 466,281,000 |
| Operating income | 4,816,000 | 145,942,000 | -74,535,000 | 140,707,000 | 198,945,000 | 337,602,000 | 283,709,000 | 303,202,000 | 429,899,000 | 638,167,000 |
| Gross profit | 288,811,000 | 192,236,000 | 209,349,000 | 178,553,000 | 236,058,000 | 333,002,000 | 323,101,000 | 343,394,000 | 471,174,000 | 714,330,000 |
| Diluted EPS | -1.18 | 1.55 | -1.73 | 1.43 | 3.03 | 4.60 | 3.63 | 3.63 | 5.04 | 6.69 |
| Operating cash flow | 169,311,000 | 266,853,000 | 328,824,000 | 253,166,000 | 340,752,000 | 407,151,000 | 417,345,000 | 415,792,000 | 529,503,000 | 704,846,000 |
| Dividends paid | 58,720,000 | 61,396,000 | 64,118,000 | 67,477,000 | 71,471,000 | 76,099,000 | 91,925,000 | 98,567,000 | 105,237,000 | 118,525,000 |
| Assets | 3,069,729,000 | 3,094,065,000 | 2,682,016,000 | 2,544,151,000 | 2,766,287,000 | 2,757,032,000 | 3,534,522,000 | 3,361,057,000 | 3,392,130,000 | 9,537,524,000 |
| Liabilities | 783,844,000 | 773,801,000 | 540,747,000 | 373,698,000 | 464,168,000 | 155,821,000 | 781,053,000 | 460,416,000 | 260,924,000 | 2,332,177,000 |
| Stockholders' equity | 2,229,016,000 | 2,275,377,000 | 2,102,167,000 | 2,136,681,000 | 2,272,217,000 | 2,588,744,000 | 2,741,093,000 | 2,888,217,000 | 3,118,957,000 | 7,157,130,000 |
| Cash and cash equivalents | 116,633,000 | 85,847,000 | 88,750,000 | 119,475,000 | 319,128,000 | 143,551,000 | 118,586,000 | 104,167,000 | 195,498,000 | 233,719,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 23.03% | -24.65% | 22.18% | 39.96% | 49.12% | 39.62% | 39.53% | 46.15% | 45.25% |
| Operating margin |  | 33.11% | -16.24% | 33.26% | 39.88% | 54.82% | 47.03% | 50.06% | 59.76% | 61.93% |
| Return on equity | -3.46% | 4.46% | -5.38% | 4.39% | 8.77% | 11.69% | 8.72% | 8.29% | 10.65% | 6.51% |
| Return on assets | -2.51% | 3.28% | -4.22% | 3.69% | 7.21% | 10.97% | 6.76% | 7.12% | 9.79% | 4.89% |
| Liabilities / equity | 0.35 | 0.34 | 0.26 | 0.17 | 0.20 | 0.06 | 0.28 | 0.16 | 0.08 | 0.33 |
| Current ratio | 6.50 | 4.19 | 2.45 | 4.60 | 8.31 | 3.52 | 2.92 | 2.31 | 3.23 | 3.12 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/RGLD/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000085535.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.70 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.97 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.97 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 138,617,000 | 49,337,000 | 0.75 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 152,666,000 | 62,779,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 148,902,000 | 47,166,000 | 0.72 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 174,096,000 | 81,208,000 | 1.23 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 193,837,000 | 96,242,000 | 1.46 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 202,560,000 | 107,408,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 193,436,000 | 113,498,000 | 1.72 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 209,643,000 | 132,349,000 | 2.01 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 252,068,000 | 126,824,000 | 1.92 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 375,323,000 | 93,611,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 469,125,000 | 281,130,000 | 3.30 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 450,539,000 | 236,393,000 | 2.78 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from RGLD's latest 10-K: [/company/RGLD/business/](/company/RGLD/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from RGLD's latest 10-K: [/company/RGLD/risk-factors/](/company/RGLD/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/85535/000008553526000041/rgld-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

ITEM 2.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General Presentation

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide information to assist you in better understanding and evaluating the financial condition and results of operations of Royal Gold. You should read this MD&A in conjunction with our consolidated financial statements included in Item 1 of this report, as well as the audited consolidated financial statements included in our Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 19, 2026 (“2025 10-K”).

This MD&A contains forward-looking information. You should review our important note about forward-looking statements following this MD&A.

We do not own, develop, or mine the properties on which we hold stream or royalty interests (except for the joint venture interest in Hod Maden). Certain information provided in this report about operating properties in which we hold interests, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of those properties (including limited information provided by the operator of the Hod Maden project in connection with our joint venture interest and board representation) or is publicly available information filed by these operators with applicable securities regulatory bodies, including the SEC. We have not verified, and are not in a position to verify, and expressly disclaim any responsibility for the accuracy, completeness, or fairness of this third-party information and refer the reader to the public reports filed by the operators for information regarding those properties.

Unless the context otherwise requires, references to “Royal Gold,” the “Company,” “we,” “us,” and “our” refer to Royal Gold, Inc. and its consolidated subsidiaries.

Overview of Our Business

We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or finance projects that are in the production, development or exploration stage in exchange for stream or royalty interests.

We manage our business under two segments:

•Acquisition and Management of Stream Interests — A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals in an amount determined by reference to production at a mining operation, at a price determined for the life of the transaction by the purchase agreement. As of June 30, 2026, we owned stream interests relating to 18 production stage properties and 4 development stage properties. Stream interests accounted for approximately 69% and 68% of our total revenue for the three and six months ended June 30, 2026, respectively, and 64% and 63% for the three and six months ended June 30, 2025, respectively. We expect stream interests to continue representing a significant portion of our total revenue.

•Acquisition and Management of Royalty Interests — A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting specified costs, if any. As of June 30, 2026, we owned royalty interests on 64 production stage properties, 25 development stage properties and 257 exploration stage properties, of which we consider 82 to be evaluation stage projects. We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for mineral reserves. Royalty interests accounted for 31% and 32% of our total revenue for the three and six months ended June 30, 2026, respectively, and 36% and 37% for the three and six months ended June 30, 2025, respectively.

We do not conduct mining operations on the properties in which we hold stream and royalty interests (except for the joint venture interest in Hod Maden), and are generally not required to contribute to capital costs, exploration costs, environmental costs or other operating costs on those properties.

We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity. We generally have acquisition opportunities in various stages of review. Our review process may include, for example, engaging consultants and advisors to analyze an

20

opportunity; analysis of technical, financial, legal, environmental, social, governance and other confidential information regarding an opportunity; submission of indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes.

Business Highlights and Uncertainties

Bear Creek Convertible Debt Securities

On February 26, 2026, we closed the previously announced agreement with Bear Creek Mining Corporation (“Bear Creek”) to restructure equity, debt and other interests in Bear Creek and its assets in return for increased royalty exposure to Bear Creek's Corani project and a new royalty interest over the Mercedes project, cash and shares in Highlander Silver Corp. (“Highlander”).

Upon closing of the transaction, we settled outstanding debt obligations owed by Bear Creek of $49.5 million and terminated the gold and silver stream obligations between Bear Creek and Royal Gold in connection with the Mercedes Mine. In consideration for the debt settlement, we received $6.2 million cash, an incremental 1.75% NSR royalty on the Corani project in Peru (bringing the Company's total royalty interest to 2.75%), and a new 2.0% NSR royalty on the Mercedes project.

Warintza Project Conditional Funding

On April 14, 2026, after the technical approval of the environmental impact assessment and publication of a pre-feasibility study for the Warintza project, we advanced Solaris Resources, Inc. (“Solaris”) $50 million of the $100 million outstanding conditional funding. The remaining $50 million payable due to Solaris is subject to the completion of all filings necessary to perfect security in Ecuador, which is underway, and payment is anticipated in the third or fourth quarter of 2026.

Settlement of Fixed Delivery Obligation for the Relief Canyon Mine

On June 11, 2026, Royal Gold and Americas Gold and Silver Corporation ("Americas") closed an agreement to settle the remaining fixed delivery obligations owed to Royal Gold related to the Relief Canyon mine. Under the agreement, Americas' obligation to deliver 8,861 ounces of gold over the period between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, which were sold during the second quarter, and 2,652,532 common shares of Americas. The common shares are subject to a four-month hold period after closing.

As a result of the agreement, a $2.6 million gain was recognized and the Relief Canyon stream interest was reduced to zero. Refer to Note 3 of our notes to consolidated financial statements for more information on the settlement of the Relief Canyon fixed delivery obligation.

Hod Maden Project Ownership Restructuring

On July 17, 2026, we completed the restructuring of our ownership in Artmin Madençilik (“Artmin”), the joint venture company that owns 100% of the Hod Maden Project (the “Project”). The restructuring included a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% net smelter return (“NSR”) royalty interest over the Project (the “New RG Royalty”), and certain rights pertaining to a new effective 4.0% NSR royalty interest over the Project (the “SSR Royalty”) granted to SSR Mining, Inc. (“SSR”). Additionally, as part of this restructuring, Lidya Madençilik (“Lidya”), the additional partner in the ownership of Artmin, acquired SSR's interests in Artmin and assumed operatorship of the Project.

Artmin is now owned 15% by Royal Gold and 85% by Lidya, and Royal Gold holds acquisition and certain other rights over the SSR Royalty. Royal Gold retains a perpetual right of first refusal (“ROFR”) over the sale of the SSR Royalty to a third party, and SSR will not be permitted to sell the royalty without Royal Gold’s consent prior to January 1, 2028. SSR also granted Royal Gold the option to acquire half of the SSR Royalty (an equivalent 2.0% NSR royalty interest) for $160 million, exercisable from closing through the period that ends 12 months after the achievement of commercial production at the Project.

As part of the restructuring, Royal Gold further agreed to fund $70 million of Project costs, which was completed in May, 2026. Lidya will complete the funding of the next $397 million of Project costs and further funding will be split pro rata between Royal Gold and Lidya according to their 15%/85% ownership in Artmin. Equity funding requirements may be reduced should Artmin secure debt financing for Project development.

21

Metal Prices

Our financial results are primarily tied to the price of gold, silver, copper, and other metals. Metal prices have fluctuated widely in recent years, and we expect this volatility to continue. The marketability and price of metals are influenced by numerous factors beyond our control, and significant changes in metal prices can have a material effect on our revenue.

For the three and six months ended June 30, 2026 and 2025, average metal prices and percentages of revenue by metal were as follows:

[[GREPCENT_TABLE]]
[["","","Three Months Ended","","Six Months Ended"],["","","June 30, 2026","","June 30, 2025","","June 30, 2026","","June 30, 2025"],["Metal","","AveragePrice","","Percentageof Revenue","","AveragePrice","","Percentageof Revenue","","AveragePrice","","Percentageof Revenue","","AveragePrice","","Percentageof Revenue"],["Gold ($/ounce)(1)","","$","4,506","","","76%","","$","3,280","","","78%","","$","4,693","","","74%","","$","3,067","","","77%"],["Silver ($/ounce)(1)","","$","73.15","","","12%","","$","33.68","","","11%","","$","78.83","","","14%","","$","32.76","","","12%"],["Copper ($/pound)(2)","","$","6.05","","","8%","","$","4.32","","","7%","","$","5.93","","","9%","","$","4.28","","","8%"],["Other","","N/A","","4%","","N/A","","4%","","N/A","","3%","","N/A","","3%"]]
[[/GREPCENT_TABLE]]

______________________________________________

(1)Based on the average U.S. dollars London Bullion Market Association PM fixing price for gold and daily fixing price for silver, as applicable.

(2)Based on the average U.S. dollars London Metals Exchange settlement price for copper.

Property Developments

This section provides recent updates for our principal properties as reported by the operators, either directly to us or in their publicly available documents.

Stream Interests

Andacollo

Gold stream deliveries from Andacollo were approximately 11,300 ounces for the three months ended June 30, 2026, compared to approximately 5,100 ounces for the three months ended June 30, 2025. Higher deliveries in this period relate to higher grade and higher mill throughput in the three months ended December 31, 2025, compared to the prior year period. Stream deliveries typically occur approximately six months after mine production, and are based on a fixed payability factor of 89%.

On July 23, 2026, Teck Resources Limited (“Teck”) reported higher copper production in the quarter ended June 30, 2026, compared to the prior year period driven by higher copper grades, stable operations and strong recoveries. Teck also confirmed 2026 annual copper production guidance despite the partial suspension of operations on July 17, 2026, due to the impact of severe weather conditions. Gold and copper grades have been rela

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/85535/000008553526000008/rgld-20251231.htm
Complete FY 2025 MD&A: /company/RGLD/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General Presentation

This Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, generally discusses year-to-year comparisons between the year ended December 31, 2025 and the year ended December 31, 2024. A discussion of the changes in our financial condition and results of operations for the year ended December 31, 2023 has been omitted from this report, but may be found in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 13, 2025, which is available free of charge on the SEC’s website at www.sec.gov and our website at www.royalgold.com.

Overview of Our Business

We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or finance projects that are in production, development or exploration stage in exchange for stream or royalty interests.

We manage our business under two segments:

•Acquisition and Management of Stream Interests — A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. As of December 31, 2025, we owned stream interests relating to 18 production stage properties and 5 development stage properties. Stream interests accounted for 67% of our total revenue for each of the years ended December 31, 2025 and 2024. We expect stream interests to continue representing a significant portion of our total revenue.

•Acquisition and Management of Royalty Interests — Royalties are non-operating interests in mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any. As of December 31, 2025, we owned royalty interests relating to 63 production stage properties, 24 development stage properties and 254 exploration stage properties, of which we consider 76 to be evaluation stage properties. We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for mineral reserves. Royalty interests accounted for 33% of our total revenue for each of the years ended December 31, 2025 and 2024.

We do not conduct mining operations on the properties in which we hold stream and royalty interests, and we generally are not required to contribute to capital costs, exploration costs, environmental costs or other operating costs on those properties (except for the joint venture interest in Hod Maden).

We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity. We generally have acquisition opportunities in various stages of review. Our review process may include, for example, engaging consultants and advisors to analyze an opportunity; analysis of technical, financial, legal, and other confidential information of an opportunity; submission of indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes.

Business Highlights and Uncertainties

Acquisition of Sandstorm Gold and Horizon Copper

On October 20, 2025, we acquired all of the issued and outstanding common shares of Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”), collectively referred to as “the Transaction.” Sandstorm and Horizon were global resource-based companies based in Vancouver, British Columbia, that held interests in mining assets, including royalty and stream interests, on mining projects across various stages of development.

With respect to the Transaction, Royal Gold issued 18.6 million shares of common stock to Sandstorm shareholders and assumed stock options exercisable for 0.7 million shares of common stock to complete the Transaction and paid $380.9 million in cash to fully repay the outstanding balance drawn on the Sandstorm credit facility. Upon completion of the Transaction, Royal Gold's outstanding share count increased to 84.5 million shares. Royal Gold paid C$127.1 million

53

($90.4 million) in cash consideration to the shareholders of Horizon (excluding Sandstorm) and funded Horizon's purchase of its outstanding warrants for C$40.6 million ($28.9 million).

Mount Milligan Pre-Feasibility Study (“PFS”)

On September 11, 2025, Centerra announced the results of a PFS for Mount Milligan which extends the life of mine (“LOM”) by approximately 10 years to 2045, supported by an optimized mine plan delivering average annual production of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042, followed by the processing of low-grade stockpiles from 2043 to 2045. The PFS includes the construction of a second tailings storage facility that is expected to provide the potential for future raises which could add multiple decades of storage capacity beyond the 2045 LOM, and ball mill motor upgrades and flotation cells in 2028 to increase process plant throughput by about 10% to 66,300 tonnes per day and increase recovery by approximately 1%. Centerra reported that recent drilling confirms mineralization remains open to the west of the current resource pit. Centerra continues to advance exploration aimed at expanding the mineral resource and assessing opportunities to extend the mine life beyond the updated plan.

RGLD Gold owns the right and obligation to purchase 35% of the payable gold and 18.75% of the payable copper produced from Mount Milligan (the “Milligan Stream Agreement”). Payable gold is calculated as 97% of contained gold in concentrate. Payable copper is calculated as the greater of 95% or the actual percentage paid to Centerra. The cash purchase price for gold is equal to the lesser of $435 per ounce, with no inflation adjustment, or the prevailing market price when purchased. The cash purchase price for copper is 15% of the spot price.

In February 2024, RGLD Gold entered into a Processing Cost Support Agreement (the “Cost Support Agreement”), whereby subject to certain conditions, RGLD Gold agreed to provide cost support payments for gold and copper deliveries under the Milligan Stream Agreement in exchange for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future, and a free cash flow interest in Mount Milligan. Until either 375,000 ounces of gold or 30,000 tonnes of copper have been delivered with a bill of lading date on or after January 1, 2024 (estimated to occur in approximately 2030), RGLD Gold has agreed to provide cost support payments only when the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound. In such case, and only at Centerra’s election, RGLD Gold has agreed to provide cost support payments, in the case of gold, equal to the lower of either $415 or 66% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 35% of the spot copper price for each pound of copper delivered. RGLD Gold may recover any such payments from future cash support payments beginning after the delivery of either 375,000 ounces of gold or 30,000 tonnes of copper when metal prices are above $1,600 per ounce of gold and $3.50 per pound of copper. In addition, after the delivery of either 375,000 ounces of gold or 30,000 tonnes of copper, RGLD Gold has agreed to provide cost support payments, in the case of gold, equal to the lower of either $415 or 50% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 35% of the spot copper price for each pound of copper delivered. Finally, following the delivery of 665,000 ounces of gold (estimated to occur in approximately 2036), RGLD Gold has agreed to provide cost support payments, in the case of gold, equal to the lower of either $615 or 66% of the gold spot price less $435 for each ounce of gold delivered, and following the delivery of 60,000 tonnes of copper (estimated to occur in approximately 2036), RGLD Gold has agreed to provide cost support payments, in the case of copper, equal to 51% of the spot copper price for each pound of copper delivered. The Milligan Stream Agreement remains in place and is unaffected by the Cost Support Agreement.

Kansanshi Gold Stream Acquisition

On August 5, 2025, RGLD Gold entered into a precious metals purchase agreement for gold deliveries referenced to copper production from the Kansanshi copper-gold mine in the North Western Province of Zambia, operated and 80% owned by a subsidiary of First Quantum.

RGLD Gold made an advance payment of $1.0 billion (“Advance”) in return for a gold stream referenced to copper production, with deliveries of 75 ounces of gold per million pounds of recovered copper produced until the delivery of 425,000 ounces; 55 ounces of gold per million pounds of recovered copper produced between the delivery of 425,001 ounces and 650,000 ounces; and 45 ounces of gold per million pounds of recovered copper produced thereafter. Additionally, and depending on the achievement of certain objectives as described below, RGLD Gold has granted options to First Quantum to accelerate stream deliveries and reduce the outstanding Advance:

i.Acceleration Option 1: From the earlier of the achievements by First Quantum of a minimum ‘BB’ or equivalent senior unsecured debt rating from a rating agency, or a Net Debt/TTM EBITDA ratio of 2.25x or less over three consecutive quarters starting from March 31, 2026, it will have a one-year period to exercise the option and deliver gold worth up to $200 million over a 14-month period from the date of option exercise and reduce the stream rates and delivery thresholds, ratably, by up to 20%.

54

ii.Acceleration Option 2: If First Quantum achieves either a minimum ‘BBB-’ or equivalent senior unsecured debt rating from a rating agency, or shows a Net Debt/TTM EBITDA ratio of 1.25x or less, over four consecutive quarters and achieves certain operational conditions, it will have a one-year period to exercise the option and deliver gold worth up to $100 million over a 7-month period from the date of option exercise and reduce the stream rates and delivery thresholds, ratably, by up to a further 10%.

RGLD Gold will pay 20% of the spot gold price for each ounce delivered. Should First Quantum achieve a minimum ‘BB’ or equivalent senior unsecured debt rating from a rating agency, or a Net Debt/TTM EBITDA ratio of 2.25x or less over three consecutive quarters starting from March 31, 2026, RGLD Gold will pay 35% of the spot gold price for each ounce delivered.

The acquisition was funded with available cash and a draw of $825.0 million on our revolving credit facility.

Warintza Project Stream and Royalty

On May 21, 2025, RGLD Gold entered into a gold purchase agreement (“Gold Stream Agreement”) with Solaris Resources Inc., and a separate NSR royalty agreement (“Royalty Agreement”) covering all metals with Solaris Resources AG, a wholly owned subsidiary of Solaris Resources, Inc. (collectively, “Solaris”) for metals produced from the Warintza Project (“Warintza”) located in Southeastern Ecuador. The advance payment for the acquisition totals $200.0 million in cash consideration, including $100.0 million paid upon closing, $50.0 million payable after technical approval of the environmental impact assessment and publication of a pre-feasibility study for the project, which are expected to be completed in the first quarter of 2026, and $50.0 million payable one year after closing, subject to certain conditions including registration of security in Ecuador. The $100.0 million cash consideration paid at closing was funded with available cash on hand

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/RGLD/mda/fy2025/
All MD&A years: /company/RGLD/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/RGLD/mda/fy2024/): filed 2025-02-13; accession 0000085535-25-000012 (https://www.sec.gov/Archives/edgar/data/85535/000008553525000012/rgld-20241231.htm)
- [FY 2023 MD&A](/company/RGLD/mda/fy2023/): filed 2024-02-15; accession 0001558370-24-001192 (https://www.sec.gov/Archives/edgar/data/85535/000155837024001192/rgld-20231231x10k.htm)
- [FY 2022 MD&A](/company/RGLD/mda/fy2022/): filed 2023-02-16; accession 0001558370-23-001391 (https://www.sec.gov/Archives/edgar/data/85535/000155837023001391/rgld-20221231x10k.htm)
- [FY 2021 MD&A](/company/RGLD/mda/fy2021/): filed 2021-08-12; accession 0001558370-21-011343 (https://www.sec.gov/Archives/edgar/data/85535/000155837021011343/rgld-20210630x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6795 Mineral Royalty Traders) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/RGLD.md · JSON record: /company/RGLD.json · verified financials: /company/RGLD/financials.json / /company/RGLD/financials.csv · machine TOC for the whole site: /llms.txt