RGLD 10-K & 10-Q changes, risk factors and insider trading

Market prices for gold, silver, copper,copper and other metals fluctuate widely over time and are affected by numerous factors beyond our control. These factors include metal supply and demand, industrial and jewelry fabrication, investment demand, central banking actions, inflation and interest rates, currency values, forward sales by metal producers, and legal, political, social, trade, economic,economic and banking conditions.

Our revenue is directly tied to metal prices and is particularly sensitive to changes in the price of gold, as we derive most of our revenue from gold stream and royalty interests. Under our stream agreements, we purchase metal at a fixed price or a stated percentage of the market price and then sell the metal in the open market during the term of the contract.market. If market prices decline, our revenue and cash flow from metal sales could also decline. A market price decline could also adversely affect our revenue from certain sliding-scale royalty agreements, under which price decreases below specified thresholds result in lower royalty rates. In addition, revenue under some of our royalty agreements is based on the proceeds of operator’s concentrate offtake sales to smelters andwhich are determined provisionally at the time of sale, but may be adversely affected by offtake sales price adjustments that are made based on changes in metals prices between the date an operator shipsprovisionally sells concentrate to its offtake customer and the date the sale of concentrate is finally settled between the operator and its customer (typically a period of three to five months). These price adjustments can decreaseresult in a negative adjustment to our revenue booked in futurethe periodsperiod during which the provisional sale occurs if metal prices declineare followinglower shipment.on final sale than they were on provisional sale.

Metal price declines could cause an operator to reduce, suspend,suspend or terminate production or development at a project, which could decrease or delay our future revenue or revenue expectations from the project. Also, many of our stream and royalty interests relate to metals that are not the primary metal produced at a project, and an operator’s production and development decisions affecting our interests may be influenced by changes in the price of the primary metal.metal in which we hold no interest. These production or development decisions could prevent us from recovering our investment in thea project or result in an impairment to the value of our investment.

We own nonoperatingnon-operating interests in mining properties and cannot ensure properties are developed or operated in our best interests.

Our revenue is derived from stream and royalty interests in properties owned and operated by third parties. In general, we have no decision-making authority regarding the development or operation of the mineral properties underlying our stream and royalty interests. Operators make all or substantially all development and operating decisions, including decisions about permitting, feasibility analysis, mine design and operation, processing, plant and equipment matters, temporary or permanent suspension of operations, estimates of mineral resources and mineral reserves, and the marketing of products from the property. The operators of the properties in which we hold stream and royalty interests may make decisions that are adverse to our interests, and in some cases, the impact of our stream and royalty interests on operator economics may heighten the risk that operators make development or operating decisions adverse to our interests. For example, the cost of servicing the burden of our stream or royalty interest may deter operators from seeking to replace current mineral reserves as they are consumed orconsumed, identify new mineral resources.resources, or invest in improving production. Operators may also decide to prioritize exploration, development and extraction of minerals that are not subject to our stream or royalty interests or are outside the areas of interest subject to our stream and royalty interests.

The operators of the projects in which we hold stream and royalty interests may from time to time announce transactions, including the sale or transfer of the projects in which we hold stream or royalty interests or of the operator itself, over which we have little or no control. If such transactions are completed, it may result in a new operator controlling the project, who may not have comparable skills to, and whose interests may differ from, the operator in place at the time of our acquisition, any of which could adversely affect our interests.

Our stream and royalty agreements provide us with limited access and information rights concerning the properties in which we hold stream or royalty interests. Operators generally provide us with limited information on mine production relating to the properties that are subject to our interests. Our access to additional property information depends upon the terms of the contracts that underlayunderlie our stream and royalty interests, which terms vary significantly among properties. In circumstances where we do receive additional property information, we do not have access to drilling, metallurgical, permitting, development, production, operating,operating or other data in sufficient detail, nor do we have access to properties, sufficient to confirm much of the disclosure from the operators, including verifying mineral resources and mineral reserves disclosed by the operators. As a result, we generally rely on the operators’ disclosures and/or limited information provided to us by the operators for the information we use in monitoring our interests and in preparing our public disclosure.

Because we have limited information concerning the properties in which we hold stream or royalty interests, it may be difficult for us to project or assess the performance of a stream or royalty interest. Also, we generally are unable to evaluate the accuracy, completeness,completeness or fairness of the information provided to us, or disclosed, by operators and that we use in monitoring our interests and preparing our public disclosure. Any actions we take based on inaccurate or incomplete information from operators could adversely affect our business, financial condition,condition or results of operations. The correction of inaccurate or incomplete information from operators could also cause the price of our common stock to decline.

In addition, because of our limited access to and information regarding the properties in which we hold stream and royalty interests, qualified persons acting on behalf of the Company are not able to arrive at sufficient findings and conclusions, or prepare adequate supporting documentation, for us to disclose mineral resources or mineral reserves under S-K 1300 in our SEC filings. See Item 2, Properties – —Introduction – —Mineral Resources and Mineral Reserves, for additional information. While we provide fulsome disclosure of the mineral resources and mineral reserves attributable to our stream and royalty interests on our website and in other public disclosure outside of our SEC filings, the absence of disclosure of mineral resources and mineral reserves in our SEC filings may make it more difficult for investors to evaluate our business and may impair our ability to raise capital or complete transactions involving a registered offering of securities.

Our streamacquisitions and royaltyother intereststransactions may not result in anticipated returns or may not otherwise ultimately benefit our business.

We are continually reviewing opportunities to acquire new stream and royalty interests, and we have acquisition opportunities at various stages of review. Any acquisition could be material to us. At times, we also may consider ways to restructure our existing stream or royalty interests where we believe the restructuring would provide a long-term benefit to us, even though it could reduce near-term revenues or result in the incurrence of transaction-related costs, including accounting charges. The success of our stream and royalty interests is based in part on our ability to make accurate assumptions at the time of acquisition or restructuring about the amount and timing of revenue to be derived from those interests. These assumptions are based on a variety of factors, including the geological, geotechnical, hydrogeological, hydrological, metallurgical, legal, permitting, environmental, social,political, social and other aspects of the projects. For development projects, we also make assumptions about the cost, timing,timing and conduct of development. If an operator fails to bring a project into production as expected or if actual performance otherwise falls short of our assumptions, or if our assumptions prove inaccurate, our revenue derived from the project may not be sufficient to yield an adequate, or any, return on our investment. In addition, we could be required to decrease the carrying value of our investment, which could adversely affect our results of operations or financial condition. In the case of acquisitions of other businesses, such as our acquisitions of Sandstorm and Horizon in October 2025, our ability to realize the anticipated benefits from the transactions will depend in part upon our ability to effectively manage the integration of the acquired businesses. Potential difficulties and risks that may accompany such acquisitions include, among others, complexities associated with managing and supporting our expanded operations and portfolio, the failure to implement, maintain, or remediate effective internal controls over financial reporting and disclosure controls and procedures at acquired businesses on a timely basis, potential unknown liabilities assumed in the transactions, and unforeseen increased expenses. In addition, acquisitions require us to make significant judgments and estimates, including with respect to purchase accounting and the fair value of acquired assets and assumed liabilities. These judgments and estimates may prove incorrect and could result in material adjustments, write-downs, impairments, or, in certain circumstances, the restatement of our financial statements. We cannot ensure that any acquisition or other transaction will ultimately benefit Royal Gold.

Our future success depends largely on our ability to acquire additional stream or royalty interests at appropriate valuations. We may not adequately assess technical, operational, legal, environmental, political or social risks in connection with new acquisitions, or accurately forecast commodity prices in valuing proposed acquisitions, any of which could adversely affect our expected investment returns or future results of operations. We may not be able to identify and complete acquisitions of additional interests at appropriate prices or terms. We may not have sufficient liquidity or may not be able to obtain debt or equity financing at an acceptable cost of capital in order to fund acquisitions due to economic volatility, credit crises, changes in metal prices, or changes in legal, political, social or other conditions. In addition, certain of our competitors are larger and have greater financial resources than we do, and we may not be able to compete effectively against them. Further, there has been significant growth in the number and relative size of stream and royalty companies overin the last severalrecent years, and some of these companies may have different investment criteria and costs of capital than we do, or may be subject to different tax and accounting rules than we are, and we may not be able to compete effectively against them. Changes to tax rules, accounting policies,policies or the treatment of stream interests by debt ratings agencies could make streams or royalties less attractive to operators or render us less able to compete with other stream and royalty companies that are organized in countries with more favorable tax, accounting,accounting andor regulatory regimes.

For some properties, our return on investment depends in part on the operators’ ability to replace mineral reserves as they are consumed in the ordinary course of mining. If current mineral reserves are not replaced as they are mined through conversion of mineral resources to new mineral reserves, or new mineral resources are not identified through expansion of known deposits, exploration,exploration or otherwise, our expected investment returns or future results of operations could be adversely affected.

Approximately 55%53% of our revenue for the year ended December 31, 2024,2025, came from fourfive properties: Mount Milligan (26%22%), Pueblo Viejo (12%13%), Cortez (10%7%), and Andacollo (7%8%) and Kansanshi (3%). WeDuring 2025, we acquired a number of additional interests, including through our acquisitions of Sandstorm, Horizon and the Kansanshi gold stream, but we continue to expect thesea relatively small number of operating properties to continue to represent a significant portion of our overall revenue going forward. This concentration of revenue could mean that adverse developments, including any adverse decisions made by the operators, at one or more of these operating properties could have a more significant or longer-term effect on our results of operations than if our revenue were less concentrated.

We rely on a variety of information technology systems to manage and support our operations. For example, we depend on our information technology systems for financial reporting, operational and investment management, and email. These systems contain, among other information, our proprietary business information and personally identifiable information of our employees and others. The proper functioning of these systems and the security of such data is critical to the efficient operation and management of our business, and these functions are outsourced by us to third-party service providers on whom we rely for the proper functioning and security of these systems. In addition, these systems could require modifications or upgrades from time to time as a result of technological changes or growth in our business, and we may change the third-party service providers with whom we contract to maintain the functioning or security of these systems from time to time, which modifications, upgrades,upgrades or changes could be costly and disruptive to our operations and could impose substantial demands on management’s time. Our systems, and those of our third-party service providers, could be vulnerable to damage or disruption caused by catastrophic events, power outages, natural disasters, computer system or network failures, viruses, ransomware or malware, physical or electronic break-ins, unauthorized access,access or cyber-attacks.

Any security breach could compromise our networks, and the information stored on them could be improperly accessed, disclosed, lost, stolen,stolen or restricted. Because techniques used to sabotage systems, obtain unauthorized access to systems,systems or prohibit authorized access to systems change frequently and generally are not detected until successfully launched against a target, we or our third-party service providers may be unable to anticipate these techniques, and the cybersecurity processes, technologies,technologies and controls that we or our third-party service providers have implemented to secure our systems and electronic information may not be adequate to prevent a disruption or attack or to timely assess, identify,identify and manage a cyber-attack. To the extent artificial intelligence and deepfake technologies capabilities improve and are increasingly adopted by threat actors, they may be used to craft increasingly sophisticated cybersecurity attacks against us or the third-party service providers upon which we are dependent.

Actions taken by us or third-party service providers in response to a cyber-attack may not be adequate. Any unauthorized activities could disrupt our operations or those of our third-party service providers on which we are dependent; result in the misappropriation or compromise of assets or confidential information; result in extortion or fraud; harm our employees or counterparties; cause us to violate privacy or security laws; or result in legal claims or proceedings, any of which could adversely affect our business, reputation,reputation or operating results.

Risks Relating to Our StreamStream, Royalty and RoyaltyOther Interests

•declines in the price of gold, silver, copper,copper or other metals

•declines in metallurgical recoveries or inability to achieve projected recoveries

•changes in mining taxes and royalties payable to governmentsgovernments, which could include increases or additional levies during periods of higher prices for gold, silver, copper or other metals, and political environments in general

•changes to environmental, permitting,permitting or other legal or regulatory requirements or the enforcement of such requirements, or other adverse government or court actions

•challenges to operations, permits,permits or mining rights by local communities, indigenous populations, non-governmentnon-governmental organizations,organizations or othersothers, and ineffective management of stakeholder communications and relations

•labor shortages, increased labor costs, labor disputes, strikes,strikes or work stoppages, or inability to access sufficient experienced and trained personnel

•unavailability of mining, drilling,drilling or other equipment

•inadequate supplies of powerpower, water or other raw materials

•challenges managing land disturbances, reclamation requirements, tailingtailings and waste storage, heap leach operations, release of contaminants,contaminants or other environmental incidents or damage

•occurrence of safety events, including lost timelost-time incidents and/or fatalities

•physical effects of climate change, such as extreme changes in temperature, extreme precipitation events, flooding, longer wet or dry seasons, increased temperatures and drought, increased or decreased precipitation and snowfall, wildfires,wildfires or more severe storms, any of which may result in costs and other adverse effects to operators

•market risks associated with the perception of operators’ environmental, social and governance (“ESG”) performance and their ability to deliver on ESGrelated commitments and expectations

•insolvency, bankruptcy,bankruptcy or other financial difficulty of the operator

Most of our revenue is derived from properties outside the United States, and risks associated with conducting business in foreign countries or other sovereign jurisdictions could adversely affect our business, results of operations, financial condition,condition or the trading price of our common stock.

Approximately 83%85% of our revenue for the year ended December 31, 2024,2025 came from properties outside of the United States, and many of the operators of such properties are organized outside of the United States. Our principal production stage stream and royalty interests on properties outside of the United States are located in Canada, the Dominican Republic, Chile and Chile.Zambia. In the United States and other countries, indigenous people may be recognized as sovereign entities and may enforce or seek to enforce their own laws and regulations on projects within their sovereign territories. Our activities and operators’ activities are subject to the risks associated with conducting business in foreign countries or other sovereign jurisdictions, including the following:

•changes in economic, trade, diplomatic,diplomatic or other relationships between countries or the effects on global and economic conditions, the stability of global financial markets, or the ability of key market participants to operate in certain financial markets, including the imposition of sanctions on doing business with certain governments, companies,companies or individuals

•unfamiliar or uncertain foreign real estate, mineral tenure, safety,safety or environmental laws or rules

•war, crime, terrorism, sabotage, blockades, hostage taking,taking or other forms of civil unrest

•corruption, fraud, lack of transparency,transparency or underdeveloped laws, courts,courts or rule of law

•exposure to liabilities or increased compliance costs under anti-corruption, anti-money laundering, child labor,labor or forced labor laws

•loss of access to government-controlled infrastructure, such as roads, bridges, rails, ports, power sources,sources and water supplies In addition, because many of our operators are organized outside of the United States, our stream and royalty interests may be subject to the application of foreign laws to our operators,operators and their stockholders, including laws relating to taxation, foreign ownership structures, corporate transactions, creditors’ rights, bankruptcy,bankruptcy and liquidation. Foreign operations also could be adversely affected by laws and policies of the United States relating to foreign trade, investment,investment and taxation.

Mining operations are subject to extensive laws and regulations governing land use and the protection of the environment. In addition, many countries have implemented laws and regulations designed to address the effects of climate change, including rules to disclose and reduce industrial emissions and other environmental impacts to which operators or we may be subject. These laws and regulations are constantly evolving in a manner generally expected to result in stricter standards, moreincreased liability,liability and increased costs. Compliance with these laws and regulations can impose substantial costs and burdens on the operators of the properties subject to our interests and perhaps on us as well. In addition, an operator’s failure to comply with these laws and regulations could result in injunctive action, orders to suspend or cease operations, damages, or civil or criminal penalties on the operator. Further, due to expansive environmental laws and regulations, it is possible that we could become subject to environmental liabilities for historic periods during which we owned or operated properties or relative to our current ownership interests in mining claims or leases. If any of these events were to occur, our financial condition, revenue orand the value of our interests could be adversely affected.

•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, 2024,2025, we owned nine stream interests,interests whichrelating areto on seven18 production stage properties and two5 development stage properties. Stream interests accounted for 67% and 69% of our total revenue for each of the years ended December 31, 20242025 and 2023, respectively.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, 2024,2025, we owned royalty interests onrelating 35to 63 production stage properties, 1624 development stage properties and 115254 exploration stage properties, of which we consider 5076 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% and 31% of our total revenue for each of the years ended December 31, 20242025 and 2023, respectively.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.properties (except for the joint venture interest in Hod Maden).

Business TrendsHighlights and Uncertainties

Acquisition of BackSandstorm RiverGold Royaltiesand Horizon Copper

For the year ended December 31, 2024,2025, we recorded net income attributable to Royal Gold stockholders of $466.3 million, or $6.70 per basic and $6.69 per diluted share, as compared to net income attributable to Royal Gold stockholders of $332.0 million, or $5.04 per basic and diluted share, as compared to net income attributable to Royal Gold stockholders of $239.4 million, or $3.64 per basic and $3.63 per diluted share, for the year ended December 31, 2023.2024. The factors driving the change in net income over the comparable period are discussed below.

For the year ended December 31, 2024,2025, we recognized total revenue of $1.0 billion, which is comprised of stream revenue of $686.5 million and royalty revenue of $344.0 million, at an average gold price of $3,432 per ounce, an average silver price of $40.03 per ounce and an average copper price of $4.51 per pound, compared to total revenue of $719.4 million, which is comprised of stream revenue of $483.3 million and royalty revenue of $236.1 million, at an average gold price of $2,386 per ounce, an average silver price of $28.27 per ounce and an average copper price of $4.15 per pound, compared to total revenue of $605.7 million, which is comprised of stream revenue of $418.3 million and royalty revenue of $187.4 million, at an average gold price of $1,941 per ounce, an average silver price of $23.35 per ounce and an average copper price of $3.85 per pound, for the year ended December 31, 2023.2024.

Revenue and the corresponding production attributable to our stream and royalty interests,interests for the year ended December 31, 2024,2025, compared to the year ended December 31, 2023,2024, is as follows:

(3)Individually, with the exception of the Wassa stream (5.0% for the year ended December 31, 2025 and 6.7% for the year ended December 31, 2024), andRainy 5.4%River stream (6.9% for the year ended December 31, 2023), Rainy River stream (6.4% for the year ended December 31, 20242025 and 6.4% for the year ended December 31, 20232024), Peñasquito royalty (6.8% for the year ended December 31, 2025 and 6.4% for the year ended December 31, 2024), and Xavantina stream (5.4% for the year ended December 31, 2024), and Khoemacau stream (5.7% for the year ended December 31, 2023), no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for either period.

The increase in our total revenue for the year ended December 31, 2024,2025, compared with the year ended December 31, 2023,2024, resulted primarily from higher average gold, silver and copper prices, higherinitial productionrevenue from Peñasquito,the Kansanshi stream and Sandstorm and Horizon assets in the fourth quarter of 2025, higher gold and silver sales from Pueblo Viejo, higher gold sales from Andacollo and higher gold salesproduction atfrom Xavantina and WassaPeñasquito which areis included in other streamroyalty revenue in the table above. The increase was partially offset by lower productiongold and copper sales from theMount CortezMilligan Legacy Zone,and lower gold sales from Andacollo,Xavantina andwhich loweris silverincluded salesin fromother Khoemacaustream revenue in the table above, when compared to the prior year.

_______________________________________________ (1) Pueblo Viejo silver purchases for the year ended December 31, 20242025 do not include 816,500801,100 ounces of silver permitted to be deferred based on the terms of the Pueblo Viejo silver stream agreement. Total deferred silver ounces were 1.72.5 million ounces at December 31, 2024,2025, and the timing for the delivery of this deferred amount is uncertain.uncertain, if ever.

Cost of sales, which excludes depreciation, depletion, and amortization, increased to $130.9 million for the year ended December 31, 2025, from $97.5 million for the year ended December 31, 2024, from $90.5 million for the year ended December 31, 2023.2024. The increase was primarily due to higher average gold, silver and copper prices and higher gold and silver sales from XavantinaPueblo andViejo, Wassa, partially offset by lowerhigher gold sales from Andacollo and lowerinitial silvergold sales from Khoemacauthe Kansanshi stream acquired in the third quarter of 2025 when compared to the prior year. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the existing stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the existing stream agreement, the Mount Milligan Cost Support Agreement detailed in Note 710 of our Notesnotes to Consolidatedconsolidated Financialfinancial Statementsstatements provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met, or earlier, if metal prices are below certain thresholds and if requested by Centerra.

General and administrative costs increased to $49.2 million for the year ended December 31, 2025, from $40.9 million for the year ended December 31, 2024, from $39.8 million for the year ended December 31, 2023.2024. The increase was primarily due to higher non-cashcorporate stockcosts compensationas expensea result of the Sandstorm and Horizon acquisition when compared to the prior year.

Interest and other expense decreasedincreased to $29.0 million for the year ended December 31, 2025, from $9.7 million for the year ended December 31, 2024, from $30.9 million for the year ended December 31, 2023.2024. The decreaseincrease was primarily due to lowerhigher interest expense as a result of lowerhigher average amounts outstanding under our revolving credit facility compared to the prior year. For the year ended December 31, 2024,2025, amounts outstanding under our revolving credit facility averaged $82.0$409.0 million at an average all-in borrowing rate of 6.5%,6.1%, compared to average amounts outstanding of $391.4$80.6 million at an average all-in borrowing rate of 6.4%6.5% for the year ended December 31, 2023.2024.

Income tax expense was $102.3 million for the year ended December 31, 2025, as compared to $93.6 million for the year ended December 31, 2024, as compared to $42.0 million for the year ended December 31, 2023, which resulted in an effective tax rate of 22.0%17.8% in the current period and 14.9%22.0% in the prior year. The effective tax rate for the year ended December 31, 2025, included a $16.3 million tax benefit for additional recoverable basis and a tax benefit for an $11.0 million recovery of foreign withholding tax, partially offset by $2.9 million of U.S. and foreign capitalized acquisition costs. The effective tax rate for the year ended December 31, 2024 included a $13.0 million U.S. global intangible low-taxed income (“GILTI”) income tax expense related to the consideration received from the Mount Milligan Cost Support Agreement. The year ended December 31, 2023 included a release of valuation allowances on certain foreign deferred tax assets.

We use our liquidity and capital resources to fund dividends and for the acquisition of stream and royalty interests, including any conditional funding schedules. Our short-term and long-term capital requirements are primarily affected by our ongoing acquisition activities. We currently, and generally at any time, have acquisition opportunities in various stages of active review. In the event of one or more substantial stream or royalty interest or other acquisitions, we may seek additional debt or equity financing as necessary. We occasionallyregularly borrow and repay amounts under our revolving credit facility and maywill likely do so in the future. We believe that our current liquidity and capital resources will be adequate to cover our operating needs for the next 12 months, and thereafter for the foreseeable future.

At December 31, 2024,2025, we had working capital of $256.5 million, including $233.7 million of cash and equivalents. This compares to working capital of $190.1 million, including $195.5 million of cash and equivalents. This compares to working capital of $95.0 million, including $104.2 million of cash and equivalents at December 31, 2023.2024. The increase in our working capital was primarily due to an increase in our available cash,cash whichas primarilya resultedresult fromof higher net cash proceeds from our stream and royalty interests and cash proceeds received for the Mount Milligan Cost Support Agreement,interests, partially offset by theacquisition Cactusrelated costs and Backhigher Rivergeneral royaltycorporate acquisitionscosts duringrelated to the currentacquisition year.of Sandstorm and Horizon.

During the year ended December 31, 2024,2025, liquidity needs were met from $529.5$704.8 million in net cash provided by operating activities and our available cash resources. Working capital, combined with available capacity under our revolving credit facility, resulted in approximately $1.2$756.5 billionmillion of total liquidity at December 31, 2024.2025. As of December 31, 2024,2025, we had $1.0$500 billionmillion available under our revolving credit facility. We were in compliance with each financial covenant under the revolving credit facility as of December 31, 2024.2025. Refer to Note 58 of our Notesnotes to Consolidatedconsolidated Financialfinancial Statementsstatements and below under Recent Liquidity and Capital Resource Developments for further discussion on our debt.

At December 31, 2024,2025, our contractual cash obligations werecomprised solelythe comprisedWarintza funding (see Note 4 of our notes to consolidated financial statements) and operating leases.leases (see Note 9 of our notes to consolidated financial statements). We believe we will be able to fund all current cash obligationsobligations, including the servicing of our outstanding debt, from net cash provided by operating activities. For additional information on our operating leases, see Note 6 of our Notes to Consolidated Financial Statements.

Please refer to our risk factors included in Item 1A1A, Risk Factors, of this report for a discussion of certain risks that may impact our liquidity and capital resources.

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.

•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 MarchJune 31,30, 2026, we owned stream interests relating to 1718 production stage properties and 54 development stage properties. Stream interests accounted for approximately 67%69% and 68% of our total revenue for the three and six months ended MarchJune 31,30, 20262026, respectively, and 64% and 63% for the three and six months ended MarchJune 31,30, 2025.2025, 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 MarchJune 31,30, 2026, we owned royalty interests on 6264 production stage properties, 25 development stage properties and 258257 exploration stage properties, of which we consider 7882 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 33%31% and 32% of our total revenue for the three and six months ended MarchJune 31,30, 20262026, respectively, and 36% and 37% for the three and six months ended MarchJune 31,30, 2025.2025, respectively.

We do not conduct mining operations on the properties in which we hold stream and royalty interests,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.

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 paidadvanced Solaris Resources, Inc. (“Solaris”) $50 million of the $100 million outstanding conditional funding. The remaining $50 million payable is due to Solaris oneis yearsubject afterto closing.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.

For the three and six months ended MarchJune 31,30, 2026 and 2025, average metal prices and percentages of revenue by metal were as follows:

Gold stream deliveries from Andacollo were approximately 7,70011,300 ounces for the three months ended MarchJune 31,30, 2026, compared to approximately 5,5005,100 ounces for the three months ended MarchJune 31,30, 2025. Stream deliveries typically occur approximately 5 months after mine production. Higher deliveries in this period relate to higher gradesgrade and recoverieshigher mill throughput in the three months ended SeptemberDecember 30,31, 2025, compared to the prior year period. Gold streamStream deliveries typically occur approximately six months after mine production, and are based on a fixed payability factor of 89%.

Gold stream deliveries from Kansanshi were approximately 7,6007,500 ounces for the three months ended MarchJune 31,30, 2026. We received our first gold stream delivery from Kansanshi on October 3, 2025. Deliveries at Kansanshi lag mine production by approximately two months and are expected to be received monthly.

On AprilJuly 28, 2026, First Quantum Minerals Ltd. ("“First Quantum"”) reported firstsecond quarter copper production of 45,34543,997 tonnes, 2,310which tonneswas lower10% higher than the previoussame quarter of 2025, primarily due to lowercontribution feedfrom gradesthe andS3 recoveries,plant, which was partiallyat mitigatedconstruction bystage higher throughput attributable toin the S3same circuit.period last year. According to First Quantum, S3 throughput increasedwas steadilysustained duringabove design capacity in the second quarter, withachieving orethe milledhighest peakingmonthly processed tonnes in March,May 2026 since commissioning in August 2025, driven by higher operating time, strong utilization,utilization and milling rates stabilizing approximately 25% above design capacity. First Quantum expects S3 to continue to take a high proportion of feed from surface stockpiles, which are lower grade than fresh mine ore grades, until the mining pre-strip at South East Dome is completed.rates. First Quantum confirmed that copper production guidance for 2026 remains unchanged at 175,000 to 205,000 tonnes.

Gold stream deliveries from Mount Milligan were approximately 12,10010,200 ounces for the three months ended MarchJune 31,30, 2026, compared to approximately 16,1008,200 ounces for the three months ended MarchJune 31,30, 2025. Increased gold deliveries in the current period resulted from higher gold grade experienced at the mine in the fourth quarter of 2025 primarily due to the change in mining sequence. Copper stream deliveries from Mount Milligan were approximately 1.42.65 million pounds during the three months ended MarchJune 31,30, 2026, compared to approximately 3.11.44 million pounds during the three months ended MarchJune 31,30, 2025. DeliveriesIncreased at Mount Milligan lag mine production by approximately five months. The decrease incopper deliveries in thisthe current period was primarily dueresulted tofrom differences in the timing of shipments and settlements during the periods, as well as lowerhigher head grade, lowercopper recovery and lower throughput during the quartersfourth thatquarter impactedof this2025. quarter'sStream deliveries comparedfrom toMount thoseMilligan factorstypically thatoccur influencedfive deliveriesmonths inafter themine prior year period.production. Gold stream deliveries are based on a fixed payability factor of 97%97%, and copper stream deliveries are based on a minimum payability factor of 95%.

Gold stream deliveries from Pueblo Viejo were approximately 7,0006,900 ounces for the three months ended MarchJune 31,30, 2026, compared to approximately 5,8006,100 ounces for the three months ended MarchJune 31,30, 2025. The increase in gold deliveries was primarily due to higher throughput resulting from the plant expansion, as well as higher grades, partially offset by lower recoveries. Gold stream deliveries are based on a fixed payability factor of 99.9%.

Silver stream deliveries were approximately 171,200254,000 ounces for the three months ended MarchJune 31,30, 2026, compared to approximately 204,700196,900 ounces for the three months ended MarchJune 31,30, 2025. The decrease in silver deliveries was primarily due to lower recoveries. Silver stream deliveries are based on a fixed payability factor of 99.0%. Gold and silver deliveries are quarterly and typically occur one to three months after mine production.

Production attributable to our royalty interestinterests at the Cortez Complex was approximately 144,000169,200 ounces of gold for the three months ended MarchJune 31,30, 2026, of which 36,00038,400 ounces were attributable to the Legacy Zone, and 108,000130,800 ounces were attributable to the CC Zone, compared to approximately 150,800176,900 ounces of gold for the three months ended MarchJune 31,30, 2025, of which 31,10027,900 ounces were attributable to the Legacy Zone, and 119,700149,000 ounces were attributable to the CC Zone.

Quarter Ended MarchJune 31,30, 2026, Compared to Quarter Ended MarchJune 31,30, 2025

For the three months ended MarchJune 31,30, 2026, we recorded net income attributable to Royal Gold stockholders of $281.1$236.4 million, or $3.31$2.78 per basic share and $3.30 per diluted share, as compared to net income of $113.5$132.3 million, or $1.72$2.01 per basic and diluted share, for the three months ended MarchJune 31,30, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.

For the three months ended MarchJune 31,30, 2026, we recognized total revenue of $469.1$450.5 million, comprised of stream revenue of $312.8$311.0 million and royalty revenue of $156.3$139.5 million at an average gold price of $4,873$4,506 per ounce, an average silver price of $84.33$73.15 per ounce and an average copper price of $5.83$6.05 per pound. This is compared to total revenue of $193.4$209.6 million for the three months ended MarchJune 31,30, 2025, comprised of stream revenue of $122.5$133.2 million and royalty revenue of $71.0$76.4 million, at an average gold price of $2,860$3,280 per ounce, an average silver price of $31.88$33.68 per ounce and an average copper price of $4.24$4.32 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the three months ended MarchJune 31,30, 2026, compared to the three months ended MarchJune 31,30, 2025, were as follows:

(1)Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the three months ended MarchJune 31,30, 2026, and 2025, and may differ from the operators’ public reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal. Refer to Note 8 to the notes to consolidated financial statements.

The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”) assets, higher gold sales at Andacollo, XavantinaAndacollo and Rainy River (included within “Other” stream revenue in the table above), and higher production from Peñasquito (included within “Other” royalty revenue in the tableCortez above).Legacy Zone. These increases were partially offset by lower sales from Mount Milligan when compared to the prior year period.

Gold and silver ounces and copper pounds purchased and sold during the three months ended MarchJune 31,30, 2026 and 2025, and gold and silver ounces and copper pounds in inventory as of June 30, 2026, and March 31, 2026, and December 31, 2025, for our streaming interests were as follows:

Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.3$60.1 million for the three months ended MarchJune 31,30, 2026, from $24.5$24.2 million for the three months ended MarchJune 31,30, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, XavantinaRainy River and Rainy River.Wassa. These increases were partially offset by lower gold sales atfrom Mount Milligan when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.

General and administrative costs increased to $17.5$13.4 million for the three months ended MarchJune 31,30, 2026, from $11.1$10.3 million for the three months ended MarchJune 31,30, 2025. The increase compared to the prior year period was primarily due to higherincreases in non-cash stock compensation and employee and office related costs and higher corporate costs as a result of the Sandstorm and Horizon acquisition.costs.

Depreciation, depletion and amortization increased to $90.9$96.2 million for the three months ended MarchJune 31,30, 2026, from $33.0$31.2 million for the three months ended MarchJune 31,30, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets.assets, and additional expense recognized with the sale of the ounces related to the Relief Canyon fixed delivery obligation settlement. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.

Interest and other expense increased to $13.2$10.0 million for the three months ended MarchJune 31,30, 2026, from $1.2$1.5 million for the three months ended MarchJune 31,30, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended MarchJune 31,30, 2026, amounts outstanding under our revolving credit facility averaged $756.4$476.6 million at an average all-in borrowing rate of 5.0%4.9% compared to no outstanding debt for the three months ended MarchJune 31,30, 2025.

For the three months ended MarchJune 31,30, 2026, we recorded income tax expense of $25.4$58.2 million, compared to $10.4$10.5 million for the three months ended MarchJune 31,30, 2025. The income tax expense resulted in an effective tax rate of 8.3%19.7% in the current period, compared with 8.4%7.4% for the three months ended MarchJune 31,30, 2025. The income tax expense for the three months ended March 31, 2026, included a $33.7 million discrete benefit related to a change in foreign tax rate. The three months ended MarchJune 31,30, 2025, included a $12.0 million discrete benefit, net of valuation allowance, for additional recoverable basis in foreign jurisdictions and a $1.7$9.3 million discrete benefit related to a withholding tax refund on a foreign royalty.royalty and a discrete benefit of $4.3 million attributable to the release of a valuation allowance.