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What changed in ROYAL GOLD INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of ROYAL GOLD INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+439 added−337 removedSource: 10-K (2026-02-19) vs 10-K (2025-02-13)

Top changes in ROYAL GOLD INC's 2025 10-K

439 paragraphs added · 337 removed · 257 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

22 edited+5 added−5 removed24 unchanged
Biggest changeAs discussed in further detail throughout this report, some key business highlights and developments for the year ended December 31, 2024 were as follows: • During calendar year 2024 we repaid the remaining $250 million outstanding under our $1 billion revolving credit facility, resulting in the revolving credit facility being fully undrawn and available as of December 31, 2024. • We had record revenue of $719.4 million for the year ended December 31, 2024, compared to $605.7 million for the comparable prior year period, representing a 19% increase. • We generated a record $529.5 million of net operating cash flow for the year ended December 31, 2024, compared to $415.8 million for the comparable prior year period, representing a 27% increase. • We increased our calendar year dividend to $1.80 per basic share, which is paid in quarterly installments throughout calendar year 2025.
Biggest changeAs discussed in further detail throughout this report, some key business highlights and developments for the year ended December 31, 2025 were as follows: • We had record revenue of $1.0 billion for the year ended December 31, 2025, compared to $719.4 million for the comparable prior year period, representing a 43% increase. • We generated a record $704.8 million of net operating cash flow for the year ended December 31, 2025, compared to $529.5 million for the comparable prior year period, representing a 33% increase. • We increased our calendar year dividend to $1.90 per basic share, which is paid in quarterly installments throughout calendar year 2026.
Regulation Operators of the mines that are subject to our stream and royalty interests must comply with numerous environmental, mine safety, land use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial and local governments in the United States, Canada, Chile, the Dominican Republic and other countries where we hold interests.
Regulation Operators of the mines that are subject to our stream and royalty interests must comply with numerous environmental, mine safety, land use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial and local governments in the United States, Canada, Chile, the Dominican Republic, Zambia and other countries where we hold interests.
A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, 4 location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.
A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.
LBMA Price: The London Bullion Market Association PM fixing prices in U.S. dollars for gold and daily fixing prices in U.S. dollars for silver. LME Price : The London Metals Exchange settlement price for copper and other metals, as applicable.
LBMA Price: The London Bullion Market Association PM fixing prices in U.S. dollars for gold and daily fixing prices in U.S. dollars for silver. LME Price : The London Metal Exchange settlement price for copper and other metals, as applicable.
Human Capital Resources Employees We currently have 30 employees that work out of our offices in Denver, Colorado, Lucerne, Switzerland, Vancouver, Canada, and Toronto, Canada. Our employees are not subject to a labor contract or collective bargaining agreement.
Human Capital Resources Employees We currently have 39 employees that work out of our offices in Denver, Colorado, Lucerne, Switzerland, Vancouver, Canada, and Toronto, Canada. Our employees are not subject to a labor contract or collective bargaining agreement.
(2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. (3) Refer to Note 15 of our notes to consolidated financial statements for a reconciliation of total segment gross profit to consolidated income before income taxes.
(2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. (3) Refer to Note 18 of our notes to consolidated financial statements for a reconciliation of total segment gross profit to consolidated income before income taxes.
The marketability and the price of metals are influenced by numerous factors beyond our control. Significant declines in the prices of gold, silver, or copper could have a material adverse effect on our results of operations and financial condition. Competition The mining industry in general, and stream and royalty segments in particular, are very competitive.
The marketability and the price of metals are influenced by numerous factors beyond our control. Significant declines in the prices of gold, silver, or copper could have a material adverse effect on our results of operations and financial condition. 7 Competition The mining industry in general, and stream and royalty sectors in particular, are very competitive.
The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in Subpart 1300 of Regulation S-K (“S-K 1300”), in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit.
The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in Subpart 1300 of Regulation S-K (“S-K 1300”), in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.
The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.
The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit.
Net smelter return (NSR) royalty: A defined percentage of the gross revenue from a resource extraction operation less a proportionate share of incidental transportation, insurance, refining and smelting costs. Net value royalty (NVR): A defined percentage of the gross revenue from a resource extraction operation less certain contract-defined costs.
Net profits interest (NPI) royalty: A defined percentage of profits less certain contract-defined expenses. Net smelter return (NSR) royalty: A defined percentage of the gross revenue from a resource extraction operation less a proportionate share of incidental transportation, insurance, refining and smelting costs.
During the year ended December 31, 2024, we derived approximately 88% of our revenue from precious metals (including 76% from gold and 7 12% from silver), 9% from copper, and 3% from other minerals. The prices of gold, silver, copper, and other metals have fluctuated widely in recent years.
During the year ended December 31, 2025, we derived approximately 90% of our revenue from precious metals (including 78% from gold and 12% from silver), 7% from copper, and 3% from other minerals. The prices of gold, silver, copper, and other metals have fluctuated widely in recent years.
Certain Definitions Development stage property: A property that has mineral reserves disclosed but no material extraction. Dollar or “$”: Refers to U.S. dollars. We refer to Canadian dollars as C$. Exploration stage property: A property that has no mineral reserves disclosed.
Certain Definitions Development stage property: A property that has mineral reserves disclosed but no material extraction. Dollar or “$”: Refers to U.S. dollars. We refer to Canadian dollars as C$. EMEA: Europe, the Middle East and Africa. Exploration stage property: A property that has no mineral reserves disclosed.
Many of our operators also actively and positively impact the communities where they mine. We encourage their sustainability initiatives and other efforts and often make our own financial contributions in support of their programs. Local Community Support We also believe in supporting the communities where we live and work.
We encourage their sustainability initiatives and other efforts and often make our own financial contributions in support of their programs. 8 Local Community Support We also believe in supporting the communities where we live and work.
Human Capital Management Strategy The continued growth and success of our business depends on our people, and our people are our most important resource. Management is responsible for ensuring that our policies and practices support our desired corporate culture and employee development. Our human capital management strategy is built on attracting the best talent and developing and retaining talent.
Human Capital Management Strategy The continued growth and success of our business depends on our people, and our people are one of our most important resources. Management is responsible for ensuring that our policies and practices support our desired corporate culture and employee development.
As of December 31, 2024, we owned royalty interests on 35 production stage properties, 16 development stage properties and 115 exploration stage properties, of which we consider 50 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 reserves.
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 projects. We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for reserves.
Compensation and Benefits We offer competitive compensation and benefits to attract and retain top talent. We provide competitive medical and other insurance coverage for employees and eligible dependents and provide for sick leave in the case of illness or absence due to the sickness of the employee or an immediate family member.
We provide competitive medical and other insurance coverage for employees and eligible dependents and provide for sick leave in the case of illness or absence due to the sickness of the employee or an immediate family member. Development We support the continued professional development of our employees by underwriting or subsidizing education and professional development programs for our employees.
More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.
More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. 4 Mineral resource: A concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction.
Proven mineral reserve: The economically mineable part of a measured mineral resource that can only result from conversion of a measured mineral resource. Royalty: The right to receive a percentage or other denomination of mineral production from a mining operation. Ton: A unit of weight equal to 2,000 pounds or 907.2 kilograms.
Royalty: The right to receive a percentage or other denomination of mineral production from a mining operation. Ton: A unit of weight equal to 2,000 pounds or 907.2 kilograms. Tonne: A unit of weight equal to 2,204.6 pounds or 1,000 kilograms.
Development We support the continued professional development of our employees by underwriting or subsidizing education and professional development programs for our employees. 8 Host Community Commitment We actively seek opportunities to advance sustainability initiatives with the goal of supporting communities that host the operations in which we hold stream and royalty interests during our operators’ mining operations.
Host Community Commitment We actively seek opportunities to advance sustainability initiatives with the goal of supporting communities that host the operations in which we hold stream and royalty interests during our operators’ mining operations. Many of our operators also actively and positively impact the communities where they mine.
Payable metal: Ounces or pounds of metal in concentrate after deduction of a percentage of metal in concentrate by a third-party smelter pursuant to smelting contracts. Probable mineral reserve: The economically mineable part of an indicated and, in some cases, a measured mineral resource. Production stage property: A property with material extraction of mineral reserves.
Probable mineral reserve: The economically mineable part of an indicated and, in some cases, a measured mineral resource. Production stage property: A property with material extraction of mineral reserves. Proven mineral reserve: The economically mineable part of a measured mineral resource that can only result from conversion of a measured mineral resource.
As of December 31, 2024 we owned nine stream interests, which are on seven production stage properties and two development stage properties. Stream interests accounted for 67% and 69% of our total revenue for the years ended December 31, 2024 and 2023, respectively.
As of December 31, 2025, we owned stream interests relating to 18 production stage properties and 5 development stage properties. Stream interests acco unted for 67% of our total r evenue for each of the years ended December 31, 2025 and 2024.
We have benefited from a very low voluntary turnover rate, with many of the current staff still with the Company after 10 years of employment. Human Rights We are committed to respecting human rights in the jurisdictions where we operate and affirm our commitment to comply with all applicable laws concerning human rights through our Human Rights Policy.
Human Rights We are committed to respecting human rights in the jurisdictions where we operate and affirm our commitment to comply with all applicable laws concerning human rights through our Human Rights Policy. Compensation and Benefits We offer competitive compensation and benefits to attract and retain top talent.
Removed
This represents a 13% increase compared with the dividend paid during calendar year 2024. • On February 13, 2024, we entered into a Cost Support Agreement with Centerra Gold Inc. ("Centerra") to incentivize Centerra to continue to invest and maximize the value of the large mineral endowment at Mount Milligan.
Added
This represents a 6% increase compared with the dividend paid during calendar year 2025. • We extended the maturity of our revolving credit facility to June 30, 2030, increased the accordion feature from $250 million to $400 million and ultimately exercised the accordion feature, increasing the total credit facility amount to $1.4 billion. • We acquired all the issued and outstanding common shares of Sandstorm Gold Ltd. and Horizon Copper Corp for $4.148 billion. 3 • We made an advance payment of $1.0 billion for a gold stream on the Kansanshi copper-gold mine in the North Western Province of Zambia. • We acquired a gold stream and net smelter return royalty for total cash consideration of $200.0 million on the Warintza project located in Southeastern Ecuador.
Removed
The Cost Support Agreement provided a basis for a reserve increase and extension of the Mount Milligan mine life to 2035 and may provide a basis for further extension of the mine life beyond 2035. 3 • We acquired royalty interests for total cash consideration of $106 million on the Back River Gold District in Nunavut, Canada, and the Cactus Project in Arizona, U.S.A.
Added
Net value royalty (NVR): A defined percentage of the gross revenue from a resource extraction operation less certain contract-defined costs. Payable metal: Ounces or pounds of metal in concentrate after deduction of a percentage of metal in concentrate by a third-party smelter pursuant to smelting contracts.
Removed
Mineral resource: A concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction.
Added
Royalty interests accounted for 33% of our total revenue for each of the years ended December 31, 2025 and 2024. 5 Our long-lived assets (stream and royalty interests, net) for the years ended December 31, 2025 and 2024 are geographically distributed, and the book values are shown in the following table (amounts are in thousands): As of December 31, 2025 As of December 31, 2024 Stream interest Royalty interest Total stream and royalty interests, net Stream interest Royalty interest Total stream and royalty interests, net North America $ 1,214,810 $ 1,834,921 $ 3,049,731 $ 719,765 $ 1,520,147 $ 2,239,912 South and Central America 1,045,620 1,846,211 2,891,831 284,340 249,901 534,241 EMEA 2,270,717 309,467 2,580,184 249,065 321 249,386 Australia Pacific 13,595 48,534 62,129 — 19,265 19,265 Total (1) $ 4,544,742 $ 4,039,133 $ 8,583,875 $ 1,253,170 $ 1,789,634 $ 3,042,804 _______________________________________________________ (1) Includes the carrying value of all stream and royalty interests acquired during the years ended December 31, 2025 and 2024.
Removed
Tonne: A unit of weight equal to 2,204.6 pounds or 1,000 kilograms.
Added
Our reportable segments for purposes of assessing performance for the years ended December 31, 2025, 2024 and 2023, respectively, are shown below (amounts are in thousands): Year Ended December 31, 2025 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests North America $ 440,738 $ 85,608 $ — $ 54,280 $ 300,850 EMEA 137,281 25,835 — 40,531 70,915 South and Central America 107,444 19,483 — 17,038 70,923 Australia Pacific 1,009 — — 1,009 — Total stream interests 686,472 130,926 — 112,858 442,688 Royalty interests North America $ 263,332 $ — $ 8,605 $ 45,811 $ 208,916 Australia Pacific 40,349 — — 1,361 38,988 South and Central America 38,119 — — 15,389 22,730 EMEA 2,199 — — 1,191 1,008 Total royalty interests 343,999 — 8,605 63,752 271,642 Total $ 1,030,471 $ 130,926 $ 8,605 $ 176,610 $ 714,330 6 Year Ended December 31, 2024 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests North America $ 314,860 $ 66,882 $ — $ 52,684 $ 195,294 South and Central America 86,302 14,562 — 22,615 49,125 EMEA 82,132 16,070 — 27,501 38,561 Australia Pacific — — — — — Total stream interests 483,294 97,514 — 102,800 282,980 Royalty interests North America $ 192,999 $ — $ 6,622 $ 38,408 $ 147,969 Australia Pacific 28,966 — — 2,023 26,943 South and Central America 14,136 — — 854 13,282 EMEA — — — — — Total royalty interests 236,101 — 6,622 41,285 188,194 Total $ 719,395 $ 97,514 $ 6,622 $ 144,085 $ 471,174 Year Ended December 31, 2023 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests North America $ 273,208 $ 63,963 $ — $ 60,376 $ 148,869 South and Central America 74,315 12,241 — 25,552 36,522 EMEA 70,757 14,319 — 35,193 21,245 Australia Pacific — — — — — Total stream interests 418,280 90,523 — 121,121 206,636 Royalty interests North America $ 162,155 $ — $ 7,294 $ 42,553 $ 112,308 Australia Pacific 19,011 — — 832 18,179 South and Central America 5,736 — — — 5,736 EMEA 535 — — — 535 Total royalty interests 187,437 — 7,294 43,385 136,758 Total $ 605,717 $ 90,523 $ 7,294 $ 164,506 $ 343,394 _______________________________________________________ (1) Excludes depreciation, depletion and amortization.
Removed
Royalty interests accounted for 33% and 31% of our total revenue for the years ended December 31, 2024 and 2023, respectively. 5 Our long-lived assets (stream and royalty interests, net) for the years ended December 31, 2024 and 2023 are geographically distributed as shown in the following table (amounts are in thousands): As of December 31, 2024 As of December 31, 2023 Stream interest Royalty interest Total stream and royalty interests, net Stream interest Royalty interest Total stream and royalty interests, net Canada $ 417,643 $ 659,070 $ 1,076,713 $ 461,398 $ 614,900 $ 1,076,298 Dominican Republic 302,122 — 302,122 311,050 — 311,050 Africa 237,028 321 237,349 264,529 321 264,850 Chile 211,123 224,116 435,239 222,629 224,116 446,745 United States — 827,277 827,277 — 794,891 794,891 Mexico — 33,800 33,800 — 41,803 41,803 Australia — 19,265 19,265 — 21,288 21,288 Rest of world 85,254 25,785 111,039 92,010 26,639 118,649 Total $ 1,253,170 $ 1,789,634 $ 3,042,804 $ 1,351,616 $ 1,723,958 $ 3,075,574 Our reportable segments for purposes of assessing performance for the years ended December 31, 2024, 2023 and 2022, respectively, are shown below (amounts are in thousands): Year Ended December 31, 2024 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests Canada $ 231,801 $ 43,262 $ — $ 43,755 $ 144,784 Dominican Republic 83,059 23,620 — 8,929 50,510 Africa 82,132 16,069 — 27,501 38,562 Chile 47,531 6,951 — 11,506 29,074 Rest of the world 38,771 7,612 — 11,109 20,050 Total stream interests 483,294 97,514 — 102,800 282,980 Royalty interests United States $ 121,212 $ — $ 5,419 $ 22,902 $ 92,891 Mexico 52,842 — — 8,003 44,839 Australia 28,966 — — 2,023 26,943 Canada 18,945 — 1,203 7,502 10,240 Rest of the world 14,136 — — 855 13,281 Total royalty interests 236,101 — 6,622 41,285 188,194 Total $ 719,395 $ 97,514 $ 6,622 $ 144,085 $ 471,174 6 Year Ended December 31, 2023 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests Canada $ 196,961 $ 41,624 $ — $ 50,559 $ 104,778 Dominican Republic 76,247 22,339 — 9,817 44,091 Africa 70,757 14,319 — 35,193 21,245 Chile 48,920 7,225 — 13,683 28,012 Rest of the world 25,395 5,016 — 11,869 8,510 Total stream interests 418,280 90,523 — 121,121 206,636 Royalty interests United States $ 123,690 $ — $ 6,232 $ 28,551 $ 88,907 Mexico 25,754 — — 8,353 17,401 Australia 19,011 — — 831 18,180 Canada 12,712 — 1,062 5,650 6,000 Rest of the world 6,270 — — — 6,270 Total royalty interests 187,437 — 7,294 43,385 136,758 Total $ 605,717 $ 90,523 $ 7,294 $ 164,506 $ 343,394 Year Ended December 31, 2022 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit (3) Stream interests Canada $ 212,369 $ 46,438 $ — $ 67,368 $ 98,563 Dominican Republic 85,863 26,211 — 29,216 30,436 Africa 53,787 11,135 — 24,348 18,304 Chile 47,347 7,165 — 12,835 27,347 Rest of the world 18,427 3,693 — 9,759 4,975 Total stream interests 417,793 94,642 — 143,526 179,625 Royalty interests United States $ 81,642 $ — $ 4,131 $ 13,966 $ 63,545 Mexico 52,388 — — 10,822 41,566 Canada 27,210 — 2,890 9,039 15,281 Australia 15,672 — — 1,089 14,583 Rest of the world 8,501 — — — 8,501 Total royalty interests 185,413 — 7,021 34,916 143,476 Total $ 603,206 $ 94,642 $ 7,021 $ 178,442 $ 323,101 _______________________________________________________ (1) Excludes depreciation, depletion and amortization.
Added
Our human capital management strategy is built on attracting the best talent and developing and retaining talent. We have benefited from a very low voluntary turnover rate, with many of the current staff still with the Company after 10 years of employment.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

52 edited+23 added−29 removed54 unchanged
Biggest changeHowever, our revenue and the value of our investments are indirectly subject to hazards and risks normally associated with developing and operating mining properties, including the following hazards and risks faced by the operators of the properties in which we hold stream or royalty interests: • insufficient ore reserves • increased capital or operating costs • declines in the price of gold, silver, copper, or other metals • declines in metallurgical recoveries • inability to replace or increase mineral reserves and/or mineral resources as properties are mined 12 • construction or development delays • operational disruptions, including those caused by pandemics or other global or local health crises • inability to assess and manage project technical risks • inability to obtain or maintain necessary permits • inability to maintain, or challenges to, exploration or mining rights • changes in mining taxes and royalties payable to governments and political environments in general • changes to environmental, permitting, or other legal or regulatory requirements or the enforcement of such requirements, or other adverse government or court actions • challenges to operations, permits, or mining rights by local communities, indigenous populations, non-government organizations, or others and ineffective management of stakeholder communications and relations • litigation between operators and third parties relating to the properties • community or civil unrest, including protests and blockades • labor shortages, increased labor costs, labor disputes, strikes, or work stoppages, or inability to access sufficient experienced and trained personnel • unavailability of mining, drilling, or other equipment • unanticipated geological conditions or metallurgical characteristics • inadequate supplies of power or other raw materials • pit wall, tailings dam, or heap leach pad failures or underground stability issues • fires, explosions, major mechanical or electrical equipment failures, other industrial accidents or other property damage • challenges managing land disturbances, reclamation requirements, tailing and waste storage, heap leach operations, release of contaminants, or other environmental incidents or damage • failure to operate in accordance with industry standard safety practices or government regulations • occurrence of safety events, including lost time incidents and/or fatalities • natural catastrophes and environmental hazards such as unanticipated groundwater or surface water conditions, earthquakes or hurricanes • 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, or more severe storms, any of which may result in costs and other adverse effects to operators • regulatory changes designed to reduce the effects of climate change, including regulations designed to curtail greenhouse gas emissions, which may lead to increased costs for operators • market risks associated with the perception of operators’ environmental, social and governance (“ESG”) performance and their ability to deliver on ESG commitments and expectations • market conditions, including prolonged periods of inflation and supply-chain disruptions and increased interest rates • uncertain political and economic environments, including economic downturns • insufficient financing or inability to obtain financing at all or at an acceptable cost of capital • default by an operator on its obligations to us or its other creditors and counterparties • insolvency, bankruptcy, or other financial difficulty of the operator • risk of disruption, damage or failure of information technology systems, and risk of loss and operational delays due to impacts to operational technology systems, such as due to cyber-attacks, malicious software, computer viruses, security breaches, design failures and natural disasters The occurrence of any of these events could adversely affect operations at the properties in which we hold stream or royalty interests, which in turn could adversely affect our revenue, cash flow and financial condition.
Biggest changeHowever, our revenue and the value of our investments are indirectly subject to hazards and risks normally associated with developing and operating mining properties, including the following hazards and risks faced by the operators of the properties in which we hold stream or royalty interests: • insufficient ore reserves 12 • increased capital or operating costs • declines in the price of gold, silver, copper or other metals • declines in metallurgical recoveries or inability to achieve projected recoveries • inability to replace or increase mineral reserves and/or mineral resources as properties are mined • construction or development delays • operational disruptions, including those caused by pandemics or other global or local health crises • inability to assess and manage project technical risks • inability to obtain or maintain necessary permits • inability to maintain, or challenges to, exploration or mining rights • changes in mining taxes and royalties payable to governments, 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 or other legal or regulatory requirements or the enforcement of such requirements, or other adverse government or court actions • challenges to operations, permits or mining rights by local communities, indigenous populations, non-governmental organizations or others, and ineffective management of stakeholder communications and relations • litigation between operators and third parties relating to the properties • community or civil unrest, including protests and blockades • labor shortages, increased labor costs, labor disputes, strikes or work stoppages, or inability to access sufficient experienced and trained personnel • unavailability of mining, drilling or other equipment • unanticipated geological conditions or metallurgical characteristics • inadequate supplies of power, water or raw materials • incorrect assumptions underlying production, mineral reserve and mineral resource estimates • geotechnical and stability issues, including failures associated with pit walls, tailings storage facilities, heap leach facilities or underground excavations • fires, explosions, major mechanical or electrical equipment failures, other industrial accidents or other property damage • challenges managing land disturbances, reclamation requirements, tailings and waste storage, heap leach operations, release of contaminants or other environmental incidents or damage • failure to operate in accordance with industry standard safety practices or government regulations • occurrence of safety events, including lost-time incidents and/or fatalities • natural catastrophes and environmental hazards such as unanticipated groundwater or surface water conditions, earthquakes or hurricanes • 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 or more severe storms, any of which may result in costs and other adverse effects to operators • regulatory changes designed to reduce the effects of climate change, including regulations designed to curtail greenhouse gas emissions, which may lead to increased costs for operators • market risks associated with the perception of operators’ environmental, social and governance performance and their ability to deliver on related commitments and expectations • market conditions, including prolonged periods of inflation and supply-chain disruptions and increased interest rates • uncertain political and economic environments, including economic downturns 13 • insufficient financing or inability to obtain financing at all or at an acceptable cost of capital • default by an operator on its obligations to us or its other creditors and counterparties • insolvency, bankruptcy or other financial difficulty of the operator • risk of disruption, damage or failure of information technology systems, and risk of loss and operational delays due to impacts to operational technology systems, such as due to cyber-attacks, malicious software, computer viruses, security breaches, design failures and natural disasters The occurrence of any of these events could adversely affect operations at the properties in which we hold stream or royalty interests, which in turn could adversely affect our revenue, cash flow and financial condition.
Changes to tax rules, accounting 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, and regulatory regimes.
Changes to tax rules, accounting 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 or regulatory regimes.
Risks Relating to Our Stream and Royalty Interests Our revenue is subject to operational and other risks faced by operators of the properties in which we hold stream or royalty interests. We generally are not required to pay capital or operating costs on projects in which we hold stream or royalty interests.
Risks Relating to Our Stream, Royalty and Other Interests Our revenue is subject to operational and other risks faced by operators of the properties in which we hold stream or royalty interests. We generally are not required to pay capital or operating costs on projects in which we hold stream or royalty interests.
Further, financial institutions are facing increasingly rigorous regulation, including more stringent capital and leverage requirements, which may decrease their ability or willingness to lend to us in amounts and on terms comparable to our current credit facility, or at all.
Further, financial institutions are facing increasingly rigorous regulation, including more stringent capital and leverage requirements, which may decrease their ability or willingness to lend to us in amounts or on terms comparable to our current credit facility, or at all.
In addition, we may be required to make retroactive revenue adjustments as a result of information that we learn through audit or access rights or otherwise from operators and other counterparties. Changes to U.S. and foreign tax laws could adversely affect our results of operations. We are subject to taxation in the U.S. and other foreign jurisdictions.
In addition, we may be required to make retroactive revenue adjustments as a result of information that we learn through audit or access rights or otherwise from operators and other counterparties. Changes to U.S. and foreign tax laws could adversely affect our results of operations. We are subject to taxation in the U.S. and other jurisdictions.
Among other things, these provisions provide for the following: • our Board of Directors may approve the issuance of shares of common stock and preferred stock without stockholder approval, except as may be required by Nasdaq rules • our Board of Directors may establish the rights and preferences of authorized and unissued preferred stock • our Board of Directors is divided into three classes of directors serving staggered three-year terms • stockholders may not call special meetings of stockholders 18 • stockholders must provide advance notice of stockholder proposals and related information • vacancies and newly created directorships on the Board of Directors may be filled by affirmative vote of a majority of the directors then serving on the Board These provisions could increase the cost of acquiring us or discourage a third party from acquiring us or removing incumbent management, which could decrease the value of your investment.
Among other things, these provisions provide for the following: 18 • our Board of Directors may approve the issuance of shares of common stock and preferred stock without stockholder approval, except as may be required by Nasdaq rules • our Board of Directors may establish the rights and preferences of authorized and unissued preferred stock • our Board of Directors is divided into three classes of directors serving staggered three-year terms • stockholders may not call special meetings of stockholders • stockholders must provide advance notice of stockholder proposals and related information • vacancies and newly created directorships on the Board of Directors may be filled by affirmative vote of a majority of the directors then serving on the Board These provisions could increase the cost of acquiring us or discourage a third party from acquiring us or removing incumbent management, which could decrease the value of your investment.
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, or changes could be costly and disruptive to our operations and could 11 impose substantial demands on management’s time.
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 or changes could be costly and disruptive to our operations and could impose substantial demands on management’s time.
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 10 accounting charges.
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.
Our international investment activities create the risk of unauthorized payments or offers of payments in violation of the FCPA or other anti-corruption laws by one of our employees or agents in violation of our policies. In addition, the operators of the properties in which we hold stream and royalty interests may fail to comply with anti-corruption laws and regulations.
Our international investment activities create the risk of unauthorized payments or offers of 17 payments in violation of the FCPA or other anti-corruption laws by one of our employees or agents in violation of our policies. In addition, the operators of the properties in which we hold stream and royalty interests may fail to comply with anti-corruption laws and regulations.
Revenue from some of our stream and royalty interests decreases or stops after threshold production, delivery, or payment milestones are achieved or other events occur. For example, our stream interests at Pueblo Viejo and Andacollo, and certain of our royalty interests at other properties, contain provisions for rate reductions and/or cash price increases.
Revenue from some of our stream and royalty interests decreases or stops after threshold production, delivery or payment milestones are achieved or other events occur. For example, our stream interests at Andacollo, Kansanshi and Pueblo Viejo, and certain of our royalty interests at other properties, contain provisions for rate reductions and/or cash price increases.
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.
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 9 permanent suspension of operations, estimates of mineral resources and mineral reserves, and the marketing of products from the property.
These assumptions are based on a variety of factors, including the geological, geotechnical, hydrogeological, hydrological, metallurgical, legal, permitting, environmental, social, and other aspects of the projects. For development projects, we also make assumptions about the cost, timing, and conduct of development.
These assumptions are based on a variety of factors, including the geological, geotechnical, hydrogeological, hydrological, metallurgical, legal, permitting, environmental, political, social and other aspects of the projects. For development projects, we also make assumptions about the cost, timing and conduct of development.
The operators of the projects in which we hold 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.
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 or of the operator itself, over which we have little or no control.
In circumstances where we do receive additional property information, we do not have access to drilling, metallurgical, permitting, development, production, operating, or other data in sufficient detail, nor do we have access to properties, sufficient to confirm disclosure from the operators, including verifying mineral resources and mineral reserves disclosed by the operators.
In circumstances where we do receive additional property information, we do not have access to drilling, metallurgical, permitting, development, production, 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.
Higher borrowing costs, future increases in our level of indebtedness, or difficulties in accessing the commercial debt market could adversely affect us as follows: • require us to dedicate a substantial portion of our cash flow from operations to service indebtedness, thereby reducing the availability of cash flow to fund acquisitions, working capital, or dividends • limit our flexibility in planning for, or reacting to, changes in our business • restrict us from exploiting business opportunities • make us more vulnerable to a downturn in our business or the economy • place us at a competitive disadvantage compared to our competitors with less indebtedness or greater access to financing • require the consent of our existing lenders to incur additional indebtedness • limit our ability to borrow additional funds for acquisitions, working capital, or debt-service requirements • increase our cost of capital, including as a result of higher interest rates and the effects of exchange rates • decrease our future earnings • increase our exposure to the credit risks of bank group lenders or those institutions with which we maintain deposits Our credit agreement contains financial and other restrictive covenants.
Our current and any future indebtedness, higher borrowing costs or difficulties in accessing the commercial debt market could adversely affect us as follows: • require us to dedicate a substantial portion of our cash flow from operations to service indebtedness, thereby reducing the availability of cash flow to fund acquisitions, working capital or dividends • limit our flexibility in planning for, or reacting to, changes in our business • restrict us from exploiting business opportunities • make us more vulnerable to downturns in our business or the economy • place us at a competitive disadvantage compared to our competitors with less indebtedness or greater access to financing • require the consent of our existing lenders to incur additional indebtedness • limit our ability to borrow additional funds for acquisitions, working capital or debt-service requirements • increase our cost of capital, including as a result of higher interest rates and the effects of exchange rates • decrease our future earnings • increase our exposure to the credit risks of bank group lenders or those institutions with which we maintain deposits Our credit agreement contains financial and other restrictive covenants.
Our stream and royalty interests 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.
Our acquisitions and other transactions 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.
If an operator fails to bring a project into production as expected or if actual performance otherwise falls short of our assumptions, our revenue derived from the project may not be sufficient to yield an adequate, or any, return on our investment.
If an operator fails to 10 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.
Our access to additional property information depends upon the terms of the contracts that underlay our stream and royalty interests, which terms vary significantly among properties.
Our access to additional property information depends upon the terms of the contracts that underlie our stream and royalty interests, which terms vary significantly among properties.
Further, there has been significant growth in the number and relative size of stream and royalty companies over the last several 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.
Further, there has been significant growth in the number and relative size of stream and royalty companies in recent 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.
Our activities and 13 operators’ activities are subject to the risks associated with conducting business in foreign countries or other sovereign jurisdictions, including the following: • expropriation or nationalization of mining property or other government takings • seizure of mineral production • exchange and currency controls and fluctuations • limitations on foreign exchange or repatriation of earnings • restrictions on mineral production or price controls • governmental regulations relating to foreign investment and the mining business or changes in the interpretation of such regulations • import or export regulations, including trade wars and sanctions and restrictions on metal exports • changes in government taxation, royalties, tariffs, or duties • changes in economic, trade, 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, or individuals • high rates of inflation • unfamiliar or uncertain foreign real estate, mineral tenure, safety, or environmental laws or rules • war, crime, terrorism, sabotage, blockades, hostage taking, or other forms of civil unrest • uncertain political or economic environments, including economic downturns • corruption, fraud, lack of transparency, or underdeveloped laws, courts, or rule of law • exposure to liabilities or increased compliance costs under anti-corruption, anti-money laundering, child labor, or forced labor laws • involvement in operations by state-owned or state-controlled entities • suspension of the enforcement of creditors’ or stockholders’ rights • loss of access to government-controlled infrastructure, such as roads, bridges, rails, ports, power 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, and their stockholders, including laws relating to taxation, foreign ownership structures, corporate transactions, creditors’ rights, bankruptcy, and liquidation.
Our activities and operators’ activities are subject to the risks associated with conducting business in foreign countries or other sovereign jurisdictions, including the following: • expropriation or nationalization of mining property or other government takings • seizure of mineral production • exchange and currency controls and fluctuations • limitations on foreign exchange or repatriation of earnings • restrictions on mineral production or price controls • governmental regulations relating to foreign investment and the mining business or changes in the interpretation of such regulations • import or export regulations, including trade wars and sanctions and restrictions on metal exports • changes in government taxation, royalties, tariffs or duties, 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 in economic, trade, 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 or individuals • high rates of inflation • unfamiliar or uncertain foreign real estate, mineral tenure, safety or environmental laws or rules • war, crime, terrorism, sabotage, blockades, hostage taking or other forms of civil unrest • uncertain political or economic environments, including economic downturns • corruption, fraud, lack of transparency or underdeveloped laws, courts or rule of law • exposure to liabilities or increased compliance costs under anti-corruption, anti-money laundering, child labor or forced labor laws • involvement in operations by state-owned or state-controlled entities • suspension of the enforcement of creditors’ or stockholders’ rights • loss of access to government-controlled infrastructure, such as roads, bridges, rails, ports, power sources and water supplies 14 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 and their stockholders, including laws relating to taxation, foreign ownership structures, corporate transactions, creditors’ rights, bankruptcy and liquidation.
Foreign Corrupt Practices Act (the "FCPA") and other anticorruption laws that prohibit improper payments or offers of payments to third parties, including foreign governments and their officials, for the purpose of obtaining or retaining business. In some cases, we invest in mining operations in certain jurisdictions where corruption may 17 be more common.
Foreign Corrupt Practices Act (the “FCPA”) and other anti-corruption laws that prohibit improper payments or offers of payments to third parties, including foreign governments and their officials, for the purpose of obtaining or retaining business. In some cases, we invest in mining operations in certain jurisdictions where corruption may be more common.
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 or identify new mineral resources.
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, identify new mineral resources, or invest in improving production.
Approximately 83% of our revenue for the year ended December 31, 2024, 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, and Chile.
Approximately 85% of our revenue for the year ended December 31, 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 Zambia.
These production or development decisions could prevent us from recovering our investment in the project or result in an impairment to the value of our investment. 9 We own nonoperating interests in mining properties and cannot ensure properties are developed or operated in our best interests.
These production or development decisions could prevent us from recovering our investment in a project or result in an impairment to the value of our investment. We own non-operating interests in mining properties and cannot ensure properties are developed or operated in our best interests.
Many factors unrelated to operating performance can contribute to volatility in the market price of our common stock, including the following: • economic, market, political, social, or public health conditions • market prices of gold, silver, copper, and other metals • developments relating to properties on which we hold stream or royalty interests • interest and inflation rates and expectations about both • currency values • credit market conditions Market fluctuations, regardless of cause, may adversely affect our stock price.
Many factors unrelated to operating performance can contribute to volatility in the market price of our common stock, including the following: • market prices of gold, silver, copper and other metals • economic, market, political, social or public health conditions • developments relating to properties on which we hold stream or royalty interests • interest and inflation rates and expectations about both • currency values • credit market conditions • research and reports that securities or industry analysts may publish about us, our business, our market or our competitors Market fluctuations, regardless of cause, may adversely affect our stock price.
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 may be influenced by changes in the price of the primary metal.
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 in which we hold no interest.
As a result, these interests may not survive a bankruptcy or insolvency of an operator. We often do not have the protection of security interests or similar rights that could help us sustain or recover all or part of our investment in a stream or royalty interest in the event of an operator’s bankruptcy or insolvency.
We often do not have the protection of security interests or similar rights that could help us sustain or recover all or part of our investment in a stream or royalty interest in the event of an operator’s bankruptcy or insolvency.
In addition, revenue under some of our royalty agreements is based on the operator’s concentrate sales to smelters and may be adversely affected by price adjustments based on changes in metals prices between the date an operator ships concentrate to its offtake customer and the date the sale of concentrate is finally settled (typically a period of three to five months).
In addition, revenue under some of our royalty agreements is based on the proceeds of operator’s concentrate offtake sales to smelters which 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 provisionally 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).
A 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.
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.
The anti-takeover provisions of Delaware law impose barriers to the ability of a third party to acquire control of us, even if a change of control would be beneficial to our existing stockholders.
Provisions of Delaware law and our organizational documents could delay or prevent a third party from acquiring us. The anti-takeover provisions of Delaware law impose barriers to the ability of a third party to acquire control of us, even if a change of control would be beneficial to our existing stockholders.
These price adjustments can decrease our revenue in future periods if metal prices decline following shipment. Metal price declines could cause an operator to reduce, suspend, or terminate production or development at a project, which could decrease or delay our future revenue or revenue expectations from the project.
Metal price declines could cause an operator to reduce, suspend or terminate production or development at a project, which could decrease or delay our future revenue or revenue expectations from the project.
This concentration of revenue could mean that adverse developments, including any adverse decisions made by the operators, at one or more of these properties could have a more significant or longer-term effect on our results of operations than if our revenue were less concentrated.
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. 11 We depend on the services of our directors, executives and other key employees, and the loss of one or more of these individuals could harm our business.
If this were to occur, the value of our interests or of our common stock could be adversely affected. Further, due to expansive environmental laws, 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.
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 we encounter difficulties in accessing the commercial debt market, our ability to finance new acquisitions of stream and royalty interests could be adversely affected.
If we encounter difficulties in accessing the commercial debt market, our ability to finance new acquisitions of stream and royalty interests could be adversely affected. In addition, if we have to rely on issuing equity to finance transactions, our stock price could be adversely affected, and our stockholders’ ownership could be diluted.
For example, during the year ended December 31, 2024, the market price of our common stock ranged from a low of $100.55 to a high of $155.10.
For example, during the year ended December 31, 2025, the market price of our common stock ranged from a low of $131.73 to a high of $235.52.
We depend on the services of our executives and other key employees, and the loss of one or more of these individuals could harm our business. We believe that our success depends on retaining qualified executives and other key employees, especially in light of our limited number of personnel and the specialized nature of our business.
We believe that our success depends on retaining qualified executives and other key employees, especially in light of our limited number of personnel and the specialized nature of our business. These individuals have significant industry and Company-specific experience.
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.
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.
We have paid a cash dividend on our common stock since calendar year 2000. Our Board of Directors has discretion in determining whether to declare a dividend based on a number of factors, including metal prices, economic or market conditions, earnings, cash flow, financial condition, and funding requirements for future opportunities or operations.
Our Board of Directors has discretion in determining whether to declare a dividend based on a number of factors, including metal prices, economic or market conditions, earnings, cash flow, financial condition and funding requirements for future opportunities or operations. In addition, corporate law limitations or future contractual restrictions could limit our ability to pay dividends in the future.
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.
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, increased liability and increased costs.
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. We cannot ensure that any acquisition or other transaction will ultimately benefit Royal Gold. Our future success depends on our ability to acquire additional stream or royalty interests at appropriate valuations.
We cannot ensure that any acquisition or other transaction will ultimately benefit Royal Gold. Our future success depends on our ability to acquire additional stream or royalty interests at appropriate valuations. Our future success depends largely on our ability to acquire additional stream or royalty interests at appropriate valuations.
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, or social risks in connection with new acquisitions, which could adversely affect our expected investment returns or future results of operations.
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.
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. If any of these events were to occur, our revenue or the value of our interests could be adversely affected.
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.
In addition, corporate law limitations or future contractual restrictions could limit our ability to pay dividends in the future. If our Board of Directors reduces or eliminates future dividends, our stock price could fall, and the success of your investment would depend largely on any future stock price appreciation. We have increased our dividend in prior years.
If our Board of Directors reduces or eliminates future dividends, our stock price could fall, and the success of your investment would depend largely on any future stock price appreciation. There can be no assurance that we will continue to increase our dividends in the future or that we will continue to pay any dividends.
Historically, we have used borrowings under our credit facility to finance investments and acquisitions, and we may incur indebtedness for investments, acquisitions or other purposes in future periods. Our credit facility expires in June 2028. In the future, we may be unable to obtain new financing or refinance indebtedness on acceptable terms or in amounts sufficient for our business objectives.
In the future, we may be unable to obtain new financing or refinance indebtedness on acceptable terms or in amounts sufficient for our business objectives.
These individuals have significant industry and Company-specific experience. If we are unsuccessful at retaining or attracting qualified personnel, our business could be disrupted and our reputation could be harmed, adversely affecting our ability to achieve our business objectives. We do not currently maintain key person life insurance on any of these individuals or our directors.
If we are unsuccessful at retaining or attracting qualified personnel, our business could be disrupted and our reputation could be harmed, adversely affecting our ability to achieve our business objectives. We also depend on the continued service of our directors.
Our failure to comply with these covenants could result in an event of default that, if not waived, could result in the acceleration of all outstanding indebtedness. 16 Legal Risks Defects in our stream or royalty interests or the bankruptcy or insolvency of an operator could adversely affect the value of our investments.
These covenants could limit our ability to engage in activities that we consider to be in our long-term best interests. Our failure to comply with these covenants could result in an event of default that, if not waived, could result in the acceleration of all outstanding indebtedness.
Challenges relating to climate change could limit the ability of operators to access the capital markets, and such limitations could have a corresponding adverse effect on their business and operations.
Concerns over climate change could also limit the ability of companies in the mining industry, including both operators and non-operators like Royal Gold, to access debt and equity markets, and such limitations could have a corresponding adverse effect on their businesses and operations, including the ability of operators to engage in exploration, development and production activities.
Approximately 55% of our revenue for the year ended December 31, 2024, came from four properties: Mount Milligan (26%), Pueblo Viejo (12%), Cortez (10%), and Andacollo (7%). We expect these properties to continue to represent a significant portion of our revenue going forward.
Approximately 53% of our revenue for the year ended December 31, 2025, came from five properties: Mount Milligan (22%), Pueblo Viejo (13%), Cortez (7%), Andacollo (8%) and Kansanshi (3%).
As a result, past production and revenue relating to these interests may not be indicative of future results.
As a result, past production and revenue relating to these interests may not be indicative of future results. Conversely, some of our stream and royalty interests are subject to production, delivery or payment milestones that must be achieved before we begin receiving payments or before the applicable economic terms apply.
Despite our due diligence practices, it is possible that defects or problems will exist relating to the existence, validity, enforceability, terms, or geographic extent of our stream and royalty interests. Similarly, stream interests and, in many jurisdictions, royalty interests, are or can be contractual in nature, rather than interests in land.
However, our due diligence may not identify all issues, and defects or problems may exist relating to the existence, validity, enforceability, or terms of our stream and royalty interests or the geographic extent the 16 properties to which they relate.
Financing Risks Future indebtedness or difficulties in accessing the commercial debt market could adversely affect our financial condition and impair our ability to operate our business. As of December 31, 2024, we had $1 billion available under our revolving credit facility, none of which was drawn.
We are unable to provide assurance that all decisions of the operator will achieve the expected goals, including the successful development of the Hod Maden project and its transition to commercial production. Financing Risks Our indebtedness or difficulties in accessing the commercial debt market could adversely affect our financial condition and impair our ability to operate our business.
We face various risks related to health epidemics, pandemics, and similar outbreaks, which could adversely affect our business, results of operations, financial position, and/or the trading price of our stock.
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.
Removed
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. If market prices decline, our revenue and cash flow from metal sales could also decline.
Added
These price adjustments can result in a negative adjustment to our revenue booked in the period during which the provisional sale occurs if metal prices are lower on final sale than they were on provisional sale.
Removed
We may not be able to identify and complete acquisitions of additional interests at appropriate prices or terms.
Added
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.
Removed
Health epidemics, pandemics, and similar outbreaks could cause significant volatility and uncertainty in the global economy and financial markets, supply chain issues, labor shortages, and adverse changes in metal prices, and such events could adversely affect our ability to obtain future debt or equity financing for acquisitions on acceptable terms, or at all, and could require temporary curtailments of operations at the properties subject to our stream and royalty interests, as occurred at Mount Milligan and Pueblo Viejo in response to the COVID-19 pandemic.
Added
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.
Removed
In addition, health epidemics, pandemics, and similar outbreaks, and their resulting impacts, may make it difficult for the operators of the properties subject to our stream and royalty interests to forecast expected production amounts.
Added
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.
Removed
The effects of health epidemics, pandemics, and similar outbreaks will ultimately depend on many factors that are outside of our control, including the severity and duration of such events and government and operator actions in response to such events, and could adversely affect our business, results of operations, financial position, and/or the trading price of our stock.
Added
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.
Removed
If the assumptions underlying operators’ production, mineral reserve, or mineral resource estimates are inaccurate or if future events cause operators to negatively adjust their previous estimates, our future revenue or the value of our investments could be adversely affected.
Added
During 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 a relatively small number of operating properties to represent a significant portion of our overall revenue going forward.
Removed
The operators of the properties in which we hold stream and royalty interests generally prepare production, mineral reserve, and mineral resource estimates for the properties. We do not independently prepare or verify this information and generally lack sufficient information and access to properties to do so.
Added
Our Board is relatively small and certain areas of experience and expertise (including technical and legal expertise) may be concentrated in a limited number of directors. The loss of one or more directors, or our inability to attract and retain qualified director candidates, could adversely affect Board and committee effectiveness and oversight.
Removed
There are numerous uncertainties inherent in these estimates, many of which are outside the operators’ control.
Added
In addition, changes in our Board’s composition, including due to retirements or other departures, may create succession challenges and could disrupt continuity, delay decision-making, or require additional time and resources to identify and onboard replacement directors. We do not currently maintain key person life insurance on any of our directors or executives.
Removed
As a result, production, mineral reserve, and mineral resource estimates are subjective and necessarily depend upon a number of assumptions, including, among others, reliability of historical data; geological interpretation; geotechnical, geologic and mining conditions; metallurgical recovery; metal prices; operating costs; capital expenditures; development and reclamation costs; mining technology improvements; and the effects of government regulation.
Added
Concerns regarding the environment or climate change could lead to increased regulation and scrutiny of the mining industry, which could adversely affect our financial condition, revenue and the value of our interests. Mining operations are subject to extensive laws and regulations governing land use and the protection of the environment.
Removed
If any of the assumptions that the operators make in connection with production, mineral reserve and mineral resource estimates are incorrect, actual production could be significantly lower than the production, mineral reserve, and mineral resource estimates, which could adversely affect our future revenue and the value of our investments.
Added
If any of these events were to occur, our financial condition, revenue and the value of our interests could be adversely affected.
Removed
In addition, if the operators’ estimates with respect to the timing of production are incorrect, we could experience variances in expected revenue from period to period. Further, conversion of operators’ estimates of mineral resources to mineral reserves is subject to future exploration and development and associated risks, and estimated mineral resources may never convert to future mineral reserves.
Added
Our equity interest in the Hod Maden project subjects us to risks associated with developing and operating mining properties, in addition to risks related to the conduct of joint arrangements. We hold a 30% non-operating equity interest in the entity which owns the Hod Maden project located in Türkiye.
Removed
In addition, estimates of mineral resources are subject to similar uncertainties and assumptions as discussed above with respect to mineral reserves. 14 The operators of properties subject to our interests may be subject to growing environmental risks, including risks associated with climate change, which could adversely affect us, our financial condition, or the value of our interests or of our common stock.
Added
While we intend to seek to convert this equity interest into a stream or royalty interest more typical of our business model, such a conversion could take longer than anticipated or may not occur at all.
Removed
These laws and regulations are constantly evolving in a manner generally expected to result in stricter standards, more 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.
Added
Our equity interest exposes us to many of the hazards and risks normally associated with developing and operating mining properties, including many of the risks faced by operators that are identified elsewhere in these risk factors.
Removed
Climate change may also pose physical risks to the properties in which we hold an interest. This could include adverse effects on operations as a result of increasing occurrences of extreme weather events, flooding, water shortages, changes in rainfall and storm patterns, changes in sea levels, heat stress, wildfires, and other negative weather and climate patterns.
Added
Also, we are not the operator of the Hod Maden project and our non-operating equity interest is subject to many of the risks applicable to our stream and royalty interests identified elsewhere in these risk factors.

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Item 2. Properties

Properties — owned and leased real estate

121 edited+88 added−34 removed147 unchanged
Biggest changeOn July 15, 2010, we announced the acquisition of a 25% gold stream interest on the Mount Milligan project from TCM for $311.5 million and cash payments equal to the lesser of $400 or the prevailing market price for each payable ounce of gold until the delivery of 550,000 ounces to us, and the lesser of $450 or the prevailing market price for each additional ounce thereafter. 2.
Biggest changeOur original 52.25% gold stream was acquired in three transactions from TCM, as part of the financing for the initial project acquisition and construction: 1 On July 15, 2010, we announced the acquisition of a 25% gold stream interest on the Mount Milligan project from TCM for $311.5 million and cash payments equal to the lesser of $400 or the prevailing market price for each payable ounce of gold until the delivery of 550,000 ounces to us, and the lesser of $450 or the prevailing market price for each additional ounce thereafter. 2 On December 15, 2011, we increased our gold stream interest on the Mount Milligan project by an additional 15% for $270 million and cash payments equal to the lesser of $435 or the prevailing market price for each payable ounce of gold delivered to us (replacing the payment structure of the July 15, 2010 transaction). 3 On August 9, 2012, we increased our gold stream interest in the Mount Milligan project by an additional 12.25% for $200 million and cash payments equal to the lesser of $435 or the prevailing market price for each payable ounce of gold delivered to us.
As noted above, we do not have sufficient access and information for qualified persons acting on behalf of the Company to arrive at sufficient findings and conclusions, or prepare adequate supporting documentation, for us to disclose mineral resources or mineral reserves under the standards for 20 disclosure established by S-K 1300 for any of the principal or other properties in which we hold stream or royalty interests, and accordingly, we have not sought to obtain dated and signed technical report summaries from qualified persons pursuant to Item 1302(b)(1) of Regulation S-K.
As noted above, we do not have sufficient access and information for qualified persons acting on behalf of the Company to arrive at sufficient findings and conclusions, or prepare adequate supporting documentation, for us to disclose mineral resources or mineral reserves under the standards for disclosure established by S-K 1300 for any of the principal or other properties in which we hold stream or royalty interests, and accordingly, we have not sought to obtain dated and signed technical report summaries from qualified persons pursuant to Item 1302(b)(1) of Regulation S-K.
We rely on the accommodations set forth in Item 1303(a)(3) and Item 1304(a)(2) of Regulation S-K to omit information required under Items 1303 and 1304 to which we lack access, and in accordance with Item 1303(a)(3) and Item 1304(a)(2) of Regulation S-K, we (i) specify the information to which we lack access, (ii) explain that we do not have access to the required information because obtaining the information would result in an unreasonable burden or expense or we requested the information from the applicable operator and our request was denied, and (iii) provide all required information that we do possess or can acquire without incurring an unreasonable burden or expense.
We rely on the accommodations set forth in Item 1303(a)(3) and Item 1304(a)(2) of Regulation S-K to omit information required under Items 1303 and 1304 to which we lack access, 20 and in accordance with Item 1303(a)(3) and Item 1304(a)(2) of Regulation S-K, we (i) specify the information to which we lack access, (ii) explain that we do not have access to the required information because obtaining the information would result in an unreasonable burden or expense or we requested the information from the applicable operator and our request was denied, and (iii) provide all required information that we do possess or can acquire without incurring an unreasonable burden or expense.
As a stream and royalty company, we have limited access to and information regarding the properties in which we hold interests, and because of these limitations, 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 the standards for disclosure established by S-K 1300 for any of the properties in which we hold 19 interests.
As a stream and royalty company, we have limited access to and information regarding the properties in which we hold interests, and because of these limitations, 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 the standards for disclosure established by S-K 1300 for any of the properties in which we hold interests.
Sources of Information Our disclosures in this Item 2 are based on information provided to us by the operators of the properties or disclosed by the operators in their public filings with the SEC or Canadian securities regulators, including technical reports filed with Canadian securities administrators pursuant to National Instrument 43-101 (“NI 43-101”), and the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards and 2019 Best Practice Guideline (“CIM Standards”).
Sources of Information Our disclosures in this Item 2 are based on information provided to us by the operators of the properties or disclosed by the operators in their public filings with the SEC or Canadian securities regulators, including technical reports filed with Canadian securities regulators pursuant to National Instrument 43-101 (“NI 43-101”), and the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards and 2019 Best Practice Guideline (“CIM Standards”).
Key Permit Conditions Operators of the mines that are subject to our stream and royalty interests must comply with environmental, mine safety, land use, water use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial and local governments in the United States, Canada, Chile, the Dominican Republic, and other countries where we hold interests.
Key Permit Conditions Operators of the mines that are subject to our stream and royalty interests must comply with environmental, mine safety, land use, water use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial and local governments in the United States, Canada, Chile, the Dominican Republic, Zambia, and other countries where we hold interests.
Concentrate is transported by truck from the mine site to Mackenzie, transferred onto railcars of the Canadian National Railway to port storage facilities of Vancouver Wharves in North Vancouver, and loaded into bulk ore carriers. Concentrate is then shipped to customers via ocean transport. Labor and services are readily available from the surrounding towns of Prince George, Fort St.
Concentrate is transported by truck from the mine site to Mackenzie, transferred onto railcars of the Canadian National Railway to port storage facilities of Vancouver Wharves in North Vancouver, and loaded into bulk ore carriers. Concentrate is then shipped to customers via ocean transport. 33 Labor and services are readily available from the surrounding towns of Prince George, Fort St.
Two styles of mineralization have been identified. • Early-stage porphyry gold-copper mineralization (and early-stage vein types) associated with composite monzonite porphyry stocks and related hydrothermal breccia, and narrower dyke and breccia complexes. 31 • Late-stage structurally controlled high-gold low-copper mineralization (and intermediate- to late-stage vein types) that is associated with faults and fault breccias, crosscuts/overprints the earlier stage porphyry mineralization and is more spatially widespread.
Two styles of mineralization have been identified. • Early-stage porphyry gold-copper mineralization (and early-stage vein types) associated with composite monzonite porphyry stocks and related hydrothermal breccia, and narrower dyke and breccia complexes. • Late-stage structurally controlled high-gold low-copper mineralization (and intermediate- to late-stage vein types) that is associated with faults and fault breccias, crosscuts/overprints the earlier stage porphyry mineralization and is more spatially widespread.
Process water is currently pumped to the site via a 30-centimeter (“cm”) diameter pipeline, primarily sourced from groundwater extracted near La Serena, approximately 50 km from the site. Several mines operate within the same geographical area and, as such, supplies, material, and experienced mine labor are readily available.
Process water is currently pumped to the site via a 30-centimeter (“cm”) diameter pipeline, primarily sourced from groundwater extracted near La Serena, approximately 50 km from the site. 26 Several mines operate within the same geographical area and, as such, supplies, material, and experienced mine labor are readily available.
A TSF is operating in the El Llagal valley approximately 3 km south of the plant site and the progressive raising of a large rock-filled dam with an impermeable saprolite core is underway. The site has sufficient access, surface rights, and suitable sources of power, water, and personnel to maintain an efficient mining operation.
A TSF is operating in the El Llagal valley approximately 3.5 km south of the plant site and the progressive raising of a large rock-filled dam with an impermeable saprolite core is underway. The site has sufficient access, surface rights, and suitable sources of power, water, and personnel to maintain an efficient mining operation.
The Goldrush deposit has a maximum thickness of 76 m, a width of about 425 m, and extends along strike for approximately 5,275 m. The deepest significant intercept is currently at 1,435 m. The Goldrush system remains open to the north into Fourmile, to the southeast, and in multiple directions in the Ken Balleweg (KB) Domain.
The Goldrush deposit has a maximum thickness of 76 m, a width of about 425 m, and extends along strike for approximately 5,275 m. The deepest significant intercept is currently at 1,435 m. The Goldrush system remains open to the north into Fourmile, to the southeast, and in multiple directions in the Ken Balleweg Domain.
As such, we do not use internal controls in any exploration and mineral resource and reserve estimation efforts within the meaning of Item 1305 of Regulation S-K. Summary We own a large portfolio of stream and royalty interests on properties at various stages of review and development.
As such, we do not use internal controls in any exploration and mineral resource and reserve estimation efforts within the meaning of Item 1305 of Regulation S-K. 21 Summary We own a large portfolio of stream and royalty interests on properties at various stages of review and development.
Property Description Mount Milligan is a copper-gold porphyry deposit, consisting of two principal zones, the Main Zone and the Southern Star (SS) Zone. The Main Zone includes four contiguous sub-zones: MBX, WBX, DWBX and 66 (low-copper and high-gold grades, southeast of the MBX sub-zone). These geologic zones are the basis for the metallurgical test work.
Property Description Mount Milligan is a copper-gold porphyry deposit, consisting of two principal zones, the Main Zone and the Southern Star Zone. The Main Zone includes four contiguous sub-zones: MBX, WBX, DWBX and 66 (low-copper and high-gold grades, southeast of the MBX sub-zone). These geologic zones are the basis for the metallurgical test work.
NGM does not provide guidance or production results for the individual mines within the Cortez Complex, and both of the NGM partners provide consolidated guidance and results for their respective interests. We have typically provided, and subject to approval by Barrick, expect to continue to provide, annual guidance for the total gold production subject to the Legacy Zone royalty interest.
NGM does not provide guidance or production results for the individual mines within the Cortez Complex, and both of the NGM partners provide consolidated guidance and results for their respective interests. We have typically provided, and subject to approval by Barrick, expect to continue to provide, annual guidance for the total gold production subject to the Legacy Zone royalty interests.
Book Value The operator does not provide us with the operator’s book value or total cost detail for the property and associated plant and equipment. Property History Early mining activity at the site dates back to the 1500s. Subsequent to that early mining activity, Rosario Resources commenced mining operations on the property in 1975.
Book Value 40 The operator does not provide us with the operator’s book value or total cost detail for the property and associated plant and equipment. Property History Early mining activity at the site dates back to the 1500s. Subsequent to that early mining activity, Rosario Resources commenced mining operations on the property in 1975.
Pueblo Viejo is accessed from Santo Domingo by traveling northwest on Autopista Duarte, Highway #1, approximately 77 km to Piedra Blanca and proceeding east for approximately 22.5 km on Highway #17 to the gatehouse for Pueblo Viejo. Both Highway #1 and Highway #17 are paved.
Pueblo Viejo is accessed from Santo Domingo by traveling northwest on Autopista Duarte, Highway #1, approximately 77 km to Piedra 38 Blanca and proceeding east for approximately 22.5 km on Highway #17 to the gatehouse for Pueblo Viejo. Both Highway #1 and Highway #17 are paved.
The process plant expansion flowsheet includes an additional primary crusher, coarse ore stockpile and ore reclaim delivering to a new single stage semi-autogenous (SAG) mill, and a new flotation circuit that concentrates the bulk of the sulfide ore prior to oxidation.
The process plant expansion flowsheet includes an additional primary crusher, coarse ore stockpile and ore reclaim delivering to a new single stage semi-autogenous mill, and a new flotation circuit that concentrates the bulk of the sulfide ore prior to oxidation.
It consists of the following unit operations: • primary crushing; • coarse ore stockpile; • semi-autogenous/ball mill/pebble crushing (“SABC”) grinding circuit; • rougher/scavenger flotation; • concentrate regrinding; • cleaner flotation; • gravity concentration; • concentrate dewatering; and • tailings disposal.
It consists of the following unit operations: • primary crushing; 34 • coarse ore stockpile; • semi-autogenous/ball mill/pebble crushing (“SABC”) grinding circuit; • rougher/scavenger flotation; • concentrate regrinding; • cleaner flotation; • gravity concentration; • concentrate dewatering; and • tailings disposal.
Gold recovered from the ore is processed into doré on site and shipped to outside refineries for processing into gold bullion. 41 The active heap leach facilities are located at the Pipeline and Cortez Hills complexes.
Gold recovered from the ore is processed into doré on site and shipped to outside refineries for processing into gold bullion. The active heap leach facilities are located at the Pipeline and Cortez Hills complexes.
Water required for ore processing operations is reclaimed from the TSF by a barge-mounted pump station and booster pump station. Water sourced from the TSF is supernatant from the settled tailings. 28 The communities of Mackenzie and Fort St.
Water required for ore processing operations is reclaimed from the TSF by a barge-mounted pump station and booster pump station. Water sourced from the TSF is supernatant from the settled tailings. The communities of Mackenzie and Fort St.
A registrant is responsible for determining that a person meets the qualifications specified under the definition of qualified person and that the disclosure in the registrant’s filing accurately reflects the information provided by the qualified person.
A registrant is 19 responsible for determining that a person meets the qualifications specified under the definition of qualified person and that the disclosure in the registrant’s filing accurately reflects the information provided by the qualified person.
Mine Types and Mineralization Styles Our operating stream and royalty interests cover all types of mineralization styles in a number of primary commodities. Table 1 shows mine types and mineralization styles at our principal properties.
Mine Types and Mineralization Styles Our stream and royalty interests in operating mines cover all types of mineralization styles in a number of primary commodities. Table 1 shows mine types and mineralization styles at our principal properties.
The cash purchase price for gold is 30% of the spot price of gold per ounce delivered until 550,000 ounces of gold have been delivered, and 60% of the spot price of gold per ounce delivered thereafter.
The cash purchase 39 price for gold is 30% of the spot price of gold per ounce delivered until 550,000 ounces of gold have been delivered, and 60% of the spot price of gold per ounce delivered thereafter.
In October 2010, TCM acquired the project through its acquisition of Terrane, entered a stream agreement with us and subsequently constructed the Mount Milligan mine, which commenced commercial production in February 2014. 30 In October 2016, TCM was acquired by a subsidiary of Centerra and, in connection with that acquisition, Terrane and certain other subsidiary entities of TCM were amalgamated into TCM.
In October 2010, TCM acquired the project through its acquisition of Terrane, entered a stream agreement with us and subsequently constructed the Mount Milligan mine, which commenced commercial production in February 2014. 35 In October 2016, TCM was acquired by a subsidiary of Centerra and, in connection with that acquisition, Terrane and certain other subsidiary entities of TCM were amalgamated into TCM.
In its 2023 Annual Information Form issued in March 2024, Barrick reported that the Cortez open pit operation is expected to continue until 2034 and the underground operation until 2042, and the planned conversion of existing resources to reserves at Cortez has the potential to extend open pit and underground mining operations to at least 2038 and 2052, respectively.
In its 2024 Annual Information Form issued in March 2025, Barrick reported that the Cortez open pit operation is expected to continue until 2034 and the underground operation until 2042, and the planned conversion of existing resources to reserves at Cortez has the potential to extend open pit and underground mining operations to at least 2038 and 2052, respectively.
Royal Gold does not have current specific information on the physical condition of the equipment, facilities, infrastructure, or underground development of the Cortez complex mining operations. 42 Book Value The operator does not provide Royal Gold with the operator’s book value or total cost detail for the property and associated plant and equipment.
Royal Gold does not have current specific information on the physical condition of the equipment, facilities, infrastructure, or underground development of the Cortez complex mining operations. 48 Book Value The operator does not provide Royal Gold with the operator’s book value or total cost detail for the property and associated plant and equipment.
The principal gold deposits and mining operations are located in the southern portion of Crescent Valley, which was formed by basin and range extensional tectonism. 43 Mineralization is sedimentary rock-hosted and consists of submicron to micrometer-sized gold particles and gold in solid solution in pyrite.
The principal gold deposits and mining operations are located in the southern portion of Crescent Valley, which was formed by basin and range extensional tectonism. 49 Mineralization is sedimentary rock-hosted and consists of submicron to micrometer-sized gold particles and gold in solid solution in pyrite.
Under the SLA, PVDC is obligated to make the following payments to the Dominican Republic: a net smelter return royalty of 3.2% based on gross revenues less some deductible costs (royalties do not apply to copper or zinc); a net profits interest of 28.75% based on an adjusted taxable cash flow; a corporate income tax of 25% based on adjusted net income; a withholding tax on interest paid on loans and on payments abroad; and other general tax obligations.
Under the SLA, PVDC is obligated to make the following payments to the Dominican Republic: a NSR royalty of 3.2% based on gross revenues less some deductible costs (royalties do not apply to copper or zinc); a net profits interest of 28.75% based on an adjusted taxable cash flow; a corporate income tax of 25% based on adjusted net income; a withholding tax on interest paid on loans and on payments abroad; and other general tax obligations.
Property Description Pueblo Viejo is a production stage property consisting of a conventional open pit surface mine and a complex processing circuit designed to process refractory gold-silver ore through pressure oxidation. Gold and silver are recovered through a carbon-in-leach (CIL) circuit and electrowinning.
Property Description Pueblo Viejo is a production stage property consisting of a conventional open pit surface mine and a complex processing circuit designed to process refractory gold-silver ore through pressure oxidation. Gold and silver are recovered through a carbon-in-leach (“CIL”) circuit and electrowinning.
In some cases, we refer to information for our principal properties as of periods earlier than December 31, 2024 because the operators did not yet disclose more current information by the time we finalized this report.
In some cases, we refer to information for our principal properties as of periods earlier than December 31, 2025 because the operators did not yet disclose more current information by the time we finalized this report.
Barrick is also working on a mine life extension that will extend the mine life to 2046. The pit stages have been chosen to facilitate the early extraction of the most profitable ore. The driver of the mine schedule is the sulphur blending requirement.
Barrick is also working on a mine life extension that will extend the mine life to 2048. The pit stages have been chosen to facilitate the early extraction of the most profitable ore. The driver of the mine schedule is the sulphur blending requirement.
James, Mackenzie, Vanderhoof, Smithers, and Fraser Lake. Area of Interest At Mount Milligan, RGLD Gold’s stream interest covers Mining Lease 631503 and 110 mineral claims covering 51,078.2 hectares. Stream Agreement Under the Amended and Restated Purchase and Sale Agreement dated December 14, 2011, between Thompson Creek Metals Company Inc.
James, Mackenzie, Vanderhoof, Smithers, and Fraser Lake. Area of Interest At Mount Milligan, RGLD Gold’s stream interest covers 110 mineral claims, including Mining Lease 631503, covering a total of 51,078.2 hectares. Stream Agreement Under the Amended and Restated Purchase and Sale Agreement dated December 14, 2011, between Thompson Creek Metals Company Inc.
Summary of All Mineral Resources and Mineral Reserves As noted above under “Introduction—Mineral Resources and Mineral Reserves,” we have limited access to, and limited information regarding, the properties in which we hold interests, and because of these limitations, 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 the standards for disclosure established by S-K 1300 for any of the properties in which we hold stream or royalty interests.
Summary of All Mineral Resources and Mineral Reserves As noted above under “Introduction—Mineral Resources and Mineral Reserves,” we have limited access to, and limited information regarding, the properties to which our stream and royalty interests relate, and because of these limitations, 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 the standards for disclosure established by S-K 1300 for any of these properties.
Newmont Corporation (“Newmont”), a party to joint ventures with Barrick Gold Corporation (“Barrick”) on each of Pueblo Viejo and the mining operations operated by Nevada Gold Mines LLC, a joint venture between Barrick and Newmont with respect to their Nevada operations, which includes Cortez, has filed technical report summaries prepared under S-K 1300 for each of Pueblo Viejo and the Nevada Gold Mines operations.
Newmont Corporation (“Newmont”), a party to joint ventures with Barrick Mining Corporation (“Barrick”) on each of Pueblo Viejo and the mining operations operated by Nevada Gold Mines LLC (“NGM”), a joint venture with respect to their Nevada operations, which includes Cortez, has filed technical report summaries prepared under S-K 1300 for each of Pueblo Viejo and the collective Nevada Gold Mines operations.
Our material properties are located in Canada, Chile, the Dominican Republic, and the United States.
Our material properties are located in Canada, Chile, the Dominican Republic, the United States and Zambia.
These major units are supplemented with a back-up equipment fleet of graders, track and rubber-tired dozers, backhoes, and water trucks. A 15m bench height is used for mining both ore and waste. 29 The Mount Milligan sulfide flotation concentrator was designed to process ore at a nominal rate of 60,000 tpd, producing a marketable concentrate of copper, gold, and silver.
These major units are supplemented with a back-up equipment fleet of graders, track and rubber-tired dozers, backhoes, and water trucks. A 15 m bench height is used for mining both ore and waste. The Mount Milligan sulfide flotation concentrator was designed to process ore at a nominal rate of 60,000 tpd, producing a marketable concentrate of copper, gold, and silver.
The Lease has a term of 25 years with one extension by right for 25 years and a second 25 year extension at the mutual agreement of Barrick and the Dominican state, allowing a possible total term of 75 years.
The SLA has a term of 25 years with one extension by right for 25 years and a second 25 year extension at the mutual agreement of Barrick and the Dominican state, allowing a possible total term of 75 years.
The concentrate is blended with fresh milled ore to feed the modified autoclave circuit, which has additional oxygen supplied from a new 3,000 tonnes per day facility. The existing autoclaves have been upgraded to increase the sulfur processing capacity of each autoclave through additional high-pressure cooling water and recycle flash capability using additional slurry pumping and thickening.
The concentrate is blended with fresh milled ore to feed the modified autoclave circuit, which has additional oxygen supplied from a new 3,000 tpd facility. The existing autoclaves have been upgraded to increase the sulfur processing capacity of each autoclave through additional high-pressure cooling water and recycle flash capability using additional slurry pumping and thickening.
(5) A small portion of the Crossroads deposit has a royalty rate of 4.91%. (6) NVR2 covers the south-east extension of the Goldrush Project on the Flying T Ranch.
(5) A small portion of the Crossroads deposit has a royalty rate of 4.94%. (6) NVR2 covers the south-east extension of the Goldrush Project on the Flying T Ranch.
The currently-operating Lower Llagal TSF, comprised of one main dam and three saddle dams, is located in the El Llagal valley, approximately 4 km south of the plant site. In conjunction with the plant expansion project, Barrick is currently advancing work on the new El Naranjo TSF.
The currently-operating Lower Llagal TSF, comprised of one main dam and three saddle dams, is located in the El Llagal valley, approximately 3.5 km south of the plant site. In conjunction with the plant expansion project, Barrick is currently advancing work on the new El Naranjo TSF.
In such case, and only at Centerra’s election, RGLD Gold will 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.
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.
Teck presents mineral resource and mineral reserve updates pursuant to CIM Standards.
Teck presents mineral resource and mineral reserve updates pursuant to 25 CIM Standards.
In 2013, Pueblo Viejo Dominicana Corporation (“PVDC”) commissioned a 218-megawatt (“MW”) Wartsila combined cycle reciprocating engine power plant, together with an approximately 72 km transmission line connecting the plant to the minesite.
In 2013, Pueblo Viejo Dominicana Corporation (“PVDC”) commissioned a 218-megawatt (“MW”) Wartsila combined cycle reciprocating engine power plant, together with an approximately 72 km transmission line connecting the plant to the mine site.
Our Principal Properties are all production stage properties. As such, each of our Principal Properties has infrastructure and facilities appropriate to conduct mining and processing operations. A summary of key processing infrastructure is shown in Table 2.
Our principal properties are all production stage mining properties. As such, each of the mining properties to which our principal properties relate has infrastructure and facilities appropriate to conduct mining and processing operations. A summary of key processing infrastructure is shown in Table 2.
In 1998, the Cortez Pediment deposit was discovered, with the Cortez Hills discovery announced in April 2003. The Cortez Hills development was approved by Placer Dome and Kennecott, then joint venturers, in September 2005 and confirmed by Barrick in 2006. Barrick obtained an interest in the Cortez property through its acquisition of Placer Dome in 2006.
In 1998, the Cortez Pediment deposit was discovered, with the Cortez Hills discovery announced in April 2003. The Cortez Hills development was approved by Placer Dome and Kennecott, then partners in a joint venture, in September 2005 and confirmed by Barrick in 2006. Barrick obtained an interest in the Cortez property through its acquisition of Placer Dome in 2006.
Such technical report summaries, while providing important information about the properties, do not provide information sufficient for qualified persons acting on behalf of the Company to be able to arrive at sufficient findings and conclusions, or prepare adequate supporting documentation, for us to disclose mineral resources or mineral reserves for such properties under the standards for disclosure established by S-K 1300 (see “Mineral Resources and Mineral Reserves” above).
Such technical report summaries, while providing important information about the properties, do not provide information sufficient for qualified persons acting on behalf of the Company to be able to arrive at sufficient findings and conclusions, or prepare adequate supporting documentation, for us to disclose mineral resources or mineral reserves for such properties under the standards for disclosure established by S-K 1300 (see “Mineral Resources and Mineral Reserves” above), and Barrick has denied our requests for such additional information.
The Ministry of Environment and Natural Resources enforces Law 64-00 and establishes the process of obtaining environmental permits. PVDC completed a Feasibility Study on the Mine in September 2005 and presented an Environmental Impact Assessment (“EIA”) to the Dominican state in November of the same year.
The Ministry of Environment and Natural Resources enforces Law 64-00 and establishes the process of obtaining environmental permits. PVDC completed a Feasibility Study on the Mine in September 2005 and presented an EIA to the Dominican state in November of the same year.
Copper stream deliveries from Mount Milligan were approximately 11.8 million pounds during the year ended December 31, 2024, compared to approximately 10.9 million pounds during the year ended December 31, 2023. Gold and copper stream deliveries for the year ended December 31, 2024, relate to mine production during the approximate period August 2023 to July 2024.
Copper stream deliveries from Mount Milligan were approximately 10.5 million pounds during the year ended December 31, 2025, compared to approximately 11.8 million pounds during the year ended December 31, 2024. Gold and copper stream deliveries for the year ended December 31, 2025, relate to mine production during the approximate period August 2024 to July 2025.
Location Cortez is a series of large open pit and underground mines, utilizing mill and heap leach processing, which are operated by Nevada Gold Mines LLC (“NGM”), a joint venture between Barrick and Newmont with respect to their Nevada operations.
Location Cortez is a series of large open pit and underground mines, utilizing mill and heap leach processing, which are operated by NGM, a joint venture between Barrick and Newmont with respect to their Nevada operations.
The CC Zone includes an equivalent 1.6% GSR royalty over the Cortez Hills, Cortez Pits, Fourmile, and Goldrush deposits, a 2.2% GSR royalty rate over the Goldrush SE deposit, and a 0.45% GSR royalty rate over the Robertson deposit.
The CC Zone includes an equivalent 1.6% GSR royalty over the Cortez Hills, Cortez Pits, Fourmile, and Goldrush deposits, a 2.3% GSR royalty rate over the Goldrush SE deposit, and a 2.6% GSR royalty rate over the Robertson deposit.
The cash purchase price equals 15% of the monthly average gold price for the month preceding the delivery date for all gold purchased. As of December 31, 2024, approximately 368,500 ounces of payable gold have been delivered to RGLD Gold. Although Andacollo is primarily a copper mine, RGLD Gold’s stream agreement covers only gold and does not cover copper production.
The cash purchase price equals 15% of the monthly average gold price for the month preceding the delivery date for all gold purchased. As of December 31, 2025, approximately 392,900 ounces of payable gold have been delivered to RGLD Gold. Although Andacollo is primarily a copper mine, RGLD Gold’s stream agreement covers only gold and does not cover copper production.
This guidance includes overlapping contributions from the Pipeline and Crossroads deposits in certain areas and is not directly comparable to actual production from these deposits. 38 Table 1 Cortez Complex – Royal Gold Royalty Interests Mine/Deposit/Area Mine Type Ore Process Simplified Royalty Rates Detailed Royal Gold Royalty Coverage and Rates Approximate Blended GSR Rate 1 Legacy Royalties 2 Rio Tinto Royalty Idaho Royalty Royalty Applicable Royalty Rate Royalty Rate Royalty Rate 8 Royalty Rate Approximate Blended Rate 3 Producing Pipeline Open Pit Heap leach, oxide mill, roaster, autoclave Legacy Zone 9.4% GSR1, GSR2 5% GSR 4 8% GSR 1.2% GVR 7 0.24% GSR GSR3 0.7125% GSR NVR1 4.91% NVR Crossroads Open Pit Heap leach, oxide mill, roaster GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1C 4.52% NVR 5 Cortez Hills Underground Oxide mill, roaster, autoclave CC Zone 1.6% 0.45% GSR Cortez Pits Open Pit Oxide mill, heap leach, roaster Development Fourmile Underground Roaster, autoclave Goldrush Underground Roaster, autoclave Goldrush SE Underground Roaster, autoclave 2.2% NVR2 1.0% NVR 6 Robertson Open Pit Oxide mill, heap leach 0.5% _______________________________ (1) Approximate equivalent royalty after blending the detailed royalty rates.
This guidance includes overlapping contributions from the Pipeline and Crossroads deposits in certain areas and is not directly comparable to actual production from these deposits. 44 Table 1 Cortez Complex – Royal Gold Royalty Interests Mine/Deposit/Area Mine Type Ore Process Simplified Royalty Rates Detailed Royal Gold Royalty Coverage and Rates Approximate Blended GSR Rate 1 Legacy Royalties 2 Rio Tinto Royalty Idaho Royalty Sandstorm Royalty Royalty Applicable Royalty Rate Royalty Rate Royalty Rate 8 Royalty Rate 9 Royalty Rate Approximate Blended Rate 3 Producing Pipeline Open Pit Heap leach, oxide mill, roaster, autoclave Legacy Zone 9.0% GSR1, GSR2 5% GSR 4 8% GSR 1.2% GVR 7 0.24% GSR GSR3 0.7125% GSR NVR1 4.94% NVR Crossroads Open Pit Heap leach, oxide mill, roaster GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1C 4.55% NVR 5 Cortez Hills Underground Oxide mill, roaster, autoclave CC Zone 1.6% 0.45% GSR Cortez Pits Open Pit Oxide mill, heap leach, roaster Development Fourmile Underground Roaster, autoclave Goldrush Underground Roaster, autoclave Goldrush SE Underground Roaster, autoclave 2.3% NVR2 1.0% NVR 6 Robertson Open Pit Oxide mill, heap leach 2.6% 2.25% NSR _______________________________ (1) Approximate equivalent royalty after blending the detailed royalty rates for the Cortez Complex production forecast for 2026-2035.
For purposes of simplified disclosure, we have divided our royalty interests at the Cortez Complex into two zones: the Legacy Zone and the Cortez Complex Zone ("CC Zone"). The Legacy Zone is our largest royalty exposure at the Cortez Complex, representing an equivalent 9.4% GSR royalty rate over the Pipeline and Crossroads deposits.
For purposes of simplified disclosure, we have divided our royalty interests at the Cortez Complex into two zones: the Legacy Zone and the Cortez Complex Zone (“CC Zone”). The Legacy Zone is our largest royalty exposure at the Cortez Complex, representing an equivalent 9.0% GSR royalty rate over the Pipeline and Crossroads deposits.
Barrick’s timeline for commissioning of the El Naranjo TSF is by late 2029, and Barrick expects the facility to provide storage capacity for 8 additional years beyond the current mine life, which is expected to be to 2046. 34 Age and Condition of Infrastructure The mine initiated pre-stripping in 2010 and the mill was commissioned in 2012.
Barrick’s timeline for commissioning of the El Naranjo TSF is by late 2029, and Barrick expects the facility to provide storage capacity beyond the current mine life, which is expected to be to 2048. Age and Condition of Infrastructure The mine initiated pre-stripping in 2010 and the mill was commissioned in 2012.
Table 1 Mine Type and Mineralization Style for Principal Properties Property Mine Type Mineralization styles Andacollo Open Pit Porphyry copper-gold Cortez Open Pit & Underground Carlin-Type Sediment-Hosted gold Mount Milligan Open Pit Porphyry copper-gold Pueblo Viejo Open Pit High-Sulfidation Epithermal gold-silver Additional specific information on the Principal Properties is available in the section entitled “Material Properties”, below. 23 Processing Plants and Other Available Facilities Facilities and infrastructure for our properties vary widely based on the stage of each property.
Table 1 Mine Type and Mineralization Style for Principal Properties Property Mine Type Mineralization styles Andacollo Open Pit Porphyry copper-gold Cortez Open Pit & Underground Carlin-Type sediment-hosted gold Kansanshi Open Pit Sediment and vein-hosted copper-gold Mount Milligan Open Pit Porphyry copper-gold Pueblo Viejo Open Pit High-Sulfidation Epithermal gold-silver Additional specific information on the principal properties is available in the section entitled “Material Properties” below. 24 Processing Plants and Other Available Facilities Facilities and infrastructure for the properties subject to our stream and royalty interests vary widely based on the stage of each property.
Recent Developments Stream deliveries from Andacollo were approximately 19,300 ounces of gold during the year ended December 31, 2024, compared to approximately 22,500 ounces of gold during the year ended December 31, 2023.
Recent Developments Stream deliveries from Andacollo were approximately 24,500 ounces of gold during the year ended December 31, 2025, compared to approximately 19,300 ounces of gold during the year ended December 31, 2024.
Inc., Royal Gold and Royal Crescent; that Third Amended Memorandum of Grant of Royalty dated December 17, 2001 between Cortez JV, Placer Dome U.S.
Inc., Royal Gold and Royal Crescent; that Second Amended Memorandum of Grant of Royalty dated December 8, 2000 between Cortez JV, Placer Dome U.S. Inc., Royal Gold and Royal Crescent; that Third Amended Memorandum of Grant of Royalty dated December 17, 2001 between 45 Cortez JV, Placer Dome U.S.
The SLA tax regime includes a stability clause. 33 Stream Agreement Under the Precious Metals Purchase and Sale Agreement dated August 5, 2015 between RGLD Gold and BGC Holdings Ltd., and Barrick, as amended, RGLD Gold owns the right to purchase 7.5% of Barrick’s interest in the gold produced from the Pueblo Viejo mine until 990,000 ounces of gold have been delivered, and 3.75% thereafter.
Stream Agreement Under the Precious Metals Purchase and Sale Agreement dated August 5, 2015 between RGLD Gold and BGC Holdings Ltd., and Barrick, as amended, RGLD Gold owns the right to purchase 7.5% of Barrick’s interest in the gold produced from the Pueblo Viejo mine until 990,000 ounces of gold have been delivered, and 3.75% thereafter.
Andacollo The disclosures below regarding Carmen de Andacollo (“Andacollo”) are derived from the Technical Report dated July 12, 2006, pursuant to NI 43-101, as well as the Annual Information Form, dated February 23, 2024, of Teck Resources Limited (“Teck”), attached as Exhibit 99.1 to Teck’s Annual Report on Form 40-F for the year ended December 31, 2023.
Andacollo The disclosures below regarding the Carmen de Andacollo Mine (“Andacollo”) are derived from the Technical Report dated July 12, 2006, pursuant to NI 43-101, as well as the Annual Information Form, dated February 19, 2025, of Teck Resources Limited (“Teck”), attached as Exhibit 99.1 to Teck’s Annual Report on Form 40-F for the year ended December 31, 2024, as well as press releases issued by Teck.
Aggregate annual production for all properties on which we hold interests during the years ended December 31, 2024, 2023 and 2022, is shown in the table below.
Aggregate annual production for all properties on which we hold stream or royalty interests during the years ended December 31, 2025, 2024 and 2023, is shown in the table below.
In 1984, prospector Richard Haslinger (“Haslinger”) and BP Resources Canada Limited (“BP Resources”) located claims on the current site. In 1986, Lincoln Resources Inc. (“Lincoln”) optioned the claims and in 1987 completed a diamond drilling program that led to the discovery of significant copper-gold mineralization. In the late 1980s, Lincoln reorganized, amalgamated with Continental Gold Corp.
In 1984, prospector Richard Haslinger and BP Resources Canada Limited (“BP Resources”) located claims on the current site. In 1986, Lincoln Resources Inc. (“Lincoln”) optioned the claims and in 1987 completed a diamond drilling program that led to the discovery of significant copper-gold mineralization.
Pueblo Viejo The disclosures below regarding Pueblo Viejo are derived from the Technical Report on the Pueblo Viejo Mine, Sánchez Ramírez Province, Dominican Republic dated March 17, 2023 in accordance with NI 43-101 and CIM Standards.
Pueblo Viejo The disclosures below regarding Pueblo Viejo are derived from the Technical Report on the Pueblo Viejo Mine, Sánchez Ramírez Province, Dominican Republic dated March 17, 2023 in accordance with NI 43-101 and CIM Standards, as well as press releases issued by Barrick.
These cities have a combined population of about 350,000 inhabitants. 25 Area of Interest The stream interest of our wholly owned subsidiary, RGLD Gold AG (“RGLD Gold”), at Andacollo covers 1,225 exploitation mining concessions, including 1,174 concessions termed the “Mining Properties” and 51 concessions termed the “Dayton Concessions.” RGLD Gold’s interest also covers any additional claims held before the effective date of the stream agreement, as described below, or acquired after the effective date which are wholly or partially located within an approximately 1.5 km radius from the external boundary of the “Mining Properties,” any mining concessions held by CMCA or acquired following the effective date of the agreement which are wholly or partially located within approximately 1 km radius from certain boundaries laid out in the agreement, and any Dayton Concession held by CMCA as of the effective date of the agreement, or acquired after the effective date.
Area of Interest The stream interest of our wholly owned subsidiary, RGLD Gold AG (“RGLD Gold”), at Andacollo covers 1,225 exploitation mining concessions, including 1,174 concessions termed the “Mining Properties” and 51 concessions termed the “Dayton Concessions.” RGLD Gold’s interest also covers any additional mineral rights held by the operator before the effective date of the stream agreement, as described below, or acquired after the effective date which are wholly or partially located within an approximately 1.5 km radius from the external boundary of the “Mining Properties,” any mining concessions held by CMCA or acquired following the effective date of the agreement which are wholly or partially located within approximately 1 km radius from certain boundaries laid out in the agreement, and any Dayton Concession held by CMCA as of the effective date of the agreement, or acquired after the effective date.
(“Continental Gold”) and continued ongoing drilling in a joint venture with BP Resources. In 1991, Placer Dome Inc. (“Placer Dome”) acquired the project from the joint-venture partners, resumed exploration drilling and completed a pre-feasibility study for the development of a 60,000 tpd open pit mine and flotation process plant.
In the late 1980s, Lincoln reorganized, amalgamated with Continental Gold Corp. and continued ongoing drilling in a joint venture with BP Resources. In 1991, Placer Dome Inc. (“Placer Dome”) acquired the project from the joint-venture partners, resumed exploration drilling and completed a pre-feasibility study for the development of a 60,000 tpd open pit mine and flotation process plant.
Area of Interest At Pueblo Viejo, our stream interest covers a Special Lease Agreement of Mining Rights (“SLA”), as amended in November 2009 and in October 2013.
Area of Interest At Pueblo Viejo, our stream interest covers a portion of the Special Lease Agreement of Mining Rights (“SLA”), as amended in November 2009 and in October 2013, covering 4,880 hectares.
Exploration stage properties, for which no mineral resources have been declared. As of December 31, 2024, we owned stream interests on seven production stage properties and two development stage properties.
Exploration stage properties, for which no mineral resources have been declared. As of December 31, 2025, we owned stream interests on 18 production stage properties and 5 development stage properties.
As of December 31, 2024, approximately 369,300 ounces of payable gold and 13.1 million ounces of payable silver have been delivered to RGLD Gold. As noted above, Barrick holds a 60% interest in the Pueblo Viejo mine, and RGLD Gold does not have the right to purchase gold or silver attributable to the remaining 40% not held by Barrick.
As of December 31, 2025, approximately 397,200 ounces of payable gold and 14.0 million ounces of payable silver have been delivered to RGLD Gold. As noted above, Barrick holds a 60% interest in the Pueblo Viejo mine, and RGLD Gold does not have the right to purchase gold or silver attributable to the remaining 40% not held by Barrick.
Assumes total deduction to the Rio Tinto Royalty of 3% for the Legacy Royalties and the Idaho Royalty, and a 60% conversion from NVR to GSR rates.
Assumes total deduction to the Rio Tinto Royalty of 4%, and a 65% conversion from NVR to GSR rates for the Legacy royalties.
Recent Developments Production attributable to our royalty interests at the Cortez Complex for the year ended December 31, 2024, was approximately 720,200 ounces of gold, of which 209,200 ounces were attributable to the Legacy Zone, and 511,000 ounces were attributable to the CC Zone, compared to approximately 890,700 ounces of gold for the year ended December 31, 2023, of which 396,000 ounces were attributable to the Legacy Zone, and 494,700 ounces were attributable to the CC Zone.
Recent Developments Production attributable to our royalty interests at the Cortez Complex for the year ended December 31, 2025, was approximately 743,300 ounces of gold, of which 93,600 ounces were attributable to the Legacy Zone, and 649,700 ounces were attributable to the CC Zone, compared to approximately 720,200 ounces of gold for the year ended December 31, 2024, of which 209,200 ounces were attributable to the Legacy Zone, and 511,000 ounces were attributable to the CC Zone.
RGLD Gold also owns the right to purchase 75% of Barrick’s interest in the silver produced from the Pueblo Viejo mine, subject to a fixed silver recovery of 70%, until 50 million ounces of silver have been delivered, and 37.5% thereafter.
RGLD Gold also owns the right to purchase 75% of Barrick’s interest in the silver produced from the Pueblo Viejo mine until 50 million ounces of silver have been delivered, and 37.5% thereafter, subject to delivery deferral mechanisms below contract specified recovery rates.
(2) Legacy Royalties are those royalties held by Royal Gold prior to August 2, 2022, and consist of overlapping royalties on the Pipeline and Crossroads deposits, with additional royalties covering a portion of the Goldrush deposit and other exploration areas.
(2) Legacy Royalties are those royalties held by Royal Gold prior to August 2, 2022, and consist of overlapping royalties on the Pipeline and Crossroads deposits, with additional royalties covering a portion of the Goldrush deposit and other exploration areas. Additional royalty interests were acquired at NVR1 and NVR1C in September, 2025.
Recent Developments Gold stream deliveries from Mount Milligan were approximately 58,000 ounces during the year ended December 31, 2024, compared to approximately 56,800 ounces for the year ended December 31, 2023.
Recent Developments Gold stream deliveries from Mount Milligan were approximately 52,500 ounces during the year ended December 31, 2025, compared to approximately 58,000 ounces during the year ended December 31, 2024.
The Milligan Stream Agreement remains in place and is unaffected by the Cost Support Agreement. As of December 31, 2024, approximately 791,200 ounces of payable gold and 95.4 million pounds of payable copper have been delivered to RGLD Gold.
The Milligan Stream Agreement remains in place and is unaffected by the Cost Support Agreement. As of December 31, 2025, approximately 843,761 ounces of payable gold and 105.9 million pounds of payable copper have been delivered to RGLD Gold.
Finally, starting in approximately 2036, RGLD Gold will 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 in the case of copper, equal to 51% 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 will 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.
According to Teck, the annual production guidance reflects ongoing drought conditions that remain a risk to production. Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future.
Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future.
Milling activities at Cortez are conducted at the Pipeline complex, which includes crushing and grinding facilities, CIL circuits, reagent storage areas and a recovery/refining circuit. Plant throughput can reach up to 16,300 tpd depending on the hardness of the ore being processed. The Goldrush underground mine is currently ramping up to full production levels after officially opening in early 2024.
Milling activities at Cortez are conducted at the Pipeline complex, which includes crushing and grinding facilities, CIL circuits, reagent storage areas and 47 a recovery/refining circuit. Plant throughput can reach up to 16,300 tpd depending on the hardness of the ore being processed.
Baumann Trust, and Barrick Gold U.S.; North Option Agreement dated October 16, 2002 between Tom and Volina Connolly, and Barrick Gold U.S.; South Option Agreement dated October 16, 2002 between Tom and Volina Connolly, and Barrick; as assigned by that Assignment of Lease dated November 2, 2004 from Tom and Volina Connolly to The Thomas and Volina Connolly Family Trust, assigning its interest in the North Mining Lease; that Assignment of Lease dated November 2, 2004 from Tom and Volina Connolly to The Thomas and Volina Connolly Family Trust; that General Warranty Deed with Reservation of Royalty (North) dated December 11, 2007 from The Thomas and Volina Connolly Family Trust to Barrick Gold U.S., recorded as Document No. 2007-211323 in Eureka County; that General Warranty Deed with Reservation of Royalty (South) dated December 11, 2007 from The Thomas and Volina Connolly Family Trust to Barrick Gold U.S., 40 recorded as Document No. 2007-211324 in Eureka County; as assigned by that Assignment of Mining Leases and Option Agreements dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226564 in Eureka County; as assigned by that Deed of Royalty and Assignment of Rights dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226563 in Eureka County; and assigned by that Deed of Mineral Rights dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226562 in Eureka County.
Baumann Trust, and Barrick Gold U.S.; North Option Agreement dated October 16, 2002 between Tom and Volina Connolly, and Barrick Gold U.S.; South Option Agreement dated October 16, 2002 between Tom and Volina Connolly, and Barrick; as assigned by that Assignment of Lease dated November 2, 2004 from Tom and Volina Connolly to The Thomas and Volina Connolly Family Trust, assigning its interest in the North Mining Lease; that Assignment of Lease dated November 2, 2004 from Tom and Volina Connolly to The Thomas and Volina Connolly Family Trust; that General Warranty Deed with Reservation of Royalty (North) dated December 11, 2007 from The Thomas and Volina Connolly Family Trust to Barrick Gold U.S., recorded as Document No. 2007-211323 in Eureka County; that General Warranty Deed with Reservation of Royalty (South) dated December 11, 2007 from The Thomas and Volina Connolly Family Trust to Barrick Gold U.S., recorded as Document No. 2007-211324 in Eureka County; as assigned by that Assignment of Mining Leases and Option Agreements dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226564 in Eureka County; as assigned by that Deed of Royalty and Assignment of Rights dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226563 in Eureka County; and assigned by that Deed of Mineral Rights dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No. 2014-226562 in Eureka County. 46 Rio Tinto Royalty - Rio Tinto Production Royalty Deed dated March 5, 2008 between Kennecott Royalty Company, successor to Kennecott Explorations (Australia) Ltd., and Barrick Gold Finance, Inc., recorded as Document No. 2008-211704 in Eureka County, and as Document No. 250801 in Lander County; as assigned by that Assignment of Production Royalty (Cortez Royalty; Lander and Eureka Counties, Nevada) between Kennecott Royalty Company and RG Royalties, LLC, recorded as Document No. 2022-248598 in Eureka County, and as Document No. 306208 in Lander County.
Electric power is provided to the Cortez site by NV Energy by an approximately 80 km long radial transmission line originating at its Falcon substation. The incoming NV Energy line terminates at the Barrick owned Pipeline Substation.
Elko, the closest city to Cortez, is serviced by daily commercial airline flights to Salt Lake City, Utah. 43 Electric power is provided to the Cortez site by NV Energy by an approximately 80 km long radial transmission line originating at its Falcon substation. The incoming NV Energy line terminates at the Barrick owned Pipeline Substation.
In addition, starting in approximately 2030, RGLD Gold will 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.
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.
Cortez The disclosures below regarding Cortez are derived from the Technical Report on the Cortez Complex dated March 18, 2022 pursuant to NI 43-101 and CIM Standards, and from Barrick’s Annual Information Form, dated March 15, 2024, and Management’s Discussion and Analysis, dated February 13, 2024, pursuant to NI 43-101.
Cortez The disclosures below regarding Cortez are derived from the Technical Report on the Cortez Complex dated March 18, 2022 pursuant to NI 43-101 and CIM Standards, and from Barrick’s Annual Information Form, dated March 14, 2025, and Management’s Discussion and Analysis, dated February 5, 2026, pursuant to NI 43-101, as well as press releases issued by Barrick.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeShefman was in private legal practice with regional and international law firms, including LeBouef Lamb Greene & MacRae, Holland & Hart, and Hogan Lovells. Mr.
Biggest changePreviously, he served as our Vice President and General Counsel from January 2020 to February 2024 and Associate General Counsel from 2011 to January 2020. Prior to Royal Gold, Mr. Shefman was in private legal practice with regional and international law firms, including LeBouef Lamb Greene & MacRae, Holland & Hart, and Hogan Lovells. Mr.
Shefman holds an LL.M. degree in Environmental and Natural Resources Law and Policy from the University of Denver, a J.D. degree from the University of Colorado, and a Bachelor of Arts degree in history from the University of Michigan. David Crandall , 42, has advised companies regarding corporate governance, SEC reporting, capital markets, and transactional matters for over 17 years.
Shefman holds an LL.M. degree in Environmental and Natural Resources Law and Policy from the University of Denver, a J.D. degree from the University of Colorado, and a Bachelor of Arts degree in history from the University of Michigan. David Crandall , 43, has advised companies regarding corporate governance, SEC reporting, capital markets, and transactional matters for over 18 years.
Martin Raffield , 56, has over 31 years of underground and open pit mining experience in operational, corporate, construction and consulting roles in North and South America, Africa and Europe. Dr. Raffield has served as Senior Vice President, Operations since March 2024. Dr. Raffield previously served as Vice President, Operations from January 2022 to February 2024.
Martin Raffield , 57, has over 32 years of underground and open pit mining experience in operational, corporate, construction and consulting roles in North and South America, Africa and Europe. Dr. Raffield has served as Senior Vice President, Operations since March 2024. Dr. Raffield previously served as Vice President, Operations from January 2022 to February 2024.
Breeze has served as Senior Vice President, Corporate Development of our wholly owned subsidiary, RGLD Gold AG, since March 2024 and is a member of the Board of Directors of RGLD Gold. Mr. Breeze previously served as Vice President, Corporate Development of RGLD Gold from January 2019 to February 2024. Before joining Royal Gold, Mr.
Breeze has served as Senior Vice President, Corporate Development of our wholly owned subsidiary, RGLD Gold AG, since March 2024 and is a member of the Board of Directors of RGLD Gold. Mr. Breeze previously served as Vice President, Corporate Development of RGLD Gold from January 2019 to February 2024. Additionally, Mr.
From 1987 to 1994, he was a Senior Credit Analyst and an Associate at Chemical Bank Manufacturers Hanover. Mr. Heissenbuttel holds a Master of Business Administration degree from the University of Chicago and a Bachelor of Arts degree from Northwestern University. Daniel Breeze , 52, has more than 27 years of technical and commercial experience across international markets. Mr.
From 1987 to 1994, he was a Senior Credit Analyst and an Associate at Chemical Bank Manufacturers Hanover. Mr. Heissenbuttel holds a Master of Business Administration degree from the University of Chicago and a Bachelor of Arts degree from Northwestern University. Daniel Breeze , 53, has 28 years of technical and commercial experience across international markets. Mr.
ITEM 4. MINE SAFETY DISCLOSURE Not applicable. INFORMATION ABOUT OUR EXECUTIVE OFFICERS The executive officers of the Company and their ages as of February 1, 2025, are as follows: William Heissenbuttel , 59, has more than 37 years of corporate finance experience, including almost 31 years in project and corporate finance in the metals and mining industry. Mr.
ITEM 4. MINE SAFETY DISCLOSURE Not applicable. INFORMATION ABOUT OUR EXECUTIVE OFFICERS The executive officers of the Company and their ages as of February 1, 2026, are as follows: William Heissenbuttel , 60, has more than 37 years of corporate finance experience, including over 30 years in project and corporate finance in the metals and mining industry. Mr.
Breeze holds Master of Engineering and Master of Business Administration degrees from the University of Toronto and a Bachelor of Science degree in Civil Engineering from the University of Manitoba. Mr. Breeze is also a registered Professional Engineer. Paul Libner , 51, has more than 28 years of finance and accounting experience. Mr.
Breeze holds Master of Engineering and Master of Business Administration degrees from the University of Toronto and a Bachelor of Science degree in Civil Engineering from the University of Manitoba. Mr. Breeze is also a registered Professional Engineer. Paul Libner , 52, has nearly 30 years of finance and accounting experience. Mr.
Heissenbuttel was appointed our President and Chief Executive Officer and a Class I director, effective January 2020. Previously, he served as our Chief Financial Officer and Vice President Strategy from June 2018 to January 2020, Vice President Corporate Development from 2007 to June 2018, Vice President Operations from 2015 to June 2016, and Manager Corporate Development from 2006 to 2007.
Heissenbuttel has served as our President and Chief Executive Officer and a Class I director since January 2020. Previously, he served as our Chief Financial Officer and Vice President Strategy from 2018 to January 2020, Vice President Corporate Development from 2007 to 2018, Vice President Operations in 2015 and 2016, and Manager Corporate Development in 2006 and 2007.
Breeze worked for Bank of Montreal from 2010 to December 2018, serving most recently as Managing Director, Equities, for BMO Capital Markets, based in Zürich, Switzerland, where he was focused primarily on the mining sector. Previously, Mr.
Breeze has served as a Director of the Denver Gold Group since January 2025. Before joining Royal Gold, Mr. Breeze worked for Bank of Montreal from 2010 to December 2018, serving most recently as Managing Director, Equities, for BMO Capital Markets, based in Zürich, Switzerland, where he was focused primarily on the mining sector. Previously, Mr.
Raffield holds a Ph.D. in geotechnical engineering and a B.Sc. in mining geology from Cardiff University in the United Kingdom. Randy Shefman , 52, has more than 25 years of legal experience in international transactions across the mining, oil and gas, and power sectors. Mr.
Raffield holds a Ph.D. in geotechnical engineering and a B.Sc. in mining geology from Cardiff University in the United Kingdom. 51 Randy Shefman , 53, has more than 30 years of legal experience in international transactions across the mining, oil and gas, and power sectors. Mr. Shefman has served as our Senior Vice President and General Counsel since March 2024.
Removed
Shefman has served as our Senior Vice President and General Counsel since March 2024. 45 Previously, he served as our Vice President and General Counsel from January 2020 to February 2024 and Associate General Counsel from 2011 to January 2020. Prior to Royal Gold, Mr.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThis figure does not reflect the beneficial ownership of shares held in nominee name. Dividends On November 19, 2024, we announced an increase in our annual dividend for calendar year 2025 from $1.60 to $1.80 per share, payable on a quarterly basis of $0.45 per share.
Biggest changeThis figure does not reflect the beneficial ownership of shares held in nominee name. Dividends On November 18, 2025, we announced an increase in our annual dividend for calendar year 2026 from $1.80 to $1.90 per share, payable on a quarterly basis of $0.475 per share.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information and Holders Our common stock is listed and trades on the Nasdaq Global Select Market under the symbol “RGLD.” As of February 3, 2025, we had 772 holders of record of our common stock.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information and Holders Our common stock is listed and trades on the Nasdaq Global Select Market under the symbol “RGLD.” As of February 11, 2026, we had 850 holders of record of our common stock.
The newly declared dividend is 13% higher than the dividend paid during calendar year 2024. We have steadily increased our annual dividend for 24 years, or since calendar year 2001. We expect to pay our annual dividend using cash on hand. ITEM 6. RESERVED 46
The newly declared dividend is 6% higher than the dividend paid during calendar year 2025. We have steadily increased our annual dividend for 25 years, or since calendar year 2001. We expect to pay our annual dividend using cash on hand. ITEM 6. RESERVED 52

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeFactors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper, or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; changes of control of properties or operators; contractual 54 issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators, or operating properties; changes in management and key employees; and other factors described elsewhere in this report, including in Item 1A, Risk Factors.
Biggest changeForward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including sales volume, revenue, expenses, tax rates, earnings, and cash flows; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity, and capital expenditures; opportunities for investments, acquisitions and other transactions; anticipated benefits from investments, acquisitions and other transactions; receipt and timing of future metal deliveries, including deferred amounts at Pueblo Viejo; expected benefits from the Transaction; anticipated liquidity, capital resources, financing, and stockholder returns; borrowings and repayments under our revolving credit facility; the materiality of properties within our portfolio; macroeconomic and market conditions; the anticipated effects of climate change; returns on investments; sufficiency of contractual protections; adoption of new accounting standards; valuation allowances; potential impairments; tax changes; assumptions related to fair value of equity awards; and prices for gold, silver, copper, and other metals. 63 Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper, or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon; failure to realize the anticipated benefits from the Transaction in the timeframe expected or at all; risks associated with joint arrangement interests acquired as part of the Transaction; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators, or operating properties; changes in management and key employees; and other factors described elsewhere in this report, including in Item 1A, Risk Factors.
These estimates and assumptions have a significant effect on reported amounts of assets and liabilities, revenue and expenses because they result primarily from the need to make estimates and assumptions on matters that are inherently uncertain. We rely on mineral reserve and mineral resource estimates reported by the operators of the properties on which we hold stream and royalty interests.
These estimates and assumptions have a significant effect on reported amounts of assets and liabilities, revenue and expenses because they result primarily from the need to make estimates and assumptions on matters that are inherently uncertain. 60 We rely on mineral reserve and mineral resource estimates reported by the operators of the properties on which we hold stream and royalty interests.
The recoverability of the carrying value of stream 52 and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable mineral reserves, mineral resources and other relevant information received from the operators.
The recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable mineral reserves, mineral resources and other relevant information received from the operators.
Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable mineral reserves, are not depleted. When the associated exploration stage mineral interests are converted to proven and probable mineral reserves, the mineral property becomes a development stage mineral property.
Development stage mineral properties, which are not yet in production, are 61 not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable mineral reserves, are not depleted. When the associated exploration stage mineral interests are converted to proven and probable mineral reserves, the mineral property becomes a development stage mineral property.
In all of our most significant royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer.
In all of our most significant royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production 62 to the operator at the point at which production occurs, and thus, the operator is our customer.
Separately, and in addition to the cash payments under the existing stream agreement, the Mount Milligan Cost Support Agreement detailed in Note 7 of our Notes to Consolidated Financial Statements 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.
Separately, and in addition to the cash payments under the existing stream agreement, the Mount Milligan Cost Support Agreement detailed in Note 10 of our notes to consolidated financial statements 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.
A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers, as described below.
A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers.
A discussion of the changes in our financial condition and results of operations for the year ended December 31, 2022 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, 2023, filed with the SEC on February 15, 2024, which is available free of charge on the SEC’s website at www.sec.gov and our website at www.royalgold.com.
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.
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, 2024 and the year ended December 31, 2023.
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.
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 occasionally borrow and repay amounts under our revolving credit facility and may do so in the future.
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 regularly borrow and repay amounts under our revolving credit facility and will likely do so in the future.
We treat global intangible low-taxed income (“GILTI”) as a period cost and therefore do not record deferred tax impacts of GILTI in our consolidated financial statements. Our deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations.
We treat GILTI as a period cost and therefore do not record deferred tax impacts of GILTI in our consolidated financial statements. Our deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations.
The decrease was primarily due to lower interest expense as a result of lower average amounts outstanding under our revolving credit facility compa red to the prior year.
The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compa red to the prior year.
We have steadily increased our annual dividend for 24 years, or since calendar year 2001. We expect to pay our annual dividend using cash on hand. 51 Summary of Cash Flows Operating Activities Net cash provided by operating activities totaled $529.5 million for the year ended December 31, 2024, compared to $415.8 million for the year ended December 31, 2023.
We have steadily increased our annual dividend for 25 years, or since calendar year 2001. We expect to pay our annual dividend using cash on hand. Summary of Cash Flows Operating Activities Net cash provided by operating activities totaled $704.8 million for the year ended December 31, 2025, compared to $529.5 million for the year ended December 31, 2024.
(3) Individually, with the exception of the Wassa stream ( 6.7 % for the year ended December 31, 2024 and 5.4% for the year ended December 31, 2023), Rainy River stream ( 6.4% fo r the year ended December 31, 2024 and 6.4% for the year ended December 31, 2023), Peñasquito royalty (6.4% for the year ended December 31, 2024), Xavantina stream (5.4% for the year ended December 31, 2024), and Khoemac a u 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.
(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), Rainy River stream ( 6.9% fo r the year ended December 31, 2025 and 6.4% for the year ended December 31, 2024), 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), no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for either period.
During the year ended December 31, 2024, liquidity needs were met from $529.5 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 billion of total liquidity at December 31, 2024.
During the year ended December 31, 2025, liquidity needs were met from $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 $756.5 million of total liquidity at December 31, 2025.
As of December 31, 2024, we had $1.0 billion available under our revolving credit facility. We were in compliance with each financial covenant under the revolving credit facility as of December 31, 2024. Refer to Note 5 of our Notes to Consolidated Financial Statements and below under Recent Liquidity and Capital Resource Developments for further discussion on our debt.
As of December 31, 2025, we had $500 million available under our revolving credit facility. We were in compliance with each financial covenant under the revolving credit facility as of December 31, 2025. Refer to Note 8 of our notes to consolidated financial statements and below under Recent Liquidity and Capital Resource Developments for further discussion on our debt.
Other (3) Various $ 166,307 N/A $ 92,891 N/A Total royalty revenue $ 236,101 $ 187,437 Total Revenue $ 719,395 $ 605,717 ________________________________________________ (1) Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the years ended December 31, 2024 and 2023, 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.
Other (3) Various $ 276,461 N/A $ 166,307 N/A Total royalty revenue $ 343,999 $ 236,101 Total revenue $ 1,030,471 $ 719,395 ________________________________________________ (1) Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the years ended December 31, 2025 and 2024, 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.
For the years ended December 31, 2024, and 2023, the average prices and percentages of revenue by metal were as follows: Year Ended December 31, 2024 December 31, 2023 Metal Average Price Percentage of Revenue Average Price Percentage of Revenue Gold ($/ounce) (1) $ 2,386 76% $ 1,941 76% Silver ($/ounce) (1) $ 28.27 12% $ 23.35 12% Copper ($/pound) (2) $ 4.15 9% $ 3.85 9% Other N/A 3% N/A 3% (1) Based on the average LBMA Price for the period.
For the years ended December 31, 2025, and 2024, the average prices and percentages of revenue by metal were as follows: Year Ended December 31, 2025 December 31, 2024 Metal Average Price Percentage of Revenue Average Price Percentage of Revenue Gold ($/ounce) (1) $ 3,432 78% $ 2,386 76% Silver ($/ounce) (1) $ 40.03 12% $ 28.27 12% Copper ($/pound) (2) $ 4.51 7% $ 4.15 9% Other N/A 3% N/A 3% (1) Based on the average LBMA Price for the period.
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 purchase price was funded with available cash on h and. 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.
Results of Operations Year Ended December 31, 2024, Compared with Year Ended December 31, 2023 For the year ended December 31, 2024, we recorded 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.
Results of Operations Year Ended December 31, 2025, Compared with Year Ended December 31, 2024 For the year ended December 31, 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, for the year ended December 31, 2024.
Total deferred silver ounces were 1.7 million ounces at December 31, 2024, and the timing for the delivery of this deferred amount is uncertain. Cost of sales, which excludes depreciation, depletion, and amortization, increased to $97.5 million for the year ended December 31, 2024, from $90.5 million for the year ended December 31, 2023.
Total deferred silver ounces were 2.5 million ounces at December 31, 2025, and the timing for the delivery of this deferred amount is 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.
Dividend Increase On November 19, 2024, we announced an increase in our annual dividend for calendar year 2025 from $1.60 to $1.80 per share, payable on a quarterly basis of $0.45 per share. The newly declared dividend is 13% higher than the dividend paid during calendar year 2024.
Dividend Increase On November 18, 2025, we announced an increase in our annual dividend for calendar year 2026 from $1.80 to $1.90 per share, payable on a quarterly basis of $0.475 per share. The newly declared dividend is 6% higher than the dividend paid during calendar year 2025.
As of December 31, 2024, we owned royalty interests on 35 production stage properties, 16 development stage properties and 115 exploration stage properties, of which we consider 50 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.
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.
For the year ended December 31, 2024, amounts outstanding under our revolving credit facility averaged $82.0 million at an average all-in borrowing rate of 6.5%, 50 compared to average amounts outstanding of $391.4 million at an average all-in borrowing rate of 6.4% for the year ended December 31, 2023.
For the year ended December 31, 2025, amounts outstanding under our revolving credit facility averaged $409.0 million at an average all-in borrowing rate of 6.1%, compared to average amounts outstanding of $80.6 million at an average all-in borrowing rate of 6.5% for the year ended December 31, 2024.
Income tax expense was $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% in the current period and 14.9% in the prior year. The year ended December 31, 2024 included a $13.0 million U.S.
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, which resulted in an effective tax rate of 17.8% in the current period and 22.0% in the prior year.
For the year ended December 31, 2024, we recognized 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. 48 Revenue and the corresponding production attributable to our stream and royalty interests, for the year ended December 31, 2024, compared to the year ended December 31, 2023, is as follows: Revenue and Reported Production Subject to our Stream and Royalty Interests Year Ended December 31, 2024 and 2023 (In thousands, except reported production in oz. and lbs.) Year Ended December 31, 2024 Year Ended December 31, 2023 Stream/Royalty Metal(s) Revenue Reported Production (1) Revenue Reported Production (1) Stream (2) : Mount Milligan $ 186,039 $ 158,167 Gold 57,500 oz. 58,000 oz.
For the year ended December 31, 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, for the year ended December 31, 2024. 56 Revenue and the corresponding production attributable to our stream and royalty interests for the year ended December 31, 2025, compared to the year ended December 31, 2024, is as follows: Year Ended December 31, 2025 Year Ended December 31, 2024 (In thousands, except reported production in oz. and lbs.) Stream/Royalty Metal(s) Revenue Reported Production (1) Revenue Reported Production (1) Stream (2) : Mount Milligan $ 223,713 $ 186,039 Gold 53,200 oz. 57,500 oz.
The increase was partially offset by lower production from the Cortez Legacy Zone, lower gold sales from Andacollo, and lower silver sales from Khoemac a u when compared to the prior year. 49 Gold and silver ounces and copper pounds purchased and sold during the year ended December 31, 2024 and 2023, as well as gold, silver and copper in inventory as of December 31, 2024 and 2023, for our stream interests were as follows: Year Ended December 31, 2024 Year Ended December 31, 2023 As of December 31, 2024 As of December 31, 2023 Gold Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.) Mount Milligan 58,000 57,500 56,800 58,000 4,500 4,000 Pueblo Viejo 26,500 24,900 25,400 27,100 7,700 6,200 Andacollo 19,300 20,000 22,500 25,500 — 800 Other 51,100 52,200 48,600 48,500 3,300 4,200 Total 154,900 154,600 153,300 159,100 15,500 15,200 Year Ended December 31, 2024 Year Ended December 31, 2023 As of December 31, 2024 As of December 31, 2023 Silver Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.) Pueblo Viejo (1) 859,900 863,400 907,000 1,021,900 219,400 223,000 Other 1,490,700 1,531,900 1,793,900 1,757,100 119,000 160,100 Total 2,350,600 2,395,300 2,700,900 2,779,000 338,400 383,100 Year Ended December 31, 2024 Year Ended December 31, 2023 As of December 31, 2024 As of December 31, 2023 Copper Stream Purchases (Mlbs.) Sales (Mlbs.) Purchases (Mlbs.) Sales (Mlbs.) Inventory (Mlbs.) Inventory (Mlbs.) Mount Milligan 11.8 11.8 10.9 11.8 — — _______________________________________________ (1) Pueblo Viejo silver purchases for the year ended December 31, 2024 do not include 816,500 ounces of silver permitted to be deferred based on the terms of the Pueblo Viejo silver stream agreement.
The increase was partially offset by lower gold and copper sales from Mount Milligan and lower gold sales from Xavantina which is included in other stream revenue in the table above, when compared to the prior year. 57 Gold and silver ounces and copper pounds purchased and sold during the year ended December 31, 2025 and 2024, as well as gold, silver and copper in inventory as of December 31, 2025 and 2024, for our stream interests were as follows: Year Ended December 31, 2025 Year Ended December 31, 2024 As of December 31, 2025 As of December 31, 2024 Gold Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.) Mount Milligan 52,500 53,200 58,000 57,500 3,800 4,500 Pueblo Viejo 28,000 28,100 26,500 24,900 7,600 7,700 Andacollo 24,500 22,400 19,300 20,000 2,100 — Kansanshi 7,700 7,700 — — — — Other 48,700 45,700 51,100 52,200 6,300 3,300 Total 161,400 157,100 154,900 154,600 19,800 15,500 Year Ended December 31, 2025 Year Ended December 31, 2024 As of December 31, 2025 As of December 31, 2024 Silver Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.) Pueblo Viejo (1) 873,900 879,700 859,900 863,400 213,600 219,400 Other 1,513,100 1,516,900 1,490,700 1,531,900 115,200 119,000 Total 2,387,000 2,396,600 2,350,600 2,395,300 328,800 338,400 Year Ended December 31, 2025 Year Ended December 31, 2024 As of December 31, 2025 As of December 31, 2024 Copper Stream Purchases (Mlbs.) Sales (Mlbs.) Purchases (Mlbs.) Sales (Mlbs.) Inventory (Mlbs.) Inventory (Mlbs.) Mount Milligan 10.5 9.9 11.8 11.8 0.7 — ______________________________________________ (1) Pueblo Viejo silver purchases for the year ended December 31, 2025 do not include 801,100 ounces of silver permitted to be deferred based on the terms of the Pueblo Viejo silver stream agreement.
Depreciation, depletion and amortization decreased to $144.4 million for the year ended December 31, 2024, from $164.9 million for the year ended December 31, 2023.
Depreciation, depletion and amortization increased to $177.1 million for the year ended December 31, 2025, from $144.4 million for the year ended December 31, 2024.
Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, other contractually permitted costs. 53 Income Taxes Our annual tax rate is based on income, statutory tax rates in effect and tax planning opportunities available to us in the various jurisdictions in which the Company operates.
Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, other contractually permitted costs.
The increase in our total revenue for the year ended December 31, 2024, compared with the year ended December 31, 2023, resulted primarily from higher average gold, silver and copper prices, higher production from Peñasquito, and higher gold sales at Xavantina and Wassa which are included in other stream revenue in the table above.
The increase in our total revenue for the year ended December 31, 2025, compared with the year ended December 31, 2024, resulted primarily from higher average gold, silver and copper prices, initial revenue from 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 production from Peñasquito which is included in other royalty revenue in the table above.
We believe that our current liquidity and capital resources will be adequate to cover our operating needs for the foreseeable future. At December 31, 2024, we had 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.
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, 2025, we had working capital of $256.5 million, including $233.7 million of cash and equivalents.
Royalty interests accounted for 33% and 31% of our total revenue for the years ended December 31, 2024 and 2023, respectively. 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.
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).
As of December 31, 2024, we owned nine stream interests, which are on seven production stage properties and two development stage properties. Stream interests accounted for 67% and 69% of our total revenue for the years ended December 31, 2024 and 2023, respectively.
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.
General and administrative costs increased to $40.9 million for the year ended December 31, 2024, from $39.8 million for the year ended December 31, 2023. The increase was primarily due to higher non-cash stock compensation expense when compared to the prior year.
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. The increase was primarily due to higher corporate costs as a result of the Sandstorm and Horizon acquisition when compared to the prior year.
Critical Accounting Estimates Use of Estimates The preparation of our financial statements, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), requires management to make estimates and assumptions.
The change, when compared to the prior year, was primarily due to higher borrowings under the revolving credit facility as part of the Kansanshi stream acquisition. Critical Accounting Estimates and Policies Use of Estimates The preparation of our financial statements, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), requires management to make estimates and assumptions.
Total stream revenue $ 483,294 $ 418,280 Royalty (2) : Cortez Legacy Zone Gold $ 58,183 209,200 oz. $ 79,920 396,000 oz. Cortez CC Zone Gold 11,611 511,000 oz. 14,626 494,700 oz.
Total stream revenue $ 686,472 $ 483,294 Royalty (2) : Cortez Legacy Zone Gold $ 31,823 93,600 oz. $ 58,183 209,200 oz. Cortez CC Zone Gold 35,715 649,700 oz. 11,611 511,000 oz.
Please refer to our risk factors included in Item 1A of this report for a discussion of certain risks that may impact our liquidity and capital resources.
We believe we will be able to fund all current cash obligations, including the servicing of our outstanding debt, from net cash provided by operating activities. Please refer to our risk factors included in Item 1A, Risk Factors, of this report for a discussion of certain risks that may impact our liquidity and capital resources.
Financing Activities Net cash used in financing activities totaled $360.5 million for the year ended December 31, 2024, compared to net cash used in financing activities of $427.4 million for the year ended December 31, 2023. The decrease, when compared to the prior year, was primarily due to lower debt repayments.
Financing Activities Net cash provided by financing activities totaled $751.9 million for the year ended December 31, 2025, compared to net cash used in financing activities of $360.5 million for the year ended December 31, 2024.
Copper 11.8 Mlbs. 11.8 Mlbs. Pueblo Viejo $ 83,059 $ 76,247 Gold 24,900 oz. 27,100 oz. Silver 863,400 oz. 1.0 Moz. Andacollo Gold $ 47,531 20,000 oz. $ 48,920 25,500 oz. Other (3) $ 166,665 $ 134,946 Gold 52,200 oz. 48,500 oz. Silver 1.5 Moz. 1.8 Moz.
Copper 9.9 Mlbs. 11.8 Mlbs. Pueblo Viejo $ 129,830 $ 83,059 Gold 28,100 oz. 24,900 oz. Silver 879,700 oz. 863,400 oz. Andacollo Gold $ 77,896 22,400 oz. $ 47,531 20,000 oz. Kansanshi Gold $ 32,279 7,700 oz. $ — — Other (3) $ 222,754 $ 166,665 Gold 45,700 oz. 52,200 oz. Silver 1.5 Moz. 1.5 Moz.
This increase was partially offset by higher cash taxes of $21.8 million when compared to the prior year. Investing Activities Net cash used in investing activities totaled $77.7 million for the year ended December 31, 2024, compared to net cash used in investing activities of $2.8 million for the year ended December 31, 2023.
Investing Activities Net cash used in investing activities totaled $1.4 billion for the year ended December 31, 2025, compared to net cash used in investing activities of $77.7 million for the year ended December 31, 2024.
The increase was primarily due to higher average gold, silver and copper prices and higher gold sales from Xavantina and Wassa, partially offset by lower gold sales from Andacollo and lower silver sales from Khoemac a u when compared to the prior year.
The increase was primarily due to higher average gold, silver and copper prices and higher gold and silver sales from Pueblo Viejo, higher gold sales from Andacollo and initial gold sales from the Kansanshi stream acquired in the third quarter of 2025 when compared to the prior year.
The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below.
For royalty interests, the transfer of control generally occurs when the mine operator of the property over which the royalty interest is held, delivers the commodity to the customer. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement.
The increase in our working capital was primarily due to an increase in our available cash, which primarily resulted from higher net cash proceeds from our stream and royalty interests and cash proceeds received for the Mount Milligan Cost Support Agreement, partially offset by the Cactus and Back River royalty acquisitions during the current year.
The increase in our working capital was primarily due to an increase in our available cash as a result of higher net cash proceeds from our stream and royalty interests, partially offset by acquisition related costs and higher general corporate costs related to the acquisition of Sandstorm and Horizon.
The increase, when compared to the prior year, was primarily due to higher net cash proceeds received from our stream and royalty interests of $80.3 million, cash proceeds of $24.5 million received from the Mount Milligan Cost Support Agreement, lower debt cash interest payments of $21.5 million and $12.0 million of interest from the repayment of the Khoemac a u subordinated debt facility.
The increase, when compared to the prior year, was primarily due to higher net cash proceeds received from our stream and royalty interests of $262.3 million and cash proceeds of $44.2 million from the Mount Milligan Deferred Gold Consideration partially offset by the Sandstorm and Horizon acquisition related costs.
Recent Liquidity and Capital Resource Developments Revolving Credit Facility Repayment During the year ended December 31, 2024, we repaid the remaining $250 million of outstanding borrowings on our revolving credit facility, making the entire $1 billion revolving credit facility available as of December 31, 2024.
During the year ended December 31, 2025, we borrowed $1.275 billion and repaid $375 million under our revolving credit facility. At December 31, 2025, we had $900 million outstanding and $500 million available under our revolving credit facility.
GILTI income tax expense related to 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.
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 from the Mount Milligan Cost Support Agreement.
At December 31, 2024, our contractual cash obligations were solely comprised of operating leases. We believe we will be able to fund all current cash obligations from net cash provided by operating activities. For additional information on our operating leases, see Note 6 of our Notes to Consolidated Financial Statements.
At December 31, 2025, our contractual cash obligations comprised the Warintza funding (see Note 4 of our notes to consolidated financial statements) and operating leases (see Note 9 of our notes to consolidated financial statements).
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Business Trends and Uncertainties Acquisition of Cactus Project Royalty On December 31, 2024, RG Royalties, LLC, a wholly-owned subsidiary of Royal Gold, acquired two royalties for cash consideration of $55 million that constitute an aggregate 2.5% net smelter return ("NSR") royalty (the “Cactus Royalty”) on the Cactus Project from a private seller.
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Royalty interests accounted for 33% of our total revenue for each of the years ended December 31, 2025 and 2024.
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The Cactus Project is being developed by Arizona Sonoran Copper Company Inc. (“ASCU”), and is located in Arizona.
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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.
Removed
The Cactus Royalty covers the Cactus East and Cactus West deposits as well as portions of the Parks/Salyer deposit and is subject to a right in favor of ASCU, until July 10, 2025, to buy back 0.5% of the aggregate 2.5% royalty for $7 million. The purchase price was funded with available cash on hand.
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(“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.
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Please refer to Note 3 of the Notes to Consolidated Financial Statements for more information on the acquisition of the Cactus Royalty. 47 Acquisition of Back River Royalties On June 26, 2024, International Royalty Corporation, a wholly-owned subsidiary of Royal Gold, acquired a 0.7% NSR royalty (the "Hill Royalty") that declines by 50% after $5 million Canadian dollars in royalty revenue is received, and a 26.25% interest in a 5% gross smelter return royalty (the "KM Royalty") that is payable after approximately 780,000 ounces have been produced on the Back River Gold Project ("Back River") for aggregate cash consideration of $51 million.
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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.
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Payments for the Hill Royalty are deductible from the KM Royalty. Back River is operated by B2Gold Corporation and is located in Western Nunavut, Canada. The purchase price was funded with available cash on hand. Please refer to Note 3 of the Notes to Consolidated Financial Statements for more information on the acquisition of the Back River royalties.
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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).
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(2) Based on the average LME Price for the period. Cost Support Agreement for Mount Milligan On February 13, 2024, we entered into a Cost Support Agreement with Centerra Gold Inc. ("Centerra") to incentivize Centerra to continue to invest and maximize the value of the large mineral endowment at Mount Milligan.
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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.
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The Cost Support Agreement provided a basis for a reserve increase and extension of the Mount Milligan mine life to 2035 and may provide a basis for further extension of the mine life beyond 2035. Please refer to Note 7 of the Notes to Consolidated Financial Statements of this report for additional information regarding the Cost Support Agreement.
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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%.
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The decrease was primarily due to lower stream depletion rates, as a result of proven and probable mineral reserve increases by our operators, lower gold sales from Andacollo, lower silver sales from Khoemac a u and lower gold production from the Cortez Legacy Zone when compared to the prior year.
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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.
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The decrease was partially offset by higher production from Peñasquito when compared to the prior year. Interest and other expense decreased to $9.7 million for the year ended December 31, 2024, from $30.9 million for the year ended December 31, 2023.
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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.
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The increase was primarily due to the acquisition of the Back River and Cactus royalties offset by the $25 million principal repayment received on the Khoemac a u subordinated debt facility when compared to the prior year.
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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.
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Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including sales volume, revenue, expenses, tax rates, earnings, and cash flows; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity, and capital expenditures; opportunities for investments, acquisitions and other transactions; anticipated benefits from investments, acquisitions and other transactions; receipt and timing of future metal deliveries, including deferred amounts at Pueblo Viejo; the timing and amount of future benefits and obligations in connection with the Mount Milligan Cost Support Agreement; anticipated liquidity, capital resources, financing, and stockholder returns; borrowings and repayments under our revolving credit facility; the materiality of properties within our portfolio; macroeconomic and market conditions; the anticipated effects of climate change; returns on investments; sufficiency of contractual protections; adoption of new accounting standards; valuation allowances; potential impairments; tax changes; assumptions related to fair value of equity awards; and prices for gold, silver, copper, and other metals.
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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.
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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.
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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.
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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.
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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.
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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.
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The Milligan Stream Agreement remains in place and is unaffected by the Cost Support Agreement.
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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.
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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.
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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.
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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.
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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%.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe table below shows the impact that a 10% increase or decrease in the average price of the specified metal would have had on our total reported revenue for the year ended December 31, 2024: Metal Percentage of Total Reported Revenue Associated with Specified Metal Amount by Which Total Reported Revenue Would Have Increased or Decreased If Price of Specified Metal Had Averaged 10% Higher or Lower in Period Gold 76% $53.0 million Silver 12% $5.3 million Copper 9% $11.6 million 55
Biggest changeThe table below shows the impact that a 10% increase or decrease in the average price of the specified metal would have had on our total reported revenue for the year ended December 31, 2025: Metal Percentage of Total Reported Revenue Associated with Specified Metal Amount by Which Total Reported Revenue Would Have Increased or Decreased If Price of Specified Metal Had Averaged 10% Higher or Lower in Period Gold 78% $79.5 million Silver 12% $11.6 million Copper 7% $9.5 million 64
During the year ended December 31, 2024, we reported revenue of $719.4 million, with an average gold price for the period of $2,386 per ounce (based on the LBMA Price), an average silver price of $28.27 per ounce (based on the LBMA Price), and an average copper price of $4.15 per pound (based on the LME Price).
During the year ended December 31, 2025, we reported revenue of $1.0 billion, with an average gold price for the period of $3,432 per ounce (based on the LBMA Price), an average silver price of $40.03 per ounce (based on the LBMA Price), and an average copper price of $4.51 per pound (based on the LME Price).

Other RGLD 10-K year-over-year comparisons