Caledonia Mining Corporation Plc press release

Royal Gold Reports a Strong Start to 2026 with Record Revenue, Operating Cash Flow and Earnings for the First Quarter, and Adds Capital Allocation Tools to Provide Future Flexibility

2026-05-06

NYSE - New York Stock Exchange · Jersey · Corporate Finance

Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) released financial results for the quarter ended March 31, 2026 ("first quarter").

“The record first quarter results reflect the transformative activities we undertook in 2025,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “We added significant scale and growth potential to our portfolio and the contributions from the new interests combined with our legacy portfolio and strong metal prices drove substantial increases in revenue, cash flow and earnings."

"We have a long record of successful capital allocation and growing per share value," continued Mr. Heissenbuttel, "and we have added two new tools that provide flexibility to add further value in the future depending on market conditions. As described in more detail below, we have reestablished our accordion feature under the $1.4 billion revolving credit facility, which positions us with ready access to capital to compete for the largest transactions. At the same time, our Board has approved a share repurchase program, which provides the ability to act opportunistically when the market does not appear to be reflecting the value and outlook for Royal Gold.”

First Quarter Highlights

Financial/Operating

Record revenue of $469.1 million (compared to $193.4 million in the prior year period) Revenue split by commodity: 71% gold, 16% silver, 10% copper Record operating cash flow of $293.6 million (compared to $136.4 million in the prior year period) Record net income of $281.1 million ($3.30 per share), and adjusted net income 1 of $232.9 million ($2.72 per share) (compared to $113.5 million and $99.8 million, respectively, in the prior year period) Sales volume of 96,300 GEOs 2 (compared to 67,600 in the prior year period) Adjusted EBITDA margin 1 of 83% (compared to 82% in the prior year period)

| | | 1 Adjusted net income, adjusted net income per share and adjusted EBITDA margin are non-GAAP financial measures. See Schedule A of this press release for additional information, including reconciliations to the most directly comparable GAAP measures. | | 2 See Schedule A of this press release for additional information about gold equivalent ounces, or GEOs. |

Corporate

Repaid $300 million on the revolving credit facility, increasing total available liquidity to approximately $1.1 billion Paid quarterly dividend of $0.475 per share, a 6% increase over the prior year period Completed the restructuring of equity and debt interests in Bear Creek Mining Corporation ("Bear Creek") in return for increased royalty interests, cash and shares in Highlander Silver Corp. ("Highlander"), which were sold for a realized gain of $9.9 million

Post Quarter Events

Paid a further $50 million advance payment under the stream agreement to Solaris Resources Inc. ("Solaris") following technical approval of the environmental impact assessment ("EIA") and publication of a pre-feasibility study ("PFS") for the Warintza Project Repaid $75 million on the revolving credit facility, reducing the amount currently drawn to $525 million and increasing the amount available and undrawn to $875 million Added new $600 million uncommitted accordion facility to the $1.4 billion revolving credit facility Board of Directors authorized a $500 million share repurchase program

Revenue Summary

| | Three Months Ended March 31, | | | | | | Revenue (millions) | | 2026 | | 2025 | % Change | | Gold | $ | 333.9 | $ | 145.7 | 129.1 % | | Silver | | 73.0 | | 23.6 | 209.4 % | | Copper | | 46.7 | | 16.8 | 177.6 % | | Other Metals | | 15.5 | | 7.3 | 112.9 % | | Total revenue | $ | 469.1 | $ | 193.4 | 142.5 % | | GEOs 2 | | 96,300 | | 67,600 | 42.5 % | | Revenue split stream / royalty | 67% / 33% | 63% / 37% | | | |

Outlook for 2026

Royal Gold provided guidance for 2026 metal sales volumes, depreciation, depletion and amortization ("DD&A") expense and effective tax rate in March, 2026. We are currently forecasting that performance against these metrics will be within the ranges provided.

| | | 2026 Guidance Ranges | Actual Performance Through March 31, 2026 | | Total Sales | | | | | Gold | (oz) | 290,000–320,000 | 68,401 | | Silver | (M oz) | 3.0–3.5 | 0.9 | | Copper | (M lb) | 21.0–25.0 | 8.0 | | Other Metals | (M) | $34–$38 | $16 | | DD&A | (M) | $339–379 | $91 | | Effective Tax Rate | | 17–22% | 19.5%* | | * Year to date effective tax rate excluding discrete tax items. | | | |

Acquisitions and Corporate Activity

Enhanced Royalty Exposure at Corani and Mercedes and Sale of Highlander Silver Shares

As previously announced, we entered into agreements on December 18, 2025, to restructure equity, debt and other interests in Bear Creek and its assets in return for increased royalty exposure to Bear Creek’s Corani Project in Peru, a new royalty interest over the Mercedes Mine in Mexico, cash, and shares in Highlander. This restructuring helped facilitate an agreement between Highlander and Bear Creek to combine their businesses. On February 26, 2026, our shares of Bear Creek were exchanged for shares of Highlander at a conversion of 0.1175 Highlander shares per one Bear Creek share. On March 27, 2026, we sold our shares in Highlander for a net realized gain of $9.9 million.

After these transactions, our interests on Highlander's assets include a total 2.75% net smelter return ("NSR") royalty interest on the Corani Project and a 2.0% NSR royalty interest on the Mercedes Mine.

Payment to Solaris Resources Upon EIA Approval

Subsequent to the end of the first quarter on April 14, 2026, after technical approval of the EIA and publication of a PFS for the Warintza project, we paid Solaris the next advance payment of $50 million of the total $100 million outstanding conditional funding under the stream agreement dated May 21, 2025. The remaining $50 million will be due to Solaris on or after May 21, 2026, subject to satisfaction of remaining conditions.

Enhanced Flexibility With Additional Capital Allocation Tools

Our capital allocation strategy remains unchanged, and we remain committed to paying a growing and sustainable dividend, maintaining a strong balance sheet and liquidity, and reinvesting in our business when we see accretive growth opportunities. This approach requires flexibility to address changing market conditions and we have recently added two new tools to help continue executing this strategy and prepare for a range of circumstances while maintaining balance sheet strength, access to liquidity, and a long-term focus on per-share value creation.

NEW $600 MILLION ACCORDION FEATURE ADDED TO THE $1.4 BILLION REVOLVING CREDIT FACILITY

On May 5, 2026, we entered into a seventh amendment to the revolving credit facility that added a new $600 million uncommitted accordion feature to the revolving credit facility. The new accordion feature permits the Company to request additional commitments from the credit facility bank syndicate that would increase aggregate commitments under the revolving credit facility to up to $2.0 billion, subject to customary conditions, including the consent of each lender providing an additional commitment.

We believe this accordion feature, if exercised, should provide sufficient additional liquidity to allow us to remain competitive and act quickly on larger opportunities in the current healthy transaction market.

AUTHORIZATION OF A $500 MILLION SHARE REPURCHASE PROGRAM

On May 4, 2026, the Board of Directors approved a $500 million share repurchase program under which we may purchase shares from time to time through open market purchases or by other means. The manner, timing, pricing and amount of any repurchases will be subject to management's discretion and may be based upon market conditions and alternative opportunities for the use or investment of capital. Although the Board of Directors has authorized the share repurchase program, we are not obligated to repurchase any specific dollar amount or to acquire any specific number of shares under the program.

This program is intended to be used in those circumstances when we believe there is a significant difference between the market value of Royal Gold shares and what we believe is the intrinsic value and outlook for the company.

Portfolio Revenue and Developments

Overall Revenue and Realized Metal Prices

| | Three Months Ended March 31, | | | | | | | | | Revenue by Region (millions) | 2026 | 2025 | | | | | | | | North America | $ | 258.0 | 55 | % | $ | 140.8 | 73 | % | | South and Central America | | 110.2 | 23 | % | | 22.3 | 12 | % | | Europe, Middle East, Africa (EMEA) | | 84.8 | 18 | % | | 22.4 | 12 | % | | Australia Pacific | | 16.1 | 3 | % | | 8.0 | 4 | % | | Total revenue | $ | 469.1 | | $ | 193.4 | | | | | | | | | | | | | |

| | | Three Months Ended March 31, | | | | Realized Metal Prices | 2026 | 2025 | Change | | | Gold | ($/oz) | $4,873 | $2,860 | 70% | | Silver | ($/oz) | $84.33 | $31.88 | 164% | | Copper | ($/lb) | $5.83 | $4.24 | 38% |

North America

Revenue by Stream/Royalty Interest (thousands)

| | | | Three Months Ended March 31, | | | | | Stream/Royalty | Metal(s) | Current Stream/Royalty Interest * | 2026 | 2025 | | | | Mount Milligan | Gold, copper | 35% of payable gold and 18.75% of payable copper | $ | 57,322 | $ | 42,808 | | Pueblo Viejo | Gold, silver | 7.5% of Barrick's interest in payable gold and 75% of Barrick's interest in payable silver | | 55,869 | | 28,751 | | Cortez | | | | | | | | Legacy Zone | Gold | Approx. 9.0% GSR Equivalent | | 16,426 | | 11,143 | | CC Zone | Gold | Approx. 1.6%–2.6% GSR Equivalent | | 8,793 | | 3,554 | | Rainy River | Gold, silver | 6.5% of gold produced and 60% of silver produced | | 31,215 | | 10,422 | | Peñasquito | Gold, silver, lead, zinc | 2.0% NSR | | 26,403 | | 15,409 | | Greenstone | Gold | 2.375% of payable gold | | 8,186 | | – | | Red Chris | Gold, copper | 1.0% NSR | | 7,000 | | 4,477 | | Voisey's Bay | Copper, nickel, cobalt | 2.7% NVR | | 6,065 | | 2,499 | | Robinson | Gold, copper | 3.0% NSR | | 5,378 | | 4,397 | | Manh Choh | Gold, silver | 3.0% NSR, 28% NSR (silver) | | 5,153 | | 5,623 | | Leeville | Gold | 1.8% NSR | | 3,642 | | 1,627 | | Marigold | Gold | 2.0% NSR | | 3,622 | | 2,157 | | LaRonde Zone 5 | Gold | 2.0% NSR | | 3,507 | | 1,173 | | South Arturo | Silver | 40% of silver produced | | 3,236 | | – | | Other -

North America | Various | Various | | 16,179 | | 6,731 | | Total revenue - North America | $ | 257,996 | $ | 140,770 | | | | | | | | | | | | * For a full description of the Company’s stream and royalty interests as of March 13, 2026, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website. | | | | | | | | Principal Property | | | | | | |

NOTABLE PRODUCING PROPERTY DEVELOPMENTS

Mount Milligan: On February 19, 2026, Centerra Gold Inc. ("Centerra") provided Mount Milligan production guidance for 2026. Centerra expects gold production to range between 140,000 and 155,000 ounces, with gold production and sales expected to be higher in the second and third quarters of 2026, reflecting planned mine sequencing. Centerra also expects copper production to range between 50 and 60 million pounds, with copper production and sales expected to be evenly weighted throughout 2026. On April 29, 2026, Centerra reported gold and copper production of 29,572 ounces and 14.2 million pounds, respectively, in the first quarter. According to Centerra, this production was in line with the recently announced PFS mine plan and is on track with full year 2026 guidance.

Pueblo Viejo: On February 27, 2026, Barrick Mining Corporation ("Barrick") released an updated National Instrument 43-101 Technical Report on the Pueblo Viejo mine, which indicates that existing reserves and additional tailings capacity from the new Naranjo tailings storage facility (“TSF”) support open pit mining operations until 2048, with the processing of low-grade ore stockpiles and limestone re-handling continuing to 2049. Per the technical report, tailings from the recently expanded process plant will continue to be deposited in the existing El Llagal TSF until the end of life of that facility in 2030. Thereafter, tailings will be deposited into the Naranjo TSF. Construction of the Naranjo TSF is underway after early works began in late 2025 as previously reported by Barrick.

Cortez: In its 2025 Annual Information Form issued in February 2026, Barrick reported mine life expectations from currently producing areas within the Cortez Complex based on existing reserves and production capacity. According to Barrick, production at the Cortez open pit operation, which includes the Pipeline/Crossroads complex and Cortez Pits, is expected to continue until 2030; the underground operation, which includes the Goldrush mine, is expected to continue until 2044. These estimates exclude the potential contribution of new production from the Robertson and Fourmile projects.

Rainy River: On March 23, 2026, Coeur Mining Inc. ("Coeur”) provided a corporate update and filed a technical report summary for the Rainy River mine following the March 20, 2026, completion of the acquisition of New Gold Inc. According to Coeur, production guidance for the remaining nine months of 2026 is expected to range between 230,000 and 275,000 ounces for gold and 350,000 and 450,000 ounces for silver.

Peñasquito: On February 19, 2026, Newmont Corporation ("Newmont") provided 2026 production guidance of 185,000 ounces of gold, 32 million ounces of silver, 90,000 tonnes of lead and 220,000 tonnes of zinc. According to Newmont, gold production is expected to decrease in 2026 due to the ramp-down of mining at Peñasco Phase 7 as planned and silver production is expected to increase, while production of lead and zinc is expected to decrease largely due to grades milled, including increased stockpile processing.

Greenstone: On March 30, 2026, Equinox Gold Corp. (“Equinox”) issued a press release highlighting the results of an updated technical report on the Greenstone mine. According to Equinox, the immediate focus is executing the ramp-up and achieving sustained milling capacity of 27,000 tonnes per day, which is expected to allow average annual gold production of approximately 320,000 ounces until 2036. Equinox also disclosed additional opportunities to further optimize the operation including increasing mill throughput toward 30,000 tonnes per day, incorporating higher-grade underground resources into future mine plans, and advancing near-mine and regional exploration targets on the 400 square kilometer land package.

Red Chris: On February 19, 2026, Newmont provided 2026 production guidance of 35,000 ounces of gold and 20,000 tonnes of copper (70% interest), which includes stockpile processing during planned stripping in the open pit. Further according to Newmont, work continues on advancing the feasibility study and permitting work for the block cave expansion.

Voisey's Bay: On April 16, 2026, Vale S.A. ("Vale") reported record production in the first quarter at the Long Harbour refinery supported by stable operations at the underground mines. According to Vale, nickel production at Long Harbour sourced from Voisey's Bay increased by 4,000 tonnes over the prior year period to 10,500 tonnes.

NOTABLE DEVELOPMENT PROPERTY ACTIVITY

Great Bear (2.0% NSR royalty): On April 29, 2026, Kinross Gold Corporation ("Kinross") provided an update on activity at the Great Bear Project in Ontario. According to Kinross, detailed engineering of the Main Project was 45% complete, and the Advanced Exploration program surface construction was approximately 90% complete with the remaining permits received in April. Kinross also reported in February 2026 that the Ontario Minister of Energy and Mines officially designated the Great Bear Main Project for inclusion in the streamlined "One Project, One Process" permitting framework.

South and Central America

Revenue by Stream/Royalty Interest (thousands)

| | | | Three Months Ended March 31, | | | | | Stream/Royalty | Metal(s) | Current Stream/Royalty Interest* | 2026 | 2025 | | | | Xavantina | Gold | 25% of gold produced | $ | 28,273 | $ | 5,377 | | Andacollo | Gold | 100% of payable gold | | 27,151 | | 12,744 | | Antamina | Copper, zinc, molybdenum | 1.66% NPI | | 13,011 | | – | | Chapada | Copper | 4.2% of payable copper | | 9,405 | | – | | Caserones | Copper, molybdenum | 0.63% NSR | | 6,151 | | – | | El Limón | Gold, silver | 3.0% NSR | | 4,741 | | 3,279 | | Fruta del Norte | Gold, silver | 0.9% NSR (precious metals) | | 4,701 | | – | | Cerro Moro | Silver | 9% of silver produced | | 4,125 | | – | | Aurizona | Gold | 3.0%-5.0% sliding-scale NSR | | 3,155 | | – | | Vale Northern and Southeastern Systems | Iron, gold, copper | Various | | 2,765 | | – | | Other -

South and Central America | Various | Various | | 6,755 | | 929 | | Total revenue - South and Central America | $ | 110,233 | $ | 22,329 | | | | | | | | | | | | * For a full description of the Company’s stream and royalty interests as of March 13, 2026, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website. | | | | | | | | Principal Property | | | | | | |

NOTABLE PRODUCING PROPERTY DEVELOPMENTS

Andacollo: Teck Resources Limited ("Teck") expects 2026 gold production at Andacollo to range between 38,000 and 42,000 ounces compared to actual gold production of 35,900 ounces in 2025. On April 22, 2026, Teck reaffirmed previously-disclosed copper production guidance, and expects copper production at Andacollo to range from 45,000 to 55,000 tonnes per year in each of 2026 and 2027, before declining to a range of 35,000 to 45,000 tonnes in 2028. 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.

Antamina: On April 23, 2026, Teck reported first quarter production in line with the mine plan and reaffirmed guidance for its share of 2026 production of 95,000 to 105,000 tonnes of copper and 35,000 to 45,000 tonnes of zinc.

Xavantina: On May 4, 2026, Ero Copper Corp. (“Ero”) reported first quarter results and confirmed 2026 gold production guidance of 40,000 to 50,000 ounces, with mining rates, mill throughput and processed grades projected to improve as upgrades to ventilation and cooling infrastructure become fully operational (substantially complete at the end of April). As a result, Ero expects production at Xavantina to be weighted towards the second half of 2026. Ero also reported the sale of 4,311 ounces of gold in concentrate in the first quarter, with gold concentrate sales volumes expected to benefit from drier conditions in the second and third quarters following the end of the rainy season.

Chapada: On February 19, 2026, Lundin Mining Corporation ("Lundin Mining") reported that an updated technical report incorporating a PFS on the Saúva expansion, which is a near-mine opportunity to add approximately 10,000 to 15,000 tonnes of copper and 35,000 to 45,000 ounces of gold production per year, is expected in the second half of 2026. A 13,700 meter exploration drilling program is planned at Chapada in 2026, primarily targeting Saúva to further define higher-grade resources for conversion to reserves.

Fruta del Norte: On February 19, 2026, Lundin Gold Inc. (“Lundin Gold”) provided 2026 gold production guidance for the Fruta del Norte mine (“FDN”) of 475,000 to 525,000 ounces based on an average throughput rate of 5,500 tonnes per day. Lundin Gold also reported that it expects to make a single, integrated investment decision in 2026 informed by analysis of the most efficient mining rates at both FDN and FDN South, and options for increasing processing capacity beyond 5,500 tonnes per day.

NOTABLE DEVELOPMENT PROPERTY ACTIVITY

Warintza (Gold stream and NSR royalty): On April 9, 2026, Solaris announced that it received the technical approval of the EIA for the Warintza Project in southeastern Ecuador. According to Solaris, the approval followed an extensive technical review process conducted by a multidisciplinary team from the Ministry of Environment and Energy. Further according to Solaris, the Warintza Project will advance through the remaining stages of Ecuador’s environmental licensing and development approval process to support the granting of Warintza’s Mining Exploitation Agreements, with Solaris targeting a fully permitted project by the end of 2026.