Caledonia Mining Corporation Plc press release

Royal Gold Reports Record Revenue and Cash Flow for the Fourth Quarter of 2025 and Record Revenue, Cash Flow and Earnings for the Full Year of 2025

2026-02-18

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 December 31, 2025 ("fourth quarter") and full year of 2025.

“2025 was a transformational year for Royal Gold,” commented Bill Heissenbuttel, President and CEO of Royal Gold. "In addition to record financial results, we completed several large transactions and saw mine life extensions, expansions and exploration success at some of the key assets in our portfolio. Together, these developments significantly enhance the scale, duration and diversification of our portfolio and provide embedded growth and optionality that should generate benefits over the long term. We also maintained our focus on increasing returns to shareholders and increased our annual dividend for the 25th consecutive year, and we have aggressively paid down debt from cash flow and rebuilt our liquidity after an active year. Our activity this year leaves us with an expanded business designed to perform in any metal price environment, and we are exceptionally well-positioned to take full advantage of materially higher current metal prices."

2025 Highlights

Fourth Quarter - Financial/Operating

Record revenue of $375.3 million (compared to $202.6 million in the prior year period) Revenue split by commodity: 78% gold, 11% silver, 8% copper Record operating cash flow of $241.7 million (compared to $141.1 million in the prior year period) Net income of $93.6 million ($1.16 per share), and adjusted net income 1 of $155.0 million ($1.92 per share) (compared to $107.4 million and $107.4 million, respectively, in the prior year period) Sales volume of 90,800 GEOs 2 (compared to 76,100 in the prior year period) Adjusted EBITDA margin 1 of 82% (compared to 84% in the prior year period)

Full Year - Financial/Operating

Record revenue of $1,030.5 million (compared to $719.4 million in the prior year) Revenue split by commodity: 78% gold, 12% silver, 7% copper Record operating cash flow of $704.8 million (compared to $529.5 million in the prior year) Net income of $466.3 million ($6.70 per share), and record adjusted net income 1 of $509.9 million ($7.33 per share) (compared to $332.0 million and $346.4 million, respectively, in the prior year) Sales volume of 300,300 GEOs 2 (compared to 301,500 in the prior year) Adjusted EBITDA margin 1 of 82% (compared to 81% in the prior year)

| |

| 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

Drew $1,275 million on the revolving credit facility (increased to $1.4 billion from $1 billion with maturity extended to June 30, 2030) and repaid $375 million Paid dividend of $1.80 per share, and increased the 2026 dividend to $1.90 per share, the 25th consecutive annual increase Acquired Sandstorm Gold Ltd. ("Sandstorm") and Horizon Copper Corp. ("Horizon") Acquired gold stream on the Kansanshi mine Acquired gold stream and royalty on the Warintza project Entered into additional stream on the Xavantina mine Achieved full repayment of the advance stream deposits on the Rainy River, Pueblo Viejo and Andacollo mines Received 11,111 ounces of gold from the Deferred Gold Consideration related to the Mount Milligan Cost Support Agreement Began the rationalization and simplification of the Sandstorm and Horizon portfolios with the elimination of Horizon and intercompany arrangements with Sandstorm, the sale of an approximate 25% equity interest in Versamet Royalties Corporation ("Versamet"), and the proposed restructuring of equity and debt interests in Bear Creek Mining Corporation ("Bear Creek")

Post Quarter Events

Repaid $175 million on the revolving credit facility, reducing the amount currently drawn to $725 million

Revenue Summary

| | Three Months Ended December 31, | | Twelve Months Ended December 31, | | | | | | | | | | | | | | | | Revenue (millions) | | 2025 | | | 2024 | | % Change | | | 2025 | | | 2024 | | % Change | | | | Gold | $ | 293.2 | | $ | 156.9 | | 86.9 | % | | $ | 799.9 | | $ | 544.4 | | 46.9 | % | | Silver | | 42.9 | | | 20.9 | | 105.3 | % | | | 120.8 | | | 85.5 | | 41.3 | % | | Copper | | 28.8 | | | 17.8 | | 61.8 | % | | | 76.8 | | | 66.8 | | 15.0 | % | | Other Metals | | 10.4 | | | 7.0 | | 48.5 | % | | | 33.0 | | | 22.7 | | 45.0 | % | | Total revenue | $ | 375.3 | | $ | 202.6 | | 85.3 | % | | $ | 1,030.5 | | $ | 719.4 | | 43.2 | % | | GEOs 2 | | 90,800 | | | 76,100 | | 19.3 | % | | | 300,300 | | | 301,500 | | (0.4 | )% | | Revenue split stream / royalty | 71% / 29% | | 62% / 38% | | | | 67% / 33% | | 67% / 33% | | | | | | | | |

New revenue in the fourth quarter included approximately $49.2 million related to streams and royalties acquired in the Sandstorm and Horizon transaction, which closed on October 20, 2025, and $32.3 million related to the Kansanshi gold stream.

2025 Performance Compared to Guidance

Royal Gold provided guidance for 2025 metal sales volumes, depreciation, depletion and amortization ("DD&A") expense and effective tax rate in March, 2025. This guidance was not updated during 2025 to reflect the contributions from the Kansanshi gold stream or the Sandstorm and Horizon portfolio interests, which were added during the year. As shown in the table below, excluding the contributions from these additions and when compared to the guidance ranges provided, gold, silver and copper sales achieved the respective guidance ranges and other metal sales 3 exceeded the guidance range. DD&A expense and effective tax rate were within the respective guidance ranges.

| |

| 3 Prices used for other metals sales guidance were $6.75/lb for nickel, $0.85/lb for lead and $1.20/lb for zinc; realized prices for 2025 were $6.93/lb for nickel, $0.89/lb for lead and $1.32/lb for zinc. |

| | | 2025 Guidance Ranges | 2025 Actual Performance | | Total Sales | | | | | Gold | (oz) | 210,000–230,000 | 215,000 | | Silver | (M oz) | 2.7–3.3 | 3.0 | | Copper | (M lb) | 13.5–16.0 | 14.8 | | Other Metals 3 | (M) | $18.0–$21.0 | $25.0 | | DD&A | (M) | $126–142 | $131 | | Effective Tax Rate | | 17–22% | 18% |

Acquisitions and Corporate Activity in the Fourth Quarter

Closing of Sandstorm Gold and Horizon Copper Acquisition

As announced on October 20, 2025, we closed the acquisition of Sandstorm and Horizon.

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

With respect to Horizon, Royal Gold paid C$127.1 million ($90.4 million) in cash to the shareholders of Horizon (excluding Sandstorm) and funded Horizon's purchase of its outstanding warrants for C$40.6 million ($28.9 million).

Financial results for the fourth quarter include the contributions of Sandstorm and Horizon from the closing date of October 20, 2025.

Sale of Versamet Shares

As announced on November 17, 2025, we entered into an agreement to sell all of the Company's common shares of Versamet for aggregate consideration of C$207.0 million ($147.4 million). Proceeds from the share sale were applied to debt repayment.

Restructure of Interests in Bear Creek

As previously announced, we entered into agreements on December 19, 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 and Mercedes projects, cash, and shares in Highlander Silver Corp. (“Highlander”). This restructuring helped facilitate an agreement between Highlander and Bear Creek to combine their businesses, which is expected to close in the first quarter of 2026.

Upon completion of the Highlander/Bear Creek transaction, Royal Gold will settle outstanding debt obligations owed by Bear Creek and terminate the gold and silver stream obligations between Bear Creek and Royal Gold under the Mercedes Mine stream agreement. In return, Royal Gold will receive $6.2 million of cash consideration, an incremental secured 1.75% net smelter return (“NSR”) royalty on the Corani Project in Peru (bringing Royal Gold’s total royalty interest to 2.75%), and an unsecured 2.0% NSR royalty on the Mercedes Mine. Buybacks in favor of the operator of the Corani Project for 0.5-0.75% of the royalty can occur in certain circumstances. Royal Gold also entered into a voting support agreement with Highlander to vote the approximately 58.4 million common shares of Bear Creek held by Royal Gold in favor of the Highlander/Bear Creek combination transaction.

Royal Gold’s agreement to restructure these interests and support the Highlander/Bear Creek transaction will help create a larger and well-capitalized company that is better positioned to move the Corani Project forward and convert non-core assets into interests that fit our business model.

Portfolio Revenue and Developments

Overall Revenue and Realized Metal Prices

| | Three Months Ended December 31, | | Twelve Months Ended December 31, | | | | | | | | | | | | | | | | | | | | | | Revenue by Region (millions) | 2025 | | | 2024 | | | 2025 | | | 2024 | | | | | | | | | | | | | | | North America | $ | 221.0 | | 59 | % | | $ | 138.5 | | 68 | % | | $ | 704.1 | | 68 | % | | $ | 507.9 | | 71 | % | | South and Central America | | 71.9 | | 19 | % | | | 31.9 | | 16 | % | | | 145.6 | | 14 | % | | | 100.4 | | 14 | % | | Europe, Middle East, Africa (EMEA) | | 69.4 | | 18 | % | | | 22.7 | | 11 | % | | | 139.5 | | 14 | % | | | 82.1 | | 11 | % | | Australia Pacific | | 13.0 | | 3 | % | | | 9.5 | | 5 | % | | | 41.3 | | 4 | % | | | 29.0 | | 4 | % | | Total revenue | $ | 375.3 | | | | $ | 202.6 | | | | $ | 1,030.5 | | | | $ | 719.4 | | | | | | |

| | | | Three Months Ended December 31, | | Twelve Months Ended December 31, | | | | | | | | | | | | | | | | Realized Metal Prices | | | 2025 | | | 2024 | | Change | | | 2025 | | | 2024 | | Change | | | | | Gold | ($/oz) | | $ | 4,135 | | $ | 2,663 | | 55 | % | | $ | 3,432 | | $ | 2,386 | | 44 | % | | Silver | ($/oz) | | $ | 54.73 | | $ | 31.38 | | 74 | % | | $ | 40.03 | | $ | 28.27 | | 42 | % | | Copper | ($/lb) | | $ | 5.03 | | $ | 4.17 | | 21 | % | | $ | 4.51 | | $ | 4.15 | | 9 | % |

North America

Revenue by Stream/Royalty Interest (thousands)

| | | | Three Months Ended December 31, | | Twelve Months Ended December 31, | | | | | | | | | | Stream/Royalty | Metal(s) | Current Stream/Royalty Interest * | | 2025 | | | 2024 | | | 2025 | | | 2024 | | Mount Milligan | Gold, copper | 35% of payable gold and 18.75% of payable copper | $ | 56,193 | | $ | 42,335 | | $ | 223,713 | | $ | 186,039 | | Pueblo Viejo | Gold, silver | 7.5% of Barrick's interest in payable gold and 75% of Barrick's interest in payable silver | | 47,321 | | | 18,912 | | | 129,830 | | | 83,059 | | Cortez | | | | | | | | | | | | | | | Legacy Zone | Gold | Approx. 9.0% GSR Equivalent | | 5,391 | | | 16,573 | | | 31,823 | | | 58,183 | | CC Zone | Gold | Approx. 1.6%–2.6% GSR Equivalent | | 13,661 | | | 3,898 | | | 35,715 | | | 11,611 | | Rainy River | Gold, silver | 6.5% of gold produced and 60% of silver produced | | 29,956 | | | 15,729 | | | 70,780 | | | 45,762 | | Peñasquito | Gold, silver, lead, zinc | 2.0% NSR | | 19,582 | | | 16,226 | | | 70,207 | | | 46,090 | | Robinson | Gold, copper | 3.0% NSR | | 5,330 | | | 5,735 | | | 18,527 | | | 16,609 | | Greenstone | Gold | 2.375% of payable gold | | 3,790 | | | – | | | 3,790 | | | – | | Marigold | Gold | 2.0% NSR | | 3,575 | | | 3,131 | | | 10,375 | | | 8,085 | | Mercedes | Gold | 275 ounces of gold per month | | 3,493 | | | – | | | 3,493 | | | – | | Leeville | Gold | 1.8% NSR | | 3,452 | | | 2,310 | | | 10,308 | | | 7,932 | | Manh Choh | Gold, silver | 3.0% NSR, 28% NSR (silver) | | 3,221 | | | 3,573 | | | 21,442 | | | 10,697 | | Côté Gold | Gold | 1.0% NSR | | 3,200 | | | 1,395 | | | 8,548 | | | 2,932 | | Wharf | Gold | 0.0%–2.0% sliding-scale GSR | | 2,044 | | | 822 | | | 6,715 | | | 2,795 | | Voisey's Bay | Copper, nickel, cobalt | 2.7% NVR | | 2,011 | | | 1,998 | | | 11,984 | | | 6,049 | | Other -

North America | Various | Various | | 18,793 | | | 5,910 | | | 46,820 | | | 22,016 | | Total revenue - North America | $ | 221,011 | | $ | 138,547 | | $ | 704,070 | | $ | 507,859 | | | | | | | | | | | | | | | | | | | * For a full description of the Company’s stream and royalty interests as of March 31, 2025, refer to the 2024 Asset Handbook, published on April 22, 2025 and available on our website. Information about the Company’s stream and royalty interests acquired subsequent to March 31, 2025 will be included in the Company’s 2025 Asset Handbook, expected to be available in March 2026. | | | | | | | | | | | | | | | Principal Property | | | | | | | | | | | | | |

NOTABLE PRODUCING PROPERTY DEVELOPMENTS

Mount Milligan: On January 20, 2026, Centerra reported that Mount Milligan received an amended environmental assessment and all related permits to allow for the continuation of its operations through 2035. These authorizations include a 10% expansion in plant throughput beginning in 2028 and increased stockpile capacity needed for plant feed flexibility. Centerra also reported that it continues to progress engineering and other studies to support future permit authorizations required to achieve the extension of the Mount Milligan mine life to 2045 as outlined in September, 2025. In January 2025, Mount Milligan was selected by the Province of British Columbia as one of four mining projects which would qualify for expedited permitting to support economic development in the province.

Pueblo Viejo: On February 5, 2026, Barrick reported that activity related to the mine life extension continues to focus on housing, resettlement and the El Naranjo TSF. According to Barrick, over 600 homes have been constructed, more than 300 families are resettled, and 70% of resettlement packages have now been accepted. Barrick further reported that detailed engineering for the tailings water management system is now complete with permits expected in H1 of 2026 while the permitting package for the starter dam will be submitted within Q1 2026. Barrick also reported that 2026 gold production on a 60% basis is expected to range between 350,000 and 400,000 ounces, which compares to 379,000 ounces in 2025. Barrick does not provide silver production guidance.

Cortez: On February 5, 2026, Barrick disclosed that it expects to continue exploration and studies at the Fourmile Project in 2026, including development of the twin surface portals in Crescent Valley late in the year, and complete a PFS in 2028. Barrick reported that 2025 exploration drilling focused on resource definition drilling, extensional stepouts and satellite exploration targeting, and notable results provided for the extension of the Dorothy ore zone by 150 meters from prior drill intercepts, identification of potential mineralization along a 1 kilometer corridor below the Mill Canyon stock to the north, and the confirmation of mineralization more than 300 meters further downdip from prior intercepts at the Charlie area. Royal Gold’s royalty interests over the Fourmile Project are equivalent to an approximate 1.6% gross smelter return royalty rate. Further, Barrick provided 2026 gold production guidance for the Cortez Complex of approximately 700,000 to 780,000 ounces on a 100% basis, which compares to 738,000 ounces in 2025. Our royalties overlap at Cortez and we expect the average blended royalty rate to range between 3.5% and 4% over this production in 2026, compared to 2.6% in 2025.

Rainy River: On January 15, 2026, New Gold Inc. (“New Gold”) reported 2025 gold production of 290,236 ounces, which was at the top end of the 265,000 to 295,000 ounce guidance range. New Gold also reported a 45% improvement quarter-over-quarter in underground development rates in the fourth quarter, driven by all business improvement initiatives outlined in the third quarter.

Greenstone: On January 14, 2026, Equinox Gold Corp. (“Equinox”) reported production of 72,091 ounces for the fourth quarter, a 29% increase over the third quarter. Additionally, Equinox reported that mill throughput averaged the nameplate capacity of 27,000 tpd for the 30 consecutive days ending December 20. Equinox is expecting gold production of between 250,000 and 300,000 ounces in 2026.

Côté Gold: On January 19, 2026, IAMGOLD Corporation (“IAMGOLD”) provided 2026 gold production guidance of between 390,000 and 440,000 ounces compared to 2025 production of 399,800 ounces. We expect that approximately two thirds of this production in 2026 will be attributable to our royalty interest. IAMGOLD further reported that the plant is operating at nameplate throughput and the focus for 2026 is the potential expansion of the mine.

NOTABLE DEVELOPMENT PROPERTY ACTIVITY

Cactus (2.0% NSR royalty): On January 14, 2026, Arizona Sonoran Copper Company Inc. ("ASCU") provided an update on activity at the Cactus Project in Arizona. According to ASCU, work continues on advancing the feasibility study to completion in the second half of 2026, with potential for a final investment decision as early as the fourth quarter of 2026 and first production of copper cathodes in the second half of 2029.

South and Central America

Revenue by Stream/Royalty Interest (thousands)

| | | | Three Months Ended December 31, | | Twelve Months Ended December 31, | | | | | | | | | | Stream/Royalty | Metal(s) | Current Stream/Royalty Interest* | | 2025 | | | 2024 | | | 2025 | | | 2024 | | Andacollo | Gold | 100% of payable gold | $ | 32,641 | | $ | 15,582 | | $ | 77,896 | | $ | 47,531 | | Xavantina | Gold | 25% of gold produced | | 13,958 | | | 9,543 | | | 29,548 | | | 38,771 | | Antamina | Copper, zinc, molybdenum | 1.66% NPI | | 8,559 | | | – | | | 8,559 | | | – | | El Limón | Gold, silver | 3.0% NSR | | 3,483 | | | 2,466 | | | 13,060 | | | 7,190 | | Fruta del Norte | Gold, silver | 0.9% NSR (precious metals) | | 3,470 | | | – | | | 3,470 | | | – | | Aurizona | Gold | 3.0%-5.0% sliding-scale NSR | | 3,403 | | | – | | | 3,403 | | | – | | Caserones | Copper, molybdenum | 0.63% NSR | | 2,320 | | | – | | | 2,320 | | | – | | Other -

South and Central America | Various | Various | | 4,059 | | | 4,292 | | | 7,307 | | | 6,946 | | Total revenue - South and Central America | $ | 71,893 | | $ | 31,883 | | $ | 145,563 | | $ | 100,438 | | | | | | | | | | | | | | | | | | | * For a full description of the Company’s stream and royalty interests as of March 31, 2025, refer to the 2024 Asset Handbook, published on April 22, 2025 and available on our website. Information about the Company’s stream and royalty interests acquired subsequent to March 31, 2025 will be included in the Company’s 2025 Asset Handbook, expected to be available in March 2026. | | | | | | | | | | | | | | | Principal Property | | | | | | | | | | | | | |

NOTABLE PRODUCING PROPERTY DEVELOPMENTS

Andacollo: On January 20, 2026, Teck Resources Limited ("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.

Xavantina: On December 19, 2025, Ero Copper Corp. (“Ero”) filed an updated technical report for Xavantina that indicated a 4-year extension of the mine life to 2032 based on declared Mineral Reserves. Further, on February 5, 2026, Ero provided gold production guidance of 40,000 to 50,000 ounces in 2026, which compares to 2025 production of 37,291 ounces, and gold production guidance of between 50,000 and 60,000 ounces in 2027 and 2028. The expected higher sustained production is driven by the transition to mechanized mining and further utilization of excess plant capacity. Ero also reported that it sold 14,999 ounces of gold in gold concentrate in the fourth quarter, which sales are expected to continue through mid-2027. The sale of gold in gold concentrate is not included in the production guidance.