Royal Gold, Inc. press release

Royal Gold Reports Strong Third Quarter Results, Including Record Operating Cash Flow and Gold Equivalent Ounce Sales, Additional Share Repurchases and Full Repayment of Debt after Quarter End

2026-11-04

NASDAQ - Nasdaq Stock Market · Gold · Copper · Silver · Molybdenum · United States · 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 September 30, 2026 ("third quarter").

"Strong third quarter results extended the positive momentum from the first half of the year,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “Our large and diversified portfolio has generated significant cash flow since we closed the Sandstorm and Horizon transaction in October 2025, allowing us to rapidly pay down debt and rebuild our liquidity. We had $1.225 billion of debt outstanding immediately after closing and initially expected to repay it within two years. Just under one year later, we fully repaid that balance while also funding our regular quarterly dividend, repurchasing shares, and meeting our investment commitments at the Warintza Project. Looking ahead, our portfolio continues to perform well. We remain on track to meet our full-year guidance for gold sales, expect to be at or exceed the top end of our guidance ranges for silver and copper, and we have raised our sales guidance for other metals."

Third Quarter Highlights

Financial/Operating

Revenue of $464.8 million (compared to $252.1 million in the prior year period) Revenue split by commodity: 73% gold, 14% silver, 10% copper Record operating cash flow of $344.4 million (compared to $174.0 million in the prior year period) Net income of $227.4 million ($2.68 per share), and adjusted net income 1 of $238.3 million ($2.80 per share) (compared to $126.8 million and $136.2 million, respectively, in the prior year period) Record sales volume of 109,000 GEOs 2 (compared to 72,900 in the prior year period) Adjusted EBITDA margin 1 of 84% (compared to 82% in the prior year period)

Corporate

Repaid $250 million on the revolving credit facility Increased total available liquidity to approximately $1.48 billion Paid quarterly dividend of $0.475 per share, a 6% increase over the prior year period Repurchased 190,045 shares at an average price of $259.83 per share, for total consideration of $49 million

Post-Quarter Events

Received the second delivery of 11,111 ounces of gold on October 2, 2026, from the Deferred Gold Consideration related to the Mount Milligan Cost Support Agreement, which were sold for proceeds of $46 million Repaid the remaining $150 million on the revolving credit facility on October 19, 2026, leaving the full $1.4 billion credit facility undrawn and available Documents finalized for the final $50 million advance payment to Solaris Resources Inc. ("Solaris") under the gold stream and royalty agreements for the Warintza Project

Revenue Summary

| | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | | | | | Revenue (millions) | | | 2026 | | | | 2025 | | | % Change | | | 2026 | | | | 2025 | | | % Change | | | | Gold | | $ | 340.3 | | | $ | 196.6 | | | 73 | % | | $ | 1,018.1 | | | $ | 506.6 | | | 101 | % | | Silver | | | 64.1 | | | | 30.3 | | | 112 | % | | | 192.7 | | | | 78.0 | | | 147 | % | | Copper | | | 45.0 | | | | 16.4 | | | 175 | % | | | 129.6 | | | | 48.0 | | | 170 | % | | Other Metals | | | 15.3 | | | | 8.8 | | | 74 | % | | | 44.1 | | | | 22.6 | | | 95 | % | | Total revenue | | $ | 464.8 | | | $ | 252.1 | | | 84 | % | | $ | 1,384.4 | | | $ | 655.1 | | | 111 | % | | GEOs 2 | | | 109,000 | | | | 72,900 | | | 50 | % | | | 305,300 | | | | 204,400 | | | 49 | % | | Revenue split stream / royalty | | 68% / 32% | | 66% / 34% | | | | 68% / 32% | | 64% / 36% | | | | | | | | | | | | |

| | | | | 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. |

Outlook for 2026

Royal Gold provided guidance for 2026 metal sales, depreciation, depletion and amortization ("DD&A") expense and effective tax rate in March 2026. Based on strong year-to-date sales, we are raising our full-year sales guidance for other metals and expect to be at or exceed the top end of our guidance ranges for silver and copper. We continue to expect gold sales, DD&A expense and the effective tax rate to be within the original ranges. The table below shows the original and revised guidance ranges, along with actual results through September 30, 2026.

| | | | | 2026 Guidance Ranges (Original) | | Actual Through September 30, 2026 | | 2026 Guidance Ranges (Revised)* | | Total Sales | | | | | | | | | | Gold | | (oz) | | 290,000–320,000 | | 224,265 | | 290,000–320,000 | | Silver | | (M oz) | | 3.0–3.5 | | 2.6 | | 3.0–3.5 | | Copper | | (M lb) | | 21.0–25.0 | | 21.3 | | 21.0–25.0 | | Other Metals | | ($M) | | $34–$38 | | $44 | | $53–$56 | | DD&A | | ($M) | | $339–379 | | $269 | | $339–379 | | Effective Tax Rate | | | | 17–22% | | 20.1% | | 17–22% | | * Revised range shown in bold. | | | | | | | | | | Year to date effective tax rate excluding discrete tax items. | | | | | | | | |

Corporate Activity

Buyback and Cancellation of Shares

During the third quarter, and in accordance with the previously announced $500 million share repurchase program approved by the Board of Directors on May 4, 2026, we repurchased 190,045 shares at an average price of $259.83 per share, for total consideration of $49 million. From the date of approval of the repurchase program through September 30, 2026, we repurchased a total of 337,250 shares at an average price of $235.37 per share, for total consideration of $79 million. The repurchased shares were cancelled and 84,493,627 shares remain outstanding as of September 30, 2026.

The manner, timing, pricing and amount of any repurchases under the program will be subject to management's discretion and may be based upon market conditions and alternative opportunities for the use or investment of capital.

Finalization of Documentation for Final Advance to Solaris Resources for Warintza Project

Subsequent to the end of the quarter, we formalized the outstanding security documents with Solaris required to fund the final $50 million of the total $200 million advance payment under the gold stream and royalty agreements for the Warintza Project in Ecuador, dated May 21, 2025. We anticipate making the final payment after registration of the security documents is completed in the coming days. The funding provides Solaris with additional financial flexibility to advance its social, permitting, technical and operational workstreams in parallel as it progresses Warintza toward a fully permitted project.

Portfolio Revenue and Developments

| Overall Revenue and Average Metal Prices | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | | | Revenue by Region (millions) | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | North America | | $ | 257.4 | | 55% | | $ | 182.0 | | 72% | | $ | 765.7 | | 55% | | $ | 483.1 | | 74% | | South and Central America | | | 111.5 | | 24% | | | 32.2 | | 13% | | | 321.3 | | 23% | | | 73.7 | | 11% | | Europe, Middle East, Africa (EMEA) | | | 78.5 | | 17% | | | 27.3 | | 11% | | | 248.6 | | 18% | | | 70.1 | | 11% | | Australia Pacific | | | 17.4 | | 4% | | | 10.6 | | 4% | | | 48.8 | | 4% | | | 28.4 | | 4% | | Total revenue | | $ | 464.8 | | | | $ | 252.1 | | | | $ | 1,384.4 | | | | $ | 655.1 | | | | * Percentages may not sum to 100% due to rounding | | | | | | | | | | | | | | | | | | | | |

| | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | Average Metal Prices | | 2026 | | 2025 | | Change | | 2026 | | 2025 | | Change | | | Gold | ($/oz) | | $4,262 | | $3,457 | | 23% | | $4,545 | | $3,201 | | 42% | | Silver | ($/oz) | | $62.59 | | $39.40 | | 59% | | $73.24 | | $35.05 | | 109% | | Copper | ($/lb) | | $6.40 | | $4.44 | | 44% | | $6.09 | | $4.33 | | 41% |

North America

| Revenue by Stream/Royalty Interest (thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | | | | Stream/Royalty | | Metal(s) | | Current Stream/Royalty Interest * | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | Mount Milligan | | Gold, copper | | 35% of payable gold and 18.75% of payable copper | | $ | 82,779 | | | $ | 61,057 | | | $ | 197,677 | | | $ | 167,520 | | | Pueblo Viejo | | Gold, silver | | 7.5% of Barrick's interest in payable gold and 75% of Barrick's interest in payable silver | | | 45,195 | | | | 28,140 | | | | 145,968 | | | | 82,509 | | | Cortez | | | | | | | | | | | | | | | | | | | | | | Legacy Zone | | Gold | | Approx. 9.0% GSR Equivalent | | | 29,083 | | | | 6,782 | | | | 61,821 | | | | 26,432 | | | CC Zone | | Gold | | Approx. 1.6%–2.6% GSR Equivalent | | | 8,641 | | | | 10,412 | | | | 27,085 | | | | 22,054 | | | Peñasquito | | Gold, silver, lead, zinc | | 2.0% NSR | | | 23,029 | | | | 18,911 | | | | 63,805 | | | | 50,626 | | | Rainy River | | Gold, silver | | 6.5% of gold produced and 60% of silver produced | | | 21,616 | | | | 21,307 | | | | 78,608 | | | | 40,824 | | | Greenstone | | Gold | | 2.375% of payable gold | | | 6,023 | | | | – | | | | 20,267 | | | | – | | | Voisey's Bay | | Copper, nickel, cobalt | | 2.7% NVR | | | 4,759 | | | | 4,308 | | | | 17,118 | | | | 9,973 | | | Robinson | | Gold, copper | | 3.0% NSR | | | 3,916 | | | | 4,104 | | | | 13,708 | | | | 13,197 | | | Manh Choh | | Gold, silver | | 3.0% NSR, 28% NSR (silver) | | | 3,431 | | | | 6,291 | | | | 13,202 | | | | 18,221 | | | Black Fox | | Gold | | 8% of payable gold (Black Fox), 6.3% of payable gold (Black Fox Extension) | | | 3,144 | | | | – | | | | 5,315 | | | | – | | | Leeville | | Gold | | 1.8% NSR | | | 2,833 | | | | 2,696 | | | | 10,348 | | | | 6,856 | | | South Arturo | | Silver | | 40% of silver produced | | | 2,678 | | | | – | | | | 8,698 | | | | – | | | LaRonde Zone 5 | | Gold | | 2.0% NSR | | | 2,193 | | | | 6,613 | | | | 8,154 | | | | 8,715 | | | Côté Gold | | Gold | | 1.0% NSR | | | 2,136 | | | | 2,288 | | | | 6,688 | | | | 5,348 | | | Other - North America | | Various | | Various | | | 15,895 | | | | 9,071 | | | | 87,266 | | | | 30,786 | | | Total revenue - North America | | $ | 257,351 | | | $ | 181,980 | | | $ | 765,728 | | | $ | 483,061 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | * For a full description of the Company’s stream and royalty interests, 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 October 29, 2026, Centerra Gold Inc. (“Centerra”) reported third quarter production of 44,070 ounces of gold, a 15% increase over the previous quarter and consistent with the production profile previously outlined. Copper production was 12.8 million pounds, largely in line with the previous quarter, reflecting planned mine sequencing. Centerra further reported that year-to-date gold and copper production remains aligned with the prefeasibility study ("PFS") mine plan and that production remains on track to achieve 2026 guidance of 140,000 to 155,000 ounces of gold and 50 to 60 million pounds of copper.

Pueblo Viejo: On October 22, 2026, Newmont Corporation ("Newmont"), the 40% non-operating joint venture partner, reported that gold production decreased 10% in the third quarter over the prior year period, due to lower ore grade, throughput and recovery, partially offset by a drawdown of in-circuit inventory.

Cortez: Production attributable to our royalty interest at the Cortez Complex was approximately 198,700 ounces of gold for the third quarter, of which 71,600 ounces were attributable to the Legacy Zone and 127,100 ounces were attributable to the CC Zone, compared to approximately 202,200 ounces of gold for the third quarter of 2025, of which 20,600 ounces were attributable to the Legacy Zone and 181,600 ounces were attributable to the CC Zone. With respect to the Fourmile development project, fully covered by Royal Gold's royalty interests at the Cortez Complex, on August 10, 2026, Barrick Mining Corporation ("Barrick") and Newmont reported that they had reached a comprehensive settlement with respect to governance of the Nevada Gold Mines Joint Venture ("NGM"). The partners also agreed that Fourmile would be contributed to NGM. Barrick further reported that 20 rigs were active on site at Fourmile, focused on resource conversion drilling for the PFS targeted for completion in 2028.

Peñasquito: On October 22, 2026, Newmont reported that third quarter gold production was lower than in the prior year period, primarily due to lower ore grade and recovery, while strong third quarter co-product production reflected higher throughput, grades and recoveries. Newmont further reported that fourth quarter 2026 silver production is expected to be half of third quarter volume, and lower silver, lead and zinc production is expected in 2027.

Greenstone: On September 29, 2026, Equinox Gold Corp. (“Equinox”) provided an update on exploration at the Greenstone mine. According to Equinox, the first major exploration program since 2020 is underway to target underground extensions and near-pit mineral resource growth. The objectives of the program are to convert higher-grade underground and satellite mineral resources, extend the mine life through regional deposits, and optimize throughput beyond the current nameplate capacity of 27,000 tonnes per day.

Manh Choh: On October 28, 2026, Contango Silver and Gold Inc. (“Contango”) reported that the third ore processing campaign of 2026 began on August 20th and concluded on September 24, earlier than planned due to persistent above average rainy conditions throughout September. Contango expects the remaining ore originally scheduled for the third campaign will now be processed during the fourth campaign of 2026, which is scheduled to begin in November. Contango expects 2026 production to be toward the lower end of its approximate 133,000 to 150,000 gold equivalent ounce guidance range (100% basis).

Côté Gold: On October 21, 2026, IAMGOLD Corporation ("IAMGOLD") reported third quarter gold production of 92,000 ounces (100% basis) and expects higher production in the fourth quarter driven by higher grades from mine sequencing and increased processing rates. IAMGOLD expects 2026 production to be at the lower end of the guidance range of 390,000 to 440,000 ounces (100% basis). IAMGOLD further expects to announce an updated Côté Gold mine plan and mineral reserve estimate in the fourth quarter of 2026, which is expected to demonstrate a significant expansion of mineral reserves and life of mine, while outlining near-term opportunities to progressively increase plant throughput beyond the current nameplate to support sustained processing rates of approximately 40,000 tonnes per day.

Red Chris (1.0% NSR royalty): On October 22, 2026, Newmont provided an update on the block cave project to expand the Red Chris mine. According to Newmont, the feasibility study is nearing completion with a full-funds investment decision expected in early 2027. Subject to approval, construction is expected to start in 2027 and commercial production is targeted for 2033. Newmont reported that the first phase of the project is expected to produce three million ounces of gold and more than 850 thousand tonnes of copper over its initial 13-year cave life, with average annual production expected to ramp up to between 275,000 and 325,000 ounces of gold and between 65,000 and 85,000 tonnes of copper from 2035 to 2040. Newmont further expects the initial block cave project to establish the foundation for subsequent phased development, including additional macro blocks, the East Ridge, and other high-confidence exploration targets, which are not included in the project metrics presented above. According to Newmont, the Red Chris mine has the potential for up to 70 years of mine life.

NOTABLE DEVELOPMENT PROPERTY ACTIVITY

Great Bear (2.0% NSR royalty): On October 28, 2026, Kinross Gold Corporation ("Kinross") provided an update on activity at the Great Bear Project in Ontario. According to Kinross, Advanced Exploration ("AEX") surface construction is now substantially complete and the North and South underground declines continue to progress, with a combined total of over 500 metres of development completed to date. Kinross also reported that detailed engineering for the Main Project is over 55% complete and federal and provincial permitting is progressing. Subsequent to the end of the quarter, we received notice from Kinross of their intention to exercise the buyback of 25% of the royalty at our acquisition cost plus inflation, which would reduce our royalty interest to a 1.50% NSR in return for a cash payment of approximately $43 million.

Lawyers-Ranch (0.5% NSR royalty on Lawyers, 2.0% NSR royalty on Ranch): On September 28, 2026, Thesis Gold & Silver Inc. ("Thesis") announced the submission of a Detailed Project Description for the Lawyers-Ranch Gold-Silver Project in north-central British Columbia to the British Columbia Environmental Assessment Office ("EAO"). According to Thesis, the submission represents an important milestone in the Environmental Assessment process and provides the basis for the EAO to undertake its Readiness Decision for the Project.

Troilus (1.0% NSR): On September 9, 2026, Troilus Mining Corp. (“Troilus”) announced the results of an updated NI 43-101 Technical Report (“Technical Report”) for the gold-copper Troilus Project located in north-central Quebec. According to Troilus, the Technical Report outlines a large-scale mine with life-of-mine payable production estimated at 5.63 million ounces of gold, 472 million pounds of copper and 10.88 million ounces of silver over a mine life of approximately 26 years. Troilus further disclosed on September 28, 2026, that it is working to complete a broader financing package after receiving a commitment letter for US$850 million in debt financing to support project development.

South and Central America

| Revenue by Stream/Royalty Interest (thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | | | | Stream/Royalty | | Metal(s) | | Current Stream/Royalty Interest* | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | Andacollo | | Gold | | 100% of payable gold | | | 50,090 | | | | 23,022 | | | | 126,348 | | | | 45,255 | | | Xavantina | | Gold | | 25% of gold produced | | | 20,262 | | | | 5,268 | | | | 56,791 | | | | 15,590 | | | Antamina | | Copper, zinc, molybdenum | | 1.66% NPI | | | 12,991 | | | | – | | | | 39,666 | | | | – | | | Fruta del Norte | | Gold, silver | | 0.9% NSR (precious metals) | | | 5,298 | | | | – | | | | 14,149 | | | | – | | | Chapada | | Copper | | 3.0% of payable copper | | | 4,254 | | | | – | | | | 16,783 | | | | – | | | Caserones | | Copper, molybdenum | | 0.63% NSR | | | 3,553 | | | | – | | | | 14,660 | | | | – | | | Aurizona | | Gold | | 3.0%-5.0% sliding-scale NSR | | | 3,407 | | | | – | | | | 8,899 | | | | – | | | El Limón | | Gold, silver | | 3.0% NSR | | | 2,647 | | | | 3,275 | | | | 10,325 | | | | 9,577 | | | Cerro Moro | | Silver | | 9% of silver produced | | | 2,427 | | | | – | | | | 9,932 | | | | – | | | Vale Northern and Southeastern Systems | | Iron, gold, copper | | Various | | | 2,284 | | | | – | | | | 6,209 | | | | – | | | Other - South and Central America | | Various | | Various | | | 4,280 | | | | 647 | | | | 17,510 | | | | 3,248 | | | Total revenue - South and Central America | | $ | 111,493 | | | $ | 32,212 | | | $ | 321,272 | | | $ | 73,670 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | * For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website. | | | | | | | | | | | | | | | | | | | | | | Principal Property | | | | | | | | | | | | | | | | | | | | |