Royal Gold (RGLD) investor relations material

Key themes and industry outlook

• Panelists highlighted robust commodity price appreciation, with gold reaching $5,000 and silver $100, setting a bullish tone for 2026.

• Royalty and streaming companies emphasized their resilience, high margins, and long-term outperformance versus operators, despite underperforming the gold index in 2025.

• Geopolitical stability and jurisdictional quality were stressed, with most value derived from Tier One countries (Canada, Australia, U.S.).

• M&A activity in the sector hit record highs in 2025, but disciplined capital deployment and security requirements limited participation for some firms.

• Panelists expect continued volatility and opportunities in 2026, driven by macroeconomic and political factors.

Company strategies and differentiators

• OR Royalties maintains a disciplined approach, focusing on secured, accretive deals in stable jurisdictions, and boasts a 97% cash margin and 40% growth outlook over five years.

• Royal Gold completed a transformative $3.5B acquisition of Sandstorm and Horizon Copper, improving diversification, growth prospects, and portfolio duration.

• Triple Flag achieved strong production growth, increased dividends, and maintains a focus on gold and silver, with embedded growth from its existing portfolio.

• All three companies are debt-free or rapidly deleveraging, with significant liquidity for future investments.

Capital allocation and bullion debate

• Panelists debated holding gold bullion versus cash; most prefer reinvesting in royalties/streams for higher long-term value, though some openness to limited bullion holdings was expressed.

• Dividend policies remain important, with regular increases and a focus on shareholder returns.