Royal Gold (RGLD) investor relations material

Executive summary

• Achieved record quarterly revenue of $469.1 million and operating cash flow of $293.6 million, with net income of $281.1 million ($3.30/share) and adjusted net income of $232.9 million ($2.72/share), all significantly higher year-over-year due to portfolio expansion and strong metal prices.

• Stream interests accounted for 67%–71% of revenue, with royalty interests at 16%–33%; gold contributed the majority of revenue.

• Paid $40.2 million in dividends, a 6% increase year-over-year, and increased total liquidity to $1.1 billion.

• Completed the acquisition and integration of Sandstorm Gold and Horizon Copper, enhancing portfolio diversification and asset base.

• Authorized a $500 million share repurchase program and added a $600 million accordion feature to the revolving credit facility, increasing potential commitments to $2.0 billion.

Financial highlights

• Revenue grew 142.5%–143% year-over-year to $469.1 million, with gold, silver, and copper contributing 71%, 16%, and 10% respectively.

• Adjusted EBITDA margin was 83%, up from 82% year-over-year.

• Cost of sales rose to $60.3 million, and DD&A expense increased to $90.9 million, mainly due to new streams.

• Free cash flow reached $278.9 million, and operating cash flow was $293.6 million, both more than doubling year-over-year.

• Recognized a $14.1 million gain on sale of marketable securities, primarily Highlander Silver shares.

Outlook and guidance

• 2026 guidance reaffirmed: gold sales 290,000–320,000 oz, silver 3.0–3.5 Moz, copper 21–25 Mlb; management expects stream interests to remain a significant revenue driver.

• Key mine guidance: Mount Milligan gold 140,000–155,000 oz, copper 50–60 million lbs; Pueblo Viejo gold stream 350,000–400,000 oz.

• Khoemacau expansion to 130,000 tonnes copper/year on track for 2028; Platreef Phase 2 completion expected by end of 2027.

• Effective tax rate expected within 17–22% for the year; DD&A expense forecasted at $339–$379 million.

• Management expects to repay outstanding debt by early Q1 2027, assuming current metal prices and no major acquisitions.