ROYAL GOLD (RGLD) Company Report

Royal Gold's 2025 acquisitions of Sandstorm and Horizon were transformational, significantly expanding its development portfolio and enhancing asset diversification.
The company is actively divesting non-core equity positions, including the sale of the Versament block for almost $150 million to pay down debt, and plans to convert its 30% equity stake in Hod Maden into a royalty or stream to reduce cost overrun risk.
Key assets like Mount Milligan have seen a life extension to 2045, Cortez's Four Mile project shows rapid development with a 25-30 year potential life from 2030, and Goose is ramping up, with Platreef expected to start deliveries in 2026, contributing to future growth.
The deal environment has seen the typical transaction size increase to $200 million-$500 million due to higher gold prices, with M&A becoming a significant source of streaming opportunities, though Royal Gold is currently focused on integrating recent acquisitions.

4 days ago

Transcript

Royal Gold Discusses Portfolio Optimization and Growth Outlook

RGLD

New Projects/Investments

M&A

Guidance Update

Royal Gold considers 2025 a transformational year following the acquisitions of Sandstorm and Horizon, which significantly expanded its development portfolio and diversified its assets across 30 countries.
The company is actively optimizing its portfolio, prioritizing the sale of its 30% equity stake in Hod Maden to convert it into a royalty or stream and mitigate cost overrun risk. It also generated nearly $150 million from the sale of the Versament block to reduce debt.
For 2026, Royal Gold anticipates growth from a full year of revenue contributions from the Kansanshi and Sandstorm assets, the ramp-up of the Goose royalty, and initial deliveries from Platreef, which commenced production in Q4 last year.
The deal environment has shifted, with typical transaction sizes now ranging from $200 million to $500 million due to higher gold prices, and M&A is increasingly driving opportunities for streaming as a recognized financing source.
Cortez is highlighted as having the best long-term organic growth potential, alongside other underappreciated assets like Zaventem (mine plan extended to 2032), Wassa (potential to 2049), and Mount Milligan (potential beyond 2045).

4 days ago

Transcript

Royal Gold Discusses Portfolio Transformation, Asset Optimization, and Growth Drivers at BMO Conference

RGLD

M&A

New Projects/Investments

Royal Gold's 2025 acquisitions of Sandstorm and Horizon were transformational, significantly expanding its growth assets, including development projects like Platreef, Mara, and Hod Maden, and enhancing overall portfolio diversification.
The company is actively managing its portfolio, prioritizing the sale of its 30% equity stake in Hod Maden to convert it into a more conventional royalty or stream and mitigate cost overrun risk. Royal Gold also sold the Versament block for nearly $150 million to pay down debt.
Key assets like Mount Milligan (life extension to 2045 and beyond), Cortez/Four Mile (long-term potential), Zaventem (mine plan extended to 2032), and Wassa (potential to 2049) are expected to drive significant long-term organic growth.
The deal environment has seen an evolution in typical transaction size to the $200 million-$500 million range due to higher gold prices, with M&A becoming an established source of financing in the industry.

4 days ago

Transcript

Royal Gold Reports Record Q4 and Full-Year 2025 Results, Accelerates Debt Repayment, and Raises Dividend

RGLD

Earnings

M&A

Dividends

Royal Gold achieved record revenue of $375 million in Q4 2025, an 85% increase year-over-year, contributing to a full-year 2025 revenue of $1 billion, up 43% from 2024.
The company significantly expanded its portfolio in 2025 through acquisitions of Sandstorm Gold, Horizon Copper, and a gold stream on the Kansanshi mine, now holding interests in approximately 80 producing and 30 development assets.
Royal Gold announced its 25th consecutive annual dividend increase, raising the 2026 annual dividend to $1.90 per share, having paid over $118 million in dividends in 2025.
Outstanding debt was reduced to $725 million in early 2026, with full repayment now anticipated by early 2027, earlier than previously expected.
Q1 2026 GEO sales are projected to be consistent with Q4 2025 and are expected to be the lowest for the year, while 2026 total G&A expense is estimated to be between $50 million and $60 million.

Feb 19, 2026, 5:00 PM

Transcript

Royal Gold Reports Record 2025 Financials and Provides 2026 Outlook

RGLD

Earnings

M&A

Guidance Update

Royal Gold achieved a transformational year in 2025, setting records for revenue of $1 billion, operating cash flow of $705 million, and earnings of $466 million, representing increases of 43%, 33%, and 40% respectively over 2024. This performance was significantly boosted by material acquisitions, including Sandstorm Gold, Horizon Copper, and a gold stream on the Kansanshi mine.
For Q4 2025, the company reported record revenue of $375 million and record operating cash flow of $242 million. However, Q4 net income of $94 million, or $1.16 per share, was impacted by one-time acquisition-related costs and a $48 million loss from the sale of Versament shares. Royal Gold expects Q1 2026 GEO sales to be in line with Q4 2025 but anticipates them to be the lowest of the year due to delivery timing.
The company announced its 25th consecutive annual dividend increase, raising it to $1.90 per share for 2026. Royal Gold also made significant progress in debt reduction, lowering its outstanding balance to $725 million in early 2026 and now expects to fully repay the debt by early 2027, ahead of its previous forecast.

Feb 19, 2026, 5:00 PM

Transcript

Royal Gold Reports Record Full Year 2025 Results and Q4 2025 Performance

RGLD

Earnings

Dividends

M&A

Royal Gold achieved record full-year 2025 revenue of $1,030.5 million and record cash flow from operations of $704.8 million, with net income of $466.3 million, or $6.70 per share.
For Q4 2025, the company reported $375.3 million in revenue and $93.6 million in net income, or $1.16 per share.
The company raised its dividend for the 25th consecutive year and its 2025 sales volumes for gold, silver, and copper were in line with guidance, with other metals sales exceeding guidance.
Key strategic actions in 2025 included the acquisition of Sandstorm Gold and Horizon Copper, along with other stream and royalty interests, and the repayment of $375 million on its revolving credit facility.
As of December 31, 2025, Royal Gold maintained $757 million in total available liquidity, including $500 million from its undrawn revolving credit facility.

Feb 19, 2026, 5:00 PM

Presentation

Royal Gold Reports Record 2025 Financial Results and Strategic Acquisitions

RGLD

Earnings

M&A

Dividends

Royal Gold reported a transformational year in 2025, setting records for revenue ($1 billion), operating cash flow ($705 million), and earnings ($466 million), with gold contributing 78% of total revenue.
For Q4 2025, revenue was up 85% to $375 million, and operating cash flow was a record $242 million. Net income for the quarter was $94 million or $1.16 per share, impacted by one-time acquisition-related costs and a $48 million loss on the sale of Versament shares.
The company completed material acquisitions, including Sandstorm Gold, Horizon Copper, and a gold stream on the Kansanshi mine, significantly growing and diversifying its portfolio.
Royal Gold raised its annual dividend to $1.90 per share for 2026, marking the 25th consecutive annual increase, and expects to fully repay its outstanding debt of $725 million by early 2027, ahead of schedule.
For Q1 2026, GEO sales are expected to be in line with Q4 2025 and represent the lowest sales of the year, with full 2026 guidance to be provided at an Investor Day on March 31st.

Feb 19, 2026, 5:00 PM

Transcript

Royal Gold Reports Record Q4 and Full-Year 2025 Financial Results, Increases Dividend

RGLD

Earnings

Dividends

M&A

Royal Gold reported record revenue of $375.3 million and record operating cash flow of $241.7 million for Q4 2025, contributing to record full-year 2025 revenue of $1,030.5 million, operating cash flow of $704.8 million, and adjusted net income of $509.9 million.
The company increased its annual dividend for the 25th consecutive year, setting the 2026 dividend at $1.90 per share.
Strategic acquisitions in 2025, including Sandstorm Gold Ltd., Horizon Copper Corp., and a gold stream on the Kansanshi mine, significantly contributed to Q4 2025 revenue.
Royal Gold aggressively paid down debt and rebuilt its liquidity, reporting approximately $756.5 million in total liquidity at the end of Q4 2025.

Feb 18, 2026, 9:10 PM

8-K

Royalty and Streaming Companies Review 2025 Performance and Outline 2026 Strategies

RGLD

M&A

New Projects/Investments

Dividends

Royal Gold completed significant M&A activities in 2025, including the $3.5 billion acquisition of Sandstorm and Horizon Copper and a $1 billion gold stream investment on Kansanshi, while also reducing its debt by $400 million since October.
OR Royalties reported a market cap over $8 billion and highlighted its portfolio's strength with 80% of NAV and cash flow from Tier One jurisdictions (Canada, Australia, U.S.) and a 97% cash margin. The company is debt-free with over $1 billion of liquidity.
Triple Flag saw a 98% increase in 2025 and acquired Origin Royalties, securing a 1% royalty on the Arthur project. The company focuses on per-share value and consistently increases its dividend.
All three companies, Royal Gold, OR Royalties, and Triple Flag, discussed their capital allocation strategies, generally favoring reinvesting capital into streams and royalties over holding bullion, and all reported increasing or planning to increase their dividends.
While royalty and streaming companies underperformed the gold index in 2025, they anticipate outperforming operators over the long term due to their business model's insulation from operational and geopolitical risks.

Jan 21, 2026, 4:00 PM

Transcript

Royalty and Streaming Companies Discuss 2025 Performance, 2026 Outlook, and Strategic Priorities at CIBC Conference

RGLD

M&A

New Projects/Investments

Guidance Update

Royalty and streaming companies Royal Gold, OR Royalties, and Triple Flag Precious Metals underperformed the gold index in 2025, with returns of 67%, 71%, and 98% respectively, compared to the gold index's 141%. However, all three companies' stock prices reached all-time highs on January 21, 2026.
Royal Gold completed significant M&A in 2025, acquiring Sandstorm and Horizon Copper for $3.5 billion and closing a $1 billion gold stream investment on Kansanshi. In contrast, OR Royalties deployed only $25 million in M&A, prioritizing Tier One jurisdictions and secured deals.
Triple Flag Precious Metals achieved 113,000 ounces of GEO production in 2025, near the top end of its guidance, and projects embedded growth to 135-145,000 ounces by 2029 from its existing portfolio.
All three companies highlighted strong financial positions: OR Royalties is debt-free with over $1 billion in liquidity, Royal Gold reduced its post-acquisition debt by $400 million, and Triple Flag is also debt-free. All three have a history of increasing dividends.