Earnings summaries and quarterly performance for ROYAL GOLD.
Executive leadership at ROYAL GOLD.
William Heissenbuttel
Detailed
Chief Executive Officer
CEO
DB
Daniel Breeze
Detailed
Senior Vice President, Corporate Development, RGLD Gold AG
MR
Martin Raffield
Detailed
Senior Vice President, Operations
PL
Paul Libner
Detailed
Senior Vice President and Chief Financial Officer
RS
Randy Shefman
Detailed
Senior Vice President and General Counsel
Board of directors at ROYAL GOLD.
Research analysts who have asked questions during ROYAL GOLD earnings calls.
CC
Cosmos Chiu
CIBC World Markets
4 questions for RGLD
Also covers: AGI, EGO, FNV +5 more
DM
Derick Ma
TD Cowen
3 questions for RGLD
Also covers: FNV, SAND, TFPM +2 more
JW
Joshua Wolfson
RBC Capital Markets
3 questions for RGLD
Also covers: AEM, AU, FNV +7 more
LW
Lawson Winder
Bank of America
3 questions for RGLD
Also covers: AA, AEM, CCJ +21 more
TJ
Tanya Jakusconek
Scotiabank
3 questions for RGLD
Also covers: AEM, AU, BVN +11 more
BM
Brian MacArthur
Raymond James Financial, Inc.
2 questions for RGLD
Also covers: CCJ, CDE, CGAU +9 more
CM
Carey MacRury
Canaccord Genuity Group Inc.
1 question for RGLD
Also covers: AAUCF, AGI, ARMN +3 more
FT
Fahad Tariq
Jefferies Financial Group
1 question for RGLD
Also covers: AEM, ERO, FNV +6 more
Recent press releases and 8-K filings for RGLD.
Entrée Resources Provides Update on Oyu Tolgoi Joint Venture License Matters
RGLD
Legal Proceedings
New Projects/Investments
- The Parliamentary Temporary Oversight Committee reported its findings on December 19, 2025, and submitted a draft resolution to Parliament concerning the Oyu Tolgoi strategic group of deposits, including the JV License areas.
- A Government Working Group, established on August 22, 2025, held a preliminary meeting on December 10, 2025, to negotiate the State's interest in the JV Licenses, with formal negotiations anticipated to begin shortly.
- Entrée LLC filed an Administrative Court claim during Q3 2025 to obtain an order for the Mongolian tax authority to review and confirm the valuation of the JV Licenses, a prerequisite for their transfer to OT LLC.
- Royal Gold, Inc. is a major shareholder of Entrée Resources Ltd., holding approximately 24% of the company's shares.
Dec 22, 2025, 1:00 PM
Royal Gold Discusses Strategic Acquisitions and Growth Projects
RGLD
M&A
New Projects/Investments
Dividends
- Royal Gold recently completed the acquisition of Sandstorm Gold Royalties on October 20th. This transaction, which involved issuing shares, aimed to combine Royal Gold's strong cash flow with Sandstorm's growth potential and reduce asset concentration.
- The company highlighted a diverse portfolio of new growth projects, including the Back River Project, which started production in June of this year and is expected to contribute 9,000-10,000 gold equivalent ounces (GEOs) annually at full production. Other key projects include Platreef, expected to generate revenue in early 2026 with 15,000-20,000 GEOs/year, and Four Mile, anticipated to contribute 11,000 oz annually from a 1.6% gross royalty on 600,000-750,000 oz/year production starting in the early 2030s.
- Royal Gold maintains a high-margin business model with approximately 80% EBITDA margins and has a long track record of returning capital to shareholders, having paid and increased its dividend for 25 consecutive years.
- The company acknowledges that its current trading multiples are not satisfactory due to recent changes, including the Sandstorm acquisition and higher debt levels. Royal Gold plans to improve market understanding through an asset handbook and an investor day in March of next year, with debt repayment being a significant priority to rebuild financial capacity for new transactions.
Dec 10, 2025, 6:30 PM
Royal Gold Discusses Strategic Growth and Diversified Asset Portfolio
RGLD
M&A
New Projects/Investments
Dividends
- Royal Gold operates a high-margin business model focused on generating consistent cash flows from precious metals, maintaining a diversified portfolio, and boasts a track record of 25 consecutive years of dividend growth.
- The company has significantly expanded its portfolio through recent Sandstorm and Horizon transactions, which added over 80 revenue-producing assets and over 40 development assets, strategically reducing asset concentration and combining Royal Gold's cash flow with Sandstorm's growth potential.
- Key growth assets discussed include Back River, Great Bear, Mara Project, Cactus, Oyu Tolgoi, and Warintza, with projected production starting from the late 2020s to mid-2030s.
- Royal Gold is actively working to restructure its 30% joint venture interest in Hod Maden (Turkey) into a royalty or stream, aiming to avoid direct equity ownership and associated capital funding, and recently sold its non-core VersaMet shares to simplify the portfolio and reduce debt.
- The Kansanshi gold stream in Zambia, acquired for $1 billion, is highlighted as a core, long-lived asset and represents entry into a new jurisdiction for the company.
Dec 10, 2025, 6:30 PM
Royal Gold Discusses Expanded Portfolio and Growth Strategy
RGLD
New Projects/Investments
M&A
Dividends
- Royal Gold (RGLD) is a U.S.-domiciled, gold-focused company operating with high margins, approximately 80% EBITDA, and has a track record of 25 consecutive years of dividend growth.
- The company has significantly expanded its portfolio through recent acquisitions, including Sandstorm and Horizon, now boasting over 80 revenue-producing assets and more than 40 development assets.
- Key growth projects in the pipeline include the Back River Project, which started production in June 2025 and is expected to contribute 9,000-10,000 gold equivalent ounces (GEOs) annually at full production , and the Platreef asset, anticipated to generate 15,000-20,000 GEOs annually with revenue expected in early 2026.
- A primary financial objective for Royal Gold is repaying debt to rebuild financial capacity for future transactions, with dividend growth serving as a signal of disciplined capital allocation.
Dec 10, 2025, 6:30 PM
Royal Gold Completes Transformative Acquisitions and Outlines Growth Strategy
RGLD
M&A
New Projects/Investments
Debt Issuance
- Royal Gold completed a transformative year, acquiring Sandstorm Gold and Horizon Copper, along with major transactions on the Warintza and Kansanshi projects, significantly expanding its portfolio.
- The company now boasts a highly diversified portfolio with over 80 producing assets, 40 development assets, and 200 early-stage assets, reducing single-asset dependency, with its largest asset, Mount Milligan, representing 10-13% of net asset value.
- Royal Gold reported just over 80 million shares outstanding following the Sandstorm transaction and ended Q3 with $1.2 billion of debt. The company plans to repay this debt within a couple of years, partly funded by the sale of non-core assets like its 25% position in Versamet for over CAD 200 million.
- The company maintains a high-margin business model with strong leverage to gold prices and anticipates significant organic growth from a robust pipeline of new projects expected to enter production over the next decade, with long-term guidance to be provided at an investor day in late March 2026.
Dec 4, 2025, 5:00 PM
Royal Gold Details Transformative Year and Growth Strategy
RGLD
M&A
New Projects/Investments
Dividends
- Royal Gold experienced a transformative year, completing the acquisitions of Sandstorm Gold and Horizon Copper in late October, alongside significant transactions for the Warintza and Kansanshi projects, which have added scale, diversity, and growth to its portfolio.
- The company's portfolio saw positive developments, including a 10-year mine life extension at its largest asset, Mount Milligan, and the "most interesting and important gold discovery of the century" at the Fourmile project in Nevada, with Platreef expected to generate its first revenue in 2026.
- Royal Gold maintains a high-margin business model with an average 80% EBITDA margin and low, fixed costs, and has announced its 25th consecutive dividend increase for 2026.
- Despite strong performance and growth potential, Royal Gold is currently trading at the low end of its peer group, attributed partly to the recent issuance of approximately 18 million shares for the Sandstorm acquisition and an increased debt level of $1.2 billion.
Dec 4, 2025, 5:00 PM
Royal Gold, Inc. Highlights Gold-Focused Royalty Model and Strong 2024 Financial Performance
RGLD
Earnings
M&A
New Projects/Investments
- Royal Gold, Inc. operates a gold-focused royalty model, with 81% of its 2024 revenue from gold and 88% from precious metals.
- The company demonstrated strong financial performance in 2024, reporting $719 million in revenue, $586 million in Adjusted EBITDA, and $530 million in Operating Cash Flow, resulting in a 76% Adjusted EBITDA margin.
- Royal Gold's business model is highly efficient and scalable, managed by just 30 people across four offices as of June 30, 2025.
- The portfolio is highly diversified, encompassing approximately 400 property interests across various operators and jurisdictions, with about 60% of 2024 revenue from Canada, USA, and Australia.
- The acquisitions of Sandstorm Gold and Horizon Copper, which closed on October 20, 2025, are anticipated to further enhance the company's scale, growth, and optionality.
Dec 1, 2025, 12:00 PM
Royal Gold Reports Record Q3 2025 Results and Details Recent Acquisitions and Portfolio Growth
RGLD
Earnings
M&A
Guidance Update
- Royal Gold (RGLD) achieved record revenue of $252 million and record adjusted earnings of $136 million, or $2.06 per share, for Q3 2025, alongside record operating cash flow of $174 million.
- The company completed significant strategic acquisitions, including the $1 billion Goldstream transaction on Constantian and the acquisition of Sandstorm Gold and Horizon Copper. These transactions resulted in $1.225 billion currently drawn on its revolving credit facility, with a $75 million repayment planned for November 10.
- Key portfolio updates include the Mt. Milligan Mine Life Extension to 2045 and the Four Mile project's potential to produce 600,000-750,000 ounces annually over 25 years.
- Royal Gold anticipates providing 2026 guidance at an investor day in late March and expects to repay its outstanding debt around mid-2027.
Nov 6, 2025, 5:00 PM
Royal Gold Announces Record Q3 2025 Results and Acquisition Closures
RGLD
Earnings
M&A
New Projects/Investments
- ROYALGOLD.INC reported record revenue of $252.1 million and record cash flow from operations of $174.0 million for Q3 2025.
- Net income for the quarter was $126.8 million, or $1.92 per share, with adjusted net income reaching $136.2 million, or $2.06 per share.
- The company closed the acquisitions of Sandstorm Gold and Horizon Copper, and received the first gold delivery from the Kansanshi Mine after quarter end.
- As of September 30, 2025, Royal Gold had $775 million in debt outstanding and $813 million in total available liquidity, including an undrawn revolving credit facility of $625 million.
Nov 6, 2025, 5:00 PM
Royal Gold Reports Record Q3 2025 Results and Details Recent Acquisitions
RGLD
Earnings
M&A
Guidance Update
- Royal Gold reported record revenue of $252 million and record operating cash flow of $174 million for Q3 2025, with earnings of $1.92 per share and adjusted earnings of $2.06 per share.
- The company completed the $1 billion Goldstream transaction on Constantian and the acquisition of Sandstorm Gold and Horizon Copper in October, significantly expanding its portfolio.
- Key asset updates include the Mt. Milligan Mine Life Extension to 2045 and the Four Mile project's potential to produce 600,000-750,000 ounces annually over 25 years.
- Following recent acquisitions, Royal Gold's revolving credit facility has $1.225 billion drawn, with a planned $75 million repayment on November 10, and the company expects to repay the outstanding balance by mid-2027.
- Royal Gold is maintaining its 2025 guidance for metal sales, DD&A, and effective tax rate (excluding recent acquisitions) and plans an investor day in late March to provide 2026 guidance.
Nov 6, 2025, 5:00 PM
Quarterly earnings call transcripts for ROYAL GOLD.
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