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.
First Quantum Minerals Announces 2025 Preliminary Production and 2026-2028 Guidance
RGLD
Guidance Update
New Projects/Investments
Earnings
- First Quantum Minerals achieved annual copper production of 396 thousand tonnes and gold production of 152 thousand ounces in 2025, meeting or exceeding revised guidance ranges.
- The company provided 2026-2028 guidance, indicating a lowering of copper and gold production forecasts for 2026-2027 and increased total copper C1 cash cost and AISC unit cost ranges compared to previous guidance.
- Capital expenditure guidance for 2026 has increased from previous guidance, reflecting the movement of some 2025 expenditures into 2026.
- The Panamanian government will approve the removal and processing of approximately 38 million tonnes of stockpiled ore at Cobre Panamá, which could yield 70,000 tonnes of copper and create 700 direct jobs, though this does not constitute a mine reopening.
4 days ago
Royal Gold Provides Q4 2025 Stream Segment Sales and Balance Sheet Update
RGLD
Earnings
New Projects/Investments
M&A
- Royal Gold reported consolidated stream segment sales of approximately 64,000 gold equivalent ounces (GEOs) for the three-month period ended December 31, 2025, with total stream segment sales for 2025 reaching approximately 195,400 GEOs.
- The company reduced outstanding borrowings by $400 million since the Sandstorm transaction on October 20, 2025, resulting in a debt balance of $900 million as of December 31, 2025, and further reduced to $825 million by January 12, 2026.
- Royal Gold entered into agreements on December 19, 2025, to restructure investments in Bear Creek Mining Corporation, which will yield $6.2 million in cash consideration and increased royalty exposure, including an incremental 1.75% net smelter return (NSR) royalty on the Corani Project.
- The company's Q4 2025 financial results are scheduled for release after market close on Wednesday, February 18, 2026, followed by a conference call on Thursday, February 19, 2026.
6 days ago
Royal Gold Provides Q4 2025 Sales Update and Debt Reduction Details
RGLD
Earnings
Debt Issuance
M&A
- Royal Gold reported consolidated stream segment sales of approximately 64,000 gold equivalent ounces (GEOs) for the fourth quarter ended December 31, 2025, contributing to a total of approximately 195,400 GEOs for the full year 2025.
- The company reduced its outstanding borrowings by $400 million since the Sandstorm acquisition on October 20, 2025, with the outstanding debt on its revolving credit facility at $825 million as of January 12, 2026.
- Royal Gold restructured investments in Bear Creek Mining Corporation, which is expected to yield $6.2 million in cash consideration and increased royalty interests on the Corani Project and Mercedes Mine upon the closing of the Highlander/Bear Creek transaction in the first quarter of 2026.
- The company plans to release its fourth quarter 2025 financial results on Wednesday, February 18, 2026, after market close.
6 days ago
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
Quarterly earnings call transcripts for ROYAL GOLD.
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