RGLD

Interested in Americas Gold and Silver Corporation? Here are five stocks we like better. Strong quarterly improvement: Second-quarter revenue rose 71% year over year to approximately $46.3 million, while the net loss narrowed to $5 million and adjusted EBITDA improved to $12 million, helped by higher silver prices and stronger Cosalá performance. Production outlook maintained: The company remains on track to produce 3.2 million–3.6 million ounces of silver in 2026. Cosalá production increased 26%, while high-grade drilling could support future mine-plan additions. Operations and balance sheet strengthened: Galena’s shaft modernization more than doubled sustained hoisting capacity, and settlements with Sprott and Royal Gold eliminated over $76 million in future variable metal obligations and more than $28 million in annual debt servicing, leaving $89 million in cash. 3 Gold Stocks Under $5 With Massive Upside Americas Gold and Silver (NYSEAMERICAN:USAS) reported higher second-quarter revenue and reduced losses as stronger silver prices and improved performance at its Cosalá mine supported results, while the company completed infrastructure work at its Galena Complex in Idaho and settled its remaining metal-delivery obligations. Revenue rose 71% from a year earlier to approximately $46.3 million in the second quarter, while first-half revenue increased 126% to $114 million, Chief Financial Officer Warren Varga said during the company’s second-quarter 2026 conference call. The average realized silver price was $67 per ounce during the quarter, compared with $34 per ounce in the prior-year period. → Lumentum Just Delivered the AI Growth Investors Wanted The company posted a net loss of about $5 million, or $0.02 per share, improving from a loss of approximately $15 million, or $0.06 per share, in the second quarter of 2025. Adjusted EBITDA was approximately $12 million, compared with an adjusted EBITDA loss of $4.1 million a year earlier, according to Varga. Americas Gold and Silver produced approximately 665,000 ounces of silver during the quarter, or slightly more than 800,000 silver-equivalent ounces. Chairman and Chief Executive Officer Paul Huet said the company remains on track to meet its full-year production guidance of 3.2 million to 3.6 million ounces of silver, with production expected to be weighted toward the second half of the year. → Ryman Checks Into a $1.38B Hospitality Upgrade Huet said the company had spent capital earlier in the year on infrastructure improvements, particularly at Galena, and expects the benefits of that work to support higher production later in 2026. At Cosalá in Mexico, silver production increased 26% year over year to approximately 337,000 ounces. Huet attributed the performance to higher grades, improved metallurgical recoveries and commercial production from the EC-120 area. Cash costs at Cosalá declined to $16.91 per ounce, aided by grades and copper byproduct credits. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal The company said resource-conversion drilling at San Rafael upper zones and the 120 zones has returned grades averaging roughly two to three times previously reported inferred resource grades. Huet highlighted drill hole SR568, which intersected 14 meters grading 600 grams per metric ton of silver, compared with a modeled resource grade of 110 grams per ton in the same area. He said the intercept is close to existing mine infrastructure and could potentially be included in mine plans during the fourth quarter or in 2027. At the Galena Complex, the company completed phase two of the No. 3 shaft modernization. Huet said the work lifted sustained hoisting throughput to 85 tons per hour from roughly 42 tons per hour previously, while peak rates have reached 105 tons per hour. The modernization included increasing the hoist motor from 1,750 horsepower to 2,250 horsepower, adding a second 2,250-horsepower motor as a critical spare, and upgrading loading, mechanical, electrical, braking and control systems. Americas Gold and Silver also added more than 10 mobile equipment units and installed fiber-optic communications infrastructure intended to support real-time equipment tracking, future automation and mine connectivity. During the question-and-answer session, Huet said the company is undertaking waste development at both Galena and Crescent to support future mining. He said the company needs to establish a secondary egress at Crescent before ore can be extracted there under Mine Safety and Health Administration requirements. The company is also advancing a transition toward long-hole stoping at Galena. Huet said the mine had completed its 13th long-hole stope and is targeting 30% to 40% long-hole mining by the end of 2026, followed by approximately 50% to 60% in 2027. He said the mine will retain some conventional jackleg mining because certain flatter-lying areas are less suited to long-hole methods. Huet said a paste-fill plant remains a key element of the plan, as it is expected to reduce stope filling time to about 36 hours from approximately 10 days using sand fill. Some capital spending related to the paste-fill plant and shaft relining is expected to be weighted toward the fourth quarter, he said. Executive Vice President of Corporate Development Oliver Turner said the company settled its remaining silver delivery obligation with Sprott Mining Inc. and its remaining gold delivery obligation with Royal Gold during the second quarter. According to Turner, the transactions removed more than $76 million of future variable metal-price-linked obligations and more than $28 million in annual debt-servicing obligations. He said the settlements resulted in combined shareholder dilution of 3.3% and eliminated future mark-to-market volatility associated with the instruments. Varga said the company ended the quarter with approximately $89 million in cash and cash equivalents and $49 million in working capital, following capital deployment for growth projects and the settlements with Sprott and Royal Gold. Consolidated cost of sales was $32 per silver-equivalent ounce sold. Cash costs averaged $25.68 per silver ounce sold during the quarter. All-in sustaining costs averaged $40.63 per silver ounce sold in the second quarter and $37 per ounce sold for the first half of 2026. Huet said the company recorded zero lost-time accidents for more than one year across its U.S. and Mexican operations. Looking ahead, he said Americas Gold and Silver plans to continue its drilling campaign, ramp Idaho operations and advance its antimony strategy with joint venture partner United States Antimony Corporation. Americas Gold and Silver Corporation is a precious metals mining company focused on the exploration, development and production of silver and gold assets in North America. The company's core operations center on the Cosalá district in Sinaloa, Mexico and the Relief Canyon mine in Nevada, where it pursues both open-pit and underground mining techniques. In addition to these producing mines, Americas Gold and Silver maintains an exploration portfolio designed to support future growth and reserve replacement. The Cosalá operation comprises multiple silver-gold deposits accessed via ramp and portal infrastructure. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Americas Gold and Silver Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 12:00 p.m. ET Senior Vice President, Investor Relations and Business Development - Alistair Baker President and Chief Executive Officer - William Heissenbuttel Senior Vice President and Chief Financial Officer - Paul Libner Senior Vice President of Operations - Martin Raffield Operator: Hello, everyone. Thank you for joining us, and welcome to the Royal Gold, Inc. 2026 Second Quarter Conference Call. [Operator Instructions] I will now hand the conference over to Alistair Baker, Senior Vice President, Investor Relations and Business Development. Alistair, please go ahead. Alistair Baker: Thank you, operator. Good morning, and welcome to our discussion of Royal Gold's second quarter 2026 results. This event is being webcast live, and a replay of this call will be available on our website. Speaking on the call today are Bill Heissenbuttel, President and CEO; Paul Libner, Senior Vice President and CFO; and Martin Raffield, Senior Vice President of Operations. Other members of the management team are also available for questions. During today's call, we will make forward-looking statements, including statements about our projections and expectations for the future. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties are discussed in yesterday's press release and our filings with the SEC. We will also refer to certain non-GAAP financial measures, including adjusted net income, adjusted net income per share, adjusted EBITDA and cash G&A. Reconciliations of these measures to the most directly comparable GAAP measures are available in yesterday's press release, which can be found on our website. Bill will start with an overview of the second quarter. Martin will provide portfolio commentary, and Paul will give a financial update. After the formal remarks, we'll open the lines for a Q&A session. I'll now turn the call over to Bill. William Heissenbuttel: Good morning, and thank you for joining the call. I'll begin on Slide 4. This is our second complete quarter of consolidated financial results after significantly growing our business in 2025 and our strong first half of 2026 clearly demonstrates a material change in the scale of our portfolio. Revenue for the quarter was $451 million, operating cash flow was a record $335 million and earnings were $236 million. These were increases of 115%, 119% and 79%, respectively, over the same period last year. Our diversified portfolio produced revenue from a variety of properties with no one asset contributing more than 13% of revenue and only 2 assets generating more than 10% of revenue. Reducing asset concentration risk was a key driver for our acquisitions in 2025, and we are pleased to see this reflected in our portfolio which is now one of the most diversified in the sector. After adjustments, net income was $218 million or $2.56 per share, a 41% increase over last year. We remain a gold-focused business and gold contributed 76% of total revenue for the quarter. Our adjusted EBITDA margin remained high at 83% for the quarter, reflecting our low and stable cash G&A. We paid dividends of $40 million to shareholders in the quarter at our annual rate of $1.90 per share, 6% higher than last year. We repaid $200 million on the revolver during the quarter, and we ended the quarter with total available liquidity of $1.2 billion. And we are active on our share buyback program and repurchased and canceled 147,000 shares or total cost of $30 million. As we discussed on our last quarterly call, we put the share buyback program in place as an additional capital allocation tool to be used with discretion. We have multiple priorities for capital deployment, and our decision-making considers the business development pipeline, the balance sheet, our regular dividend and our equity valuation. During the quarter, we balanced the agreed further investment at Warintza, paid $40 million in dividends, bought back shares and made a meaningful reduction in debt, the latter of which preserves liquidity. Changes in market conditions and our outlook mean we must be flexible as we balance all opportunities with the accretive deployment of capital over the long term. In the second quarter, we thought the market did not reflect what we see as the value of our company, and we are active on the share buyback alongside our other priorities and any further activity will be based on the short and long-term priorities of the company and not just valuation. During the quarter, we also made further progress on simplifying the Sandstorm portfolio. We announced the restructuring of our ownership in the Hod Maden joint venture. And after quarter end, we reduced our equity interest from 30% to 15% and return for additional royalty interests. Hod Maden is a high-grade and high-margin project, and we are pleased to preserve the value of our position while bringing our overall interest more in line with our core royalty and streaming business. While the residual equity interest is not the ideal investment structure for our portfolio, a smaller interest materially reduces our exposure to operating and capital cost risks, and we may still look for opportunities to reduce this interest in the future. We also worked with Americas Gold and Silver to settle fixed delivery obligations related to the Relief Canyon Mine. This was a complicated arrangement that was cumbersome to manage, and it eliminates a distraction for both sides without impacting our royalty or stream interest at the Relief Canyon. With these transactions, we have significantly simplified aspects of the Sandstorm portfolio that were difficult for investors to understand. Over the past few months, we have streamlined the Horizon structure, divested non-core equity positions, restructured the Bear Creek investments, settled the Relief Canyon obligations and made progress on restructuring the direct equity interest in Hod Maden. These steps were a strategic priority for us when we announced the Sandstorm and Horizon transaction, and I am pleased with how quickly we have been able to show progress. I'll now turn the call over to Martin to discuss portfolio performance in the quarter. Martin Raffield: Thanks, Bill. Turning to Slide 5. We had another quarter of solid portfolio performance, Volume was 100,000 GEOs with revenue of $451 million. Royalty revenue was up by 83% from the prior year quarter to $140 million. We saw large revenue increases over the prior year from the Cortez Legacy Zone and Voisey's Bay as well as strong contributions from our new Antamina, Caserones, Houndé and Fruta del Norte interests. Stream revenue was also up strongly from the prior year to $311 million, an increase of 133%. We saw materially higher revenue year-over-year from Andacollo, Pueblo Viejo, Rainy River, Khoemacau, Wassa and Xavantina, slightly offset by lower revenue from Mount Milligan. We also saw a strong contribution from Kansanshi as well as our new Greenstone, Bonikro, Cerro Moro and Chapada streams. With respect to 2026 metal sales guidance, gold and silver are tracking well to the guidance ranges and copper and other metals are trending to be around or above the top end of the ranges. We've seen strong copper-related revenue, largely due to lower-than-expected deductions on the Antamina NPI royalty and strong performance of other assets. Other metal sales have benefited from strong zinc production at Antamina and nickel production at Voisey's Bay. I'll now turn to Slide 6 and give some high-level commentary on notable developments within the portfolio. At Mount Milligan, Centerra reported that gold and copper production is on track to meet full year guidance. At Rainy River, Coeur announced its plans after acquiring New Gold late in the first quarter including a more aggressive exploration program with a focus on Near-mine drill testing and exploration of the large land package in the Rainy River District, which extends over 50 square kilometers. At Greenstone, Equinox reported that operations are continuing to ramp up, and 69% of the days in the second quarter exceeded the mill nameplate capacity of 27,000 tonnes per day. Equinox expects this trend to continue, resulting in higher quarter-over-quarter production for the balance of the year. At Red Chris, the government of Canada announced a CAD 500 million investment in the block cave project. Newmont has received key regulatory approvals for the project from the province of British Columbia and is advancing towards Board approval near the end of the year. At Caserones, work is underway by Lundin Mining to increase utilization of the cathode plant and grow copper production. 39,000 meters of drilling is planned this year on more than 10 exploration targets in the district, an initial resource at Angelica in the deep sulfide targets adjacent to the Caserones pit is expected in the first quarter of 2027. At Fruta del Norte, Lundin Gold reported the discovery of 2 additional copper-gold porphyries, increasing the district total to 7 with a maiden resource for the Sandia porphyry expected in early 2027. At Kansanshi, First Quantum confirmed 2026 production guidance and reported that the S3 plant throughput was sustained above design capacity in the second quarter, driven by higher operating time, strong utilization and improved milling rates. At Bonikro, Allied expects to extend the mine life from 2029 to 2036 with average annual gold production of 120,000 ounces per year. Allied is also studying an increase in plant capacity to bring forward the processing of low-grade stockpiles beginning in late 2026 to early 2027. At Platreef, Ivanhoe is now expecting commercial production from Phase 1 in the fourth quarter of 2026. Shaft 3 commissioning was completed in June, and Ivanhoe expects this will support the Phase 1 ramp-up and the Phase 2 expansion. Construction of the Phase 2 concentrator is on schedule for completion in the fourth quarter of 2027. We received the first delivery under our gold stream last week, and we are looking forward to increased deliveries as the mine ramps up towards commercial production. At MARA, Glencore reported yesterday that mining restarted ahead of schedule at Alumbrera and that Agua Rica feasibility engineering is underway with the environmental permitting submission expected in the coming weeks and RIGI approval expected shortly thereafter. At Hod Maden, the transition of operatorship to Lidya is complete, and construction is continuing while Lidya undertakes a review of the project schedule and execution plan. Based on the work so far, project expenditures and commitments remain within the scope reflected in the technical report summary published by SSR Mining in January 2026. As of June 30, overall project progress was approximately 25% when considering engineering at 74%, contracts and procurement at 44% and construction at 8%. Cumulative expenditures were approximately $175 million. Lidya continues to target initial concentrate production in 2028, subject to completion of the schedule and execution plan review and timely execution of the remaining major construction and procurement packages. Finally, I'll note that recent severe winter weather in Central and Northern Chile has caused temporary operational issues at both Andacollo and Caserones. The weather system has passed and neither operator has indicated a change to full year guidance. I'll now turn the call over to Paul. Paul Libner: Thanks, Martin. I'll turn to Slide 7 and give an overview of the financial results for the quarter. For the discussion on Slide 7 and 8, I'll be comparing the quarter ended June 30, 2026 to the prior year quarter. Revenue for the quarter was up strongly by 115% to $451 million. The large increase was driven by higher metal prices, new contributions from Kansanshi and the Sandstorm portfolio and higher volumes from Andacollo, Rainy River and the Cortez legacy Zone. Some of these increases were partially offset by lower sales from Mount Milligan. We also recognized a large revenue contribution from Relief Canyon in the second quarter, when we sold 5,000 ounces of gold related to the advanced delivery of stream ounces. The original delivery schedule was 1,275 ounces per quarter through the end of 2027. In terms of the impact on this year's guidance, we are receiving 1,175 more ounces this year than expected, and all the ounces were delivered in the first half of 2026 rather than being spread evenly across the year. The incremental revenue this quarter from the sale of the advanced delivery was approximately $22 million. Metal price increases were significant with gold up 37%, silver up 117% and copper up 40%. Gold remains our dominant revenue driver at 76% of total revenue with silver at 12% and copper at 8%. Turning to Slide 8, I'll provide more detail on certain financial line items for the quarter. G&A expense was $13.4 million, which is approximately $3 million higher than the prior year. The increase in our G&A expenses period was mostly due to higher office and employee-related costs, which also includes noncash stock compensation expense. We continue to expect our total G&A expense for the year will finish near the high end of the $50 million to $60 million range we provided earlier on our February conference call. Our DD&A expense increased to $96 million from $31 million in the prior year. On a unit basis, this expense was $962 per GEO for the quarter compared to $487 per GEO last year. The increase is mainly driven by higher carrying values at Kansanshi Gold stream and the Sandstorm, Horizon interest we acquired in 2025, partially offset by lower gold sales and depletion rates at Mount Milligan. Further, as we flagged in our preliminary financial information press release in July, approximately $12 million of the increase was due to the onetime sale of the gold ounces related to the Relief Canyon fixed delivery obligation settlement. Our overall DD&A expense is in line with expectations, and we expect to finish the year within the guidance range of $339 million to $379 million. Fair value changes in equity securities was $22 million for the quarter, primarily due to the increase in the value of the Entrée resources shares we acquired with the Sandstorm and Horizon acquisition. Interest and other expense increased to $10 million from $1.5 million, primarily due to higher average amounts outstanding under the revolving credit facility in the current quarter. Tax expense for the quarter was $58 million, resulting in an effective tax rate of 19.7%. Before discrete items, our year-to-date effective tax rate is 19.9% and we continue to expect that the rate for the full year will be within the guidance range of 17% to 22%. Net income for the quarter was $236 million or $2.78 per share, which compares to $132 million or $2.01 per share in the prior year. The increase in net income was largely due to higher revenue and fair value changes in our equity securities. These increases were partially offset by the higher cost of sales, DD&A, interest and income tax expense. After adjusting for the fair value changes in equity securities, the gain on settlement of the Relief Canyon obligation and the tax effect of these adjustments, adjusted net income was $218 million or $2.56 per share. Finally, our operating cash flow this quarter was a record $335 million, up 119% from $153 million in the prior year. The increase was primarily due to higher stream and royalty revenue, partially offset by higher income tax payments, G&A costs and interest payments. In summary, it was another very strong financial quarter that reflects the significant cash generation potential of the portfolio and the overall increase in the scale of our business. I will end on Slide 9 and summarize our financial position. Our increased cash flow has allowed us to quickly pay down debt, repurchase shares and rebuild our liquidity. At the end of June, we had total available liquidity of $1.2 billion between the available amounts on the revolver, and $244 million of working capital. After quarter end, we continued our focus on the balance sheet as we made a further $75 million repayment in July, and we intend to make an additional $100 million repayment in mid-August. We continue to expect to fully repay the outstanding balance during the fourth quarter based on current metal prices and absent further significant acquisitions. In terms of additional liquidity, we expect Centerra to deliver the second tranche of gold as part of the deferred consideration for the Mount Milligan cost support agreement sometime towards the end of the third quarter or beginning of the fourth quarter. Recall that the sale of these ounces will not be treated as revenue and will not be reflected in our calculation of GEOs and the cash received from the sale of these ounces will be reflected in our operating cash flow. With respect to financial commitments, at the end of June, we had $50 million of funding outstanding for the Warintza acquisition. We expect to fund this amount in the third or fourth quarter, subject to registration of security, which is underway. Our only other remaining commitment is our 15% share of Hod Maden project costs. As part of the ownership restructuring, we funded $70 million of project costs in the second quarter. Lidya is required to fund the next $397 million, after which both parties will fund their share of costs according to their ownership. Assuming no changes to the project timeline or scope and no debt financing, we expect we will start contributing our share of spending in mid-2027. That concludes my comments on our financial performance for the quarter, and I will now turn the call back to Bill for closing comments. William Heissenbuttel: Thanks, Paul. As I said at the beginning of the call, this is our second full quarter of results after a year of transformational activity. Our financial results so far this year show the benefits of holding a large diversified and cash flowing portfolio and with the resolution of some of the more complicated Sandstorm interest complete and the transaction noise behind us, we have returned to delivering steady and predictable results. A year ago, there was concern that our 2025 transactions would cause dilution to near-term results. While it is only 2 quarters, our per share metrics in terms of GEO per share, adjusted EBITDA per share, operating cash flow per share and EPS all show the overall accretion of our 2025 transactions. Our business model should be simple for investors to understand and value. We have interest in some of the best assets in the mining business, Cortez, Fourmile, Kansanshi, Antamina, Red Chris, Great Bear, MARA, just to name a few. And I hope we will return to a premium valuation when the market has digested the results and values the cash flow and organic growth potential within the portfolio. Until such time, we will try to continue to show a strong financial performance and use our increased cash flows to address multiple opportunities that may be present ranging from new investments, further debt repayments and potentially further share repurchases. Operator, that concludes our prepared remarks. I'll now open the line for questions. Operator: [Operator Instructions] Your first question comes from the line of Brian MacArthur, Raymond James. Brian MacArthur: Just a few quick ones. You talked about cleaning up the portfolio from Sandstorm, you mentioned you still have the Entrée share. What's the latest thinking with respect to them? William Heissenbuttel: Brian, thanks for the question. We're going to be a little patient there. Rio and the government of Mongolia have been having ongoing discussions regarding some of the mining concessions, we just think if that were to get solved. Maybe that might have a positive impact on the Entrée share. So where it was with VersaMet and some of the other ones, we were just let's just sell it. As of right now, we're going to just hold on for a little bit and see what happens. Brian MacArthur: Great. My second question, thank you for the Hod Maden update spending. So I guess now you sort of -- they paid the next $397 million. You say there's $175 million in and you think you're going to pay -- make payments in mid-2027. The way you see it now -- I mean that's a fair bit of the capital will be spent by mid-2027. Is that back half payment if it goes that way, pretty significant. That is to say the majority of the rest of capital, you're thinking is going up in '27 and very little in 2028, assuming nothing changes. Is that the way I should think about it? I'm just trying to figure out what that actual payment could be in 2027. William Heissenbuttel: Well, I might start with Martin, is there anything on the construction timing we can add at this point? I don't quite know what we've talked about in the past. I imagine it's going to go from -- in 2027 and 2028, but anything you can add, Martin? Martin Raffield: I think that the -- so Lidya is still talking about first production of concentrate in 2028. So I think the way to think about it, Brian, was that the -- the remaining input from Royal Gold would probably be split over the second half of 2027 and the first half of 2028. But that's a very rough view at the moment. Brian MacArthur: Great. And just third question. You mentioned your second tranche for under the support payments for Mount Milligan. Can you just remind me when you get the final ounces under that deal, what the trigger is for that and when you might receive it? William Heissenbuttel: Oh boy. Paul, I'm going to take a shot at it and if you can help me a little bit, I would appreciate. So the total delivery was 50,000 ounces. I think that there were 3 scheduled tranches based on Greenstone of 11,000 ounces. So after the one we get in, say, next quarter or the fourth quarter, will it be another 11? I don't remember the trigger for it. But then the rest of it, I think, is longer term. It sort of goes out into the next decade. Is that -- Paul, am I anywhere close? Paul Libner: That's correct, Bill. And Brian, just remember, it's based on delivery -- or I'm sorry, threshold -- production thresholds at Greenstone. So -- but Bill is correct. The second tranche, 11,111 ounces, as I mentioned, we're anticipating that they're going to meet the next threshold required for that sometime in the late third quarter or possibly early fourth quarter. Operator: Your next question comes from the line of Cosmos Chiu with CIBC. Cosmos Chiu: Maybe my first question is on your guidance. You're tracking very well in the other metals category and also the copper category. So maybe in the other metals, could you remind me what's included in that $29 million that you've generated so far in Q1 and Q2? William Heissenbuttel: Yes, Cosmos. I mean, other is going to be things like lead, zinc, nickel, which is good. It's going to come from Antamina on the zinc side, I believe, Voisey's Bay, copper, nickel, and so there's one more. But Paul, what's the other -- Peñasquito, lead and zinc. Paul, is there anything else other than those 3 that really drive that? Paul Libner: No. That -- those are the big highlights. Cosmos Chiu: Okay. So I guess my question is, it's driven off of, I would imagine, higher sort of base metal prices we've seen so far in the first half. Is it a possibility that I take what has been generated in the first half and times 2. And then that will be sort of what the annualized number might be because that would be much higher than what you had expected at least for other metals and then significantly higher as well for copper. Is that one possibility if base metal prices stay at where they are today? William Heissenbuttel: Yes, sure, it's a possibility. The only caveat we have is the Antamina NPI is new to us. And we've seen revenue of $26 million in the first 6 months of this year. If you go back to '23 and '24, Antamina paid somewhere between $16 million and $17 million of royalty revenue for the full year. Now, we don't know of anything in the portfolio that would bring it down, and that's why we're uncomfortable changing guidance. But we don't have a lot of insight into Peñasquito. We don't have a lot of insight into Voisey's Bay. So as I thought -- look, it's a small piece of revenue, let's get to the end of the third quarter. And then if we need to adjust it, so people know where they're going to end up at the end of the year, then we can talk a little -- feel a bit better about talking about it then. Cosmos Chiu: And Bill, since you talked about being comfortable here, and it's a good news story, copper up and other metals up, but now copper mix up about 8% of your revenue, as Paul had mentioned earlier, it could potentially go higher. Is that a good mix? Or is that -- does that make you uncomfortable? At what point could it make you uncomfortable in terms of cost. William Heissenbuttel: I don't think we -- no. I mean we're 76% gold. And I just can't see -- I don't know what the copper price would have to go to suddenly say, well, that 76% is now substantially lower. I don't worry about it. Cosmos Chiu: Do you see it as an opportunity or no, you're still very much precious metals focused? William Heissenbuttel: We're precious metals focused. But as we've always said, if someone wants to call us up and show us something in another metals market that we can understand and we like the asset, yes, we'll certainly consider an investment. But it's certainly not -- copper's not suddenly strategic metal for us when we're going out and looking for it. Cosmos Chiu: Maybe going to Hod Maden a little bit, Bill. From where you're standing and from where your team is standing, how has that transition been in terms of the operatorship from SSR Mining to Lidya? Has it been okay? William Heissenbuttel: Yes. I think it's been okay. But I'm going to turn that question over to Martin because he's really been a touch with the Lidya technical folks. So Martin, why don't you give Cosmos your thoughts? Martin Raffield: Yes. So I think to answer your question, clearly, yes, we do believe the transition has gone well. At the mine site level, not really very much has changed. They've changed some senior leadership positions, but the work is still ongoing. So they're still working on the main access tunnels and they're ramping those up. They're working on the [ Salicor ] tunnel, which is key for us because it gets access between the South Valley and the North Valley where the tailings are stored. They're still working on the permanent camp infrastructure. They're working and almost complete on the water management infrastructure. So everything that we would have expected to continue work under SSR leadership is still going ahead and appears to be ramping up as we would expect. So I think we are -- we're comfortable with that. We're comfortable with the sort of communications that we have with the Lidya team. We've got good relationships going there. We've got clear insights into how the operation is progressing. So yes, overall, very comfortable with the handover. Cosmos Chiu: Great. And as we talked about timelines at Hod Maden, you talked about potentially needing to make that next payment in mid-2027, followed by production starting in sometime 2028. I guess my question is, Bill, as you mentioned, there could be potential for further optimization of the structure, you're still a 15% joint venture ownership -- owner of the joint venture partnership. So ideally, if a transaction were to happen, a further transaction were to happen, would you want that to happen before you need to make that next contribution? Or before production starts? Is there kind of like kind of different timelines that you look at? William Heissenbuttel: Not in that way. But I wouldn't want to start setting deadlines, threshold dates beyond which we don't want to go beyond it. I guess the message we're trying to say is, look, when we started the year, we were a 30% holder, and we were very clear that's not strategic. We want to turn it into something else that looks more similar to what we do. With the change in ownership, we took a half step down that -- towards that road. So the 15% is still non-core. If somebody is interested in buying it, we are more than happy to have a discussion, but it's not the same priorities. We're not out there hiring investment banks to run processes, and we may be looking for the opportune time to dispose of the rest of the 15%, but it's not tied to when we have to make the next payment, it's not before the mine goes into production. We're just -- we've got to play it by ear more than what we were doing at the beginning of the year, which was this is a priority let's figure it out. Operator: [Operator Instructions] Your next question comes from the line of Daniel Major with UBS. Daniel Major: The first one, just on the buyback. I see you've obviously started buying back stock this quarter. How should we be thinking about the criteria for the buyback going forward? And how should we be modeling it? I mean, is this very much dependent on like where the shares are trading relative to the peers, whether the shares are trading in absolute terms relative to the gold price, et cetera. Should we be thinking about it as a proportion of cash generation, like how should we be sort of thinking about the parameters to determine the run rate of that buyback? William Heissenbuttel: Yes. I would -- honestly, I try to talk you out of modeling it because the decisions to buy shares back or not, depends on a number of factors. And as we talked about it in May when we announced the program, NAV multiples and where we trade relative to the others, sure. That is the factor that sort of trips the rest of the decision-making. But it doesn't mean we're going to do something. And so we're not going to talk about at a NAV multiple below this, we're going to buy back so many shares. That's -- we're going to look at all the priorities. And the way I view it is share buybacks are great, but that's sort of a short-term priority. We have to, as a management team, consider the long-term priorities of the company, and that involves new investments. Is it better to buy back shares now or make an investment in a mine that's going to produce revenue for us for 20 years. And so we don't go into this with, you should expect this amount to be bought back each quarter. That's just not the way we're going to approach the program. What we're going to do is come and tell you what we did as we did with the announcement in July on the quarter-end results. So I'm going to frustrate you a little bit there and not be able to give you a modeling number. Daniel Major: No worries. That's useful color. Then the second question maybe follows on from Brian's question. Just around the Hod Maden additional payments for the remaining CapEx. Can you remind us what your share of the residual CapEx will be due in 2H '27, '28 based on the previous CapEx estimate? And how you think that CapEx number is trending under new ownership? William Heissenbuttel: Yes. Well, I mean, let's just stick with the number that was in the technical report, and I'm going to round it here just to make the math easy, $900 million project. And so 15% of that is $135 million, and we've already invested $70 million. So we only have $65 million to go to be invested over '27, '28. So it's actually -- I mean, compared to our overall cash flow, the remaining commitment here on the base CapEx is relatively small. So -- and that's why we kind of -- we like I'm not too worried about it. We've already invested more than half of what the commitment would be in the last month or 2. So -- but that's -- I mean those are the numbers, and I don't have a trending CapEx number for you. I think we're pretty early. And I know Lidya is using that the original budget to work towards. Daniel Major: Okay. And then yes, the last question, I mean, we've obviously seen some consolidation in the equity valuations across the space. How is the deal pipeline looking, yes, are you seeing -- are you seeing any opportunity set? How is the landscape changing? William Heissenbuttel: In terms of asset acquisitions, new investments? Daniel Major: Yes. Yes, new investments. William Heissenbuttel: Dan, I'll get Dan Breeze on the line here and let him give you some... Daniel Breeze: Yes. Thanks, Bill. Daniel, thanks for the question. We've been pretty busy. I think that's the way we would describe things. It's pretty wide in terms of the opportunity sets. And to your question specifically, we were wondering at the start of the year with the volatility of the markets and the political risk situation, if that was going to slow down deal flow and sellers and whatnot. We haven't seen that at all. And now with gold finding a bit of a floor here, I hope that's a positive as well. So we're kind of as busy as ever. And it's a good mix of things that we're looking at new streams and royalties and we're still finding third-party royalties out there, packages and stand-alone royalties. So it's a really good mix for us right now. We're feeling pretty good about the pipeline. Daniel Major: Great. Maybe just one follow-up on that. I mean we've been, I think, as a kind of broader industry waiting for the inflection point in FIDs of copper projects that hasn't really taken off yet. But are you seeing any more opportunity there in terms of funding streams on more sizable base metal investments? Daniel Breeze: Yes. I think we are, Daniel. I mean, it's -- we're always in conversations with operators and assets like that. I mean that's where our product works best is when you can kind of liberate precious byproducts that have a base metal asset. And of course, we've all seen the big deal this year with -- over Antamina. And I think that takes some interest of other large diversifieds. So we'll see where things end up, but that's more of an arbitrage opportunity as maybe as opposed to development CapEx going into a new project. But those do exist out there for what we're seeing. Operator: Our last question comes from the line of Tanya Jakusconek from Scotiabank. Tanya Jakusconek: Maybe, Dan, just finish off with you on the pipeline. [indiscernible] about the royalty opportunities, there's opportunities on streams on from base metal companies on their metals production and opportunities as well [indiscernible] William Heissenbuttel: Tanya, you're breaking up. Daniel Breeze: Tanya, we're just seeing you're breaking up a little bit. Could you repeat that, please? I didn't quite hear all that, if you don't mind. Tanya Jakusconek: Yes. So I just wanted to confirm with Dan that the opportunities that you are seeing for transactions are royalty opportunities, also opportunities from base metal companies on precious metal streams. And also on mine builds on gold producers. Is that how I should be thinking about the opportunities? Daniel Breeze: Yes, that's right, Tanya. And the bread and butter, which is still what we see right now is skewed towards gold, over development projects, primary gold assets, generally speaking. But as I mentioned, there are other opportunities out there with the base metal assets and third-party royalties and whatnot. But that core -- that's always there is still the prominent deal opportunity for us. Tanya Jakusconek: And one of your peers mentioned, Dan, that they've seen the size of opportunities increase, you were seeing between $300 million and $500 million. Is that still your bread and butter of what you're seeing out there? Daniel Breeze: Yes. I think that's still the core, Tanya, I'd say, $100 million to $500 million. We're aware of a couple of larger opportunities out there. That would be above $500 million, but the bulk of them are still in that category, $100 million to $500 million. Tanya Jakusconek: Okay. Just wanted to circle back if I could to Hod Maden. I know we're focusing on this asset and what has to be done in mid-2027 from your standpoint. Can you remind me, is there a right of first refusal for you selling your 15% interest? William Heissenbuttel: Yes. I mean the joint venture has all usual protections you would find from the joint venture partners. Tanya Jakusconek: Okay. And then Bill, do you also have the right for dilution should you not want to proceed? William Heissenbuttel: Yes. It's a standard joint venture agreement. Tanya Jakusconek: Okay. So that's another way you can do it. Okay. Perfect. And if I can circle back just on your guidance again, it seems that the metals guidance from what I understood, the reason that you are trending towards the upper end of the range and or beyond is to do with the Antamina NPI and obviously, what capital is placed on that NPIs. Is that correct? William Heissenbuttel: That, to me, is the biggest variable in those numbers. The copper number in the other metals number. I mean we've had Peñasquito for years. We've had Voisey's Bay for years. They have variability, too, but it's the Antamina NPI that I just -- I look at the historical revenues and I look at what we've earned so far this year, and I think there is just volatility in the number. That's why we're a little uncomfortable sitting here today saying we think we should change what we're telling you for the year-end. We're just not there. I think in early November, when we report, we'll certainly be able to help you with what things might look like by year-end. Tanya Jakusconek: Okay. It seems like it's a champagne problem. Maybe just turning on to -- yes. Maybe just turning on to just your guidance that you're tracking guidance and it had been that the second half of the year was supposed to be stronger. As we look at Q3 and Q4, is there -- between the 2 quarters, anything that stands out asset-wise where we have a stronger contribution in Q4? William Heissenbuttel: Paul, I'm going to turn to you on this. I know we've only talked in terms of halves of years. We haven't talked quarter-by-quarter. Is there anything else we can add to it? Paul Libner: No, there isn't, Tanya. I mean you probably recall earlier where we talked about kind of the 48-52 split year-to-date, I think that still is looking at Q3 and Q4 as well. Tanya Jakusconek: Yes. I was just wondering if there were certain assets in Q4 that you saw within the mine plans that are supposed to do better to guide us? Paul Libner: Yes. And Martin, I would probably then look over to you then. Is there any one that you can recall, Q3, Q4 that I may be forgetting here? Martin Raffield: No, Tanya. I think Q3 and Q4 at the moment are looking pretty well balanced. Just remember that a lot of our production or our sales come from assets with a significant delay between the production to the deliveries to the sales. So we have -- we're pretty comfortable with those Q3, Q4 numbers being balanced down with the numbers that Paul talked about earlier in terms of magnitude of comparison between H1 and H2. Operator: There are no further questions at this time. I will now turn the call back to Bill Heissenbuttel for closing remarks. William Heissenbuttel: Thanks, everybody, for taking the time to join us today. We certainly appreciate your interest, and we look forward to updating you on our progress during our next quarterly call. Take care. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in Royal Gold, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Royal Gold wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* Now, it’s worth noting Stock Advisor’s total average return is 958% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Royal Gold (RGLD) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Royal Gold, Inc. RGLD reported adjusted earnings of $2.56 per share for the second quarter of 2026, up 41.4% from $1.81 a year ago. The figure missed the Zacks Consensus Estimate of $2.62 by 2.29%.Including one-time items, the company reported earnings of $2.78 compared with the prior-year quarter’s $2.01. Royal Gold, Inc. price-consensus-eps-surprise-chart | Royal Gold, Inc. Quote Revenues surged 114.9% year over year to $450.5 million, aided by higher metal prices, new contributions from Kansanshi and the Sandstorm/Horizon assets, and stronger gold sales at Andacollo and Rainy River. Sales volume rose 56.5% to 100,000 gold-equivalent ounces, or GEOs.Stream revenues were $311 million and royalty revenues were $140 million in the June-end quarter. Stream revenues increased 133% year over year, while royalty revenues rose 83%. Streams accounted for 69% of the total revenues and royalties represented 31%.Average metal prices increased 37% for gold, 117% for silver and 40% for copper. The company’s cost of sales was $60 million in the second quarter compared with the prior-year quarter’s $24 million. General and administrative expenses amounted to $13 million compared with $10 million a year ago.Adjusted EBITDA was $376 million in the reported quarter, skyrocketing 114% year over year. The adjusted EBITDA margin was 83% compared with the prior-year quarter’s 84%. Net cash provided by operating activities was a record $335.2 million in the second quarter compared with $152.8 million in the prior-year quarter. The increase was driven primarily by higher stream and royalty revenues, partly offset by higher income-tax payments, G&A costs and interest payments. Royal Gold ended the quarter with cash and cash equivalents of $182.5 million compared with $233.7 million at the end of 2025. The company expects 2026 gold and silver sales to remain within the previously issued 290,000-320,000 ounces and 3-3.5 million ounces, respectively. Copper and other metals sales are trending around or above the top ends of their respective guidance of 21-25 million pounds and $34-$38 million.Mount Milligan remained on track for the 2026 guidance of 140,000-155,000 ounces of gold and 50-60 million pounds of copper. Greenstone continued ramping up, with higher quarter-over-quarter production expected for the balance of 2026.At Platreef, Phase 1 commercial production is expected in the fourth quarter of 2026, while the Phase 2 concentrator remains on schedule for completion in the fourth quarter of 2027. Hod Maden construction continued after the transition to Lidya operatorship, with Royal Gold retaining a 15% joint-venture interest and a new effective 2.5% NSR royalty. In the past year, shares of Royal Gold have gained 33.1% compared with the industry’s growth of 42.7%. Image Source: Zacks Investment Research The company currently has a Zacks Rank #5 (Strong Sell).You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here. Kinross Gold Corporation KGC reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%. Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%. Agnico Eagle Mines Limited AEM posted second-quarter 2026 earnings were $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89. Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.Newmont Corporation NEM reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.  Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Royal Gold, Inc. (RGLD) : Free Stock Analysis Report Newmont Corporation (NEM) : Free Stock Analysis Report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Royal Gold, Inc. reported past second-quarter 2026 earnings with sales rising to US$450.54 million and net income to US$236.39 million, alongside stronger earnings per share versus a year earlier, and similarly higher sales and profit for the first half of 2026. Alongside these results, Royal Gold issued full-year 2026 volume guidance of 290,000–320,000 ounces of gold, 3.0–3.5 million ounces of silver, and 21.0–25.0 million pounds of copper, giving investors clearer visibility into its precious and base metal exposure. With this sharp year-on-year revenue increase, we’ll now examine how Royal Gold’s latest results and sales guidance interact with its existing investment narrative. This technology could replace computers: discover 26 stocks that are working to make quantum computing a reality. To own Royal Gold, you need to believe in its royalty and streaming model across gold, silver and copper, and its ability to turn higher volumes into resilient cash flow. The latest Q2 2026 results, with sharply higher sales and earnings, support the near term catalyst of stronger cash generation, but they do not remove the central risk that revenue is still heavily exposed to swings in precious metal prices. The most directly relevant recent announcement is Royal Gold’s 2026 volume guidance, which targets 290,000 to 320,000 ounces of gold, 3.0 to 3.5 million ounces of silver and 21.0 to 25.0 million pounds of copper. This guidance ties the strong first half of 2026 into clearer expectations for the rest of the year, giving you a better view of how the company’s existing assets and recent portfolio moves may feed into upcoming catalysts. Yet even with strong recent numbers, investors should be aware that exposure to weaker future gold prices could still... Read the full narrative on Royal Gold (it's free!) Royal Gold's narrative projects $2.5 billion revenue and $1.3 billion earnings by 2029. This requires 24.0% yearly revenue growth and an earnings increase of about $666 million from $633.9 million today. Uncover how Royal Gold's forecasts yield a $305.67 fair value, a 40% upside to its current price. Before this earnings beat, the most optimistic analysts were already assuming revenue could reach about US$2.7 billion and earnings US$1.4 billion by 2029, which is far more bullish than consensus and depends heavily on projects like Hod Maden reshaping long term cash flow. This new set of results may push some forecasts higher or lower, so it is worth comparing these very optimistic scenarios with more cautious views before you decide which story you find most convincing. Explore 4 other fair value estimates on Royal Gold - why the stock might be worth as much as 72% more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Royal Gold research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision. Our free Royal Gold research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Royal Gold's overall financial health at a glance. These stocks are moving-our analysis flagged them today. Act fast before the price catches up: The latest GPUs need a type of rare earth metal called Neodymium and there are only 28 companies in the world exploring or producing it. Find the list for free. The future of work is here. Discover the 36 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. Find 51 companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RGLD. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Royal Gold, Inc.? Here are five stocks we like better. Royal Gold’s second-quarter results surged: Revenue rose 115% year over year to $451 million, net income increased 79% to $236 million, and operating cash flow reached a record $335 million, driven by 2025 acquisitions, higher metal prices and stronger volumes. The company delivered 100,000 gold equivalent ounces, with gold representing 76% of revenue. Management said 2026 gold and silver sales remain within guidance, while copper and other metals are trending near or above the high end. Royal Gold is strengthening its balance sheet and simplifying its portfolio: it repaid $200 million of debt during the quarter, plans to fully repay its revolver in the fourth quarter, reduced its Hod Maden ownership from 30% to 15%, and continues evaluating mostly $100 million–$500 million investment opportunities. Gold Is Testing Its 200-Day SMA—These 3 Mining Stocks Are the Play Royal Gold (NASDAQ:RGLD) reported sharply higher second-quarter 2026 revenue, earnings and operating cash flow, as contributions from acquisitions completed in 2025, higher metal prices and increased volumes expanded the scale of its portfolio. Revenue totaled $451 million, up 115% from the prior-year quarter. Net income rose 79% to $236 million, or $2.78 per share, while operating cash flow reached a record $335 million, a 119% increase. Adjusted net income was $218 million, or $2.56 per share, up 41% year over year. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth The Best Way to Invest in Gold Is... President and CEO Bill Heissenbuttel said the first-half results demonstrated the “material change in the scale” of the company’s portfolio following its 2025 transactions. No individual asset represented more than 13% of quarterly revenue, and only two assets generated more than 10%, he said. Royal Gold recorded 100,000 gold equivalent ounces in quarterly volume. Gold accounted for 76% of revenue, followed by silver at 12% and copper at 8%. The company said its adjusted EBITDA margin was 83%, supported by relatively low and stable cash general and administrative expenses. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High BHP Stock: The Under-the-Radar Growth Story in Commodities Royalty revenue increased 83% from the prior-year period to $140 million, helped by higher contributions from Cortez Legacy Zone and Voisey’s Bay, as well as new interests in Antamina, Caserones, Houndé and Fruta del Norte. Stream revenue climbed 133% to $311 million, with higher year-over-year revenue from Andacollo, Pueblo Viejo, Rainy River, Khoemacau, Wassa and Sevinchenah, among other assets. Chief Financial Officer Paul Libner said higher metal prices also contributed to the results. During the quarter, gold prices rose 37% from the prior year, silver prices increased 117%, and copper prices rose 40%. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Revenue included approximately $22 million from the sale of 5,000 gold ounces delivered in advance under the settlement of fixed delivery obligations related to the Relief Canyon Mine. The original delivery schedule had called for 1,275 ounces per quarter through the end of 2027. Libner said the advanced ounces increased 2026 deliveries by 1,175 ounces, with all of those ounces received in the first half rather than evenly throughout the year. The company said gold and silver sales remain on track within 2026 guidance ranges, while copper and other metals are trending around or above the top end of their ranges. Management cited lower-than-expected deductions on the Antamina net profits interest royalty, zinc production at Antamina and nickel production at Voisey’s Bay. However, Heissenbuttel said the company wants additional visibility before updating guidance because Antamina is a newer interest and because Royal Gold has limited insight into certain other contributing assets. Several operators reported progress at assets in Royal Gold’s portfolio. At Greenstone, Equinox said 69% of days during the second quarter exceeded the mill’s 27,000-ton-per-day nameplate capacity and expects production to increase sequentially through the rest of the year. At Red Chris, the Canadian government announced a C$500 million investment in the Block Cave project, while Newmont is advancing toward a board approval decision near year-end. At Platreef, Ivanhoe expects commercial production from Phase I in the fourth quarter of 2026. Royal Gold received its first delivery under the project’s gold stream after the quarter ended. At Hod Maden, operatorship has transitioned to Lidya, which continues to target initial concentrate production in 2028, subject to completion of its schedule and execution-plan review. As of June 30, Hod Maden was approximately 25% complete, based on engineering, procurement and construction progress, with cumulative expenditures of about $175 million. Royal Gold reduced its ownership interest in the project from 30% to 15% after the quarter ended in exchange for additional royalty interests. Heissenbuttel said the smaller residual equity position materially reduces the company’s exposure to operating and capital-cost risks. He added that the remaining 15% interest is still non-core and that Royal Gold may consider opportunities to reduce it further, though it is not pursuing a formal sale process. Royal Gold paid $40 million in dividends during the quarter, reflecting an annualized dividend rate of $1.90 per share, up 6% from a year earlier. The company also repurchased and canceled 147,000 shares for $30 million under its share buyback program and repaid $200 million on its revolving credit facility. Available liquidity totaled $1.2 billion at quarter-end, including $244 million of working capital. Since the end of June, the company repaid another $75 million in July and intends to make an additional $100 million repayment in mid-August. Libner said Royal Gold expects to fully repay its outstanding revolver balance during the fourth quarter, based on current metal prices and absent significant acquisitions. Management emphasized that share repurchases will remain discretionary. Heissenbuttel said decisions will depend on valuation, the business-development pipeline, debt reduction, dividends and longer-term investment opportunities rather than a fixed quarterly repurchase target. The company also highlighted efforts to simplify interests acquired through the Sandstorm and Horizon transactions. In addition to the Hod Maden restructuring and Relief Canyon settlement, Royal Gold said it has streamlined the Horizon structure, divested non-core equity positions and restructured Bear Creek investments. Senior Vice President of Corporate Development Dan Breeze said the company remains active in reviewing new investment opportunities. He said the core opportunity set continues to be development-stage, primary gold assets, while Royal Gold is also evaluating precious-metals streams on base-metals assets and third-party royalty opportunities. Most potential transactions are in the $100 million to $500 million range, although the company is aware of some larger opportunities. Royal Gold, Inc, headquartered in Denver, Colorado, is a leading precious metals streaming and royalty company. Through its business model, Royal Gold provides upfront financing to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined prices. This structure allows the company to participate in production upside while minimizing exposure to the operating and capital-intensive aspects of mine ownership. The company's portfolio encompasses interests in over 200 streams and royalties on projects across North America, South America, Europe, Africa and Australia. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Royal Gold Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

DENVER, August 05, 2026--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, "Royal Gold," the "Company," "we," "us," or "our") released financial results for the quarter ended June 30, 2026 ("second quarter"). "Financial results for the second quarter were strong and we made meaningful progress on executing our priorities," commented Bill Heissenbuttel, President and CEO of Royal Gold. "We continued our disciplined approach to capital allocation. We repaid debt, repurchased and cancelled shares, and invested capital toward our Warintza and Hod Maden portfolio interests. We also continued progress on simplifying the Sandstorm portfolio with the restructuring of the Hod Maden joint venture interest and the settlement of the fixed delivery obligations at the Relief Canyon mine. After a solid first half of the year driven by our large and diversified portfolio, our outlook for the second half remains positive, and we will maintain our discipline and long term focus as we consider alternatives to accretively deploy capital in an active environment for new business development opportunities." Second Quarter Highlights Financial/Operating Revenue of $450.5 million (compared to $209.6 million in the prior year period) Revenue split by commodity: 76% gold, 12% silver, 8% copper Record operating cash flow of $335.2 million (compared to $152.8 million in the prior year period) Net income of $236.4 million ($2.78 per share), and adjusted net income1 of $218.2 million ($2.56 per share) (compared to $132.3 million and $118.8 million, respectively, in the prior year period) Sales volume of 100,000 GEOs2 (compared to 63,900 in the prior year period) Adjusted EBITDA margin1 of 83% (compared to 84% in the prior year period) Corporate Repaid $200 million on the revolving credit facility Increased total available liquidity to approximately $1.2 billion Paid quarterly dividend of $0.475 per share, a 6% increase over the prior year period Repurchased 147,205 shares at an average price of $203.80 per share, for total consideration of $30 million Sold 5,000 ounces of gold received from the settlement of remaining fixed delivery obligations with Americas Gold and Silver Corporation ("Americas") related to the Relief Canyon mine Advanced a further $50 million under the stream agreement to Solaris Resources Inc. ("Solaris") following technical approval of the environmental impact assessment ("EIA") and publication of a pre-feasibility study ("PFS") for the Warintza Project Restructured ownership of the Hod Maden Project interests and funded $70 million in project costs Added a new $600 million uncommitted accordion facility to the $1.4 billion revolving credit facility Post Quarter Events Repaid $75 million on the revolving credit facility on July 15, 2026, reducing the amount currently drawn to $325 million and increasing the amount available and undrawn to $1.075 billion Closed the Hod Maden ownership restructuring and received a new 2.5% net smelter return ("NSR") royalty on the Hod Maden Project Revenue Summary Outlook for 2026 Royal Gold provided guidance for 2026 metal sales volumes, depreciation, depletion and amortization ("DD&A") expense and effective tax rate in March, 2026. We are currently forecasting that performance against these metrics will be within the ranges provided with the exceptions of sales of copper and other metals, which are trending to be around or above the top end of the respective guidance ranges. Corporate Activity Buyback and Cancellation of Shares During the second quarter, and in accordance with the previously-announced $500 million share repurchase program approved by the Board of Directors on May 4, 2026, we repurchased 147,205 shares at an average price of $203.80 per share, for total consideration of $30 million. The repurchased shares were cancelled and 84,673,027 shares remain outstanding as of June 30, 2026. The manner, timing, pricing and amount of any repurchases under the program will be subject to management's discretion and may be based upon market conditions and alternative opportunities for the use or investment of capital. Settlement of Fixed Delivery Obligations for the Relief Canyon Mine On June 11, 2026, Royal Gold and Americas closed an agreement to settle the remaining fixed delivery obligations owed to Royal Gold related to the Relief Canyon mine. Under the agreement, Americas' obligation to deliver 8,861 ounces of gold over the period between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, which were sold during the second quarter, and 2,652,532 common shares of Americas. The common shares are subject to a four-month hold period after closing. We recognized a $2.6 million gain due to the agreement in the second quarter, and the proceeds from the sale of the gold delivery were recognized as stream revenue and resulted in the recognition of approximately $12 million of additional DD&A expense. Royal Gold's royalty and stream interest on Relief Canyon remain in place and the net book value of the stream interest was reduced to $0. Payment to Solaris Resources Upon EIA Approval As previously announced, on April 14, 2026, after technical approval of the EIA and publication of a PFS for the Warintza project, we advanced Solaris $50 million of the total $100 million outstanding conditional funding under the stream agreement dated May 21, 2025. The remaining $50 million payable to Solaris is subject to the completion of all filings necessary to perfect security in Ecuador, which is underway, and payment is anticipated in the third or fourth quarter of 2026. Completion of Restructured Ownership Interests in the Hod Maden Project On May 18, 2026, we announced the restructuring of our ownership in Artmin Madençilik ("Artmin"), the joint venture company that owns 100% of the Hod Maden Project (the "Project"). The restructuring included a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% NSR royalty interest over the Project (the "New RG Royalty"), and certain rights pertaining to a new effective 4.0% NSR royalty interest over the Project (the "SSR Royalty") granted to SSR Mining, Inc. ("SSR"). Additionally, as part of this restructuring, Lidya Madençilik ("Lidya"), the additional partner in the ownership of Artmin, acquired SSR's interests in Artmin and assumed operatorship of the Project. Closing of the transactions required to complete this restructuring occurred on July 17, 2026. Artmin is now owned 15% by Royal Gold and 85% by Lidya, and Royal Gold holds acquisition and certain other rights over the SSR Royalty. Royal Gold retains a perpetual right of first refusal ("ROFR") over the sale of the SSR Royalty to a third party, and SSR will not be permitted to sell the royalty without Royal Gold’s consent prior to January 1, 2028. SSR also granted Royal Gold the option to acquire half of the SSR Royalty (an equivalent 2.0% NSR royalty interest) for $160 million, exercisable from closing through the period that ends 12 months after the achievement of commercial production at the Project. As part of the restructuring, Royal Gold further agreed to fund $70 million of Project costs, which was completed in May, 2026. Lidya will complete the funding of the next $397 million of Project costs and further funding will be split pro rata between Royal Gold and Lidya according to their 15%/85% ownership in Artmin. Equity funding requirements may be reduced should Artmin secure debt financing for Project development. Added $600 Million Accordion Feature to the $1.4 Billion Revolving Credit Facility As previously announced, on May 5, 2026, we entered into a seventh amendment to the revolving credit facility that added a new $600 million uncommitted accordion feature to the revolving credit facility. The new accordion feature permits the Company to request additional commitments from the credit facility bank syndicate that would increase aggregate commitments under the revolving credit facility to up to $2.0 billion, subject to customary conditions, including the consent of each lender providing an additional commitment. Portfolio Revenue and Developments Overall Revenue and Realized Metal Prices North America Revenue by Stream/Royalty Interest (thousands) NOTABLE PRODUCING PROPERTY DEVELOPMENTS Mount Milligan: On July 28, 2026, Centerra Gold Inc. ("Centerra") reported production of 38,175 ounces of gold and 13.1 million pounds of copper in the second quarter of 2026. Centerra further reported that year-to-date gold and copper production through June 30, 2026, is in line with the PFS mine plan and that production remains on track to achieve the previously provided guidance of between 140,000 and 155,000 ounces of gold and 50 to 60 million pounds of copper for 2026. As previously disclosed, Centerra expects gold production to be higher in the third quarter of 2026, reflecting planned mine sequencing, which we expect to be reflected in our results in 2027 based on the delivery lag between production and deliveries. Pueblo Viejo: On July 23, 2026, Newmont Corporation ("Newmont") (40% non-operating joint venture partner) reported that gold production increased 17% in the second quarter over the prior year period primarily due to higher mill throughput and higher drawdown of in-circuit inventory, partially offset by lower mill recovery and lower ore grade milled. Cortez: Production attributable to our royalty interests at the Cortez Complex was approximately 169,200 ounces of gold for the three months ended June 30, 2026, of which 38,400 ounces were attributable to the Legacy Zone, and 130,800 ounces were attributable to the CC Zone, compared to approximately 176,900 ounces of gold for the three months ended June 30, 2025, of which 27,900 ounces were attributable to the Legacy Zone, and 149,000 ounces were attributable to the CC Zone. Rainy River: After completing the acquisition of New Gold Inc. on March 20, 2026, Coeur Mining Inc. ("Coeur") has disclosed that it commenced a more aggressive exploration program in May focused on near-mine drill testing and exploration of the large land package in the Rainy River district, which extends over 50 kilometers. Additionally, Coeur has reported that it expects annual gold and silver production at Rainy River to average 287,000 ounces and 527,000 ounces, respectively, through 2028. Peñasquito: On July 23, 2026, Newmont reported that second quarter gold and other metals production was lower due to lower ore grade milled and lower mill recovery, and planned maintenance was completed in the second quarter with higher throughput expected in the third quarter. Newmont confirmed that 2026 production guidance of 185,000 ounces of gold, 32 million ounces of silver, 90,000 tonnes of lead and 220,000 tonnes of zinc is unchanged. Greenstone: On July 9, 2026, Equinox Gold Corp. ("Equinox") reported that mining rates averaged more than 199,000 tonnes per day following the winter months and mill throughput averaged 26,856 tonnes per day, and 69% of days exceeded the nameplate capacity of 27,000 tonnes per day in the second quarter compared to 51% in the first quarter. Equinox expects that this trend will continue into the second half of the year resulting in expected higher production quarter over quarter for the balance of the year. Red Chris: On July 2, 2026, the Government of Canada and the Province of British Columbia signed the new Canada-British Columbia Cooperative Prosperity Agreement, which is intended to accelerate the construction of major energy and trade corridors throughout the province, and includes a C$500 million investment in the block cave project to expand the Red Chris mine. On July 23, 2026, Newmont provided a progress update on the project, which included the receipt of key regulatory approvals from the province of British Columbia, including an amended Environmental Assessment Certificate, the continuation of the feasibility study and advancement of the project toward Board approval toward the end of the year. Voisey's Bay: On June 9, 2026, Vale S.A. ("Vale") hosted an investor tour of Voisey's Bay and Long Harbour and reported that ramp-up at the underground mines is largely complete, and nickel production at Long Harbour is expected to increase to over 45,000 tonnes in 2026. Vale also reported the expansion of annual mill capacity from the current year-to-date 2.8 million tonnes to 3.8 million tonnes by 2030, with the potential for mine life extension from orebodies that are open at depth and along strike. On July 21, 2026, Vale further reported finished nickel production of 10,400 tonnes in the second quarter. NOTABLE DEVELOPMENT PROPERTY ACTIVITY Great Bear (2.0% NSR royalty): On July 29, 2026, Kinross Gold Corporation ("Kinross") provided an update on activity at the Great Bear Project in Ontario. According to Kinross, detailed engineering of the Main Project is 50% complete, and the Advanced Exploration program surface construction is approximately 93% complete and the first blast of the exploration decline was completed on July 27, 2026. Kinross also reported that permitting and procurement progressing as planned for the Main Project. Cactus (2.0% NSR royalty): On June 24, 2026, Hudbay Minerals Inc. ("Hudbay") announced completion of the acquisition of Arizona Sonoran Copper Company Inc., the owner and operator of the Cactus Project in Arizona. According to Hudbay, the Cactus Project will be integrated into its Arizona portfolio where there are opportunities to realize development, operational and regional synergies with its Copper World Project and create a copper district in Arizona. On July 29, 2026, Hudbay reported that it expects to spend approximately $30 million at the Cactus Project in the second half of 2026 to advance an updated PFS, perform site de-risking activities, conduct exploration activities and for other ongoing site costs. Hudbay expects the updated Cactus Project PFS to be completed in the second half of 2027. South and Central America Revenue by Stream/Royalty Interest (thousands) NOTABLE PRODUCING PROPERTY DEVELOPMENTS Andacollo: On July 23, 2026, Teck Resources Limited ("Teck") reported higher copper production in the quarter ended June 30, 2026, compared to the prior year period driven by higher copper grades, stable operations and strong recoveries. Teck also confirmed 2026 annual copper production guidance despite the partial suspension of operations on July 17, 2026, due to the impact of severe weather conditions. Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future. Antamina: On July 22, 2026, Teck reported second quarter copper production of 108,500 tonnes and zinc production of 54,000 tonnes (100% basis). According to Teck, the mix of mill feed in the quarter was 67% copper-only ore and 33% copper-zinc ore as expected in the mine plan, compared with 23% copper-only ore and 77% copper-zinc ore in the same period last year. Teck also reaffirmed guidance for 2026 production of 422,000 to 467,000 tonnes of copper, and 156,000 to 200,000 tonnes of zinc (100% basis). Caserones: On June 16, 2026, Lundin Mining Corporation ("Lundin Mining") provided an update on production expansion and exploration opportunities at Caserones. According to the update, work is underway to increase utilization of the cathode plant and grow copper production from 25,800 tonnes in 2025 to 40,000 tonnes, and 39,000 meters of drilling is planned in 2026 on more than 10 exploration targets in the Caserones district. Lundin Mining is targeting 26,900 meters of drilling at the Angelica target and deep sulphide targets adjacent to the Caserones pit, and expects to complete an initial resource estimate in the first quarter of 2027. Additionally on July 21, 2026, Lundin Mining reported that severe winter weather had disrupted site power and operations were temporarily suspended on July 18, 2026. On July 27, 2026, Lundin Mining reported that full power restoration and gradual restart of operations is expected to take approximately two to three weeks. Chapada: On June 16, 2026, Lundin Mining provided an update on the Saúva growth project. Lundin Mining expects the Saúva project to increase copper and gold production by approximately 30% and 75%, respectively, with the potential to extend the mine plan beyond 4 years. Lundin Mining reported that earthworks for the additional ball mill were expected to begin in July, and first ore from Saúva is targeted in early 2029. Fruta del Norte: On July 8, 2026, Lundin Gold Inc. ("Lundin Gold") reported second quarter gold production of 119,000 ounces and confirmed 2026 gold production guidance of 475,000 to 525,000 ounces. On July 21, 2026, Lundin Gold further reported continued success from its district exploration programs with the discovery of two additional copper-gold porphyries, increasing the district total to seven, with a maiden resource for the Sandia porphyry expected in early 2027. On July 27, 2026, Lundin Gold reported that results from its ongoing conversion and near-mine drilling programs also continue to deliver positive results with four gold-silver epithermal deposits identified to date providing a pipeline to continue growing resources and reserves. NOTABLE DEVELOPMENT PROPERTY ACTIVITY Lobo-Marte (NSR royalty): On July 29, 2026, Kinross provided an update on the economics of the Lobo-Marte Project in Chile based on a refresh of the 2021 feasibility study. Kinross reported that Lobo-Marte has the potential to become a long-life, low-cost cornerstone asset in its portfolio, and based on the initial mine plan, is expected to produce an average of approximately 350,000 ounces of gold per year during steady state operations. Kinross also reported that the EIA was accepted for review by the Environmental Assessment Service of Chile in the second quarter of 2026, and engineering and execution planning is progressing with first gold production targeted for the early 2030s. MARA (NSR royalty with gold stream option): On August 5, 2026, Glencore plc ("Glencore") provided an update on progress at the MARA project in Argentina. According to Glencore, mining restarted at Alumbrera ahead of schedule in June 2026, and Agua Rica feasibility engineering is underway with the environmental permitting submission expected in the coming weeks and RIGI approval expected shortly thereafter. EMEA Revenue by Stream/Royalty Interest (thousands) NOTABLE PRODUCING PROPERTY DEVELOPMENTS Kansanshi: On July 28, 2026, First Quantum Minerals Ltd. ("First Quantum") reported second quarter copper production of 43,997 tonnes, which was 10% higher than the same quarter of 2025, primarily due to contribution from the S3 plant, which was at construction stage in the same period last year. According to First Quantum, S3 throughput was sustained above design capacity in the second quarter, achieving the highest monthly processed tonnes in May 2026 since commissioning in August 2025, driven by higher operating time, strong utilization and milling rates. First Quantum confirmed that copper production guidance for 2026 remains unchanged at 175,000 to 205,000 tonnes. Khoemacau: On July 21, 2026, MMG Limited ("MMG") reported contained silver production of 370,877 ounces for the second quarter and 697,660 ounces for the year to date through the end of the second quarter. According to MMG, first-half production was affected by development delays and equipment availability constraints, and the operation is expected to benefit from improved equipment utilization, the introduction of new mining equipment, continued access to higher-grade mining areas and the progressive commissioning of refurbished fleet units in the second half of the year. MMG further reported that the expansion to 130,000 tonnes of copper concentrate per year remains on track for first concentrate production in the first half of 2028. MMG reported that construction activities continued to advance with steady progress across engineering, procurement and site works. Bonikro: On June 10, 2026, Allied Gold Corporation ("Allied") provided an update on studies to extend the mine life and expand processing capacity. According to Allied, the mine life is expected to extend from 2029 to 2036, with average annual gold production of 120,000 ounces per year. Additionally, Allied is studying an increase in processing capacity intended to bring forward the processing of low grade stockpiles at a rate of 15,000 to 20,000 gold ounces per year, beginning in late 2026 to early 2027. Houndé: On July 30, 2026, Endeavour Mining plc ("Endeavour") confirmed 2026 gold production guidance of 220,000 to 255,000 ounces, with production weighted towards the second half of 2026. Additionally, Endeavour reported that it is finalizing resource definition at the Vindaloo Deeps discovery, and resource definition drilling is underway at the Vindaloo Deeps South East target, a downdip extension of Vindaloo Deeps. Endeavour expects a resource update on Vindaloo Deeps in the second half of 2026 and a maiden resource at Vindaloo Deeps South East in 2027. NOTABLE DEVELOPMENT PROPERTY ACTIVITY Platreef: On July 29, 2026, Ivanhoe Mines Ltd. ("Ivanhoe") reported that Phase 1 operations have not yet reached commercial production and mining rates are expected to ramp up throughout the second half of 2026 with commercial production now expected in the fourth quarter of 2026. Ivanhoe further reported that Shaft #3 commissioning was completed in June and is expected to support the Phase 1 ramp-up to full capacity and Phase 2 expansion, and construction of the Phase 2 concentrator is on schedule for completion in the fourth quarter of 2027. Hod Maden (15% joint venture interest and various royalty interests): Following the transition of operatorship to Lidya in the second quarter, construction activities have continued while Lidya undertakes a comprehensive review of the Hod Maden Project schedule and execution plan. Based on the work completed to date, project expenditures and commitments remain within the scope reflected in the SLR Technical Report Summary published by SSR on January 29, 2026. Construction activity during the second quarter included work on the main access road, tunnels, site preparation, permanent camp, utility works, water management and diversion, geotechnical investigations and other site infrastructure. As of June 30, 2026, overall project progress was approximately 25% (comprising completion of 74% engineering, 44% contracts and procurement, 8% construction) and cumulative expenditures were approximately $175 million. Lidya continues to target initial concentrate production in 2028 subject to completion of the updated schedule and cost-to-complete review, timely execution of the remaining major construction and procurement packages and other customary development conditions. Australia Pacific Revenue by Stream/Royalty Interest (thousands) NOTABLE PRODUCING PROPERTY DEVELOPMENTS Bellevue: On July 7, 2026, Bellevue Gold Limited ("Bellevue") reported full year gold production of approximately 144,000 ounces, within guidance of 130,000 to 150,000 ounces for the fiscal year ending June 30, 2026. According to Bellevue, mined and processed grades were in line with expectations through the quarter ended June 30, 2026, as ore is now sourced from five established mining areas. On July 28, 2026, Bellevue provided gold production guidance of 150,000 to 170,000 ounces for the fiscal year ending June 30, 2027. King of the Hills: On July 14, 2026, Vault Minerals Limited ("Vault") and Genesis Minerals Limited ("Genesis") agreed to merge, with Genesis acquiring all outstanding shares of Vault. Genesis intends to release its new strategic plan in the first half of 2027 after completing a strategic review of optimization opportunities and the merged group's asset portfolio. Royal Gold holds additional royalty interests at the Gwalia and Ulysses operations owned by Genesis. Second Quarter 2026 Overview For the second quarter, we recorded net income attributable to Royal Gold stockholders of $236.4 million, or $2.78 per basic and diluted share, as compared to net income of $132.3 million, or $2.01 per basic and diluted share, for the three months ended June 30, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities, partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below. Revenue For the second quarter, we recognized total revenue of $450.5 million, comprised of stream revenue of $311.0 million and royalty revenue of $139.6 million at an average gold price of $4,506 per ounce, an average silver price of $73.15 per ounce and an average copper price of $6.05 per pound. This is compared to total revenue of $209.6 million for the three months ended June 30, 2025, comprised of stream revenue of $133.2 million and royalty revenue of $76.5 million, at an average gold price of $3,280 per ounce, an average silver price of $33.68 per ounce and an average copper price of $4.32 per pound. The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm Gold Ltd. ("Sandstorm") and Horizon Copper Corp. ("Horizon") assets, higher gold sales at Andacollo and Rainy River, and higher production from the Cortez Legacy Zone. These increases were partially offset by lower sales from Mount Milligan when compared to the prior year period. Cost of Sales and Other Costs Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.1 million for the three months ended June 30, 2026, from $24.2 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Rainy River and Wassa. These increases were partially offset by lower gold sales from Mount Milligan when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra. General and administrative costs increased to $13.4 million for the three months ended June 30, 2026, from $10.3 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to increases in non-cash stock compensation and employee and office related costs. DD&A increased to $96.2 million for the three months ended June 30, 2026, from $31.2 million for the three months ended June 30, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets, and additional expense recognized with the sale of the ounces related to the Relief Canyon fixed delivery obligation settlement. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period. Fair value changes in equity securities was $21.9 million for the three months ended June 30, 2026 primarily due to the increase in value of the Entrée Resources Ltd. shares acquired as a result of the Sandstorm and Horizon acquisition. Interest and other expense increased to $10.0 million for the three months ended June 30, 2026, from $1.5 million for the three months ended June 30, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended June 30, 2026, amounts outstanding under our revolving credit facility averaged $476.6 million at an average all-in borrowing rate of 4.8% compared to no outstanding debt for the three months ended June 30, 2025. For the three months ended June 30, 2026, we recorded income tax expense of $58.2 million, compared to $10.5 million for the three month...s ended June 30, 2025. The income tax expense resulted in an effective tax rate of 19.7% in the current period, compared with 7.4% for the three months ended June 30, 2025. The three months ended June 30, 2025, included a $9.3 million discrete benefit related to a withholding tax refund on a foreign royalty and a discrete benefit of $4.3 million attributable to the release of a valuation allowance. Cash Flows Net cash provided by operating activities totaled a record $335.2 million for the three months ended June 30, 2026, compared to $152.8 million for the three months ended June 30, 2025. The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $222.7 million, partially offset by higher income tax payments of $28.1 million, higher general and administrative costs of $8.1 million and higher interest payments on outstanding debt of $6.7 million when compared to the prior year period. Net cash used in investing activities totaled $117.2 million for the three months ended June 30, 2026, compared to net cash used in investing activities of $112.8 million for the three months ended June 30, 2025. The increase in cash used was primarily due to lower cash payments for acquisitions of $62.7 million and higher cash calls of $70.0 million for the Hod Maden equity method investment when compared to the prior year period. Net cash used in financing activities totaled $269.6 million for the three months ended June 30, 2026, compared to net cash used in financing activities of $32.6 million for the three months ended June 30, 2025. The increase in cash used was primarily due to higher debt repayments of $200.0 million, stock repurchase payments of $30.0 million and higher dividend payments of $10.7 million when compared to the prior year period. Liquidity Total liquidity at the end of the second quarter was approximately $1.2 billion, which consisted of $243.8 million of working capital and $1.0 billion undrawn and available under the revolving credit facility. At June 30, 2026, we had $400 million of outstanding debt drawn on the revolving credit facility. Subsequent to the end of the quarter, on July 15, 2026, we repaid $75 million of this amount, resulting in $325 million outstanding and $1.075 billion available as of the date of this press release, excluding the uncommitted accordion feature. In keeping with Royal Gold’s capital allocation strategy to repay outstanding debt as cash flow allows, the Company expects to repay the outstanding balance from future cash flow in the fourth quarter of 2026 at current metal prices and absent further acquisitions. At June 30, 2026, our contractual cash obligations comprised operating leases and the conditional Warintza funding. With respect to the Warintza funding, we expect to pay the final $50.0 million in the third or fourth quarter of 2026, subject to the completion of all filings necessary to perfect security in Ecuador, which is underway. Second Quarter 2026 Call Information Management’s conference call reviewing the second quarter results will be held on Thursday, August 6, 2026, at 12:00 pm Eastern Time (10:00 am Mountain Time). The call will be webcast live and archived on the Company’s website for a limited time. Corporate Profile Royal Gold is a high-margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol "RGLD" and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com. Additional Investor Information Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words such as "will," "may," "could," "should," "would," "believe," "estimate," "expect," "anticipate," "plan," "forecast," "potential," "intend," "continue," "project," or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including our 2026 guidance; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity and capital expenditures; opportunities for, and anticipated benefits from investments, acquisitions and other transactions; receipt and timing of future metal deliveries and sales of metals; anticipated liquidity, capital resources, financing, and stockholder returns, including share repurchases; borrowings and repayments under our revolving credit facility; and prices for gold, silver, copper and other metals. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon; failure to realize the anticipated benefits from the Sandstorm and Horizon acquisition in the timeframe expected or at all; risks associated with our equity interests in the Hod Maden project; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including Item 1A, Risk Factors of our most recent Annual Report. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release or our reports filed with the Securities and Exchange Commission could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements. Statement Regarding Third-Party Information Certain information provided in this press release, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties (including limited information provided by the operator of the Hod Maden project in connection with our equity interests and board representation) or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties. Schedule A – Non-GAAP Financial Measures and Certain Other Measures Overview of non-GAAP financial measures: Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgment. Non-GAAP financial measures used by management in this release or elsewhere include the following: Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations. Net debt (or net cash) is a non-GAAP financial measure that is calculated by the Company as debt (excluding debt issuance costs) as of a date minus cash and equivalents for that same date. Net debt (or net cash) to trailing twelve months (TTM) adjusted EBITDA is a non-GAAP financial measure that is calculated by the Company as net debt (or net cash) as of a date divided by the TTM adjusted EBITDA (as defined above) ending on that date. We believe that these measures are important to monitor leverage and evaluate the balance sheet. Cash and equivalents are subtracted from the GAAP measure because they could be used to reduce our debt obligations. A limitation associated with using net debt (or net cash) is that it subtracts cash and equivalents and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. We believe that investors may find these measures useful to monitor leverage and evaluate the balance sheet. Adjusted net income and adjusted net income per share are non-GAAP financial measures that are calculated by the Company as net income and net income per share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliations below. We consider these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of our operating results excluding items that we believe are not indicative of our fundamental ongoing operations. The tax effect of adjustments is computed by applying the statutory tax rate in the applicable jurisdictions to the income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero. Free cash flow is a non-GAAP financial measure that is calculated by the Company as net cash provided by operating activities for a period minus acquisition of stream and royalty interests for that same period. We believe that free cash flow represents an additional way of viewing liquidity as it is adjusted for contractual investments made during such period. Free cash flow does not represent the residual cash flow available for discretionary expenditures. We believe it is important to view free cash flow as a complement to our consolidated statements of cash flows. Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation. Reconciliation of non-GAAP financial measures to U.S. GAAP measures Adjusted EBITDA, Adjusted EBITDA margin, net debt, and net debt to TTM adjusted EBITDA: Cash G&A: Adjusted net income and adjusted net income per share: Free cash flow: Other measures We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and when planning and forecasting for future periods. We believe these measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Other measures used by management in this release and elsewhere include the following: Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period. Depreciation, depletion, and amortization, or DD&A, per GEO is calculated by the Company as depreciation, depletion, and amortization for a period divided by GEOs (as defined above) for that same period. Working capital is calculated by the Company as current assets as of a date minus current liabilities as of that same date. Liquidity is calculated by the Company as working capital plus available capacity under the Company’s revolving credit facility. Dividend payout ratio is calculated by the Company as dividends paid during a period divided by net cash provided by operating activities for that same period. Schedule B – Stream Segment Sales, Purchases and Inventories View source version on businesswire.com: https://www.businesswire.com/news/home/20260805457831/en/ Contacts For further information, please contact:Alistair BakerSenior Vice President, Investor Relations and Business Development(303) 573-1660

DENVER, July 21, 2026--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, "Royal Gold," the "Company," "we," "us," or "our") announced preliminary financial information and details for the release of results for the quarter ended June 30, 2026 ("second quarter"). Preliminary Second Quarter Estimates Royal Gold's stream sales and preliminary royalty sales and depreciation, depletion and amortization ("DD&A") estimates1 in the second quarter are as follows: Notable Second Quarter Financial Items Notable financial items for the second quarter include: The repayment of $200 million of debt, resulting in an outstanding balance on the revolving credit facility of $400 million on June 30, 2026, leaving $1.0 billion undrawn and available. The repurchase of 147,205 shares at an average price of $203.80 per share, for total consideration of $30 million. The repurchased shares were cancelled. During the second quarter, Royal Gold and Americas Gold and Silver Corporation ("Americas") reached an agreement to settle the remaining fixed gold delivery obligations owed to Royal Gold related to the Relief Canyon mine. Under the agreement, Americas' obligation to deliver 8,861 ounces of gold over the period between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, which were sold during the second quarter, and 2,652,532 common shares of Americas. The proceeds from the sale of the gold delivery were recognized as stream revenue and resulted in the recognition of approximately $12 million of additional DD&A expense in the second quarter. Royal Gold’s royalty and stream interests on Relief Canyon remain in place. During the second quarter, and as disclosed with the previously-announced restructuring of the Hod Maden Project ownership interests, Royal Gold funded $70 million in project costs related to Hod Maden. As previously announced, a $50 million advance payment under the stream agreement was made to Solaris Resources Inc. during the second quarter for the Warintza Project. Details for Release of Second Quarter 2026 Financial Results Royal Gold's results for the second quarter will be released after the market close on Wednesday, August 5, 2026, followed by a conference call on Thursday, August 6, 2026, at 12:00 p.m. Eastern Time (10:00 a.m. Mountain Time). The call will be webcast live and archived on the Company's website for a limited time. Corporate Profile Royal Gold is a high margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol "RGLD" and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com. Additional Investor Information Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words such as "will," "may," "could," "should," "would," "believe," "estimate," "expect," "anticipate," "plan," "forecast," "potential," "intend," "continue," "project," or negatives of these words or similar expressions. Forward-looking statements include, among others, estimates for royalty segment sales and DD&A. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the completion of Royal Gold's normal quarter-end accounting procedures and adjustments (including normal year-to-date and quarter-end adjustments); the finalization of fair value and other estimates; further review by management; other developments that may arise between the date of this press release and the date on which final results are reported; and other factors described in our reports filed with the Securities and Exchange Commission, including Item 1A, Risk Factors of our most recent Annual Report. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release or our reports filed with the Securities and Exchange Commission could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements. Cautionary Note Regarding Preliminary Financial Information The preliminary financial information set forth in this press release, including preliminary estimates of royalty segment sales and DD&A, is preliminary and unaudited, reflects management’s current estimates based on information available to it as of the date of this press release, and is subject to revision. Actual results remain subject to the completion of management’s customary quarter-end review and closing procedures and may differ from the preliminary financial information. Any such differences could be material. The preliminary financial information has been prepared by, and is the responsibility of, Royal Gold's management. Royal Gold's independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to the preliminary financial information and, accordingly, does not express an opinion or any other form of assurance with respect thereto. The preliminary financial information does not present all information necessary for an understanding of Royal Gold's financial condition as of, or its results of operations for, the three and six months ended June 30, 2026, and should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP. Royal Gold undertakes no obligation to update or revise the preliminary financial information, whether as a result of new information, future events, or otherwise, except as required by law. In addition, the financial items described in this press release under "Notable Second Quarter Financial Items" represent only select items that management considers notable and do not represent a complete summary or description of all material developments, transactions, or events that occurred during the second quarter. Management’s selection of the items described herein should not be construed to imply that other items not described are not material or notable. View source version on businesswire.com: https://www.businesswire.com/news/home/20260721665069/en/ Contacts For further information, please contact: Alistair BakerSenior Vice President, Investor Relations and Business Development(303) 573-1660

A month has gone by since the last earnings report for Royal Gold (RGLD). Shares have lost about 5.4% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Royal Gold due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers. Royal Gold delivered earnings of $2.72 per share in the first quarter of 2026, marking an increase of 80% year-over-year. Adjusted for discrete tax benefit and other time items, earnings came in at $3.11 per share, beating the Zacks Consensus Estimate of $2.86 by 8.74%. The company also posted record revenue of $469.1 million, up 142.5% year over year. The quarter reflected strong metal pricing and higher contributions from newer interests, with sales volume rising to 96,300 gold equivalent ounces, up 42.5% from the prior-year period. RGLD’s top-line strength was broad-based across commodities. Gold represented 71% of revenue, while silver and copper contributed 16% and 10%, respectively, with other metals accounting for the balance. Average realized prices moved sharply higher year over year, led by gold at $4,873 per ounce and silver at $84.33 per ounce, alongside copper at $5.83 per pound. Contributions from Sandstorm and Horizon interests, as well as the Kansanshi stream, also aided the growth. RGLD’s cost of sales rose to $60.3 million from $24.5 million in the prior-year quarter, reflecting higher payments on stream deliveries tied to stronger metal prices and additional sales volumes from newer streams and acquired interests. Operating cost lines also expanded. General and administrative expense increased to $17.5 million from $11.1 million, which the company attributed to higher employee-related and corporate costs following the Sandstorm and Horizon acquisition. Royal Gold generated record operating cash flow of $293.6 million, up 115.3% from $136.4 million in the year-ago quarter. Free cash flow was $278.9 million compared with $78.1 million a year ago, reflecting the stronger cash generation profile in the period. Balance sheet flexibility remained a key theme. At March 31, 2026, cash and equivalents were $234.1 million, while debt stood at $600 million on the revolving credit facility after a $300 million repayment during the quarter. Total available liquidity was approximately $1.1 billion, supported by $800 million undrawn on the revolver and $295 million of working capital. The company maintained its outlook framework for 2026. Guidance ranges call for gold sales of 290,000–320,000 ounces, silver sales of 3.0–3.5 million ounces, copper sales of 21.0–25.0 million pounds. Through March 31, 2026, performance on these metrics was tracking within the guided ranges, supported by elevated metal prices and expanded portfolio contributions. In the past month, investors have witnessed a downward trend in estimates review. The consensus estimate has shifted -7.14% due to these changes. Currently, Royal Gold has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. It's no surprise Royal Gold has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Royal Gold, Inc. (RGLD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research