What changed in this filing

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Item 1. Financial Statements

2025-05-08 compared with 2024-11-07 · 82 added, 218 removed, 355 unchanged (46% of the section changed)

3 unchanged sentences

(Unaudited, amounts in thousands except share data)

September 30,

2025 December 31,

13 unchanged sentences

Total current liabilities 66,772 85,151

Debt (Note 4) — 245,967

Deferred tax liabilities 131,879 132,308

17 unchanged sentences

(Unaudited, amounts in thousands except share data)

Three Months Ended Nine Months Ended

September 30,

2024 September 30,

2023 September 30,

2024 September 30,

Three Months Ended

2025 March 31,

Revenue (Note 5) $ 193,436 $ 148,902

23 unchanged sentences

Consolidated Statements of Changes in Stockholders’ Equity

Three months ended September 30, 2024, and 2023

(unaudited, amounts in thousands except share data)

Royal Gold Stockholders

Common Shares Additional

Capital Accumulated

Earnings Non-controlling

Interests Total

Shares Amount

Balance at June 30, 2024 65,656,625 $ 656 $ 2,225,942 $ 742,270 $ 12,325 $ 2,981,193

Stock-based compensation and related share issuances 32,732 1 ( 154 ) — — ( 153 )

Distributions to non-controlling interests — — — — ( 122 ) ( 122 )

Net income and comprehensive income — — — 96,242 88 96,330

Dividends declared — — — ( 26,320 ) — ( 26,320 )

Balance at September 30, 2024 65,689,357 $ 657 $ 2,225,788 $ 812,192 $ 12,291 $ 3,050,928

Royal Gold Stockholders

Common Shares Additional

Capital Accumulated

Earnings Non-controlling

Interests Total

Shares Amount

Balance at June 30, 2023 65,609,736 $ 656 $ 2,217,559 $ 605,347 $ 12,331 $ 2,835,893

Stock-based compensation and related share issuances 22,024 — 1,136 — — 1,136

Distributions to non-controlling interests — — — — ( 97 ) ( 97 )

Net income and comprehensive income — — — 49,337 162 49,499

Dividends declared — — — ( 24,649 ) — ( 24,649 )

Balance at September 30, 2023 65,631,760 $ 656 $ 2,218,695 $ 630,035 $ 12,396 $ 2,861,782

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Nine months ended September 30, 2024, and 2023

Three months ended March 31, 2025, and 2024

(unaudited, amounts in thousands except share data)

10 unchanged sentences

Dividends declared — — — ( 29,634 ) — ( 29,634 )

Balance at September 30, 2024 65,689,357 $ 657 $ 2,225,788 $ 812,192 $ 12,291 $ 3,050,928

Balance at March 31, 2025 65,735,304 $ 657 $ 2,228,497 $ 973,853 $ 12,139 $ 3,215,146

Royal Gold Stockholders

9 unchanged sentences

Dividends declared — — — ( 26,311 ) — ( 26,311 )

Balance at September 30, 2023 65,631,760 $ 656 $ 2,218,695 $ 630,035 $ 12,396 $ 2,861,782

Balance at March 31, 2024 65,648,831 $ 656 $ 2,223,021 $ 687,377 $ 12,312 $ 2,923,366

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

(Unaudited, amounts in thousands)

Nine Months Ended

September 30,

2024 September 30,

Three Months Ended

2025 March 31,

Cash flows from operating activities:

4 unchanged sentences

Fair value changes in equity securities 37 ( 447 )

Deferred tax benefit 4,908 ( 6,011 )

Deferred tax (benefit) expense ( 8,828 ) 648

Other 224 222

11 unchanged sentences

Acquisition of stream and royalty interests ( 58,246 ) ( 1,104 )

Proceeds from Khoemac a u debt facility

Proceeds from Khoemacau debt facility — 25,000

Other ( 49 ) ( 305 )

Net cash used in investing activities $ ( 30,774 ) $ ( 2,827 )

Net cash (used in) provided by investing activities $ ( 58,295 ) $ 23,591

Cash flows from financing activities:

4 unchanged sentences

Net cash used in financing activities $ ( 32,812 ) $ ( 128,092 )

Net increase (decrease) in cash and equivalents 23,715 ( 15,685 )

Net increase in cash and equivalents 45,262 33,783

Cash and equivalents at beginning of period 195,498 104,167

5 unchanged sentences

Royal Gold, Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests.

We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests.

We seek to acquire existing stream and royalty interests or to finance projects that are in the production, development or exploration stage in exchange for stream or royalty interests.

A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement.

7 unchanged sentences

In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q.

Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2024.

Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2025.

These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 13, 2025 (“2024 10-K”).

1 unchanged sentence

We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.

Back River Royalties

On June 26, 2024, International Royalty Corporation, a wholly-owned subsidiary of Royal Gold, acquired a 0.7 % net smelter return ("NSR") royalty (the "Hill Royalty") that declines by 50 % after $ 5 million Canadian dollars in royalty revenue is received, and a 26.25 % interest in a 5 % gross smelter return royalty (the "KM Royalty") that is payable after approximately 780,000 ounces have been produced on the Back River Gold Project ("Back River") for aggregate cash consideration of $ 51 million.

Payments for the Hill Royalty are deductible from the KM Royalty.

Back River is operated by B2Gold Corporation and is located in Western Nunavut, Canada.

The Back River royalties have been accounted for as an asset acquisition and the $ 51 million cash consideration, plus direct transaction costs, have been allocated to development ($ 42 million) and exploration ($ 9 million) stage royalty interests within Stream and royalty interests, net on our consolidated balance sheets.

Additional Xavantina Stream

On March 28, 2025, we entered into an additional precious metals purchase agreement (“Additional Stream”) with Ero Gold Corporation, a wholly owned subsidiary of Ero Copper Corporation, and certain of its affiliates for gold produced from the Xavantina mine for an advance payment of $ 50 million.

The Additional Stream is incremental to the existing precious metals purchase agreement between the parties dated June 29, 2021 (“Base Stream”), and significantly extends the area of interest.

As of March 31, 2025, 46,500 ounces of gold have been delivered under the Base Stream at a cash purchase price of 20 % of the spot gold price for each ounce delivered, which will increase to 40 % of the spot gold price for each ounce delivered upon the delivery of 49,000 ounces.

When considered with the Base Stream, the Additional Stream effectively increases the threshold for stream deliveries at the current 25 % stream rate from 93,000 ounces to 160,000 ounces, with the additional deliveries to be payable at a cash price of 40 % of the spot gold price.

The Additional Stream has been accounted for as an asset acquisition.

The $ 50 million advance payment, plus direct acquisition costs, have been recorded as an exploration stage stream interest (Note 3) within Stream and royalty interests, net on our consolidated balance sheets.

The purchase price was funded with available cash on hand.

2 unchanged sentences

STREAM AND ROYALTY INTERESTS, NET

The following tables summarize our stream and royalty interests, net as of September 30, 2024 and December 31, 2023.

As of September 30, 2024 (Amounts in thousands):

The following tables summarize our stream and royalty interests, net as of March 31, 2025 and December 31, 2024.

As of March 31, 2025 (Amounts in thousands):

Cost Accumulated Depletion Net

16 unchanged sentences

Development stage stream interests:

Other 12,038 — 12,038

Ilovica 12,038 — 12,038

Development stage royalty interests:

Cactus 55,122 — 55,122

Back River 42,948 — 42,948

34 unchanged sentences

Development stage stream interests:

Other 12,038 — 12,038

Ilovica 12,038 — 12,038

Development stage royalty interests:

Côté 45,421 — 45,421

Cactus 55,128 — 55,128

Back River 42,948 — 42,948

La Fortuna 35,140 — 35,140

14 unchanged sentences

Notes to Consolidated Financial Statements

Our debt as of September 30, 2024 and December 31, 2023 consists of the following (amounts in thousands):

As of September 30, 2024 As of December 31, 2023

Principal Debt Issuance Costs (1)

Total Principal Debt Issuance Costs Total

(Amounts in thousands) (Amounts in thousands)

Revolving credit facility $ — $ — $ — $ 250,000 $ ( 4,033 ) $ 245,967

Total debt $ — $ — $ — $ 250,000 $ ( 4,033 ) $ 245,967

_______________________________________________

(1) Debt issuance costs of $ 3.4 million included within Other assets on our consolidated balance sheets.

Revolving credit facility

During the three months ended September 30, 2024, we repaid the remaining $ 50 million of outstanding borrowings on our revolving credit facility, making the entire $ 1 billion revolving credit facility available as of September 30, 2024.

Interest expense, which includes interest on borrowings and amortization of debt issuance costs, was $ 0.5 million and $ 6.1 million for the three and nine months ended September 30, 2024, respectively, and $ 6.7 million and $ 23.0 million for the three and nine months ended September 30, 2023, respectively.

We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of September 30, 2024.

We may repay any borrowings under our revolving credit facility at any time without premium or penalty.

MOUNT MILLIGAN DEFERRED LIABILITY

On February 13, 2024, RGLD Gold AG, a subsidiary of the Company, entered into a Processing Cost Support Agreement (the "Mount Milligan Cost Support Agreement") with Centerra Gold Inc.

("Centerra") with respect to the Mount Milligan Mine ("Mount Milligan") for cash consideration of $ 24.5 million, 50,000 ounces ("Deferred Gold Consideration") of gold to be delivered in the future and a free cash flow interest.

On February 13, 2024, we entered into a Processing Cost Support Agreement (the "Mount Milligan Cost Support Agreement") with Centerra Gold Inc.

("Centerra") with respect to the Mount Milligan mine for cash consideration of $ 24.5 million, 50,000 ounces of gold to be delivered in the future ("Deferred Gold Consideration") and a free cash flow interest.

The cost support allowed for the extension of the mine from 2032 to 2035 and the potential to extend the mine life beyond 2035.

The value of the cash consideration and free cash flow interest received from Centerra is recorded as a deferred liability in our consolidated balance sheets as of September 30, 2024.

This amount will be amortized as we provide future cost support to Centerra under the Mount Milligan Cost Support Agreement on a units of production basis over the Mount Milligan mine life beginning with the first cost support payment made after the First Threshold (defined below) is met.

The key features of the Mount Milligan Cost Support Agreement are discussed below.

Deferred Gold Consideration

The Deferred Gold Consideration will be delivered in equal installments of 2,500 ounces for a period of 20 quarters commencing on the earlier of June 30, 2030, or the delivery of 375,000 ounces of gold or 30,000 tonnes of copper from metal deliveries referenced by the Mount Milligan Cost Support Agreement with a bill of lading date on or after January 1, 2024.

As part of the Deferred Gold Consideration, we are entitled to receive three tranches of 11,111 ounces each (the "Greenstone Deliveries"), with the last delivery expected before year end 2027.

Each of the Greenstone Deliveries received shall reduce the number of ounces in any remaining Deferred Gold Consideration delivery on a pro-rata basis.

The Deferred Gold Consideration deliveries require no cash payment from the Company, and will be made irrespective of the operating status of Mount Milligan as long as we comply with the terms of the Mount Milligan Cost Support Agreement and existing stream agreement.

Each of the Greenstone Deliveries will be delivered to Royal Gold within 30 days of such delivery to Centerra.

When the Deferred Gold Consideration is received and subsequently sold, we anticipate the value of the gold ounces sold will be recorded as a deferred liability and amortized on a units of production basis over the mine life of Mount Milligan as we provide future cost support.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

Metal deliveries referenced in the Mount Milligan Cost Support Agreement are those with a bill of lading date on or after January 1, 2024 (the "Reference Date").

Delivery thresholds used to define the periods of cost support are the earlier deliveries of:

375,000 ounces of gold or 30,000 tonnes of copper from the Reference Date (the “First Threshold”).

665,000 ounces of gold or 60,000 tonnes of copper from the Reference Date (the “Second Threshold”).

Near-Term Cost Support Through Approximately 2029

At Centerra’s request, in the event that both the gold price is at or below $ 1,600 per ounce and the copper price is at or below $ 3.50 per pound, for each delivery under the existing Mount Milligan stream agreement, we will pay the lower of either $ 415 per ounce of gold, or 66 % of the spot gold price less $ 435 per ounce, and 35 % of the spot copper price for each pound of copper delivered (the “Pre-Threshold Support”).

This near-term cost support will be made available from the Reference Date through to the First Threshold, which is expected to be through approximately 2029.

Any Pre-Threshold Support we provide will be recoverable from any cost support calculated after the First Threshold at metal prices above $ 1,600 per ounce of gold and $ 3.50 per pound of copper.

For gold, any cost support payment will be reduced by the difference between the gold price and $ 1,600 per ounce.

For copper, any cost support payment will be reduced by the difference between the copper price and $ 3.50 per pound.

Cost Support from Approximately 2030 Through Approximately 2035

We will provide Centerra cost support payments from the First Threshold until the Second Threshold as follows:

With respect to gold, the lower of either $ 415 per ounce, or 50 % of the spot gold price less $ 435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.

With respect to copper, 35 % of the spot copper price for each pound of copper delivered under the existing Mount Milligan stream agreement.

Cost Support After Approximately 2036

We will provide Centerra cost support payments after the Second Threshold as follows:

With respect to gold, the lower of either $ 615 per ounce, or 66 % of the spot gold price less $ 435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.

With respect to copper, 51 % of the spot copper price, for each pound of copper delivered.

Suspension of Cost Support

Our obligation to make long-term cost support payments will be suspended if (and for so long as) Centerra discloses reserve tonnage which, when combined with mining depletion from the Reference Date to the date of such disclosure, is less than the current reserves expected to be processed through to 2035.

Suspension of cost support payments will not impact the Deferred Gold Consideration and free cash flow interest, and the cash consideration is not refundable as long as we comply with the terms of the Mount Milligan Cost Support Agreement and the existing stream agreement.

Nothing in the Mount Milligan Cost Support Agreement modifies the existing stream agreement, including the payment of $ 435 for each gold ounce delivered and 15 % of the spot price for each pound of copper delivered.

The value of the cash consideration and free cash flow interest received from Centerra is recorded as a deferred liability in our consolidated balance sheets as of March 31, 2025.

For further detail on the Mount Milligan Cost Support Agreement and the Deferred Gold Consideration refer to our 2024 10-K.

Revenue Recognition

A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer.

A contract’s transaction price is allocated to each distinct performance obligation

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

and recognized as revenue when, or as, a performance obligation is satisfied.

A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied.

In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers.

11 unchanged sentences

We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurs.

As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer.

In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer.

1 unchanged sentence

Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

Royalty Revenue Estimates

4 unchanged sentences

Please also refer to our “Use of Estimates” accounting policy discussed in our 2024 10-K.

For the three months ended September 30, 2024, royalty revenue that was estimated or was attributable to metal production for a period prior to September 30, 2024, was not material.

For the three months ended March 31, 2025, royalty revenue that was estimated or was attributable to metal production for a period prior to the three months ended March 31, 2025, was not material.

Disaggregation of Revenue

2 unchanged sentences

These identified revenue sources are consistent with our reportable segments as discussed in Note 9.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):

Three Months Ended Nine Months Ended

September 30,

2024 September 30,

2023 September 30,

2024 September 30,

Three Months Ended

2025 March 31,

Stream revenue:

5 unchanged sentences

Gold $ 51,164 $ 33,496

Silver 3,674 441 12,981 6,108

Copper 7,591 3,621

Silver 4,901 4,328

Other 7,298 4,929

1 unchanged sentence

Total revenue $ 193,436 $ 148,902

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):

Three Months Ended Nine Months Ended

Metal(s) September 30,

2024 September 30,

2023 September 30,

2024 September 30,

Three Months Ended

Metal(s) March 31,

2025 March 31,

Stream revenue:

2 unchanged sentences

Andacollo Gold 12,744 11,689

Silver 7,996 9,047 24,148 27,082

Other Gold & Silver 32,249 24,723 94,583 73,174

Gold & Silver 38,179 38,084

Total stream revenue $ 122,482 $ 102,528

2 unchanged sentences

Cortez CC Zone Gold 3,554 4,411

Peñasquito Gold, Silver, Lead & Zinc 9,356 — 29,863 13,538

Other Various 35,643 17,023 79,118 52,795

Various 56,257 28,598

Total royalty revenue $ 70,954 $ 46,374

Total revenue $ 193,436 $ 148,902

Peñasquito Revenue

During the three months ended September 30, 2023, no royalty revenue from Peñasquito was recognized due to the suspension of operations resulting from a strike action on June 7, 2023, by the National Union of Mine and Metal Workers of the Mexican Republic (the "Union").

Newmont Corporation and the Union reached a definitive agreement on October 13, 2023 and Peñasquito's operations reached full operating capacity by the end of the fourth quarter of 2023.

______________________________________________

(1) In our 2024 10-K, Khoemac a u and Peñasquito were reclassified from principal to non-principal stream and royalty properties, respectively, and are shown within "Other" in the table above.

Please refer to Note 9 for the geographical distribution of our revenue by reportable segment.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

STOCK-BASED COMPENSATION

We recognized stock-based compensation expense as follows (amounts in thousands):

Three Months Ended Nine Months Ended

September 30,

2024 September 30,

2023 September 30,

2024 September 30,

Three Months Ended

2025 March 31,

Restricted stock $ 2,012 $ 1,971

Performance stock 1,186 1,017

Stock appreciation rights — 116 — 533

Stock options — 4 — 19

Total stock-based compensation expense 3,198 2,988

1 unchanged sentence

We granted the following stock-based compensation awards:

Three Months Ended Nine Months Ended

September 30,

2024 September 30,

2023 September 30,

2024 September 30,

(Number of shares) (Number of shares)

Three Months Ended

2025 March 31,

(Number of shares)

Performance stock (at maximum 200 % attainment)

2 unchanged sentences

Total equity awards granted 122,384 159,690

As of September 30, 2024, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

As of March 31, 2025, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:

expense Weighted-

10 unchanged sentences

Use of the two-class method has an immaterial impact on the calculation of basic and diluted EPS.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data):

Three Months Ended Nine Months Ended

September 30,

2024 September 30,

2023 September 30,

2024 September 30,

Three Months Ended

2025 March 31,

Net income attributable to Royal Gold common stockholders $ 113,498 $ 47,166

5 unchanged sentences

The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated:

Three Months Ended Nine Months Ended

September 30,

2024 September 30,

2023 September 30,

2024 September 30,

Three Months Ended

2025 March 31,

Income tax expense $ 10,389 $ 27,033

Effective tax rate 8.4 % 36.4 %

The effective tax rate for the nine months ended September 30, 2024, included a $ 13.0 million discrete U.S.

GILTI income tax expense related to the consideration from the Mount Milligan Cost Support Agreement.

The effective tax rate for the nine months ended September 30, 2023 included a discrete income tax benefit of $ 8.5 million attributable to the release of a valuation allowance on certain foreign deferred tax assets.

The effective tax rate for the three months ended March 31, 2025, included a $ 12.0 million discrete benefit, net of valuation allowance, for additional recoverable basis in foreign jurisdictions and a $ 1.7 million discrete benefit related to a withholding tax refund on a foreign royalty.

The effective tax rate for the three months ended March 31, 2024 included a $ 13.0 million discrete income tax expense related to the consideration from the Mount Milligan Cost Support Agreement.

SEGMENT INFORMATION

We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests.

Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):

As of September 30, 2024 As of December 31, 2023

Our President and Chief Executive Officer serves as our Chief Operating Decision Maker ("CODM") and is responsible for reviewing segment performance and making decisions regarding resource allocation.

In addition to revenue, our CODM regularly reviews cost of sales, production taxes and

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

depletion for each of our reportable segments.

Royal Gold's long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):

As of March 31, 2025 As of December 31, 2024

interest Royalty

13 unchanged sentences

Total $ 1,282,819 $ 1,777,066 $ 3,059,885 $ 1,253,170 $ 1,789,634 $ 3,042,804

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):

Three Months Ended September 30, 2024

Revenue Cost of sales (1)

Production taxes Depletion (2)

Segment gross profit

Stream interests $ 133,052 $ 27,192 $ — $ 26,674 $ 79,186

Royalty interests 60,785 — 1,520 9,417 49,848

Total $ 193,837 $ 27,192 $ 1,520 $ 36,091 $ 129,034

Three Months Ended September 30, 2023

Revenue Cost of sales (1)

Production taxes Depletion (2)

Segment gross profit

Stream interests $ 98,978 $ 21,351 $ — $ 30,433 $ 47,194

Royalty interests 39,639 — 1,671 9,556 28,412

Total $ 138,617 $ 21,351 $ 1,671 $ 39,989 $ 75,606

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Revenue Cost of sales (1)

4 unchanged sentences

Total $ 193,436 $ 24,506 $ 1,761 $ 32,915 $ 134,254

Nine Months Ended September 30, 2023

Three Months Ended March 31, 2024

Revenue Cost of sales (1)

10 unchanged sentences

A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):

Three Months Ended Nine Months Ended

September 30,

2024 September 30,

2023 September 30,

2024 September 30,

Three Months Ended

2025 March 31,

Total segment gross profit $ 134,254 $ 87,019

7 unchanged sentences

Income before income taxes $ 123,967 $ 74,342

Our revenue by reportable segment for the three and nine months ended September 30, 2024 and 2023, is geographically distributed as shown in the following table (amounts in thousands):

Three Months Ended Nine Months Ended

September 30,

2024 September 30,

2023 September 30,

2024 September 30,

Stream interests:

Our revenue by reportable segment for the three months ended March 31, 2025 and 2024, is geographically distributed as shown in the following table (amounts in thousands):

Three Months Ended

2025 March 31,

Stream revenue:

Canada $ 53,230 $ 44,705

3 unchanged sentences

Rest of world 5,376 9,273

Total stream interests $ 133,052 $ 98,978 $ 358,531 $ 319,982

Royalty interests:

Total stream revenue $ 122,482 $ 102,528

Royalty revenue:

United States $ 31,006 $ 24,079

Mexico 17,071 10,768

Australia 7,476 4,696 19,498 13,874

Canada 10,712 5,131

Australia 7,956 4,975

Rest of world 4,209 1,421

Total royalty interests $ 60,785 $ 39,639 $ 158,304 $ 133,069

Total royalty revenue $ 70,954 $ 46,374

Total revenue $ 193,436 $ 148,902

FAIR VALUE MEASUREMENTS

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

As a basis for considering such assumptions, we utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Quoted prices for identical instruments in active markets;

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

Quoted prices for similar instruments in active markets;

quoted prices for identical or similar instruments in markets that are not active;

and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets;

Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

As of September 30, 2024 and December 31, 2023, we had financial assets in the form of marketable securities which are measured at fair value on a recurring basis;

however, the carrying value of such financial assets is not material.

The carrying value of our revolving credit facility (Note 4) approximates fair value as of September 30, 2024.

As of September 30, 2024, we had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with stream and royalty interests, intangible assets and other long-lived assets.

For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired.

If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs.

COMMITMENTS AND CONTINGENCIES

Ilovica Gold Stream Acquisition

As of September 30, 2024, our conditional funding schedule of $ 163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.

As of March 31, 2025, our conditional funding schedule of $ 163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements