What changed in this filing

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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 184 added, 57 removed, 380 unchanged (39% of the section changed)

37 unchanged sentences

(Unaudited, amounts in thousands except share data)

Three Months Ended

2025 March 31,

Three Months Ended Six Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Revenue (Note 6) $ 209,643 $ 174,096 $ 403,080 $ 322,999

23 unchanged sentences

Consolidated Statements of Changes in Stockholders’ Equity

Three months ended March 31, 2025, and 2024

Three months ended June 30, 2025, and 2024

(unaudited, amounts in thousands except share data)

5 unchanged sentences

Shares Amount

Balance at December 31, 2024 65,691,151 $ 657 $ 2,228,311 $ 889,989 $ 12,249 $ 3,131,206

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

Stock-based compensation and related share issuances 25,017 1 1,225 — — 1,226

2 unchanged sentences

Dividends declared — — — ( 29,640 ) — ( 29,640 )

Balance at June 30, 2025 65,760,321 $ 658 $ 2,229,722 $ 1,076,562 $ 12,017 $ 3,318,959

Royal Gold Stockholders

Common Shares Additional

Capital Accumulated

Earnings Non-controlling

Interests Total

Shares Amount

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

Stock-based compensation and related share issuances 7,794 — 2,921 — — 2,921

Distributions to non-controlling interests — — — — ( 99 ) ( 99 )

Net income and comprehensive income — — — 81,208 112 81,320

Dividends declared — — — ( 26,315 ) — ( 26,315 )

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

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Six months ended June 30, 2025, and 2024

(unaudited, amounts in thousands except share data)

Royal Gold Stockholders

9 unchanged sentences

Dividends declared — — — ( 59,274 ) — ( 59,274 )

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

Balance at June 30, 2025 65,760,321 $ 658 $ 2,229,722 $ 1,076,562 $ 12,017 $ 3,318,959

Royal Gold Stockholders

Common Shares Additional

Capital Accumulated

Earnings Non-controlling

Interests Total

Shares Amount

Balance at December 31, 2023 65,631,760 $ 656 $ 2,221,039 $ 666,522 $ 12,424 $ 2,900,641

Stock-based compensation and related share issuances 24,865 — 4,903 — — 4,903

Distributions to non-controlling interests — — — — ( 354 ) ( 354 )

Net income and comprehensive income — — — 128,372 255 128,627

Dividends declared — — — ( 52,624 ) — ( 52,624 )

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

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

2 unchanged sentences

(Unaudited, amounts in thousands)

Three Months Ended

2025 March 31,

Six Months Ended

2025 June 30,

Cash flows from operating activities:

18 unchanged sentences

Acquisition of stream and royalty interests ( 170,979 ) ( 52,256 )

Proceeds from Khoemacau debt facility — 25,000

Proceeds from Khoemac a u debt facility

Other ( 70 ) ( 85 )

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

Net cash used in investing activities $ ( 171,049 ) $ ( 27,341 )

Cash flows from financing activities:

4 unchanged sentences

Net cash used in financing activities $ ( 65,440 ) $ ( 254,393 )

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

Net increase (decrease) in cash and equivalents 52,682 ( 29,935 )

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

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

Operating results for the three and six months ended June 30, 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.

STREAM AND ROYALTY ACQUISITIONS

Warintza Project Stream and Royalty

On May 21, 2025, our wholly owned subsidiary, RGLD Gold AG ("RG AG"), entered into a gold purchase agreement ("Gold Stream Agreement"), and a separate net smelter return ("NSR") royalty agreement ("Royalty Agreement") for all metals with wholly owned subsidiaries of Solaris Resources, Inc.

(collectively, "Solaris") for metals produced from the Warintza Project ("Warintza").

The advance payment for the acquisition totals $ 200 million in cash consideration, including $ 100 million paid upon closing, $ 50 million payable after technical approval of the environmental impact assessment and publication of a pre-feasibility study, which are expected to be completed in the third quarter of 2025, and $ 50 million payable one year after closing, subject to security perfection in Ecuador.

The $ 100 million cash consideration paid at closing was funded with available cash on hand.

Gold Stream Agreement

Deliveries under the Gold Stream Agreement will be in an amount equal to 20 ounces of gold per million pounds of recovered copper in return for a cash payment for each ounce delivered of 20 % of the spot gold price until the delivery of 90,000 ounces, and 60 % of the spot gold price thereafter.

The Gold Stream Agreement may be subject to early termination with the full return of the advance payment at the option of RG AG or Solaris if a change of control of Solaris or Warintza occurs, or by RG AG if deliveries have not begun by May 21, 2033.

The area of interest for the Gold Stream Agreement

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

covers approximately 31 square kilometers, and will expand to 186 square kilometers if the early termination provisions have not been exercised and the first delivery has not been received by May 21, 2033.

Royalty Agreement

RG AG received a 0.30 % NSR royalty for all metals produced from an area of interest of approximately 186 square kilometers.

The NSR rate will increase by 0.0375 % per year until the earlier to occur of the first delivery under the Gold Stream Agreement or May 21, 2033, to a maximum of 0.60 % NSR.

If the Gold Stream Agreement is subject to early termination, the NSR rate will be the rate in place at the time of exercise if the early termination is exercised by RG AG, or 0.60 % if the early termination is exercised by Solaris.

The Royalty Agreement and the Stream Agreement have been accounted for as asset acquisitions and are recorded as exploration stage royalty and stream interests (Note 3) within Stream and royalty interests, net on our consolidated balance sheets.

Lawyers-Ranch Project Royalty

On May 16, 2025, we acquired a 2.0 % NSR royalty on the Ranch portion of the Lawyers-Ranch Project operated by Thesis Gold Inc.

from a private seller for cash consideration of $ 12.5 million.

The royalty has been accounted for as an asset acquisition and recorded as an exploration stage royalty interest (Note 3) within Stream and royalty interests, net on our consolidated balance sheets.

The purchase price was funded with available cash on hand.

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.

On March 28, 2025, RG AG 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.

As of June 30, 2025, 48,400 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.

5 unchanged sentences

STREAM AND ROYALTY INTERESTS, NET

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):

The following tables summarize our stream and royalty interests, net as of June 30, 2025 and December 31, 2024.

As of June 30, 2025 (Amounts in thousands):

Cost Accumulated Depletion Net

24 unchanged sentences

Exploration stage stream interests:

Warintza 95,203 — 95,203

Xavantina 64,813 — 64,813

47 unchanged sentences

Total stream and royalty interests, net $ 4,985,510 $ ( 1,942,706 ) $ 3,042,804

On June 26, 2025, we entered into a sixth amendment to our revolving credit facility dated June 2, 2017, as amended.

The amendment extended the maturity date from June 28, 2028, to June 30, 2030, increased the size of the accordion feature from $ 250 million to $ 400 million and revised the leverage ratio required to be less than or equal to 4.00 :1.00 for the two

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

fiscal quarters following the consummation of a material permitted acquisition (as defined) and 3.50 :1.00 at all other times.

As of June 30, 2025, we had no amounts outstanding under our revolving credit facility and $ 1 billion available.

In July 2025, we notified the members of the credit syndication group of our exercise of the accordion feature and received commitments from the group for the full $ 400 million of increased capacity.

On August 5, 2025 , we closed on the accordion feature with our credit syndication group, bringing our total committed revolving credit facility to $ 1.4 billion.

As part of the Kansanshi gold stream acquisition discussed in Note 12, we borrowed $ 825 million under our revolving credit facility.

Following the draw as part of the Kansanshi gold stream acquisition, $ 575 million remains available.

MOUNT MILLIGAN DEFERRED LIABILITY

1 unchanged sentence

("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 March 31, 2025.

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 June 30, 2025.

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

14 unchanged sentences

Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any.

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.

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)

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

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 its ultimate customer.

2 unchanged sentences

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

2 unchanged sentences

If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received.

Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known.

Differences between estimates and actual amounts could differ and are recorded in the period that the actual amounts are known.

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

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.

For the three months ended June 30, 2025, royalty revenue that was estimated or was attributable to metal production for a period prior to the three months ended June 30, 2025, was not material.

Disaggregation of Revenue

3 unchanged sentences

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

Three Months Ended

2025 March 31,

Three Months Ended Six Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Stream revenue:

13 unchanged sentences

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

Three Months Ended

Metal(s) March 31,

2025 March 31,

Three Months Ended Six Months Ended

Metal(s) June 30,

2025 June 30,

2024 June 30,

2025 June 30,

Stream revenue:

15 unchanged sentences

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

Three Months Ended

2025 March 31,

Three Months Ended Six Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Restricted stock $ 1,884 $ 1,924 $ 3,896 $ 3,895

3 unchanged sentences

We granted the following stock-based compensation awards:

Three Months Ended

2025 March 31,

(Number of shares)

Three Months Ended Six Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

(Number of shares) (Number of shares)

Performance stock (at maximum 200 % attainment)

4 unchanged sentences

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:

As of June 30, 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-

11 unchanged sentences

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

2025 March 31,

Three Months Ended Six Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Net income attributable to Royal Gold common stockholders $ 132,349 $ 81,208 $ 245,847 $ 128,372

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

2025 March 31,

Three Months Ended Six Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Income tax expense $ 10,538 $ 18,991 $ 20,927 $ 46,025

Effective tax rate 7.4 % 18.9 % 7.8 % 26.4 %

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.

The effective tax rate for the three months ended June 30, 2025, included a $ 9.3 million discrete benefit related to withholding tax refund on a foreign royalty and a discrete tax benefit of $ 4.3 million attributable to the release of a valuation allowance.

The effective tax rate for the six months ended June 30, 2025, included a $ 12.0 million discrete benefit for additional recoverable basis in foreign jurisdictions, a discrete tax benefit of $ 4.3 million attributable to the release of a valuation

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

allowance, and a $ 11.0 million discrete benefit related to withholding tax refunds on foreign royalties.

The effective tax rate for the six months ended June 30, 2024 included a $ 13.0 million discrete income tax expense related to the consideration from the Mount Milligan Cost Support Agreement.

1., also known as the One Big Beautiful Bill Act ("OBBBA"), was enacted on July 4, 2025.

The Company is currently evaluating the impact of these provisions, which could affect the Company's effective tax rate in future periods.

SEGMENT INFORMATION

1 unchanged sentence

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.

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

As of June 30, 2025 As of December 31, 2024

interest Royalty

13 unchanged sentences

Total $ 1,358,772 $ 1,782,776 $ 3,141,548 $ 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 March 31, 2025

Three Months Ended June 30, 2025

Revenue Cost of sales (1)

4 unchanged sentences

Total $ 209,643 $ 24,180 $ 2,201 $ 31,069 $ 152,193

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Revenue Cost of sales (1)

4 unchanged sentences

Total $ 174,096 $ 24,174 $ 1,581 $ 35,658 $ 112,683

Six Months Ended June 30, 2025

Revenue Cost of sales (1)

Production taxes Depletion (2)

Segment gross profit

Stream interests $ 255,673 $ 48,685 $ — $ 39,623 $ 167,365

Royalty interests 147,407 — 3,962 24,363 119,082

Total $ 403,080 $ 48,685 $ 3,962 $ 63,986 $ 286,447

Six Months Ended June 30, 2024

Revenue Cost of sales (1)

Production taxes Depletion (2)

Segment gross profit

Stream interests $ 225,481 $ 45,924 $ — $ 53,525 $ 126,032

Royalty interests 97,518 — 3,031 20,816 73,671

Total $ 322,999 $ 45,924 $ 3,031 $ 74,341 $ 199,703

_______________________________________________

4 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

2025 March 31,

Three Months Ended Six Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Total segment gross profit $ 152,193 $ 112,683 $ 286,447 $ 199,703

7 unchanged sentences

Income before income taxes $ 143,012 $ 100,311 $ 266,979 $ 174,652

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:

Our revenue by reportable segment for the three and six months ended June 30, 2025 and 2024, is geographically distributed as shown in the following table (amounts in thousands):

Three Months Ended Six Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Stream interests:

Canada $ 72,750 $ 62,661 $ 125,980 $ 107,365

3 unchanged sentences

Rest of world 4,946 9,486 10,322 18,760

Total stream revenue $ 122,482 $ 102,528

Royalty revenue:

Total stream interests $ 133,191 $ 122,952 $ 255,673 $ 225,481

Royalty interests:

United States $ 37,392 $ 25,273 $ 68,398 $ 49,352

Mexico 17,630 12,888 34,702 23,656

Canada 10,712 5,131

Australia 9,817 7,047 17,773 12,022

Canada 6,919 3,035 17,631 8,166

Rest of world 4,694 2,901 8,903 4,322

Total royalty revenue $ 70,954 $ 46,374

Total royalty interests $ 76,452 $ 51,144 $ 147,407 $ 97,518

Total revenue $ 209,643 $ 174,096 $ 403,080 $ 322,999

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

COMMITMENTS AND CONTINGENCIES

Warintza Project Stream and Royalty Acquisition

As of June 30, 2025, our conditional funding schedule of $ 100 million related to the acquisition of the Warintza Stream and Royalty Agreements made on May 21, 2025 (Note 2) remains subject to certain conditions.

Ilovica Gold Stream Acquisition

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.

As of June 30, 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.

SUBSEQUENT EVENTS

Kansanshi Gold Stream Acquisition

As announced o n August 5, 2025, R G AG entered into a precious metals purchase agreement for gold deliveries referenced to copper production from the Kansanshi copper-gold mine in the North Western Province of Zambia, operated and 80 % owned by a subsidiary of First Quantum Minerals Ltd.

(“First Quantum”).

RG AG made an advance payment of $ 1.0 billion (“Advance”) in return for a gold stream referenced to copper production, with deliveries of 75 ounces of gold per million pounds of recovered copper produced until the delivery of 425,000 ounces;

55 ounces of gold per million pounds of recovered copper produced between the delivery of 425,001 ounces and 650,000 ounces;

and 45 ounces of gold per million pounds of recovered copper produced thereafter.

Additionally, and depending on the achievement of certain objectives as described below, RG AG has granted options to First Quantum to accelerate stream deliveries and reduce the outstanding Advance:

Acceleration Option 1:

From the earlier of the achievements by First Quantum of a minimum ‘BB’ or equivalent senior unsecured debt rating from a rating agency, or a Net Debt/TTM EBITDA ratio of 2.25 x or less over three consecutive quarters starting from March 31, 2026, it will have a one-year period to exercise the option and deliver gold worth up to $ 200 million over a 14-month period from the date of option exercise and reduce the stream rates and delivery thresholds by up to 20 %.

Acceleration Option 2:

If First Quantum achieves either a minimum ‘BBB-’ or equivalent senior unsecured debt rating from a rating agency, or show a Net Debt/TTM EBITDA ratio of 1.25 x or less, over four consecutive quarters.

and achieves certain operational conditions, it will have a one-year period to exercise the option and deliver gold worth up to $ 100 million over a 7-month period from the date of option exercise and reduce the stream rates and delivery thresholds by up to a further 10 %.

RG AG will pay 20 % of the spot gold price for each ounce delivered.

Should one of the conditions in Acceleration Option 1 be met, RG AG will pay 35 % of the spot gold price for each ounce delivered.

The acquisition has been funded with available cash and a draw of $ 825 million on our revolving credit facility (see Note 4).

Agreements to Acquire Sandstorm Gold and Horizon Copper

On July 6, 2025, we entered into arrangement agreements to acquire each of Sandstorm Gold Ltd.

(“Sandstorm”) and Horizon Copper Corp.

Under the terms of the agreement with Sandstorm, Royal Gold has agreed to acquire 100 % of the issued share capital of Sandstorm in exchange for Royal Gold shares at an exchange ratio of 0.0625 of a share of Royal Gold common stock for each common share of Sandstorm (the “Sandstorm Transaction”), which reflected a transaction equity value of approximately $ 3.5 billion at the time of signing.

Under the terms of the agreement with Horizon, Royal Gold has agreed to acquire 100 % of the issued share capital of Horizon in exchange for cash of C$ 2.00 per

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

share (the “Horizon Transaction” and together with the Sandstorm Transaction, the “Transactions”), which reflected a transaction equity value of approximately $ 196 million at the time of signing.

Completion of the Transactions is subject to approval by Royal Gold's stockholders and Sandstorm's shareholders (in the case of the Sandstorm Transaction), approval by Horizon's securityholders (in the case of the Horizon Transaction), certain regulatory approvals, and other customary closing conditions.

The Transactions are expected to close in the fourth quarter of 2025.

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