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Item 8. Financial Statements and Supplementary Data

2026-02-19 compared with 2025-02-13 · 478 added, 264 removed, 575 unchanged (56% of the section changed)

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We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Business Combination

Description of the Matter As discussed in Note 3 to the financial statements, during 2025 the Company completed its acquisition of Sandstorm Gold Ltd.

(“Sandstorm”) and Horizon Copper Corp.

(“Horizon”) for consideration of $4,148 million.

The transaction was accounted for as a business combination.

Auditing management’s accounting for the business combination was challenging due to the significant effort and judgment required to evaluate management’s estimate of the provisional fair values of stream and royalty interests.

Audit effort was significant due to the volume of underlying assumptions in the estimated fair values.

Judgment was applied in determining the nature and extent of audit procedures.

The most significant assumptions used to estimate the fair value of stream and royalty interest included long-term metal prices and estimated quantities of ore reserves and mineral resources produced by operators of the mineral property.

These significant assumptions are forward-looking and could be affected by future economic and market conditions.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s accounting for the business combination and valuation of the acquired assets.

For example, we tested controls over management’s valuation of acquired stream and royalty interests, including the review of the valuation model and underlying assumptions used to develop such estimates.

Our audit procedures included, among others, evaluating the Company's valuation methodology, significant assumptions used by the Company, and evaluating the completeness and accuracy of the underlying data supporting the assumptions.

We involved our valuation specialists to assist with our evaluation of the selection and application of the valuation methodology used by the Company and certain significant assumptions included in the fair value estimates.

We compared the long-term metal prices to consensus market views of future prices.

We assessed the estimated quantities of ore reserves and mineral resources by comparing to information compiled by qualified persons and evaluated extraction and production of those quantities compared to historical performance for properties in operation.

Impairment Assessment of Stream and Royalty Interests in Mineral Properties

Description of the Matter At December 31, 2024, the Company’s stream and royalty interest balance totaled $3 billion.

Description of the Matter At December 31, 2025, the Company’s stream and royalty interest balance totaled $8,584 million.

As more fully described in Note 2 to the consolidated financial statements, the Company evaluates its stream and royalty interests for impairment whenever events or changes in circumstances indicate that the carrying amounts of the asset or group of assets may not be recoverable (“triggering events”).

Management evaluates various qualitative factors in determining whether or not events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be recoverable.

The factors considered include, among others, significant changes in estimates of forecasted gold, silver and copper prices, significant changes in operators’ estimates of proven and probable reserves and/or mineral resources and other relevant information received from the operators, which may include operational or legal information that indicates production from mineral interests may not occur or may be significantly reduced in the future or otherwise that the Company's stream and royalty interest balance may not be recoverable.

Auditing the Company’s impairment assessment involved our subjective judgment because, in determining whether a triggering event occurred, management uses assumptions that include, among others, assumptions about forecasted gold, silver and copper prices and total future production using reserve or other relevant information reported by the operators.

Significant uncertainty exists with these assumptions.

Further, management’s evaluation of any new information indicating that production will likely not occur or may be significantly reduced in the future, or otherwise that the Company's stream and royalty interest balance may not be recoverable, requires significant judgment.

The factors considered include, among others, changes in estimates of forecasted metal prices, significant decreases in operators’ estimates of proven and probable reserves and/or mineral resources and other relevant information received from the operators, which may include operational or legal information that indicates production from stream and royalty interests may not occur or may be significantly reduced in the future.

Auditing the Company’s impairment assessment involved our subjective judgment because, in determining whether a triggering event occurred, management uses assumptions that include, among others, assumptions about forecasted metal prices and total future production using reserve or other relevant information reported by the operators.

These significant assumptions are forward-looking and could be affected by future economic and market conditions.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process over the impairment assessment.

For example, we tested controls over the Company’s process for identifying and evaluating potential impairment triggers and related significant assumptions and judgments.

For example, we tested controls over the Company’s process for identifying potential impairment triggers.

To test the Company’s impairment assessment, our audit procedures included, among others, evaluating the significant assumptions, judgments and operating data used in the Company’s analysis.

Specifically, we compared forecasted gold, silver and copper prices to available market information, and we corroborated reserve information to available operator or publicly available information.

We searched for and evaluated other publicly available information that corroborates or contradicts the reserve estimates or indicates that production from mineral interests will not likely occur or may be significantly reduced in the future.

We also considered the reputation of the third-party operators.

Further, we evaluated the reason for changes to estimated proven and probable reserves declarations of operators

Specifically, we compared the long-term metal prices to consensus market views of future prices and we corroborated reserve information to available operator or publicly available information.

We searched for and evaluated other publicly available information that corroborates or contradicts the reserve estimates or indicates that production from stream and royalty interests will not likely occur or may be significantly reduced in the future.

/s/ Ernst & Young LLP

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Stream and royalty interests, net (Note 5) 8,583,875 3,042,804

Equity method investment (Note 6) 300,854 —

Marketable securities (Note 7) 172,880 6

Other assets 102,469 74,033

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Additional paid-in capital 5,928,123 2,228,311

Accumulated other comprehensive income 993 —

Accumulated earnings 1,227,169 889,989

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Depreciation, depletion and amortization 177,082 144,426 164,937

Impairment of royalty interests — — 4,287

Acquisition related costs 26,508 — —

Total costs and expenses 392,304 289,496 302,515

1 unchanged sentence

Fair value changes in equity securities 327 ( 66 ) ( 147 )

Loss on sale of marketable securities ( 50,017 ) — —

Interest and other income 14,411 6,008 9,952

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Income tax expense (Note 14) ( 102,290 ) ( 93,613 ) ( 42,008 )

Net income and comprehensive income 332,479 240,132 239,942

Net income and comprehensive income attributable to non-controlling interests ( 456 ) ( 692 ) ( 960 )

Net income and comprehensive income attributable to Royal Gold common stockholders $ 332,023 $ 239,440 $ 238,982

Net income 471,576 332,479 240,132

Net income attributable to non-controlling interests ( 5,295 ) ( 456 ) ( 692 )

Net income attributable to Royal Gold common stockholders 466,281 332,023 239,440

Net income $ 471,576 $ 332,479 $ 240,132

Adjustments to comprehensive income, net of tax:

Unrealized change in market value of available-for-sale debt securities 993 — —

Comprehensive income 472,569 332,479 240,132

Comprehensive income attributable to non-controlling interests ( 5,295 ) ( 456 ) ( 692 )

Comprehensive income attributable to Royal Gold stockholders $ 467,274 $ 332,023 $ 239,440

Net income per share attributable to Royal Gold common stockholders:

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Common Shares Additional

Capital Accumulated

Capital Accumulated Other Comprehensive Income Accumulated

Earnings Non-controlling

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

Acquisition of Sandstorm Gold Ltd.

18,567,092 185 3,677,976 — — 38,797 3,716,958

Sandstorm converted options exercises 166,979 2 15,333 — — — 15,335

Stock-based compensation and related share issuances 74,470 1 6,770 — — — 6,771

Other — — ( 267 ) — — — ( 267 )

Distributions to non-controlling interests — — — — — ( 8,124 ) ( 8,124 )

Net income — — — — 466,281 5,295 471,576

Other comprehensive income — — — 993 — — 993

Dividends declared — — — — ( 129,101 ) — ( 129,101 )

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Cash flows from operating activities:

Net income and comprehensive income $ 332,479 $ 240,132 $ 239,942

Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:

Net income $ 471,576 $ 332,479 $ 240,132

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization 177,082 144,426 164,937

1 unchanged sentence

Fair value changes in equity securities ( 327 ) 66 147

Deferred tax expense (benefit) 8,354 ( 6,469 ) ( 19,836 )

Impairment of royalty interests — — 4,287

Loss on marketable securities 50,017 — —

Deferred tax (benefit) expense ( 3,926 ) 8,354 ( 6,469 )

Other ( 5,302 ) 945 779

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Cash flows from investing activities:

Sandstorm & Horizon acquisition, net of cash acquired ( 411,342 ) — —

Acquisition of stream and royalty interests ( 1,164,753 ) ( 102,564 ) ( 2,678 )

Proceeds from Khoemac a u debt facility

Proceeds from the sale of the Versamet Shares and other securities 158,886 — —

Cash calls for Hod Maden equity method investment ( 9,330 ) — —

Proceeds from Khoemacau debt facility — 25,000 —

Proceeds from the sale of inventory - restricted 7,681 — —

Other 299 ( 116 ) ( 151 )

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Net payments from issuance of common stock ( 5,032 ) ( 4,620 ) ( 1,383 )

Net proceeds from Sandstorm option exercises 15,333 — —

Horizon warrant payments ( 28,932 ) — —

Distributions to non-controlling interests ( 8,125 ) — —

Common stock dividends ( 118,525 ) ( 105,237 ) ( 98,567 )

Other ( 2,785 ) ( 635 ) ( 2,432 )

Net cash (used in) provided by financing activities $ ( 360,492 ) $ ( 427,382 ) $ 480,566

Net cash provided by (used in) financing activities $ 751,934 $ ( 360,492 ) $ ( 427,382 )

Net increase (decrease) in cash and equivalents 38,221 91,331 ( 14,419 )

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS

Summary of Significant Accounting Policies

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

Basis of Consolidation

Basis of Consolidation and Non-controlling Interests

The consolidated financial statements include the accounts of Royal Gold, Inc.

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All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation.

The Company records non-controlling interest in its Consolidated Financial Statements for any non-wholly-owned consolidated subsidiary.

Business Combination and Asset Acquisition Accounting

Business combinations are accounted for using the acquisition method of accounting and the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date.

The fair value of the assets and liabilities acquired is measured using discounted cash flows and other applicable valuation techniques.

Any acquisition related costs incurred by the Company are expenses as incurred.

The operating results of an acquired business are included in our Consolidated Financial Statements from the date of acquisition.

Refer to Note 3 for more detail on the Company's business combinations.

When an acquisition does not meet the definition of a business combination because either:

(i) substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or group of similar identified assets, or (ii) the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, the Company accounts for the acquisition as an asset acquisition.

In an asset acquisition, the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net assets as of the acquisition date and any direct acquisition related costs are capitalized as part of the purchase consideration.

Refer to Note 4 for more detail on the Company's asset acquisitions.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Cash and Equivalents

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Exploration costs are expensed when incurred.

Equity Method Investments

Investments and ownership interests are accounted for under equity method accounting if the Company has the ability to exercise significant influence, but does not have a controlling financial interest.

The Company records its interest in the net losses of its equity method investee within Interest and other expense in the Consolidated Statements of Operations and Comprehensive Income.

To the extent that there is a basis difference between the amount invested and the underlying equity in the net assets of an equity investment, the Company allocates such differences between tangible and intangible assets.

The Company may elect the fair value option to account for its equity method investments if the fair value option better reflects the economics of its investment.

Equity method investments accounted for under the fair value option are remeasured periodically with any changes in fair value recorded in Fair value changes in equity securities in the Consolidated Statements of Operations and Comprehensive Income.

Marketable Securities

Equity securities investments with readily determinable fair values (other than those accounted for under the equity method or those that result in consolidation of the investee) are measured at fair value and any changes in fair value are recognized in Fair value changes in equity securities in the Consolidated Statements of Operations and Comprehensive Income.

Debt securities are generally considered available-for-sale and are reported at fair value with unrealized gains and losses, net of applicable taxes, recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets.

The Company elects the fair value option when it believes that it best reflects the underlying economics of the investment.

These investments may be valued using third-party pricing services at each reporting date with changes in fair value recorded as a component of Fair value changes in equity securities in the Consolidated Statements of Operations and Comprehensive Income.

In the normal course of business, the Company enters into contractual arrangements and evaluates whether such arrangements contain a lease.

The Company assesses each contract identified as a lease to determine whether it should be classified as an operating or a finance lease.

As of the reporting date, the Company does not have any leases classified as finance leases.

Lease liabilities are initially measured at the present value of future lease payments, discounted using the Company’s incremental borrowing rate, as the rate implicit in the lease is not readily determinable.

Corresponding right-of-use assets are recognized at the lease commencement date.

The incremental borrowing rate represents the rate of interest the Company would incur to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a comparable economic environment.

For operating leases, lease expense is recognized on a straight-line basis over the lease term.

The lease liability is subsequently increased for interest and reduced for lease payments, while the related right-

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

of-use asset is amortized such that a single lease cost is recognized over the lease term.

Lease components and non-lease components are accounted for separately based on their relative standalone prices.

Variable lease payments that do not depend on an index or a rate, including common area maintenance charges, property taxes, and other operating expenses, are not included in the measurement of lease liabilities and right-of-use assets and are recognized as lease expense in the period in which the obligation is incurred.

Income from operating subleases, including variable sublease income, is recognized over the term of the sublease and presented as other income.

Asset Impairment

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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.

The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement.

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

For royalty interests, the transfer of control generally occurs when the mine operator of the property over which the royalty interest is held, delivers the commodity to the customer The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement.

A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed in Note 11.

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Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment.

The cash payment for gold from Mount Milligan is the lesser of $ 435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery.

The cash payment for gold from Mount Milligan is the lesser of $ 435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver, copper and zinc spot price near the date of metal delivery.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Production Taxes

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Production taxes are not income taxes and are included within the costs and expenses section in our consolidated statements of operations and comprehensive income.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Stock-Based Compensation

We recognize all share-based payments to employees, including grants of employee stock options, stock-settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in our financial statements based upon their fair values.

We recognize all share-based payments to employees in our financial statements based upon their fair values.

Our annual tax rate is based on income, statutory tax rates in effect, and tax planning opportunities available to us in the various jurisdictions in which we operate.

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Diluted earnings per share is computed by dividing net income available to common stockholders by the diluted weighted average number of common shares outstanding during each period.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No.

Reclassification

Certain amounts and disclosures in prior years have been reclassified to conform to the 2025 presentation.

New Accounting Standards

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.

2023-09 “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures” to expand the disclosure

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

requirements for income taxes, specifically related to the rate reconciliation and income taxes paid.

ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted.

We adopted this guidance retrospectively for the periods ending December 31, 2025, 2024 and 2023.

The changes are reflected in the tax footnote with no impacts to our financial condition or results of operations.

See Note 14 for more detail.

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted.

We adopted this guidance prospectively for the period ending December 31, 2025, and it only impacted our disclosures with no impacts to our financial condition or results of operations.

See Note 18 for more detail.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU No.

2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

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We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Acquisition of Sandstorm Gold and Horizon Copper

On October 20, 2025, we acquired all of the issued and outstanding common shares of Sandstorm Gold Ltd.

(“Sandstorm”) and Horizon Copper Corp.

(“Horizon”), collectively referred to as “the Transaction.” Sandstorm and Horizon were global resource-based companies based in Vancouver, British Columbia, that held interests in mining assets, including royalty and stream interests, on mining projects across various stages of development.

With respect to the Transaction, Royal Gold issued 18.6 million shares of common stock to Sandstorm shareholders and assumed stock options exercisable for 0.7 million shares of common stock to complete the transaction and paid $ 380.9 million in cash to fully repay the outstanding balance drawn on the Sandstorm credit facility.

Upon completion of the Transaction, Royal Gold's outstanding share count increased to 84.5 million shares.

Royal Gold paid C$ 127.1 million ($ 90.4 million) in cash consideration to the shareholders of Horizon (excluding Sandstorm) and funded Horizon's purchase of its outstanding warrants for C$ 40.6 million ($ 28.9 million).

For the year ended December 31, 2025, Royal Gold incurred approximately $ 26.5 million of acquisition costs related to the Transaction which are included in Acquisition related costs on our consolidated statements of operations and comprehensive income and were recognized separately from the purchase price of the Transaction.

We accounted for the Transaction according to Accounting Standards Codification 805, Business Combinations, and accounted for the Transaction as a single business combination.

In accordance with the acquisition method of accounting, the purchase price of the Transaction has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values.

The fair value estimates were based on income and market valuation methods.

As of December 31, 2025, the Company had not yet completed the allocation of the purchase price to the assets acquired and liabilities assumed.

The purchase price allocation is based on preliminary information and is subject to change within the measurement period (up to one year from the acquisition date) as additional information concerning final asset and liability valuations is obtained.

The effect of any measurement period adjustments to the estimated fair values will be reflected in future updates to our purchase price allocation.

The total purchase price of $ 4.148 billion has been allocated to the net assets acquired based on their respective fair values as follows:

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid.

ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted.

We will adopt this ASU prospectively for the period ending December 31, 2025, and it will only impact our disclosures with no impacts to our financial condition or results of operations.

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280):

ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted.

The adoption of this ASU only affects our disclosures and has no impacts to our financial condition or results from operations.

Acquisition of Cactus Project Royalty

On December 31, 2024, RG Royalties, LLC, a wholly-owned subsidiary of Royal Gold, acquired two royalties for cash consideration of $ 55 million that constitute an aggregate 2.5 % net smelter return ("NSR") royalty (the “Cactus Royalty”) on the Cactus Project from a private seller.

The Cactus Project is being developed by Arizona Sonoran Copper Company Inc.

(“ASCU”), and is located in Arizona.

The Cactus Royalty covers the Cactus East and Cactus West deposits as well as portions of the Parks/Salyer deposit and is subject to a right in favor of ASCU, until July 10, 2025, to buy back 0.5 % of the aggregate 2.5 % royalty for $ 7 million.

The Cactus Royalty acquisition has been accounted for as an asset acquisition.

The $ 55 million cash consideration, plus direct acquisition costs, have been recorded as a development stage royalty interest within Stream and royalty interests, net on our consolidated balance sheets.

The purchase price was funded with available cash on hand.

Acquisition of Back River Royalties

On June 26, 2024, International Royalty Corporation, a wholly-owned subsidiary of Royal Gold, acquired a 0.7 % 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.

The purchase price was funded with available cash on hand.

(in thousands)

Cash $ 60,024

Royalty receivables

Income tax receivable

Prepaid expenses and other

Stream and royalty interests 4,561,177

Equity method investment

Marketable securities

Other assets 57,125

Accounts payable

Other current liabilities

Deferred tax liabilities ( 1,076,909 )

Other liabilities ( 43,754 )

Non-controlling interests

Total allocated purchase price $ 4,148,155

Our consolidated financial statements include the results of the Transaction from the date of acquisition, October 20, 2025.

The following unaudited pro forma information is presented as if the Transaction had been completed as of the beginning of the periods presented.

The pro forma results are not necessarily indicative of what would have been achieved had the Transaction been in effect for the periods presented.

December 31, 2025 December 31, 2024

(unaudited, in thousands)

Revenue $ 1,209 $ 904

Net income available to Royal Gold common stockholders $ 444 $ 362

For the period October 20, 2025, through December 31, 2025, approximately $ 49.2 million of revenue was recorded on our consolidated statements of operations and comprehensive income related to streams and royalties acquired in the Transaction.

Net income attributable to Royal Gold common stockholders included approximately $ 26.5 million in acquisition costs related to the Transaction.

STREAM AND ROYALTY ACQUISITIONS

Kansanshi Stream

O n August 5, 2025, our wholly owned subsidiary, RGLD Gold AG (“RGLD Gold”) 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”).

RGLD Gold 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, RGLD Gold 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 %.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Acceleration Option 2:

If First Quantum achieves either a minimum ‘BBB-’ or equivalent senior unsecured debt rating from a rating agency, or shows 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 %.

RGLD Gold will pay 20 % of the spot gold price for each ounce delivered.

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

The stream acquisition was accounted for as an asset acquisition and recorded as a producing stage stream interest (Note 5) within Stream and royalty interests, net on our consolidated balance sheets.

The acquisition was funded with available cash and a draw of $ 825.0 million on our revolving credit facility (Note 8).

Warintza Project Stream and Royalty

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

(collectively, “Solaris”) for metals produced from the Warintza Project (“Warintza”) located in Southeastern Ecuador.

The advance payment for the acquisition totaled $ 200.0 million in cash consideration, including $ 100.0 million paid upon closing, $ 50.0 million payable after technical approval of the environmental impact assessment and publication of a pre-feasibility study for the project, which are expected to be completed in the first quarter of 2026, and $ 50.0 million payable one year after closing, subject to certain conditions including registration of security in Ecuador.

The $ 100.0 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 terminated with the full return of the advance payment at the option of RGLD Gold or Solaris if a change of control of Solaris or Warintza occurs, or by RGLD Gold if deliveries have not begun by May 21, 2033.

The area of interest for the Gold Stream Agreement covers approximately 31 square kilometers, and will expand to 186 square kilometers if the termination provisions have not been exercised and the first delivery has not been received by May 21, 2033.

Royalty Agreement

RGLD Gold 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 terminated for any of the events referenced above, the NSR rate will be the rate in place at the time of exercise if the termination is exercised by RGLD Gold, or 0.60 % if the termination is exercised by Solaris.

The area of interest will reduce to approximately 31 square kilometers if the termination is exercised by RGLD Gold.

The Royalty Agreement and the Stream Agreement have been accounted for as asset acquisitions and are recorded as development stage royalty and stream interests (Note 5) 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

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

acquisition and recorded as an exploration stage royalty interest (Note 5) 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, RGLD Gold 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 $ 50.0 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 December 31, 2025, 54,900 ounces of gold have been delivered under the Base Stream and Additional Stream at a cash purchase price of 20 % of the spot gold price for the first 49,000 ounces delivered, and 40 % of the spot gold price for each ounce delivered over the 49,000 ounces.

Wh en 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 $ 50.0 million advance payment, plus direct acquisition costs, have been recorded as an exploration stage stream interest (Note 5) within Stream and royalty interests, net on our consolidated balance sheets.

The purchase price was funded with available cash on hand.

STREAM AND ROYALTY INTERESTS, NET

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Cost Accumulated Depletion Net

Production stage stream interests:

Mount Milligan $ 790,635 $ ( 462,412 ) $ 328,223

Pueblo Viejo 610,404 ( 308,283 ) 302,121

Andacollo 388,182 ( 177,059 ) 211,123

265,911 ( 58,043 ) 207,868

Rainy River 175,727 ( 86,307 ) 89,420

Other 241,830 ( 154,245 ) 87,585

Total production stage stream interests 2,472,689 ( 1,246,349 ) 1,226,340

Production stage royalty interests:

Cortez (Legacy Zone and CC Zone) 353,850 ( 81,845 ) 272,005

Voisey's Bay 205,724 ( 124,526 ) 81,198

Red Chris 116,187 ( 5,966 ) 110,221

Peñasquito 99,172 ( 65,372 ) 33,800

Other 519,491 ( 418,648 ) 100,843

Total production stage royalty interests 1,294,424 ( 696,357 ) 598,067

Total production stage stream and royalty interests 3,767,113 ( 1,942,706 ) 1,824,407

Development stage stream interests:

Ilovica 12,038 — 12,038

Development stage royalty interests:

Cactus 55,128 — 55,128

Back River 42,948 — 42,948

La Fortuna 35,140 — 35,140

Other 21,133 — 21,133

Total development stage stream and royalty interests 166,387 — 166,387

Exploration stage stream interests:

Xavantina 14,792 — 14,792

Exploration stage royalty interests:

Cortez (Legacy Zone and CC Zone) 456,479 — 456,479

Great Bear 209,106 — 209,106

Pascua-Lama 177,690 — 177,690

Red Chris 48,895 — 48,895

Côté 29,610 — 29,610

Other 115,438 — 115,438

Total exploration stage stream and royalty interests 1,052,010 — 1,052,010

Production stage interests:

Streams $ 4,190,864 $ ( 1,359,206 ) $ 2,831,658

Royalties 2,319,553 ( 760,108 ) 1,559,445

Total production stage interests 6,510,417 ( 2,119,314 ) 4,391,103

Development stage interests:

Streams 936,726 — 936,726

Royalties 581,746 — 581,746

Total development stage interests 1,518,472 — 1,518,472

Exploration stage interests:

Streams 776,358 — 776,358

Royalties 1,897,942 — 1,897,942

Total exploration stage interests 2,674,300 — 2,674,300

Total stream and royalty interests, net $ 10,703,189 $ ( 2,119,314 ) $ 8,583,875

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Cost Accumulated Depletion Net

Production stage stream interests:

Mount Milligan $ 790,635 $ ( 430,106 ) $ 360,529

Pueblo Viejo 610,404 ( 299,354 ) 311,050

Andacollo 388,182 ( 165,553 ) 222,629

265,911 ( 41,635 ) 224,276

Rainy River 175,727 ( 74,858 ) 100,869

Other 232,703 ( 132,043 ) 100,660

Total production stage stream interests 2,463,562 ( 1,143,549 ) 1,320,013

Production stage royalty interests:

Cortez (Legacy Zone and CC Zone) 353,850 ( 61,891 ) 291,959

Voisey's Bay 205,724 ( 121,000 ) 84,724

Red Chris 116,187 ( 3,758 ) 112,429

Peñasquito 99,172 ( 59,900 ) 39,272

Other 448,899 ( 408,522 ) 40,377

Total production stage royalty interests 1,223,832 ( 655,071 ) 568,761

Total production stage stream and royalty interests 3,687,394 ( 1,798,620 ) 1,888,774

Development stage stream interests:

Ilovica 12,038 — 12,038

Development stage royalty interests:

Côté 45,421 — 45,421

La Fortuna 35,140 — 35,140

Other 45,992 — 45,992

Total development stage stream and royalty interests 138,591 — 138,591

Exploration stage stream interests:

Xavantina 19,565 — 19,565

Exploration stage royalty interests:

Cortez (Legacy Zone and CC Zone) 456,479 — 456,479

Great Bear 209,106 — 209,106

Pascua-Lama 177,690 — 177,690

Red Chris 48,895 — 48,895

Côté 29,610 — 29,610

Other 106,864 — 106,864

Total exploration stage stream and royalty interests 1,048,209 — 1,048,209

Production stage interests:

Streams $ 2,472,689 $ ( 1,246,349 ) $ 1,226,340

Royalties 1,294,424 ( 696,357 ) 598,067

Total production stage interests 3,767,113 ( 1,942,706 ) 1,824,407

Development stage interests:

Streams 12,038 — 12,038

Royalties 154,349 — 154,349

Total development stage interests 166,387 — 166,387

Exploration stage interests:

Streams 14,792 — 14,792

Royalties 1,037,218 — 1,037,218

Total exploration stage interests 1,052,010 — 1,052,010

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

EQUITY METHOD INVESTMENT

Hod Maden Interest

As a result of the Transaction, the Company has a 30 % equity interest in Artmin Madencilik Sanayi ve Ticaret A.S (“Artmin”), a privately held company incorporated in Türkiye which owns the Hod Maden project.

At December 31, 2025, the carrying value of the Hod Maden equity investment wa s $ 249.5 million and is included in Equity method investment on the consolidated balance sheets.

The Company applies the equity method to investments when it has the ability to exercise significant influence over the operating and financial policies of the investee.

The Company's share of the investee's losses is included in Interest and other expense in the consolidated statement of operations.

Loan to Associate

As of December 31, 2025, the Company advance d $ 51.4 million of shareholder loans to Artmin to fund the Company's share of cash calls for ongoing development costs at Hod Maden.

The loans bear interest at 4 % plus the credit default swap rate of Türkiye at the start of each quarterly period and have five-year terms.

At December 31, 2025, the carrying value of the loans is included in Equity method investment on the consolidated balance sheets.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

MARKETABLE SECURITIES

The Company's marketable securities consist of the following (amounts in thousands):

December 31, 2025 December 31, 2024

Available-for-sale equity securities (1)

$ 120,814 $ 6

Available-for-sale debt securities (2)

Total marketable securities $ 172,880 $ 6

_______________________________________________

(1) Fair value adjustment recorded within net income.

(2) Fair value adjustment recorded within other comprehensive income.

Available-for-sale Equity Securities

Entrée Resources Ltd.

As a result of the Transaction (Note 3), the Company became the registered and beneficial holder of 50,297,717 Entrée Resources Ltd.

(“Entrée”) shares, representing approximately 24 % of the issued and outstanding Entrée common shares on an undiluted basis.

Entrée is a public Canadian mining company with a carried joint venture interest in the Hugo North Extension and Heruga deposits located in Mongolia.

At acquisition, the Company elected the fair value option to account for the Entrée equity securities because it best reflects the underlying economics of the investment.

At December 31, 2025, the carrying value of the Entrée shares was $ 76.7 million and is included in available-for-sale equity securities.

Versamet Royalties Corporation

Also as a result of the Transaction (Note 3), the Company became the registered and beneficial holder of 23,654,545 Versamet Royalties Corporation (“Versamet”) shares, representing approximately 25 % of the issued and outstanding Versamet common shares on an undiluted basis, as a result of the Transaction.

At acquisition, the Company elected the fair value option to account for the Versamet equity securities because it best reflects the underlying economics of the investment.

On November 17, 2025, the Company entered into purchase and sale agreements with each of Tether Investments, S.A.

(“Tether”) and Nemesia S.à.r.l (“Nemesia”) pursuant to which the Company agreed to sell 11,827,273 common shares of Versamet to Tether and 11,827,272 common shares of Versamet to Nemesia at a price of C$ 8.75 per common share, for aggregate consideration of C$ 207.0 million ($ 147.4 million).

These sales represented all of the Company's Versamet shares, and upon closing of the sales, the Company ceased to have any beneficial ownership of, or control and direction over, any Versamet shares.

The Company recognized a loss of $ 48.0 million o n the sale of the Versamet shares, which is included in Loss on sale of marketable securities in the consolidated statement of operations, and has zero carrying value as of December 31, 2025.

Available-for-sale Debt Securities

Bear Creek Convertible Debt Securities

As a result of the Transaction, the Company acquired convertible debentures with total principal of $ 49.5 million which are convertible into Bear Creek common shares at a strike price of C$ 0.73 per share.

The debentures bear interest at 7 % and mature in September 2028.

At December 31, 2025, the carrying value of the debentures was $ 52.1 million and is included in available-for-sale debt securities.

On December 19, 2025, we entered into agreements with Bear Creek to restructure equity, debt and other interests in Bear Creek and its assets in return for increased royalty exposure to Bear Creek's Corani and Mercedes projects, cash and shares in Highlander Silver Corp.

(“Highlander”).

This restructuring helped facilitate an agreement between Highlander and Bear Creek to combine their businesses, which is expected to close in the first quarter of 2026.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company’s debt for the years ended December 31, 2025 and 2024, consists of the following (amounts in thousands):

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

Principal Debt Issuance Costs (1)

Total Principal Debt Issuance Costs Total

Principal Debt Issuance Costs Total Principal Debt Issuance Costs (1)

Revolving credit facility $ 900,000 $ ( 4,564 ) $ 895,436 $ — $ — $ —

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Revolving Credit Facility

During the year ended December 31, 2024, we repaid the remaining $ 250 million of outstanding borrowings on our revolving credit facility, making the entire $ 1 billion revolving credit facility available as of December 31, 2024.

On June 28, 2023, we entered into a fifth amendment to our revolving credit facility dated as of June 2, 2017, as amended.

The fifth amendment extended the scheduled maturity date from July 7, 2026 to June 28, 2028, replaced LIBOR with Secured Overnight Financing Rate (Term SOFR”) as a benchmark interest rate and made certain other administrative changes to the existing revolving credit facility.

Interest expense recognized on the revolving credit facility for the years ended December 31, 2024, 2023, and 2022 was approximately $ 6.3 million, $ 28.4 million, and $ 10.0 million, respectively, and included interest on the outstanding borrowings and the amortization of the debt issuance costs.

We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of December 31, 2024.

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

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 $ 250.0 million to $ 400.0 million and revised the leverage ratio required to be less than or equal to 4.00 :1.00 at all times, rather than 4.00 :1.00 for only the two fiscal quarters following the consummation of a material permitted acquisition (as defined) and 3.50 :1.00 at all other times.

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 $ 400.0 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.

During the year ended December 31, 2025, we borrowed $ 1.275 billion under our revolving credit facility to acquire the Kansanshi gold stream (Note 4) and for the acquisition of Sandstorm Gold Ltd.

and Horizon Copper (Note 3).

We repaid $ 375 million during the fourth quarter of 2025 and had $ 900 million outstanding and $ 500.0 million available under our revolving credit facility as of December 31, 2025.

Interest expense recognized on the revolving credit facility for the years ended December 31, 2025, 2024 and 2023 was approximately $ 23.4 million, $ 6.3 million and $ 28.4 million, respectively, and includes interest on outstanding borrowings and amortization of the debt issuance costs.

We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of December 31, 2025.

In January and February 2026, we repaid $ 75 million and $ 100 million , respectively, under our revolving credit facility, resulting in $ 725 million outstanding and $ 675 million available under our revolving credit facility as of the date of this report.

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

The interest rate on borrowings under our credit facility as of December 31, 2025, was SOFR plus 1.20 % for an all-in rate of 5.1 %.

Our significant lease arrangements relate to our office spaces.

These arrangements are for leases of assets such as corporate office space and office equipment.

We lease office space and office equipment under operating leases expiring at various dates through the year ending December 31, 2030.

The following amounts were recorded in the consolidated balance sheets at December 31, 2024 (amounts in thousands):

Classification December 31, 2024

We lease office space and office equipment under operating leases expiring at various dates between 2028 and 2039.

In connection with the Transaction, we recognized lease liabilities of $ 32.9 million, measured using our incremental borrowing rate, and corresponding right-of-use assets of $ 30.7 million related to acquired office space leases.

Certain office lease agreements include options to extend the lease for up to ten years .

Office lease extension periods are not included in the lease terms used to calculate the lease liabilities and right-of-use assets.

The Company's leases do not generally include options to terminate the lease prior to the end of the lease term.

Variable lease payments, such as common area maintenance charges, property taxes, and other operating expenses, are recognized as lease expense in the

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

period in which the obligation is incurred.

The following amounts were recorded in the consolidated balance sheets as of December 31, 2025 and 2024 (amounts in thousands):

Classification December 31, 2025 December 31, 2024

Operating Leases

Right-of-use assets - current Prepaid expenses and other $ 855

Right-of-use assets - non-current Other assets 33,757 4,318

Total right-of-use assets $ 4,318

Lease liabilities - current Other current liabilities $ 4,246 $ 965

1 unchanged sentence

Total operating lease liabilities $ 37,210 $ 4,968

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Total operating lease expense, included in general and administrative expenses, was $ 2.0 million in 2025, $ 1.0 million in 2024 and $ 1.0 million in 2023.

Maturities of operating lease liabilities at December 31, 2025 were as follows (amounts in thousands):

5 unchanged sentences

Total $ 37,210

Other information pertaining to leases consists of the following:

December 31, 2024

Other information pertaining to lease liabilities consists of the following:

December 31, 2025 December 31, 2024

Operating Lease Term and Discount Rate

2 unchanged sentences

We did not have any finance leases as of December 31, 2025.

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.

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 December 31, 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.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

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.

In connection with the Transaction, we assumed operating subleases associated with certain acquired leases related to office space.

Income from operating subleases is recognized over the term of the sublease and presented as other income.

Variable sublease income, including payments for common area maintenance charges, property taxes, and other operating expenses, are recognized as variable sublease income in the period in which they are earned.

The following table presents

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

the undiscounted proceeds we are contractually entitled to receive from operating subleases, not including variable sublease income (amounts in thousands):

Fiscal Years:

Operating Subleases

Thereafter 18,819

Total $ 30,148

MOUNT MILLIGAN DEFERRED LIABILITY

On February 13, 2024, RGLD Gold entered into a Cost Support Agreement (the “Mount Milligan Cost Support Agreement”) with Centerra Gold Inc.

(“Centerra”), whereby RGLD Gold has agreed, subject to the terms and conditions set forth therein, to provide cost support payments for gold and copper deliveries under the existing stream agreement 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 value of the cash consideration, free cash flow interest received from Centerra and Deferred Gold Consideration is recorded as a deferred liability in our consolidated balance sheets as of December 31, 2025.

On October 3, 2025, we received and subsequently sold 11,111 ounces of the Deferred Gold Consideration for proceeds of $ 44.2 million.

The proceeds from the sale of Deferred Gold Consideration do not impact revenue and are recorded as operating cash flows in the consolidated statements of cash flows.

As of December 31, 2025, the balance of the deferred liability was $ 69.2 million and 38,889 ounces of the Deferred Gold Consideration remain outstanding.

Revenue Recognition

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We settle our forward sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract.

Under our forward sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery.

Under our forward sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

the point in time of physical delivery.

Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.

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In all of our most significant 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.

We have further determined that the transfer of each unit of metal production, comprising our royalty interest, to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator.

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 offsite treatment, refining, transportation and, if applicable, other contractually permitted costs.

Accordingly, we recognize revenue attributable to our royalty interests when control over the metal production transfers to the customer at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, other contractually permitted costs.

Royalty Revenue Estimates

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Royalty revenue and the attributable metal production that was estimated for the period was not material.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Disaggregation of Revenue

2 unchanged sentences

These identified revenue sources are consistent with our reportable segments as discussed in Note 18.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

5 unchanged sentences

Copper 44,254 48,990 45,632

Other 1,968 — —

Total stream revenue $ 686,472 $ 483,294 $ 418,280

14 unchanged sentences

Andacollo Gold 77,896 47,531 48,920

Other Gold & Silver 166,665 134,946 104,040

Kansanshi Gold 32,279 — —

Other Various 222,754 166,665 134,946

Total stream revenue $ 686,472 $ 483,294 $ 418,280

7 unchanged sentences

STOCK-BASED COMPENSATION

In November 2015, our stockholders approved the 2015 Omnibus Long-Term Incentive Plan (“2015 LTIP”).

Under the 2015 LTIP, 2,500,000 shares of common stock have been authorized for future grants to officers, directors, key employees and other persons.

The 2015 LTIP provides for the grant of stock options, unrestricted stock, restricted stock, dividend

Our stockholders approved our 2025 Incentive Plan (the “2025 Plan”), effective May 22, 2025, which serves as the successor to our 2015 Omnibus Long-Term Incentive Plan (as amended, the “2015 LTIP”) and provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, other stock-based awards, and cash-based awards to qualified employees, officers, directors, consultants and advisors.

No new awards will be issued under the 2015 LTIP as of the effective date of the 2025 Plan.

Outstanding awards under the 2015 LTIP continue to be subject to the terms and conditions of the 2015 LTIP.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

equivalent rights, SSARs and cash awards.

Any of these awards may, but need not, be made as performance incentives.

Stock options granted under the 2015 LTIP may be non-qualified stock options or incentive stock options.

effective date of the 2025 Plan, 2,114,883 shares of common stock were available for future awards under the 2025 Plan.

In addition, awards granted under the 2015 LTIP that were outstanding as of the effective date of the 2025 Plan and which expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by us at their original issuance price pursuant to a contractual repurchase right are added to the shares available for future awards under the 2025 Plan.

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

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Stock Options and Stock Appreciation Rights

Stock option and SSARs awards are granted with an exercise price equal to the closing market price of our stock at the date of grant.

Stock option and stock-settled stock appreciate rights (“SSARs”) awards are granted with an exercise price equal to the closing market price of our stock at the date of grant.

Stock option and SSARs awards granted to officers, key employees and other persons vest based on one to three years of continuous service.

14 unchanged sentences

Exercisable at December 31, 2025 2,232 $ 134.36 4.3 $ 196

The total intrinsic value of options exercised during the years ended December 31, 2024, and 2023, and 2022 was $ 0.2 million, $ 0.5 million and $ 0.2 million, respectively.

The total intrinsic value of options exercised during the years ended December 31, 2025, 2024 and 2023 was $ 0.6 million, $ 0.2 million and $ 0.5 million, respectively.

As of December 31, 2025, there was no unrecognized stock-based compensation expense related to unvested stock options.

22 unchanged sentences

The granted TSRs will expire in three years from the date of grant if the TSR market condition and a three-year service condition are not met.

During the fiscal year ended June 30, 2021, officers and certain employees were granted shares of restricted common stock that can only be earned upon the achievement of certain pre-defined performance measures.

Specifically, for performance shares granted during the fiscal year ended June 30, 2021, one-half of the shares awarded may vest upon our achievement of annual growth in Net Gold Equivalent Ounces (“Net GEOs”) (“GEO Shares”).

The second half of performance shares granted during the fiscal year ended June 30, 2021 may vest based on our TSR compared to the TSRs of all members of the VanEck Gold Miners ETF (“Prior TSR Shares”).

GEO Shares and Prior TSR Shares may vest by linear interpolation in a range between zero shares if neither threshold Net GEO and TSR metric is met;

to 100 % of GEO Shares and Prior TSR Shares awarded if both target Net GEO and TSR metrics are met;

to 200 % of the Net GEO and Prior TSR Shares awarded if both the maximum Net GEO and TSR metrics are met.

The GEO Shares will expire in five years from the date of grant if the performance measure is not met, while the Prior TSR Shares will expire in three years from the date of grant if the TSR market condition and three-year service condition are not met.

We measured the grant date fair value of the Granted TSRs and Prior TSR Shares using a Monte Carlo valuation model.

We measured the grant date fair value of the TSR shares using a Monte Carlo valuation model.

The fair value of our TSR awards is multiplied by the target number ( 100 %) of TSR awards granted to determine total stock-based compensation expense.

Total stock-based compensation expense of the TSR awards is amortized on a straight-line basis over the requisite service period, or three years .

We measured the fair value of the GEO Shares based upon the market price of our common stock as of the date of grant.

The measurement date for the GEO Shares will be determined at such time that the performance goals are attained or that it is probable they will be attained.

GEO Shares granted in August 2020 remain outstanding as of December 31, 2024 and the Company will continue to measure these awards for vesting until each awards expiration or performance attainment, whichever date is first.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

A summary of the status of our unvested Performance Shares at maximum ( 200 %) attainment for the year ended December 31, 2024, is presented below:

A summary of the status of our outstanding TSR shares at maximum ( 200 %) attainment for the year ended December 31, 2025, is presented below:

Shares Weighted-

1 unchanged sentence

Granted 72,120 $ 184.36

Exercised ( 30,290 ) $ 123.35

Vested ( 17,948 ) $ 148.89

Non-attainment ( 29,283 ) $ 145.85

1 unchanged sentence

Outstanding at December 31, 2025 234,800 $ 137.39

As of December 31, 2024, total unrecognized stock-based compensation expense related to Performance Shares was approximately $ 5.2 million, which is expected to be recognized over the average remaining vesting period of 1.7 years.

As of December 31, 2025, total unrecognized stock-based compensation expense related to TSR shares was approximately $ 6.3 million, which is expected to be recognized over the average remaining vesting period of 1.8 years.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Restricted Stock

15 unchanged sentences

As of December 31, 2025, total unrecognized stock-based compensation expense related to Restricted Stock was approximately $ 6.8 million, which is expected to be recognized over the weighted-average vesting period of 1.7 years.

Sandstorm Assumed Options

With respect to the Transaction, Royal Gold assumed Sandstorm stock options exercisable for 0.7 million shares of common stock to complete the transaction.

A summary of Sandstorm option activity for the year ended December 31, 2025, is presented below:

Shares Weighted-

Price Weighted-

Life (Years) Aggregate

Intrinsic Value

(in thousands)

Outstanding at January 1, 2025 — $ —

Assumed options as part of Sandstorm acquisition 710,780 $ 105.36

Exercised ( 166,979 ) $ 91.84

Forfeited — $ —

Outstanding at December 31, 2025 543,801 $ 109.51 2.3 $ 61,330

Exercisable at December 31, 2025 543,801 $ 109.51 2.3 $ 61,330

The total intrinsic value of the Sandstorm assumed options exercised during the year ended December 31, 2025 was $ 17.2 million.

EARNINGS PER SHARE (“EPS”)

Basic earnings per common share were computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities.

Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share pursuant to the two-class method.

Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared.

Our unexercised stock options, unexercised SSARs and unvested performance stock do not contain rights to dividends.

Under the two-class method, the earnings used to determine basic earnings per common share are reduced by an

Basic earnings per common share is computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities.

Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

amount allocated to participating securities.

computation of earnings per share pursuant to the two-class method.

Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared.

Our unexercised stock options, unexercised SSARs and unvested TSRs do not contain rights to dividends.

Under the two-class method, the earnings used to determine basic earnings per common share are reduced by an amount allocated to participating securities.

Use of the two-class method has an immaterial impact on the calculation of basic and diluted earnings per common share.

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Foreign 420,156 298,726 218,035

$ 426,092 $ 282,140 $ 272,868

Income before income taxes $ 573,866 $ 426,092 $ 282,140

Our Income tax expense consisted of (amounts in thousands):

4 unchanged sentences

Foreign 63,638 32,901 24,499

$ 85,259 $ 48,477 $ 52,762

Current tax expense $ 106,216 $ 85,259 $ 48,477

Deferred and others:

2 unchanged sentences

Foreign ( 4,619 ) 8,448 ( 5,692 )

$ 8,354 $ ( 6,469 ) $ ( 19,836 )

Deferred tax expense $ ( 3,926 ) $ 8,354 $ ( 6,469 )

Total income tax expense $ 102,290 $ 93,613 $ 42,008

5 unchanged sentences

2024 December 31,

Total expense computed by applying federal rates $ 89,480 $ 59,249 $ 57,303

State and provincial income taxes, net of federal benefit 914 625 545

Tax Effected Rate Tax Effected Rate Tax Effected Rate

Income taxes at statutory rates $ 120,512 21.0 % $ 89,479 21.0 % $ 59,249 21.0 %

State income taxes, net of federal benefit 429 0.1 % 914 0.2 % 625 0.2 %

Foreign tax effects:

Withholding tax less foreign tax credits 7,619 1.3 % — — % ( 92 ) — %

Change in valuation allowance 6,816 1.2 % — — % — — %

Non taxable income and expenses 7,979 1.4 % ( 16 ) — % 22 — %

Other 731 0.1 % 1,382 0.3 % 397 0.1 %

Statutory tax rate differential - federal ( 58,136 ) ( 10.1 ) % ( 37,273 ) ( 8.8 ) % ( 27,491 ) ( 9.7 ) %

Cantonal taxes 19,675 3.4 % 13,216 3.1 % 9,504 3.4 %

Other 2,247 0.4 % 1,298 0.3 % ( 1,024 ) ( 0.4 ) %

Additional recoverable basis ( 16,264 ) ( 2.8 ) % — — % — — %

Change in valuation allowance — — % — — % ( 8,462 ) ( 3.0 ) %

Withholding taxes, net of refund 11,893 2.1 % 15,656 3.7 % 8,125 2.9 %

Other foreign jurisdictions 315 0.1 % 826 0.2 % 293 0.1 %

Effects of cross-border tax law:

GILTI & subpart F, net of foreign tax credits 15,576 2.7 % 22,087 5.2 % 7,235 2.6 %

Foreign tax credits ( 10,944 ) ( 1.9 ) % ( 16,166 ) ( 3.8 ) % ( 8,598 ) ( 3.1 ) %

Change in valuation allowance ( 4,118 ) ( 0.7 ) % 3,873 0.9 % 3,180 1.1 %

Nontaxable or nondeductible items:

Excess depletion ( 2,548 ) ( 0.4 ) % ( 2,473 ) ( 0.6 ) % ( 2,259 ) ( 0.8 ) %

Statutory tax attributable to non-controlling interest ( 195 ) ( 224 ) ( 363 )

Effect of foreign earnings ( 887 ) ( 10,116 ) ( 8,846 )

Unrealized foreign exchange gains 896 ( 988 ) 853

Rate adjustment 1,279 ( 6 ) —

Changes in estimates ( 1,062 ) 11 119

Valuation allowance 3,842 ( 6,030 ) ( 15,877 )

Statutory tax attributes to non-controlling interest ( 1,044 ) ( 0.2 ) % ( 74 ) — % ( 118 ) — %

Other ( 63 ) — % 884 0.2 % 1,421 0.5 %

Non-deductible acquisition cost 1,615 0.3 % — — % — — %

Total income tax expense $ 102,290 17.8 % $ 93,613 22.0 % $ 42,008 14.9 %

The effective tax rate for the year ended December 31, 2024, was 22 % which included a $ 13.0 million U.S.

The effective tax rate for the year ended December 31, 2025, was 17.8 %.

which included a $ 16.3 million tax benefit for additional recoverable basis and a tax benefit for an $ 11 million recovery of foreign withholding tax, partially offset by $ 2.9 million of U.S.

and foreign capitalized acquisition costs.

The effective tax rates for the year ended December 31,

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2024, was 22 % and included a $ 13.0 million U.S.

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

The effective tax rates for the years ended December 31, 2023 and 2022, were 14.9 % and 12.1 %, respectively, which included income tax benefits attributable to the release of a valuation allowance on certain foreign deferred tax assets.

The effective tax rate for the year ended December 31, 2023, was 14.9 %, which included income tax benefits attributable to the release of a valuation allowance on certain foreign deferred tax assets.

Cash taxes paid consisted of (amounts in thousands):

Year Ended December 31, 2025

United States $ 41,111

Federal 21,859

Cantonal 8,616

Mexico 11,187

Australia 6,825

Total cash taxes paid $ 95,348

Year Ended December 31, 2024

United States $ 33,608

Federal 15,794

Cantonal 3,502

Mexico 12,058

Australia 5,118

Total cash taxes paid $ 72,108

Year Ended December 31, 2023

United States $ 14,261

Federal 17,070

Cantonal 1,967

Mexico 10,160

Total cash taxes paid $ 50,303

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2025 and 2024 are as follows (amounts in thousands):

5 unchanged sentences

Amortizable tax goodwill 41,249 37,672

Other tax attributes 10,871 1,784

Capital losses 8,673 1,853

Lease liability 9,805 1,067

Other 1,896 1,788

4 unchanged sentences

Mineral property basis $ ( 1,117,909 ) $ ( 123,482 )

Unrealized foreign exchange gains ( 582 ) ( 582 )

Equity method investments ( 84,036 ) —

Marketable securities ( 6,941 ) —

Lease right-of-use asset ( 8,913 ) ( 930 )

Other ( 793 ) ( 836 )

4 unchanged sentences

As of December 31, 2025 and 2024, we recorded a valuation allowance of $ 86.7 million and $ 44.7 million, respectively.

The valuation allowance remaining at December 31, 2024 is attributable to US foreign tax credits of

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

$ 39.7 million and capital losses of $ 1.9 million, net operating losses of $ 2.2 million, and other tax attribute carryforwards of $ 0.9 million in non-US subsidiaries.

The valuation allowance remaining at December 31, 2025 is attributable to U.S.

foreign tax credits of $ 35.6 million and capital losses of $ 8.7 million, tax basis in excess of book basis in Mineral Properties of $ 39.0 million, net operating losses of $ 2.7 million, and other tax attribute carryforwards of $ 0.7 million.

As of December 31, 2025 and 2024, we had $ 54.5 million and $ 5.9 million of net operating loss carryforwards offset by a valuation allowance of $ 2.7 million and $ 2.2 million, respectively.

The majority of the tax loss carryforwards are in jurisdictions that allow a twenty-year carry-forward period.

These losses do not begin to expire until the 2038 tax year, and the Company anticipates utilizing $ 3.7 million of the net operating loss carryforwards as of December 31, 2024.

These losses do not begin to expire until the 2038 tax year.

As of December 31, 2025 and 2024, we had zero unrecognized tax benefits.

6 unchanged sentences

For the years ended December 31, 2025, 2024, and 2023, we had zero accrued income-tax-related interest and penalties.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

SUPPLEMENTAL CASH FLOW INFORMATION

6 unchanged sentences

Non-cash investing and financing activities:

Share issuance to Sandstorm shareholders $ 3,597,560 $ — $ —

Sandstorm assumed stock options $ 80,602 $ — $ —

Dividends declared $ 129,101 $ 108,556 $ 100,232

8 unchanged sentences

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 December 31, 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 5) approximates fair value as of December 31, 2024.

As of December 31, 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.

The following table sets forth our financial assets measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy.

Fair Value at December 31, 2025

Total Level 1 Level 2 Level 3

(in thousands)

Available-for-sale equity securities $ 120,814 $ 120,814 $ — $ —

Available-for-sale debt securities 52,066 — 52,066 —

Fair Value at December 31, 2024

Total Level 1 Level 2 Level 3

(in thousands)

Available-for-sale equity securities $ 6 $ 6 $ — $ —

______________________________________________

(1) Included in Marketable securities on our consolidated balance sheets.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

The carrying value of our revolving credit facility (Note 8) approximates fair value as of December 31, 2025 and is measured using Level 2 inputs.

The fair value of the convertible debt securities due from Bear Creek was determined using binomial lattice models based on the contractual terms and relevant inputs including the risk free interest rate, the USD to CAD currency swap rate, expected dividend yield, expected volatility and the discount yield which are observable in active markets.

The use of reasonably possible alternative assumptions would not significantly impact our results.

As of December 31, 2025, 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, equity method investments 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.

3 unchanged sentences

2024 December 31,

Operator Revenue Percentage of total

revenue Revenue Percentage of total

Operator Revenue Percentage of total revenue Revenue Percentage of total revenue Revenue Percentage of total revenue

Centerra $ 223,713 21.7 % $ 186,039 25.9 % $ 158,167 26.1 %

13 unchanged sentences

interests, net

Canada $ 417,643 $ 659,070 $ 1,076,713 $ 461,398 $ 614,900 $ 1,076,298

Dominican Republic 302,122 — 302,122 311,050 — 311,050

Africa 237,028 321 237,349 264,529 321 264,850

Chile 211,123 224,116 435,239 222,629 224,116 446,745

United States — 827,277 827,277 — 794,891 794,891

Mexico — 33,800 33,800 — 41,803 41,803

Australia — 19,265 19,265 — 21,288 21,288

Rest of world 85,254 25,785 111,039 92,010 26,639 118,649

Total $ 1,253,170 $ 1,789,634 $ 3,042,804 $ 1,351,616 $ 1,723,958 $ 3,075,574

North America $ 1,214,810 $ 1,834,921 $ 3,049,731 $ 719,765 $ 1,520,147 $ 2,239,912

South and Central America 1,045,620 1,846,211 2,891,831 284,340 249,901 534,241

EMEA 2,270,717 309,467 2,580,184 249,065 321 249,386

Australia Pacific 13,595 48,534 62,129 — 19,265 19,265

$ 4,544,742 $ 4,039,133 $ 8,583,875 $ 1,253,170 $ 1,789,634 $ 3,042,804

_______________________________________________________

(1) Includes the carrying value of all stream and royalty interests acquired during the years ended December 31, 2025 and 2024.

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

6 unchanged sentences

Total $ 1,030,471 $ 130,926 $ 8,605 $ 176,610 $ 714,330

ROYAL GOLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Year Ended December 31, 2024

22 unchanged sentences

Depreciation and amortization 472 341 431

Impairment of royalty interests — — 4,287

Acquisition related costs 26,508 — —

Operating income 638,167 429,899 303,202

Fair value changes in equity securities 327 ( 66 ) ( 147 )

Loss on sale of marketable securities ( 50,017 ) — —

Interest and other income 14,411 6,008 9,952

7 unchanged sentences

Stream interests (1) :

Canada $ 231,801 $ 196,961 $ 212,369

Dominican Republic 83,059 76,247 85,863

Africa 82,132 70,757 53,787

Chile 47,531 48,920 47,347

Rest of world 38,771 25,395 18,427

North America $ 440,738 $ 314,860 $ 273,208

EMEA 137,281 82,132 70,757

South and Central America 107,444 86,302 74,315

Australia Pacific 1,009 — —

Total stream interests $ 686,472 $ 483,294 $ 418,280

Royalty interests:

United States $ 121,212 $ 123,690 $ 81,642

Mexico 52,842 25,754 52,388

Australia 28,966 19,011 15,672

Canada 18,945 12,712 27,210

Rest of world 14,136 6,270 8,501

North America $ 263,332 $ 192,999 $ 162,155

Australia Pacific 40,349 28,966 19,011

South and Central America 38,119 14,136 5,736

EMEA 2,199 — 535

Total royalty interests 343,999 236,101 187,437

Total revenue $ 1,030,471 $ 719,395 $ 605,717

_______________________________________________________

(1) Stream revenue from the following customers exceeded 10% or our revenue for the years ended December 31, 2025, 2024 and 2023:

Bank of Montreal $ 386.9 million ( 38 %), $ 248.7 million ( 35 %), and $ 311.6 million ( 51 %) and StoneX $ 272.5 million ( 26 %), $ 204.8 million ( 28 %) and $ 61.1 million ( 10 %), respectively.

COMMITMENTS AND CONTINGENCIES

Warintza Project Stream and Royalty Acquisition

As of December 31, 2025 , our conditional funding schedule of $ 100.0 million related to the acquisition of the Warintza Gold Stream and Royalty Agreements made on May 21, 2025 (Note 4) remains subject to certain conditions.

Ilovica Gold Stream Acquisition

2 unchanged sentences

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-K

Item 8. Financial Statements and Supplementary Data