What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-06 · 229 added, 335 removed, 288 unchanged (66% of the section changed)

3 unchanged sentences

(Unaudited, amounts in thousands except share data)

September 30,

2026 December 31,

6 unchanged sentences

Stream and royalty interests, net (Note 3) 8,539,286 8,583,875

Equity method investment (Note 4) 314,281 300,854

Marketable securities (Note 5) 97,114 172,880

Other assets 126,746 102,469

16 unchanged sentences

Additional paid-in capital 5,946,311 5,928,123

Accumulated other comprehensive income — 993

Accumulated earnings 1,467,969 1,227,169

7 unchanged sentences

(Unaudited, amounts in thousands except share data)

Three Months Ended Nine Months Ended

September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Three Months Ended

2026 March 31,

Revenue (Note 8) $ 469,125 $ 193,436

4 unchanged sentences

Depreciation, depletion and amortization 90,875 32,995

Acquisition related costs 12,798

Total costs and expenses 172,034 70,325

1 unchanged sentence

Fair value changes in equity securities 5,950 ( 37 )

Gain on sale of marketable securities 14,115 —

Interest and other income 3,192 2,049

2 unchanged sentences

Income tax expense (Note 11) ( 25,398 ) ( 10,389 )

Net income and comprehensive income 131,805 96,330 377,857 224,958

Net income and comprehensive income attributable to non-controlling interests ( 4,981 ) ( 88 ) ( 5,187 ) ( 343 )

Net income and comprehensive income attributable to Royal Gold common stockholders $ 126,824 $ 96,242 $ 372,670 $ 224,615

Net income 281,708 113,578

Net income attributable to non-controlling interests ( 578 ) ( 80 )

Net income attributable to Royal Gold common stockholders $ 281,130 $ 113,498

Net income $ 281,708 $ 113,578

Adjustments to comprehensive income, net of tax:

Realized gain on available-for-sale debt securities ( 993 ) —

Comprehensive income 280,715 113,578

Comprehensive income attributable to non-controlling interests ( 578 ) ( 80 )

Comprehensive income attributable to Royal Gold stockholders $ 280,137 $ 113,498

Net income per share attributable to Royal Gold common stockholders:

7 unchanged sentences

Consolidated Statements of Changes in Stockholders’ Equity

Three months ended September 30, 2025, and 2024

(unaudited, amounts in thousands except share data)

Royal Gold Stockholders

Common Shares Additional

Capital Accumulated

Earnings Non-controlling

Interests Total

Shares Amount

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

Stock-based compensation and related share issuances 3,479 — 2,585 — — 2,585

Distributions to non-controlling interests — — — — ( 6,898 ) ( 6,898 )

Net income and comprehensive income — — — 126,824 4,981 131,805

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

Other — — ( 244 ) — — ( 244 )

Balance at September 30, 2025 65,763,800 $ 658 $ 2,232,063 $ 1,173,746 $ 10,100 $ 3,416,567

Royal Gold Stockholders

Common Shares Additional

Capital Accumulated

Earnings Non-controlling

Interests Total

Shares Amount

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

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

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

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

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

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

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Nine months ended September 30, 2025, and 2024

Three months ended March 31, 2026, and 2025

(Unaudited, amounts in thousands except share data)

1 unchanged sentence

Common Shares Additional

Capital Accumulated

Capital Accumulated Other Comprehensive Income (Loss) Accumulated

Earnings Non-controlling

2 unchanged sentences

Balance at December 31, 2025 84,499,692 $ 845 $ 5,928,123 $ 993 $ 1,227,169 $ 48,217 $ 7,205,347

Sandstorm converted options exercises 251,246 1 20,173 — — — 20,174

Stock-based compensation and related share issuances 36,334 — ( 1,985 ) — — — ( 1,985 )

Distributions to non-controlling interests — — — — — ( 1,657 ) ( 1,657 )

Net income and comprehensive income — — — 372,670 5,187 377,857

Net income — — — — 281,130 578 281,708

Other comprehensive loss — — — ( 993 ) — — ( 993 )

Dividends declared — — — — ( 40,330 ) — ( 40,330 )

Other — — ( 244 ) — — ( 244 )

Balance at September 30, 2025 65,763,800 $ 658 $ 2,232,063 $ 1,173,746 $ 10,100 $ 3,416,567

Balance at March 31, 2026 84,787,272 $ 846 $ 5,946,311 $ — $ 1,467,969 $ 47,138 $ 7,462,264

Royal Gold Stockholders

Common Shares Additional

Capital Accumulated

Capital Accumulated Other Comprehensive Income (Loss) Accumulated

Earnings Non-controlling

4 unchanged sentences

Distributions to non-controlling interests — — — — — ( 190 ) ( 190 )

Net income and comprehensive income — — — 224,615 343 224,958

Net income — — — — 113,498 80 113,578

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

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

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

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

2 unchanged sentences

(Unaudited, amounts in thousands)

Nine Months Ended

September 30,

2025 September 30,

Three Months Ended

2026 March 31,

Cash flows from operating activities:

Net income and comprehensive income $ 377,857 $ 224,958

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

Net income $ 281,708 $ 113,578

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

Depreciation, depletion and amortization 90,875 32,995

1 unchanged sentence

Fair value changes in equity securities ( 5,950 ) 37

Deferred tax (benefit) expense ( 8,085 ) 4,908

Gain on sale of marketable securities ( 14,115 ) —

Deferred tax benefit ( 27,764 ) ( 8,828 )

Other 1,527 224

6 unchanged sentences

Income tax payable ( 834 ) ( 7,832 )

Mount Milligan deferred liability — 25,000

Other liabilities 1,287 ( 1,400 )

2 unchanged sentences

Acquisition of stream and royalty interests — ( 58,246 )

Proceeds from Khoemac a u debt facility

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

Proceeds from the sale of marketable securities 48,973 —

Cash calls for Hod Maden equity method investment ( 14,700 ) —

Other ( 166 ) ( 49 )

Net cash used in investing activities $ ( 1,156,963 ) $ ( 30,774 )

Net cash provided by (used in) investing activities $ 34,107 $ ( 58,295 )

Cash flows from financing activities:

Borrowings from revolving credit facility 825,000 —

Repayment of debt ( 300,000 ) —

Net payments from issuance of common stock ( 5,576 ) ( 3,011 )

Net proceeds from Sandstorm option exercises 20,173 —

Common stock dividends ( 40,186 ) ( 29,611 )

Distributions to non-controlling interests ( 1,657 ) ( 190 )

Other ( 2,750 ) ( 4 )

Net cash provided by (used in) financing activities $ 671,173 $ ( 333,961 )

Net (decrease) increase in cash and equivalents ( 22,649 ) 23,715

Net cash used in financing activities $ ( 327,246 ) $ ( 32,812 )

Net increase in cash and equivalents 423 45,262

Cash and equivalents at beginning of period 233,719 195,498

6 unchanged sentences

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

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

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

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

A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting contractually specified costs, if any.

Summary of Significant Accounting Policies

5 unchanged sentences

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

Operating results for the three and nine months ended September 30, 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 months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2026.

These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 19, 2026 (“2025 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

Kansanshi Stream

O n August 5, 2025, our wholly owned subsidiary, RGLD Gold AG ("RG 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 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

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

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 stream acquisition was accounted for as an asset acquisition and recorded as a producing stage stream interest (Note 3) 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 (see Note 4).

Warintza Project Stream and Royalty

On May 21, 2025, RG AG 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 totals $ 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 fourth quarter of 2025, 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 subject to 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 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

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 termination 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 RG AG, 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 RG AG.

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, 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 $ 50.0 million.

The Additional Stream is incremental to the existing

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

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

As of September 30, 2025, 50,400 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 3) within Stream and royalty interests, net on our consolidated balance sheets.

The purchase price was funded with available cash on hand.

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.

For more detail on the Transaction, refer to the Company's 2025 10-K.

We are in the process of finalizing our assessment of the fair value of the stream and royalty interests, deferred income taxes, the equity method investment and certain other tax matters as part of the Transaction.

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

(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

There were no changes made to the purchase price allocation during the three months ended March 31, 2026 when compared to the purchase price allocation as of December 31, 2025, which is included in the Company's 2025 10-K.

STREAM AND ROYALTY INTERESTS, NET

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

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

The following tables summarize our stream and royalty interests, net as of March 31, 2026 and December 31, 2025.

As of March 31, 2026 (amounts in thousands):

Cost Accumulated Depletion Net

Production stage stream interests:

Kansanshi $ 1,000,388 $ — $ 1,000,388

Mount Milligan 790,635 ( 480,076 ) 310,559

Pueblo Viejo 610,404 ( 315,400 ) 295,004

Andacollo 388,182 ( 184,754 ) 203,428

265,911 ( 69,350 ) 196,561

Rainy River 175,727 ( 94,146 ) 81,581

Other 241,830 ( 163,533 ) 78,297

Total production stage stream interests 3,473,077 ( 1,307,259 ) 2,165,818

Production stage royalty interests:

Cortez (Legacy Zone and CC Zone) 366,435 ( 96,350 ) 270,085

Voisey's Bay 205,724 ( 129,985 ) 75,739

Red Chris 116,187 ( 9,033 ) 107,154

Peñasquito 99,172 ( 70,205 ) 28,967

Other 519,720 ( 426,680 ) 93,040

Total production stage royalty interests 1,307,238 ( 732,253 ) 574,985

Total production stage stream and royalty interests 4,780,315 ( 2,039,512 ) 2,740,803

Development stage stream interests:

Ilovica 12,038 — 12,038

Development stage royalty interests:

Cactus 48,126 — 48,126

Back River 42,948 — 42,948

La Fortuna 35,140 — 35,140

Other 21,133 — 21,133

Total development stage stream and royalty interests 159,385 — 159,385

Exploration stage stream interests:

Warintza 95,252 — 95,252

Xavantina 64,834 — 64,834

Exploration stage royalty interests:

Cortez (Legacy Zone and CC Zone) 443,894 — 443,894

Great Bear 209,106 — 209,106

Pascua-Lama 177,690 — 177,690

Red Chris 48,895 — 48,895

Côté 29,610 — 29,610

Other 132,762 — 132,762

Total exploration stage stream and royalty interests $ 1,202,043 $ — $ 1,202,043

Production stage interests:

Streams $ 4,211,315 $ ( 1,410,237 ) $ 2,801,078

Royalties 2,334,644 ( 797,136 ) 1,537,508

Total production stage interests 6,545,959 ( 2,207,373 ) 4,338,586

Development stage interests:

Streams 936,721 — 936,721

Royalties 624,551 — 624,551

Total development stage interests 1,561,272 — 1,561,272

Exploration stage interests:

Streams 741,591 — 741,591

Royalties 1,897,837 — 1,897,837

Total exploration stage interests 2,639,428 — 2,639,428

Total stream and royalty interests, net $ 10,746,659 $ ( 2,207,373 ) $ 8,539,286

3 unchanged sentences

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

EQUITY METHOD INVESTMENT

Hod Maden Interest

The Company has a 30 % equity interest in Artmin Madencilik Sanayi ve Ticaret A.Ş.

(“Artmin”), a privately held company incorporated in Türkiye which owns the Hod Maden project.

The carrying value of the Hod Maden equity investment at March 31, 2026 and December 31, 2025, was $ 248.2 million and $ 249.5 million, respectively, 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 March 31, 2026 and December 31, 2025, the Company advance d $ 66.1 million and $ 51.4 million, respectively, 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.

The loans are included in Equity method investment on the consolidated balance sheets.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

The Company's debt as of September 30, 2025 and December 31, 2024 consists of the following (amounts in thousands):

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

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

MARKETABLE SECURITIES

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

March 31, 2026 December 31, 2025

Available-for-sale equity securities (1)

$ 97,114 $ 120,814

Available-for-sale debt securities (2)

Total marketable securities $ 97,114 $ 172,880

_______________________________________________

(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.

The Company holds 50,297,717 Entrée Resources Ltd.

(“Entrée”) common 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 March 31, 2026 and December 31, 2025, the carrying value of the Entrée shares was $ 83.4 million and $ 76.7 million, respectively, and is included in available-for-sale equity securities.

Highlander Silver Corp.

On February 26, 2026, as part of the previously announced agreement with Bear Creek Mining Corporation (“Bear Creek”) to restructure equity, debt and other interests in Bear Creek (the “Bear Creek Transaction”), our shares of Bear Creek converted to shares of Highlander Silver Corp.

(“Highlander”) at a conversion of 0.1175 Highlander shares per one Bear Creek share.

On March 27, 2026, we sold our shares in Highlander for a net realized gain of $ 9.9 million.

This amount is recorded within Gain on sale of marketable securities on our consolidated statements of operations and comprehensive income.

Available-for-sale Debt Securities

Bear Creek Convertible Debt Securities

Upon closing of the Bear Creek Transaction, we settled outstanding debt obligations owed by Bear Creek of $ 49.5 million and terminated the gold and silver stream obligations between Bear Creek and Royal Gold in connection with the Mercedes Mine.

In consideration for the debt settlement, we received $ 6.2 million cash, an incremental 1.75 % NSR royalty on the Corani Project in Peru (bringing the Company's total royalty interest to 2.75 %), and a 2.0 % NSR royalty on the Mercedes Mine.

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

The impact of the debt settlement with Bear Creek in the consolidated statements of operations and comprehensive income was not material.

The Company's debt as of March 31, 2026 and December 31, 2025 consists of the following (amounts in thousands):

As of March 31, 2026 As of December 31, 2025

Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total

Revolving credit facility $ 600,000 $ ( 4,311 ) $ 595,689 $ 900,000 $ ( 4,564 ) $ 895,436

Total debt $ 600,000 $ ( 4,311 ) $ 595,689 $ 900,000 $ ( 4,564 ) $ 895,436

_______________________________________________

(1) Debt issuance costs of $ 3.1 million included within Other assets on our consolidated balance sheets.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

Revolving credit facility

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.

On August 1, 2025, we borrowed $ 825.0 million under our revolving credit facility for the acquisition of the Kansanshi gold stream.

Refer to Note 2 for further discussion on the Kansanshi gold stream acquisition.

In September 2025, we repaid $ 50.0 million of the outstanding borrowings.

As of September 30, 2025, we had $ 775.0 million outstanding and $ 625.0 million available under our revolving credit facility.

Interest expense, which includes interest on outstanding borrowings and amortization of the debt issuance costs, was $ 8.1 million and $ 8.7 million for the three and nine months ended September 30, 2025, respectively, and $ 0.4 million and $ 6.1 million for the three and nine months ended September 30, 2024, respectively.

We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of September 30, 2025.

In October 2025, we borrowed $ 450.0 million under our revolving credit facility for the acquisition of Sandstorm Gold Ltd.

and Horizon Copper Corp.

(Note 13) and have $ 175.0 million undrawn and available as of the date of this report.

During the three months ended March 31, 2026, we repaid $ 300 million of outstanding borrowings on our revolving credit facility leaving $ 600 million outstanding and $ 800 million available under our revolving credit facility as of March 31, 2026.

We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of March 31, 2026.

On May 5, 2026, we entered into a seventh amendment to the revolving credit facility that added a new $ 600 million uncommitted accordion feature to the revolving credit facility.

The new accordion feature permits the Company to request additional commitments from the credit facility bank syndicate that would increase aggregate commitments under the revolving credit facility to up to $ 2.0 billion, subject to customary conditions, including the consent of each lender providing an additional commitment.

Interest expense, which includes interest on outstanding borrowings and amortization of the debt issuance costs, was $ 9.6 million and $ 0.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

The interest rate on borrowings under our credit facility as of March 31, 2026 , was SOFR plus 1.2 % for an all-in rate of 5.0 %.

On April 13, 2026, we repaid $ 75 million of outstanding borrowings on our revolving credit facility leaving $ 525 million outstanding and $ 875 million available 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 September 30, 2025, was SOFR plus 1.10 % for an all-in rate of 5.3 %.

On May 6, 2026, we notified the lenders of our intent to repay $ 100 million of outstanding borrowings on May 13, 2026.

MOUNT MILLIGAN DEFERRED LIABILITY

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

On February 13, 2024, we entered into a Cost Support Agreement with Centerra Gold Inc.

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

The value of the cash consideration and free cash flow interest received from Centerra is recorded as a deferred liability in our consolidated balance sheets as of September 30, 2025.

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

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

The value of the cash consideration and free cash flow interest received from Centerra, and proceeds from the sale of the Deferred Gold Consideration, is recorded as a deferred liability in our consolidated balance sheets.

As of March 31, 2026, the balance of the deferred liability was $ 69.2 million and 38,889 ounces of Deferred Gold Consideration remain outstanding.

Revenue Recognition

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Stream Interests

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

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

Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices.

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

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

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

obligation at 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.

Royalty Interests

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.

A royalty is a non-operating interest in a mining project that provides 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.

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

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 costs.

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Please also refer to our “Use of Estimates” accounting policy discussed in our 2025 10-K.

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

For the three months ended March 31, 2026, royalty revenue that was estimated or was attributable to metal production for a period prior to the three months ended March 31, 2026, was not material.

Disaggregation of Revenue

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These identified revenue sources are consistent with our reportable segments as discussed in Note 12.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

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

Three Months Ended Nine Months Ended

September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Three Months Ended

2026 March 31,

Stream revenue:

2 unchanged sentences

Copper 21,699 9,221

Other 1,898 —

Total stream revenue $ 312,777 $ 122,482

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Total revenue $ 469,125 $ 193,436

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

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

Three Months Ended Nine Months Ended

Metal(s) September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Three Months Ended

Metal(s) March 31,

2026 March 31,

Stream revenue:

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Andacollo Gold 27,151 12,744

Gold & Silver 53,861 40,245 126,470 118,731

Kansanshi Gold 25,511 —

Various 146,924 38,179

Total stream revenue $ 312,777 $ 122,482

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__________________________________________

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

(1) Individually, no stream or royalty included within the “ Other ” category contributed greater than 10% of our total revenue for either period.

Please refer to Note 12 for the geographical distribution of our revenue by reportable segment.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

STOCK-BASED COMPENSATION

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

Three Months Ended Nine Months Ended

September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Three Months Ended

2026 March 31,

Restricted stock $ 2,185 $ 2,012

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We granted the following stock-based compensation awards:

Three Months Ended Nine Months Ended

September 30,

2025 September 30,

2024 September 30,

2025 September 30,

(Number of shares) (Number of shares)

Three Months Ended

2026 March 31,

(Number of shares)

Performance stock (at maximum 200 % attainment)

2 unchanged sentences

Total equity awards granted 71,612 122,384

As of September 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:

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

As of March 31, 2026, 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-

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

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

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

Three Months Ended Nine Months Ended

September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Three Months Ended

2026 March 31,

Net income attributable to Royal Gold common stockholders $ 281,130 $ 113,498

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

Three Months Ended Nine Months Ended

September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Three Months Ended

2026 March 31,

Income tax expense $ 25,398 $ 10,389

Effective tax rate 8.3 % 8.4 %

The effective tax rate for the nine months ended September 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 allowance, and a $ 11.0 million discrete benefit related to withholding tax refunds on foreign royalties.

The effective tax rate for the nine months ended September 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, was enacted on July 4, 2025.

The Company is currently evaluating the impact of these provisions on our effective tax rate;

however, we do not expect a material impact on our effective tax rate in future periods.

The effective tax rate for the three months ended March 31, 2026, included a $ 33.7 million discrete benefit for a change in a foreign tax rate.

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.

SEGMENT INFORMATION

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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 September 30, 2025 As of December 31, 2024

As of March 31, 2026 As of December 31, 2025

interest Royalty

4 unchanged sentences

interests, net

Africa 1,219,873 321 1,220,194 237,028 321 237,349

Canada 392,140 660,631 1,052,771 417,643 659,070 1,076,713

Dominican Republic 295,004 — 295,004 302,122 — 302,122

Chile 203,428 224,116 427,544 211,123 224,116 435,239

United States — 801,697 801,697 — 827,277 827,277

Mexico — 28,967 28,967 — 33,800 33,800

Australia — 18,181 18,181 — 19,265 19,265

Rest of world 227,497 30,376 257,873 85,254 25,785 111,039

North America $ 1,180,681 $ 1,821,667 $ 3,002,348 $ 1,214,810 $ 1,834,921 $ 3,049,731

South and Central America 1,034,797 1,883,234 2,918,031 1,045,620 1,846,211 2,891,831

EMEA 2,251,381 306,601 2,557,982 2,270,717 309,467 2,580,184

Australia Pacific 12,531 48,394 60,925 13,595 48,534 62,129

Total $ 4,479,390 $ 4,059,896 $ 8,539,286 $ 4,544,742 $ 4,039,133 $ 8,583,875

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

Three Months Ended September 30, 2025

Revenue Cost of sales (1)

Production taxes Depletion (2)

Segment gross profit

Stream interests $ 166,081 $ 31,392 $ — $ 21,287 $ 113,402

Royalty interests 85,987 — 2,418 11,534 72,035

Total $ 252,068 $ 31,392 $ 2,418 $ 32,821 $ 185,437

Three Months Ended September 30, 2024

Revenue Cost of sales (1)

Production taxes Depletion (2)

Segment gross profit

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

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

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

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Revenue Cost of sales (1)

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Total $ 469,125 $ 60,337 $ 3,291 $ 90,603 $ 314,894

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Revenue Cost of sales (1)

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(2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

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

Three Months Ended Nine Months Ended

September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Three Months Ended

2026 March 31,

Total segment gross profit $ 314,894 $ 134,254

2 unchanged sentences

Depreciation and amortization 272 80

Acquisition related costs 12,798 — 12,798 —

Operating income 297,091 123,111

Fair value changes in equity securities 5,950 ( 37 )

Gain on sale of marketable securities 14,115 —

Interest and other income 3,192 2,049

1 unchanged sentence

Income before income taxes $ 307,106 $ 123,967

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

Three Months Ended Nine Months Ended

September 30,

2025 September 30,

2024 September 30,

2025 September 30,

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

Our revenue by reportable segment for the three months ended March 31, 2026 and 2025, is geographically distributed as shown in the following table (amounts in thousands):

Three Months Ended

2026 March 31,

Stream interests:

Canada $ 82,364 $ 66,372 $ 208,344 $ 173,737

Dominican Republic 28,140 26,585 82,509 64,147

Africa 27,288 19,973 70,055 59,470

Chile 23,022 9,652 45,255 31,949

Rest of world 5,267 10,470 15,591 29,228

Total stream interests $ 166,081 $ 133,052 $ 421,754 $ 358,531

North America $ 163,263 $ 81,981

EMEA 79,496 22,380

South and Central America 68,954 18,121

Australia Pacific 1,064 —

Total stream revenue $ 312,777 $ 122,482

Royalty interests:

United States $ 37,080 $ 34,131 $ 105,478 $ 83,484

Mexico 19,957 10,853 54,659 34,509

Canada 14,439 5,269 32,070 13,435

Australia 10,589 7,476 28,362 19,498

Rest of world 3,922 3,056 12,825 7,378

Total royalty interests $ 85,987 $ 60,785 $ 233,394 $ 158,304

North America $ 94,733 $ 58,790

South and Central America 41,279 4,208

Australia Pacific 15,057 7,956

Total royalty revenue 156,348 70,954

Total revenue $ 469,125 $ 193,436

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

FAIR VALUE MEASUREMENTS

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

As of September 30, 2025 and December 31, 2024, we had financial assets in the form of marketable securities which are measured at fair value on a recurring basis;

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

The carrying value of our revolving credit facility (Note 4) approximates fair value as of September 30, 2025.

As of September 30, 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, 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.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

Fair Value at March 31, 2026

Total Level 1 Level 2 Level 3

(in thousands)

Available-for-sale equity securities $ 97,114 $ 97,114 $ — $ —

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 —

______________________________________________

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

The carrying value of our revolving credit facility (Note 6) approximates fair value as of March 31, 2026 and December 31, 2025 and is measured using Level 2 inputs.

The fair value of the convertible debt securities due from Bear Creek at December 31, 2025 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 March 31, 2026, 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.

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COMMITMENTS AND CONTINGENCIES

Warintza Project Stream and Royalty Acquisition

As of September 30, 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 2) remains subject to certain conditions.

Warintza Project Conditional Funding

As of March 31, 2026 , 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 remains subject to certain conditions.

On April 14, 2026, after the technical approval of the environmental impact assessment and publication of a pre-feasibility study for the Warintza project, we paid Solaris Resources, Inc.

( “ Solaris ” ) $ 50 million of the $ 100 million outstanding conditional funding.

The remaining $ 50 million payable is due to Solaris one year after closing, and is subject to certain conditions including the registration of security in Ecuador.

Ilovica Gold Stream Acquisition

As of September 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.

As of March 31, 2026, 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

Closing of Sandstorm Gold and Horizon Copper Acquisitions

On October 20, 2025, we closed the previously announced acquisitions to acquire all of the issued and outstanding common shares of Sandstorm Gold Ltd.

(“Sandstorm” and the “Sandstorm Transaction”) and Horizon Copper Corp.

(“Horizon” and the “Horizon 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 Sandstorm 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 Sandstorm Transaction, Royal Gold's outstanding share count increased to 84.4 million shares.

With respect to the Horizon Transaction, Royal Gold paid C$ 127.1 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.

Share Repurchase Program

On May 4, 2026, the Board of Directors approved a $ 500 million share repurchase program under which we may repurchase shares from time to time through open market purchases or by other means.

The manner, timing, pricing and amount of any repurchases will be subject to management's discretion and may be based upon market conditions and

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

The Company expects the Sandstorm and Horizon Transactions to qualify as business combinations.

As such, approximately $ 12.8 million of acquisition related costs have been expensed as of September 30, 2025.

Due to the close proximity of the acquisition date and the Company's filing of its quarterly report on Form 10-Q for the nine months ended September 30, 2025, the initial accounting for the business combinations is incomplete and we are unable to disclose the information required by Accounting Standards Codification 805, Business Combinations.

We anticipate including the relevant disclosures in our Form 10-K for the year ended December 31, 2025.

Mount Milligan Deferred Gold Consideration

On October 3, 2025, we received 11,111 ounces of gold from the Deferred Gold Consideration related to the Mount Milligan Cost Support Agreement, leaving 38,889 gold ounces remaining.

Proceeds of $ 44.2 million from the sale of the 11,111 ounces of gold will be recorded to the Mount Milligan Deferred Liability (Note 5) on our consolidated balance sheets and does not impact revenue.

alternative opportunities for the use or investment of capital.

Although the Board of Directors has authorized the share repurchase program, we are not obligated to repurchase any specific dollar amount or to acquire any specific number of shares under the program.

The share repurchase program is intended to be used in those circumstances when we believe there is a significant difference between the market value of Royal Gold shares and what we believe is the intrinsic value and outlook for the Company.

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