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Item 2. Management’s Discussion and Analysis

2026-05-07 compared with 2025-11-06 · 143 added, 295 removed, 139 unchanged (76% of the section changed)

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This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide information to assist you in better understanding and evaluating the financial condition and results of operations of Royal Gold.

You should read this MD&A in conjunction with our consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q, as well as the audited consolidated financial statements included in our Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 13, 2025 (“2024 10-K”).

You should read this MD&A in conjunction with our consolidated financial statements included in Item 1 of this report, as well as the audited consolidated financial statements included in 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”).

This MD&A contains forward-looking information.

You should review our important note about forward-looking statements following this MD&A.

We do not own, develop, or mine the properties on which we hold stream or royalty interests.

C ertain information provided in this Quarterly Report on Form 10-Q about operating properties in which we hold interests, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of those properties or is publicly available information filed by these operators with applicable securities regulatory bodies, in certain cases including the SEC.

We do not own, develop, or mine the properties on which we hold stream or royalty interests (except for the joint venture interest in Hod Maden).

C ertain information provided in this report about operating properties in which we hold interests, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of those properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the SEC.

We have not verified, and are not in a position to verify, and expressly disclaim any responsibility for the accuracy, completeness, or fairness of this third-party information and refer the reader to the public reports filed by the operators for information regarding those properties.

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We manage our business under two segments:

• Acquisition and Management of 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 metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement.

As of September 30, 2025, we owned 10 stream interests, which are on 8 producing properties and 2 development stage properties.

Stream interests accounted for approximately 66% and 64% of our total revenue for the three and nine months ended September 30, 2025, respectively, and 69% for the three and nine months ended September 30, 2024.

• Acquisition and Management of 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 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.

As of March 31, 2026, we owned stream interests relating to 17 production stage properties and 5 development stage properties.

Stream interests accounted for approximately 67% of our total revenue for the three months ended March 31, 2026 and 63% for the three months ended March 31, 2025.

We expect stream interests to continue representing a significant portion of our total revenue.

• Acquisition and Management of Royalty Interests — 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.

As of September 30, 2025, we owned royalty interests on 34 producing properties, 16 development stage properties and 112 exploration stage properties, of which we consider 50 to be evaluation stage projects.

• Acquisition and Management of Royalty Interests — 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 specified costs, if any.

As of March 31, 2026, we owned royalty interests on 62 production stage properties, 25 development stage properties and 258 exploration stage properties, of which we consider 78 to be evaluation stage projects.

We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for mineral reserves.

Royalty interests accounted for 34% and 36% of our total revenue for the three and nine months ended September 30, 2025, respectively, and 31% for the three and nine months ended September 30, 2024.

We do not conduct mining operations on the properties in which we hold stream and royalty interests, and we generally are not required to contribute to capital costs, exploration costs, environmental costs or other operating costs on those properties.

Royalty interests accounted for 33% of our total revenue for the three months ended March 31, 2026 and 37% for the three months ended March 31, 2025.

We do not conduct mining operations on the properties in which we hold stream and royalty interests, and are generally not required to contribute to capital costs, exploration costs, environmental costs or other operating costs on those properties.

We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity.

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Our review process may include, for example, engaging consultants and advisors to analyze an opportunity;

analysis of technical, financial, legal, environmental, social, governance and other confidential information

regarding an opportunity;

analysis of technical, financial, legal, environmental, social, governance and other confidential information regarding an opportunity;

submission of indications of interest and term sheets;

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and involvement as a bidder in competitive processes.

Business Trends and Uncertainties

Business Highlights and Uncertainties

Bear Creek Convertible Debt Securities

On February 26, 2026, we closed the previously announced agreement with Bear Creek Mining Corporation (“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 project and a new royalty interest over the Mercedes project, cash and shares in Highlander Silver Corp.

(“Highlander”).

Upon closing of the 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 new 2.0% NSR royalty on the Mercedes project.

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.

Our financial results are primarily tied to the price of gold, silver, copper, and other metals.

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The marketability and price of metals are influenced by numerous factors beyond our control, and significant changes in metal prices can have a material effect on our revenue.

For the three and nine months ended September 30, 2025 and 2024, average metal prices and percentages of revenue by metal were as follows:

For the three months ended March 31, 2026 and 2025, average metal prices and percentages of revenue by metal were as follows:

Three Months Ended

Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

Metal Average

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$ 5.83 10% $ 4.24 9%

Other N/A 3% N/A 3% N/A 4% N/A 3%

Other N/A 3% N/A 4%

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dollars London Metals Exchange settlement price for copper.

Recent Developments

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.

Mount Milligan Pre-Feasibility Study ("PFS")

On September 11, 2025, Centerra Gold Inc.

(“Centerra”) announced the results of a PFS for Mount Milligan which extends the life of mine (“LOM”) by approximately 10 years to 2045, supported by an optimized mine plan delivering average annual production of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042, followed by the processing of low-grade stockpiles from 2043 to 2045.

The PFS includes the construction of a second tailings storage facility that is expected to provide the potential for future raises which could add multiple decades of storage capacity beyond the 2045 LOM, and ball mill motor upgrades and flotation cells in 2028 to increase process plant throughput by about 10% to 66,300 tonnes per day and increase recovery by approximately 1%.

Centerra reported that recent drilling confirms mineralization remains open to the west of the current resource pit.

Centerra continues to advance exploration aimed at expanding the mineral resource and assessing opportunities to extend the mine life beyond the updated plan.

RG AG owns the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from Mount Milligan (the “Milligan Stream Agreement”).

Payable gold is calculated as 97% of contained gold in concentrate.

copper is calculated as the greater of 95% or the actual percentage paid to Centerra.

The cash purchase price for gold is equal to the lesser of $435 per ounce, with no inflation adjustment, or the prevailing market price when purchased.

The cash purchase price for copper is 15% of the spot price.

In February 2024, RG AG entered into a Processing Cost Support Agreement (the “Cost Support Agreement”), whereby subject to certain conditions, RG AG agreed to provide cost support payments for gold and copper deliveries under the Milligan Stream Agreement in exchange for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future, and a free cash flow interest in Mount Milligan.

Until either 375,000 ounces of gold or 30,000 tonnes of copper have been delivered with a bill of lading date on or after January 1, 2024 (estimated to occur in approximately 2030), RG AG has agreed to provide cost support payments only when the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound.

In such case, and only at Centerra’s election, RG AG has agreed to provide cost support payments, in the case of gold, equal to the lower of either $415 or 66% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 35% of the spot copper price for each pound of copper delivered.

RG AG may recover any such payments from future cash support payments beginning after the delivery of either 375,000 ounces of gold or 30,000 tonnes of copper when metal prices are above $1,600 per ounce of gold and $3.50 per pound of copper.

In addition, after the delivery of either 375,000 ounces of gold or 30,000 tonnes of copper, RG AG has agreed to provide cost support payments, in the case of gold, equal to the lower of either $415 or 50% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 35% of the spot copper price for each pound of copper delivered.

Finally, following the delivery of 665,000 ounces of gold (estimated to occur in approximately 2036), RG AG has agreed to provide cost support payments, in the case of gold, equal to the lower of either $615 or 66% of the gold spot price less $435 for each ounce of gold delivered, and following the delivery of 60,000 tonnes of copper (estimated to occur in approximately 2036), RG AG has agreed to provide cost support payments, in the case of copper, equal to 51% of the spot copper price for each pound of copper delivered.

The Milligan Stream Agreement remains in place and is unaffected by the Cost Support Agreement.

Kansanshi Gold Stream Acquisition

On 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 (“Kansanshi”) 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 2.25x 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 1.25x or less, over four consecutive quarters and achieves certain operational conditions, it will have a one-year period to exercise the option and deliver gold worth up to $100 million over a 7-month period from the date of option exercise and reduce the stream rates and delivery thresholds by up to a further 10%.

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

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

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

Refer to Note 4 of our notes to consolidated financial statements for further discussion of our revolving credit facility.

RG AG’s interests under the stream agreement are guaranteed by all entities within the Kansanshi ownership chain, from the project company (Kansanshi Mining PLC) through to the parent, First Quantum Minerals Ltd.

RG AG also has customary additional protections for a stream agreement including limitations on certain additional encumbrances,

restrictions on transfer of mine ownership, sharing for insurance and expropriation proceeds, and typical remedies for events of default.

The Kansanshi mine is owned and operated by Kansanshi Mining PLC, which is 80% owned indirectly by First Quantum and 20% by ZCCM Investments Holdings PLC, a company majority-owned by the Government of the Republic of Zambia.

First Quantum acquired its interest in the project in 2001, began construction soon after, and achieved commercial production in 2005.

First Quantum expects a mine life of more than 20 years, and the All-In Sustaining Cost is expected to be in the lower half of the global copper cost curve during the next 10 years of mine life.

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.

RG AG holds certain rights to participate in any future stream, royalty or similar production-based financing on the Warintza land package.

The Warintza project consists of a cluster of five separate porphyry copper-molybdenum-gold intrusions that coalesce within two overlapping open pits.

Solaris believes that exploration potential is high for near and in-mine targets, as well as within the larger project area.

Solaris is targeting a Final Investment Decision by the end of 2026.

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 purchase price was funded with available cash on hand.

Additional Xavantina Stream

On March 28, 2025, we entered into an additional precious metals purchase agreement (“Additional Stream”) with Ero Gold Corporation, a wholly owned subsidiary of Ero Copper Corporation, and certain of its affiliates for gold produced

from the Xavantina mine for an advance payment of $50.0 million.

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

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

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.

The purchase price was funded with available cash on h and.

Property Developments

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Stream Interests

Gold stream deliveries from Andacollo were approximately 8,000 ounces for the three months ended September 30, 2025, compared to approximately 5,200 ounces for the three months ended September 30, 2024.

Stream deliveries typically occur approximately five months after mine production.

Higher deliveries in this period relate to higher grades, recoveries and throughput in the three months ended March 31, 2025, compared to the prior year period when deliveries were impacted by lower production caused by water shortages due to drought conditions.

Gold stream deliveries from Andacollo were approximately 7,700 ounces for the three months ended March 31, 2026, compared to approximately 5,500 ounces for the three months ended March 31, 2025.

Stream deliveries typically occur approximately 5 months after mine production.

Higher deliveries in this period relate to higher grades and recoveries in the

three months ended September 30, 2025, compared to the prior year period.

Gold stream deliveries are based on a fixed payability factor of 89%.

In the three months ended September 30, 2025, Teck Resources Limited ("Teck") reported higher copper and gold production compared to the same period last year.

According to Teck, the higher copper production was driven by higher grades and recoveries.

Gold and copper grades have been generally well correlated at Andacollo.

Teck also reported that Andacollo has recovered smoothly from a shutdown of the SAG mill in the quarter ended June 30, 2025.

Teck expects the mine life of Andacollo to continue until 2037, although Teck has reported that additional environmental permits will be required to extend the mine life beyond 2031.

We received the first delivery of approximately 2,300 ounces of gold from Kansanshi on October 3, 2025.

As previously announced on August 5, 2025, our wholly-owned subsidiary RGLD Gold AG, entered into a precious metals purchase agreement for gold deliveries referenced to copper production from Kansanshi.

The first delivery includes production for the month of August starting from the transaction effective date of August 5, 2025.

Deliveries at Kansanshi lag mine production by approximately one month and are expected to be received monthly.

We are expecting 2025 stream deliveries of approximately 7,500 ounces, which is lower than our initial expectation of 12,500 ounces solely due to initializing delivery mechanics for the new contract and not a shortfall in production relative to expectations.

On October 28, 2025, First Quantum Minerals Ltd.

(“First Quantum”) provided an update on production and the commissioning of the S3 Expansion at the Kansanshi copper-gold mine in Zambia, which is operated and 80% owned by a subsidiary of First Quantum.

According to First Quantum, the S3 Expansion project has been delivered and first concentrate was produced in August.

First Quantum expects copper production at Kansanshi to increase in the fourth quarter of 2025 and exceed third quarter production driven by a faster than anticipated ramp up of S3 Expansion throughput and recoveries, and 2025 copper production guidance was revised to a narrower range of 175,000 to 185,000 tonnes, from the previous range of 160,000 to 190,000 tonnes.

Teck Resources Limited (“Teck”) expects 2026 gold production at Andacollo to range between 38,000 and 42,000 ounces compared to actual gold production of 35,900 ounces in 2025.

In the three months ended March 31, 2026, Teck reported gold production of 10,300 ounces compared to 7,400 ounces in the prior year period.

The mine life of Andacollo is expected to continue until 2038, although Teck has reported that additional environmental permits will be required to extend the mine life beyond 2031.

Gold stream deliveries from Kansanshi were approximately 7,600 ounces for the three months ended March 31, 2026.

We received our first gold stream delivery from Kansanshi on October 3, 2025.

Deliveries at Kansanshi lag mine production by approximately two months and are expected to be received monthly.

On April 28, 2026, First Quantum Minerals Ltd.

("First Quantum") reported first quarter copper production of 45,345 tonnes, 2,310 tonnes lower than the previous quarter due to lower feed grades and recoveries, which was partially mitigated by higher throughput attributable to the S3 circuit.

According to First Quantum, S3 throughput increased steadily during the quarter, with ore milled peaking in March, driven by higher operating time, strong utilization, and milling rates stabilizing approximately 25% above design capacity.

First Quantum expects S3 to continue to take a high proportion of feed from surface stockpiles, which are lower grade than fresh mine ore grades, until the mining pre-strip at South East Dome is completed.

First Quantum confirmed that copper production guidance for 2026 remains unchanged at 175,000 to 205,000 tonnes.

Mount Milligan

Gold stream deliveries from Mount Milligan were approximately 14,800 ounces for the three months ended September 30, 2025, compared to approximately 22,100 ounces for the three months ended September 30, 2024.

Copper stream deliveries from Mount Milligan were approximately 2.6 million pounds during the three months ended September 30, 2025, compared to approximately 3.9 million pounds during the three months ended September 30, 2024.

Deliveries at Mount

Milligan lag mine production by approximately five months.

The decrease in deliveries in this period was primarily due to lower grades, recoveries and throughput in the three months ended March 31, 2025, compared to the prior year period.

Gold stream deliveries from Mount Milligan were approximately 12,100 ounces for the three months ended March 31, 2026, compared to approximately 16,100 ounces for the three months ended March 31, 2025.

Copper stream deliveries from Mount Milligan were approximately 1.4 million pounds during the three months ended March 31, 2026, compared to approximately 3.1 million pounds during the three months ended March 31, 2025.

Deliveries at Mount Milligan lag mine production by approximately five months.

The decrease in deliveries in this period was primarily due to differences in the timing of shipments and settlements during the periods, as well as lower head grade, lower recovery and lower throughput during the quarters that impacted this quarter's deliveries compared to those factors that influenced deliveries in the prior year period.

Gold stream deliveries are based on a fixed payability factor of 97% and copper stream deliveries are based on a minimum payability factor of 95%.

Year-to-date production remains in line with the recently announced PFS results, and 2025 full-year gold and copper production is expected to be near the lower end of the guidance ranges of 145,000 to 160,000 ounces of gold and 50 to 60 million pounds of copper.

Gold stream deliveries from Pueblo Viejo were approximately 8,400 ounces for the three months ended September 30, 2025, compared to approximately 6,000 ounces for the three months ended September 30, 2024.

The increase in gold deliveries was primarily due to higher throughput following the throughput optimization projects and higher grades processed driven by mine and stockpile feed sequencing.

On February 19, 2026, Centerra Gold Inc.

(“Centerra”) provided Mount Milligan production guidance for 2026.

Centerra expects gold production to range between 140,000 and 155,000 ounces, with gold production and sales expected to be higher in the second and third quarters of 2026, reflecting planned mine sequencing.

Centerra also expects copper production to range between 50 and 60 million pounds, with copper production and sales expected to be evenly weighted throughout 2026.

On April 29, 2026, Centerra reported gold and copper production of 29,572 ounces and 14.2 million pounds, respectively, in the first quarter of 2026.

According to Centerra, this production was in line with the recently announced pre-feasibility study mine plan and is on track with full year 2026 guidance.

Gold stream deliveries from Pueblo Viejo were approximately 7,000 ounces for the three months ended March 31, 2026, compared to approximately 5,800 ounces for the three months ended March 31, 2025.

The increase in gold deliveries was primarily due to higher throughput resulting from the plant expansion, as well as higher grades, partially offset by lower recoveries.

Gold stream deliveries are based on a fixed payability factor of 99.9%.

Silver stream deliveries were approximately 258,700 ounces for the three months ended September 30, 2025, compared to approximately 89,600 ounces for the three months ended September 30, 2024.

The increase in silver deliveries was primarily due to higher throughput and recovery.

Silver stream deliveries were approximately 171,200 ounces for the three months ended March 31, 2026, compared to approximately 204,700 ounces for the three months ended March 31, 2025.

The decrease in silver deliveries was primarily due to lower recoveries.

Silver stream deliveries are based on a fixed payability factor of 99.0%.

Gold and silver deliveries are made quarterly and typically occur one to three months after mine production.

On August 11, 2025, Barrick Mining Corporation (“Barrick”) disclosed that the focus of the second half of 2025 is to continue ramping up process plant tonnes while delivering on recovery optimization projects.

Barrick further reported that the Pueblo Viejo Mine Life Expansion continues to focus on housing, resettlement and the Naranjo tailings storage facility.

Gold and silver deliveries are quarterly and typically occur one to three months after mine production.

Gold production guidance attributable to our stream at Pueblo Viejo is expected to range from 350,000 to 400,000 ounces.

Barrick Mining Corporation (“Barrick”) does not provide silver production guidance, and we expect silver recovery at Pueblo Viejo to remain below the level required for delivery of deferred silver ounces for the foreseeable future.

On February 27, 2026, Barrick released an updated National Instrument 43-101 Technical Report on the Pueblo Viejo mine, which indicates that existing reserves and additional tailings capacity from the new Naranjo tailings storage facility (“TSF”) support open pit mining operations until 2048, with the processing of low-grade ore stockpiles and limestone re-handling continuing to 2049.

Tailings from the recently expanded process plant will continue to be deposited in the existing El Llagal TSF until the end of life of that facility in 2030.

Thereafter, tailings will be deposited into the Naranjo TSF.

Construction of the Naranjo TSF is underway after early works began in late 2025.

Royalty Interests

Production attributable to our royalty interest at the Cortez Complex was approximately 202,200 ounces of gold for the three months ended September 30, 2025, of which 20,600 ounces were attributable to the Legacy Zone, and 181,600 ounces were attributable to the CC Zone, compared to approximately 161,800 ounces of gold for the three months ended September 30, 2024, of which 45,300 ounces were attributable to the Legacy Zone, and 116,500 ounces were attributable to the CC Zone.

On September 16, 2025, Barrick released the results of a preliminary economic assessment ("PEA”) on the Fourmile Project, which is included in Royal Gold’s royalty interests covering the Cortez Complex.

According to Barrick, the PEA indicates the potential to achieve average annual gold production levels of approximately 600,000 to 750,000 ounces over a mine life exceeding 25 years.

Barrick reported that further exploration is underway and it expects to continue exploration drilling from surface in 2026, and to complete 370 kilometers of surface drilling and 80 kilometers of underground drilling by the end of 2028.

Barrick also reported that it plans to have 34 kilometers of underground development in place by 2029, which will set the mine up for initial test stoping shortly thereafter.

Royal Gold’s royalty interests over the Fourmile Project are equivalent to an approximate 1.6% gross smelter return royalty rate.

Production attributable to our royalty interest at the Cortez Complex was approximately 144,000 ounces of gold for the three months ended March 31, 2026, of which 36,000 ounces were attributable to the Legacy Zone, and 108,000 ounces were attributable to the CC Zone, compared to approximately 150,800 ounces of gold for the three months ended March 31, 2025, of which 31,100 ounces were attributable to the Legacy Zone, and 119,700 ounces were attributable to the CC Zone.

In its 2025 Annual Information Form issued in February 2026, Barrick reported mine life expectations from currently producing areas within the Cortez Complex based on existing reserves and production capacity.

According to Barrick, production at the Cortez open pit operation, which includes the Pipeline/Crossroads complex and Cortez Pits, is expected to continue until 2030;

the underground operation, which includes the Goldrush mine, is expected to continue until 2044.

These estimates exclude the potential contribution of new production from the Robertson and Fourmile projects.

Results of Operations

Quarter Ended September 30, 2025, Compared to Quarter Ended September 30, 2024

For the three months ended September 30, 2025, we recorded net income and comprehensive income attributable to Royal Gold stockholders (“net income”) of $126.8 million, or $1.92 per basic and diluted share, as compared to net income of $96.2 million, or $1.46 per basic and diluted share, for the three months ended September 30, 2024.

The increase in net income was primarily attributable to higher revenue offset by acquisition related costs and higher interest expense and income tax expense, each discussed below.

For the three months ended September 30, 2025, we recognized total revenue of $252.1 million, comprised of stream revenue of $166.1 million and royalty revenue of $86.0 million at an average gold price of $3,457 per ounce, an average silver price of $39.40 per ounce and an average copper price of $4.44 per pound.

This is compared to total revenue of $193.8 million for the three months ended September 30, 2024, comprised of stream revenue of $133.1 million and royalty revenue of $60.8 million, at an average gold price of $2,474 per ounce, an average silver price of $29.43 per ounce and an

average copper price of $4.18 per pound.

Revenue and the corresponding production attributable to our stream and royalty interests for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, were as follows:

Quarter Ended March 31, 2026, Compared to Quarter Ended March 31, 2025

For the three months ended March 31, 2026, we recorded net income attributable to Royal Gold stockholders of $281.1 million, or $3.31 per basic share and $3.30 per diluted share, as compared to net income of $113.5 million, or $1.72 per basic and diluted share, for the three months ended March 31, 2025.

The increase in net income was primarily attributable to higher revenue and gains from marketable securities partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.

For the three months ended March 31, 2026, we recognized total revenue of $469.1 million, comprised of stream revenue of $312.8 million and royalty revenue of $156.3 million at an average gold price of $4,873 per ounce, an average silver price of $84.33 per ounce and an average copper price of $5.83 per pound.

This is compared to total revenue of $193.4 million for the three months ended March 31, 2025, comprised of stream revenue of $122.5 million and royalty revenue of $71.0 million, at an average gold price of $2,860 per ounce, an average silver price of $31.88 per ounce and an average copper price of $4.24 per pound.

Revenue and the corresponding production attributable to our stream and royalty interests for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, were as follows:

Revenue and Reported Production Subject to Our Stream and Royalty Interests

1 unchanged sentence

Three Months Ended Three Months Ended

September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

Reported Reported

6 unchanged sentences

Gold 7,600 oz.

Silver 196,900 oz.

Silver 0.2 Moz.

Andacollo Gold $ 27,151 5,600 oz.

$ 12,744 4,400 oz.

Kansanshi Gold $ 25,511 5,100 oz.

$ 146,924 $ 38,179

Gold 20,900 oz.

Silver 397,600 oz.

Silver 0.4 Moz.

Copper 1.6 Mlbs.

Total stream revenue $ 312,777 $ 122,482

8 unchanged sentences

_______________________________________________

(1) Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the three months ended September 30, 2025, and 2024, and may differ from the operators’ public reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal.

Refer to Note 6 to the notes to consolidated financial statements.

(1) Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the three months ended March 31, 2026, and 2025, and may differ from the operators’ public reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal.

Refer to Note 8 t o the notes to consolidated financial statements.

(2) Refer to “Property Developments” above for a discussion of recent developments at principal properties.

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

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.

The increase in our total revenue resulted primarily from higher average gold, silver and copper prices compared to the prior period.

Higher gold sales at Andacollo and Rainy River (included within "Other" stream revenue in the table above) and higher production from Peñasquito (included within "Other" royalty revenue in the table above) also contributed to the increase.

These increases were partially offset by lower gold sales from Xavantina (included within "Other" stream revenue in the table above) when compared to the prior year period.

Gold and silver ounces and copper pounds purchased and sold during the three months ended September 30, 2025 and 2024, and gold and silver ounces and copper pounds in inventory as of September 30, 2025, and June 30, 2025, for our streaming interests were as follows:

The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm Gold Ltd.

(“Sandstorm”) and Horizon Copper Corp.

(“Horizon”) assets, higher gold sales at Andacollo, Xavantina and Rainy River (included within “Other” stream revenue in the table above), and higher production from Peñasquito (included within “Other” royalty revenue in the table above).

These increases were partially offset by lower sales from Mount Milligan when compared to the prior year period.

Gold and silver ounces and copper pounds purchased and sold during the three months ended March 31, 2026 and 2025, and gold and silver ounces and copper pounds in inventory as of March 31, 2026, and December 31, 2025, for our streaming interests were as follows:

Three Months Ended Three Months Ended As of As of

September 30, 2025 September 30, 2024 September 30, 2025 June 30, 2025

March 31, 2026 March 31, 2025 March 31, 2026 December 31, 2025

Gold Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.)

2 unchanged sentences

Andacollo 7,600 5,600 5,500 4,400 4,100 2,100

Kansanshi 7,600 5,100 — — 2,500 —

Other 20,500 20,900 8,800 9,400 5,800 6,300

1 unchanged sentence

Three Months Ended Three Months Ended As of As of

September 30, 2025 September 30, 2024 September 30, 2025 June 30, 2025

March 31, 2026 March 31, 2025 March 31, 2026 December 31, 2025

Silver Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.)

1 unchanged sentence

171,200 213,600 204,700 219,400 171,200 213,600

374,100 397,600 367,100 355,500 120,500 144,100

Other 336,800 397,000 367,500 378,000 55,000 115,200

Total 508,000 610,600 572,200 597,400 226,200 328,800

Three Months Ended Three Months Ended As of As of

September 30, 2025 September 30, 2024 September 30, 2025 June 30, 2025

March 31, 2026 March 31, 2025 March 31, 2026 December 31, 2025

Copper Stream Purchases (Mlbs.) Sales (Mlbs.) Purchases (Mlbs.) Sales (Mlbs.) Inventory (Mlbs.) Inventory (Mlbs.)

Mount Milligan 1.4 2.1 3.1 2.2 — 0.7

_______________________________________________

(1) Pueblo Viejo silver purchases for the three months ended September 30, 2025 do not include 151,000 ounces of silver permitted to be deferred based on the terms of the Pueblo Viejo stream agreement.

Total deferred silver ounces were 2.3 million ounces at September 30, 2025, and the timing for the delivery of this deferred amount is uncertain.

(2) In our 2024 10-K, Khoemac a u was reclassified from a principal to a non-principal property and is shown within "Other" in the table above.

Cost of sales, which excludes depreciation, depletion and amortization, increased to $31.4 million for the three months ended September 30, 2025, from $27.2 million for the three months ended September 30, 2024.

The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), higher gold sales at Andacollo and Rainy River, and higher silver sales at Khoemac a u.

These increases were partially offset by lower gold sales at Xavantina when compared to the prior year period.

Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery.

For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery.

Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.

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

General and administrative costs increased to $10.2 million for the three months ended September 30, 2025, from $10.1 million for the three months ended September 30, 2024.

The increase compared to the prior year period was primarily due to higher corporate costs.

For the three months ended September 30, 2025, there were $12.8 million of acquisition related costs related to the Sandstorm and Horizon acquisitions.

Depreciation, depletion and amortization decreased to $32.9 million for the three months ended September 30, 2025, from $36.2 million for the three months ended September 30, 2024.

The decrease was primarily due to lower stream depletion

rates as a result of proven and probable mineral reserve increases by our operators and lower gold sales from Xavantina compared to the prior year period.

These decreases were partially offset by higher production at Voisey's Bay when compared to the prior year period.

Interest and other income increased to $6.8 million for the three months ended September 30, 2025, from $0.6 million for the three months ended September 30, 2024.

The increase was primarily due to a $4.9 million gain on the sale of restricted inventory from a non-controlling interest partner.

Interest and other expense increased to $8.6 million for the three months ended September 30, 2025, from $1.2 million for the three months ended September 30, 2024.

The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period.

For the three months ended September 30, 2025, amounts outstanding under our revolving credit facility averaged $534.5 million at an average all-in borrowing rate of 5.7% compared to average amounts outstanding of $13.9 million at an average all-in borrowing rate of 6.5% for the prior year period.

For the three months ended September 30, 2025, we recorded income tax expense of $28.7 million, compared to $21.5 million for the three months ended September 30, 2024.

The income tax expense resulted in an effective tax rate of 17.9% in the current period, compared with 18.3% for the three months ended September 30, 2024.

Nine Months Ended September 30, 2025, Compared to Nine Months Ended September 30, 2024

For the nine months ended September 30, 2025, we recorded net income of $372.7 million, or $5.66 per basic share and $5.65 per diluted share, as compared to net income of $224.6 million, or $3.41 per basic and diluted share, for the nine months ended September 30, 2024.

The increase in net income was primarily attributable to higher revenue and lower tax expense offset by acquisition related costs, each discussed below.

For the nine months ended September 30, 2025, we recognized total revenue of $655.1 million, comprised of stream revenue of $421.7 million and royalty revenue of $233.4 million at an average gold price of $3,201 per ounce, an average silver price of $35.05 per ounce and an average copper price of $4.33 per pound.

This is compared to total revenue of $516.8 million for the nine months ended September 30, 2024, comprised of stream revenue of $358.5 million and royalty revenue of $158.3 million, at an average gold price of $2,296 per ounce, an average silver price of $27.22 per ounce and an average copper price of $4.14 per pound.

Revenue and the corresponding production attributable to our stream and royalty interests for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, were as follows:

Revenue and Reported Production Subject to Our Stream and Royalty Interests

(Amounts in thousands, except reported production oz.

Nine Months Ended Nine Months Ended

September 30, 2025 September 30, 2024

Reported Reported

Stream/Royalty Metal(s) Revenue Production (1)

Revenue Production (1)

Mount Milligan $ 167,520 $ 143,704

Gold 42,800 oz.

Copper 7.2 Mlbs.

Pueblo Viejo $ 82,509 $ 64,147

Gold 19,700 oz.

Silver 621,000 oz.

Andacollo Gold $ 45,255 14,200 oz.

$ 31,949 14,100 oz.

$ 126,470 $ 118,731

Gold 27,400 oz.

Silver 1.1 Moz.

Total stream revenue $ 421,754 $ 358,531

Royalty (2) :

Cortez Legacy Zone Gold $ 26,432 79,600 oz.

$ 41,610 157,100 oz.

Cortez CC Zone Gold $ 22,054 450,300 oz.

$ 7,713 361,200 oz.

Various $ 184,908 N/A $ 108,981 N/A

Total royalty revenue $ 233,394 $ 158,304

Total Revenue $ 655,148 $ 516,835

_______________________________________________

(1) Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the nine months ended September 30, 2025, and 2024, and may differ from the operators’ public reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal.

Refer to Note 6 to the notes to consolidated financial statements.

(2) Refer to “Property Developments” above for a discussion of recent developments at principal properties.

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

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.

The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, higher production from Peñasquito and Manh Choh, La Ronde and Voisey's Bay (each included in "Other" royalty revenue in the above table).

The increase was partially offset by lower gold sales from Xavantina (included in "Other" stream revenue in the above table) compared to the prior year period.

Gold and silver ounces and copper pounds purchased and sold during the nine months ended September 30, 2025, and 2024, and gold and silver ounces and copper pounds in inventory as of September 30, 2025, and December 31, 2024, for our streaming interests were as follows:

Nine Months Ended Nine Months Ended As of As of

September 30, 2025 September 30, 2024 September 30, 2025 December 31, 2024

Gold Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.)

Mount Milligan 39,100 42,800 47,100 46,200 800 4,500

Pueblo Viejo 20,300 19,700 18,700 18,900 8,400 7,700

Andacollo 18,600 14,200 15,900 14,100 4,400 —

Other 1.6 1.6 — — — —

Total 3.0 3.7 3.1 2.2 — 0.7

Nine Months Ended Nine Months Ended As of As of

September 30, 2025 September 30, 2024 September 30, 2025 December 31, 2024

Silver Stream Purchases (oz.) Sales (oz.) Purchases (oz.) Sales (oz.) Inventory (oz.) Inventory (oz.)

Pueblo Viejo (1)

_______________________________________________

1,151,100 1,149,500 1,111,900 1,142,600 120,500 119,000

Total 1,811,400 1,770,500 1,752,400 1,916,500 379,200 338,400

Nine Months Ended Nine Months Ended As of As of

September 30, 2025 September 30, 2024 September 30, 2025 December 31, 2024

Copper Stream Purchases (Mlbs.) Sales (Mlbs.) Purchases (Mlbs.) Sales (Mlbs.) Inventory (Mlbs.) Inventory (Mlbs.)

Mount Milligan 7.2 7.2 9.8 9.0 — —

_______________________________________________

(1) Pueblo Viejo silver purchases for the nine months ended September 30, 2025 do not include 616,900 ounces of silver permitted to be deferred based on the terms of the Pueblo Viejo stream agreement.

Total deferred silver ounces were 2.3 million ounces at September 30, 2025, and the timing for the delivery of this deferred amount is uncertain.

(2) In our 2024 10-K, Khoemac a u was reclassified from a principal to a non-principal property and is shown within "Other" in the table above.

Cost of sales, which excludes depreciation, depletion and amortization, increased to $80.1 million for the nine months ended September 30, 2025, from $73.1 million for the nine months ended September 30, 2024.

The increase was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan) and higher gold sales from Pueblo Viejo and Rainy River, partially offset by lower gold sales from Xavantina compared to the prior year period.

(1) Excludes silver permitted to be deferred under the Pueblo Viejo stream agreement.

Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.3 million for the three months ended March 31, 2026, from $24.5 million for the three months ended March 31, 2025.

The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Xavantina and Rainy River.

These increases were partially offset by lower gold sales at Mount Milligan when compared to the prior year period.

For Mount Milligan, the cash payments under the existing stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery.

Separately, and in addition to the cash payments under the existing stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds but only as requested by Centerra.

For further detail on the Mount Milligan Cost Support Agreement, refer to our 2024 10-K.

General and administrative costs decreased to $31.5 million for the nine months ended September 30, 2025, from $32.0 million for the nine months ended September 30, 2024.

The decrease was primarily due to lower non-cash stock compensation expense compared to the prior year period.

For the nine months ended September 30, 2025, there were $12.8 million of acquisition related costs related to the Sandstorm and Horizon acquisitions.

Depreciation, depletion and amortization decreased to $97.1 million for the nine months ended September 30, 2025, from $110.7 million for the nine months ended September 30, 2024.

The decrease was primarily due to lower stream depletion rates, as a result of proven and probable mineral reserve increases by our operators when compared to the prior year period,

lower gold sales from Xavantina and lower gold production from Dolores.

These decreases were partially offset by higher production at Peñasquito and Voisey's Bay when compared to the prior year period.

Interest and other income increased to $11.5 million for the nine months ended September 30, 2025, from $4.4 million for the nine months ended September 30, 2024.

The increase was primarily due to a $4.9 million gain on the sale of restricted inventory from a non-controlling interest partner.

Interest and other expense increased to $11.3 million for the nine months ended September 30, 2025, from $8.3 million for the nine months ended September 30, 2024.

General and administrative costs increased to $17.5 million for the three months ended March 31, 2026, from $11.1 million for the three months ended March 31, 2025.

The increase compared to the prior year period was primarily due to higher employee related costs and higher corporate costs as a result of the Sandstorm and Horizon acquisition.

Depreciation, depletion and amortization increased to $90.9 million for the three months ended March 31, 2026, from $33.0 million for the three months ended March 31, 2025.

The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets.

These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.

During the three months ended March 31, 2026, we realized a gain from the sale of marketable securities of $14.1 million.

The gain was primarily due to the sale of Highlander shares as detailed in Note 5 of our notes to consolidated financial statements.

Interest and other expense increased to $13.2 million for the three months ended March 31, 2026, from $1.2 million for the three months ended March 31, 2025.

The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period.

For the nine months ended September 30, 2025, amounts outstanding under our revolving credit facility averaged $180.1 million at an average all-in borrowing rate of 5.7%, compared to average amounts outstanding of $108.6 million at an average all-in borrowing rate of 6.5% for the prior year period.

For the nine months ended September 30, 2025, we recorded income tax expense of $49.6 million, compared with income tax expense of $67.5 million for the nine months ended September 30, 2024.

The income tax expense resulted in an effective tax rate of 11.6% in the current period, compared with 23.1% for the nine months ended September 30, 2024.

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 higher income tax expense for the nine months ended September 30, 2024, was primarily attributable to a $13.0 million discrete income tax expense related to the consideration from the Mount Milligan Cost Support Agreement.

For the three months ended March 31, 2026, amounts outstanding under our revolving credit facility averaged $756.4 million at an average all-in borrowing rate of 5.0% compared to no outstanding debt for the three months ended March 31, 2025.

For the three months ended March 31, 2026, we recorded income tax expense of $25.4 million, compared to $10.4 million for the three months ended March 31, 2025.

The income tax expense resulted in an effective tax rate of 8.3% in the current period, compared with 8.4% for the three months ended March 31, 2025.

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

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.

Liquidity and Capital Resources

At September 30, 2025, we had current assets of $287.4 million compared to current liabilities of $99.5 million, which resulted in working capital of $187.9 million.

At March 31, 2026, we had current assets of $412.3 million compared to current liabilities of $117.1 million, which resulted in working capital of $295.2 million.

This compares to current assets of $377.4 million and current liabilities of $120.9 million at December 31, 2025, resulting in working capital of $256.5 million.

The decrease in working capital was primarily due to $1.2 billion paid for additional stream and royalty interests (see Note 2 in the notes to consolidated financial statements) during the nine months ended September 30, 2025, partially offset by cash received from borrowing $825.0 million under our revolving credit facility and higher net cash proceeds from our stream and royalty interests in the current period.

During the nine months ended September 30, 2025, liquidity needs were met from $463.1 million in net cash provided by operating activities and our available cash resources.

Working capital, combined with available capacity under our revolving credit facility, resulted in approximately $812.9 million of total liquidity at September 30, 2025.

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

The increase in working capital was primarily due to higher cash proceeds received from our stream and royalty interests and proceeds from the sale of marketable securities, partially offset by higher principal and interest payments on our debt, higher income tax payments, and higher general corporate costs when compared to the prior year period.

During the three months ended March 31, 2026, liquidity needs were met from $293.6 million in net cash provided by operating activities and our available cash resources.

Working capital, combined with available capacity under our revolving credit facility, resulted in approximately $1.1 billion of total liquidity at March 31, 2026.

As of March 31, 2026, we had $600.0 million outstanding debt and $800.0 million available under our revolving credit facility.

We were in compliance with each financial covenant under the revolving credit facility as of March 31, 2026.

See below for further developments on our revolving credit facility.

We were in compliance with each financial covenant under the revolving credit facility as of September 30, 2025.

We believe that our current financial resources and funds generated from operations will be adequate to cover anticipated expenditures for debt service and general and administrative expense costs for the foreseeable future.

Our current financial resources are also available to fund dividends, for the acquisition of Sandstorm and Horizon and for acquisitions of stream and royalty interests, including any conditional funding schedules.

We believe that our current liquidity and capital resources will be adequate to cover anticipated operating needs for the next 12 months, and thereafter for the foreseeable future.

Our current capital resources are also available to fund dividends and for acquisitions of stream and royalty interests, including any conditional funding schedules.

Our long-term capital requirements are primarily affected by our ongoing acquisition activities.

2 unchanged sentences

We occasionally borrow and repay amounts under our revolving credit facility and may do so in the future.

Please refer to our risk factors included in Part 2, Item 1A and Part 1, Item 1A of our 2024 10-K for a discussion of certain risks that may impact our liquidity and capital resources.

Please refer to our risk factors included in Part 1, Item 1A of our 2025 10-K for a discussion of certain risks that may impact our liquidity and capital resources.

Recent Liquidity and Capital Resources Developments

Share Issuance

On October 20, 2025, Royal Gold issued 18.6 million shares of common stock as a result of the Sandstorm Transaction.

Upon completion of the Sandstorm Transaction, Royal Gold's outstanding share count increased to approximately 84.4 million shares.

Revolving Credit Facility Developments

On June 26, 2025, we entered into a sixth amendment to our revolving credit facility dated as of 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 for 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.

As part of the Kansanshi gold stream acquisition discussed above, we borrowed $825.0 million under our revolving credit facility.

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

In October 2025, we borrowed $450.0 million under our revolving credit facility for the acquisition of Sandstorm and Horizon and have $175.0 million available.

During the three months ended March 31, 2026, we repaid $300.0 million of outstanding borrowings on our revolving credit facility, leaving $600.0 million outstanding and $800.0 million available under our revolving credit facility as of March 31, 2026.

On April 13, 2026, we repaid $75.0 million of outstanding borrowings on our revolving credit facility and o n May 5, 2026, we entered into a seventh amendment to the revolving credit facility that added a new $600.0 million uncommitted accordion feature to the revolving credit facility.

The new accordion feature permits the Company to request additional commitments 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.

As of the date of this report, we had $525.0 million outstanding and $875.0 million available under our revolving credit facility, excluding the

uncommitted accordion feature.

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

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 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 the market value of our shares does not reflect the intrinsic value and outlook for the Company.

Operating Activities

Net cash provided by operating activities totaled $463.1 million for the nine months ended September 30, 2025, compared to $388.5 million for the nine months ended September 30, 2024.

The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $116.9 million and higher general and administrative payments of $5.4 million offset by lower income tax payments of $4.8 million when compared to the prior year period.

This increase was partially offset by cash proceeds of $24.5 million received for the Mount Milligan Cost Support Agreement and $12.0 million of interest from the repayment of the Khoemac a u debt facility in the prior year period.

Net cash provided by operating activities totaled $293.6 million for the three months ended March 31, 2026, compared to $136.4 million for the three months ended March 31, 2025.

The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $198.1 million, partially offset by higher income tax payments of $20.3 million, higher general and administrative payments of $10.4 million and higher interest payments on outstanding debt of $10.5 million when compared to the prior year period.

Investing Activities

Net cash used in investing activities totaled $1.2 billion for the nine months ended September 30, 2025, compared to $30.8 million for the nine months ended September 30, 2024.

The increase was primarily due to the $1.0 billion payment for the Kansanshi stream, $100.0 million payment for the Warintza stream and royalty, the $50.0 million payment for the acquisition of the additional Xavantina stream, and the $12.5 million payment for the additional Lawyers-Ranch royalty in the current period, partially offset by the $51.0 million payment for the Back River royalties in the prior year period.

The net cash used in investing was reduced in the prior year period for the $25.0 million principal repayment of the Khoemac a u debt facility.

Net cash provided by investing activities totaled $34.1 million for the three months ended March 31, 2026, compared to net cash used in investing activities of $58.3 million for the three months ended March 31, 2025.

The current period change was primarily due to cash proceeds of $49.0 million from the sale of Highlander shares and other marketable securities partially offset by cash calls of $14.7 million for the Hod Maden equity method investment.

The prior period change was primarily due to the $50.0 million payment for the acquisition of the additional Xavantina stream.

Financing Activities

Net cash provided by financing activities totaled $671.2 million for the nine months ended September 30, 2025, compared to net cash used in financing activities of $334.0 million for the nine months ended September 30, 2024.

The period over period change was primarily due to borrowing $825.0 million on our revolving credit facility in the current period and lower debt repayments, higher dividend payments, and higher distributions to non-controlling interests when compared to the prior year period.

Net cash used in financing activities totaled $327.2 million for the three months ended March 31, 2026, compared to net cash used in financing activities of $32.8 million for the three months ended March 31, 2025.

The increase was primarily due to higher debt repayments of $300.0 million and higher dividend payments of $10.6 million, partially offset by higher proceeds from the exercise of Sandstorm assumed options of $20.2 million when compared to the prior year period.

Recently Adopted Accounting Standards and Critical Accounting Policies

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Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements.

Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions.

Forward-looking statements are often identified by words such as “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions.

Forward-looking statements include, among others, statements regarding the following:

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operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity, and capital expenditures;

opportunities for investments, acquisitions and other transactions;

anticipated benefits from investments, acquisitions, and other transactions;

receipt and timing of future metal deliveries, including deferred amounts at Pueblo Viejo;

the timing and amount of future benefits and obligations in connection with the Mount Milligan Cost Support Agreement;

anticipated liquidity, capital resources, financing, and stockholder returns;

opportunities for, and anticipated benefits from, investments, acquisitions, and other transactions;

receipt and timing of future deliveries and sales of metals, including deferred amounts at Pueblo Viejo;

anticipated liquidity, capital

resources, financing, and stockholder returns, including share repurchases;

borrowings and repayments under our revolving credit facility;

expected benefits from the Transactions;

and prices for gold, silver, copper, and other metals.

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the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon;

failure to realize the anticipated benefits from the Transactions in the timeframe expected or at all;

risks associated with joint arrangement interests acquired as part of the Transactions;

failure to realize the anticipated benefits from the Sandstorm and Horizon acquisition in the timeframe expected or at all;

risks associated with the joint arrangement interests acquired as part of the Sandstorm and Horizon acquisition;

changes of control of properties or operators;

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We disclaim any obligation to update any forward-looking statements, except as required by law.

Readers are cautioned not to put undue reliance on forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements.

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 2. Management’s Discussion and Analysis