What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 185 added, 98 removed, 419 unchanged (40% of the section changed)

41 unchanged sentences

(Unaudited, amounts in thousands except share data)

Three Months Ended

2026 March 31,

Three Months Ended Six Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

Revenue (Note 9) $ 450,539 $ 209,643 $ 919,664 $ 403,080

5 unchanged sentences

Total costs and expenses 173,176 67,803 345,211 138,128

Gain on settlement of Relief Canyon fixed obligation 2,575 — 2,575 —

Operating income 279,938 141,840 577,028 264,952

23 unchanged sentences

Consolidated Statements of Changes in Stockholders’ Equity

Three months ended March 31, 2026, and 2025

Three months ended June 30, 2026, and 2025

(Unaudited, amounts in thousands except share data)

1 unchanged sentence

Common Shares Additional

Capital Accumulated Other Comprehensive Income (Loss) Accumulated

Capital Accumulated Other Comprehensive Income Accumulated

Earnings Non-controlling

1 unchanged sentence

Shares Amount

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

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

Sandstorm converted options exercises 32,825 — 2,482 — — — 2,482

Stock-based compensation and related share issuances 135 — 3,270 — — — 3,270

Stock repurchase ( 147,205 ) ( 2 ) ( 30,001 ) — — — ( 30,003 )

Distributions to non-controlling interests — — — — — ( 1,664 ) ( 1,664 )

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

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

Net income and comprehensive income — — — — 236,393 1,166 237,559

Dividends declared — — — — ( 40,262 ) — ( 40,262 )

Balance at June 30, 2026 84,673,027 $ 844 $ 5,922,062 $ — $ 1,664,100 $ 46,640 $ 7,633,646

Royal Gold Stockholders

Common Shares Additional

Capital Accumulated Other Comprehensive Income Accumulated

Earnings Non-controlling

Interests Total

Shares Amount

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

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

Distributions to non-controlling interests — — — — — ( 247 ) ( 247 )

Net income and comprehensive income — — — — 132,349 125 132,474

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

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

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

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Six months ended June 30, 2026, and 2025

(unaudited, amounts in thousands except share data)

Royal Gold Stockholders

5 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 284,071 1 22,655 — — — 22,656

Stock-based compensation and related share issuances 36,469 — 1,285 — — — 1,285

Stock repurchase ( 147,205 ) ( 2 ) ( 30,001 ) — — — ( 30,003 )

Distributions to non-controlling interests — — — — — ( 3,320 ) ( 3,320 )

1 unchanged sentence

Dividends declared — — — — ( 80,592 ) — ( 80,592 )

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

Other comprehensive income — — ( 993 ) — — ( 993 )

Balance at June 30, 2026 84,673,027 $ 844 $ 5,922,062 $ — $ 1,664,100 $ 46,640 $ 7,633,646

Royal Gold Stockholders

Common Shares Additional

Capital Accumulated Other Comprehensive Income Accumulated

Earnings Non-controlling

Interests Total

Shares Amount

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

Stock-based compensation and related share issuances 69,170 1 1,411 — — — 1,412

Distributions to non-controlling interests — — — — — ( 437 ) ( 437 )

Net income and comprehensive income — — — — 245,847 205 246,052

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

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

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

2 unchanged sentences

(Unaudited, amounts in thousands)

Three Months Ended

2026 March 31,

Six Months Ended

June 30, 2026 June 30, 2025

Cash flows from operating activities:

6 unchanged sentences

Deferred tax benefit ( 9,658 ) ( 11,019 )

Gain on settlement of Relief Canyon fixed obligation ( 2,575 ) —

Other 3,163 446

13 unchanged sentences

Other ( 261 ) ( 70 )

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

Net cash used in investing activities $ ( 83,127 ) $ ( 171,049 )

Cash flows from financing activities:

3 unchanged sentences

Common stock dividends ( 80,516 ) ( 59,245 )

Stock repurchase ( 30,003 ) —

Distributions to non-controlling interests ( 3,321 ) ( 438 )

Other ( 54 ) ( 1,258 )

Net cash used in financing activities $ ( 596,839 ) $ ( 65,440 )

Net increase in cash and equivalents 423 45,262

Net (decrease) increase in cash and equivalents ( 51,251 ) 52,682

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

15 unchanged sentences

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

Operating results for the three months ended March 31, 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”).

Recent Accounting Standards

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.

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

Recently Adopted Accounting Standards

In December 2025, the Financial Accounting Standards Board issued Accounting Standards Update 2025-12 Codification Improvements (“ASU 2025-12”) which addressed suggestions received from stakeholders on a broad range of topics arising from technical corrections, unintended application of the accounting standards codification, clarifications and other minor improvements.

ASU 2025-12 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted.

ASU 2025-12 is permitted to be adopted on an issue by issue basis, and effective January 1, 2026, we elected to early adopt Issue 10 of ASU 2025-12 which clarifies methods to account for the retirement of treasury stock.

The other issues within ASU 2025-12 that we elected not to early adopt will be effective for the Company's fiscal year beginning January 1, 2027.

Recently Issued Accounting Standards

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 except for ASU 2025-12, we do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.

ACQUISITION OF SANDSTORM GOLD AND HORIZON COPPER

3 unchanged sentences

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:

During the quarter ended June 30, 2026, we continued to refine our preliminary purchase price allocation and we expect to finalize our assessment in the third quarter of 2026.

These adjustments did not change the total purchase price when compared to the purchase price allocation as of December 31, 2025, which is included in the Company's 2025 10-K.

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

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(in thousands)

Initial purchase price allocation Measurement period adjustments Current purchase price allocation

Cash $ 60,024 $ — $ 60,024

12 unchanged sentences

Total allocated purchase price $ 4,148,155 $ — $ 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 March 31, 2026 and December 31, 2025.

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

The following tables summarize our stream and royalty interests, net as of June 30, 2026 and December 31, 2025.

As of June 30, 2026 (amounts in thousands):

Cost Accumulated Depletion Net

12 unchanged sentences

Total stream and royalty interests, net $ 10,903,769 $ ( 2,303,300 ) $ 8,600,469

Settlement of Fixed Delivery Obligation for the Relief Canyon Mine

On May 25, 2026, we reached an agreement with Americas Gold and Silver Corporation (“Americas”) to settle the remaining fixed gold delivery obligations on Relief Canyon for the immediate delivery of 5,000 ounces of gold and 2,652,532 common shares of Americas.

As a result of the agreement, a $ 2.6 million gain recorded within Gain on settlement of Relief Canyon fixed obligation in the consolidated statement of operations was recognized, and the net book value of the Relief Canyon stream interest, $ 12.9 million, was reduced to zero .

The value of the 2,652,532 Americas common shares received on the agreement date, $ 15.5 million, is recorded within Marketable securities in the consolidated balance sheets.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

During the three months ended June 30, 2026, the fair value of certain streams and royalties acquired as part of the Sandstorm and Horizon acquisition were adjusted by $ 120.0 million as we continued to refine our preliminary purchase price allocation.

Refer to Note 2 for more information on the acquisition of Sandstorm and Horizon.

As of December 31, 2025 (amounts in thousands):

15 unchanged sentences

Hod Maden Interest

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

As of June 30, 2026, the Company held 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 carrying value of the Hod Maden equity investment at June 30, 2026 and December 31, 2025, was $ 92.2 million and $ 249.5 million, respectively, and is included in Equity method investment on the consolidated balance sheets.

During the three months ended June 30, 2026, the Hod Maden equity method investment was adjusted lower by $ 154.6 million as we continued to refine our preliminary purchase price allocation.

Refer to Note 2 for more information on the acquisition of Sandstorm and Horizon.

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.

On July 17, 2026, we completed a restructuring of our interest in Artmin which included a 50 % reduction in our direct equity ownership in Artmin from 30 % to 15 %, the grant of a new effective 2.5 % net smelter return royalty, certain rights pertaining to new royalty interests granted to the Company and SSR Mining, Inc.

over the Hod Maden project.

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.

As of June 30, 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.

In May 2026, the Company advanced an additional $ 70.0 million for project costs.

The loan bears interest at 4.13 % per annum and has a five-year term.

Combined, these loans totaled $ 136.1 million as of June 30, 2026, and $ 51.4 million as of December 31, 2025 and are included in Equity method investment on the consolidated balance sheets.

MARKETABLE SECURITIES

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

MARKETABLE SECURITIES

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Available-for-sale equity securities (1)

10 unchanged sentences

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.

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

At June 30, 2026 and December 31, 2025, the carrying value of the Entrée shares was $ 109.1 million and $ 76.7 million, respectively, and is included in available-for-sale equity securities.

Highlander Silver Corp.

9 unchanged sentences

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

The Company's debt as of June 30, 2026 and December 31, 2025 consists of the following (amounts in thousands):

As of June 30, 2026 As of December 31, 2025

Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total

4 unchanged sentences

Revolving credit facility

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.

During the six months ended June 30, 2026, we repaid $ 500 million of outstanding borrowings on our revolving credit facility leaving $ 400 million outstanding and $ 1 billion available under our revolving credit facility as of June 30, 2026.

We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of June 30, 2026.

Interest expense, which includes interest on outstanding borrowings and amortization of the debt issuance costs, was $ 6.1 million and $ 15.8 million for the three and six months ended June 30, 2026, respectively, and $ 0.4 million and $ 0.7 million for the three and six months ended June 30, 2025, respectively.

The interest rate on borrowings under our credit facility as of June 30, 2026 , was SOFR plus 1.2 % for an all-in rate of 4.8 %.

On July 15, 2026, we repaid $ 75 million of outstanding borrowings on our revolving credit facility leaving $ 325 million outstanding and $ 1.075 billion available as of the date of this report.

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

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

2 unchanged sentences

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.

As of June 30, 2026, the balance of the deferred liability was $ 69.2 million and 38,889 ounces of Deferred Gold Consideration remain outstanding.

STOCKHOLDERS' EQUITY

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 under the program 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.

During the three months ended June 30, 2026, we repurchased 147,205 shares at an average price of $ 203.80 per share for total consideration of $ 30 million.

The repurchased shares were cancelled and 84,673,027 shares remain outstanding as of June 30, 2026.

Revenue Recognition

4 unchanged sentences

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

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

Stream Interests

3 unchanged sentences

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

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

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 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.

12 unchanged sentences

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

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.

For the three months ended June 30, 2026, royalty revenue that was estimated or was attributable to metal production for a period prior to the three months ended June 30, 2026, was not material.

Disaggregation of Revenue

2 unchanged sentences

These identified revenue sources are consistent with our reportable segments as discussed in Note 13.

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

2026 March 31,

Three Months Ended Six Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

Stream revenue:

2 unchanged sentences

Copper 15,174 9,690 36,873 18,911

Other 1,898 —

Zinc 2,067 — $ 3,965 $ —

Total stream revenue $ 310,964 $ 133,191 $ 623,741 $ 255,673

6 unchanged sentences

Total revenue $ 450,539 $ 209,643 $ 919,664 $ 403,080

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

Metal(s) March 31,

2026 March 31,

Three Months Ended Six Months Ended

Metal(s) June 30,

2026 June 30,

2025 June 30,

2026 June 30,

Stream revenue:

14 unchanged sentences

Please refer to Note 13 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

2026 March 31,

Three Months Ended Six Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

Restricted stock $ 1,857 $ 1,884 $ 4,042 $ 3,896

3 unchanged sentences

We granted the following stock-based compensation awards:

Three Months Ended

2026 March 31,

(Number of shares)

Three Months Ended Six Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

(Number of shares) (Number of shares)

Performance stock (at maximum 200 % attainment)

2 unchanged sentences

Total equity awards granted — — 71,612 122,384

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:

As of June 30, 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

2026 March 31,

Three Months Ended Six Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

Net income attributable to Royal Gold common stockholders $ 236,393 $ 132,349 $ 517,523 $ 245,847

5 unchanged sentences

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

Three Months Ended

2026 March 31,

Three Months Ended Six Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

Income tax expense $ 58,241 $ 10,538 $ 83,638 $ 20,927

Effective tax rate 19.7 % 7.4 % 13.9 % 7.8 %

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.

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

The effective tax rate for the six months ended June 30, 2026, included a $ 33.7 million discrete benefit for a change in a foreign tax rate.

The effective tax rate for the six months ended June 30, 2025, included a $ 12.0 million discrete benefit for additional recoverable basis in foreign jurisdictions, a $ 4.3 million discrete benefit attributable to the release of a valuation allowance, and a $ 11.0 million discrete benefit attributable related to withholding tax refunds on foreign royalties.

SEGMENT INFORMATION

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

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

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

depletion for each of our reportable segments.

In addition to revenue, our CODM regularly reviews cost of sales, production taxes and depletion for each of our reportable segments.

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

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

As of June 30, 2026 As of December 31, 2025

interest Royalty

9 unchanged sentences

Total $ 4,530,970 $ 4,069,499 $ 8,600,469 $ 4,544,742 $ 4,039,133 $ 8,583,875

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

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

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Revenue Cost of sales (1)

4 unchanged sentences

Total $ 450,539 $ 60,094 $ 3,437 $ 95,928 $ 291,080

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Revenue Cost of sales (1)

4 unchanged sentences

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

Six Months Ended June 30, 2026

Revenue Cost of sales (1)

Production taxes Depletion (2)

Segment gross profit

Stream interests $ 623,741 $ 120,431 $ — $ 115,665 $ 387,645

Royalty interests 295,923 — 6,729 70,866 218,328

Total $ 919,664 $ 120,431 $ 6,729 $ 186,531 $ 605,973

Six Months Ended June 30, 2025

Revenue Cost of sales (1)

Production taxes Depletion (2)

Segment gross profit

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

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

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

_______________________________________________

1 unchanged sentence

(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

2026 March 31,

Three Months Ended Six Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

Total segment gross profit $ 291,080 $ 152,193 $ 605,973 $ 286,447

2 unchanged sentences

Depreciation and amortization 272 84 544 162

Total costs and expenses 13,717 10,353 31,520 21,495

Gain on settlement of Relief Canyon fixed obligation 2,575 — 2,575 —

Operating income 279,938 141,840 577,028 264,952

4 unchanged sentences

Income before income taxes $ 295,800 $ 143,012 $ 602,904 $ 266,979

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,

Our revenue by reportable segment for the three and six months ended June 30, 2026 and 2025, is geographically distributed as shown in the following table (amounts in thousands):

Three Months Ended Six Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

Stream interests:

North America $ 165,742 $ 98,369 $ 329,005 $ 180,349

EMEA 79,496 22,380

South and Central America 63,868 14,435 132,822 32,556

EMEA 80,256 20,387 159,751 42,768

Australia Pacific 1,098 — 2,163 —

3 unchanged sentences

South and Central America 35,678 4,694 76,957 8,903

EMEA 5,094 — 10,373 —

Australia Pacific 14,164 9,817 29,220 17,773

6 unchanged sentences

Quoted prices for identical instruments in active markets;

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

Quoted prices for similar instruments in active markets;

3 unchanged sentences

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

Fair Value at June 30, 2026

Total Level 1 Level 2 Level 3

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(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 carrying value of our revolving credit facility (Note 6) approximates fair value as of June 30, 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.

As of June 30, 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.

2 unchanged sentences

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.

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 advanced 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.

The $ 50 million advance was recorded as a development stage stream interest and included within Stream and royalty interests, net in the consolidated balance sheets.

Th e remaining $ 50 million payable to Solaris is subject to the completion of all filings necessary to perfect security in Ecuador, which is underway, and payment is anticipated in the third or fourth quarter of 2026.

Ilovica Gold Stream Acquisition

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

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

alternative opportunities for the use or investment of capital.

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.

As of June 30, 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.

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