What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-06 compared with 2026-05-07 · 195 added, 106 removed, 176 unchanged (63% of the section changed)

6 unchanged sentences

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.

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 (including limited information provided by the operator of the Hod Maden project in connection with our joint venture interest and board representation) 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.

6 unchanged sentences

• 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.

As of June 30, 2026, we owned stream interests relating to 18 production stage properties and 4 development stage properties.

Stream interests accounted for approximately 69% and 68% of our total revenue for the three and six months ended June 30, 2026, respectively, and 64% and 63% for the three and six months ended June 30, 2025, respectively.

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

• 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.

As of June 30, 2026, we owned royalty interests on 64 production stage properties, 25 development stage properties and 257 exploration stage properties, of which we consider 82 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 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.

Royalty interests accounted for 31% and 32% of our total revenue for the three and six months ended June 30, 2026, respectively, and 36% and 37% for the three and six months ended June 30, 2025, respectively.

We do not conduct mining operations on the properties in which we hold stream and royalty interests (except for the joint venture interest in Hod Maden), 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.

We generally have acquisition opportunities in various stages of review.

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

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

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

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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.

The remaining $50 million payable due 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.

Settlement of Fixed Delivery Obligation for the Relief Canyon Mine

On June 11, 2026, Royal Gold and Americas Gold and Silver Corporation ("Americas") closed an agreement to settle the remaining fixed delivery obligations owed to Royal Gold related to the Relief Canyon mine.

Under the agreement, Americas' obligation to deliver 8,861 ounces of gold over the period between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, which were sold during the second quarter, and 2,652,532 common shares of Americas.

The common shares are subject to a four-month hold period after closing.

As a result of the agreement, a $2.6 million gain was recognized and the Relief Canyon stream interest was reduced to zero.

Refer to Note 3 of our notes to consolidated financial statements for more information on the settlement of the Relief Canyon fixed delivery obligation.

Hod Maden Project Ownership Restructuring

On July 17, 2026, we completed the restructuring of our ownership in Artmin Madençilik (“Artmin”), the joint venture company that owns 100% of the Hod Maden Project (the “Project”).

The restructuring included a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% net smelter return (“NSR”) royalty interest over the Project (the “New RG Royalty”), and certain rights pertaining to a new effective 4.0% NSR royalty interest over the Project (the “SSR Royalty”) granted to SSR Mining, Inc.

Additionally, as part of this restructuring, Lidya Madençilik (“Lidya”), the additional partner in the ownership of Artmin, acquired SSR's interests in Artmin and assumed operatorship of the Project.

Artmin is now owned 15% by Royal Gold and 85% by Lidya, and Royal Gold holds acquisition and certain other rights over the SSR Royalty.

Royal Gold retains a perpetual right of first refusal (“ROFR”) over the sale of the SSR Royalty to a third party, and SSR will not be permitted to sell the royalty without Royal Gold’s consent prior to January 1, 2028.

SSR also granted Royal Gold the option to acquire half of the SSR Royalty (an equivalent 2.0% NSR royalty interest) for $160 million, exercisable from closing through the period that ends 12 months after the achievement of commercial production at the Project.

As part of the restructuring, Royal Gold further agreed to fund $70 million of Project costs, which was completed in May, 2026.

Lidya will complete the funding of the next $397 million of Project costs and further funding will be split pro rata between Royal Gold and Lidya according to their 15%/85% ownership in Artmin.

Equity funding requirements may be reduced should Artmin secure debt financing for Project development.

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

Three Months Ended

March 31, 2026 March 31, 2025

For the three and six months ended June 30, 2026 and 2025, average metal prices and percentages of revenue by metal were as follows:

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Metal Average

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$ 6.05 8% $ 4.32 7% $ 5.93 9% $ 4.28 8%

Other N/A 3% N/A 4%

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

______________________________________________

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Stream Interests

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%.

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.

Gold stream deliveries from Andacollo were approximately 11,300 ounces for the three months ended June 30, 2026, compared to approximately 5,100 ounces for the three months ended June 30, 2025.

Higher deliveries in this period relate to higher grade and higher mill throughput in the three months ended December 31, 2025, compared to the prior year period.

Stream deliveries typically occur approximately six months after mine production, and are based on a fixed payability factor of 89%.

On July 23, 2026, Teck Resources Limited (“Teck”) reported higher copper production in the quarter ended June 30, 2026, compared to the prior year period driven by higher copper grades, stable operations and strong recoveries.

Teck also confirmed 2026 annual copper production guidance despite the partial suspension of operations on July 17, 2026, due to the impact of severe weather conditions.

Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future.

The mine life of Andacollo is expected to continue until 2037, 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.

Gold stream deliveries from Kansanshi were approximately 7,500 ounces for the three months ended June 30, 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.

On July 28, 2026, First Quantum Minerals Ltd.

(“First Quantum”) reported second quarter copper production of 43,997 tonnes, which was 10% higher than the same quarter of 2025, primarily due to contribution from the S3 plant, which was at construction stage in the same period last year.

According to First Quantum, S3 throughput was sustained above design

capacity in the second quarter, achieving the highest monthly processed tonnes in May 2026 since commissioning in August 2025, driven by higher operating time, strong utilization and milling rates.

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 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 from Mount Milligan were approximately 10,200 ounces for the three months ended June 30, 2026, compared to approximately 8,200 ounces for the three months ended June 30, 2025.

Increased gold deliveries in the current period resulted from higher gold grade experienced at the mine in the fourth quarter of 2025 primarily due to the change in mining sequence.

Copper stream deliveries from Mount Milligan were approximately 2.65 million pounds during the three months ended June 30, 2026, compared to approximately 1.44 million pounds during the three months ended June 30, 2025.

Increased copper deliveries in the current period primarily resulted from differences in the timing of shipments and settlements during the periods, as well as higher copper recovery during the fourth quarter of 2025.

Stream deliveries from Mount Milligan typically occur five months after mine production.

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%.

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.

On July 28, 2026, Centerra Gold Inc.

(“Centerra”) reported production of 38,175 ounces of gold and 13.1 million pounds of copper in the second quarter of 2026.

Centerra further reported that year-to-date gold and copper production through June 30, 2026, is in line with the Pre-Feasibility Study (“PFS”) mine plan and that production remains on track to achieve the previously provided guidance of between 140,000 and 155,000 ounces of gold and 50 to 60 million pounds of copper for 2026.

As previously disclosed, Centerra expects gold production to be higher in the third quarter of 2026, reflecting planned mine sequencing, which we expect to be reflected in our results in 2027 based on the delivery lag between production and deliveries.

Gold stream deliveries from Pueblo Viejo were approximately 6,900 ounces for the three months ended June 30, 2026, compared to approximately 6,100 ounces for the three months ended June 30, 2025.

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

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 were approximately 254,000 ounces for the three months ended June 30, 2026, compared to approximately 196,900 ounces for the three months ended June 30, 2025.

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

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.

On July 23, 2026, Newmont Corporation (40% non-operating joint venture partner) reported that gold production increased 17% in the second quarter over the prior year period primarily due to higher mill throughput and higher drawdown of in-circuit inventory, partially offset by lower mill recovery and lower ore grade milled.

Royalty Interests

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.

Production attributable to our royalty interests at the Cortez Complex was approximately 169,200 ounces of gold for the three months ended June 30, 2026, of which 38,400 ounces were attributable to the Legacy Zone, and 130,800 ounces were attributable to the CC Zone, compared to approximately 176,900 ounces of gold for the three months ended June 30, 2025, of which 27,900 ounces were attributable to the Legacy Zone, and 149,000 ounces were attributable to the CC Zone.

Results of Operations

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.

Quarter Ended June 30, 2026, Compared to Quarter Ended June 30, 2025

For the three months ended June 30, 2026, we recorded net income attributable to Royal Gold stockholders of $236.4 million, or $2.78 per basic and diluted share, as compared to net income of $132.3 million, or $2.01 per basic and diluted share, for the three months ended June 30, 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:

For the three months ended June 30, 2026, we recognized total revenue of $450.5 million, comprised of stream revenue of $311.0 million and royalty revenue of $139.5 million at an average gold price of $4,506 per ounce, an average silver price

of $73.15 per ounce and an average copper price of $6.05 per pound.

This is compared to total revenue of $209.6 million for the three months ended June 30, 2025, comprised of stream revenue of $133.2 million and royalty revenue of $76.4 million, at an average gold price of $3,280 per ounce, an average silver price of $33.68 per ounce and an average copper price of $4.32 per pound.

Revenue and the corresponding production attributable to our stream and royalty interests for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, were as follows:

Revenue and Reported Production Subject to Our Stream and Royalty Interests

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Three Months Ended Three Months Ended

March 31, 2026 March 31, 2025

June 30, 2026 June 30, 2025

Reported Reported

6 unchanged sentences

Gold 7,000 oz.

Silver 0.2 Moz.

Silver 171,200 oz.

Andacollo Gold $ 49,107 10,700 oz.

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Gold 19,600 oz.

Silver 0.4 Moz.

Copper 1.6 Mlbs.

Silver 424,300 oz.

Copper 553,200 lbs.

Zinc 1.3 Mlbs.

Total stream revenue $ 310,964 $ 133,191

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_______________________________________________

(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.

(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 June 30, 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.

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

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(“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).

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

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:

Gold and silver ounces and copper pounds purchased and sold during the three months ended June 30, 2026 and 2025, and gold and silver ounces and copper pounds in inventory as of June 30, 2026, and March 31, 2026, for our streaming interests were as follows:

Three Months Ended Three Months Ended As of As of

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

June 30, 2026 June 30, 2025 June 30, 2026 March 31, 2026

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

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Three Months Ended Three Months Ended As of As of

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

June 30, 2026 June 30, 2025 June 30, 2026 March 31, 2026

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

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Three Months Ended Three Months Ended As of As of

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

June 30, 2026 June 30, 2025 June 30, 2026 March 31, 2026

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

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(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.

Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.1 million for the three months ended June 30, 2026, from $24.2 million for the three months ended June 30, 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, Rainy River and Wassa.

These increases were partially offset by lower gold sales from Mount Milligan 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.

General and administrative costs increased to $13.4 million for the three months ended June 30, 2026, from $10.3 million for the three months ended June 30, 2025.

The increase compared to the prior year period was primarily due to increases in non-cash stock compensation and employee and office related costs.

Depreciation, depletion and amortization increased to $96.2 million for the three months ended June 30, 2026, from $31.2 million for the three months ended June 30, 2025.

The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets, and additional expense recognized with the sale of the ounces related to the Relief Canyon fixed delivery obligation settlement.

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

Fair value changes in equity securities was $21.9 million for the three months ended June 30, 2026 primarily due to the increase in value of the Entrée Resources Ltd.

(“Entrée”) shares acquired as a result of the Sandstorm and Horizon acquisition.

Interest and other expense increased to $10.0 million for the three months ended June 30, 2026, from $1.5 million for the three months ended June 30, 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 three months ended June 30, 2026, amounts outstanding under our revolving credit facility averaged $476.6 million at an average all-in borrowing rate of 4.9% compared to no outstanding debt for the three months ended June 30, 2025.

For the three months ended June 30, 2026, we recorded income tax expense of $58.2 million, compared to $10.5 million for the three months ended June 30, 2025.

The income tax expense resulted in an effective tax rate of 19.7% in the current period, compared with 7.4% for the three months ended June 30, 2025.

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 benefit of $4.3 million attributable to the release of a valuation allowance.

Six Months Ended June 30, 2026, Compared to Six Months Ended June 30, 2025

For the six months ended June 30, 2026, we recorded net income of $517.5 million, or $6.10 per basic share and $6.07 per diluted share, as compared to net income of $245.8 million, or $3.73 per basic and diluted share, for the six months ended June 30, 2025.

For the six months ended June 30, 2026, we recognized total revenue of $919.7 million, comprised of stream revenue of $623.8 million and royalty revenue of $295.9 million at an average gold price of $4,693 per ounce, an average silver price of $78.83 per ounce and an average copper price of $5.93 per pound.

This is compared to total revenue of $403.1 million for the six months ended June 30, 2025, comprised of stream revenue of $255.7 million and royalty revenue of $147.4 million, at an average gold price of $3,067 per ounce, an average silver price of $32.76 per ounce and an average copper price of $4.28 per pound.

Revenue and the corresponding production attributable to our stream and royalty interests for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, were as follows:

Revenue and Reported Production Subject to Our Stream and Royalty Interests

(amounts in thousands, except reported production oz.

Six Months Ended Six Months Ended

June 30, 2026 June 30, 2025

Reported Reported

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

Revenue Production (1)

Mount Milligan $ 114,898 $ 106,463

Gold 19,000 oz.

Copper 4.1 Mlbs.

Pueblo Viejo $ 100,773 $ 54,369

Gold 14,600 oz.

Silver 384,800 oz.

Andacollo Gold $ 76,258 16,300 oz.

$ 22,234 7,400 oz.

Kansanshi Gold $ 59,814 12,600 oz.

$ 271,998 $ 72,607

Gold 40,500 oz.

Silver 821,400 oz.

Copper 2.1 Mlbs.

Zinc 2.5 Mlbs.

Total stream revenue $ 623,741 $ 255,673

Royalty (2) :

Cortez Legacy Zone Gold $ 32,738 74,400 oz.

$ 19,650 59,000 oz.

Cortez CC Zone Gold $ 18,444 238,800 oz.

$ 11,642 268,700 oz.

Various $ 244,741 N/A $ 116,115 N/A

Total royalty revenue $ 295,923 $ 147,407

Total Revenue $ 919,664 $ 403,080

_______________________________________________

(1) Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the six months ended June 30, 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.

(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.

The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm and Horizon assets, higher sales at Andacollo, Xavantina and Rainy River (included in “Other” stream revenue in the above table), and higher production at Cortez Legacy Zone and Voisey's Bay (included in “Other” royalty revenue in the above table).

The increase was partially offset by lower sales from Mount Milligan compared to the prior year period.

Gold and silver ounces and copper pounds purchased and sold during the six months ended June 30, 2026, and 2025, and gold and silver ounces and copper pounds in inventory as of June 30, 2026, and December 31, 2025, for our streaming interests were as follows:

Six Months Ended Six Months Ended As of As of

June 30, 2026 June 30, 2025 June 30, 2026 December 31, 2025

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

Mount Milligan 22,300 19,000 24,300 28,400 7,200 3,800

Pueblo Viejo 13,800 14,600 11,900 13,500 6,900 7,600

Andacollo 19,000 16,300 10,600 7,400 4,700 2,100

Kansanshi 15,100 12,600 — — 2,500 —

Other 40,400 40,500 15,900 16,100 6,100 6,300

Total 110,600 103,000 62,700 65,400 27,400 19,800

Six Months Ended Six Months Ended As of As of

June 30, 2026 June 30, 2025 June 30, 2026 December 31, 2025

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

Pueblo Viejo (1)

425,200 384,800 401,600 424,200 254,000 213,600

Other 823,300 821,400 777,100 751,900 117,200 115,200

Total 1,248,500 1,206,200 1,178,700 1,176,100 371,200 328,800

Six Months Ended Six Months Ended As of As of

June 30, 2026 June 30, 2025 June 30, 2026 December 31, 2025

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

Mount Milligan 4.1 4.1 4.5 4.5 0.7 0.7

Other 2.1 2.1 — — — —

Total 6.2 6.2 4.5 4.5 0.7 0.7

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

Cost of sales, which excludes depreciation, depletion and amortization, increased to $120.4 million for the six months ended June 30, 2026, from $48.7 million for the six months ended June 30, 2025.

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

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

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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.

General and administrative costs increased to $31.0 million for the six months ended June 30, 2026, from $21.3 million for the six months ended June 30, 2025.

The increase compared to the prior year period was primarily due to higher employee related and corporate costs as a result of the Sandstorm and Horizon acquisition and an increase in non-cash stock compensation.

Depreciation, depletion and amortization increased to $187.1 million for the six months ended June 30, 2026, from $64.1 million for the six months ended June 30, 2025.

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.

Fair value changes in equity securities was $27.8 million for the six months ended June 30, 2026 primarily due to the increase in value of the Entrée shares acquired as a result of the Sandstorm and Horizon acquisition.

Gain on sale of marketable securities for the six months ended June 30, 2026 was $14.6 million and primarily related to the sale of Highlander shares on March 27, 2026.

Interest and other expense increased to $23.3 million for the six months ended June 30, 2026, from $2.7 million for the six months ended June 30, 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 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.

For the six months ended June 30, 2026, amounts outstanding under our revolving credit facility averaged $597.9 million at an average all-in borrowing rate of 4.9%, compared to no outstanding debt for the prior year period.

For the six months ended June 30, 2026, we recorded income tax expense of $83.6 million, compared with income tax expense of $20.9 million for the six months ended June 30, 2025.

The income tax expense resulted in an effective tax rate of 13.9% in the current period, compared with 7.8% for the six months ended June 30, 2025.

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

The six months ended June 30, 2025, included a $12.0 million discrete benefit for additional recoverable basis in a foreign jurisdiction, a discrete 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.

Liquidity and Capital Resources

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.

At June 30, 2026, we had current assets of $370.0 million compared to current liabilities of $126.5 million, which resulted in working capital of $243.5 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 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.

The decrease in working capital was primarily due to higher principal and interest payments on our debt, cash calls for Hod Maden, higher income tax payments, and stock repurchase payments, partially offset by higher cash proceeds received from our stream and royalty interests, lower acquisition costs and proceeds from the sale of marketable securities when compared to the prior year period.

During the six months ended June 30, 2026, liquidity needs were met from $628.7 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 $1.2 billion of total liquidity at June 30, 2026.

As of June 30, 2026, we had $400.0 million outstanding debt and $1.0 billion available under our revolving credit facility.

We were in compliance with each financial covenant under the revolving credit facility as of June 30, 2026.

See below for further developments on our revolving credit facility.

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 current capital resources are also available to fund dividends, share repurchase opportunities 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.

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Revolving Credit Facility Developments

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.

On 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.

During the six months ended June 30, 2026, we repaid $500.0 million of outstanding borrowings on our revolving credit

facility, leaving $400.0 million outstanding and $1.0 billion available under our revolving credit facility as of June 30, 2026.

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.

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.

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.

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.

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.

Operating Activities

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.

Net cash provided by operating activities totaled $628.7 million for the six months ended June 30, 2026, compared to $289.2 million for the six months ended June 30, 2025.

The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $420.9 million, partially offset by higher income tax payments of $48.4 million, higher general and administrative payments of $18.5 million and higher interest payments on outstanding debt of $17.2 million when compared to the prior year period.

Investing Activities

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.

Net cash used in investing activities totaled $83.1 million for the six months ended June 30, 2026, compared to $171.0 million for the six months ended June 30, 2025.

The decrease in cash used was primarily due to lower cash payments for acquisitions of $120.9 million and higher cash proceeds of $51.9 million from the sale of marketable securities, partially offset by cash calls of $84.7 million for the Hod Maden equity method investment when compared to the prior year period.

Financing Activities

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.

Net cash used in financing activities totaled $596.8 million for the six months ended June 30, 2026, compared to $65.4 million for the six months ended June 30, 2025.

The increase in cash used was primarily due to higher debt repayments of $500.0 million, stock repurchase payments of $30.0 million and higher dividend payments of $21.3 million, partially offset by higher proceeds from the exercise of Sandstorm assumed options of $22.7 million when compared to the prior year period.

Recently Adopted Accounting Standards and Critical Accounting Policies

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our expected financial performance and outlook, including sales volume, revenue, expenses, tax rates, earnings, and cash flows;

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;

environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity, and capital expenditures;

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;

receipt and timing of future deliveries and sales of metals;

anticipated liquidity, capital resources, financing, and stockholder returns, including share repurchases;

borrowings and repayments under our revolving credit facility;

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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;

risks associated with our equity interests in the Hod Maden project;

changes of control of properties or operators;

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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