# EDGAR Filing Document

**Accession Number:** 0000085535
**File Stem:** 0000085535-26-000002
**Filing Date:** 2026-1
**Character Count:** 15808
**Document Hash:** a15a1167d19521c19d770b627c1d2a6d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000085535-26-000002.hdr.sgml**: 20260113

**ACCESSION NUMBER**: 0000085535-26-000002

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260113

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260113

**DATE AS OF CHANGE**: 20260113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL GOLD INC
- **CENTRAL INDEX KEY:** 0000085535
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINERAL ROYALTY TRADERS [6795]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 840835164
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13357
- **FILM NUMBER:** 26528597

**BUSINESS ADDRESS:**
- **STREET 1:** 1144 15TH STREET
- **STREET 2:** SUITE 2500
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 303-573-1660

**MAIL ADDRESS:**
- **STREET 1:** 1144 15TH STREET
- **STREET 2:** SUITE 2500
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL GOLD INC /DE/
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL RESOURCES CORP
- **DATE OF NAME CHANGE:** 19870517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL RESOURCES EXPLORATION INC
- **DATE OF NAME CHANGE:** 19810716

?xml version='1.0' encoding='ASCII'? rgld-20260113

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **January 13, 2026** 

**Royal Gold, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-13357** | **84-0835164** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

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| | |
|:---|:---|
| **1144 15th Street, Suite 2500, Denver, CO** | **80202** |
| (Address of principal executive offices) | (Zip Code) |

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Registrant's telephone number, including area code: (**303) 573-1660**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value | RGLD | Nasdaq Global Select Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Financial Condition**

On January 13, 2026, Royal Gold, Inc. issued a press release with certain information regarding stream sales for the quarter ended December 31, 2025 and updates regarding its balance sheet and rationalization of non-core assets. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished under this Item 2.02, including the exhibit, will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, and will not be deemed incorporated by reference into any filing under the Securities Act of 1933, except as expressly set forth by reference to such filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release dated](ex991q42025streamsalessegm.htm)January 13, 2026 |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | **Royal Gold, Inc.** | **Royal Gold, Inc.** | **Royal Gold, Inc.** |
| Date: January 13, 2026 | By: | /s/ David R. Crandall | /s/ David R. Crandall |
|  |  | Name: | David R. Crandall |
|  |  | Title: | Vice President, Corporate Secretary and Chief Compliance Officer |

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## Exhibit 99.1

![image.jpg](image.jpg)<br>Royal Gold Provides Updates on Q4 2025 Stream Segment Sales, Balance Sheet and Non-Core Asset Rationalization, and Details for Release of Q4 2025 Results

**DENVER, COLORADO. January 13, 2026: ROYAL GOLD, INC. (NASDAQ: RGLD)** (together with its subsidiaries, "Royal Gold" or the "Company," "we" or "our") announced today stream segment sales for the period ended December 31, 2025, updates on the balance sheet and activities to rationalize non-core assets, and details for release of the fourth quarter 2025 financial results.

Stream Segment Sales

Royal Gold's consolidated stream segment sales were approximately 64,000 gold equivalent ounces (GEOs)<sup>1</sup> for the three-month period ended December 31, 2025 (the "fourth quarter"). Sales were comprised of stream contributions from its wholly owned subsidiary, RGLD Gold AG for the full fourth quarter, and stream contributions from the Sandstorm Gold ("Sandstorm") portfolio for the period from October 20 through December 31, 2025, after the completion of the acquisition of Sandstorm on October 20, 2025.

A breakdown of the stream segment sales is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | RGLD Gold AG<br>(Oct. 1 – Dec. 31, 2025) | RGLD Gold AG<br>(Oct. 1 – Dec. 31, 2025) | Sandstorm Portfolio<br>(Oct. 20 – Dec. 31, 2025)<sup>2</sup> | Sandstorm Portfolio<br>(Oct. 20 – Dec. 31, 2025)<sup>2</sup> | |
| GEOs | 58200 | 58200 | 5800 | 5800 |  |
| Cost of Sales\* | $809/GEO | $809/GEO | $496/GEO | $496/GEO |  |
| *Commodity Breakdown:* | Sales | Average Realized Price | Sales | Average Realized Price | Ending Period Inventory |
| Gold | 48,100 oz | $4,071/oz | 5,000 oz | $4,240/oz | 19,700 oz |
| Silver | 610,900 oz | $50.90/oz | 15,100 oz | $66.79/oz | 328,800 oz |
| Copper | 2.7 Mlbs | $5.09/lb | -- | -- | 0.7 Mlbs |
| Zinc | -- | -- | 1.3 Mlbs | $1.49/lb | -- |

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\* Cost of sales is specific to the Company's streaming agreements and is the result of the purchase of gold, silver, copper, or zinc for cash payments at a set contractual price, or a percentage of the prevailing market price of gold, silver, copper, or zinc when purchased.

Royal Gold's total stream segment sales for 2025 were approximately 195,400 GEOs.

Balance Sheet Update

We remain focused on the balance sheet and reducing indebtedness. Outstanding borrowings have been reduced by $400 million since closing of the Sandstorm transaction on October 20, 2025.

As reported with our third quarter financial results on November 5, 2025, Royal Gold's outstanding debt on October 10, 2025, consisted of $1,225 million drawn on the $1.4 billion revolving credit facility. During the fourth quarter we repaid $325 million of debt, which resulted in an outstanding balance of $900 million as of December 31, 2025. We repaid a further $75 million on January 12, 2026, which resulted in an outstanding balance on the revolving credit facility of $825 million, leaving $575 million undrawn and available.

<sup>1</sup> GEOs are calculated as Royal Gold's revenue divided by the average London PM gold fixing price for the quarter ended December 31, 2025, of $4,135 per ounce.

<sup>2</sup> The stream segment sales from the Sandstorm portfolio are not representative of a full quarter due to the timing of certain metal sales that occurred prior to October 20, 2025.

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Non-Core Asset Rationalization

We continue to work to simplify and rationalize non-core assets acquired with the Sandstorm transaction. In addition to the sale of the shares held by Sandstorm in Versamet Royalties which was previously announced, we entered into agreements on December 19, 2025 to restructure equity and various debt investments in Bear Creek Mining Corporation ("Bear Creek") in return for increased royalty exposure to Bear Creek's assets, cash, and shares in Highlander Silver Corp. ("Highlander"). This restructuring helped facilitate an agreement between Highlander and Bear Creek to combine their businesses, which is expected to close in the first quarter of 2026.

Upon completion of the Highlander/Bear Creek transaction, Royal Gold will settle outstanding debt obligations owed by Bear Creek and terminate the gold and silver stream obligations between Bear Creek and Royal Gold under the Mercedes Mine stream agreement. In return, Royal Gold will receive $6.2 million of cash consideration, an incremental secured 1.75% net smelter return ("NSR") royalty on the Corani Project in Peru (bringing Royal Gold's total royalty interest to 2.75%), and an unsecured 2.0% NSR royalty on the Mercedes Mine. Buybacks in favor of the operator of the Corani Project for 0.5-0.75% of the royalty can occur in certain circumstances. Royal Gold also entered into a voting support agreement with Highlander to vote the approximately 58.4 million common shares of Bear Creek held by Royal Gold in favor of the Highlander/Bear Creek combination transaction.

Royal Gold's agreement to restructure these interests and support the Highlander/Bear Creek transaction will help create a larger and well-capitalized company that is better positioned to move the Corani Project forward and convert non-core assets into interests that fit our business model.

Details for Q4 2025 Results Release

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| | |
|:---|:---|
| Royal Gold's results for the quarter ended December 31, 2025, will be released after the market closes on Wednesday, February 18, 2026, followed by a conference call on Thursday, February 19, 2026, at 12:00 p.m. Eastern Time (10:00 a.m. Mountain Time). The call will be webcast and archived on the Company's website for a limited time.<br>Fourth Quarter 2025 Call Information: | Royal Gold's results for the quarter ended December 31, 2025, will be released after the market closes on Wednesday, February 18, 2026, followed by a conference call on Thursday, February 19, 2026, at 12:00 p.m. Eastern Time (10:00 a.m. Mountain Time). The call will be webcast and archived on the Company's website for a limited time.<br>Fourth Quarter 2025 Call Information: |
| Dial-In | 833-470-1428 (U.S.); toll free |
| Numbers: | 833-950-0062 (Canada); toll free<br>929-526-1599 (International) |
| Access Code: | 604052 |
| Webcast URL: | https://events.q4inc.com/attendee/705139153 |

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**Corporate Profile**

Royal Gold is a high margin, mid-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol "RGLD" and provide growth, value and income investors with exposure to the metals and mining industry. The Company's website is located at www.royalgold.com.

**Forward-Looking Statements:** This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. 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 include, among others, statements regarding the anticipated closings of the Highlander/Bear Creek transaction and related agreements and the anticipated benefits therefrom, and future repayments under our revolving credit facility. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, changes in the price of gold, silver, copper or other metals; failure of the conditions to the closings of the Highlander/Bear Creek transaction or related agreements to be satisfied; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators' ability to complete projects on schedule and as planned, operators' changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral

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resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon; failure to realize the anticipated benefits from the Sandstorm and Horizon transactions in the timeframe expected or at all; risks associated with joint venture interests acquired as part of the transactions; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including Item 1A, Risk Factors of our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. 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.

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| |
|:---|
| **For further information, please contact:** |
| Alistair Baker |
| Senior Vice President, Investor Relations and Business Development |
| (303) 573-1660 |

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