# EDGAR Filing Document

**Accession Number:** 0000085535
**File Stem:** 0000085535-26-000028
**Filing Date:** 2026-5
**Character Count:** 134293
**Document Hash:** de90eab0cec405686e17134a52c530fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000085535-26-000028.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0000085535-26-000028

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260506

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13357
- **FILM NUMBER:** 26950188

**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-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_______________________________________________________________________________________________________

**FORM 10-Q**

_______________________________________________________________________________________________________

**(Mark One)**

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the Quarterly Period Ended March 31, 2026**

**or**

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission File Number: 001-13357**

______________________________________________________________

**Royal Gold, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

______________________________________________________________

---

| | |
|:---|:---|
| **Delaware** | **84-0835164** |
| (State or Other Jurisdiction of | (I.R.S. Employer |
| Incorporation) | Identification No.) |
| **1144 15th Street, Suite 2500** | |
| **Denver, Colorado** | **80202** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

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

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

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of Each Exchange on which Registered** |
| Common Stock, $0.01 par value | RGLD | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ⌧ | Accelerated filer □ |
| Non-accelerated filer □ | Smaller reporting company □ |
| 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. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes □ No ⌧

There were 84,866,602 shares of Royal Gold common stock outstanding as of April 29, 2026.

------

**INDEX**

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| <u>[PART I](#ic244cda9745e4c00924cda0e5e01ba8d_10)</u>  | <u>[FINANCIAL INFORMATION](#ic244cda9745e4c00924cda0e5e01ba8d_10)</u> |  |
| <u>[Item 1.](#ic244cda9745e4c00924cda0e5e01ba8d_13)</u> | <u>[Financial Statements (Unaudited)](#ic244cda9745e4c00924cda0e5e01ba8d_13)</u> |  |
|  | <u>[Consolidated Balance Sheets](#ic244cda9745e4c00924cda0e5e01ba8d_16)</u> | [3](#ic244cda9745e4c00924cda0e5e01ba8d_16) |
|  | <u>[Consolidated Statements of Operations and Comprehensive Income](#ic244cda9745e4c00924cda0e5e01ba8d_19)</u> | [4](#ic244cda9745e4c00924cda0e5e01ba8d_19) |
|  | <u>[Consolidated Statements of Changes in Stockholders' Equity](#ic244cda9745e4c00924cda0e5e01ba8d_22)</u> | [5](#ic244cda9745e4c00924cda0e5e01ba8d_22) |
|  | <u>[Consolidated Statements of Cash Flows](#ic244cda9745e4c00924cda0e5e01ba8d_25)</u> | [6](#ic244cda9745e4c00924cda0e5e01ba8d_25) |
|  | <u>[Notes to Consolidated Financial Statements](#ic244cda9745e4c00924cda0e5e01ba8d_28)</u> | [7](#ic244cda9745e4c00924cda0e5e01ba8d_28) |
| <u>[Item 2.](#ic244cda9745e4c00924cda0e5e01ba8d_70)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic244cda9745e4c00924cda0e5e01ba8d_70)</u> | [19](#ic244cda9745e4c00924cda0e5e01ba8d_70) |
| <u>[Item 3.](#ic244cda9745e4c00924cda0e5e01ba8d_103)</u> | <u>[Quantitative and Qualitative Disclosures about Market Risk](#ic244cda9745e4c00924cda0e5e01ba8d_103)</u> | [27](#ic244cda9745e4c00924cda0e5e01ba8d_103) |
| <u>[Item 4.](#ic244cda9745e4c00924cda0e5e01ba8d_106)</u> | <u>[Controls and Procedures](#ic244cda9745e4c00924cda0e5e01ba8d_106)</u> | [27](#ic244cda9745e4c00924cda0e5e01ba8d_106) |
| <u>[PART II](#ic244cda9745e4c00924cda0e5e01ba8d_109)</u> | <u>[OTHER INFORMATION](#ic244cda9745e4c00924cda0e5e01ba8d_109)</u> |  |
| <u>[Item 1.](#ic244cda9745e4c00924cda0e5e01ba8d_112)</u> | <u>[Legal Proceedings](#ic244cda9745e4c00924cda0e5e01ba8d_112)</u> | [28](#ic244cda9745e4c00924cda0e5e01ba8d_112) |
| <u>[Item 1A.](#ic244cda9745e4c00924cda0e5e01ba8d_115)</u> | <u>[Risk Factors](#ic244cda9745e4c00924cda0e5e01ba8d_115)</u> | [28](#ic244cda9745e4c00924cda0e5e01ba8d_115) |
| <u>[Item 2.](#ic244cda9745e4c00924cda0e5e01ba8d_118)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#ic244cda9745e4c00924cda0e5e01ba8d_118)</u> | [28](#ic244cda9745e4c00924cda0e5e01ba8d_118) |
| <u>[Item 3.](#ic244cda9745e4c00924cda0e5e01ba8d_121)</u> | <u>[Defaults Upon Senior Securities](#ic244cda9745e4c00924cda0e5e01ba8d_121)</u> | [28](#ic244cda9745e4c00924cda0e5e01ba8d_121) |
| <u>[Item 4.](#ic244cda9745e4c00924cda0e5e01ba8d_124)</u> | <u>[Mine Safety Disclosures](#ic244cda9745e4c00924cda0e5e01ba8d_124)</u> | [28](#ic244cda9745e4c00924cda0e5e01ba8d_124) |
| <u>[Item 5.](#ic244cda9745e4c00924cda0e5e01ba8d_127)</u> | <u>[Other Information](#ic244cda9745e4c00924cda0e5e01ba8d_127)</u> | [28](#ic244cda9745e4c00924cda0e5e01ba8d_127) |
| <u>[Item 6.](#ic244cda9745e4c00924cda0e5e01ba8d_130)</u> | <u>[Exhibits](#ic244cda9745e4c00924cda0e5e01ba8d_130)</u> | [29](#ic244cda9745e4c00924cda0e5e01ba8d_130) |
| <u>[SIGNATURES](#ic244cda9745e4c00924cda0e5e01ba8d_133)</u> | <u>[SIGNATURES](#ic244cda9745e4c00924cda0e5e01ba8d_133)</u> | [30](#ic244cda9745e4c00924cda0e5e01ba8d_133) |

---

------

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**ROYAL GOLD, INC.**

Consolidated Balance Sheets

(Unaudited, amounts in thousands except share data)

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| **ASSETS** | | |
| Cash and equivalents | $234142 | $233719 |
| Royalty receivables | 142804 | 110846 |
| Income tax receivable | 109 | 2108 |
| Stream inventory | 30864 | 25883 |
| Prepaid expenses and other | 4360 | 4890 |
| Total current assets | 412279 | 377446 |
| Stream and royalty interests, net (Note 3) | 8539286 | 8583875 |
| Equity method investment (Note 4) | 314281 | 300854 |
| Marketable securities (Note 5) | 97114 | 172880 |
| Other assets | 126746 | 102469 |
| Total assets | $9489706 | $9537524 |
| **LIABILITIES** |  |  |
| Accounts payable | $7269 | $10060 |
| Dividends payable | 40330 | 40186 |
| Income tax payable | 32469 | 33303 |
| Other current liabilities | 37023 | 37367 |
| Total current liabilities | 117091 | 120916 |
| Debt (Note 6) | 595689 | 895436 |
| Deferred tax liabilities | 1187876 | 1190672 |
| Mount Milligan deferred liability (Note 7) | 69211 | 69211 |
| Other liabilities | 57575 | 55942 |
| Total liabilities | 2027442 | 2332177 |
| Commitments and contingencies (Note 14) |  |  |
| **EQUITY** |  |  |
| Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued |  |  |
| Common stock, $.01 par value, 200,000,000 shares authorized; and 84,787,272 and 84,499,692 shares outstanding, respectively | 846 | 845 |
| Additional paid-in capital | 5946311 | 5928123 |
| Accumulated other comprehensive income |  | 993 |
| Accumulated earnings | 1467969 | 1227169 |
| Total Royal Gold stockholders' equity | 7415126 | 7157130 |
| Non-controlling interests | 47138 | 48217 |
| Total equity | 7462264 | 7205347 |
| Total liabilities and equity | $9489706 | $9537524 |

---

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

------

**ROYAL GOLD, INC.**

Consolidated Statements of Operations and Comprehensive Income

(Unaudited, amounts in thousands except share data)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,<br>2026** | **March 31,<br>2025** |
| Revenue (Note 8) | $469125 | $193436 |
| Costs and expenses |  |  |
| Cost of sales (excludes depreciation, depletion and amortization) | 60337 | 24506 |
| General and administrative | 17531 | 11063 |
| Production taxes | 3291 | 1761 |
| Depreciation, depletion and amortization | 90875 | 32995 |
| Total costs and expenses | 172034 | 70325 |
| Operating income | 297091 | 123111 |
| Fair value changes in equity securities | 5950 | (37) |
| Gain on sale of marketable securities | 14115 |  |
| Interest and other income | 3192 | 2049 |
| Interest and other expense | (13242) | (1156) |
| Income before income taxes | 307106 | 123967 |
| Income tax expense (Note 11) | (25398) | (10389) |
| Net income | 281708 | 113578 |
| Net income attributable to non-controlling interests | (578) | (80) |
| Net income attributable to Royal Gold common stockholders | $281130 | $113498 |
| Net income | $281708 | $113578 |
| Adjustments to comprehensive income, net of tax: |  |  |
| Realized gain on available-for-sale debt securities | (993) |  |
| Comprehensive income | 280715 | 113578 |
| Comprehensive income attributable to non-controlling interests | (578) | (80) |
| Comprehensive income attributable to Royal Gold stockholders | $280137 | $113498 |
| Net income per share attributable to Royal Gold common stockholders: |  |  |
| Basic earnings per share | $3.31 | $1.72 |
| Basic weighted average shares outstanding | 84720260 | 65705157 |
| Diluted earnings per share | $3.30 | $1.72 |
| Diluted weighted average shares outstanding | 85017635 | 65791551 |
| Cash dividends declared per common share | $0.475 | $0.45 |

---

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

------

**ROYAL GOLD, INC.**

Consolidated Statements of Changes in Stockholders' Equity

Three months ended March 31, 2026, and 2025

(Unaudited, amounts in thousands except share data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Royal Gold Stockholders** | **Royal Gold Stockholders** | **Royal Gold Stockholders** | **Royal Gold Stockholders** | **Royal Gold Stockholders** | | |
| | **Common Shares** | **Common Shares** | **Additional<br>Paid-In<br>Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated<br>Earnings** | **Non-controlling<br>Interests** | **Total<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-In<br>Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated<br>Earnings** | **Non-controlling<br>Interests** | **Total<br>Equity** |
| **Balance at December 31, 2025** | **84499692** | $**845** | $**5928123** | $**993** | $**1227169** | $**48217** | $**7205347** |
| Sandstorm converted options exercises | 251246 | 1 | 20173 |  |  |  | 20174 |
| Stock-based compensation and related share issuances | 36334 |  | (1985) |  |  |  | (1985) |
| Distributions to non-controlling interests |  |  |  |  |  | (1657) | (1657) |
| Net income |  |  |  |  | 281130 | 578 | 281708 |
| Other comprehensive loss |  |  |  | (993) |  |  | (993) |
| Dividends declared |  |  |  |  | (40330) |  | (40330) |
| **Balance at March 31, 2026** | **84787272** | $**846** | $**5946311** | $**—** | $**1467969** | $**47138** | $**7462264** |
|  | **Royal Gold Stockholders** | **Royal Gold Stockholders** | **Royal Gold Stockholders** | **Royal Gold Stockholders** | **Royal Gold Stockholders** |  |  |
|  | **Common Shares** | **Common Shares** | **Additional<br>Paid-In<br>Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated<br>Earnings** | **Non-controlling<br>Interests** | **Total<br>Equity** |
|  | **Shares** | **Amount** | **Additional<br>Paid-In<br>Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated<br>Earnings** | **Non-controlling<br>Interests** | **Total<br>Equity** |
| **Balance at December 31, 2024** | **65691151** | $**657** | $**2228311** | $**—** | $**889989** | $**12249** | $**3131206** |
| Stock-based compensation and related share issuances | 44153 |  | 186 |  |  |  | 186 |
| Distributions to non-controlling interests |  |  |  |  |  | (190) | (190) |
| Net income |  |  |  |  | 113498 | 80 | 113578 |
| Dividends declared |  |  |  |  | (29634) |  | (29634) |
| **Balance at March 31, 2025** | **65735304** | $**657** | $**2228497** | $**—** | $**973853** | $**12139** | $**3215146** |

---

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

------

**ROYAL GOLD, INC.**

Consolidated Statements of Cash Flows

(Unaudited, amounts in thousands)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,<br>2026** | **March 31,<br>2025** |
| Cash flows from operating activities: |  |  |
| Net income | $281708 | $113578 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation, depletion and amortization | 90875 | 32995 |
| Non-cash employee stock compensation expense | 3592 | 3198 |
| Fair value changes in equity securities | (5950) | 37 |
| Gain on sale of marketable securities | (14115) |  |
| Deferred tax benefit | (27764) | (8828) |
| Other | 1527 | 224 |
| Changes in assets and liabilities: |  |  |
| Royalty receivables | (31958) | 5731 |
| Stream inventory | (4981) | (1583) |
| Income tax receivable | 1999 | (231) |
| Prepaid expenses and other assets | 966 | 345 |
| Accounts payable | (2790) | 135 |
| Income tax payable | (834) | (7832) |
| Other liabilities | 1287 | (1400) |
| Net cash provided by operating activities | $293562 | $136369 |
| Cash flows from investing activities: |  |  |
| Acquisition of stream and royalty interests |  | (58246) |
| Proceeds from the sale of marketable securities | 48973 |  |
| Cash calls for Hod Maden equity method investment | (14700) |  |
| Other | (166) | (49) |
| Net cash provided by (used in) investing activities | $34107 | $(58295) |
| Cash flows from financing activities: |  |  |
| Repayment of debt | (300000) |  |
| Net payments from issuance of common stock | (5576) | (3011) |
| Net proceeds from Sandstorm option exercises | 20173 |  |
| Common stock dividends | (40186) | (29611) |
| Distributions to non-controlling interests | (1657) | (190) |
| Net cash used in financing activities | $(327246) | $(32812) |
| Net increase in cash and equivalents | 423 | 45262 |
| Cash and equivalents at beginning of period | 233719 | 195498 |
| Cash and equivalents at end of period | $234142 | $240760 |

---

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

------

**ROYAL GOLD, INC.**

Notes to Consolidated Financial Statements

(Unaudited)

**1. &nbsp;&nbsp;&nbsp;&nbsp;OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS**

Royal Gold, Inc., together with its subsidiaries ("Royal Gold," the "Company," "we," "us," or "our"), is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in the production, development or exploration stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals in an amount determined by reference to production at a mining operation, at a price determined for the life of the transaction by the purchase agreement. A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting contractually specified costs, if any.

**Summary of Significant Accounting Policies** 

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. 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.

**2.&nbsp;&nbsp;&nbsp;&nbsp;ACQUISITION OF SANDSTORM GOLD AND HORIZON COPPER** 

On October 20, 2025, we acquired all of the issued and outstanding common shares of Sandstorm Gold Ltd. ("Sandstorm") and Horizon Copper Corp. ("Horizon"), collectively referred to as "the Transaction." Sandstorm and Horizon were global resource-based companies based in Vancouver, British Columbia, that held interests in mining assets, including royalty and stream interests, on mining projects across various stages of development. For more detail on the Transaction, refer to the Company's 2025 10-K.

We are in the process of finalizing our assessment of the fair value of the stream and royalty interests, deferred income taxes, the equity method investment and certain other tax matters as part of the Transaction. The total purchase price of $4.148 billion has been allocated to the net assets acquired based on their respective fair values as follows:

------

**ROYAL GOLD, INC.**

Notes to Consolidated Financial Statements

(Unaudited)

---

| | |
|:---|:---|
| | **(in thousands)** |
| Cash | $60024 |
| Royalty receivables | 35374 |
| Income tax receivable | 1232 |
| Prepaid expenses and other | 1170 |
| Stream and royalty interests | 4561177 |
| Equity method investment | 292089 |
| Marketable securities | 380269 |
| Other assets | 57125 |
| Accounts payable | (51913) |
| Other current liabilities | (28932) |
| Deferred tax liabilities | (1076909) |
| Other liabilities | (43754) |
| Non-controlling interests | (38797) |
| Total allocated purchase price | $4148155 |

---

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.

**3.&nbsp;&nbsp;&nbsp;&nbsp;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):** | **Cost** | **Accumulated Depletion** | **Net** |
| **Production stage interests:** | | | |
| &nbsp;&nbsp;Streams | $4211315 | $(1410237) | $2801078 |
| &nbsp;&nbsp;Royalties | 2334644 | (797136) | 1537508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total production stage interests | 6545959 | (2207373) | 4338586 |
| **Development stage interests:** |  |  |  |
| &nbsp;&nbsp;Streams | 936721 |  | 936721 |
| &nbsp;&nbsp;Royalties | 624551 |  | 624551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total development stage interests | 1561272 |  | 1561272 |
| **Exploration stage interests:** |  |  |  |
| &nbsp;&nbsp;Streams | 741591 |  | 741591 |
| &nbsp;&nbsp;Royalties | 1897837 |  | 1897837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total exploration stage interests | 2639428 |  | 2639428 |
| Total stream and royalty interests, net | $10746659 | $(2207373) | $8539286 |

---

------

**ROYAL GOLD, INC.**

Notes to Consolidated Financial Statements

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2025 (amounts in thousands):** | **Cost** | **Accumulated Depletion** | **Net** |
| **Production stage interests:** | | | |
| &nbsp;&nbsp;Streams | $4190864 | $(1359206) | $2831658 |
| &nbsp;&nbsp;Royalties | 2319553 | (760108) | 1559445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total production stage interests | 6510417 | (2119314) | 4391103 |
| **Development stage interests:** |  |  |  |
| &nbsp;&nbsp;Streams | 936726 |  | 936726 |
| &nbsp;&nbsp;Royalties | 581746 |  | 581746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total development stage interests | 1518472 |  | 1518472 |
| **Exploration stage interests:** |  |  |  |
| &nbsp;&nbsp;Streams | 776358 |  | 776358 |
| &nbsp;&nbsp;Royalties | 1897942 |  | 1897942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total exploration stage interests | 2674300 |  | 2674300 |
| Total stream and royalty interests, net | $10703189 | $(2119314) | $8583875 |

---

**4.&nbsp;&nbsp;&nbsp;&nbsp;EQUITY METHOD INVESTMENT**

*Hod Maden Interest*

The Company has a 30% equity interest in Artmin Madencilik Sanayi ve Ticaret A.Ş. ("Artmin"), a privately held company incorporated in Türkiye which owns the Hod Maden project. The carrying value of the Hod Maden equity investment at March 31, 2026 and December 31, 2025, was $248.2 million and $249.5 million, respectively, and is included in *Equity method investment* on the consolidated balance sheets.

The Company applies the equity method to investments when it has the ability to exercise significant influence over the operating and financial policies of the investee. The Company's share of the investee's losses is included in *Interest and other expense* in the consolidated statement of operations.

*Loan to Associate*

As of March 31, 2026 and December 31, 2025, the Company advanced $66.1 million and $51.4 million, respectively, of shareholder loans to Artmin to fund the Company's share of cash calls for ongoing development costs at Hod Maden. The loans bear interest at 4% plus the credit default swap rate of Türkiye at the start of each quarterly period and have five-year terms. The loans are included in *Equity method investment* on the consolidated balance sheets.

------

**ROYAL GOLD, INC.**

Notes to Consolidated Financial Statements

(Unaudited)

**5.&nbsp;&nbsp;&nbsp;&nbsp;MARKETABLE SECURITIES**

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

---

| | | |
|:---|:---|:---|
| | **Fair Value** | **Fair Value** |
| | **March 31, 2026** | **December 31, 2025** |
| Available-for-sale equity securities<sup>(1)</sup> | $97114 | $120814 |
| Available-for-sale debt securities<sup>(2)</sup> |  | 52066 |
| Total marketable securities | $97114 | $172880 |

---

_______________________________________________

<sup>(1)</sup> Fair value adjustment recorded within net income.

<sup>(2)</sup> Fair value adjustment recorded within other comprehensive income.

*Available-for-sale Equity Securities*

<u>Entrée Resources Ltd.</u>

The Company holds 50,297,717 Entrée Resources Ltd. ("Entrée") common shares, representing approximately 24% of the issued and outstanding Entrée common shares on an undiluted basis. Entrée is a public Canadian mining company with a carried joint venture interest in the Hugo North Extension and Heruga deposits located in Mongolia. At March 31, 2026 and December 31, 2025, the carrying value of the Entrée shares was $83.4 million and $76.7 million, respectively, and is included in available-for-sale equity securities.

<u>Highlander Silver Corp.</u>

On February 26, 2026, as part of the previously announced agreement with Bear Creek Mining Corporation ("Bear Creek") to restructure equity, debt and other interests in Bear Creek (the "Bear Creek Transaction"), our shares of Bear Creek converted to shares of Highlander Silver Corp. ("Highlander") at a conversion of 0.1175 Highlander shares per one Bear Creek share. On March 27, 2026, we sold our shares in Highlander for a net realized gain of $9.9 million. This amount is recorded within *Gain on sale of marketable securities* on our consolidated statements of operations and comprehensive income.

*Available-for-sale Debt Securities*

<u>Bear Creek Convertible Debt Securities</u>

Upon closing of the Bear Creek Transaction, we settled outstanding debt obligations owed by Bear Creek of $49.5 million and terminated the gold and silver stream obligations between Bear Creek and Royal Gold in connection with the Mercedes Mine. In consideration for the debt settlement, we received $6.2 million cash, an incremental 1.75% NSR royalty on the Corani Project in Peru (bringing the Company's total royalty interest to 2.75%), and a 2.0% NSR royalty on the Mercedes Mine. The royalties have been accounted for as asset acquisitions and are recorded as development stage royalty interests (Note 3) within *Stream and royalty interests, net* on our consolidated balance sheets. The impact of the debt settlement with Bear Creek in the consolidated statements of operations and comprehensive income was not material.

**6.&nbsp;&nbsp;&nbsp;&nbsp;DEBT**

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 March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Principal** | **Debt Issuance Costs** | **Total** | **Principal** | **Debt Issuance Costs** | **Total** |
| Revolving credit facility | $600000 | $(4311) | $595689 | $900000 | $(4564) | $895436 |
| Total debt | $600000 | $(4311) | $595689 | $900000 | $(4564) | $895436 |

---

------

**ROYAL GOLD, INC.**

Notes to Consolidated Financial Statements

(Unaudited)

*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. 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.

**7.&nbsp;&nbsp;&nbsp;&nbsp;MOUNT MILLIGAN DEFERRED LIABILITY**

On February 13, 2024, we entered into a Cost Support Agreement with Centerra Gold Inc. ("Centerra") with respect to the Mount Milligan mine for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future ("Deferred Gold Consideration") and a free cash flow interest.

The value of the cash consideration and free cash flow interest received from Centerra, 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.

**8.&nbsp;&nbsp;&nbsp;&nbsp;REVENUE**

**Revenue Recognition**

A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below.

*Stream Interests*

A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more of the metals in an amount determined by reference to production at a mining operation, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. 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

(Unaudited)

obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.

*Royalty Interests*

A royalty is a non-operating interest in a mining project that provides the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to its ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time when the mine operator of the property over which the royalty interest is held delivers the commodity to the customer. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.

**Royalty Revenue Estimates**

For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ and are recorded in the period that the actual amounts are known. 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.

**Disaggregation of Revenue**

We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 12.

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,<br>2026** | **March 31,<br>2025** |
| **Stream revenue:** | | |
| &nbsp;&nbsp;Gold | $236446 | $94562 |
| &nbsp;&nbsp;Silver | 52734 | 18699 |
| &nbsp;&nbsp;Copper | 21699 | 9221 |
| &nbsp;&nbsp;Other | 1898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stream revenue | $312777 | $122482 |
| **Royalty revenue:** |  |  |
| &nbsp;&nbsp;Gold | $97462 | $51164 |
| &nbsp;&nbsp;Silver | 20279 | 4901 |
| &nbsp;&nbsp;Copper | 24971 | 7591 |
| &nbsp;&nbsp;Other | 13636 | 7298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total royalty revenue | $156348 | $70954 |
| Total revenue | $469125 | $193436 |

---

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**ROYAL GOLD, INC.**

Notes to Consolidated Financial Statements

(Unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** |
| |<br>**Metal(s)** | **March 31,<br>2026** | **March 31,<br>2025** |
| **Stream revenue:** | | | |
| &nbsp;&nbsp;Mount Milligan | Gold & Copper | $57322 | $42808 |
| &nbsp;&nbsp;Pueblo Viejo | Gold & Silver | 55869 | 28751 |
| &nbsp;&nbsp;Andacollo | Gold | 27151 | 12744 |
| &nbsp;&nbsp;Kansanshi | Gold | 25511 |  |
| &nbsp;&nbsp;Other<sup>(1)</sup> | Various | 146924 | 38179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stream revenue |  | $312777 | $122482 |
| **Royalty revenue:** |  |  |  |
| &nbsp;&nbsp;Cortez Legacy Zone | Gold | $16426 | $11143 |
| &nbsp;&nbsp;Cortez CC Zone | Gold | 8793 | 3554 |
| &nbsp;&nbsp;Other<sup>(1)</sup> | Various | 131129 | 56257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total royalty revenue |  | $156348 | $70954 |
| Total revenue |  | $469125 | $193436 |

---

__________________________________________

<sup>(1)</sup> Individually, no stream or royalty included within the "Other" category contributed greater than 10% of our total revenue for either period.

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

**9. &nbsp;&nbsp;&nbsp;&nbsp;STOCK-BASED COMPENSATION**

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,<br>2026** | **March 31,<br>2025** |
| Restricted stock | $2185 | $2012 |
| Performance stock | 1407 | 1186 |
| Total stock-based compensation expense | $3592 | $3198 |

---

Stock-based compensation expense is included within *General and administrative* expense in the consolidated statements of operations and comprehensive income.

We granted the following stock-based compensation awards:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,<br>2026** | **March 31,<br>2025** |
| | **(Number of shares)** | **(Number of shares)** |
| Performance stock (at maximum 200% attainment) | 39034 | 72120 |
| Restricted stock | 32578 | 50264 |
| Total equity awards granted | 71612 | 122384 |

---

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**ROYAL GOLD, INC.**

Notes to Consolidated Financial Statements

(Unaudited)

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:

---

| | | |
|:---|:---|:---|
| | **Unrecognized<br>compensation<br>expense** | **Weighted-<br>average vesting <br>period (years)** |
| Restricted stock | $13493 | 2.3 |
| Performance stock | 10801 | 2.3 |

---

**10.&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS PER SHARE ("EPS")** 

Basic EPS was computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock option awards, unexercised stock-settled stock appreciation rights and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic EPS are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted EPS.

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

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,<br>2026** | **March 31,<br>2025** |
| Net income attributable to Royal Gold common stockholders | $281130 | $113498 |
| Weighted-average shares for basic EPS | 84720260 | 65705157 |
| Effect of other dilutive securities | 297375 | 86394 |
| Weighted-average shares for diluted EPS | 85017635 | 65791551 |
| Basic EPS | $3.31 | $1.72 |
| Diluted EPS | $3.30 | $1.72 |

---

**11.&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAXES** 

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,<br>2026** | **March 31,<br>2025** |
| Income tax expense | $25398 | $10389 |
| Effective tax rate | 8.3% | 8.4% |

---

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.

**12. &nbsp;&nbsp;&nbsp;&nbsp;SEGMENT INFORMATION**

We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. 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

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**ROYAL GOLD, INC.**

Notes to Consolidated Financial Statements

(Unaudited)

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 March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Stream<br>interest** | **Royalty<br>interest** | **Total stream<br>and royalty<br>interests, net** | **Stream<br>interest** | **Royalty<br>interest** | **Total stream<br>and royalty<br>interests, net** |
| North America | $1180681 | $1821667 | $3002348 | $1214810 | $1834921 | $3049731 |
| South and Central America | 1034797 | 1883234 | 2918031 | 1045620 | 1846211 | 2891831 |
| EMEA | 2251381 | 306601 | 2557982 | 2270717 | 309467 | 2580184 |
| Australia Pacific | 12531 | 48394 | 60925 | 13595 | 48534 | 62129 |
| Total | $4479390 | $4059896 | $8539286 | $4544742 | $4039133 | $8583875 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Revenue** | **Cost of sales**<sup>(1)</sup> | **Production taxes** | **Depletion**<sup>(2)</sup> | **Segment gross profit** |
| Stream interests | $312777 | $60337 | $— | $53575 | $198865 |
| Royalty interests | 156348 |  | 3291 | 37028 | 116029 |
| Total | $469125 | $60337 | $3291 | $90603 | $314894 |
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | **Revenue** | **Cost of sales**<sup>(1)</sup> | **Production taxes** | **Depletion**<sup>(2)</sup> | **Segment gross profit** |
| Stream interests | $122482 | $24506 | $— | $20353 | $77623 |
| Royalty interests | 70954 |  | 1761 | 12562 | 56631 |
| Total | $193436 | $24506 | $1761 | $32915 | $134254 |

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_______________________________________________

<sup>(1)</sup> Excludes depreciation, depletion and amortization.

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

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,<br>2026** | **March 31,<br>2025** |
| Total segment gross profit | $314894 | $134254 |
| **Costs and expenses** |  |  |
| General and administrative expenses | 17531 | 11063 |
| Depreciation and amortization | 272 | 80 |
| Operating income | 297091 | 123111 |
| Fair value changes in equity securities | 5950 | (37) |
| Gain on sale of marketable securities | 14115 |  |
| Interest and other income | 3192 | 2049 |
| Interest and other expense | (13242) | (1156) |
| Income before income taxes | $307106 | $123967 |

---

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**ROYAL GOLD, INC.**

Notes to Consolidated Financial Statements

(Unaudited)

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** | **Three Months Ended** |
| | **March 31,<br>2026** | **March 31,<br>2025** |
| **Stream interests:** | | |
| North America | $163263 | $81981 |
| EMEA | 79496 | 22380 |
| South and Central America | 68954 | 18121 |
| Australia Pacific | 1064 |  |
| Total stream revenue | $312777 | $122482 |
| **Royalty interests:** |  |  |
| North America | $94733 | $58790 |
| South and Central America | 41279 | 4208 |
| Australia Pacific | 15057 | 7956 |
| EMEA | 5279 |  |
| Total royalty revenue | 156348 | 70954 |
| Total revenue | $469125 | $193436 |

---

**13.&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE MEASUREMENTS**

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Quoted prices for identical instruments in active markets;

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

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

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value at March 31, 2026** | **Fair Value at March 31, 2026** | **Fair Value at March 31, 2026** | **Fair Value at March 31, 2026** |
| | **<u>Total</u>** | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Assets**<sup>(1)</sup>**:** | | | | |
| &nbsp;&nbsp;Available-for-sale equity securities | $97114 | $97114 | $— | $— |
|  | **Fair Value at December 31, 2025** | **Fair Value at December 31, 2025** | **Fair Value at December 31, 2025** | **Fair Value at December 31, 2025** |
|  | **<u>Total</u>** | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Assets**<sup>(1)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;Available-for-sale equity securities | $120814 | $120814 | $— | $— |
| &nbsp;&nbsp;Available-for-sale debt securities | 52066 |  | 52066 |  |

---

______________________________________________

<sup>(1)</sup> Included in *Marketable securities* on our consolidated balance sheets.

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

The fair value of the convertible debt securities due from Bear Creek at December 31, 2025 was determined using binomial lattice models based on the contractual terms and relevant inputs including the risk free interest rate, the USD to CAD currency swap rate, expected dividend yield, expected volatility and the discount yield which are observable in active markets. The use of reasonably possible alternative assumptions would not significantly impact our results.

As of March 31, 2026, we had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with stream and royalty interests, equity method investments and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired. If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs.

**14. &nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS AND CONTINGENCIES**

*Warintza Project Conditional Funding*

As of March 31, 2026, our conditional funding schedule of $100.0 million related to the acquisition of the Warintza Gold Stream and Royalty Agreements made on May 21, 2025 remains subject to certain conditions.

On April 14, 2026, after the technical approval of the environmental impact assessment and publication of a pre-feasibility study for the Warintza project, we paid Solaris Resources, Inc. ("Solaris") $50 million of the $100 million outstanding conditional funding. The remaining $50 million payable is due to Solaris one year after closing, and is subject to certain conditions including the registration of security in Ecuador.

*Ilovica Gold Stream Acquisition*

As of 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.

**15. &nbsp;&nbsp;&nbsp;&nbsp;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

(Unaudited)

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

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

------

**ITEM 2. &nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**General Presentation**

This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to provide information to assist you in better understanding and evaluating the financial condition and results of operations of Royal Gold. You should read this MD&A in conjunction with our consolidated financial statements included in Item 1 of this report, as well as the audited consolidated financial statements included in our Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission ("SEC") on February 19, 2026 ("2025 10-K").

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

We do not own, develop, or mine the properties on which we hold stream or royalty interests (except for the joint venture interest in Hod Maden). Certain information provided in this report about operating properties in which we hold interests, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of those properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the SEC. We have not verified, and are not in a position to verify, and expressly disclaim any responsibility for the accuracy, completeness, or fairness of this third-party information and refer the reader to the public reports filed by the operators for information regarding those properties.

Unless the context otherwise requires, references to "Royal Gold," the "Company," "we," "us," and "our" refer to Royal Gold, Inc. and its consolidated subsidiaries.

**Overview of Our Business**

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

We manage our business under two segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Acquisition and Management of Stream Interests —* A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals in an amount determined by reference to production at a mining operation, at a price determined for the life of the transaction by the purchase agreement. As of March 31, 2026, we owned stream interests relating to 17 production stage properties and 5 development stage properties. Stream interests accounted for approximately 67% of our total revenue for the three months ended March 31, 2026 and 63% for the three months ended March 31, 2025. We expect stream interests to continue representing a significant portion of our total revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Acquisition and Management of Royalty Interests —* A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting specified costs, if any. As of March 31, 2026, we owned royalty interests on 62 production stage properties, 25 development stage properties and 258 exploration stage properties, of which we consider 78 to be evaluation stage projects. We use "evaluation stage" to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for mineral reserves. Royalty interests accounted for 33% of our total revenue for the three months ended March 31, 2026 and 37% for the three months ended March 31, 2025.

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

We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity. 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; analysis of technical, financial, legal, environmental, social, governance and other confidential information regarding an opportunity; submission of indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes.

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**Business Highlights and Uncertainties**

*Bear Creek Convertible Debt Securities*

On February 26, 2026, we closed the previously announced agreement with Bear Creek Mining Corporation ("Bear Creek") to restructure equity, debt and other interests in Bear Creek and its assets in return for increased royalty exposure to Bear Creek's Corani project and a new royalty interest over the Mercedes project, cash and shares in Highlander Silver Corp. ("Highlander").

Upon closing of the transaction, we settled outstanding debt obligations owed by Bear Creek of $49.5 million and terminated the gold and silver stream obligations between Bear Creek and Royal Gold in connection with the Mercedes Mine. In consideration for the debt settlement, we received $6.2 million cash, an incremental 1.75% NSR royalty on the Corani project in Peru (bringing the Company's total royalty interest to 2.75%), and a new 2.0% NSR royalty on the Mercedes project.

*Warintza Project Conditional Funding*

As of March 31, 2026, our conditional funding schedule of $100.0 million related to the acquisition of the Warintza Gold Stream and Royalty Agreements made on May 21, 2025 remains subject to certain conditions.

On April 14, 2026, after the technical approval of the environmental impact assessment and publication of a pre-feasibility study for the Warintza project, we paid Solaris Resources, Inc. ("Solaris") $50 million of the $100 million outstanding conditional funding. The remaining $50 million payable is due to Solaris one year after closing.

*Metal Prices*

Our financial results are primarily tied to the price of gold, silver, copper, and other metals. Metal prices have fluctuated widely in recent years, and we expect this volatility to continue. 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|<br>**Metal** | **Average**<br>**Price** | **Percentage**<br>**of Revenue** | **Average**<br>**Price** | **Percentage**<br>**of Revenue** |
| Gold ($/ounce)<sup>(1)</sup> | $4873 | 71% | $2860 | 75% |
| Silver ($/ounce)<sup>(1)</sup> | $84.33 | 16% | $31.88 | 12% |
| Copper ($/pound)<sup>(2)</sup> | $5.83 | 10% | $4.24 | 9% |
| Other | N/A | 3% | N/A | 4% |

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<sup>(1)</sup> Based on the average U.S. dollars London Bullion Market Association PM fixing price for gold and daily fixing price for silver, as applicable.

<sup>(2)</sup> Based on the average U.S. dollars London Metals Exchange settlement price for copper.

**Property Developments** 

This section provides recent updates for our principal properties as reported by the operators, either directly to us or in their publicly available documents.

<u>Stream Interests</u>

*Andacollo*

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

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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.

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

*Kansanshi* 

Gold stream deliveries from Kansanshi were approximately 7,600 ounces for the three months ended March 31, 2026. We received our first gold stream delivery from Kansanshi on October 3, 2025. Deliveries at Kansanshi lag mine production by approximately two months and are expected to be received monthly.

On April 28, 2026, First Quantum Minerals Ltd. ("First Quantum") reported first quarter copper production of 45,345 tonnes, 2,310 tonnes lower than the previous quarter due to lower feed grades and recoveries, which was partially mitigated by higher throughput attributable to the S3 circuit. According to First Quantum, S3 throughput increased steadily during the quarter, with ore milled peaking in March, driven by higher operating time, strong utilization, and milling rates stabilizing approximately 25% above design capacity. First Quantum expects S3 to continue to take a high proportion of feed from surface stockpiles, which are lower grade than fresh mine ore grades, until the mining pre-strip at South East Dome is completed. First Quantum confirmed that copper production guidance for 2026 remains unchanged at 175,000 to 205,000 tonnes.

*Mount Milligan* 

Gold stream deliveries from Mount Milligan were approximately 12,100 ounces for the three months ended March 31, 2026, compared to approximately 16,100 ounces for the three months ended March 31, 2025. Copper stream deliveries from Mount Milligan were approximately 1.4 million pounds during the three months ended March 31, 2026, compared to approximately 3.1 million pounds during the three months ended March 31, 2025. Deliveries at Mount Milligan lag mine production by approximately five months. The decrease in deliveries in this period was primarily due to differences in the timing of shipments and settlements during the periods, as well as lower head grade, lower recovery and lower throughput during the quarters that impacted this quarter's deliveries compared to those factors that influenced deliveries in the prior year period. Gold stream deliveries are based on a fixed payability factor of 97% and copper stream deliveries are based on a minimum payability factor of 95%.

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.

*Pueblo Viejo* 

Gold stream deliveries from Pueblo Viejo were approximately 7,000 ounces for the three months ended March 31, 2026, compared to approximately 5,800 ounces for the three months ended March 31, 2025. The increase in gold deliveries was primarily due to higher throughput resulting from the plant expansion, as well as higher grades, partially offset by lower recoveries. Gold stream deliveries are based on a fixed payability factor of 99.9%.

Silver stream deliveries were approximately 171,200 ounces for the three months ended March 31, 2026, compared to approximately 204,700 ounces for the three months ended March 31, 2025. The decrease in silver deliveries was primarily due to lower recoveries. Silver stream deliveries are based on a fixed payability factor of 99.0%. Gold and silver deliveries are quarterly and typically occur one to three months after mine production.

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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.

<u>Royalty Interests</u>

*Cortez* 

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

In its 2025 Annual Information Form issued in February 2026, Barrick reported mine life expectations from currently producing areas within the Cortez Complex based on existing reserves and production capacity. According to Barrick, production at the Cortez open pit operation, which includes the Pipeline/Crossroads complex and Cortez Pits, is expected to continue until 2030; the underground operation, which includes the Goldrush mine, is expected to continue until 2044. These estimates exclude the potential contribution of new production from the Robertson and Fourmile projects.

**Results of Operations**

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

For the three months ended March 31, 2026, we recorded net income attributable to Royal Gold stockholders of $281.1 million, or $3.31 per basic share and $3.30 per diluted share, as compared to net income of $113.5 million, or $1.72 per basic and diluted share, for the three months ended March 31, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.

For the three months ended March 31, 2026, we recognized total revenue of $469.1 million, comprised of stream revenue of $312.8 million and royalty revenue of $156.3 million at an average gold price of $4,873 per ounce, an average silver price of $84.33 per ounce and an average copper price of $5.83 per pound. This is compared to total revenue of $193.4 million for the three months ended March 31, 2025, comprised of stream revenue of $122.5 million and royalty revenue of $71.0 million, at an average gold price of $2,860 per ounce, an average silver price of $31.88 per ounce and an average copper price of $4.24 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, were as follows:

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Revenue and Reported Production Subject to Our Stream and Royalty Interests

(Amounts in thousands, except reported production oz. and lbs.)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| | | | **Reported** | **Reported** | | **Reported** | **Reported** |
|<br><br>**Stream/Royalty** |<br><br>**Metal(s)** |<br>**Revenue** | **Production**<sup>(1)</sup> | **Production**<sup>(1)</sup> |<br>**Revenue** | **Production**<sup>(1)</sup> | **Production**<sup>(1)</sup> |
| **Stream**<sup>(2)</sup>**:** | | | | | | | |
| &nbsp;&nbsp;Mount Milligan |  | $57322 |  |  | $42808 |  |  |
|  | Gold |  | 9200 | oz. |  | 11800 | oz. |
|  | Copper |  | 2.1 | Mlbs. |  | 2.2 | Mlbs. |
| &nbsp;&nbsp;Pueblo Viejo |  | $55869 |  |  | $28751 |  |  |
|  | Gold |  | 7600 | oz. |  | 7700 | oz. |
|  | Silver |  | 0.2 | Moz. |  | 0.2 | Moz. |
| &nbsp;&nbsp;Andacollo | Gold | $27151 | 5600 | oz. | $12744 | 4400 | oz. |
| &nbsp;&nbsp;Kansanshi | Gold | $25511 | 5100 | oz. |  |  | oz. |
| &nbsp;&nbsp;Other<sup>(3)</sup> |  | $146924 |  |  | $38179 |  |  |
|  | Gold |  | 20900 | oz. |  | 9400 | oz. |
|  | Silver |  | 0.4 | Moz. |  | 0.4 | Moz. |
|  | Copper |  | 1.6 | Mlbs. |  |  | Mlbs. |
| &nbsp;&nbsp;Total stream revenue |  | $312777 |  |  | $122482 |  |  |
| **Royalty**<sup>(2)</sup>**:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cortez Legacy Zone | Gold | $16426 | 36000 | oz. | $11143 | 31100 | oz. |
| &nbsp;&nbsp;Cortez CC Zone | Gold | $8793 | 108000 | oz. | $3554 | 119700 | oz. |
| &nbsp;&nbsp;Other<sup>(3)</sup> | Various | $131129 | N/A |  | $56257 | N/A |  |
| &nbsp;&nbsp;Total royalty revenue |  | $156348 |  |  | $70954 |  |  |
| &nbsp;&nbsp;Total Revenue |  | $469125 |  |  | $193436 |  |  |

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<sup>(1)</sup> 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 to the notes to consolidated financial statements.

<sup>(2)</sup> Refer to "Property Developments" above for a discussion of recent developments at principal properties.

<sup>(3)</sup> 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 Gold Ltd. ("Sandstorm") and Horizon Copper Corp. ("Horizon") assets, higher gold sales at Andacollo, Xavantina and Rainy River (included within "Other" stream revenue in the table above), and higher production from Peñasquito (included within "Other" royalty revenue in the table above). These increases were partially offset by lower sales from Mount Milligan when compared to the prior year period.

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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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | | |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **As of**<br>**March 31, 2026** | **As of**<br>**December 31, 2025** |
|<br>**Gold Stream** | **Purchases (oz.)** | **Sales (oz.)** | **Purchases (oz.)** | **Sales (oz.)** | **Inventory (oz.)** | **Inventory (oz.)** |
| Mount Milligan | 12100 | 9200 | 16100 | 11800 | 6700 | 3800 |
| Pueblo Viejo | 7000 | 7600 | 5800 | 7700 | 7000 | 7600 |
| Andacollo | 7600 | 5600 | 5500 | 4400 | 4100 | 2100 |
| Kansanshi | 7600 | 5100 |  |  | 2500 |  |
| Other | 20500 | 20900 | 8800 | 9400 | 5800 | 6300 |
| Total | 54800 | 48400 | 36200 | 33300 | 26100 | 19800 |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| **Silver Stream** | **Purchases (oz.)** | **Sales (oz.)** | **Purchases (oz.)** | **Sales (oz.)** | **Inventory (oz.)** | **Inventory (oz.)** |
| Pueblo Viejo<sup>(1)</sup> | 171200 | 213600 | 204700 | 219400 | 171200 | 213600 |
| Other | 336800 | 397000 | 367500 | 378000 | 55000 | 115200 |
| Total | 508000 | 610600 | 572200 | 597400 | 226200 | 328800 |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| **Copper Stream** | **Purchases (Mlbs.)** | **Sales (Mlbs.)** | **Purchases (Mlbs.)** | **Sales (Mlbs.)** | **Inventory (Mlbs.)** | **Inventory (Mlbs.)** |
| Mount Milligan | 1.4 | 2.1 | 3.1 | 2.2 |  | 0.7 |
| Other | 1.6 | 1.6 |  |  |  |  |
| Total | 3.0 | 3.7 | 3.1 | 2.2 |  | 0.7 |

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

Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.3 million for the three months ended March 31, 2026, from $24.5 million for the three months ended March 31, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Xavantina and Rainy River. These increases were partially offset by lower gold sales at Mount Milligan when compared to the prior year period. 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 $17.5 million for the three months ended March 31, 2026, from $11.1 million for the three months ended March 31, 2025. The increase compared to the prior year period was primarily due to higher employee related costs and higher corporate costs as a result of the Sandstorm and Horizon acquisition.

Depreciation, depletion and amortization increased to $90.9 million for the three months ended March 31, 2026, from $33.0 million for the three months ended March 31, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.

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During the three months ended March 31, 2026, we realized a gain from the sale of marketable securities of $14.1 million. The gain was primarily due to the sale of Highlander shares as detailed in Note 5 of our notes to consolidated financial statements.

Interest and other expense increased to $13.2 million for the three months ended March 31, 2026, from $1.2 million for the three months ended March 31, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended March 31, 2026, amounts outstanding under our revolving credit facility averaged $756.4 million at an average all-in borrowing rate of 5.0% compared to no outstanding debt for the three months ended March 31, 2025.

For the three months ended March 31, 2026, we recorded income tax expense of $25.4 million, compared to $10.4 million for the three months ended March 31, 2025. The income tax expense resulted in an effective tax rate of 8.3% in the current period, compared with 8.4% for the three months ended March 31, 2025. The income tax expense for the three months ended March 31, 2026, included a $33.7 million discrete benefit related to a change in foreign tax rate. The three months ended March 31, 2025, included a $12.0 million discrete benefit, net of valuation allowance, for additional recoverable basis in foreign jurisdictions and a $1.7 million discrete benefit related to a withholding tax refund on a foreign royalty.

**Liquidity and Capital Resources**

*Overview*

At March 31, 2026, we had current assets of $412.3 million compared to current liabilities of $117.1 million, which resulted in working capital of $295.2 million. This compares to current assets of $377.4 million and current liabilities of $120.9 million at December 31, 2025, resulting in working capital of $256.5 million. The increase in working capital was primarily due to higher cash proceeds received from our stream and royalty interests and proceeds from the sale of marketable securities, partially offset by higher principal and interest payments on our debt, higher income tax payments, and higher general corporate costs when compared to the prior year period.

During the three months ended March 31, 2026, liquidity needs were met from $293.6 million in net cash provided by operating activities and our available cash resources. Working capital, combined with available capacity under our revolving credit facility, resulted in approximately $1.1 billion of total liquidity at March 31, 2026. As of March 31, 2026, we had $600.0 million outstanding debt and $800.0 million available under our revolving credit facility. We were in compliance with each financial covenant under the revolving credit facility as of March 31, 2026. See below for further developments on our revolving credit facility.

We believe that our current liquidity and capital resources will be adequate to cover anticipated operating needs for the next 12 months, and thereafter for the foreseeable future. Our current capital resources are also available to fund dividends and for acquisitions of stream and royalty interests, including any conditional funding schedules. Our long-term capital requirements are primarily affected by our ongoing acquisition activities. We currently, and generally at any time, have acquisition opportunities in various stages of active review. In the event of one or more substantial stream or royalty interest or other acquisitions, we may seek additional debt or equity financing as necessary. We occasionally borrow and repay amounts under our revolving credit facility and may do so in the future.

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

*Recent Liquidity and Capital Resources Developments*

<u>Revolving Credit Facility Developments</u>

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 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

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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.

<u>Share Repurchase Program</u>

On May 4, 2026, the Board of Directors approved a $500 million share repurchase program under which we may repurchase shares from time to time through open market purchases or by other means. The manner, timing, pricing and amount of any repurchases will be subject to management's discretion and may be based upon market conditions and alternative opportunities for the use or investment of capital. Although the Board of Directors has authorized the share repurchase program, we are not obligated to repurchase any specific dollar amount or to acquire any specific number of shares under the program.

The share repurchase program is intended to be used in those circumstances when we believe the market value of our shares does not reflect the intrinsic value and outlook for the Company.

<u>Operating Activities</u>

Net cash provided by operating activities totaled $293.6 million for the three months ended March 31, 2026, compared to $136.4 million for the three months ended March 31, 2025. The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $198.1 million, partially offset by higher income tax payments of $20.3 million, higher general and administrative payments of $10.4 million and higher interest payments on outstanding debt of $10.5 million when compared to the prior year period.

<u>Investing Activities</u>

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.

<u>Financing Activities</u>

Net cash used in financing activities totaled $327.2 million for the three months ended March 31, 2026, compared to net cash used in financing activities of $32.8 million for the three months ended March 31, 2025. The increase was primarily due to higher debt repayments of $300.0 million and higher dividend payments of $10.6 million, partially offset by higher proceeds from the exercise of Sandstorm assumed options of $20.2 million when compared to the prior year period.

**Recently Adopted Accounting Standards and Critical Accounting Policies**

Refer to Note 1 of our notes to consolidated financial statements for further discussion on any recently adopted accounting standards. Refer to *Management's Discussion and Analysis of Financial Condition and Results of Operations* in our 2025 10-K for discussion on our critical accounting policies.

**Forward-Looking Statements** 

This report and our other public communications include "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 such as "will," "may," "could," "should," "would," "believe," "estimate," "expect," "anticipate," "plan," "forecast," "potential," "intend," "continue," "project," or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: 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; 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

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resources, financing, and stockholder returns, including share repurchases; borrowings and repayments under our revolving credit facility; and prices for gold, silver, copper, and other metals.

Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper, or other metals; 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 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 acquisition in the timeframe expected or at all; risks associated with the joint arrangement interests acquired as part of the Sandstorm and Horizon acquisition; changes of control of properties or operators; 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 this report and in our other reports filed with the SEC, including our 2025 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this report or our other reports 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 place undue reliance on forward-looking statements.

**ITEM 3. &nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Our earnings and cash flows are significantly impacted by changes in the market price of gold and other metals. Gold, silver, copper, and other metal prices can fluctuate significantly and are affected by numerous factors, such as demand, production levels, economic policies of central banks, producer hedging, world political and economic events, inflation and the strength of the U.S. dollar relative to other currencies. Please see the risk factor entitled "*Our revenue is subject to volatility in metal prices, which could adversely affect our results of operations and cash flow*," under Part I, Item 1A of our 2025 10-K, for more information about risks associated with metal price volatility.

During the three months ended March 31, 2026, we reported revenue of $469.1 million, with an average gold price for the period of $4,873 per ounce, an average silver price of $84.33 per ounce, and an average copper price of $5.83 per pound. The table below shows the impact that a 10% increase or decrease in the average price of the specified metal would have had on our total reported revenue for the three months ended March 31, 2026:

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| | | |
|:---|:---|:---|
| **Metal** | **Percentage of Total Reported Revenue Associated with Specified Metal** | **Amount by Which Total Reported Revenue Would Have Increased or Decreased If Price of Specified Metal Had Averaged 10% Higher or Lower in Period** |
| Gold | 71% | $37.2 million |
| Silver | 16% | $7.1 million |
| Copper | 10% | $7.4 million |

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**ITEM 4. &nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

Under the supervision and with the participation of our management, including our Chief Executive Officer (the principal executive officer) and Chief Financial Officer (the principal financial and accounting officer), we evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of March 31, 2026, at the reasonable assurance level.

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**Changes in Internal Control over Financial Reporting**

There were no changes in our internal controls over financial reporting during the three months ended March 31, 2026, that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

**Inherent Limitations on Effectiveness of Controls**

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within Royal Gold have been detected.

**PART II.** &nbsp;&nbsp;&nbsp;&nbsp;**OTHER INFORMATION**

**ITEM 1. &nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS**

None.

**ITEM 1A. &nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS**

There have been no material changes to the risk factors included in Part I, Item 1A of our 2025 10-K.

**ITEM 2. &nbsp;&nbsp;&nbsp;&nbsp;UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None.

**ITEM 3.** &nbsp;&nbsp;&nbsp;&nbsp;**DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4.** &nbsp;&nbsp;&nbsp;&nbsp;**MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5.** &nbsp;&nbsp;&nbsp;&nbsp;**OTHER INFORMATION**

During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K, other than Paul Libner, the Company's Senior Vice President and Chief Financial Officer, who adopted a trading plan on March 11, 2026 intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, providing for the potential sale of up to 2,500 shares of the Company's common stock through June 15, 2027.

As previously disclosed, on August 5, 2025, the Company exercised the accordion feature under its revolving credit facility dated June 2, 2017, as amended, increasing aggregate commitments under the revolving credit facility to $1.4 billion. On May 5, 2026, the Company and certain of its subsidiaries 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 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. The foregoing description of the seventh amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the seventh amendment, a copy of which is filed as Exhibit 10.1 to this report.

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**ITEM 6.** &nbsp;&nbsp;&nbsp;&nbsp;**EXHIBITS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit No.** | **Exhibit Description** | **Form** | **File No.** | **Exhibit** | **Filing Date** |
| 10.1\* | [Seventh Amendment to Revolving](rgld-amendmentno7tocredita.htm)[Facility](rgld-amendmentno7tocredita.htm)[Credit Agreement, dated](rgld-amendmentno7tocredita.htm)[May 5](rgld-amendmentno7tocredita.htm)[, 2026](rgld-amendmentno7tocredita.htm) |  |  |  |  |
| 10.2 | [Employment Agreement, dated March 17, 2025, between Royal Gold, Inc. and William Heissenbuttel, as amended](https://www.sec.gov/Archives/edgar/data/85535/000008553526000008/rgld-20251231xex102employm.htm) | 10-K | 001-13357 | 10.2 | 2/19/2026 |
| 10.3 | [Form of Employment Agreement for U.S. executives (other than CEO)](https://www.sec.gov/Archives/edgar/data/85535/000008553526000008/rgld-20251231xex103formofe.htm) | 10-K | 001-13357 | 10.3 | 2/19/2026 |
| 10.4 | [Form of Restrictive Covenants Agreement (attached as Exhibit B to the Form of Employment Agreement for U.S. executives)](https://www.sec.gov/Archives/edgar/data/85535/000008553526000008/rgld-20251231xex103formofe.htm#i826a40df59c34fc78bf3bea50ca6e771_10) | 10-K | 001-13357 | 10.4 | 2/19/2026 |
| 10.5 | [Amended and Restated Employment Contract, dated April 16, 2025, between RGLD Gold AG and Daniel Breeze, as amended](https://www.sec.gov/Archives/edgar/data/85535/000008553526000008/rgld-20251231xex105employm.htm) | 10-K | 001-13357 | 10.5 | 2/19/2026 |
| 31.1\* | [Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](rgld-20260331xex311.htm) |  |  |  |  |
| 31.2\* | [Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](rgld-20260331xex312.htm) |  |  |  |  |
| 32.1\*\* | [Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](rgld-20260331xex321.htm) |  |  |  |  |
| 32.2\*\* | [Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](rgld-20260331xex322.htm) |  |  |  |  |
| 101\* | The following financial statements from Royal Gold, Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL: (a) Consolidated Statements of Cash Flows, (b) Consolidated Statements of Operations, (c) Consolidated Statements of Comprehensive Income, (d) Consolidated Balance Sheets, and (e) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags |  |  |  |  |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |  |

---

_______________________________________________

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

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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 thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **ROYAL GOLD, INC.** | **ROYAL GOLD, INC.** |
| Date: May 7, 2026 |  |  |
|  | By: | /*s/ William Heissenbuttel* |
|  |  | William Heissenbuttel |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: May 7, 2026 | By: | */s/ Paul Libner* |
|  |  | Paul Libner |
|  |  | Senior Vice President and Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 10.1

**Exhibit 10.1**

**SEVENTH AMENDMENT TO**

**REVOLVING FACILITY CREDIT AGREEMENT**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.This SEVENTH AMENDMENT TO REVOLVING FACILITY CREDIT AGREEMENT, dated as of May 5, 2026 (this "<u>Amendment</u>"), is by and among ROYAL GOLD, INC., a corporation organized under the laws of the State of Delaware, as borrower (the "<u>U.S. Borrower</u>"), RGLD Gold AG, a company incorporated under the laws of Switzerland with its registered address at Alpenstrasse 6, 6004 Lucerne, Switzerland (the "<u>Swiss Borrower</u>" and collectively with the U.S. Borrower, the "<u>Borrowers</u>" and each, a "<u>Borrower</u>"), RG ROYALTIES, LLC (f/k/a RG Mexico, Inc.), a limited liability company organized under the laws of the State of Delaware, as a guarantor ("<u>RG Royalties</u>"), ROYAL GOLD INTERNATIONAL HOLDINGS, INC., a corporation organized under the laws of the State of Delaware, as a guarantor ("<u>RG International</u>"), RGLD HOLDINGS, LLC, a Delaware limited liability company, as a guarantor ("<u>RGLD Holdings</u>"), RGLD Gold (Canada) ULC, an Alberta unlimited liability company, as a guarantor ("<u>RGLD Gold</u>"), INTERNATIONAL ROYALTY CORPORATION, a Canadian corporation, as a guarantor ("<u>International Royalty</u>"), Premier Royalty U.S.A. LLC, a Delaware limited liability company, as a guarantor ("<u>Premier</u>"), Sandstorm Metals & Energy (U.S.) LLC, a Delaware limited liability company, as a guarantor ("<u>Sandstorm</u>"), Bridgeport Gold LLC, a Nevada limited liability company, as a guarantor ("<u>Bridgeport</u>"), Coral Resources, LLC, a Nevada limited liability company, as a guarantor ("<u>Coral</u>"), Hod Maden Holdings Ltd., a corporation existing under the laws of the Province of British Columbia, as a guarantor ("Hod Maden") and SA Targeted Investing Corp., a Canadian corporation, as a guarantor ("SA Targeted" and together with RG Royalties, RG International, RGLD Holdings, RGLD Gold, International Royalty, Premier, Sandstorm, Bridgeport, Coral, Hod Maden and SA Targeted, the "<u>Guarantors</u>" and each, a "<u>Guarantor</u>"), those banks and financial institutions identified as a "Lender" on the signature pages hereto (individually, each a "<u>Lender</u>" and collectively, the "<u>Lenders</u>") and THE BANK OF NOVA SCOTIA, in its capacity as administrative agent (in such capacity, the "<u>Administrative Agent</u>") for the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Recitals</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent, the Lenders, the Borrowers and the Guarantors are parties to that certain Revolving Facility Credit Agreement, dated as of June 2, 2017 (as amended by the Amendment and Consent to Revolving Facility Credit Agreement, dated as of May 15, 2018, the Second Amendment to Revolving Facility Credit Agreement, dated as of June 3, 2019, Third Amendment to Revolving Facility Credit Agreement, dated as of September 20, 2019, Fourth Amendment to Revolving Facility Credit Agreement, dated as of July 7, 2021, Fifth Amendment to Revolving Facility Credit Agreement, dated as of June 28, 2023, Sixth Amendment to Revolving Facility Credit Agreement, dated as of June 26, 2025, and Incremental Joinder to Revolving Facility Credit Agreement, dated as of August 5, 2025, the "<u>Existing Credit Agreement</u>" and as amended by this Amendment, the "<u>Amended Credit Agreement</u>"). Unless otherwise defined herein, capitalized terms defined in the Amended Credit Agreement have the same meanings when used in this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The Borrowers desire to increase the aggregate amount of Incremental Loan commitments permitted under Section 2.5 of the Existing Credit Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;The Borrowers have requested that the Administrative Agent and each Lender consent to the modifications contemplated by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent and each Lender is willing to agree to such request, subject to and in accordance with the terms and conditions set forth in this Amendment.

<u>Agreement</u>

NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties herein set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.<u>Amendments to the Credit Agreement</u>**. Effective as of the Seventh Amendment Effective Date (as hereinafter defined), the Existing Credit Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Section 1.1 of the Existing Credit Agreement is hereby amended by adding the following new definitions in the appropriate alphabetical order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.""**Seventh Amendment**" means that certain Seventh Amendment to Revolving Facility Credit Agreement, dated as of May 5, 2026, by and among Borrowers, the Guarantors, the Administrative Agent and the Lenders party thereto.";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.""**Seventh Amendment Effective Date**" has the meaning set forth in the Seventh Amendment"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Section 2.5(a) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d."Borrowers may at any time and from time to time after the Seventh Amendment Effective Date by written notice from the Borrower Representative to the Administrative Agent (whereupon the Administrative Agent shall make such notice available to each of the Lenders) request one or more additional new revolving loan tranches (an "**Incremental Loan**") increasing the aggregate amount of the commitments hereunder (each such increase, a "**Commitment Increase**") in an aggregate amount not to exceed $600,000,000 from any existing Lender or, subject to compliance by the Swiss Borrower with the Non-Bank Rules, an Additional Incremental Lender (which Additional Incremental Lender shall become a "Lender" hereunder subject to the prior consent of the Administrative Agent and Borrowers, such consent not to be unreasonably withheld, conditioned or delayed). Each such written notice shall specify: (i) the date on which Borrowers propose that the Commitment Increase shall be effective (the "**Loan Increase Effective Date**"), which shall be a date not less than ten (10) Banking Days after the date on which such notice is delivered to the Administrative Agent, (ii) the amount of such proposed Commitment Increase (which shall not exceed an aggregate of $600,000,000 for all Commitment Increases), and (iii) the identity of each Lender (including each Additional

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Incremental Lender) to whom Borrowers propose each portion of such Commitment Increase and related Incremental Loan be allocated and the amount of each such allocation. No existing Lender will have any obligation to accept or make any portion of any Incremental Loan or to make any Loan associated with any Commitment Increase. Each Lender, in its sole discretion, may either grant or deny any increase in its respective commitment.".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.<u>Representations and Warranties; Reaffirmation of Security Interests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Each Borrower and each other Obligor hereby (i) confirms that all of the representations and warranties set forth in the Amended Credit Agreement are true and correct in all material respects (without duplication of any materiality qualifier in the text of such representation or warranty) with respect to such Obligor as of the Seventh Amendment Effective Date except to the extent that any such representation or warranty relates to a specific date in which case such representation or warranty shall be true and correct as of such earlier date, and (ii) covenants to perform its respective obligations under the Amended Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Each Borrower and each other Obligor hereby further represents and warrants that (i) this Amendment has been duly authorized, executed and delivered by each of them, (ii) this Amendment is binding upon and enforceable against each of them in accordance with its terms and (iii) no Default or Event of Default has occurred and is continuing or will occur as a result of the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Each Borrower and each other Obligor hereby irrevocably confirms and agrees that each Credit Document to which it is a party, and all guaranties, grants of security, debentures, mortgages, liens, deeds, pledges and rights thereunder, respectively, are hereby continued, ratified and confirmed, remain in full force and effect, remain fully perfected, and apply to the Amended Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.<u>Conditions Precedent</u>**. This Amendment shall become effective as of the date hereof upon (and only upon) satisfaction of the following conditions precedent (the "<u>Seventh Amendment Effective Date</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Administrative Agent shall have received duly executed counterparts of a signature page (including any Electronic Signature) of this Amendment from each Obligor and each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Administrative Agent shall have received evidence that all material governmental, shareholder, board of director and third party consents and approvals necessary in connection with the execution, delivery and performance of this Amendment and the other transactions contemplated thereby have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Administrative Agent shall have received a certificate of a senior officer of the U.S. Borrower, in such capacity, certifying that, to the best of his knowledge after due inquiry, (i) no Default or Event of Default has occurred and is continuing or will occur as a result of the consummation of the transactions contemplated hereby and (ii) all representations and warranties contained in the Credit Documents are true and correct in all material respects

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(without duplication of any materiality qualifier in the text of such representation or warranty); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The Borrowers shall have paid all reasonable and documented out-of-pocket costs, fees and expenses paid or incurred by the Administrative Agent incident to this Amendment and the transactions contemplated hereby and thereby, including, without limitation, the reasonable and documented out-of-pocket fees and expenses of the Administrative Agent's counsel in connection with the negotiation, preparation, delivery and execution of this Amendment and any related documents and instruments, in each case, to the extent invoiced at least two (2) Banking Days prior to the Seventh Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.<u>Limitation</u>**. The amendments evidenced by this Amendment are effective only to the extent specifically set forth herein and shall be limited precisely as written, and nothing in this Amendment shall be deemed to: (a) constitute a waiver of compliance by any Borrower or any other Obligor with respect to any other term, provision or condition of any Credit Document; (b) constitute a consent to any other, further or future action, undertaking, obligation, liability or departure other than as specifically consented to hereby; or (c) waive, release, limit or prejudice any right or remedy that the Administrative Agent or the Lenders at any time may now have or may have in the future under or in connection with any Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.<u>Miscellaneous Provisions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.This Amendment is a Credit Document. The Amended Credit Agreement and the other Credit Documents are hereby ratified, approved, confirmed and continued in each and every respect, and the parties hereto agree that the Existing Credit Agreement, as specifically amended and modified by this Amendment, and the other Credit Documents remain in full force and effect in accordance with their respective terms. Nothing in this Amendment shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness or the other obligations of the U.S. Borrower or any other Loan Party, in whole or in part, under any Credit Document or any guaranty, each of which remains in full force and effect. All references to the Existing Credit Agreement in each of the Credit Documents and in any other document or instrument shall hereafter be deemed to refer to the Amended Credit Agreement. This Amendment shall not be construed as a waiver or amendment of any other provision of the Credit Documents or for any purpose, or a consent to any other, further or future action on the part of the Borrowers or the other Obligors that would require the waiver or consent of the Lenders, except, in each case, as expressly set forth herein. Nothing in this Amendment shall affect, limit or impair the right of the Administrative Agent and the Lenders to demand compliance by the Obligors with all of the terms and conditions of the Credit Documents in all other instances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.This Amendment shall be governed by and construed in accordance with the laws of the State of New York, excluding that body of law relating to conflict of laws. Each Obligor hereby irrevocably submits to the exclusive jurisdiction of any state or federal court sitting in New York, New York (and any appellate court thereof) over any legal action or proceeding with respect to this Agreement or any other Credit Document and each Obligor hereby irrevocably agrees that all claims in respect of any such proceeding may be heard and determined in such state court, or, to the extent permitted by law, in such federal court. Each

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Obligor hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum or improper venue to the maintenance of any such proceeding. Each Obligor irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to such party to the address prescribed by Section 15.1 of the Amended Credit Agreement, such service to become effective five (5) Banking Days after such mailing. Each Obligor agrees that a final judgment in any such proceeding shall be conclusive and may be executed upon and enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing herein shall limit the right of the Administrative Agent or any Lender to serve legal process in any other manner permitted by applicable Requirements of Law or to commence legal proceedings or otherwise proceed against any Obligor or its property in any other jurisdiction. The taking of any proceedings in any one or more jurisdictions shall not preclude the taking of any proceedings in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts (including by email or other electronic transmission), each of which shall constitute an original and all of which taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page (including any Electronic Signature) to this Amendment by emailed .pdf or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment. The words "execution", "signed", "signature", "delivery" and words of like import in or relating to this Amendment shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by emailed .pdf or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. As used herein, "<u>Electronic Signature</u>" shall mean an electronic sound, symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The execution, delivery and effectiveness of this Amendment shall not prejudice, limit, or operate, or be deemed to operate, as a waiver of, any rights, powers or remedies of the Administrative Agent or the Lenders under the Credit Documents or constitute a waiver of any provision thereof, except as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.This Amendment shall be binding upon and inure to the benefit of the Administrative Agent, the Lenders, the Borrowers and the other Obligors, and their respective successors and assigns permitted by the Amended Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <br>

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[Signature Pages to Follow]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duly authorized officers as of the date first above written.

**U.S. Borrower:**

**ROYAL GOLD, INC.**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Chief Financial Officer

**Swiss Borrower:**

**RGLD GOLD AG**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice Chairman

RGI / BNS / Seventh Amendment

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**Guarantors:**

**RG ROYALTIES, LLC**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

**ROYAL GOLD INTERNATIONAL HOLDINGS, INC.**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

**RGLD HOLDINGS, LLC**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

**RGLD GOLD (CANADA) ULC** 

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

**INTERNATIONAL ROYALTY CORPORATION**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

RGI / BNS / Seventh Amendment

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**PREMIER ROYALTY U.S.A. LLC**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

**SANDSTORM METALS & ENERGY (U.S.) LLC**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

**BRIDGEPORT GOLD LLC**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

**CORAL RESOURCES, LLC**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

**HOD MADEN HOLDINGS LTD.**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

RGI / BNS / Seventh Amendment

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**SA TARGETED INVESTING CORP.**

By: <u>/s/ Paul Libner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Paul Libner

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer

RGI / BNS / Seventh Amendment

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Administrative Agent:

**THE BANK OF NOVA SCOTIA**

By: <u>/s/ Agnes Podbielski&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Agnes Podbielski<br> Title: Director

By: <u>/s/ Melody Quintal&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Melody Quintal<br> Title: Associate

RGI / BNS / Seventh Amendment

------

Lender:

**THE BANK OF NOVA SCOTIA**

By: <u>/s/ Stephen MacNeil&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Stephen MacNeil<br> Title: Managing Director

By: <u>/s/ Angela Krstovic&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Angela Krstovic<br> Title: Associate

RGI / BNS / Seventh Amendment

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Lender:

**CANADIAN IMPERIAL BANK OF COMMERCE**

By: <u>/s/ Mark Turner&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Mark Turner<br> Title: Executive Director

By: <u>/s/ Monica Lutz&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Monica Lutz<br> Title: Director

RGI / BNS / Seventh Amendment

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Lender:

**BANK OF AMERICA, N.A.**

By: <u>/s/ Jan Stein&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Jan Stein<br> Title: Senior Vice President

RGI / BNS / Seventh Amendment

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Lender:

**BANK OF MONTREAL, CHICAGO BRANCH**

By: <u>/s/ Zaman Ahmed&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Zaman Ahmed<br> Title: Vice President

RGI / BNS / Seventh Amendment

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Lender:

**ROYAL BANK OF CANADA**

By: <u>/s/ Strati Georgopoulos&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Strati Georgopoulos<br> Title: Authorized Signatory

RGI / BNS / Seventh Amendment

------

Lender:

**NATIONAL BANK OF CANADA**

By: <u>/s/ Zain Ahmed&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Zain Ahmed<br> Title: Director

By: <u>/s/ Allan Fordyce&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Allan Fordyce<br> Title: Managing Director & Head

RGI / BNS / Seventh Amendment

------

Lender:

**THE TORONTO-DOMINION BANK**

By: <u>/s/ Liza Straker&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Liza Straker<br> Title: Managing Director

By: <u>/s/ Neeraj Khanna&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Neeraj Khanna<br> Title: Vice President

RGI / BNS / Seventh Amendment

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, William Heissenbuttel, certify that:

(1)I have reviewed this Quarterly Report on Form 10-Q of Royal Gold, Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report fairly present, in all material respects, the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| May 7, 2026 |
| */s/William Heissenbuttel* |
| William Heissenbuttel |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION**

I, Paul Libner, certify that:

(1)I have reviewed this Quarterly Report on Form 10-Q of Royal Gold, Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present, in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| May 7, 2026 |
| */s/Paul Libner* |
| Paul Libner |
| Senior Vice President and Chief Financial Officer |
| (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Royal Gold, Inc. (the "Company"), for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William Heissenbuttel, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that, to my knowledge:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| May 7, 2026 |
| */s/ William Heissenbuttel* |
| William Heissenbuttel |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Royal Gold, Inc. (the "Company"), for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Paul Libner, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that, to my knowledge:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| May 7, 2026 |
| */s/ Paul Libner* |
| Paul Libner |
| Senior Vice President and Chief Financial Officer |
| (Principal Financial and Accounting Officer) |

---