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Royal Gold (RGLD) investor relations material
Royal Gold Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q3 2025 revenue of $252.1M and operating cash flow of $174.0M, driven by higher gold, silver, and copper prices and increased production at key assets.
Net income reached $126.8M ($1.92/share); adjusted net income was $136.2M ($2.06/share), excluding acquisition-related costs.
Closed transformative acquisitions of Sandstorm Gold and Horizon Copper, and added the $1B Kansanshi Goldstream, expanding the portfolio and future growth potential.
Portfolio benefited from higher gold and silver prices, with 78% of revenue from gold, 12% from silver, and 7% from copper.
Share count increased to 84.4M following acquisitions.
Financial highlights
Q3 2025 revenue rose 30% year-over-year to $252.1M, a new record.
Operating cash flow reached a record $174.0M, up from $136.7M year-over-year.
Adjusted EBITDA margin reached 82% for the quarter.
Paid a quarterly dividend of $0.45/share, up 12.5% from the prior year.
Net income margin for Q3 2025 was 52%.
Outlook and guidance
2025 guidance for metal sales, DD&A, and tax rate maintained, excluding impacts from recent acquisitions and new streams.
Mount Milligan PFS extends mine life to 2045, supporting long-term gold and copper deliveries; 2025 production expected near lower end of guidance.
Kansanshi stream deliveries and sales expected to reach 7,500 ounces in 2025.
2026 guidance to be provided at investor day in March; long-term guidance remains asset-by-asset.
Focus on integrating acquisitions and establishing recurring financial performance by 2026.
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