Royal Gold (RGLD) 29th Annual CIBC Western Institutional Investor Conference summary

Key themes and industry outlook

• The panel highlighted robust commodity price appreciation, with gold reaching $5,000 and silver $100, setting a bullish tone for 2026.

• All three companies emphasized their strong growth profiles, disciplined capital allocation, and focus on Tier One jurisdictions for stability.

• M&A activity in the royalty and streaming sector hit record highs in 2025, but deal discipline and jurisdictional selectivity limited participation for some.

• The sector is attracting new types of capital, including unconventional entrants like Tether, increasing liquidity and attention.

• Panelists expect continued volatility and macro tailwinds for precious metals, with long-term outperformance anticipated for royalty and streaming models.

Company strategies and differentiators

• OR Royalties maintains a focus on high-margin, secured deals in stable jurisdictions, with 80% of NAV from Canada, Australia, and the US.

• Royal Gold's $3.5B Sandstorm acquisition improved portfolio diversification, duration, and growth prospects, while reducing asset concentration risk.

• Triple Flag achieved strong production growth, is debt-free, and prioritizes per-share value and embedded portfolio growth, with a focus on gold and silver.

• All companies highlighted disciplined capital deployment, with a willingness to forego deals that do not meet strict return or security criteria.

• Dividend policies remain central, with annual increases and a preference for reinvesting cash flows into new royalty and streaming opportunities.

Market performance and investor perspectives

• Despite strong absolute returns in 2025, royalty and streaming companies underperformed the gold index, sparking debate on leverage and optionality.

• Panelists argued that their business models offer high margins, risk mitigation, and long-term outperformance versus operators, especially over multi-year horizons.

• The debate on holding bullion versus cash highlighted a preference for deploying capital into new assets rather than holding physical gold.

• New entrants like Tether are seen as positive for sector liquidity, though their long-term impact and experience are watched closely.

• Investors are encouraged to focus on long-term value creation, portfolio quality, and disciplined risk management in the sector.