Royal Gold (RGLD) Investor presentation summary

Investment profile

• Gold-focused royalty and streaming model: 82% of 2025 revenue came from gold; precious metals represented 89% of revenue. 2025 revenue was $1.03B, with 300,300 GEOs.

• Portfolio spans 365 properties: 82 producing, 30 in development, and 253 in evaluation or exploration; 68% of 2025 revenue came from North America.

• Royalty and stream interests limit direct exposure to mine operating and capital costs; the portfolio also offers exploration and resource-conversion optionality.

Transactions and integration progress

• 2025 transactions included the $4.1B Sandstorm and Horizon acquisitions, a $1B Kansanshi gold stream, and a $200M Warintza gold stream and royalty.

• Sandstorm and Horizon assets generated $235M of revenue from Oct. 20, 2025 through June 30, 2026; revenue-producing assets doubled after closing.

• H1-26 vs. H1-25, excluding Kansanshi, attributable accretion was 2% in GEOs/share, 13% in adjusted EBITDA/share, and 12% in operating cash flow/share.

• Portfolio actions included divesting more than $200M of non-core equity positions, restructuring the Hod Maden JV and Bear Creek interests, and settling Relief Canyon fixed delivery obligations.

Financial performance and shareholder returns

• TTM through June 30, 2026: revenue of $1.547B, adjusted EBITDA of $1.280B at an 83% margin, and operating cash flow of $1.044B at a 68% margin.

• TTM cash G&A was $46M, or 3% of revenue; cash G&A excludes non-cash employee stock compensation.

• Dividend increased for 25 consecutive years; cumulative dividends paid reached $1.2B through July 16, 2026, and the presentation cited a 15% dividend CAGR for 2000-2026.

• June 30, 2026 balance sheet: $400M debt at ~5% interest, $182M cash, ~ $1.2B available liquidity, and 0.17x net debt/adjusted EBITDA.