Royal Gold (RGLD) John Tumazos Very Independent Research Virtual Conference summary

Business model and portfolio

• Royalty and streaming model provides precious-metals exposure without direct mine operating or capital costs; gold contributes close to 80% of revenue, with most of the balance from silver and copper.

• Portfolio spans nearly 400 assets, with more than 80 producing; exposure is diversified by asset, operator, jurisdiction, and development stage, with close to 70% of revenue from North America.

• Trailing 12-month EBITDA margin was 83%; cash G&A was 3% of revenue, with 39 employees supporting the business.

• Management cited a 1.6 historical beta to gold and 0.6 beta to the S&P 500; shares outperformed gold, GDX, and the S&P 500 over the 20 years since GDX was formed.

Acquisitions and financial position

• 2025 acquisitions of Sandstorm and Horizon, plus asset deals including a $1B Kansanshi gold stream and a $200M Warintza commitment, added scale, diversification, growth, and duration.

• Weighted portfolio reserve life increased from about 14 years to about 18 years; no asset represented more than 13% of revenue after the transactions.

• In the first half, EBITDA exceeded $750M; most acquisition-related debt had been repaid, including $900M in less than a year, and the business had ample liquidity.

• Sandstorm and Horizon integration included selling more than $200M of non-core equity positions and converting part of the Hod Maden joint venture interest to royalties.

Growth outlook and asset updates

• 2026 guidance midpoint was 30% above 2025 actuals; the first five-year outlook indicated a further 17% growth, excluding assets including MARA, Fourmile, Cactus, Oyu Tolgoi, and Omai.

• MARA combines Agua Rica ore with Alumbrera’s processing infrastructure; Glencore received Argentine RIGI approval and restarted mining at Alumbrera to test the mills and support development.

• Platreef delivered its first gold in August and is advancing phase two; its 5 Mt/y concentrator is targeted for completion by end-2027.

• Hod Maden is under construction, with first ore targeted for late 2028; Fourmile has 20 drill rigs, with a PFS targeted by end-2028 and feasibility study in 2029.

• Corani is under construction and is expected to produce 10M oz of silver annually; Robertson first production is expected next year, while Oyu Tolgoi is identified for the early 2030s.