Royal Gold (RGLD) Renmark Financial Communications Virtual Non-Deal Roadshow Series summary

2025 activity and recent performance

• 2025 transactions included Sandstorm and Horizon, the $1B Kansanshi gold stream and $200M Warintza investment; Mount Milligan and Fourmile also added portfolio optionality.

• Since closing Sandstorm and Horizon, repaid $1B of debt, repurchased and canceled ~$30M of shares, raised the dividend for the 25th consecutive year and increased reserve life ~25% to 18 years.

• Q1 delivered record revenue, cash flow and earnings; Q2 set a record for operating cash flow. First-half EBITDA was $770M.

• Simplified acquired holdings by collapsing intercompany arrangements, divesting ~$200M of non-core equities, restructuring complex agreements and reducing Hod Maden direct ownership from ~30% to 15%.

Growth pipeline and portfolio

• Five-year guidance midpoint was ~30% above the prior year and is expected to be ~17% above the current year midpoint five years ahead; growth is diversified across assets.

• Portfolio spans 360+ assets, including 80 revenue producers and ~30 in development; its reserve life is 18 years, with further upside from exploration and mine extensions.

• Back River is ramping up; Platreef made its first stream delivery in August; Robertson is expected to begin production in 2027; Hod Maden, Great Bear and Warintza are targeted toward decade-end, with MARA and Fourmile beyond the next decade's start.

• Khoemacau's expansion is expected to lift silver deliveries ~35% at full production, likely in 2028–29; the portfolio also has recurring catalysts expected across the next decade.

• Operators drilled ~2 million meters across portfolio assets in 2025, supporting royalty and stream optionality without funding that exploration spend.

Business model and capital allocation

• Trailing 12-month EBITDA margin was ~83%; cash G&A was ~3% of revenue, with low, largely fixed costs and limited direct exposure to operating-cost inflation.

• Dividend has increased for 25 consecutive years; capital allocation prioritizes non-dilutive reinvestment targeting double-digit returns, balance-sheet strength and continued dividend growth.

• A $600M uncommitted accordion facility could raise liquidity to $2B; the board authorized up to $500M in share buybacks, with repurchases intended to address a valuation disconnect and deploy capital where most attractive.

• Debt was expected to reach zero sometime in the quarter; the revolving facility cost ~6% or slightly less, and management described repayment as a priority to rebuild liquidity.

• Strategy remains focused on gold and other precious metals, with acquisition interest in stable mining jurisdictions including Canada, the U.S., parts of South America and Australia.