RGLDNasdaq

ROYAL GOLD INC

Mineral Royalty Traders · DE · CIK 85535

Acquires and manages precious metal streams, royalties, and similar interests without conducting mining operations

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$17.62B

Market cap

$202.12

Last close

-2.8%

-5.8%

530K

Volume

Price · last 39 sessions-11.5%

May 4L $197.07 · H $245.35Jun 29

323

Total filings

May 26, 2026

Last filing

12/31

Fiscal year end

All 8-K · 207 10-Q · 42 DEFA14A · 27 DEF 14A · 15 10-K · 14 SC 13G · 5 8-K/A · 5 424B5 · 3

Insider Activity

In the 90 days to Mar 12, 2026: 5 sold $3.1M.

Date	Insider	Action	Shares	Price	Value
Mar 12, 2026	Isto MarkDirector	Sell	2,000	$274.83	$550K
Mar 4, 2026	Libner PaulSVP & CFO	Sell	1,000	$285.84	$286K
Mar 4, 2026	Libner PaulSVP & CFO	Sell	700	$282.82	$198K
Mar 4, 2026	Libner PaulSVP & CFO	Sell	700	$281.42	$197K
Mar 4, 2026	Libner PaulSVP & CFO	Sell	500	$283.66	$142K
Mar 4, 2026	Libner PaulSVP & CFO	Sell	200	$280.20	$56K
Mar 4, 2026	Libner PaulSVP & CFO	Sell	100	$284.41	$28K
Mar 2, 2026	Breeze DanielSVP Corp Dev of RGLD Gold AG	Sell	700	$302.00	$211K
Mar 2, 2026	Breeze DanielSVP Corp Dev of RGLD Gold AG	Sell	700	$299.73	$210K
Feb 20, 2026	Hayes William M.Director	Sell	4,173	$277.07	$1.2M
Dec 17, 2025	Vance Ronald JDirector	Sell	300	$218.53	$66K
Dec 11, 2025	Vance Ronald JDirector	Sell	500	$218.29	$109K
Dec 4, 2025	Breeze DanielSVP Corp Dev of RGLD Gold AG	Sell	970	$202.23	$196K

Open-market buys & sells (Form 4, transaction codes P/S). Source: SEC structured insider data.

What Changed

Risk factors · Feb 13, 2025 → Feb 19, 2026

34 added · 46 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

For example, silver sales pursuant to our stream interest at Pueblo Viejo are subject to a delivery deferral mechanism pursuant to which approximately 2.471 million ounces have been deferred as of December 31, 2025.
The existence or occurrence of one or more of the following circumstances and events could have a material adverse effect on our equity interest: • increases in the capital requirements to develop the Hod Maden project, substantially all of which are anticipated to be funded by the parties to the joint arrangement • changes in the timing or amount of the funding obligations for the Hod Maden project by the parties to the joint arrangement and the ability of the parties to the joint arrangement (including us) to fund or finance such obligations • disagreements among the parties to the joint arrangement on how to develop and operate the Hod Maden project efficiently • our inability to exert influence over many strategic decisions made in respect of the Hod Maden project, including key budgeting, development and production decisions • potential litigation among the parties to the joint arrangement regarding joint arrangement matters 15 The success of any joint arrangement will be dependent on the operator for the timing of activities related to the Hod Maden project and we will be largely unable to direct or control the activities of the operator.
In the case of acquisitions of other businesses, such as our acquisitions of Sandstorm and Horizon in October 2025, our ability to realize the anticipated benefits from the transactions will depend in part upon our ability to effectively manage the integration of the acquired businesses.
During 2025, we acquired a number of additional interests, including through our acquisitions of Sandstorm, Horizon and the Kansanshi gold stream, but we continue to expect a relatively small number of operating properties to represent a significant portion of our overall revenue going forward.
Our failure to comply with these covenants could result in an event of default that, if not waived, could result in the acceleration of all outstanding indebtedness.
These production or development decisions could prevent us from recovering our investment in a project or result in an impairment to the value of our investment.
Potential difficulties and risks that may accompany such acquisitions include, among others, complexities associated with managing and supporting our expanded operations and portfolio, the failure to implement, maintain, or remediate effective internal controls over financial reporting and disclosure controls and procedures at acquired businesses on a timely basis, potential unknown liabilities assumed in the transactions, and unforeseen increased expenses.
In addition, changes in our Board’s composition, including due to retirements or other departures, may create succession challenges and could disrupt continuity, delay decision-making, or require additional time and resources to identify and onboard replacement directors.
Concerns over climate change could also limit the ability of companies in the mining industry, including both operators and non-operators like Royal Gold, to access debt and equity markets, and such limitations could have a corresponding adverse effect on their businesses and operations, including the ability of operators to engage in exploration, development and production activities.
In addition to the risks normally associated with developing and operating mining properties and holding interests in properties in which we are not the operator, our equity interest in the entity which owns the Hod Maden project exposes us to risks related to the conduct of joint arrangements.
As of December 31, 2025, we had $0.9 billion outstanding and $0.5 billion available under our revolving credit facility.
We conduct legal due diligence that we believe is appropriate under the circumstances before acquiring stream or royalty interests, which varies based on the size of the interest, the stage of the underlying project, and the availability and reliability of information.

No longer disclosed

For example, Andacollo experienced flooding due to a significant rainfall event in July 2022, which caused operations to shut down for five days and negatively affected production over the following six months.
These production or development decisions could prevent us from recovering our investment in the project or result in an impairment to the value of our investment. 9 We own nonoperating interests in mining properties and cannot ensure properties are developed or operated in our best interests.
In addition, if we have to rely on issuing equity to finance transactions, our stock price could be adversely affected, and our stockholders’ ownership could be diluted. 15 Evolving expectations regarding ESG matters may adversely affect our business, including as a result of additional costs, reputational damage, and/or litigation.
Our failure to comply with these covenants could result in an event of default that, if not waived, could result in the acceleration of all outstanding indebtedness. 16 Legal Risks Defects in our stream or royalty interests or the bankruptcy or insolvency of an operator could adversely affect the value of our investments.
For example, the agreement includes financial covenants that require us to maintain a maximum leverage ratio and a minimum interest coverage ratio (as these terms are defined under the agreement).
As a holder of stream and royalty interests, we generally will not have any influence on litigation such as this or access to non-public information concerning such litigation.
Adverse publicity or climate-related litigation that affects any of the operators of the principal properties in which we hold interests could adversely affect our business.
In addition, our ESG practices and disclosures may subject us to other adverse effects, including reputational damage and/or litigation.
Health epidemics, pandemics, and similar outbreaks could cause significant volatility and uncertainty in the global economy and financial markets, supply chain issues, labor shortages, and adverse changes in metal prices, and such events could adversely affect our ability to obtain future debt or equity financing for acquisitions on acceptable terms, or at all, and could require temporary curtailments of operations at the properties subject to our stream and royalty interests, as occurred at Mount Milligan and Pueblo Viejo in response to the COVID-19 pandemic.
The effects of health epidemics, pandemics, and similar outbreaks will ultimately depend on many factors that are outside of our control, including the severity and duration of such events and government and operator actions in response to such events, and could adversely affect our business, results of operations, financial position, and/or the trading price of our stock.
If the assumptions underlying operators’ production, mineral reserve, or mineral resource estimates are inaccurate or if future events cause operators to negatively adjust their previous estimates, our future revenue or the value of our investments could be adversely affected.
As a result, production, mineral reserve, and mineral resource estimates are subjective and necessarily depend upon a number of assumptions, including, among others, reliability of historical data; geological interpretation; geotechnical, geologic and mining conditions; metallurgical recovery; metal prices; operating costs; capital expenditures; development and reclamation costs; mining technology improvements; and the effects of government regulation.

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