Royal Gold Inc (NASDAQ: RGLD)

Royal Gold Inc is a precious metals streaming and royalty company focused on acquiring and managing stream and royalty interests in mining properties worldwide. The company does not conduct mining operations but instead provides upfront financing to mine operators in exchange for the right to purchase a portion of future metal production at predetermined prices or to receive a percentage of revenue after certain costs are deducted. Royal Gold’s portfolio includes interests in gold, silver, copper, and other minerals across diverse geographic regions.

Royal Gold generates revenue primarily through its stream and royalty interests, which entitle it to receive metal production or cash payments based on mine output. Stream interests allow the company to purchase gold, silver, or copper at fixed, low prices per ounce or pound, while royalty interests provide a percentage of gross revenue after deducting defined costs such as transportation, refining, and smelting. Revenue is tied directly to the volume of production from the underlying mines and the prevailing market prices for metals, with gold representing the largest share of income.

The company operates through the following segments: Acquisition and Management of Stream Interests and Acquisition and Management of Royalty Interests.

• Acquisition and Management of Stream Interests: This segment involves acquiring the right to purchase a portion of metal production from mines in exchange for an upfront deposit. As of December 31, 2025, Royal Gold held stream interests in 18 production stage properties and 5 development stage properties. Stream interests accounted for 67% of total revenue in both 2025 and 2024.

• Acquisition and Management of Royalty Interests: This segment consists of non-operating interests that provide the right to receive a percentage of revenue from mining projects after deducting specified costs. As of December 31, 2025, the company held royalty interests in 63 production stage properties, 24 development stage properties, and 254 exploration stage properties, with 76 classified as evaluation stage projects. Royalty interests contributed 33% of total revenue in both 2025 and 2024.

Royal Gold competes with other streaming and royalty companies, financial institutions, and strategic investors seeking to acquire or finance mineral projects. Key competitive advantages include its ability to structure complex transactions, access to capital, and expertise in evaluating technical and geological risks. The company benefits from a diversified portfolio and long-term contracts that provide predictable cash flows despite commodity price volatility.

Royal Gold’s customers are primarily smelters, refiners, and trading companies that purchase the metal it acquires under its stream agreements or the revenue streams from its royalty interests. The company does not sell directly to end consumers or industrial users but relies on intermediaries in the global metals supply chain to monetize its production or cash receipts.