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A precious metals streaming and royalty company that finances mines around the world in exchange for the right to buy a portion of their gold, silver, and copper output at set prices—without operating a single mine itself. Founded in 1981 as Royal Resources Corporation, an oil-and-gas firm, it pivoted to gold after the 1986 oil-price collapse, keeping the "Royal" name and adding "Gold." Its founder, H. Stanley Dempsey, was later inducted into the National Mining Hall of Fame.
Royal Gold revenue more than doubled to $450.5M as the Sandstorm acquisition and Kansanshi stream reshaped the portfolio.
The Sandstorm Gold acquisition transformed Royal Gold's portfolio, and this quarter shows the new scale. rose 115% to $450.5 million and reached $236.4 million, or $2.78 per diluted share, driven by the acquired assets, the new Kansanshi , and an average realized gold price of $4,506 per ounce. The company is now a larger, more diversified royalty and streaming company, but carries $395.9 million in debt and faces the integration of its largest-ever acquisition.
Key takeaways
rose 115% to $450.5 million, as the acquisitions of Sandstorm Gold and Horizon Copper added new and royalty assets and the Kansanshi gold stream began contributing.
increased 133% to $311.0 million, with Andacollo gold sales rising on higher grade and throughput, while Mount Milligan gold sales declined due to the timing of deliveries.
Cost of sales rose to $60.1 million from $24.2 million, primarily due to higher metal prices increasing delivery payments and new sales from acquired assets.
Section summaries
Management's Discussion and Analysis
Revenue more than doubled to $450.5M on higher metal prices, Kansanshi stream, and asset acquisitions, driving net income to $236.4M.
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Total rose 115% to $450.5M, driven by higher average gold ($4,506/oz vs. $3,280), silver, and copper prices, plus new contributions from the Kansanshi stream and Sandstorm/Horizon assets.
Stream increased 133% to $311.0M, with Andacollo gold sales surging on higher grade and throughput, while Mount Milligan gold sales declined due to timing of deliveries.
, and rose to $96.2 million from $31.2 million, largely from depletion on the new Kansanshi , the acquired Sandstorm and Horizon assets, and the Relief Canyon settlement.
increased to $10.0 million from $1.5 million as average borrowings rose to $476.6 million at a 4.9% rate to fund the acquisitions.
The company repaid $200 million on its during the quarter, reducing the outstanding balance to $400 million, and bought back $30 million in shares under a new $500 million program.
What changed
The Sandstorm and Horizon Copper acquisitions, flagged as pending in Q2 FY2025, closed in Q4 FY2025 and are now fully reflected in results, with more than doubling and the portfolio expanding to include new assets.
The Cortez CC Zone's attributable gold production fell to 108,000 ounces in Q1 FY2026 from 181,600 ounces in Q3 FY2025, settling the question of whether that quarter was a temporary peak; the Q2 FY2026 filing does not provide a new figure, but the trend is down from the peak.
The $825 million drawn to fund the Kansanshi has been partially repaid, with the balance falling from $600 million at the end of Q1 FY2026 to $400 million this quarter, showing a pace of debt reduction that addresses the concern about becoming a material drag.
The $500 million program authorized in Q1 FY2026 saw $30 million in execution this quarter, beginning to answer the question of how buybacks would interact with debt repayment.
What to watch
Whether the Cortez CC Zone's attributable gold production stabilizes or continues to decline from the 108,000-ounce level reported in Q1 FY2026, as the Legacy Zone diminishes and Goldrush ramps up.
The pace of further debt repayment on the $400 million balance and the trajectory of , which rose to $10.0 million this quarter from $1.5 million a year ago.
The integration of the Sandstorm and Horizon Copper portfolios, including whether the 18.6 million shares issued to Sandstorm holders continue to dilute per-share metrics as the acquired assets contribute a full year of results.
The trajectory of gold prices relative to the $4,506 per ounce average realized this quarter, given the filing's disclosure that a 10% decline would reduce six-month by $72.9 million.
Cost of sales rose to $60.1M from $24.2M, primarily due to higher metal prices increasing stream delivery payments and new sales from acquired assets.
, and jumped to $96.2M from $31.2M, largely from depletion on the new Kansanshi stream, Sandstorm/Horizon assets, and the Relief Canyon settlement.
increased to $10.0M from $1.5M as average borrowings rose to $476.6M at a 4.9% rate to fund acquisitions.
Liquidity remained strong at $1.2B, with $400M drawn on the ; a new $500M program was authorized and $30M in shares were bought back.
Quantitative and Qualitative Disclosures About Market Risk
Our earnings and cash flows are significantly impacted by changes in the market price of gold and other metals. Gold, silver, copper, and other metal prices can fluctuate significantly and are affected by numerous factors, such as demand, production levels, economic policies of…
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Our earnings and cash flows are significantly impacted by changes in the market price of gold and other metals. Gold, silver, copper, and other metal prices can fluctuate significantly and are affected by numerous factors, such as demand, production levels, economic policies of central banks, producer hedging, world political and economic events, inflation and the strength of the U.S. dollar relative to other currencies. Please see the risk factor entitled “Our revenue is subject to volatility in metal prices, which could adversely affect our results of operations and cash flow,” under Part I, Item 1A of our 2025 10-K, for more information about risks associated with metal price volatility.
During the six months ended June 30, 2026, we reported revenue of $919.7 million, with an average gold price for the period of $4,693 per ounce, an average silver price of $78.83 per ounce, and an average copper price of $5.93 per pound. The table below shows the impact that a 10% increase or decrease in the average price of the specified metal would have had on our total reported revenue for the six months ended June 30, 2026:
Metal Percentage of Total Reported Revenue Associated with Specified Metal Amount by Which Total Reported Revenue Would Have Increased or Decreased If Price of Specified Metal Had Averaged 10% Higher or Lower in Period
Gold 74% $72.9 million
Silver 14% $12.0 million
Copper 9% $13.2 million