DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) reports net income of $126.8 million, or $1.92 per share, for the quarter ended September 30, 2025 ("third quarter"), on revenue of $252.1 million and operating cash flow of $174.0 million. Adjusted net income1 was a record $136.2 million, or $2.06 per share.

Third Quarter 2025 Highlights:

Records for revenue of $252.1 million and operating cash flow of $174.0 million, and strong earnings of $126.8 million
Revenue split: 78% gold, 12% silver, 7%copper
Sales volume of 72,900 GEOs2
Adjusted EBITDA margin1 of 82%
Drew $825 million on revolving credit facility and repaid $50 million
Paid quarterly dividend of $0.45 per share, a 12.5% increase over the prior year period
Acquired gold stream on the Kansanshi mine
Post Quarter Events:

Closed acquisitions of Sandstorm Gold and Horizon Copper
11,111 ounces of gold received for Mount Milligan Cost Support Agreement
“Royal Gold reported another very solid quarter and we achieved record revenue and cash flow,” commented Bill Heissenbuttel, President and CEO of Royal Gold. "Our portfolio performed very well and allowed us to take full advantage of the materially higher gold and silver prices in the quarter, and the record gold price directly benefited our results."

“In addition to the strong financial performance, over the last few months we have significantly enhanced the scale, duration and diversification of our portfolio," continued Mr. Heissenbuttel. "Our underlying business continues to produce excellent results, we have seen meaningful value additions from the Mount Milligan mine life extension and Fourmile exploration success, we have acquired the large and long life Kansanshi stream, and have added further scale, diversification and growth with the Sandstorm and Horizon portfolios. We will work hard over the coming months to ensure that the market understands and appreciates the cash flow, growth potential and gold leverage of our expanded business."

1 Adjusted net income, adjusted net income per share and adjusted EBITDA margin are non-GAAP financial measures. See Schedule A of this press release for additional information, including a detailed description of adjustments to net income.

2 See Schedule A of this press release for additional information about gold equivalent ounces, or GEOs.

Recent Portfolio Developments

Principal Property Updates

Notable recent updates as reported by the operators of our Principal Properties include:

Mount Milligan Pre-Feasibility Study Results Indicate Significant Mine Life Extension; First Tranche of Deferred Gold Consideration Received

On September 11, 2025, Centerra Gold Inc. (“Centerra”) announced the results of a pre-feasibility study (“PFS”) on the potential to extend the mine life at the Mount Milligan mine in British Columbia. Centerra filed the National Instrument 43-101 report supporting the PFS results on October 17, 2025.

The PFS indicates an extension to the life of mine (“LOM”) of approximately 10 years to 2045, supported by an optimized mine plan delivering average annual production of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042, followed by the processing of low-grade stockpiles from 2043 to 2045. The PFS includes the construction of a second tailings storage facility that is expected to provide the potential for future raises which could add multiple decades of storage capacity beyond the 2045 LOM, and ball mill motor upgrades and flotation cells in 2028 to increase process plant throughput by about 10% (to 66,300 tonnes per day) and increase recovery by approximately 1%. Proven and probable reserves increased significantly to 4.4 million ounces of gold and 1.7 billion pounds of copper, representing increases of 56% and 52%, respectively, from year-end 2024.

Centerra further reported that recent drilling confirms mineralization remains open to the west of the current resource pit. Centerra continues to advance exploration aimed at expanding the mineral resource and assessing opportunities to extend the mine life beyond the updated plan.

Centerra also disclosed that year-to-date production remains in line with the recently announced PFS results, and 2025 full-year gold and copper production is expected to be near the lower end of the guidance ranges of 145,000 to 160,000 ounces of gold and 50 to 60 million pounds of copper.

Additionally, subsequent to the end of the quarter on October 3, 2025, we received 11,111 ounces of gold from the Deferred Gold Consideration related to the Mount Milligan Cost Support Agreement, leaving 38,889 gold ounces remaining. Proceeds of $44.2 million from the sale of the 11,111 ounces of gold will be recorded to the Mount Milligan Deferred Liability on our consolidated balance sheets and does not impact revenue or GEO production.

S3 Expansion Transitioning to Operation and First Gold Delivery Received from Kansanshi

On October 28, 2025, First Quantum Minerals Ltd. (“First Quantum”) provided an update on production and the commissioning of the S3 Expansion at the Kansanshi copper-gold mine in Zambia, which is operated and 80% owned by a subsidiary of First Quantum. According to First Quantum, the S3 Expansion project has been delivered and first concentrate was produced in August. First Quantum expects copper production at Kansanshi to increase in the fourth quarter of 2025 and exceed third quarter production driven by a faster than anticipated ramp up of the S3 Expansion throughput and recoveries, and 2025 copper production guidance was revised to a narrower range of 175,000 to 185,000 tonnes, from the previous range of 160,000 to 190,000 tonnes.

We received the first delivery of approximately 2,300 ounces of gold from Kansanshi on October 3, 2025. As previously announced on August 5, 2025, our wholly-owned subsidiary RGLD Gold AG, entered into a precious metals purchase agreement for gold deliveries referenced to copper production from Kansanshi. The first delivery includes production for the month of August starting from the transaction effective date of August 5, 2025. Deliveries at Kansanshi lag mine production by approximately one month and are expected to be received monthly. We are expecting 2025 stream deliveries of approximately 7,500 ounces, which is lower than our initial expectation of 12,500 ounces solely due to initializing delivery mechanics for the new contract and not a shortfall in production relative to expectations.

Fourmile Preliminary Economic Assessment Indicates Potential for a Large and Long-Life Operation

On September 16, 2025, Barrick Mining Corporation ("Barrick") released the results of a preliminary economic assessment ("PEA”) on the Fourmile Project, which is included in Royal Gold’s royalty interests covering the Cortez Complex in Nevada.

According to Barrick, the PEA indicates the potential to achieve average annual gold production levels of approximately 600,000 to 750,000 ounces over a mine life exceeding 25 years. Barrick reported that further exploration is underway and it expects to continue exploration drilling from surface in 2026 and complete 370 kilometers of surface drilling and 80 kilometers of underground drilling by the end of 2028. Barrick also reported that it plans to have 34 kilometers of underground development in place by 2029, which will set the mine up for initial test stoping shortly thereafter.

Royal Gold’s royalty interests over the Fourmile Project are equivalent to an approximate 1.6% gross smelter return royalty rate.

Other Property Updates see & read more on

Royal Gold is a high margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com