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Royal Gold (NASDAQ: RGLD) issues 2026 guidance, 5-year outlook and trims debt

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(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Royal Gold, Inc. issued detailed 2026 guidance, a five-year production outlook, and reported further debt reduction. For 2026 it expects total sales of 290,000–320,000 gold ounces, 3.0–3.5 million silver ounces, 21.0–25.0 million pounds of copper, and $34–$38 million from other metals, with DD&A of $339–$379 million and an effective tax rate of 17–22%.

The company expects the midpoints of 2026 gold, silver and copper sales volumes to be 32%, 8% and 40% higher, respectively, than 2025 actual volumes, with sales weighted slightly toward the second half of the year.

Royal Gold also introduced a five-year outlook of 430,000–480,000 gold equivalent ounces annually, reflecting expected contributions from expansions and new assets, and reported a $125 million repayment on its revolving credit facility, reducing the outstanding balance to $600 million and increasing available capacity to $800 million.

Positive

  • $125 million debt repayment on the revolving credit facility reduced outstanding borrowings to $600 million and lifted available capacity to $800 million, modestly strengthening Royal Gold’s balance sheet and financial flexibility.

Negative

  • None.

Insights

Royal Gold sets higher 2026 volumes, adds 5-year view, trims debt.

Royal Gold projects 2026 sales of 290,000–320,000 gold ounces, 3.0–3.5 million silver ounces and 21.0–25.0 million pounds of copper, with DD&A of $339–$379M and a 17–22% effective tax rate. Midpoint guidance implies higher volumes versus 2025 for key metals.

The new 5 Year Outlook of 430,000–480,000 gold equivalent ounces annually outlines potential growth from expansions and new projects but is not risk-adjusted and excludes some later-stage assets. Actual outcomes will depend on counterparties meeting production plans and on metal prices.

On the balance sheet, a $125M repayment on the revolving credit facility lowers outstanding borrowings to $600M, with $800M now available. This strengthens liquidity and slightly reduces leverage, while the updated Asset Handbook improves portfolio transparency for investors following upcoming disclosures.

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
2026 gold sales guidance 290,000–320,000 oz Total stream and royalty sales volume guidance for 2026
2026 silver sales guidance 3.0–3.5 M oz Total stream and royalty sales volume guidance for 2026
2026 copper sales guidance 21.0–25.0 M lb Total stream and royalty sales volume guidance for 2026
2026 other metals sales $34–$38 M Sales from other metals based on assumed 2026 prices
2026 DD&A guidance $339–$379 M Expected 2026 depletion, depreciation and amortization expense
2026 effective tax rate 17–22% Projected 2026 effective tax rate, excluding unusual items
Five-year GEOs outlook 430,000–480,000 GEOs Inaugural 5 Year Outlook for total gold equivalent ounces
Debt repayment $125 M Revolving credit facility repayment on March 12, 2026
stream interests financial
"Sales volume for stream interests represents physical metal sold"
A stream interest is a contractual right to receive a portion of future revenue or production from a specific asset—commonly used in mining, energy, or royalty deals—often in exchange for an upfront payment. Think of it like buying the right to collect part of a steady paycheck from a factory or a share of the water from a river: it can provide investors with predictable cash flow and exposure to an asset’s output without owning or operating the business itself.
royalty interests financial
"sales volume for royalty interests represents royalty revenue received"
A royalty interest is a legal right to receive a share of revenue generated by a natural resource, property, or intellectual asset—like getting a slice of every sale or barrel produced—without owning or running the business that creates it. For investors it can act like a toll road: it provides potential steady cash flow and upside when production or sales rise, while leaving operational costs and many day-to-day risks with the operator; payments still vary with output, prices, and legal or regulatory changes.
depletion, depreciation and amortization financial
"guidance for total stream and royalty sales volume, depletion, depreciation and amortization expense"
gold equivalent ounces financial
"Gold equivalent ounces, or GEOs, is calculated by the Company as revenue"
Gold equivalent ounces express the combined output or reserves of a mine by converting other metals (like silver, copper or zinc) into the amount of gold they would be worth at current market prices, so everything is shown as a single “gold” number. For investors this provides a common yardstick to compare production, value and growth across projects that produce multiple metals—like converting several currencies into one familiar money unit.
revolving credit facility financial
"we made a further repayment of $125 million on our revolving credit facility"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
forward-looking statements regulatory
"This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Understanding 8-K Material Events →
FALSE000008553500000855352025-07-072025-07-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 31, 2026
Royal Gold, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1335784-0835164
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
1144 15th Street, Suite 2500, Denver, CO
80202
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (303) 573-1660
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Trading SymbolName of each exchange on which registered:
Common Stock, $0.01 par value
RGLDNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
    


Item 7.01     Regulation FD Disclosure
On March 31, 2026, Royal Gold, Inc. issued a press release providing guidance for calendar year 2026 and a five-year outlook. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished under this Item 7.01, including the exhibit, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as expressly set forth by reference to such filing.

Item 9.01     Financial Statements and Exhibits

(d) Exhibits
Exhibit No.Description
99.1
Press Release dated March 31, 2026
104Cover Page Interactive Data File (formatted as Inline XBRL)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Royal Gold, Inc.
Date: March 31, 2026By:/s/ David R. Crandall
Name:David R. Crandall
Title:Vice President, Corporate Secretary and Chief Compliance Officer

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NEWS RELEASE

Royal Gold Provides 2026 Guidance and Five Year Outlook and Announces Further Debt Repayment and Publication of Asset Handbook
DENVER, COLORADO. MARCH 31, 2026: ROYAL GOLD, INC. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) announced today its calendar year 2026 guidance for total stream and royalty sales volume, depletion, depreciation and amortization expense (“DD&A”), and effective tax rate, a 5 year outlook for total sales, a further debt repayment, and publication of its 2025/2026 Asset Handbook.
2026 Guidance
Royal Gold expects 2026 sales volume, DD&A and effective tax rate to be as follows:

2026 Guidance Ranges
Total Sales
Gold
(oz)
290,000–320,000
Silver
(M oz)
3.0–3.5
Copper
(M lb)
21.0–25.0
Other Metals3
(M)
$34–$38
DD&A
(M)
$339-379
Effective Tax Rate

17-22%
Sales volume
Sales guidance for 2026 is provided on a sales volume basis to provide transparency and avoid the effect of volatile commodity prices in the conversion of revenue to gold equivalent ounces1 (“GEOs”). Sales volume for stream interests represents physical metal sold, and sales volume for royalty interests represents royalty revenue received divided by the average metal price for the relevant period.
Gold, silver and copper are expected to provide the majority of 2026 revenue. We expect the midpoints of our 2026 sales volumes to be 32%, 8% and 40% higher for gold, silver and copper, respectively, than actual sales volumes in 2025. Sales from Other Metals are expected to be relatively minor and the range provided assumes 2026 prices of $7.30/lb for nickel, $1.35/lb for zinc, and $0.91/lb for lead, which are the metals that are expected
1 Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average gold price for that same period.
1

to provide most of this component of sales. Sales volumes are expected to be split approximately 48%/52% between the first half and second half of 2026.
The 2026 sales guidance is determined based on a review of confidential information and production forecasts provided to Royal Gold from certain operating counterparties, and publicly available production forecasts for those interests where Royal Gold does not have rights to receive confidential information. Certain of these third-party forecasts have been adjusted by Royal Gold based on management’s experience.
This guidance is based on the following assumptions with respect to our Principal Properties2:
¢Gold production guidance at Andacollo of 38,000 to 42,000 ounces. There is a normal-course lag between mine production and stream sales to Royal Gold of approximately 6 months.
¢An overall average royalty rate on gold production from the Cortez Complex of 3.5 to 4.0%, which is applicable to gold production guidance of 700,000 to 780,000 ounces on a 100% basis.
¢Gold sales attributable to the Kansanshi stream of 26,000 to 31,000 ounces. 2026 will be the first full year of gold deliveries from Kansanshi after receipt of the first gold delivery in October, 2025. There is a normal-course lag between mine production and stream sales to Royal Gold of approximately 3 months.
¢Gold production guidance of 140,000 to 155,000 ounces and copper production guidance of 50 to 60 million pounds at Mount Milligan. There is a normal-course lag between mine production and stream sales to Royal Gold of approximately 6 months.
¢Gold production guidance attributable to our stream at Pueblo Viejo of 350,000 to 400,000 ounces. Barrick does not provide silver production guidance and we expect silver recovery at Pueblo Viejo to remain below the level required for delivery of deferred silver ounces for the foreseeable future. There is a normal-course lag between mine production and stream sales to Royal Gold of approximately 6 months.
In addition to the Principal Properties, production assumptions for other assets in the portfolio include the first full year of production from Back River and Platreef, as well as full year contributions from the Sandstorm and Horizon portfolios.
Additional items not included in 2026 sales guidance consist of:
¢The second gold delivery of 11,111 ounces in H2 2026 of the 50,000 ounce Deferred Gold Consideration3 relating to the Mount Milligan Cost Support Agreement. Deliveries of the Deferred Gold Consideration will not be accounted for as revenue and the deliveries do not require cash payment.
¢New royalty or stream contributions from potential acquisitions that may be completed during 2026.
2 As of December 31, 2025, we determined that five of our stream and royalty interests are material to our business: Andacollo, Cortez, Kansanshi, Mount Milligan and Pueblo Viejo. Please see our Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC”) on February 19, 2026 (the “2025 Form 10-K”) for additional information regarding our Principal Properties.
3 Refer to press release “Royal Gold Announces Additional Agreement with Centerra that Provides for Mine Life Extension at Mount Milligan,” issued February 14, 2024, for a full description of the Deferred Gold Consideration.
2

DD&A
Our 2026 DD&A expense is expected to be higher than 2025 due to a full year of depletion from the recently acquired Sandstorm/Horizon interests and the Kansanshi stream interest.
Effective Tax Rate
The 2026 Effective Tax Rate guidance assumes no unusual or discrete tax items and no changes in laws or regulations or their interpretation in the jurisdictions where we pay taxes.
5 Year Outlook
To provide transparency with respect to our longer-term revenue potential, we are issuing our inaugural 5 Year Outlook for total GEOs, which range from 430,000 to 480,0004. This range is based on the mid-points of available operator guidance, production estimates provided by operators at steady-state, and Royal Gold estimates, and the range is not risk-adjusted for production levels or startup timing on an asset-by-asset basis. We will not update this range through 2026 and expect to provide a new 5 Year Outlook in early 2027.
This outlook reflects our expectations for increased production due to expansions at Khoemacau and Platreef Phase 2; extension of Bald Mountain Redbird; new production from assets including Corani, Great Bear, Hod Maden (NSR only), La India, Robertson and Warintza; and expected stream rate step downs at Wassa and the Rainy River silver stream.
We have not assumed any contribution from the 30% joint venture interest in the Hod Maden project in this outlook given our stated objective of converting our direct joint venture ownership into a stream or royalty interest more typical of our business model.
This outlook does not include contributions from assets that are expected to begin production beyond this 5 year period, including Cactus (mining on our royalty area), Fourmile, Gualcamayo, Horne 5, MARA and Oyu Tolgoi, and increased production from the Platreef Phase 3 expansion.
Further Debt Repayment
On March 12, 2026, we made a further repayment of $125 million on our revolving credit facility, reducing the outstanding amount to $600 million and increasing the available amount to $800 million.
4 The 5 Year Outlook is calculated using the same metal prices as for 2026 guidance to allow comparability, which are: $4,000/oz Au, $55.00/oz Ag, $5.00/lb Cu, $7.30/lb Ni, $1.35/lb Zn, and $0.91/lb Pb.
3

Publication of the 2025/2026 Asset Handbook
We have published the 2025/2026 Asset Handbook, which provides a detailed update on all the assets in our portfolio. It is available on our website at: 2025/2026 Asset Handbook
Corporate Profile
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.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
For further information, please contact:
Alistair Baker
Senior Vice President, Investor Relations and Business Development
(303) 573-1660
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook; including our estimated total sales volume for gold, silver, copper and other metals, DD&A, and effective tax rate for the year ended December 31, 2026 and 5 Year Outlook, and the assumptions made in determining those estimates; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity and capital expenditures; opportunities for, and anticipated benefits from, investments, acquisitions and other transactions; the receipt and timing of future metal deliveries and sales, including deferred amounts at Pueblo Viejo; and prices for gold, silver, copper and other metals.
4

Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon; failure to realize the anticipated benefits from the Sandstorm and Horizon acquisition in the timeframe expected or at all; risks associated with joint arrangement interests acquired as part of the Sandstorm and Horizon acquisition; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including in Item 1A, Risk Factors of our most recent Annual Report on Form 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release could also have material adverse effects on forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.
Statement Regarding Third-Party Information
Certain information provided in this press release, including information about historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.
5

Source: View Original Filing on SEC EDGAR

FAQ

What 2026 production guidance did Royal Gold (RGLD) provide for gold, silver and copper?

Royal Gold expects 2026 sales of 290,000–320,000 ounces of gold, 3.0–3.5 million ounces of silver and 21.0–25.0 million pounds of copper. Guidance is expressed as sales volumes to reduce the impact of commodity price volatility on reported performance.

How does Royal Gold’s 2026 guidance compare with its 2025 sales volumes?

Royal Gold expects the midpoints of its 2026 sales volumes to exceed 2025 levels by 32% for gold, 8% for silver and 40% for copper. This reflects anticipated contributions from core streams and royalties, including Kansanshi’s first full year of gold deliveries.

What five-year production outlook did Royal Gold (RGLD) announce?

Royal Gold introduced a five-year outlook of 430,000–480,000 gold equivalent ounces annually. The range is based on operator guidance, steady-state estimates and company assumptions, includes expansions and new assets, and uses the same metal prices as the 2026 guidance for comparability.

How much debt did Royal Gold repay and what is its updated credit facility position?

On March 12, 2026, Royal Gold repaid $125 million on its revolving credit facility. This reduced the outstanding balance to $600 million and increased the available borrowing capacity to $800 million, improving overall liquidity and modestly lowering leverage.

What DD&A and effective tax rate does Royal Gold forecast for 2026?

For 2026, Royal Gold projects depletion, depreciation and amortization expense of $339–$379 million and an effective tax rate of 17–22%. The DD&A increase versus 2025 reflects a full year of depletion on recently acquired Sandstorm/Horizon interests and the Kansanshi stream.

What new publications or resources did Royal Gold release for investors?

Royal Gold released its 2025/2026 Asset Handbook, offering detailed information on all portfolio assets. The company also highlighted that it routinely posts important updates and investor materials on its website, encouraging stakeholders to enroll for automatic email alerts.

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