Royal Gold, Inc. reported significant financial growth in its latest quarterly results, with total revenue reaching $469.1 million for the three months ended March 31, 2026, compared to $193.4 million in the same period last year. This increase of approximately 143% was driven by higher average prices for gold, silver, and copper, alongside new revenue streams from the recently acquired Sandstorm Gold Ltd. and Horizon Copper Corp. The company’s net income attributable to common stockholders also saw a substantial rise, amounting to $281.1 million, or $3.31 per share, up from $113.5 million, or $1.72 per share, in the prior year.
The financial performance reflects a notable increase in both stream and royalty revenues, with stream revenue contributing $312.8 million and royalty revenue $156.3 million. The average gold price during the quarter was $4,873 per ounce, significantly higher than the $2,860 per ounce recorded in the previous year. The company’s operational costs also rose, with total costs and expenses increasing to $172.0 million from $70.3 million, primarily due to higher sales volumes and costs associated with the new acquisitions.
In terms of strategic developments, Royal Gold completed the acquisition of Sandstorm and Horizon in October 2025 for a total purchase price of $4.148 billion. This acquisition has expanded the company’s portfolio, adding numerous production and development stage properties. The company is currently finalizing the fair value assessment of the acquired assets, which is expected to enhance its revenue-generating capabilities in the long term.
Operationally, Royal Gold reported a total of 84.8 million shares outstanding as of March 31, 2026, an increase from 65.7 million shares a year earlier, reflecting the impact of stock-based compensation and the acquisition of Sandstorm. The company’s total assets decreased slightly to $9.49 billion from $9.54 billion at the end of 2025, primarily due to changes in marketable securities and royalty receivables. The company’s debt was reduced to $595.7 million from $895.4 million, following a $300 million repayment during the quarter.
Looking ahead, Royal Gold anticipates continued growth driven by its expanded asset base and favorable metal prices. The company has indicated that it expects stream interests to remain a significant revenue source, accounting for approximately 67% of total revenue. Additionally, the company has initiated a $500 million share repurchase program, signaling confidence in its financial position and future prospects. The management remains optimistic about the potential for further acquisitions and the overall performance of its portfolio in the coming quarters.
About ROYAL GOLD INC
Royal Gold, Inc. acquires and manages precious metal streams and royalties, primarily in gold, silver, and copper. The company earns revenue from third-party mining operators through non-operating interests in global mineral properties. Its business model emphasizes passive income, diversification across jurisdictions, and strategic acquisitions, with a focus on long-term value from existing assets and new opportunities in the mining sector.
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