Royal Gold Reports 20.5% Revenue Increase to $209.6 Million in Q2 2025

Royal Gold, Inc. reported significant financial performance for the second quarter of 2025, with total revenue reaching $209.6 million, a 20.5% increase from $174.1 million in the same quarter of 2024. The company's net income attributable to common stockholders was $132.3 million, or $2.01 per share, compared to $81.2 million, or $1.23 per share, in the prior year. For the first half of 2025, Royal Gold's revenue totaled $403.1 million, up from $323.0 million in the first half of 2024, driven by higher average prices for gold, silver, and copper, as well as increased production from key properties.

The company's financial position improved, with total assets increasing to $3.57 billion as of June 30, 2025, compared to $3.39 billion at the end of 2024. Current assets rose to $342.0 million, while current liabilities decreased to $76.1 million, resulting in a working capital increase to $265.9 million. Royal Gold's stockholders' equity also grew to $3.31 billion, up from $3.13 billion at the end of the previous fiscal year. The company maintained a strong liquidity position, with no outstanding debt and $1.0 billion available under its revolving credit facility.

Strategically, Royal Gold made several acquisitions during the quarter, including a $200 million gold purchase agreement and a net smelter return royalty agreement for the Warintza Project, as well as a 2.0% NSR royalty on the Lawyers-Ranch Project for $12.5 million. Additionally, the company entered into an agreement to acquire Sandstorm Gold Ltd. and Horizon Copper Corp., which are expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approvals. These acquisitions are part of Royal Gold's ongoing strategy to expand its portfolio of precious metal streams and royalties.

Operationally, Royal Gold's stream interests accounted for approximately 64% of total revenue for the quarter, with significant contributions from properties such as Mount Milligan and Pueblo Viejo. The company reported gold stream deliveries of 8,200 ounces from Mount Milligan and 6,100 ounces from Pueblo Viejo during the quarter. Royalty interests contributed 36% of total revenue, with notable production from the Cortez Complex. The company continues to monitor market conditions and production performance closely, as fluctuations in metal prices can significantly impact revenue.

Looking ahead, Royal Gold anticipates continued growth driven by its strategic acquisitions and the performance of its existing properties. The company remains focused on optimizing its portfolio and capitalizing on opportunities in the precious metals market, while maintaining a strong financial position to support future investments and shareholder returns.