NASDAQ: RGLD ROYAL GOLD INC 8-K

Royal Gold reports record $335M operating cash flow, repurchases $30M in shares, repays debt

Filed August 5, 2026 · Period ending August 5, 2026 · ~2 min read

Key Changes

high

Q2 revenue more than doubled to $450.5M on 100k gold equivalent ounces sold; operating cash flow hit record $335.2M, up 119% year-over-year; net income $236.4M ($2.78/share).

Exhibit 99.1 view on EDGAR →
high

Repaid $200M on revolving credit facility during quarter plus $75M post-quarter, reducing outstanding debt to $325M; repurchased 147,205 shares for $30M at average $203.80/share.

Exhibit 99.1 view on EDGAR →
high

Restructured Hod Maden ownership: cut direct equity stake from 30% to 15%, received new 2.5% NSR royalty, funded $70M in project costs; holds option to acquire additional 2.0% NSR for $160M.

Exhibit 99.1 view on EDGAR →
medium

Advanced $50M to Solaris Resources for Warintza Project following environmental approval and pre-feasibility study; remaining $50M of $100M commitment expected Q3-Q4 2026 pending security filings.

Exhibit 99.1 view on EDGAR →
medium

Settled Relief Canyon fixed delivery obligations: received 5,000 ounces of gold (sold in quarter) plus 2.7M Americas shares in exchange for 8,861-ounce obligation; recognized $2.6M gain, stream book value reduced to zero.

Exhibit 99.1 view on EDGAR →

Summary

Royal Gold delivered a strong second quarter with revenue more than doubling to $450.5 million and operating cash flow reaching a record $335.2 million, driven by higher metal prices and a 56.5% increase in sales volume to 100,000 gold equivalent ounces.

The company deployed this cash flow aggressively: it repaid $275 million in total debt ($200 million during the quarter and $75 million in July), reducing outstanding borrowings to $325 million while maintaining $1.075 billion in available capacity. It also repurchased $30 million in shares at an average price of $203.80, canceling the shares and reducing the count to 84.7 million.

The Hod Maden restructuring represents a strategic shift: Royal Gold cut its direct equity stake in half but secured a new 2.5% NSR royalty and an option to acquire an additional 2.0% NSR for $160 million, converting equity exposure into royalty cash flow while funding $70 million in project costs. The Warintza stream advanced another $50 million following environmental and pre-feasibility milestones, with the final $50 million tranche expected later this year. The Relief Canyon settlement converted a multi-year delivery obligation into immediate gold and equity, clearing the stream's book value to zero while preserving the underlying royalty and stream interests. For holders, the quarter demonstrates Royal Gold's ability to generate substantial cash flow at current metal prices and deploy it across debt reduction, buybacks, and selective growth investments in its royalty pipeline.

Section-by-Section Diff

Event · Exhibit 99.1

~13,200 words View exhibit on EDGAR ↗

Royal Gold reported record Q2 operating cash flow of $335.2M, repurchased shares, repaid debt, and advanced capital to Warintza and Hod Maden projects.

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Added Q2 2026 financial results high

Added in current filing · view on EDGAR → · paraphrased

Revenue of $450.5 million (compared to $209.6 million in the prior year period) Record operating cash flow of $335.2 million (compared to $152.8 million in the prior year period) Net income of $236.4 million ($2.78 per share), and adjusted net income1 of $218.2 million ($2.56 per share) (compared to $132.3 million and $118.8 million, respectively, in the prior year period) Sales volume of 100,000 GEOs2 (compared to 63,900 in the prior year period)

Royal Gold reported strong second quarter results for the period ended June 30, 2026. Revenue more than doubled to $450.5 million from $209.6 million in the prior year period, driven by higher metal prices and a 56.5% increase in sales volume to 100,000 gold equivalent ounces. The company achieved record operating cash flow of $335.2 million, up 119% year-over-year. Net income increased to $236.4 million or $2.78 per share, compared to $132.3 million in the prior year period. The revenue mix was 76% gold, 12% silver, and 8% copper, with an adjusted EBITDA margin of 83%.

Added Debt repayment and share repurchase high

Added in current filing · view on EDGAR →

Repaid $200 million on the revolving credit facility ... Repurchased 147,205 shares at an average price of $203.80 per share, for total consideration of $30 million ... Repaid $75 million on the revolving credit facility on July 15, 2026, reducing the amount currently drawn to $325 million and increasing the amount available and undrawn to $1.075 billion

Royal Gold executed on capital allocation priorities during the quarter by repaying $200 million on its revolving credit facility and repurchasing 147,205 shares for $30 million at an average price of $203.80 per share under its previously announced $500 million share repurchase program. The repurchased shares were cancelled, leaving 84,673,027 shares outstanding as of June 30, 2026. After quarter-end, the company repaid an additional $75 million, reducing outstanding debt to $325 million and increasing available capacity to $1.075 billion.

Added Hod Maden ownership restructuring high

Added in current filing · view on EDGAR → · paraphrased

Restructured ownership of the Hod Maden Project interests and funded $70 million in project costs On May 18, 2026, we announced the restructuring of our ownership in Artmin Madençilik ("Artmin"), the joint venture company that owns 100% of the Hod Maden Project (the "Project"). The restructuring included a 50% reduction in Royal Gold's direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% NSR royalty interest over the Project (the "New RG Royalty"), and certain rights pertaining to a new effective 4.0% NSR royalty interest over the Project (the "SSR Royalty") granted to SSR Mining, Inc. ("SSR"). Closed the Hod Maden ownership restructuring and received a new 2.5% net smelter return ("NSR") royalty on the Hod Maden Project

Royal Gold restructured its ownership in the Hod Maden Project, reducing its direct equity stake in Artmin from 30% to 15% while receiving a new 2.5% NSR royalty over the project. The company also obtained acquisition rights and a right of first refusal over a separate 4.0% NSR royalty granted to SSR Mining, including an option to acquire half of that royalty (a 2.0% NSR) for $160 million exercisable through 12 months after commercial production. Royal Gold funded $70 million in project costs as part of the restructuring, which closed on July 17, 2026. Lidya Madençilik now owns 85% of Artmin and assumed operatorship.

Added Relief Canyon settlement medium

Added in current filing · view on EDGAR →

On June 11, 2026, Royal Gold and Americas closed an agreement to settle the remaining fixed delivery obligations owed to Royal Gold related to the Relief Canyon mine. Under the agreement, Americas' obligation to deliver 8,861 ounces of gold over the period between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, which were sold during the second quarter, and 2,652,532 common shares of Americas. ... We recognized a $2.6 million gain due to the agreement in the second quarter, and the proceeds from the sale of the gold delivery were recognized as stream revenue and resulted in the recognition of approximately $12 million of additional DD&A expense. Royal Gold's royalty and stream interest on Relief Canyon remain in place and the net book value of the stream interest was reduced to $0.

Royal Gold settled the remaining fixed delivery obligations from Americas Gold and Silver Corporation related to the Relief Canyon mine. The settlement converted an obligation to deliver 8,861 ounces of gold over 18 months into immediate delivery of 5,000 ounces (sold during the quarter) plus 2,652,532 Americas common shares. The company recognized a $2.6 million gain and approximately $12 million of additional depreciation, depletion and amortization expense. The net book value of the stream interest was reduced to zero, while the royalty and stream interests on Relief Canyon remain in place.