Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Q1 2026 Earnings Presentation
10 slides from Royal Gold's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Results
MAY 7, 2026 First Quarter 2026 Results
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Forward-Looking Statements: This presentation and the accompanying webcast include “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 statement
Slide 3: Today's Speakers
TODAY’S SPEAKERS Bill Heissenbuttel Paul Libner Martin Raffield President and CEO SVP and CFO SVP, Operations 3
Slide 4: Q1 2026 Overview
Q1 2026 Overview Highlights Other notable developments — Record revenue of $469.1M — Enhanced royalty exposure at Corani and Mercedes — Record cash flow from operations of $293.6M after rationalizing Bear Creek debt and equity positions — Net income of $281.1M, or $3.30/share — After quarter-end: —
Slide 5: Q1 2026 Revenue
Q1 2026 Revenue GEOs1 of 96,300 Royalty Stream Revenue $156.3M $312.8M YoY +120% +155% 33% Higher Peñasquito Pueblo Viejo $469.1M Contributions Cortez Legacy Zone Cortez CC Zone Xavantina Rainy River Total Revenue Mount Milligan Andacollo Khoemacau 67% Wassa New Sandstorm / Horizon interests Kansans
Slide 6: Operator Updates
Operator Updates1 PROPERTIES Mount Milligan Q1 gold and copper production in line with PFS plan Peñasquito Lower gold, lead and zinc production, higher silver in 2026 as Peñasco Phase 7 ramps down and transitions to Phase 8 Greenstone Updated technical report targets gold production of 320,000 oz/ye
Slide 7: Q1 2026 Revenue
Q1 2026 Revenue Total Revenue Average Metal Prices1 Q1 2026 Revenue By Metal $469.1M $84.33 10% 71% COPPER GOLD $4,873 $5.83 +143% +70% +165% +38% 16% SILVER $4.24 $193.4M $2,860 $31.88 Q1 '25 Q1 '26 Q1 '25 Q1 '26 Q1 '25 Q1 '26 Q1 '25 Q1 '26 Gold Silver Copper Other Gold Silver Copper 1) LBMA PM fix
Slide 8: Financial Results Q1 2026
Financial Results Q1 2026 Revenue: $469.1M Net Income: $281.1M ($3.30/share) — $17.5M G&A — $232.9M net income, or $2.72/share, adjusted2 to — $90.9M DD&A, or $944/GEO1 exclude: $6.0M, or $0.07/share – fair value changes in equity — $14.1M gain on sale of marketable securities securities (primarily
Slide 9: Liquidity
Liquidity March 31, 2026 Liquidity: Outstanding financial commitments: — $600M debt and approximately $1.1B of liquidity — $100M for Warintza stream and royalty available at March 31, 2026: $50M paid in April, 2026 $50M expected May, 2026 MARCH 31, 2026 Undrawn revolving credit facility $800M — Hod
Slide 10: investorrelations@royalgold.com
DIRECT +1 303 573 1660 EMAIL investorrelations@royalgold.com WEB www.royalgold.com