Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Q3 2025 Earnings Presentation
11 slides from Royal Gold's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results November 6, 2025
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 ROYAL GOLD, INC. | THIRD QUARTER 2025 RESULTS | NOVEMBER 6, 2025 3
Slide 4: Q3 2025 Overview
Q3 2025 Overview • Highlights: • Record revenue of $252.1M • Record cash flow from operations of $174.0M • Net income of $126.8M, or $1.92/share • After adjustments, record net income of $136.2M, or $2.06/share1 • $29.6M dividends paid • $775M debt outstanding • Other notable developments after quar
Slide 5: Q3 2025 Revenue
Q3 2025 Revenue GEOs2 of 72,900 Royalty Segment Stream Segment $86.0M $166.1M 34% +41% YoY +25% YoY Higher contribution: $252.1M Higher contribution: Peñasquito, Cortez Total Revenue Andacollo, Rainy CC Zone, LaRonde River, Mount Milligan, 66% Zone 5, Voisey’s Bay Khoemacau, Wassa Lower contribution
Slide 6: Operator Updates
Operator Updates3 Mount Milligan • Mine life extension PFS released • Production through 2045; tailings facility contemplates further extensions • 2P Reserves and Resources increased +50% over Dec. 31, 2024 • Exploration confirms mineralization that could extend the mine life further • 2025 guidance
Slide 7: Q3 2025 Revenue
Q3 2025 Revenue TOTAL REVENUE AVERAGE METAL PRICES* Q3 2025 REVENUE BY METAL +30% +40% +34% +6% $252.1M 78% $39.40 $3,457 $4.18 $4.44 7% COPPER GOLD $193.8M $2,474 $29.43 12% SILVER Q3 '24 Q3 '25 Q3 '24 Q3 '25 Q3 '24 Q3 '25 Q3 '24 Q3 '25 Gold Silver Copper Other Gold Silver Copper * LBMA PM fixing p
Slide 8: Q3 2025 Financial Results
Q3 2025 Financial Results • $252.1M revenue • $10.2M G&A • $32.9M DD&A, or $451/GEO2 • $12.8M acquisition related costs • $8.6M interest and other expense • $28.7M tax expense • 17.9% effective tax rate • $126.8M net income, or $1.92/share • $136.2M net income, or $2.06/share, adjusted1 to exclude:
Slide 9: September 30, 2025 Liquidity
September 30, 2025 Liquidity • $775M debt and approximately $813M of liquidity available at September 30, 2025: September 30, 2025 Amount (US$ M) Undrawn revolving credit facility 625 Working capital 188 Total available liquidity $813 • Additional borrowing and liquidity: • $450M draw on revolving c
Slide 10: Endnotes
Endnotes 1. Adjusted net income and adjusted net income per share are non-GAAP financial measures. See Schedule A to the accompanying press release dated November 5, 2025, for more information. 2. Gold Equivalent Ounces (“GEOs”) are calculated as reported revenue (in total or by reportable segment)
Slide 11: Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com