Royal Gold, Inc. (RGLD) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone, and thank you for joining us on today's full Royal Gold 2025 full year and fourth quarter conference call. During today's call, we will have a Q&A session. If you would like to ask a question during that time, please press star followed by one on your telephone keypad. And to withdraw your question, it's star followed by two. With that, it's my pleasure to hand over to Alistair Baker to begin. Please go ahead when you're ready. Thank you, operator. Good morning and welcome to our discussion of Royal Gold's fourth quarter and year-end 2025 results. This event is being webcast live and a replay of this call will be available on our website. Speaking on the call today are Bill Heisenbuttel, President and CEO, Paul Libner, Senior Vice President and CFO, and Martin Ratfield, Senior Vice President of Operations. Other members of the management team are also available for questions. During today's call, we will make forward-looking statements, including statements about our projections and expectations for the future. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties are discussed in yesterday's press release and our filings with the SEC. We will also refer to certain non-GAAP financial measures, including adjusted net income, adjusted net income per share, adjusted EBITDA, and cash G&A. Reconciliations of these measures to the most directly comparable GAAP measures are available in yesterday's press release, which can be found at our website. Bill will start with an overview of 2025 performance, Martin will provide portfolio commentary, and Paul will give a financial update on the quarter. After the formal remarks, we'll open the lines for a Q&A ...