RGLD · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Royal Gold

23 named things its latest annual report says its results depend on, each in the company's own words. 10 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Other companies

Revolving credit facility

depends on · $0.9 billion outstanding and $0.5 billion availablenamed as a risk

As of December 31, 2025, we had $0.9 billion outstanding and $0.5 billion available under our revolving credit facility.Risk factors (Item 1A)

Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more

Sandstorm Gold Ltd.

$4.148 billionnamed as a risk

We acquired all the issued and outstanding common shares of Sandstorm Gold Ltd. and Horizon Copper Corp for $4.148 billion.Business (Item 1)

Horizon Copper Corp

$4.148 billionnamed as a risk

We acquired all the issued and outstanding common shares of Sandstorm Gold Ltd. and Horizon Copper Corp for $4.148 billion.Business (Item 1)

Places

Outside United States

concentrated in · Approximately 85% of our revenuenamed as a risk

Approximately 85% of our revenue for the year ended December 31, 2025 came from properties outside of the United States, and many of the operators of such properties are organized outside of the United States.Risk factors (Item 1A)

Also named by EXTR, RHI, SON, TPR

Mount Milligan mine

concentrated in · 22%named as a risk

Approximately 53% of our revenue for the year ended December 31, 2025, came from five properties: Mount Milligan (22%), Pueblo Viejo (13%), Cortez (7%), Andacollo (8%) and Kansanshi (3%).Risk factors (Item 1A)

Pueblo Viejo mine

concentrated in · 13%named as a risk

Andacollo mine

concentrated in · 8%named as a risk

Cortez mine

concentrated in · 7%named as a risk

Kansanshi mine

concentrated in · $1.0 billionnamed as a risk

We made an advance payment of $1.0 billion for a gold stream on the Kansanshi copper-gold mine in the North Western Province of Zambia.Business (Item 1)

Hod Maden project

operates in · 30%named as a risk

We hold a 30% non-operating equity interest in the entity which owns the Hod Maden project located in Türkiye.Risk factors (Item 1A)

North America

earns from · $440,738

North America $ 440,738 $ 85,608 $ — $ 54,280 $ 300,850Business (Item 1)

Also named by ALSN, AOS, BMI, CAG, CAT, CHRW, CLS, CPB and 19 more

Warintza project

operates in · $200.0 million

We acquired a gold stream and net smelter return royalty for total cash consideration of $200.0 million on the Warintza project located in Southeastern Ecuador.Business (Item 1)

Canada

operates innamed as a risk

Our principal production stage stream and royalty interests on properties outside of the United States are located in Canada, the Dominican Republic, Chile and Zambia.Risk factors (Item 1A)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Chile

operates innamed as a risk

Our principal production stage stream and royalty interests on properties outside of the United States are located in Canada, the Dominican Republic, Chile and Zambia.Risk factors (Item 1A)

Also named by AES, ALB, FCX, MET

Dominican Republic

operates innamed as a risk

Our principal production stage stream and royalty interests on properties outside of the United States are located in Canada, the Dominican Republic, Chile and Zambia.Risk factors (Item 1A)

Also named by AES, FCFS, SEB

Zambia

operates innamed as a risk

Our principal production stage stream and royalty interests on properties outside of the United States are located in Canada, the Dominican Republic, Chile and Zambia.Risk factors (Item 1A)

Commodities and inputs

Copper

exposed to its price · 7% from coppernamed as a risk

During the year ended December 31, 2025, we derived approximately 90% of our revenue from precious metals (including 78% from gold and 12% from silver), 7% from copper, and 3% from other minerals.Business (Item 1)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Gold

exposed to its price · 78% from goldnamed as a risk

Also named by AMKR, APH, BLK, CDE, DC, EZPW, FCFS, FCX and 10 more

Silver

exposed to its price · 12% from silvernamed as a risk

Also named by CDE, DC, EZPW, HL, LECO, LFUS, LULU, NEM and 2 more

LBMA Price

exposed to its price · $3,432 per ounce

During the year ended December 31, 2025, we reported revenue of $1.0 billion, with an average gold price for the period of $3,432 per ounce (based on the LBMA Price), an average silver price of $40.03 per ounce (based on the LBMA Price), and an average copper price of $4.51 per pound (based on the LME Price).Market risk (Item 7A)

Laws and programs

Pueblo Viejo silver stream delivery deferral

approximately 2.471 million ouncesnamed as a risk

For example, silver sales pursuant to our stream interest at Pueblo Viejo are subject to a delivery deferral mechanism pursuant to which approximately 2.471 million ounces have been deferred as of December 31, 2025.Risk factors (Item 1A)

U.S. Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

We are subject to the U.S. Foreign Corrupt Practices Act (the “FCPA”) and other anti-corruption laws that prohibit improper payments or offers of payments to third parties, including foreign governments and their officials, for the purpose of obtaining or retaining business.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

SEC S-K 1300

subject tonamed as a risk

In addition, because of our limited access to and information regarding the properties in which we hold stream and royalty interests, qualified persons acting on behalf of the Company are not able to arrive at sufficient findings and conclusions, or prepare adequate supporting documentation, for us to disclose mineral resources or mineral reserves under S-K 1300 in our SEC filings.Risk factors (Item 1A)