Overview

• Gold royalty company's Q4 revenue rose but missed analyst expectations

• Company reported record operating cash flow for Q4 2025

Outlook

• Royal Gold expects 2026 gold production at Pueblo Viejo to be 350,000-400,000 ounces

• Company sees 2026 copper production at Kansanshi between 175,000 and 205,000 tonnes

• Royal Gold forecasts 2026 silver production at Khoemacau to be 1.45-1.55 mln ounces

Result Drivers

• HIGHER METAL PRICES - Co reported increased revenue due to higher average prices for gold, silver, and copper

• ACQUISITIONS - Revenue growth in Q4 was supported by contributions from Sandstorm and Horizon acquisitions

• KANSANSHI STREAM - Initial revenue from the Kansanshi gold stream contributed to Q4 results

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Miss	$375.30 mln	$392.11 mln (3 Analysts)
Q4 Adjusted Free Cash Flow		$241.70 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the gold peer group is "buy"

• Wall Street's median 12-month price target for Royal Gold Inc is $285.00, about 2.1% above its February 17 closing price of $279.07

• The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 17 three months ago

Press Release: ID:nBw1wk3YFa

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