Royal Gold acquires royalty and streaming interests and finances mine development/exploration in exchange for those interests, across gold, silver, copper, and a range of other metals. Following a wave of transformative 2025 acquisitions, Royal Gold reported record Q1 2026 revenue, operating cash flow, and earnings, added a $600M accordion feature to its credit facility (lifting potential commitments to $2.0B), and has actively been repaying debt while rebuilding liquidity -- 2026 guidance points to a 17% five-year growth outlook. The company increased its annual dividend for the 25th consecutive year. Because it has no operating mines, this record's operating fields (digSiteType, construction milestones, per-project economics) do not apply in the normal operator sense.
Your Rankings
Royal Gold, Inc. does not operate mines, so it has no technical study of its own. What it holds instead is a book of royalty and stream interests in other companies' assets -- the portfolio below. Only figures the company has actually disclosed are shown; nothing here is estimated.
| Asset | Commodity | Interest | Rate / price |
|---|---|---|---|
Andacollo Compañía Minera Teck Carmen de Andacollo (Teck Resources, 90%-owned subsidiary) · Chile Gold stream (dominant recorded commodity GOLD; underlying mine is primarily a copper producer). 100% of payable gold delivered until 900,000oz cumulative, then 50% thereafter -- ratePct recorded at the current (pre-threshold) step; cumulative delivered-to-date not confirmed, so it is not stated whether the step-down has occurred yet. | Gold | Stream | 100% |
Cortez Barrick Mining Corporation · United States Royalty on Barrick's Cortez complex, Nevada -- a composite of multiple zone-specific rates, not a single flat rate: Legacy Zone ~9.0% GSR, CC Zone ~1.6%, Goldrush SE ~2.3%, Robertson ~2.6%; 2026 blended-average guidance is 3.5-4.0%. ratePct left null rather than picking one zone's rate or the guided blended range as a false single point. | Gold | Royalty GSR (Gross Smelter Return), multi-zone | — |
Kansanshi First Quantum Minerals · Zambia Gold royalty (dominant recorded commodity GOLD -- RGLD's interest is specifically on gold by-product; the underlying Kansanshi mine is a copper operation). 26,000-31,000oz attributable gold guided for 2026 (a guidance range, not a disclosed actual, so not written to any numeric field). Exact royalty rate not found. | Gold | Royalty | — |
Mount Milligan Centerra Gold Inc. · Canada 35% payable gold stream (dominant commodity recorded as GOLD) plus a distinct 18.75% payable copper stream, both on Centerra's Mount Milligan mine, British Columbia, Canada -- multi-commodity deal, copper leg noted here rather than given its own row. | Gold | Stream | 35%$435.00USD per oz gold (lesser of $435/oz fixed price or spot); separate copper stream at 18.75% payable, priced at 15% of spot copper |
Pueblo Viejo Barrick Mining Corporation / Newmont Corporation (joint venture) · Dominican Republic Gold stream, Barrick-Newmont JV. Payable percentage steps down from 7.5% to 3.75% after 990,000oz cumulative delivered -- ratePct recorded at the current (pre-threshold) step; cumulative delivered-to-date not confirmed. | Gold | Stream | 7.5% |
Khoemacau MMG Limited · Botswana Silver stream on MMG's Khoemacau copper-silver mine (Kalahari Copper Belt), Botswana. 100% of payable silver until 40,000,000oz cumulative delivered, then 50% thereafter, ongoing price = 20% of spot silver. 2026 guided attributable production 1.45-1.55Moz silver (a guidance range, not written to a numeric field). ratePct recorded at the current (pre-threshold) step. | Silver | Stream | 100%20% of spot silver price per oz delivered (payable percentage of production, not a fixed $/oz) |
Management Team
President and Chief Executive Officer of Royal Gold, Inc. since Jan 2020 (CFO & VP Strategy 2018-2020; VP Corporate Development 2007-2018; various earlier Royal Gold roles since 2006). Before Royal Gold, 36+ years in corporate/mining finance: Senior Vice President, N M Rothschild & Sons (Denver) Inc. (1999-2006); Vice President then Group Vice President, ABN AMRO Bank N.V. (1994-1999); Senior Credit Analyst and Associate, Chemical Bank/Manufacturers Hanover Trust Company (1987-1994). MBA, University of Chicago; BA, Northwestern.
Senior Vice President and Chief Financial Officer of Royal Gold, Inc. since Mar 2024 (CFO & Treasurer 2020-2024; Controller & Treasurer 2018-2020; Controller 2004-2018) -- his entire substantive career has been built inside Royal Gold since roughly 2004. Before Royal Gold, began his career in audit and business advisory services at Ernst & Young. Bachelor of Science and Master of Accountancy, University of Denver.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Task #172 smartMoneyScore pilot (rubric: playbook §7.6). DELIBERATELY NOT SCORED -- above the US$5B applicability gate (marketCapUsd ~$17.97B). RGLD is the worked example that motivated the gate, so the reasoning is recorded here in full rather than as a bare 'too big'. Scored mechanically it would land at the floor: institutionalOwnershipPct is 86.6%, but the entire 20-name register is passive or mainstream-generalist -- Capital World Investors 12.41%, BlackRock 12.36%, Vanguard Portfolio Management 4.85%, Vanguard Capital Management 4.44%, State Street 4.25%, American Funds American Balanced 4.08%, Van Eck Associates 3.78%, iShares Core S&P Mid-Cap 3.30%, Vanguard Total Stock Mkt Idx 3.18%, VanEck GDX 2.65%, Geode 2.04%, several further American Funds/Capital Group vehicles and BGF World Gold. Pillar B = 0. No strategic holder, so A = 0. Three insider sells and zero buys in 12 months, so C = -1. Total clamps to 1. A 1 would be actively misleading. For an S&P MidCap / GDX constituent of this size, index and mainstream-mutual-fund money mechanically dominates the register, and the ABSENCE of a visible specialist bet carries no information about the company -- a specialist taking a 10% position in a US$18B royalty major is not a thing that happens, so failing to observe it is not a finding. Emitting 1 would encode a category error as a judgment. Recording RESEARCHED_UNKNOWN with smartMoneyScore left null instead, consistent with playbook §6.4 ('left null with that reason recorded') and with the §4/#291 distinction between 'we checked and could not conclude' and 'nobody has ever looked'. The miner detail page already renders null gracefully. Source: RGLD institutional-ownership register https://fintel.io/so/us/rgld ; existing MinerHolder + InsiderTransaction rows on this miner. PILLARS: GATED: marketCapUsd ~$17.97B >= $5.0B applicability threshold
No notable insiders tracked for this miner yet.