Royal Gold sees 2025 gold sales 290,000-320,000 oz.

Sees silver sales 3M-3.5M oz. Sees copper sales 21M-25M lbs. Sees other metal sales $34M-$38M. The company said, “Sales guidance for 2026 is provided on a sales volume basis to provide transparency and avoid the effect of volatile commodity prices in the conversion of revenue to gold equivalent ounces. Sales volume for stream interests represents physical metal sold, and sales volume for royalty interests represents royalty revenue received divided by the average metal price for the relevant period. Gold, silver and copper are expected to provide the majority of 2026 revenue. We expect the midpoints of our 2026 sales volumes to be 32%, 8% and 40% higher for gold, silver and copper, respectively, than actual sales volumes in 2025. Sales from Other Metals are expected to be relatively minor and the range provided assumes 2026 prices of $7.30/lb for nickel, $1.35/lb for zinc, and $0.91/lb for lead, which are the metals that are expected to provide most of this component of sales. Sales volumes are expected to be split approximately 48%/52% between the first half and second half of 2026. The 2026 sales guidance is determined based on a review of confidential information and production forecasts provided to Royal Gold (RGLD) from certain operating counterparties, and publicly available production forecasts for those interests where Royal Gold does not have rights to receive confidential information. Certain of these third-party forecasts have been adjusted by Royal Gold based on management’s experience.’