While CNBC’s ‘Mad Money’ host Jim Cramer told investors to “sell gold,” labeling it a “total spec/meme Bitcoin replacement,” Crescat Capital’s Otavio Costa contends that despite a significant reversal pushing gold near $4,000 per ounce, the precious metal’s bull run is far from over, primarily citing a historically high gold-to-silver ratio.Check out GLD's ETF details here.‘History Of Gold Cycles’ Shows Third Major Bull Run UnderwayIn a recent X post, Costa presented a chart detailing “The History of Gold C ...

Core Insights - Royal Gold, Inc. is a prominent player in the gold streaming and royalty sector, focusing on acquiring and managing precious metal streams and royalties, which allows for steady income without direct mining risks [1] - The company has received an upgrade from Raymond James, with a new price target set at $257, reflecting a positive outlook on its stock performance [2] Acquisitions - The Supreme Court of British Columbia approved a $3.5 billion all-stock acquisition of Sandstorm Gold and a $196 million cash purchase of Horizon Copper, which are significant for expanding Royal Gold's precious metal portfolio [3] - The acquisition of Sandstorm Gold involves exchanging 0.0625 Royal Gold shares for each Sandstorm share, amounting to $3.5 billion in equity value [3] Growth Potential - The recent acquisitions will introduce 40 producing assets into Royal Gold's portfolio, with an anticipated 26% increase in gold equivalent output by 2025, enhancing its gold exposure [4] - These strategic moves position Royal Gold as a leading growth entity in the gold streaming and royalty sector, aiming to strengthen its market presence [4]

Key Takeaways Royal Gold's deals with Sandstorm and Horizon received final approval from the B.C. Supreme Court.RGLD will acquire Sandstorm in an all-stock deal valued at $3.5B and Horizon for $196M in cash.The deals add 40 producing assets, lifting the 2025 GEO output 26% and deepening gold exposure.Royal Gold, Inc.'s (RGLD) acquisition of Sandstorm Gold Ltd. (SAND) and Horizon Copper Corp. received approval from the Supreme Court of British Columbia. This was the final order necessary to complete the deal ...

Core Points - Horizon Copper Corp. has completed a plan of arrangement with Royal Gold, Inc. and its subsidiary, AcquireCo, resulting in Royal Gold acquiring all issued and outstanding Horizon shares and warrants [1][2] - Shareholders will receive C$2.00 for each Horizon Share held, while Warrantholders will receive C$2.00 minus the applicable exercise price for each underlying share [2] - Horizon Shares are expected to be delisted from the TSX Venture Exchange effective October 21, 2025, and the company will apply to cease being a reporting issuer [3] Arrangement Details - The Arrangement involves Royal Gold acquiring Horizon's shares and warrants, with specific consideration outlined for both Shareholders and Warrantholders [1][2] - Shareholders and Warrantholders are advised to review the Circular for procedures on receiving their Consideration [4][5] - Registered Shareholders and Warrantholders must submit necessary documentation to Computershare Investor Services Inc. for processing [5][6] Additional Information - The company is addressing potential delays due to the ongoing Canada Post strike, advising Shareholders and Warrantholders to use courier services for documentation submission [6] - For inquiries regarding the procedures for receiving Consideration, Shareholders and Warrantholders can contact Computershare Investor Services Inc. [7]

Summary of North American Metals & Mining Conference Call Industry Overview - **Industry**: North American Precious Metals - **Key Commodities**: Gold and Silver Core Insights and Arguments 1. **Price Forecasts**: - Gold is projected to reach **$5,000/oz** and silver to **$65/oz** in the next 12-18 months, with 2026 average forecasts for gold raised by **18%** to **$4,329/oz** and silver by **29%** to **$54.88/oz** [1][10][11] - Investment demand for gold is expected to increase by **14%** in 2026, similar to the current year [2] 2. **Market Dynamics**: - Key conditions supporting gold price strength include: - US structural deficit - Inflationary pressures from deglobalization - Threats to the independence of the US central bank - Ongoing global geopolitical tensions [1] 3. **Investment Trends**: - ETF purchases of gold surged by **880% YoY** in September, reaching an all-time high of **$14 billion** [2] - Total physical and paper gold investment has nearly doubled, exceeding **5%** of global equity and fixed income markets [2] 4. **Risks to Monitor**: - Supreme Court ruling on President Trump's tariffs - Potential hawkish pivot from the Federal Reserve if economic data improves - Outcomes of the US mid-term elections affecting economic policy implementation [2] Company-Specific Updates 1. **Net Asset Value (NAV) and Price Objectives (PO)**: - NAV estimates for North American Precious Metals coverage increased by **10%**, with average POs raised by **16%** [3][19] - IAMGOLD (IAG) saw the largest PO increase of **49%** to **$16.75** per share, reflecting improved jurisdictional risk [3][15] - SSR Mining (SSRM) PO raised by **41%** to **$18.00** per share, despite an Underperform rating due to uncertainties regarding Çöpler mine [3][15] 2. **Top Picks**: - Agnico Eagle Mines (AEM) is highlighted as the top pick due to its strong track record and growth projects [4] - Pan American Silver (PAAS) is favored for balanced exposure to silver and gold [4] 3. **EBITDA Revisions**: - Average EBITDA estimates for 2026 and 2027 increased by **25%** and **18%**, respectively, driven by revised commodity price forecasts [20] 4. **Valuation Multiples**: - Target multiples for IAMGOLD and SSR Mining adjusted to **1.60x** and **1.00x**, respectively, reflecting improved performance and market conditions [15][16] Additional Important Information - The report indicates potential conflicts of interest due to BofA Securities' business relationships with covered issuers [6] - The document includes various disclosures and certifications relevant to the research [5][6] This summary encapsulates the key points from the conference call, focusing on industry trends, company-specific updates, and potential investment opportunities and risks.

Core Viewpoint - Horizon Copper Corp. has received final approval from the Supreme Court of British Columbia for its arrangement with Royal Gold, Inc., which will result in Royal Gold acquiring all outstanding shares and warrants of Horizon Copper [1][2]. Group 1: Transaction Details - The Horizon Transaction will see Horizon shareholders receive C$2.00 for each share held and C$2.00 minus the applicable exercise price for each warrant held [1]. - The completion of the Horizon Transaction is expected on October 20, 2025, pending customary closing conditions [2]. - Following the transaction, Horizon shares will be delisted from the TSX Venture Exchange, and the company will apply to cease being a reporting issuer [2]. Group 2: Company Overview - Horizon Copper holds significant copper assets, including a 1.66% net profits interest in the Antamina copper mine, a 24% equity ownership in Entrée Resources Ltd. related to the Oyu Tolgoi copper mine, and a 30% interest in the Hod Maden project [4].

Key Takeaways Royal Gold sold 48,000 GEOs in Q3 2025, up 18% from the prior quarter.Average realized gold, silver and copper prices rose sequentially in Q3.The Zacks Consensus Estimate projects Q3 EPS of $2.19, up from $1.47 a year earlier.Royal Gold, Inc. (RGLD) issued a stream segment sales update for third-quarter 2025. In the quarter, RGLD Gold AG — the fully owned subsidiary of Royal Gold — sold 48,000 gold equivalent ounces (GEOs), comprising 38,600 ounces of gold, 594,500 ounces of silver and 1,200 t ...

Core Insights - Royal Gold, Inc. has received shareholder approval for its acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp. [1][3] - The acquisitions are expected to close on October 20, pending the satisfaction or waiver of all closing conditions [3]. Group 1: Company Overview - Royal Gold, Inc. is recognized as a leading precious metals streaming and royalty company with a diversified portfolio in attractive mines [4]. - Sandstorm Gold Ltd. is focused on precious metals royalties, while Horizon Copper Corp. holds a strong portfolio of copper assets [3]. Group 2: Acquisition Details - The special meeting of Royal Gold's stockholders resulted in the approval for the issuance of common stock to facilitate the acquisition of Sandstorm Gold Ltd. [1][3]. - Security holders of both Sandstorm Gold and Horizon Copper have agreed to their respective acquisitions by Royal Gold [2].

Core Viewpoint - The article compares Eldorado Gold Corporation (EGO) and Royal Gold (RGLD) to determine which stock is more attractive to value investors [1] Group 1: Zacks Rank and Earnings Outlook - Eldorado Gold Corporation has a Zacks Rank of 2 (Buy), indicating a stronger earnings outlook compared to Royal Gold, which has a Zacks Rank of 4 (Sell) [3] - EGO is likely to have seen a stronger improvement in its earnings outlook than RGLD recently [3] Group 2: Valuation Metrics - EGO has a forward P/E ratio of 16.28, while RGLD has a forward P/E of 26.22, suggesting EGO is more attractively priced [5] - EGO's PEG ratio is 0.44, indicating a favorable valuation relative to its expected earnings growth, whereas RGLD's PEG ratio is 1.58 [5] - EGO's P/B ratio is 1.43, compared to RGLD's P/B of 3.96, further highlighting EGO's relative undervaluation [6] Group 3: Value Grades - Based on various valuation metrics, EGO holds a Value grade of B, while RGLD has a Value grade of D, indicating EGO is the better option for value investors [6]

[General Filing Information](index=1&type=section&id=General%20Filing%20Information) This section provides essential details regarding the registrant, filing date, and contact information for the Form 8-K report [Registrant and Filing Particulars](index=1&type=section&id=Registrant%20and%20Filing%20Particulars) Details the registrant's identity, filing date, and contact information for the Form 8-K report - Registrant: **Royal Gold, Inc.**[1](index=1&type=chunk) - Date of Report (earliest event reported): **October 14, 2025**[1](index=1&type=chunk) - Principal Executive Offices: **1144 15th Street, Suite 2500, Denver, CO 80202**[1](index=1&type=chunk) [Securities Registration Details](index=1&type=section&id=Securities%20Registration%20Details) The company's common stock is registered on the Nasdaq Global Select Market under the trading symbol RGLD | Title of each class | Trading Symbol | Name of each exchange on which registered | | :--- | :--- | :--- | | Common Stock, $0.01 par value | RGLD | Nasdaq Global Select Market | - The registrant is **not an emerging growth company**[3](index=3&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This item reports on the company's financial condition and results of operations, specifically regarding stream sales [Stream Sales Press Release](index=2&type=section&id=Stream%20Sales%20Press%20Release) Royal Gold, Inc. issued a press release on October 14, 2025, providing information on stream sales for the quarter ended September 30, 2025 - Royal Gold, Inc. issued a press release on **October 14, 2025**[4](index=4&type=chunk) - The press release contains information regarding stream sales for the quarter ended **September 30, 2025**[4](index=4&type=chunk) - The information furnished under Item 2.02, including Exhibit 99.1, is **not deemed 'filed'** for purposes of Section 18 of the Securities Exchange Act of 1934[5](index=5&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This item lists all financial statements and exhibits accompanying the Form 8-K filing [Exhibits List](index=2&type=section&id=Exhibits%20List) This section lists the exhibits accompanying the Form 8-K filing, including the press release and interactive data file | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release dated October 14, 2025 | | 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | [SIGNATURES](index=3&type=section&id=SIGNATURES) This section confirms the official authorization and signatory details for the Form 8-K filing [Authorization and Signatory](index=3&type=section&id=Authorization%20and%20Signatory) The report was duly signed on behalf of Royal Gold, Inc. by an authorized representative on October 14, 2025 - The report was signed on behalf of Royal Gold, Inc. pursuant to the requirements of the Securities Exchange Act of 1934[8](index=8&type=chunk)[9](index=9&type=chunk) - Signatory: **David R. Crandall, Vice President, Corporate Secretary and Chief Compliance Officer**[10](index=10&type=chunk) - Date of Signature: **October 14, 2025**[10](index=10&type=chunk)