Core Insights - Royal Gold, Inc. (RGLD) reported a sales update for Q3 2025, with 48,000 gold equivalent ounces (GEOs) sold, an increase from 40,600 GEOs in Q2 2025 but a decrease from 53,800 GEOs in Q3 2024 [1] - The average realized prices for gold, silver, and copper increased in Q3 2025 compared to Q2 2025, with gold at $3,415 per ounce, silver at $37.90 per ounce, and copper at $9,660 per ton [2][3] - The cost of sales for RGLD was $653 per GEO in Q3 2025, up from $596 in the previous quarter [3] Revenue Performance - In Q2 2025, Royal Gold achieved record revenues of $210 million, a 20.4% year-over-year increase, primarily driven by higher metal prices and production from Peñasquito and Manh Choh [4] - Stream revenues were $133 million and royalty revenues were $77 million in Q2 2025, with stream revenues increasing by 8.3% year-over-year and royalty revenues improving by 49.7% [5] - The consensus estimate for RGLD's Q3 earnings is $2.19, up from $1.47 in Q3 2024, indicating a positive outlook despite lower sales compared to the prior year [6][8] Stock Performance - Over the past year, RGLD's shares have increased by 36.9%, while the industry has seen a growth of 86.6% [7]

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)

DENVER--(BUSINESS WIRE)--Royal Gold Provides Update on Q3 2025 Stream Segment Sales and Details for Release of Q3 2025 Results. ...

Core Viewpoint - Crescat Capital warns that "speculative complacency" has led to inflated valuations of top technology stocks, surpassing levels seen during the 2000 dot-com bubble [1][2] Valuation Disparity - The enterprise value of the top 10 U.S. mega-cap stocks is now 76.8% of GDP, which is 270% higher than the 28.4% peak during the dot-com era [2] - Crescat's Chief Investment Officer emphasizes that investing in tech-dominated index funds at current valuations disregards fundamental market principles [2] Investment Strategy - Crescat advocates for a "great rotation" from overvalued AI-driven stocks to gold miners, which are seen as offering better growth potential at lower valuations [1][3] - The median earnings per share (EPS) growth for major gold producers is 129.4%, compared to 23.9% for the "Magnificent 9" AI stocks, with gold miners having a median price-to-earnings (P/E) ratio of 16.2 versus 38.2 for tech stocks [3] Market Signals - The report highlights weakening internal market signals, including a bearish divergence in the Dow Jones Transportation Index and declining market breadth, indicating that a few mega-cap stocks are propping up major indices while the broader market weakens [5] Performance of Gold Miners - A list of gold miners shows significant year-to-date and one-year performance, with companies like Harmony Gold Mining Company Ltd. and Perpetua Resources Corp. showing YTD performances of 115.45% and 133.39% respectively [7] - Gold miner ETFs also demonstrate strong performance, with the VanEck Gold Miners ETF up 114.43% year-to-date [8]

Core Viewpoint - Horizon Copper Corp. has successfully obtained approval from its securityholders for a plan of arrangement with Royal Gold, Inc., which will lead to the acquisition of all issued and outstanding shares of Horizon Copper, excluding those held by Sandstorm Gold Ltd. [1][2] Group 1: Voting Results - Over 80% of the Company's issued common shares were represented at the Special Meeting held on October 9, 2025 [1] - The Arrangement was approved by 99.13% of votes cast by all shareholders present [2] - Votes cast by shareholders and warrantholders as a single class showed 99.36% approval, while 98.09% of votes from shareholders, excluding Sandstorm, were in favor [2] Group 2: Transaction Details - The completion of the Horizon Transaction is expected on October 20, 2025, pending customary closing conditions, including court approval [3] - Following the Arrangement, the Company plans to delist its shares from the TSX Venture Exchange and cease being a reporting issuer in applicable jurisdictions [3] Group 3: Company Overview - Horizon Copper holds a portfolio of significant copper assets, including a 1.66% net profits interest in the Antamina copper mine and a 30% interest in the copper-gold Hod Maden project [5]

Group 1 - The article discusses potential risks associated with the Transactions involving Royal Gold, Sandstorm, and Horizon, including the possibility of conditions not being satisfied for closing the Transactions [1] - There are concerns regarding adverse reactions or changes in business or employee relationships due to the announcement or completion of the Transactions [1] - The article highlights the risk of litigation related to the Transactions and the diversion of management time on transaction-related issues [1] Group 2 - The timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm, and Horizon are uncertain, with potential failure to realize anticipated benefits and synergies [1] - Changes in capital markets and the ability of the combined company to finance operations as expected are also noted as risks [1] - Fluctuations in the prices of gold, silver, copper, and other metals could impact the financial performance of properties held by Royal Gold, Sandstorm, and Horizon [1] Group 3 - The article mentions operational risks including variations between actual and forecasted performance, labor disputes, and supply chain disruptions [1] - Environmental risks, including those related to climate change, and potential cyber-attacks are highlighted as significant concerns [1] - The impact of health epidemics and pandemics, as well as changes in laws or regulations governing the companies, are also discussed [1]

Financial Data and Key Metrics Changes - The proposal to approve the issuance of shares of Royal Gold common stock to Sandstorm shareholders and option holders has been duly approved, indicating a positive shift in shareholder support and potential capital structure changes [3][4]. Business Line Data and Key Metrics Changes - No specific business line data or key metrics changes were discussed in the provided content. Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed in the provided content. Company Strategy and Development Direction and Industry Competition - The approval of the stock issuance proposal suggests a strategic move to enhance the company's capital position and potentially expand its market presence through the Sandstorm arrangement [3][4]. Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook in the provided content. Other Important Information - The special meeting of stockholders was conducted to address two proposals, with the first being the approval of stock issuance related to the Sandstorm arrangement [3]. - The meeting concluded with the announcement that the adjournment proposal would not be considered due to the approval of the stock issuance [4]. Q&A Session All Questions and Answers - No Q&A session was included in the provided content.

Financial Data and Key Metrics Changes - The proposal to approve the issuance of shares of Royal Gold common stock to Sandstorm shareholders and option holders has been duly approved, indicating a positive shift in shareholder support and potential capital structure changes [3][4] Business Line Data and Key Metrics Changes - No specific business line data or key metrics changes were discussed in the provided content Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed in the provided content Company Strategy and Development Direction and Industry Competition - The approval of the stock issuance proposal suggests a strategic move to enhance the company's capital position and potentially expand its market presence through the Sandstorm arrangement [3][4] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook in the provided content Other Important Information - The meeting concluded with the announcement that final results would be reported within four business days on a Form 8-K filed with the Securities and Exchange Commission, ensuring transparency and compliance with regulatory requirements [4] Q&A Session All Questions and Answers - No Q&A session content was provided in the documents