Royal Gold's Q2 Stream Segment Sales Volume Slips 5% Sequentially

Core Insights - Royal Gold, Inc. (RGLD) reported a decrease in gold equivalent ounces (GEOs) sold in Q2 2025, totaling 40,600 GEOs, down from 42,800 GEOs in Q1 2025 and 52,600 GEOs in Q2 2024 [1][8] - The average realized prices for gold and silver increased in Q2 2025, while copper prices experienced a slight decline [2][8] - The company is expected to see a year-over-year increase in revenues due to higher metal prices, despite lower sales volumes [4][6] Sales and Production - In Q2 2025, RGLD sold 40,600 GEOs, which included 32,200 ounces of gold, 578,700 ounces of silver, and 1,100 tons of copper [1] - The cost of sales per GEO increased to $596 in Q2 2025 from $573 in Q1 2025 [3][8] - The company ended the quarter with 12,700 ounces of gold and 341,000 ounces of silver in inventory [2] Price Performance - The average realized price of gold rose to $3,248 per ounce in Q2 2025 from $2,842 per ounce in Q1 2025, while silver prices increased to $32.91 per ounce from $31.30 [2][3] - Average realized copper prices decreased by 1% to $9,210 per ton in Q2 2025 [2] Financial Performance - RGLD's revenues for Q2 2025 are projected to reflect a 29.6% year-over-year increase, driven by higher average metal prices and increased production from certain mines [6] - The Zacks Consensus Estimate for RGLD's Q2 earnings is $1.70, up from $1.25 in Q2 2024 [4][5] - The company reported adjusted earnings per share of $1.51 in Q1 2025, marking a 66% year-over-year improvement [5] Stock Performance - Over the past year, RGLD's shares have increased by 23.4%, while the industry has seen a growth of 49.4% [7]