Royal Gold, Inc. Q4 2025 Earnings Call Summary

Achieved record revenue of $1 billion and operating cash flow of $705 million, driven by a strong gold price environment and low, stable cash G&A expenses. Transformed the company's scale by acquiring Sandstorm Gold and Horizon Copper, creating the largest and most diversified portfolio of mining assets in the royalty sector. Strengthened the core gold-focused strategy with the acquisition of a gold stream on the long-life Kansanshi mine from First Quantum. Maintained an 82% adjusted EBITDA margin b ...