Summary of Royal Gold's 2026 Investor Day Company Overview - **Company**: Royal Gold - **Event**: 2026 Investor Day - **Key Participants**: Senior management team including CEO Bill Heissenbuttel, SVP of Strategy Jason Heins, and CFO Paul Libner [1][2][3][4] Core Themes 1. **Execution of a Consistent Strategy**: Royal Gold focuses on providing exposure to precious metals, particularly gold, through passive investments in mining properties [2][9]. 2. **Diversified Portfolio**: The company holds a large and well-diversified portfolio of assets, which is expected to drive growth [2][28]. 3. **Growth Opportunities**: Royal Gold sees growth embedded within its portfolio and through external acquisitions [2][28]. Financial Highlights - **Acquisitions in 2025**: Royal Gold completed over $5 billion in transactions, enhancing its scale and growth outlook [27][28]. - **Market Cap Context**: The acquisitions were significant relative to the mid-2025 market cap of approximately $12 billion [27]. - **Revenue Growth**: The company expects a 17% revenue growth from 2026 through the next five years, driven by new and expanding assets [56]. Key Assets and Developments - **Kansanshi Mine**: A significant asset expected to contribute to revenue in 2026 [53]. - **Sandstorm-Horizon Interest**: This acquisition is anticipated to add depth and longevity to the portfolio [53]. - **Cortez Complex**: Royal Gold has full royalty coverage across this complex, which is expected to evolve with new deposits coming online [62][63]. - **Four Mile Deposit**: Described as one of the most significant gold discoveries, with potential production of 600-750,000 ounces per year over 25 years [63][64]. Operational Insights - **High Margin Business**: The adjusted EBITDA margin is around 95% of net revenue, indicating a strong operational efficiency [21]. - **Diversification**: Royal Gold has 80 producing assets, significantly reducing concentration risk compared to peers [20][42]. - **Organic Growth Potential**: The company has over 250 exploration and evaluation stage assets, providing optionality and diversification [37][38]. Market Position and Valuation - **Valuation Discrepancy**: There is a disconnect between Royal Gold's forward-looking cash flow multiples and those of its peers, despite a higher quality and diversified portfolio [49]. - **Dividend History**: Royal Gold has a 25-year history of annual dividend increases, positioning it as a reliable investment for income [12][25]. Future Outlook - **Five-Year Guidance**: The company provided a long-term outlook, emphasizing confidence in its portfolio and operator capabilities [56][58]. - **Pipeline of Projects**: Significant projects like La India, Robertson, and Hod Maden are expected to contribute to future growth [56][57]. Conclusion Royal Gold's 2026 Investor Day highlighted the company's strategic focus on precious metals, a diversified asset portfolio, and strong growth potential through acquisitions and organic developments. The management team expressed confidence in the company's ability to deliver value to shareholders through disciplined capital allocation and a commitment to increasing dividends.

Core Insights - Silver mining stocks have increased by 124% over the past year, while platinum has risen by 89% and palladium has recovered by 48% after significant declines [4] - All three commodities are currently experiencing a pullback amid heightened volatility, with the VIX index rising approximately 37% over the past month [4] Group 1: ETF Performance - GraniteShares Platinum Trust (PLTM) holds physical platinum bullion and has gained 89% over the past year but is down 9% year-to-date, with a 14% decline in the past month [6][7] - iShares MSCI Global Silver and Metals Miners ETF (SLVP) returned 124% annually but fell 24% in the past month due to company-specific risks [10][14] - abrdn Palladium ETF Trust (PALL) has recovered 48% over the past year after a five-year decline of 48%, but is down about 11% year-to-date and nearly 19% in the past month [15][19] Group 2: Investment Characteristics - PLTM offers direct exposure to platinum without operational risks, but lacks an operational buffer against price fluctuations [9][21] - SLVP provides leverage through mining equities, amplifying both gains and losses, with a one-year return of 124% and a five-year return of 133% [13][20] - PALL's demand is primarily industrial, linked to gasoline-powered vehicle production, making it distinct from the other two ETFs [16][21]

Group 1: Silver Market Overview - Silver is categorized as a precious metal, similar to gold, but has extensive industrial applications, with over half of its annual supply consumed by manufacturers in electronics and alloys [1] - The price of silver experienced a significant increase of 144% in 2025, driven by China's new export restrictions, but has since decreased by 28% from its peak price of $121 per ounce [2] - The iShares Silver Trust (NYSEMKT: SLV) is an ETF that tracks silver prices and is a popular alternative to physical silver due to lower associated costs [2] Group 2: Investment Dynamics - Investors typically turn to precious metals during periods of political and economic uncertainty, with gold being the primary choice due to its scarcity compared to silver [6] - The perceived value of precious metals tends to rise as fiat currency value declines, exemplified by the U.S. dollar losing approximately 90% of its purchasing power since 1971 [7] - Current political and economic conditions, including tariffs and substantial fiscal deficits, have led to fears that the U.S. government may devalue the dollar by increasing the money supply [8]

Group 1: Report Investment Rating - No relevant information provided Group 2: Core Viewpoints - On March 10, the main contract of Shanghai gold futures closed up 0.8% to 1150 yuan/gram, and the main contract of Shanghai silver futures closed up 7.11% to 22,758 yuan/kilogram [4][5] - Trump said that the US military action against Iran would end "soon" but not this week, and some sanctions would be lifted to calm international oil prices. This led to sharp fluctuations in crude oil prices, a significant decline from the high, easing inflation concerns, weakening the US dollar index, and boosting the rebound of precious metal prices, especially silver with low inventory [5] - In the short term, factors such as geopolitical games, oil price fluctuations, and stagflation risks will continue to affect the precious metal market, but prices are expected to gradually rise. In the long term, the underlying logic of the precious metal bull market remains solid, and the price center of precious metals still has room to rise. Long - term strategies suggest buying on dips [5] Group 3: Summary by Directory 1. Price Tracking - **内外盘金/银15点价格跟踪**: On March 10, 2026, London gold spot was 5174.54 dollars/ounce, London silver spot was 88.85 dollars/ounce, etc. Compared with March 9, gold prices rose by 1.5% - 1.6%, and silver prices rose by 6.4% - 6.7% [4] - **价差/比价跟踪**: On March 10, 2026, the gold TD - SHFE active price difference was - 4.46 yuan/gram, and the silver TD - SHFE active price difference was - 532 yuan/kilogram. Compared with March 9, the price difference of gold TD - SHFE active price increased by 85.8%, and that of silver increased by 16.4% [4] 2. Position Data - As of March 3, 2026, the gold ETF - SPDR was 1070.71 tons on March 9, down 0.24% from March 6. The non - commercial long position of COMEX gold was 213,752 contracts, up 0.99% [4] 3. Inventory Data - On March 10, 2026, the SHFE gold inventory was 104,934 kilograms, unchanged from March 9. The SHFE silver inventory was 259,178 kilograms, up 2.29% [4] 4. Interest Rate/Exchange Rate/Stock Market - On March 10, 2026, the US dollar/renminbi central parity rate was 6.90, down 0.25% from March 9. The US dollar index was 98.71 on March 9, down 0.24% from March 6 [4]

Core Viewpoint - The article discusses the impact of AI on the job market, highlighting differing opinions from various CEOs and industry experts regarding potential job losses and the future of work, with a focus on the importance of generating passive income as a safeguard against unemployment. Group 1: AI and Job Market Impact - Elon Musk predicts that work will become "optional" in the future due to AI advancements [1] - Dario Amodei, CEO of Anthropic, warns that AI could eliminate half of all entry-level white-collar jobs and push unemployment rates to 20% within the next five years [5] - High-profile layoffs have been reported, including a 40% workforce reduction at Block and 4,000 job cuts at Salesforce due to AI [3][4] Group 2: Perspectives on AI Layoffs - Some CEOs, like Will Ahmed of Whoop, argue that layoffs attributed to AI may be due to companies underperforming rather than true efficiency gains [7] - Experts have suggested that companies are using "AI-washing" as an excuse for layoffs, indicating skepticism about the actual impact of AI on job reductions [8] Group 3: Generating Passive Income - Robert Kiyosaki emphasizes the importance of passive income, advocating for entrepreneurship and real estate investment as a means to achieve financial security [9][10] - Real estate is highlighted as a stable source of passive income, with Kiyosaki owning 15,000 houses for investment purposes [11] - Crowdfunding platforms like Arrived allow everyday investors to participate in real estate with minimal capital, starting at $100 [12] Group 4: Investment in Precious Metals and Bitcoin - Kiyosaki promotes investing in gold and silver as a hedge against economic uncertainty, predicting gold prices could rise significantly [15] - Bitcoin is also mentioned as a volatile but potential investment, with Kiyosaki suggesting it could be a good opportunity during market dips [18][19] Group 5: Financial Management Strategies - The article advises tracking expenses to identify areas for cost reduction, which can help build a financial buffer against potential unemployment [22][23] - It highlights the importance of comparing insurance rates to ensure cost-effectiveness, suggesting that many Americans may be overpaying for coverage [25][26]

Financial Data and Key Metrics Changes - In 2025, Endeavour Silver produced 11 million ounces of silver equivalent metal, a 48% increase compared to 2024 [5] - The company reported record revenue of $468 million, up 115% from 2024, with cost of sales at $385 million and mine operating earnings of $83 million [7] - Cash costs increased to $19 per ounce of payable silver, primarily due to changes in the production profile [7] Business Line Data and Key Metrics Changes - In Q4 2025, Endeavour produced 2 million ounces of silver and 14,000 ounces of gold, totaling just shy of 4 million silver equivalent ounces, representing a 146% increase compared to Q4 2024 [6] - Excluding Coba and Terronera, production increased by 27% compared to the same period last year [6] Market Data and Key Metrics Changes - Silver and gold prices have seen exceptional gains, with gold trading above $5,000 and silver above $90, reflecting ongoing confidence in precious metals [4] - The company is well-positioned to benefit from current silver prices, indicating substantial runway remaining in this cycle [4] Company Strategy and Development Direction - Endeavour Silver's strategic initiatives include the acquisition of Kolpa, achieving commercial production at Terronera, and advancing the Pitarrilla development asset [4][5] - The company plans to invest $68 million in Pitarrilla in 2026, focusing on exploration and technical studies [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of security events in Mexico on operations, emphasizing the safety of employees as a top priority [3] - The company anticipates a substantial reduction in direct operating costs as it transitions to liquefied natural gas in Q2 2026 [8] Other Important Information - As of December 31, 2025, the company's cash position was $215 million, providing financial strength to advance strategic initiatives [10] - The company expects to achieve improved cost efficiency at Kolpa as its plant expands to 2,500 tons per day [11] Q&A Session Summary Question: Can you discuss the mill availability and electrical interruptions at Terronera? - Management confirmed improvements in January and February, with stabilization in throughput and recovery rates [16][17] Question: What is the guidance on grades at Terronera for 2026? - Management indicated a gradual increase in grades throughout the year, with higher grades expected in the second half [24] Question: How will costs at Terronera drop in 2026? - Management expects costs to decrease as one-time expenditures are reduced and operational efficiencies are realized [56][60] Question: What changes in security protocols have been implemented at Terronera? - Management stated that while there will be increased presence around transportation lines, no dramatic changes in security costs are anticipated [65] Question: What is the status of the Bolanitos sale and its accounting impact? - The sale closed on January 15, and an accounting gain is anticipated in Q1 [70] Question: What are the permitting timelines for Pitarrilla? - Management aims for a Q1 2027 permit for the tailings storage facility, with ongoing work on engineering and permitting [84][87]

Company Overview - Triple Flag Precious Metals is a leading precious metals streaming and royalty company headquartered in Toronto, Canada, leveraging a scalable, asset-light model to provide diversified exposure to gold and silver production without the operational risks of traditional mining [5] - The company has a broad portfolio of 78 assets, including 9 streams and 69 royalties, providing significant exposure to the global precious metals sector [5][7] - As of February 12, 2026, the market capitalization of Triple Flag Precious Metals is $7.38 billion, with a revenue of $388.70 million and a net income of $240.00 million [4] Recent Transaction - On February 13, 2026, Global Strategic Management Inc disclosed a new position in Triple Flag Precious Metals by acquiring 323,309 shares for an estimated $10.73 million based on quarterly average pricing [1][2] - This acquisition represents 8.95% of Global Strategic Management Inc's 13F reportable assets under management as of December 31, 2025 [3] Stock Performance - As of February 12, 2026, shares of Triple Flag Precious Metals were priced at $34.60, reflecting a 102.0% increase over the past year, with an alpha of 89.08 percentage points versus the S&P 500 [3] - The stock has advanced by 139% over the last year and is up 24% since January 1, 2026, indicating strong performance correlated to the price of precious metals [9]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the short - term, precious metal prices are expected to enter a range - bound oscillation until there are new changes in tariffs or geopolitical situations. In the long - term, the underlying logic of the precious metal bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies still recommend buying on dips [6]. 3. Summary by Relevant Catalogs 3.1 Market Review - On February 26, the main contract of Shanghai gold futures closed down 0.0% to 1,146.48 yuan/gram, and the main contract of Shanghai silver futures closed up 0.47% to 22,572 yuan/kilogram [5]. 3.2 Factor Analysis - The US Trade Representative said that the "global import tariff" rate imposed by the US on some countries may reach 15%. The short - term uncertainty of US tariff policy still exists, which may continue to support precious metal prices. On the other hand, the number of new infections is lower than expected, and the market's expectation of a rate cut in June is only half, which restricts the short - term upward rhythm of precious metal prices. For silver, the inventory of the Shanghai Futures Exchange remains at a low level, and the inventory in New York continues to decline. The market still worries that the situation may continue in March [6]. 3.3 Market Data 3.3.1 Price Data - **2026/2/26**: London gold spot price was $5,191.47/ounce, London silver spot price was $89.23/ounce, COMEX gold price was $5,207.90/ounce, COMEX silver price was $89.80/ounce, AU2604 was 1,146.48 yuan/gram, AG2604 was 22,572 yuan/kilogram, AU (T + D) was 1,143.78 yuan/gram, and AG (T + D) was 21,730 yuan/kilogram. Compared with February 25, the price changes were 0.0%, - 1.5%, - 0.1%, - 0.7%, - 0.4%, - 2.0%, - 0.3%, - 1.7% respectively [5]. - **Spread/Ratio**: On February 26, the gold ID - SHFE active price difference was - 2.7 yuan/gram, the silver TD - SHFE active price difference was - 842 yuan/kilogram, the gold internal - external price difference (TD - London) was - 11.70 yuan/gram, the silver internal - external price difference (TD - London) was - 631 yuan/kilogram, the SHFE gold - silver ratio was 50.79, the COMEX gold - silver ratio was 58.00, AU2604 - 2602 was 3.62 yuan/gram, and AG2604 - 2602 was - 286 yuan/kilogram. Compared with February 25, the changes were - 26.2%, - 8.9%, 16.9%, 0.8%, 1.6%, 0.7%, 10.4%, 17.7% respectively [5]. 3.3.2 Position Data - **2026/2/25**: The gold ETF - SPDR position was 1,097.62 tons, the silver ETF - SLV position was 16,079.74282 tons, the non - commercial long position of COMEX gold was 213,432 contracts, the non - commercial short position was 53,517 contracts, the non - commercial net long position was 159,915 contracts, the non - commercial long position of COMEX silver was 36,626 contracts, the non - commercial short position was 12,623 contracts, and the non - commercial net long position was 24,003 contracts. Compared with February 24, the changes were 0.31%, - 0.17%, 0.29%, 1.37%, - 0.06%, - 0.09%, - 7.89%, 4.57% respectively [5]. 3.3.3 Inventory Data - **2026/2/26**: SHFE gold inventory was 105,072 kilograms (unchanged from February 25), SHFE silver inventory was 346,369 kilograms (down 2.66% from February 25). COMEX gold inventory on February 25 was 33,627,539 troy ounces (down 0.22% from February 24), and COMEX silver inventory on February 25 was 361,844,401 troy ounces (down 0.59% from February 24) [5]. 3.3.4 Interest Rate/Exchange Rate/Stock Market Data - **2026/2/26**: The US dollar/Chinese yuan central parity rate was 6.92 (down 0.13% from February 25), the US dollar index was 97.66 (down 0.24% from February 25), the 2 - year US Treasury yield was 3.45% (up 0.58% from February 25), the 10 - year US Treasury yield was 4.05% (up 0.25% from February 25), the VIX was 17.93 (down 8.29% from February 25), the S&P 500 was 6,946.13 (up 0.81% from February 25), and NYMEX crude oil was $65.57 (down 0.77% from February 25) [5].

Core Insights - The Shenzhen Shui Bei gold market experienced a surge in consumer interest as it reopened after the Spring Festival, with international gold prices rebounding to over $5,100 per ounce, reflecting a strong demand for gold among consumers [2][6]. Consumer Behavior - On the first working day after the Spring Festival, the Shui Bei market saw a high foot traffic, with daily visitor numbers reaching between 6,000 to 8,000, peaking over 10,000 during the holiday [6]. - Consumers are actively purchasing gold jewelry, with a notable case of a family from Hong Kong buying a 15-gram gold bracelet as a gift, indicating a trend of gifting gold during the festive season [6]. Market Dynamics - Following a price correction of over $400 per ounce from the January peak, pent-up consumer demand was quickly released, sustaining the market's momentum [6]. - The market for gold products, particularly the 1-gram Year of the Horse commemorative gold coins, has been robust, with some items selling out due to high demand [8]. Product Trends - There is a growing interest in K-gold, an alloy of gold with other metals, as consumers seek more cost-effective options, especially among younger buyers [10]. - In contrast, the silver market appears less active, with reports of low customer traffic and challenges in pricing due to previous high inventory costs [10]. Market Outlook - Analysts suggest that the fundamental factors supporting the long-term rise of precious metals remain unchanged, with geopolitical tensions and inflation concerns driving demand for gold as a safe-haven asset [14]. - The outlook for gold and silver prices is optimistic, with expectations of continued strength due to rising global demand, limited supply, and ongoing purchases by central banks [14].

Table of Contents As filed with the Securities and Exchange Commission on February 17, 2026. Registration No. 333-293083 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Paloma Acquisition Corp I (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Em ...