Recent Insider Transactions • May 14
Senior VP & General Counsel recently sold €207k worth of stock On the 11th of May, Randy Shefman sold around 1k shares on-market at roughly €207 per share. This transaction amounted to 9.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €981k. Insiders have been net sellers, collectively disposing of €2.3m more than they bought in the last 12 months. Buy Or Sell Opportunity • May 11
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to €208. The fair value is estimated to be €172, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 73% in 2 years. Earnings are forecast to grow by 75% in the next 2 years. Duyuru • May 09
Royal Gold, Inc. (NasdaqGS:RGLD) announces an Equity Buyback for $500 million worth of its shares. Royal Gold, Inc. (NasdaqGS:RGLD) announces a share repurchase program. Under the program, the company will repurchase up to $500 million worth of its common stock. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: US$3.32 (vs US$1.73 in 1Q 2025) First quarter 2026 results: EPS: US$3.32 (up from US$1.73 in 1Q 2025). Revenue: US$465.8m (up 143% from 1Q 2025). Net income: US$281.1m (up 148% from 1Q 2025). Profit margin: 60% (up from 59% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Metals and Mining industry in Europe. Duyuru • Apr 21
Royal Gold, Inc. to Report Q1, 2026 Results on May 06, 2026 Royal Gold, Inc. announced that they will report Q1, 2026 results After-Market on May 06, 2026 Duyuru • Apr 07
Royal Gold, Inc., Annual General Meeting, May 21, 2026 Royal Gold, Inc., Annual General Meeting, May 21, 2026. Duyuru • Mar 31
Royal Gold, Inc. Provides Sales Guidance for the Year 2026 Royal Gold, Inc. provided sales guidance for the year 2026. For the year, the company expects total gold sales of 290,000 oz to 320,000 oz, silver to be in the range of 3.0 million oz to 3.5 million oz and Copper to be 21.0 million lb to 25.0 million lb. The company expects the midpoints of the 2026 sales volumes to be 32%, 8% and 40% higher for gold, silver and copper, respectively, than actual sales volumes in 2025. Sales from Other Metals are expected to be relatively minor and the range provided assumes 2026 prices of $7.30/lb for nickel, $1.35/lb for zinc, and $0.91/lb for lead, which are the metals that are expected to provide most of this component of sales. Sales volumes are expected to be split approximately 48%/52% between the first half and second half of 2026. Buy Or Sell Opportunity • Mar 19
Now 24% undervalued The stock has been flat over the last 90 days, currently trading at €194. The fair value is estimated to be €256, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €194, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €238 per share. New Risk • Feb 24
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €1.3m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Significant insider selling over the past 3 months (€1.3m sold). Reported Earnings • Feb 20
Full year 2025 earnings released: EPS: US$6.72 (vs US$5.06 in FY 2024) Full year 2025 results: EPS: US$6.72 (up from US$5.06 in FY 2024). Revenue: US$1.02b (up 43% from FY 2024). Net income: US$466.3m (up 40% from FY 2024). Profit margin: 46% (down from 47% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Metals and Mining industry in Europe. Duyuru • Jan 13
Royal Gold, Inc. to Report Q4, 2025 Results on Feb 18, 2026 Royal Gold, Inc. announced that they will report Q4, 2025 results After-Market on Feb 18, 2026 New Risk • Jan 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Shareholders have been diluted in the past year (28% increase in shares outstanding). Upcoming Dividend • Dec 23
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 30 December 2025. Payment date: 16 January 2026. Payout ratio is a comfortable 6.2% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Italian dividend payers (4.8%). Lower than average of industry peers (2.6%). Recent Insider Transactions • Dec 14
Independent Director recently sold €93k worth of stock On the 11th of December, Ronald Vance sold around 500 shares on-market at roughly €186 per share. This transaction amounted to 5.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €168k. Insiders have been net sellers, collectively disposing of €545k more than they bought in the last 12 months. Declared Dividend • Nov 24
Dividend of US$0.47 announced Shareholders will receive a dividend of US$0.47. Ex-date: 30th December 2025 Payment date: 16th January 2026 Dividend yield will be 0.8%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (6% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Nov 19
Royal Gold, Inc. Announces Quarterly Dividend, Payable on January 16, 2026 Royal Gold, Inc. announced that its Board of Directors approved an increase in the Company’s annual calendar year common stock dividend of approximately 6% from $1.80 to $1.90 per share for 2026, payable on a quarterly basis of $0.475 per share. The first quarterly dividend at the increased rate is payable on January 16, 2026, to shareholders of record at the close of business on January 2, 2026. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: US$1.93 (vs US$1.47 in 3Q 2024) Third quarter 2025 results: EPS: US$1.93 (up from US$1.47 in 3Q 2024). Revenue: US$252.1m (up 31% from 3Q 2024). Net income: US$126.8m (up 32% from 3Q 2024). Profit margin: 50% (in line with 3Q 2024). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Metals and Mining industry in Europe. Buy Or Sell Opportunity • Nov 03
Now 21% undervalued Over the last 90 days, the stock has risen 7.4% to €149. The fair value is estimated to be €189, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 104% in 2 years. Earnings are forecast to grow by 109% in the next 2 years. New Risk • Oct 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Duyuru • Oct 14
Royal Gold, Inc. to Report Q3, 2025 Results on Nov 05, 2025 Royal Gold, Inc. announced that they will report Q3, 2025 results on Nov 05, 2025 New Risk • Sep 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Duyuru • Aug 20
Royal Gold, Inc. Declares Dividend for the Fourth Quarter of 2025, Payable on October 17, 2025 Royal Gold, Inc. announced that its Board of Directors has declared its fourth quarter dividend of $0.45 per share of common stock. The dividend is payable on October 17, 2025, to shareholders of record at the close of business on October 3, 2025. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: US$2.01 (vs US$1.24 in 2Q 2024) Second quarter 2025 results: EPS: US$2.01 (up from US$1.24 in 2Q 2024). Revenue: US$209.6m (up 22% from 2Q 2024). Net income: US$132.3m (up 63% from 2Q 2024). Profit margin: 63% (up from 47% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Metals and Mining industry in Europe. Duyuru • Jul 09
Royal Gold, Inc. to Report Q2, 2025 Results on Aug 06, 2025 Royal Gold, Inc. announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Buy Or Sell Opportunity • Jul 07
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €140. The fair value is estimated to be €176, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 8.9%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Buy Or Sell Opportunity • Jun 16
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €156. The fair value is estimated to be €197, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 8.9%. For the next 3 years, revenue is forecast to grow by 8.6% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Board Change • May 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Mark Isto was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • May 22
Royal Gold, Inc. Announces Third Quarter Dividend, Payable on July 17, 2025 Royal Gold, Inc. announced that its Board of Directors has declared its third quarter dividend of $0.45 per share of common stock. The dividend is payable on July 17, 2025, to shareholders of record at the close of business on July 3, 2025. 
