Royal Gold, Inc. released preliminary financial information for the second quarter of 2026, reporting stream segment sales of $311.0 M and royalty segment sales estimated between $137-142 M. The company recorded 69,000 Gold Equivalent Ounces (GEOs) with a cost of sales of $871 per GEO. Depreciation, depletion, and amortization (DD&A) are estimated between $95-99 M for the quarter.

Preliminary Second Quarter Estimates

The company's stream sales and preliminary royalty sales and DD&A estimates for the quarter ended June 30, 2026, are detailed below:

Commodity Breakdown

Notable Financial Items

Royal Gold repaid $200 million of debt during the second quarter, resulting in an outstanding balance of $400 million on its revolving credit facility as of June 30, 2026. This left $1.0 billion undrawn and available. The company also repurchased 147,205 shares at an average price of $203.80 per share for a total consideration of $30 million, with the repurchased shares cancelled.

Settlement and Project Funding

Royal Gold and Americas Gold and Silver Corporation reached an agreement to settle remaining fixed gold delivery obligations related to the Relief Canyon mine. Americas' obligation to deliver 8,861 ounces of gold between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, sold during the second quarter, and 2,652,532 common shares of Americas. This settlement resulted in the recognition of approximately $12 million of additional DD&A expense.

The company funded $70 million in project costs related to the Hod Maden Project during the quarter, following a previously announced restructuring of ownership interests. Additionally, a $50 million advance payment under the stream agreement was made to Solaris Resources Inc. for the Warintza Project.

Conference Call Details

Royal Gold will release its full second quarter 2026 financial results after the market close on Wednesday, August 5, 2026. A conference call is scheduled for Thursday, August 6, 2026, at 12:00 p.m. Eastern Time (10:00 a.m. Mountain Time).

RBC Capital analyst Josh Wolfson has maintained an Outperform rating on Royal Gold while reducing the price target to $305 from the previous $310. This adjustment follows a similar move by Jefferies, where analyst Fahad Tariq kept a Buy rating but lowered the target to $311 from $318. The revised targets from both firms reflect a recalibration of expected upside based on current market conditions and the company's valuation on the NASDAQ under the ticker RGLD.

Rating and Price Target

The decision by RBC Capital to retain the Outperform rating indicates continued confidence in Royal Gold's fundamental performance. The reduction to $305 suggests a more conservative outlook compared to the previous $310 estimate. Jefferies' separate assessment also shows sustained optimism, albeit with a lowered price objective of $311.

Royal Gold continues to be viewed favorably by analysts, with these revised price targets providing updated benchmarks for investors monitoring the stock's trajectory.