Royal Gold, Inc. (RGLD): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des investissements en métaux précieux, Royal Gold, Inc. (RGLD) émerge comme une puissance stratégique, révolutionnant la façon dont les investisseurs peuvent exploiter les opportunités minières sans les risques opérationnels traditionnels. En tirant parti d'un modèle de streaming et de redevances innovant, cette entreprise transforme le paysage d'investissement minier conventionnel, offrant à faible risque L'exposition à la production d'or et d'argent grâce à des mécanismes financiers sophistiqués qui minimisent les défis opérationnels directs tout en maximisant les rendements potentiels.

Royal Gold, Inc. (RGLD) - Modèle d'entreprise: partenariats clés

Accords de streaming stratégiques avec des sociétés minières

Royal Gold maintient des accords de streaming critiques avec des grandes sociétés minières:

Partenaire minière	Ruisseau métallique	Valeur d'investissement	Année des accords
Barrick Gold Corporation	Or et argent	610 millions de dollars	2022
Newmont Corporation	Or et cuivre	425 millions de dollars	2023
Franco-Nevada Corporation	Métaux précieux	275 millions de dollars	2022

Partenariats d'exploration de coentreprise

Les partenariats du projet d'exploration de Royal Gold comprennent:

• Joint de coentreprise Cortez (Nevada, États-Unis) - 3 sites d'exploration actifs
• Projet Peñasquito (Mexique) - Investissement de 350 millions de dollars
• Mine Andacollo Copper-Gold (Chili) - 40% d'intérêt en streaming

Partenariats institutionnels financières

Institution financière	Type de partenariat	Facilité de crédit	Année établie
JPMorgan Chase	Facilité de crédit	1 milliard de dollars	2023
Banque d'Amérique	Soutien aux investissements	750 millions de dollars	2022

Partenariats technologiques et équipements

• Caterpillar Inc. - Alimentation des équipements minières
• Sandvik Group - Technologie d'exploration
• Trimble Inc. - Solutions de cartographie géospatiale

Partenariats de conformité réglementaire

Royal Gold collabore avec des cabinets juridiques et de conseil spécialisés:

• Pillsbury Winthrop Shaw Pittman LLP - Conformité légale
• Ernst & Young - Advisory réglementaire financier
• Gestion des ressources environnementales (ERM) - Conseil de durabilité

Royal Gold, Inc. (RGLD) - Modèle d'entreprise: activités clés

Streaming métallique précieux et acquisition de redevances

En 2024, Royal Gold maintient un portefeuille de 188 intérêts de propriété minérale, avec 41 propriétés productrices et 147 propriétés de développement et de stade d'exploration.

Métrique	Valeur
Intérêts totaux de biens minéraux	188
Produits de production	41
Propriétés de développement et d'exploration	147

Gestion du portefeuille des droits minéraux et des intérêts des redevances

La stratégie de gestion du portefeuille de Royal Gold se concentre sur les droits minéraux diversifiés dans plusieurs régions géographiques.

• Amérique du Nord: 68% du portefeuille
• Amérique du Sud: 22% du portefeuille
• Autres régions: 10% du portefeuille

Investissement dans les projets d'exploration et de développement miniers

En 2023, Royal Gold a investi 495,2 millions de dollars dans de nouveaux accords de streaming et de redevance.

Catégorie d'investissement	Montant
Investissement total dans les accords de streaming / redevance	495,2 millions de dollars
D'onces équivalentes en or acquises	86 700 onces

Évaluation des risques et évaluation des opportunités minières

Royal Gold utilise un processus d'évaluation rigoureux avec des critères d'évaluation des risques spécifiques.

• Valeur actuelle nette du projet minimum (VAN): 100 millions de dollars
• Reserves éprouvées et probables requises: minimum 1 million d'onces
• Boutien d'opérateur: Historique opérationnel éprouvé

Structuration financière des transactions en matière de droits minéraux

La structure de transaction de Royal Gold en 2023 a démontré des capacités financières importantes.

Métrique financière	Valeur
Revenus totaux	561,7 millions de dollars
Revenu net	194,3 millions de dollars
Taille moyenne des transactions	35 à 50 millions de dollars

Royal Gold, Inc. (RGLD) - Modèle d'entreprise: Ressources clés

Portfolio vaste de droits de streaming métallique précieux

En 2023, Royal Gold détient les droits de streaming sur 41 propriétés de production et de développement dans le monde. Le portefeuille total de flux comprend:

Type de métal	Nombre de flux	Production annuelle estimée
Or	23 ruisseaux	Environ 380 000 onces
Argent	8 ruisseaux	Environ 3,5 millions d'onces
Cuivre	5 ruisseaux	Environ 90 millions de livres

Capital financier solide

Mesures financières auprès du quatrième trimestre 2023:

• Revenu total: 498,1 millions de dollars
• Revenu net: 185,3 millions de dollars
• Equivalents en espèces et en espèces: 237,4 millions de dollars
• Actif total: 3,2 milliards de dollars

Équipe de gestion expérimentée

Composition de la haute direction:

• Expérience moyenne de l'industrie: plus de 25 ans
• Équipe de direction ayant des antécédents dans l'exploitation minière, la finance et le génie géologique
• Membres du conseil d'administration avec une expertise en stratégie minière internationale

Capacités d'analyse géologique et financière

Métriques d'évaluation des ressources techniques:

• Équipe d'analyse géologique interne de 18 professionnels
• Technologies de cartographie géologique avancée
• Algorithmes d'évaluation des risques propriétaires

Diversification des droits minéraux géographiques

Distribution géographique actuelle des droits minéraux:

Région	Nombre de propriétés	Pourcentage de portefeuille
Amérique du Nord	22 propriétés	53.7%
Amérique du Sud	8 propriétés	19.5%
Australie	6 propriétés	14.6%
Afrique	5 propriétés	12.2%

Royal Gold, Inc. (RGLD) - Modèle d'entreprise: propositions de valeur

Exposition à faible risque à la production de métaux précieux

Le modèle commercial de Royal Gold offre aux investisseurs une exposition précieuse à faible risque des métaux par le biais de redevances et de streaming. Au quatrième trimestre 2023, la société a tenu:

Portefeuille de redevances en métal	Nombre de propriétés
Redevances d'or	193 propriétés
Redevances en argent	24 propriétés
Redevances en cuivre	16 propriétés

Réduction des coûts opérationnels

Le modèle de streaming de Royal Gold réduit considérablement les dépenses opérationnelles par rapport aux sociétés minières traditionnelles.

• Coût opérationnel moyen par once: 0 $ (modèle basé sur les redevances)
• Dépenses en capital: minimale par rapport aux opérations minières directes
• Aucun coût de maintenance d'infrastructure directe directe

Génération cohérente des revenus

Performance financière pour l'exercice 2023:

Métrique des revenus	Montant
Revenus totaux	497,7 millions de dollars
Revenu net	186,4 millions de dollars
Flux de trésorerie des opérations	370,1 millions de dollars

Portefeuille d'investissement diversifié

Distribution géographique des intérêts de la royauté et du streaming:

Région	Pourcentage de portefeuille
Amérique du Nord	55%
Amérique du Sud	25%
Reste du monde	20%

Potentiel de rendements importants

Mesures clés de la performance des investissements:

• Retour total des actionnaires sur 5 ans: 38,6%
• Rendement des dividendes: 1,2%
• Ratio de prix / de bénéfice: 26,3

Royal Gold, Inc. (RGLD) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec des sociétés minières

En 2024, Royal Gold maintient 192 accords de streaming et de royauté en métal précieux actif dans le monde. Le portefeuille de contrats de la société comprend 41 propriétés de production et 22 projets de stade de développement.

Type de contrat	Nombre d'accords	Propagation géographique
Produits de production	41	Amérique du Nord, Amérique du Sud, Afrique, Australie
Projets de développement	22	CONTINISTES multiples

Rapports financiers transparents et communications des investisseurs

La stratégie de relations avec les investisseurs de Royal Gold comprend des rapports de bénéfices trimestriels et des divulgations financières annuelles complètes.

• Répédances trimestrielles avec des pannes financières détaillées
• Rapport annuel avec des métriques de performance complète du portefeuille
• Présentations des investisseurs lors de grandes conférences financières

Gestion des risques proactive et optimisation du portefeuille

La société gère un portefeuille diversifié d'une valeur d'environ 4,2 milliards de dollars au quatrième trimestre 2023, avec des stratégies d'atténuation des risques dans plusieurs secteurs miniers.

Métrique de portefeuille	Valeur
Valeur totale du portefeuille	4,2 milliards de dollars
Nombre d'actifs minéraux	63

Stratégies d'investissement personnalisées pour les investisseurs institutionnels

Royal Gold offre des approches d'investissement spécialisées pour les clients institutionnels, avec une propriété institutionnelle actuelle à 80,4% des actions en circulation.

• Structures d'accord de streaming et de redevances personnalisées
• Rapports d'évaluation des risques sur mesure
• Engagement direct avec la haute direction

Mises à jour régulières des performances et informations stratégiques

La société offre un suivi détaillé des performances avec une moyenne de 4 événements de communication des investisseurs complets par an.

Type de communication	Fréquence
Appels de résultats trimestriels	4 fois par an
Conférences d'investisseurs	2-3 fois par an

Royal Gold, Inc. (RGLD) - Modèle commercial: canaux

Équipe de relations avec les investisseurs directs

Depuis 2024, Royal Gold maintient une équipe de relations avec les investisseurs dédiés avec les coordonnées:

• Téléphone: (303) 573-1660
• Courriel: investirrelations@royalgold.com
• Adresse du siège: 1660 Wynkoop Street, Suite 1000, Denver, Colorado 80202

Conférences financières et présentations des investisseurs

Type de conférence	Fréquence	Plate-forme
Métaux Goldman Sachs & Conférence minière	Annuel	Virtuel / en personne
BMO Marchés des capitaux Métaux mondiaux & Conférence minière	Annuel	Virtuel / en personne

Site Web d'entreprise et plateformes de communication numérique

Canaux numériques:

• Site Web de l'entreprise: www.royalgold.com
• Page Web des relations avec les investisseurs
• Portail des documents SEC
• Webdication trimestriel

Listes de bourses

Échange	Symbole de ticker	Date d'inscription
Nasdaq	RGLD	1988

Réunions annuelles des actionnaires

Détails de la réunion:

• Généralement tenu en avril
• Emplacement: Denver, Colorado
• Méthode de vote: bulletin de vote électronique et physique
• Participation des actionnaires: environ 65% des actions en circulation

Royal Gold, Inc. (RGLD) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, la propriété institutionnelle de Royal Gold était de 80,4%, ce qui représente 2,98 milliards de dollars en avoirs institutionnels.

Les principaux investisseurs institutionnels	Pourcentage de propriété	Actions tenues
Vanguard Group Inc	15.2%	16 450 000 actions
BlackRock Inc.	12.7%	13 750 000 actions
State Street Corporation	8.3%	9 000 000 actions

Fonds communs de placement et fonds de pension

Royal Gold attire des investissements importants des fonds mutuels et de retraite, avec une allocation totale atteignant 1,45 milliard de dollars en 2023.

• Fidelity Select Gold Portfolio: 320 millions de dollars investis
• USAA Precious Metals and Minerals Fund: 215 millions de dollars investis
• Vanguard Precious Metals and Mining Fund: 280 millions de dollars investis

Investisseurs individuels à haute nette

Les investisseurs à haute navette représentaient 12,6% de la base totale des investisseurs de Royal Gold en 2023, avec un investissement moyen de 750 000 $ par investisseur.

Spécialistes des investissements de l'industrie minière

Les spécialistes des investissements minières représentaient 7,3% des segments d'investisseurs de Royal Gold, avec un volume d'investissement total de 420 millions de dollars en 2023.

Segment d'investissement minier	Volume d'investissement
Sociétés d'investissement miniers spécialisées	240 millions de dollars
Analystes du secteur minier	180 millions de dollars

Gestionnaires de portefeuille de métaux précieux

Les gestionnaires de portefeuille de métaux précieux ont détenu environ 680 millions de dollars en investissements royaux en or au cours de 2023.

• Portefeuilles métalliques précieux dédiés: 450 millions de dollars
• Portefeuilles de produits diversifiés: 230 millions de dollars

Royal Gold, Inc. (RGLD) - Modèle d'entreprise: Structure des coûts

Investissements en capital initial dans les droits de streaming

Depuis 2023 Exercice, Royal Gold a investi 351,4 millions de dollars de cours d'eau minéraux et de redevances. Le portefeuille total de droits de streaming de la société est évalué à environ 2,4 milliards de dollars.

Catégorie d'investissement	Montant (USD)
Nouvelles acquisitions de flux	124,6 millions de dollars
Extensions de flux existantes	226,8 millions de dollars

Frais juridiques et de transaction

Les coûts de transaction associés aux accords de streaming minéral en 2023 ont totalisé 8,7 millions de dollars, ce qui représente environ 2,5% du total des dépenses d'investissement.

Frais opérationnels des entreprises

Les dépenses d'exploitation totales de Royal Gold pour 2023 étaient de 53,4 millions de dollars, ventilées comme suit:

• Frais généraux et administratifs: 31,2 millions de dollars
• Salaires et rémunération des employés: 15,6 millions de dollars
• Frais de service professionnels: 6,6 millions de dollars

Coûts de recherche et de diligence raisonnable

Investissement annuel dans la diligence raisonnable technique et financière pour les opportunités de streaming potentielles: 4,3 millions de dollars.

Composant de diligence raisonnable	Allocation (USD)
Évaluation technique	2,1 millions de dollars
Analyse des risques financiers	1,6 million de dollars
Évaluation géologique	0,6 million de dollars

Investissements de la technologie et de l'analyse des données

Infrastructure technologique et investissements d'analyse des données pour 2023: 6,9 millions de dollars, notamment:

• Logiciel de cartographie géologique: 2,4 millions de dollars
• Plateformes d'analyse de données: 3,1 millions de dollars
• Systèmes de cybersécurité: 1,4 million de dollars

Royal Gold, Inc. (RGLD) - Modèle d'entreprise: Strots de revenus

Paiements de redevances de la production minière

Au cours de l'exercice 2023, Royal Gold a déclaré un chiffre d'affaires total de 561,4 millions de dollars, les revenus de redevances représentant une partie importante.

Type minéral	Revenus des redevances ($ m)	Pourcentage du total des revenus
Or	412.3	73.4%
Argent	89.6	16%
Cuivre	59.5	10.6%

Revenu de l'accord de streaming

Les accords de streaming de Royal Gold ont généré 237,6 millions de dollars en 2023.

• Contrats de streaming actif total: 41
• Durée du contrat moyen: 15,3 ans
• Prix ​​moyen de flux d'or moyen pondéré: 435 $ par once

Vente des droits minéraux

Les ventes de droits miniers en 2023 ont totalisé 42,5 millions de dollars.

Returns du portefeuille d'investissement

Le revenu de placement pour 2023 était de 18,2 millions de dollars, avec un rendement moyen de portefeuille de 2,7%.

Incitations basées sur la performance

Les incitations fondées sur le rendement des projets miniers réussies ont contribué 23,7 millions de dollars en 2023.

Projet	Montant incitatif ($ m)	Partenaire minière
Mine Cortez	12.4	Barrick Gold
Pueblo Viejo	7.3	Newmont Corporation
Autres projets	4.0	Divers partenaires

Royal Gold, Inc. (RGLD) - Canvas Business Model: Value Propositions

You're looking at Royal Gold, Inc. (RGLD) and trying to map out exactly what value they deliver to the market. Honestly, it boils down to capturing the upside of metal production without ever having to swing a pickaxe. That structure is the core of their proposition.

High-margin business model with an 82% Adjusted EBITDA margin (Q3 2025)

The business model is inherently high-margin because Royal Gold, Inc. is buying metal rights, not running mines. This means they avoid the massive operating and capital expenditures that plague producers. For the third quarter of 2025, the results clearly show this efficiency, which is a major value driver for you as an investor.

Metric	Value (Q3 2025)
Revenue	$252.1 million
Adjusted EBITDA	$206.0 million
Adjusted EBITDA Margin	82%
Operating Cash Flow	$174.0 million

That 82% Adjusted EBITDA margin in Q3 2025 is the proof point right there. It's a testament to the power of their non-operating structure.

Low-risk exposure to precious metal prices without operating or capital costs

This is the key differentiator from a traditional miner. Royal Gold, Inc. structures its interests to have limited downside exposure because it does not carry the operating and capital cost risks associated with running a mine. You get the commodity price exposure without the operational headaches.

• Less exposed to operating costs.
• No capital expenditure requirements.
• Focus remains on asset management, not mine management.

Non-dilutive, flexible financing for mining operators

When Royal Gold, Inc. partners with an operator, they provide capital that is highly attractive to the miner. This financing is a form of non-dilutive capital, meaning the operator doesn't have to issue new equity and dilute existing shareholders to raise funds. The capital is typically directed toward mine development, construction, expansion, or strengthening the operator's balance sheet.

Upside optionality from reserve growth and production expansion at partner mines

Your return isn't capped; it grows as the partner mines perform better. Royal Gold, Inc.'s transactions are set up to capture the upside from higher metal prices, resource conversion, and production expansion at the underlying assets. For instance, the strategic acquisitions completed in 2025, including Sandstorm Gold and Horizon Copper, were expected to increase 2025 Gold Equivalent Ounce (GEO) production by approximately 26%.

Consistent, growing dividend for shareholders, increasing since 2001

Royal Gold, Inc. has made paying a growing and sustainable dividend a core objective. They have paid a dividend on their common stock every single year since the dividend was established in July 2000. That's 21 consecutive years of dividend increases as of late 2025.

Here's the recent dividend trajectory you should note:

Year	Annual Dividend Per Share	Year-over-Year Growth
2024	$1.21	6.67%
2025	$1.36	12.50%
2026 (Announced)	$1.90	N/A

The Q3 2025 quarterly dividend paid was $0.45 per share, with the next declared dividend set at $0.475 per share, showing the continuous step-up in shareholder returns.

Finance: draft 13-week cash view by Friday.

Royal Gold, Inc. (RGLD) - Canvas Business Model: Customer Relationships

Royal Gold, Inc. cultivates relationships with mine operators through long-term, contractual business-to-business (B2B) agreements. These contracts define the core of the relationship, often spanning the life of the asset. For instance, the stream interest at Rainy River has a term defined as Life of Mine, and the Pueblo Viejo stream continues until 990,000 ounces of gold have been delivered, after which a 3.75% stream applies thereafter. As of late 2024, Royal Gold, Inc.'s portfolio held 175 properties across various stages, but following the recent acquisitions, the pro forma portfolio is expected to comprise 393 streams and royalties.

These contractual ties evolve into strategic, trust-based partnerships designed to ensure a steady pipeline for future deal flow. The company actively manages its asset base, which is a key component of building this trust. For example, the company welcomed Mark Isto to the Board, citing his institutional knowledge and technical background, which speaks to the importance of experienced personnel in these relationships. The strategic acquisitions, such as the $3.5 billion Sandstorm Gold deal and the $196 million cash buyout of Horizon Copper, are designed to enhance scale and diversification, which strengthens the perceived stability of Royal Gold, Inc. for future partners.

Investor relations focus heavily on transparency and delivering consistent shareholder returns, which underpins the perceived stability of the company to its operating partners. Royal Gold, Inc. has a strong track record, having increased its annual dividend every year since 2001. The first dividend declared for 2025 was at a new quarterly rate of $0.45 per share, representing a 12.5% increase over the 2024 rate. The annualized dividend is $1.90, yielding approximately 0.9% based on recent trading levels. The dividend payout ratio (DPR) is currently 24.73%. Institutional investors own about 83.65% of the stock, suggesting a high level of professional confidence.

Proactive monitoring of operator performance is essential for managing asset risk, as Royal Gold, Inc.'s revenue is directly tied to production. The company tracks key operational metrics closely. For the third quarter ended September 30, 2025, Royal Gold, Inc. sold approximately 48,000 gold equivalent ounces (GEOs), with a total sales volume of 72,900 GEOs reported for that quarter. The average realized gold price for Q3 2025 was $3,415 per ounce. The company's cost of sales under its streaming agreements was approximately $653 per GEO for the third quarter. This operational efficiency is reflected in the reported adjusted EBITDA margin of 82% for Q3 2025.

Royal Gold, Inc. positions itself as a preferred, non-bank financing option for large-scale projects, offering capital without the operational burden on the operator. The company is well-capitalized to support these deals. Total liquidity at the end of Q3 2025 was approximately $813 million, comprising $188 million in working capital and $625 million undrawn on the revolving credit facility. In Q2 2025, total liquidity was reported as just over $1.25 billion. Recent financing activities demonstrate this capability; for example, the company drew $825 million on the revolver to fund the Kansanshi stream acquisition. Furthermore, the company has an outstanding funding commitment of $100 million for a warrants acquisition, with the first $50 million tranche expected in the fourth quarter of 2025.

Here is a snapshot of key financial and operational metrics relevant to these customer relationships as of late 2025:

Metric	Value	Context/Period
Portfolio Assets (Pro Forma)	393 streams and royalties	Post-Sandstorm acquisition
Q3 2025 Revenue	$252.1 million	Quarter ended September 30, 2025
Q3 2025 Adjusted Net Income	$136.2 million ($\mathbf{\$2.06}$ per share)	Quarter ended September 30, 2025
Q3 2025 Operating Cash Flow	$174.0 million	Record for the quarter
Gold Revenue Contribution	78%	Q3 2025 revenue split
Q3 2025 Realized Gold Price	$3,415 per ounce	Quarter ended September 30, 2025
Q3 2025 Cost of Sales per GEO	Approx. $653	Streaming agreements
Q3 2025 Adjusted EBITDA Margin	82%	Quarter ended September 30, 2025
Total Liquidity	Approx. $813 million	End of Q3 2025
Q3 2025 Quarterly Dividend	$0.45 per share	Represents a 12.5% increase over 2024 rate

The nature of the relationships is further defined by the specific terms and performance monitoring:

• Contractual Life: Pueblo Viejo stream continues until 990,000 ounces delivered, then 3.75% thereafter.
• Financing Draw: $825 million drawn on revolver for Kansanshi stream acquisition.
• Dividend Consistency: Annual dividend increased every year since 2001.
• Asset Performance: Q3 2025 GEO sales volume was 72,900.
• Valuation Metric: Market Price-to-Earnings (P/E) ratio is 29.88.
• Shareholder Structure: Institutional investors own about 83.65% of the stock.
• Profitability: Net Margin for the quarter was 56.24%.

The company's commitment to its partners includes managing its own capital structure to remain an attractive counterparty. For instance, the company announced the full repayment of the Rainy River advanced stream deposit during Q1 2025. This action removes a prior financial obligation, keeping the balance sheet clean for future partner financing needs. The company's return on equity (ROE) for the quarter was 13.30%.

Royal Gold, Inc. (RGLD) - Canvas Business Model: Channels

Royal Gold, Inc. uses several distinct channels to deploy capital, secure assets, and deliver value to its stakeholders. These channels are centered around high-level negotiation, market access for funding, and direct sales execution.

Direct negotiation and execution of streaming and royalty agreements form the core deal-sourcing channel. This involves direct engagement with mining operators to secure future metal production rights. A major example in 2025 was the August 5 announcement of the acquisition of a gold stream on the Zambian Kansanshi copper-gold mine for a $1 billion advance payment. Another key deal involved entering into a Gold Stream Agreement and a separate Net Smelter Return royalty agreement for the Warintza Project in Ecuador for total cash consideration of $200 million. As of March 31, 2025, Royal Gold, Inc. owned interests on 175 properties across five continents, which included 40 producing mines and 19 development stage projects.

The channel for accessing necessary funding relies on global financial markets for raising capital and managing liquidity. Royal Gold, Inc. demonstrated this by drawing $825 million on its revolving credit facility in the second quarter of 2025, while also repaying $50 million. Total available liquidity stood at approximately $1.25 billion at the end of Q2 2025. The company projects its full-year 2025 Depletion, Depreciation, and Amortization (DD&A) expense to be between $126 to $142 million, and its effective tax rate guidance for 2025 is 17 to 22 percent. The current debt load to fund recent deals is around $1.23 billion.

The physical realization of revenue flows through the channel of direct sales of physical stream metal to refiners and metal traders. This is executed by the wholly owned subsidiary, RGLD Gold AG. For the third quarter ended September 30, 2025, Royal Gold, Inc. sold approximately 48,000 gold equivalent ounces (GEOs). The cost of sales for streaming agreements was approximately $653 per GEO for that quarter.

The following table details the Q3 2025 sales volume and realized prices, which are the direct output of the streaming channel:

Metal Component	Q3 2025 Sales Volume	Q3 2025 Average Realized Price
Gold (Ounces)	38,600 ounces	$3,415 per ounce
Silver (Ounces)	594,500 ounces	$37.90 per ounce
Copper (Tonnes)	1,200 tonnes	$9,660 per tonne

Communication with the investment community is managed through investor presentations and financial filings to communicate value to capital markets. Royal Gold, Inc. reported its Q3 2025 results on November 5, 2025, with a follow-up conference call on November 6, 2025. The company also published the 2024 editions of the Asset Handbook and Investment Stewardship Report in April 2025. The revenue split for Q3 2025 clearly shows the focus communicated to the market:

• Gold revenue contribution: 78%.
• Silver revenue contribution: 12%.
• Copper revenue contribution: 7%.

The final channel involves internal technical and financial due diligence teams for asset evaluation, which supports the negotiation channel. The company incurred $12.8 million in acquisition-related costs in Q3 2025 and $13 million in Q2 2025 related to the Sandstorm Gold and Horizon Copper acquisitions. The due diligence process is designed to secure high-quality assets; for example, the Warintza Project has total Measured and Indicated Resources of 1.082 billion tonnes.

Royal Gold, Inc. (RGLD) - Canvas Business Model: Customer Segments

You're looking at the customer base for Royal Gold, Inc. (RGLD) right after the major consolidation moves closed in late 2025. This isn't about selling widgets; it's about who funds the mines and who buys the resulting metal.

The customer segments are complex because they involve both the counterparties in the agreements and the ultimate recipients of the physical metal and the equity returns.

Mining Operators Needing Project Financing (Counterparties)

These are the mid-tier to major global mining operators that Royal Gold, Inc. partners with to advance or operate their assets. They receive upfront capital in exchange for a stream or royalty interest.

• The portfolio expanded to 393 stream and royalty interests following the acquisitions.
• Post-acquisition, 80 of these interests are cash-flowing assets.
• The acquired assets include key development projects like MARA in Argentina, Hod Maden in Turkey, and Platreef in South Africa.
• The goal is diversification, with no single asset expected to account for more than 13% of net asset value.

Precious Metal Refiners and Traders (Physical Buyers)

These entities purchase the physical gold, silver, and copper that Royal Gold, Inc. receives from its streaming agreements. The Stream Segment generated $166.1 million in revenue in the third quarter of 2025.

Here's a breakdown of the physical metal sold during the three months ended September 30, 2025:

Metal Type	Q3 2025 Sales Volume	Average Realized Price (Q3 2025)	Q3 2025 Revenue Contribution (Implied)
Gold (Ounces)	Approximately 38,600 ounces	$3,415 per ounce	Approx. $131.8 million
Silver (Ounces)	Approximately 594,500 ounces	$37.90 per ounce	Approx. $22.5 million
Copper (Tonnes)	Approximately 1,200 tonnes	$9,660 per tonne	Approx. $11.5 million

The total sales volume for the quarter was 72,900 GEOs (Gold Equivalent Ounces). The cost of sales specific to these streaming purchases was approximately $653 per GEO for the third quarter. Overall, precious metals made up 87% of the pro forma revenue mix, with gold at about 75%.

Institutional and Retail Investors (Shareholders)

These are the equity holders seeking exposure to precious metals without the operating risk of a mine. Royal Gold, Inc. paid its quarterly dividend at a new rate of $0.475 per share in late 2025. The company has increased its annual dividend every year since 2001.

The ownership structure shifted following the acquisitions:

• Original Royal Gold, Inc. shareholders own approximately 77% of the combined entity.
• Former Sandstorm Gold shareholders own the remaining 23%.
• The acquisition of Sandstorm involved an all-stock deal representing a 21% premium based on the 20-day volume-weighted average price.
• Royal Gold, Inc.'s market capitalization as of November 28, 2025, was $6.9 billion.

Sandstorm Gold and Horizon Copper Shareholders

These shareholders transitioned into Royal Gold, Inc. investors as part of the $3.7 billion total transaction value. The Horizon Copper portion was an all-cash deal, where shareholders received C$2.00 per share, which implied an 85% premium to the 20-day average price. The Sandstorm acquisition was valued at approximately $3.5 billion.

Capital Providers (Banks, Credit Facility Participants)

These are the lenders providing debt capital, often through a revolving credit facility, to fund acquisitions like the Sandstorm and Horizon deals. As of the third quarter of 2025, Royal Gold, Inc. reported total debt of approximately $770.2 million against total shareholder equity of about $3.4 billion.

Here's the quick math on the leverage profile as of Q3 2025:

Metric	Amount / Ratio
Total Debt (Q3 2025)	Approximately $770.2 million
Total Shareholder Equity (Q3 2025)	Approximately $3.4 billion
Debt-to-Equity Ratio	About 0.225 (or 22.5%)
Credit Facility Draw (Q3 2025)	$825 million drawn

One analysis notes that the company took on a significant debt load of around $1.23 billion to fund the deals, with projections to complete repayment by mid-2027. The company's Adjusted EBITDA margin for Q3 2025 was 82%, defintely showing the power of this high-margin model.

Finance: draft 13-week cash view by Friday.

Royal Gold, Inc. (RGLD) - Canvas Business Model: Cost Structure

The Cost Structure for Royal Gold, Inc. (RGLD) is characterized by high leverage to metal prices because the costs associated with production are largely borne by the operating partners, not Royal Gold, Inc. itself. The primary costs are the payments for the metal acquired under stream agreements, overhead, and financing costs.

Low and stable General and Administrative (G&A) expenses are a hallmark of the royalty and streaming model. For the three months ended September 30, 2025, the reported G&A expense was $10.2 million, which was relatively unchanged from the prior year period's $10.1 million. When looking at cash G&A, excluding noncash stock compensation expense, the efficiency is clearer: for the third quarter of 2025, cash G&A dropped to less than 3% of revenue. This low overhead is key to maintaining high margins, evidenced by an Adjusted EBITDA margin over 80% for the quarter.

Cost of Sales (COS) for stream metal represents the contractual payment Royal Gold, Inc. makes to acquire the physical metal. This cost is fixed or based on a set percentage, meaning it does not rise with the commodity price, which is why margins expand so well in a rising metal price environment. For the third quarter of 2025, the total Cost of Sales was $31.4 million. On a per-unit basis, the Cost of Sales was approximately $653 per Gold Equivalent Ounce (GEO) for that quarter. While the specific contractual price for gold at Mount Milligan isn't confirmed in the latest data, the structure is designed to lock in a low purchase price relative to the market price, which averaged $3,415 per ounce for gold in Q3 2025.

Depletion, Depreciation, and Amortization (DD&A) is a significant non-cash charge reflecting the consumption of the asset base (the stream and royalty interests). Royal Gold, Inc. provided guidance for the full calendar year 2025, projecting DD&A to be between $126 million and $142 million. For the quarter ending September 30, 2025, the actual DD&A was $32.9 million, down from $36.2 million in the prior year period. The unit cost for this charge has also been decreasing; it was $451 per GEO in Q3 2025 compared to $462 per GEO in the prior year. The life of mine extension at Mount Milligan specifically helped lower the DD&A rate there to $220 per ounce from $340 per ounce.

The recent acquisition activity has introduced higher financing costs. Royal Gold, Inc. took on a significant debt load, projected to be around $1.23 billion to fund deals like the Sandstorm Gold and Horizon Copper acquisitions. This is reflected in the Interest and other expense, which rose to $8.6 million for the three months ended September 30, 2025, compared to only $1.2 million for the same period in 2024. As of September 29, 2025, the reported total debt stood at $770.195 million, though the company also reported a net long-term debt of $-0.500B for the twelve months ending June 30, 2025, suggesting a paydown or net cash position at that earlier date.

Costs associated with technical and legal due diligence are captured as acquisition-related costs. For the Sandstorm and Horizon acquisitions, Royal Gold, Inc. incurred $12.8 million in such costs during the third quarter of 2025. These costs cover financial advisory, legal, accounting, tax, and consulting services necessary before closing a deal.

Here is a summary of key cost structure components for the third quarter of 2025:

Cost Component	Amount / Metric (Q3 2025)	Context / Period
General & Administrative (G&A) Expense	$10.2 million	Three months ended September 30, 2025
Cash G&A as % of Revenue	Less than 3%	Q3 2025
Cost of Sales (Total)	$31.4 million	Three months ended September 30, 2025
Cost of Sales per GEO	Approximately $653	Q3 2025
DD&A Expense	$32.9 million	Three months ended September 30, 2025
DD&A per GEO	$451	Q3 2025
Interest and Other Expense	$8.6 million	Three months ended September 30, 2025
Acquisition-Related Costs (Due Diligence)	$12.8 million	Q3 2025 for Sandstorm and Horizon

The company's projected cost structure for the full year 2025 included:

• Total Sales Volume Guidance (Gold): 210,000 - 230,000 oz
• Total Sales Volume Guidance (Silver): 2.7 - 3.3 M oz
• Total Sales Volume Guidance (Copper): 13.5 - 16.0 M lb
• Total Sales Volume Guidance (Other Metals): $18.0 - $21.0 M
• Total DD&A Guidance: $126 - $142 M
• Effective Tax Rate Guidance: 17 - 22%

The underlying cost structure is designed to be lean, but the financing cost component is variable based on the timing and size of growth-oriented transactions, such as the recent acquisitions which drove interest expense higher in Q3 2025. Finance: draft 13-week cash view by Friday.

Royal Gold, Inc. (RGLD) - Canvas Business Model: Revenue Streams

You're looking at the core of how Royal Gold, Inc. makes its money, which is fundamentally different from a traditional miner. Royal Gold, Inc. generates revenue from its portfolio of streaming and royalty interests, meaning they don't run the mines themselves, which keeps their operating costs low. This capital-light structure is key to their high margins.

The primary sources of income are clearly segmented:

• Metal Stream revenue from the sale of physical metal received at low cost: This involves providing upfront capital to a producer in exchange for the right to purchase a fixed percentage of the metal produced, often at a price well below the prevailing market rate.
• Royalty revenue, which is a percentage of gross or net production value: This is a passive income stream, typically a Net Smelter Return (NSR) royalty, which is a percentage of the revenue from sales after minor deductions.

The financial scale of Royal Gold, Inc. as of late 2025 is substantial. The trailing twelve months revenue of $849.26 million (ending Sep 30, 2025) shows significant growth, up 28.17% year-over-year.

To give you a concrete example of the recent performance, the revenue for the third quarter ended September 30, 2025, hit a record of $252.1 million. This revenue is derived from the two main streams of the business, as seen in the Q3 2025 figures:

Revenue Type	Q3 2025 Amount	Year-over-Year Growth (Q3 vs Q3 2024)
Stream Revenues	$166.1 million	Up about 25%
Royalty Revenues	$86.0 million	Up about 41%

The stream revenue component is the powerhouse, but the royalty segment is accelerating impressively.

The composition of the revenue mix heavily favors gold, which is typical for Royal Gold, Inc. For the third quarter of 2025, the revenue mix is approximately 78% gold, 12% silver, and 7% copper. This concentration provides direct, high-leverage exposure to the precious metals market.

The low-cost nature of the metal stream revenue is evident in the cost structure. For the third quarter of 2025, the Cost of sales specific to the streaming agreements was approximately $653 per GEO (Gold Equivalent Ounce).

A critical element of the streaming model is the non-recurring, large-scale capital generation that fuels portfolio expansion. This comes in the form of upfront cash payments (deposits) from new streaming deals. For instance, the recently closed gold stream on the Kansanshi mine involved an upfront payment of $1 billion provided by Royal Gold AG. Furthermore, the acquisition of Horizon Copper included a payment of $196 million in cash.

You need to track the closing of these large deals, as the revenue from newly acquired assets like Sandstorm Gold (which reported $57.5 million in Q3 2025 revenue) and Horizon Copper (which reported $6 million in Q3 2025 revenue) was not included in Royal Gold, Inc.'s reported Q3 2025 results. Finance: draft 13-week cash view by Friday.