Royal Gold (RGLD)
Funds mine operators in exchange for precious-metal royalties and streams.
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Royal Gold runs no mines and digs nothing up. It pays cash up front for a claim on what someone else's mine produces — a fixed share of the metal at a set low price, or a cut of the sales — then collects for as long as the mine runs. A year of buying roughly doubled the portfolio, and more of that metal now comes from copper mines.
Item facts: H1 2026 · six months ended Jun 30, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
9 in detail · 15 more below
Mount Milligan gold and copper stream
The largest single contract Royal Gold owns: 35% of the gold and 18.75% of the copper from Centerra's British Columbia pit, at $114.9M in the first half. It is flat quarter to quarter while everything around it grows.
Competes with Salobo gold stream (Wheaton Precious Metals) · Candelaria gold and silver stream (Franco-Nevada)
In plain English
Centerra Gold digs copper and gold out of an open pit in British Columbia. Royal Gold paid cash up front for a standing order on that pit: thirty-five out of every hundred ounces of gold the mine sells, handed over for $435 an ounce — or the market price, if that ever falls lower — plus a smaller share of the copper at a fraction of its price.
Gold trades far above $435, and that gap is the entire business. Royal Gold takes the metal, sells it at the going rate, keeps the difference, and pays nothing toward diesel, wages or trucks. The mine plan caps the ounces, though, so the growth here has to come from price.
Pueblo Viejo gold and silver stream
A claim on 7.5% of Barrick's gold and 75% of its silver from this Dominican Republic mine — $100.8M in the first half. Barrick, which also operates the Cortez ground, stands behind more than a tenth of revenue on its own.
Competes with Antamina silver stream (Wheaton Precious Metals) · Cobre Panamá stream (Franco-Nevada)
In plain English
Two companies own this Dominican Republic mine, and Royal Gold's deal attaches only to Barrick's sixty percent — Newmont's share passes by untouched. From Barrick's portion Royal Gold collects a thin slice of the gold and three-quarters of the silver, paying a set cash price for each ounce delivered.
The silver leg punches above its weight. Silver has more than doubled in price over the past year while gold rose by roughly a third, so a contract bought mostly for gold keeps handing over the more valuable metal. The money Royal Gold advanced years ago has now been fully worked off, which means every delivery from here is simply a purchase at the set price.
Andacollo gold stream
Every ounce of gold that comes up alongside the copper at Teck's Chilean mine belongs to Royal Gold. It paid $76.3M in the first half alone, nearly matching all of last year. Volumes follow Teck's copper plan, not gold demand.
Competes with Candelaria gold and silver stream (Franco-Nevada) · Salobo gold stream (Wheaton Precious Metals)
In plain English
Copper mines often bring up gold as a side-product nobody planned for. Teck's mine in Chile is one of those — copper is the business, gold is an afterthought — so Royal Gold bought the whole gold side of it: every saleable ounce, for a set price per ounce.
That is the trade the company keeps repeating, because a copper miner gets little credit for stray gold and will sell it cheaply, while Royal Gold collects full price for it. What cannot be controlled is volume. A harsh Chilean winter dented output in the June quarter; the operator left its plan for the year unchanged, but the ounces arrive when the copper does.
Kansanshi gold stream
Bought in 2025 for $1.0B in cash: gold measured off the copper First Quantum pulls out of its Zambian mine. It brought $59.8M in its first full half and is guided to 26,000–31,000 ounces this year, rising into 2028.
Competes with Cobre Panamá stream (Franco-Nevada) · Antamina precious-metals purchase (Wheaton Precious Metals)
In plain English
A billion dollars in cash went to First Quantum in 2025, and the miner gave up no shares to get it — that is the appeal of this product to a copper company. Royal Gold takes its return in gold, measured off copper: seventy-five ounces for every million pounds of copper the Zambian mine recovers.
So a copper expansion turns into Royal Gold's gold. Deliveries began in October 2025 and management expects them to keep climbing into 2028 as the enlarged plant fills up. Two things hold it back by design or by geography: the ounces-per-pound rate shrinks at two set thresholds as the mine delivers, and Zambia's power supply and tax rules sit outside anyone's control.
The smaller streams
Dozens of contracts on mines from Ontario to Botswana, none big enough to be reported on its own — together $272.0M in the first half, the biggest block on this map. Watch Khoemacau's expansion and Platreef's first deliveries.
Competes with Salobo gold stream (Wheaton Precious Metals) · Canadian Malartic royalty (OR Royalties)
In plain English
The long tail, and it is not small. Rainy River in Ontario, Khoemacau in Botswana, Wassa in Ghana, Xavantina in Brazil, and about ten more mines that came over when Royal Gold bought Sandstorm Gold with its own shares in 2025 — every one of them the same shape of deal: money paid up front, metal delivered cheaply ever since.
None of them is big enough that Royal Gold has to break it out in the accounts, and that is rather the point. Added together they earn more than twice what the single biggest contract does, and one bad mine among dozens barely moves the total.
Cortez royalty complex
Old royalty ground under Barrick's Nevada mining complex — $51.2M in the first half, with no cash ever going back out. The same 2022 purchase covers Fourmile next door, Barrick's unbuilt project, at roughly a 1.6% cut.
Competes with Detour Lake and Hemlo royalties (Franco-Nevada) · Canadian Malartic royalty (OR Royalties)
In plain English
Royalties are the simpler half of this company: no metal changes hands and no cash goes out, just a percentage of whatever the mine sells, arriving every quarter. Royal Gold holds several over the Cortez complex in Nevada, ground Barrick mines today, at rates the company expects to average near four percent of the take this year.
The interesting part sits next door. That 2022 purchase also covered Fourmile, a Barrick project nobody has built yet; an early study covering roughly a third of what has been found there points to a mine producing over half a million ounces a year. Royal Gold already owns its cut and would pay nothing more to collect it.
Peñasquito royalty
A 2% cut of everything Newmont sells from this Mexican mine — gold, silver, lead and zinc, and the portfolio's largest single exposure to the last three. It brought $14.4M in the June quarter, well down as the ore got poorer.
Competes with Cerro Lindo polymetallic interest (Triple Flag) · Antamina silver stream (Wheaton Precious Metals)
In plain English
Picture a landlord's cut. Newmont runs the mine, sells the metal, and hands over two cents of every dollar it takes in; neither side owes the other anything else. Four metals come out of the ground here — gold, silver, lead and zinc — which makes it the portfolio's main link to lead and zinc prices.
Just now it is the weak spot. Newmont has worked out the rich part of the pit it was mining and the ore stays poorer until about 2028, so revenue dropped sharply between the March and June quarters. Royal Gold's chief executive said plainly that the company has little insight into what happens there.
Hod Maden
A rich gold-copper project in north-eastern Türkiye, about a quarter built, with first shipments targeted for 2028. Royal Gold halved its ownership in 2026 in exchange for a 2.5% cut of future sales — less of the building bill, a smaller take.
Competes with Valentine Gold and Porcupine interests (Franco-Nevada) · Northparkes E44 delivery deal (Triple Flag)
In plain English
Everywhere else Royal Gold stays out of the mine-building business. Here it is a part-owner: a stake in the company developing a high-grade gold-and-copper deposit in north-eastern Türkiye, inherited when it bought Sandstorm. Part-ownership means paying a share of construction bills, and roughly $175 million has gone into the project so far, which is about a quarter finished.
In 2026 Royal Gold cut that ownership in half and took, in exchange, two and a half cents of every future dollar the mine sells — a claim that costs nothing to hold. Studies point to a mine running about ten years. Even so, that cut is small money beside the producing contracts — and this is the only mine Royal Gold is helping to build.
Warintza gold stream and royalty
A $200M package on Solaris Resources' Ecuadorian copper-gold project, $50M of it still owed. Warintza is one of the unbuilt mines behind the first five-year plan: 430,000–480,000 ounces a year by 2030, counting every metal as if it were gold.
Competes with Northparkes E44 delivery deal (Triple Flag) · Cobre Panamá stream (Franco-Nevada)
In plain English
Buying early is how the cheap deals get made. Solaris Resources has a copper-gold deposit in Ecuador and no mine yet; Royal Gold committed $200 million toward getting one built and takes its return in metal much later — twenty ounces of gold for every million pounds of copper, paid for at a fifth of the going price until ninety thousand ounces have changed hands, then at a much higher fraction.
Nothing has been delivered yet, because the mine still has to be built. Fifty million dollars of the commitment was still unpaid at the end of June, which is the plainest measure of how early this is.
Mount Milligan gold and copper streamThe largest single contract Royal Gold owns: 35% of the gold and 18.75% of the copper from Centerra's British Columbia pit, at $114.9M in the first half. It is flat quarter to quarter while everything around it grows.The largest single contract Royal Gold owns: 35% of the gold and 18.75% of the copper from Centerra's British Columbia pit, at $114.9M in the first half. It is flat quarter to quarter while everything around it grows.
In plain English
Centerra Gold digs copper and gold out of an open pit in British Columbia. Royal Gold paid cash up front for a standing order on that pit: thirty-five out of every hundred ounces of gold the mine sells, handed over for $435 an ounce — or the market price, if that ever falls lower — plus a smaller share of the copper at a fraction of its price.
Gold trades far above $435, and that gap is the entire business. Royal Gold takes the metal, sells it at the going rate, keeps the difference, and pays nothing toward diesel, wages or trucks. The mine plan caps the ounces, though, so the growth here has to come from price.
Competes with Salobo gold stream (Wheaton Precious Metals) · Candelaria gold and silver stream (Franco-Nevada)
Pueblo Viejo gold and silver streamA claim on 7.5% of Barrick's gold and 75% of its silver from this Dominican Republic mine — $100.8M in the first half. Barrick, which also operates the Cortez ground, stands behind more than a tenth of revenue on its own.A claim on 7.5% of Barrick's gold and 75% of its silver from this Dominican Republic mine — $100.8M in the first half. Barrick, which also operates the Cortez ground, stands behind more than a tenth of revenue on its own.
In plain English
Two companies own this Dominican Republic mine, and Royal Gold's deal attaches only to Barrick's sixty percent — Newmont's share passes by untouched. From Barrick's portion Royal Gold collects a thin slice of the gold and three-quarters of the silver, paying a set cash price for each ounce delivered.
The silver leg punches above its weight. Silver has more than doubled in price over the past year while gold rose by roughly a third, so a contract bought mostly for gold keeps handing over the more valuable metal. The money Royal Gold advanced years ago has now been fully worked off, which means every delivery from here is simply a purchase at the set price.
Competes with Antamina silver stream (Wheaton Precious Metals) · Cobre Panamá stream (Franco-Nevada)
Andacollo gold streamEvery ounce of gold that comes up alongside the copper at Teck's Chilean mine belongs to Royal Gold. It paid $76.3M in the first half alone, nearly matching all of last year. Volumes follow Teck's copper plan, not gold demand.Every ounce of gold that comes up alongside the copper at Teck's Chilean mine belongs to Royal Gold. It paid $76.3M in the first half alone, nearly matching all of last year. Volumes follow Teck's copper plan, not gold demand.
In plain English
Copper mines often bring up gold as a side-product nobody planned for. Teck's mine in Chile is one of those — copper is the business, gold is an afterthought — so Royal Gold bought the whole gold side of it: every saleable ounce, for a set price per ounce.
That is the trade the company keeps repeating, because a copper miner gets little credit for stray gold and will sell it cheaply, while Royal Gold collects full price for it. What cannot be controlled is volume. A harsh Chilean winter dented output in the June quarter; the operator left its plan for the year unchanged, but the ounces arrive when the copper does.
Competes with Candelaria gold and silver stream (Franco-Nevada) · Salobo gold stream (Wheaton Precious Metals)
Kansanshi gold streamBought in 2025 for $1.0B in cash: gold measured off the copper First Quantum pulls out of its Zambian mine. It brought $59.8M in its first full half and is guided to 26,000–31,000 ounces this year, rising into 2028.Bought in 2025 for $1.0B in cash: gold measured off the copper First Quantum pulls out of its Zambian mine. It brought $59.8M in its first full half and is guided to 26,000–31,000 ounces this year, rising into 2028.
In plain English
A billion dollars in cash went to First Quantum in 2025, and the miner gave up no shares to get it — that is the appeal of this product to a copper company. Royal Gold takes its return in gold, measured off copper: seventy-five ounces for every million pounds of copper the Zambian mine recovers.
So a copper expansion turns into Royal Gold's gold. Deliveries began in October 2025 and management expects them to keep climbing into 2028 as the enlarged plant fills up. Two things hold it back by design or by geography: the ounces-per-pound rate shrinks at two set thresholds as the mine delivers, and Zambia's power supply and tax rules sit outside anyone's control.
Competes with Cobre Panamá stream (Franco-Nevada) · Antamina precious-metals purchase (Wheaton Precious Metals)
The smaller streamsDozens of contracts on mines from Ontario to Botswana, none big enough to be reported on its own — together $272.0M in the first half, the biggest block on this map. Watch Khoemacau's expansion and Platreef's first deliveries.Dozens of contracts on mines from Ontario to Botswana, none big enough to be reported on its own — together $272.0M in the first half, the biggest block on this map. Watch Khoemacau's expansion and Platreef's first deliveries.
In plain English
The long tail, and it is not small. Rainy River in Ontario, Khoemacau in Botswana, Wassa in Ghana, Xavantina in Brazil, and about ten more mines that came over when Royal Gold bought Sandstorm Gold with its own shares in 2025 — every one of them the same shape of deal: money paid up front, metal delivered cheaply ever since.
None of them is big enough that Royal Gold has to break it out in the accounts, and that is rather the point. Added together they earn more than twice what the single biggest contract does, and one bad mine among dozens barely moves the total.
Competes with Salobo gold stream (Wheaton Precious Metals) · Canadian Malartic royalty (OR Royalties)
Cortez royalty complexOld royalty ground under Barrick's Nevada mining complex — $51.2M in the first half, with no cash ever going back out. The same 2022 purchase covers Fourmile next door, Barrick's unbuilt project, at roughly a 1.6% cut.Old royalty ground under Barrick's Nevada mining complex — $51.2M in the first half, with no cash ever going back out. The same 2022 purchase covers Fourmile next door, Barrick's unbuilt project, at roughly a 1.6% cut.
In plain English
Royalties are the simpler half of this company: no metal changes hands and no cash goes out, just a percentage of whatever the mine sells, arriving every quarter. Royal Gold holds several over the Cortez complex in Nevada, ground Barrick mines today, at rates the company expects to average near four percent of the take this year.
The interesting part sits next door. That 2022 purchase also covered Fourmile, a Barrick project nobody has built yet; an early study covering roughly a third of what has been found there points to a mine producing over half a million ounces a year. Royal Gold already owns its cut and would pay nothing more to collect it.
Competes with Detour Lake and Hemlo royalties (Franco-Nevada) · Canadian Malartic royalty (OR Royalties)
Peñasquito royaltyA 2% cut of everything Newmont sells from this Mexican mine — gold, silver, lead and zinc, and the portfolio's largest single exposure to the last three. It brought $14.4M in the June quarter, well down as the ore got poorer.A 2% cut of everything Newmont sells from this Mexican mine — gold, silver, lead and zinc, and the portfolio's largest single exposure to the last three. It brought $14.4M in the June quarter, well down as the ore got poorer.
In plain English
Picture a landlord's cut. Newmont runs the mine, sells the metal, and hands over two cents of every dollar it takes in; neither side owes the other anything else. Four metals come out of the ground here — gold, silver, lead and zinc — which makes it the portfolio's main link to lead and zinc prices.
Just now it is the weak spot. Newmont has worked out the rich part of the pit it was mining and the ore stays poorer until about 2028, so revenue dropped sharply between the March and June quarters. Royal Gold's chief executive said plainly that the company has little insight into what happens there.
Competes with Cerro Lindo polymetallic interest (Triple Flag) · Antamina silver stream (Wheaton Precious Metals)
Hod MadenA rich gold-copper project in north-eastern Türkiye, about a quarter built, with first shipments targeted for 2028. Royal Gold halved its ownership in 2026 in exchange for a 2.5% cut of future sales — less of the building bill, a smaller take.A rich gold-copper project in north-eastern Türkiye, about a quarter built, with first shipments targeted for 2028. Royal Gold halved its ownership in 2026 in exchange for a 2.5% cut of future sales — less of the building bill, a smaller take.
In plain English
Everywhere else Royal Gold stays out of the mine-building business. Here it is a part-owner: a stake in the company developing a high-grade gold-and-copper deposit in north-eastern Türkiye, inherited when it bought Sandstorm. Part-ownership means paying a share of construction bills, and roughly $175 million has gone into the project so far, which is about a quarter finished.
In 2026 Royal Gold cut that ownership in half and took, in exchange, two and a half cents of every future dollar the mine sells — a claim that costs nothing to hold. Studies point to a mine running about ten years. Even so, that cut is small money beside the producing contracts — and this is the only mine Royal Gold is helping to build.
Competes with Valentine Gold and Porcupine interests (Franco-Nevada) · Northparkes E44 delivery deal (Triple Flag)
Warintza gold stream and royaltyA $200M package on Solaris Resources' Ecuadorian copper-gold project, $50M of it still owed. Warintza is one of the unbuilt mines behind the first five-year plan: 430,000–480,000 ounces a year by 2030, counting every metal as if it were gold.A $200M package on Solaris Resources' Ecuadorian copper-gold project, $50M of it still owed. Warintza is one of the unbuilt mines behind the first five-year plan: 430,000–480,000 ounces a year by 2030, counting every metal as if it were gold.
In plain English
Buying early is how the cheap deals get made. Solaris Resources has a copper-gold deposit in Ecuador and no mine yet; Royal Gold committed $200 million toward getting one built and takes its return in metal much later — twenty ounces of gold for every million pounds of copper, paid for at a fifth of the going price until ninety thousand ounces have changed hands, then at a much higher fraction.
Nothing has been delivered yet, because the mine still has to be built. Fifty million dollars of the commitment was still unpaid at the end of June, which is the plainest measure of how early this is.
Competes with Northparkes E44 delivery deal (Triple Flag) · Cobre Panamá stream (Franco-Nevada)
Named in filings, launches and programs
- Rainy River gold and silver streamServiceOntario mine: 6.5% of the gold and 60% of the silver. Coeur took over as operator in early 2026; the silver rate steps down later this decade.
- Khoemacau silver streamServiceAll the saleable silver from MMG's Botswana copper mine; a board-approved expansion aims to start producing in the first half of 2028.
- Wassa gold streamServiceA tenth of the gold from this Ghanaian mine. Zijin Gold is putting about $1.2B into operator Chifeng to take control; the rate steps down later.
- Antamina royaltyServiceA 1.66% share of the profits at this Peruvian copper mine — the one contract exposed to a mine's costs, and management's biggest variable in copper.
- Xavantina gold streamServiceA quarter of the gold from Ero Copper's Brazilian mine; the price Royal Gold pays stepped from 25% to 40% of market in July 2025.
- Greenstone gold streamService · RampingA slice of an Ontario gold mine still filling up: the operator targets 320,000 ounces a year and beat its intended rate on most June-quarter days.
- Platreef streamService · RampingIvanhoe's South African project started delivering shortly before the August 2026 update; full first-phase production is expected by the end of 2026.
- Sandstorm-acquired producing streamsProduct lineTen producing mines — Caserones, Chapada, Fruta del Norte, Cobre Panamá and others — arrived with the 2025 Sandstorm purchase, each too small to break out.
- North American royalty tailProduct lineManh Choh, Robinson, Marigold, Leeville, Wharf and Côté Gold — small US and Canadian royalties that together brought in roughly $76 million in 2025.
- Voisey's Bay royaltyServiceA 2.7% royalty on Vale's Labrador nickel-copper-cobalt operation, and the main source of what the company reports as other metals.
- Relief Canyon interestsServiceNevada interests whose fixed delivery obligation was settled in the June 2026 quarter, pulling about 5,000 ounces forward in a one-off worth roughly $22 million.
- Red Chris royaltyService · Pre-revenueA royalty on Newmont's underground project in British Columbia; the Canadian government committed CAD 500 million and a build decision is targeted near end-2026.
- Great Bear royaltyService · Pre-revenueA royalty on Kinross's Ontario project; an early study shows a twelve-year life averaging over 500,000 ounces a year across the first eight.
- MARA stream and royaltyService · Pre-revenueA stream and royalty on Glencore's Argentine copper-gold project; mining at Alumbrera restarted ahead of schedule and a build decision is targeted for late 2027.
- 2030 outlook royaltiesProduct line · Pre-revenueCorani and Mercedes, taken in the Bear Creek restructuring, plus Bald Mountain Redbird, La India and Robertson — the royalties penciled into the 2030 outlook.
Rainy River gold and silver streamService
Ontario mine: 6.5% of the gold and 60% of the silver. Coeur took over as operator in early 2026; the silver rate steps down later this decade.
Khoemacau silver streamService
All the saleable silver from MMG's Botswana copper mine; a board-approved expansion aims to start producing in the first half of 2028.
Wassa gold streamService
A tenth of the gold from this Ghanaian mine. Zijin Gold is putting about $1.2B into operator Chifeng to take control; the rate steps down later.
Antamina royaltyService
A 1.66% share of the profits at this Peruvian copper mine — the one contract exposed to a mine's costs, and management's biggest variable in copper.
Xavantina gold streamService
A quarter of the gold from Ero Copper's Brazilian mine; the price Royal Gold pays stepped from 25% to 40% of market in July 2025.
Greenstone gold streamService · Ramping
A slice of an Ontario gold mine still filling up: the operator targets 320,000 ounces a year and beat its intended rate on most June-quarter days.
Platreef streamService · Ramping
Ivanhoe's South African project started delivering shortly before the August 2026 update; full first-phase production is expected by the end of 2026.
Sandstorm-acquired producing streamsProduct line
Ten producing mines — Caserones, Chapada, Fruta del Norte, Cobre Panamá and others — arrived with the 2025 Sandstorm purchase, each too small to break out.
North American royalty tailProduct line
Manh Choh, Robinson, Marigold, Leeville, Wharf and Côté Gold — small US and Canadian royalties that together brought in roughly $76 million in 2025.
Voisey's Bay royaltyService
A 2.7% royalty on Vale's Labrador nickel-copper-cobalt operation, and the main source of what the company reports as other metals.
Relief Canyon interestsService
Nevada interests whose fixed delivery obligation was settled in the June 2026 quarter, pulling about 5,000 ounces forward in a one-off worth roughly $22 million.
Red Chris royaltyService · Pre-revenue
A royalty on Newmont's underground project in British Columbia; the Canadian government committed CAD 500 million and a build decision is targeted near end-2026.
Great Bear royaltyService · Pre-revenue
A royalty on Kinross's Ontario project; an early study shows a twelve-year life averaging over 500,000 ounces a year across the first eight.
MARA stream and royaltyService · Pre-revenue
A stream and royalty on Glencore's Argentine copper-gold project; mining at Alumbrera restarted ahead of schedule and a build decision is targeted for late 2027.
2030 outlook royaltiesProduct line · Pre-revenue
Corani and Mercedes, taken in the Bear Creek restructuring, plus Bald Mountain Redbird, La India and Robertson — the royalties penciled into the 2030 outlook.