皇家黄金 2024年度报告

Form 10-K (Mark One) For the Fiscal Year Ended December 31, 2024 or oTRANSITIONREPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 Commission File Number 001-13357 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.Yes o No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files). Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) bythe registered public accounting firm that prepared or issued its audit report. x If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements. o Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). oIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No xThe aggregate market value of Royal Gold common stock held by non-affiliates of the registrant, based on the closing sale price ofRoyal Gold common stock on June 28, 2024, as reported on the Nasdaq Global Select Market was $8.2 billion.There were 65,758,616 shares of Royal Gold common stock outstanding as of February 3, 2025. DOCUMENTS INCORPORATED BY REFERENCE Certain information required by Items 10, 11, 12, 13, and 14 of Part III of Form 10-K is incorporated by reference from portions ofRoyal Gold’s definitive proxy statement relating to its 2025 annual meeting of stockholders to be filed within 120 days afterDecember 31, 2024. INDEX PART I.ITEM 1.Business3ITEM 1A.Risk Factors9ITEM 1B.Unresolved Staff Comments19ITEM 1C.Cybersecurity19ITEM 2.Properties19ITEM 3.Legal Proceedings45ITEM 4.Mine Safety Disclosure45PART II.ITEM 5.Market for Registrant’s Common Equity, Related Stockholder Matters andIssuer Purchases of Equity Securities46ITEM 6.Reserved46ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations47ITEM 7A.Quantitative and Qualitative Disclosures About Market Risk55ITEM 8.Financial Statements and Supplementary Data56ITEM 9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure83ITEM 9A.Controls and Procedures83ITEM 9B.Other Information85ITEM 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspection85PART III.ITEM 10.Directors, Executive Officers and Corporate Governance85ITEM 11.Executive Compensation85ITEM 12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters85ITEM 13.Certain Relationships and Related Transactions, and Director Independence85ITEM 14.Principal Accountant Fees and Services85PART IV.ITEM 15.Exhibits and Financial Statement Schedules86 This report contains and incorporates by reference “forward-looking statements” within the meaning ofU.S. federal securities laws. Forward-looking statements are made based on management’s currentexpectations and beliefs concerning future developments. Actual results may differ, possibly materially,from forward-looking statements due to various factors. For a discussion of some of these factors, seeItem 1A, Risk Factors, and Item 7, Management’s Discussion and Analysis of Financial Condition andResults of Operations, of this report. Royal Gold does not own, develop, or mine the pro