皇家黄金 2025年度报告

SECURITIES AND EXCHANGE COMMISSION Form 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December31, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 Commission File Number 001-13357 Royal Gold, Inc. Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo 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No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo The aggregate market value of Royal Gold common stock held by non-affiliates of the registrant, based on the closing sale price of Royal Gold common stock on June30, 2025, as reported on the Nasdaq Global Select Market was $11.7billion. There were 84,810,098 shares of Royal Gold common stock outstanding as of February11, 2026. 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 of Royal Gold’s definitive proxystatement relating to its 2026 annual meeting of stockholders to be filed within 120 days after December31, 2025. INDEX PART I.ITEM 1.Business3ITEM 1A.Risk Factors9ITEM 1B.Unresolved Staff Comments19ITEM 1C.Cybersecurity19ITEM 2.Properties19ITEM 3.Legal Proceedings51ITEM 4.Mine Safety Disclosure51PART II.ITEM 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities52ITEM 6.Reserved52ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations53ITEM 7A.Quantitative and Qualitative Disclosures About Market Risk64ITEM 8.Financial Statements and Supplementary Data65ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure99ITEM 9A.Controls and Procedures99ITEM 9B.Other Information101ITEM 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections101PART III.ITEM 10.Directors, Executive Officers and Corporate Governance101ITEM 11.Executive Compensation101ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters101ITEM 13.Certain Relationships and Related Transactions, and Director Independence101ITEM 14.Principal Accountant Fees and Services102PART IV.ITEM 15.Exhibits and Financial Statement Schedules103ITEM 16.Form 10-K Summary104SIGNATURES105 This report contains and incorporates by reference “forward-looking statements” within the meaning of U.S. federal securities laws.Forward-looking statements are made based on management’s current expectations and beliefs concerning