皇家黄金 2026年季度报告

(Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2026 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission File Number: 001-13357______________________________________________________________ Royal Gold, Inc.(Exact Name of Registrant as Specified in Its Charter) ______________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: 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 of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch 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, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filerEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo There were 84,866,602 shares of Royal Gold common stock outstanding as of April29, 2026. INDEX PAGEPART IFINANCIAL INFORMATIONItem 1.Financial Statements (Unaudited)Consolidated Balance Sheets3Consolidated Statements of Operations and Comprehensive Income4Consolidated Statements of Changes in Stockholders’ Equity5Consolidated Statements of Cash Flows6Notes to Consolidated Financial Statements7Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations19Item 3.Quantitative and Qualitative Disclosures about Market Risk27Item 4.Controls and Procedures27PART IIOTHER INFORMATIONItem 1.Legal Proceedings28Item 1A.Risk Factors28Item 2.Unregistered Sales of Equity Securities and Use of Proceeds28Item 3.Defaults Upon Senior Securities28Item 4.Mine Safety Disclosures28Item 5.Other Information28Item 6.Exhibits29SIGNATURES30 ROYAL GOLD, INC.Consolidated Balance Sheets(Unaudited, amounts in thousands except share data) ROYAL GOLD, INC.Consolidated Statements of Operations and Comprehensive Income(Unaudited, amounts in thousands except share data) ROYAL GOLD, INC.Consolidated Statements of Changes in Stockholders’ EquityThree months ended March31, 2026, and 2025(Unaudited, amounts in thousands except share data) ROYAL GOLD, INC.Consolidated Statements of Cash Flows(Unaudited, amounts in thousands) ROYAL GOLD, INC.Notes to Consolidated Financial Statements(Unaudited) 1.OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTINGSTANDARDS Royal Gold, Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), is engaged in the business ofacquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royaltyinterests or to finance projects that are in the production, development or exploration stage in exchange for stream or royalty interests.A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchaseall or a portion of one or more metals in an amount determined by reference to production at a mining operation, at a price determinedfor the life of the transaction by the purchase agreement. A royalty is a non-operating interest in a mining project that provides the rightto revenue or metals produced from the project after deducting contractually specified costs, if any. Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally acceptedaccounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 ofRegulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financialstatements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fairpresentation