Royal Gold Q2 GEO sales jump 8% as stream revenue hits $311M

Royal Gold Inc. sold 69,000 gold equivalent ounces in the second quarter, up 8 percent from a year earlier, driven by a surge in stream segment sales.

The preliminary results reflect higher contributions from the company's streaming portfolio, with stream segment sales reaching $311 million compared with $123 million in the prior-year quarter, Royal Gold said in its July 22 update.

Cost of sales rose to $871 per GEO from $596 a year earlier. Royalty segment sales for the quarter are estimated between $137 million and $142 million, up from $51.1 million. The company sold 54,500 ounces of gold, 595,500 ounces of silver, 2.5 million pounds of copper and 1.3 million pounds of lead during the period. Consensus estimates and EPS figures were not yet disclosed in the preliminary release.

Royal Gold repaid $200 million of debt in the quarter, leaving $400 million outstanding on its revolving credit facility with $1.0 billion undrawn. The company also settled an outstanding gold delivery with Americas Gold and Silver Corp., receiving 5,000 ounces of gold and 2.65 million shares valued at $5.86 each in exchange for releasing the remaining 8,861-ounce obligation.

The settlement added $12 million of additional depreciation, depletion and amortization expense, which Royal Gold recognized as stream sales in the second quarter. The GEO sales total of 69,000 marked a decline from 96,300 GEOs sold in the first quarter but an increase from 63,900 in the second quarter of 2025.

Among precious metals peers, Endeavour Silver Corp. produced 1.94 million ounces of silver in the second quarter, up 31 percent year over year, while Fortuna Mining Corp. reported output of 72,217 GEO from ongoing operations, a 1.4 percent increase.

Royal Gold shares have gained 24.4 percent over the past year, trailing the industry's 32.3 percent advance. The stock carries a Zacks Rank of 5, or Strong Sell.

The debt repayment strengthens Royal Gold's balance sheet while the Americas Gold settlement removes a contractual overhang. Investors will watch for the company's full Q2 earnings release for updated guidance on GEO sales and operating costs.

This article is for informational purposes only and does not constitute investment advice.