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SEC filingRoyal Gold issued 2026 sales volume guidance of 290,000–320,000 gold oz, 3.0–3.5M silver oz, and 21.0–25.0M copper lb, plus a 5-year GEO outlook of 430,000–480,000, and repaid $125M debt.
Royal Gold's 2026 guidance signals robust growth across key metals, with gold sales midpoints 32% above 2025 actuals driven by full-year contributions from newly operational streams like Kansanshi (26k-31k oz gold) and Mount Milligan (140k-155k oz gold, 50-60M lb copper), alongside steady output from principal properties including Pueblo Viejo (350k-400k oz gold), Andacollo (38k-42k oz), and Cortez royalties (3.5-4.0% on 700k-780k oz). Copper volumes surge 40% from expanded production forecasts, while silver grows modestly at 8%. The sales volume basis enhances transparency amid volatile prices, with H1/H2 split near even. Elevated DD&A reflects depletion from recent Sandstorm/Horizon and Kansanshi acquisitions. The inaugural 5-year GEO outlook of 430k-480k underscores portfolio depth, incorporating operator guidance for expansions at Khoemacau and Platreef Phase 2, plus ramp-ups at Corani, Great Bear, and others, without risk adjustments or late-stage assets like Oyu Tolgoi. Debt repayment strengthens the balance sheet, lowering leverage to $600M outstanding versus $800M available, supporting financial flexibility for growth. The Asset Handbook offers investors detailed portfolio visibility, reinforcing Royal Gold's high-margin, diversified model in mining-friendly jurisdictions.