Royal Gold Cuts Revolver to $150 Million After $250 Million Paydown

The Tip Desk · October 27, 2026 · 3 min read

Preliminary stream sales were $318.3 million on 74,700 GEOs as the company also bought back $49 million of stock.

Royal Gold, Inc. (RGLD) repaid $250 million of debt in the third quarter, leaving a $150 million balance on its revolving credit facility and $1.25 billion undrawn as of September 30, 2026.

The paydown followed a $200 million repayment in the second quarter that had left $400 million outstanding and $1.0 billion available. The company also repurchased 190,045 shares at an average $259.83 a share for $49 million and cancelled them.

Preliminary stream segment sales were $318.3 million, up from $311.0 million in the second quarter. Gold equivalent ounces rose to 74,700 from 69,000, and cost of sales fell to $834 a GEO from $871. Gold equivalent ounces are calculated as revenue divided by the average London PM gold fixing price for the quarter ended September 30, 2026, of $4,262 an ounce.

Gold units sold increased to 57,600 ounces from 54,500 ounces, with ending gold inventory down to 23,300 ounces from 27,400 ounces. Silver units sold rose to 772,300 ounces from 595,500 ounces, and ending silver inventory increased to 424,200 ounces from 371,200 ounces. Copper units sold increased to 3.8 million pounds from 2.5 million pounds, with ending copper inventory now reported as none versus 0.7 million pounds. Zinc units sold were 1.3 million pounds, with no ending inventory.

Preliminary royalty segment sales were $143 million to $149 million, versus $137 million to $142 million in the second quarter. Depreciation, depletion and amortization was estimated at $80 million to $84 million, versus $95 million to $99 million. Royalty sales and DD&A are presented as ranges because final receipts were not yet available.

The company said the preliminary figures are subject to change and that actual results remain subject to customary quarter-end review. Independent auditors have not reviewed the preliminary information.

Second-quarter results, reported in August, included revenue of $450.5 million, record operating cash flow of $335.2 million, net income of $236.4 million, or $2.78 a share, and sales volume of 100,000 GEOs. Adjusted EBITDA margin was 83%. The company then repaid $200 million on the revolver, increased available liquidity to about $1.2 billion, paid a quarterly dividend of $0.475 a share, and repurchased 147,205 shares for $30 million.

President and CEO Bill Heissenbuttel said second-quarter results were strong and that the company continued a disciplined approach to capital allocation, including debt repayment, share repurchases and investment in Warintza and Hod Maden interests. He said the outlook for the second half remained positive.

During the second quarter, Royal Gold and Americas Gold and Silver settled remaining fixed gold delivery obligations at Relief Canyon. Americas settled its existing obligation to deliver 8,861 ounces of gold between June 2026 and December 2027 by immediately delivering 5,000 ounces of gold, which were sold, and 2,652,532 Americas shares. The gold sale was recognized as stream revenue and added about $12 million of DD&A. Royal Gold’s royalty and stream interests on Relief Canyon remained in place. The company also funded $70 million of Hod Maden project costs and made a $50 million advance under the Warintza stream agreement.

Third-quarter results are scheduled for release after the market close on November 4, 2026, with a conference call on November 5 at 12:00 p.m. Eastern Time.