Royal Gold, Inc. released preliminary financial data for the third quarter ended September 30, 2026, projecting stream segment sales of $318.3 million. The Denver-based company indicated that royalty segment sales are estimated to fall between $143-149 M, with depreciation, depletion and amortization expected to range from $80-84 M. These figures are preliminary and subject to change as the company completes its quarter-end accounting procedures.
The stream segment generated revenue from the sale of 74,700 gold equivalent ounces, calculated using an average London PM gold fixing price of $4,262 per ounce for the quarter. The cost of sales for these ounces was estimated at $834 per gold equivalent ounce. In terms of physical inventory, the company sold 57,600 ounces of gold and 772,300 ounces of silver during the period. The company reported ending period inventory of 23,300 ounces of gold and 424,200 ounces of silver. Additionally, the stream segment included sales of 3.8 Mlb of copper and 1.3 Mlb of zinc, though no ending inventory figures were provided for these base metals.
Management highlighted two notable financial items for the third quarter that impact the company's balance sheet and capital structure. First, Royal Gold repaid $250 million of debt, reducing the outstanding balance on its revolving credit facility to $150 million as of September 30, 2026. This repayment leaves $1.25 billion undrawn and available on the facility. Second, the company repurchased 190,045 shares at an average price of $259.83 per share, resulting in a total consideration of $49 million. The repurchased shares were cancelled.
The final financial results for the third quarter will be released after the market close on Wednesday, November 4, 2026. A conference call will follow on Thursday, November 5, 2026, at 12:00 p.m. Eastern Time. The company noted that the preliminary information is unaudited and reflects management's current estimates based on available data. Royal Gold's independent registered public accounting firm has not performed any procedures on these preliminary figures. The final numbers may differ materially from the preliminary estimates due to customary quarter-end review and closing procedures.