Royal Gold is a precious metals streaming and royalty company — it provides upfront capital to mining operators in exchange for the right to receive a portion of future metal production at fixed or low prices (streams) or a percentage of mine revenue (royalties). Royal Gold does not mine anything itself. Under stream agreements, Royal Gold pays a contractual purchase price well below spot to receive metal, then sells that metal at spot — the spread is the primary source of value. Royalties require no ongoing cash outlay at all. Gold drives roughly 78% of revenue, with silver and copper making up most of the rest. Key assets include the Mount Milligan copper-gold stream in British Columbia, a royalty on Barrick's Cortez complex in Nevada (including the emerging Fourmile deposit), a gold and silver stream on Barrick's Pueblo Viejo mine in the Dominican Republic, a $1B gold stream on First Quantum's Kansanshi mine in Zambia, and a royalty on Newmont's Peñasquito mine in Mexico. Royal Gold significantly expanded its portfolio in 2025 via the acquisition of Sandstorm Gold and Horizon Copper for approximately $4.1B, adding around 80 producing and 30 development assets. Because Royal Gold bears no ongoing mining costs, margins are high — adjusted EBITDA margin was approximately 82% in FY25. Royal Gold grows by deploying capital into new stream and royalty interests, and returns cash to shareholders via an annually increasing dividend, which it has raised every year since 2001.