Royal Gold (RG3) Q3 2026 Earnings Report

The call was strongly positive. Royal Gold reported record revenue, adjusted net income and operating cash flow, raised guidance for other metals, became debt-free, maintained substantial liquidity and highlighted broad organic growth across its portfolio. The company also described an active business development pipeline and continued shareholder returns. The main challenges were Antamina's suspension following a fatality, low-end or narrowed production guidance at Andacollo and Kansanshi, lower Rainy River sales, higher expenses, a fair value loss and Platreef operating below design capacity, but these issues were outweighed by the record financial results and positive portfolio developments.

Management raised full year guidance for other metals, expects to be at or above the top end of the guidance ranges for silver and copper sales, and expects gold sales around the midpoint of the original guidance range; Teck expects 2026 copper production at the low end of the 45,000 to 55,000 tonne guidance range, while First Quantum’s 2026 copper production guidance is 175,000 to 185,000 tonnes, implying gold deliveries of 29,000 to 31,000 ounces for 2026. Royal Gold expects its total G&A expense for the year near the upper end of the $50 million to $60 million range, D&A within the original guidance range of $339 million to $379 million, and the full year effective tax rate within 17% to 22%; Ero’s total 2026 gold production guidance is between 75,000 to 80,000 ounces, including 30,000 to 35,000 ounces of mine production, implying approximately 22,000 to 27,000 ounces in the fourth quarter, and Kinross is expected to buy back 25% of the Great Bear royalty in the fourth quarter for approximately $43 million, reducing Royal Gold’s interest to a 1.5% NSR.