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Is Royal Gold Benefiting From Its 2025 Portfolio Expansion Actions?
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Key Takeaways
RGLD's H1 revenues surged 128% y/y to a record $917M, aided by new asset contributions.
The Sandstorm and Horizon acquisitions added 40 producing assets and generated $235M in revenues.
RGLD expects 365,000-410,000 GEOs in 2026, rising to 430,000-480,000 GEOs over five years.
Royal Gold, Inc.’s (RGLD - Free Report) revenues surged 128% year over year to a record $917 million in the first half of 2026. Along with higher metal prices, the upside was driven by new contributions from Kansanshi and the acquired Sandstorm and Horizon assets.
Royal Gold acquired Sandstorm Gold Ltd. and Horizon Copper Corp in October 2025. These transactions reinforce Royal Gold’s position as a leading North American precious metal streaming and royalty company. The addition of these assets from Sandstorm Gold and Horizon Copper creates a uniquely diversified global precious metals portfolio for Royal Gold with significant growth and exploration potential. The deal added 40 producing assets to Royal Gold’s portfolio.
The acquisitions doubled the company's number of revenue-producing assets and have generated $235 million in revenues since closing, recovering more than 5% of the purchase price in around nine months. The company also inked a $1-billion gold stream deal in August 2025 for the Kansanshi mine in Zambia.
Net cash provided by operating activities was $629 million in the first six months of 2026, more than double the prior-year level. Adjusted EBITDA was $767 million in the first six months of the year, skyrocketing 129% year over year. The first-half 2026 results reflect the benefits of holding a large, diversified and cash-flowing portfolio.
The company expects gold-equivalent production between 365,000 and 410,000 ounces in 2026, reaching 430,000-480,000 GEOs over the next five years.
Growth Drivers of Other Miners
B2Gold Corp. (BTG - Free Report) received the Menankoto exploitation permit from the State of Mali in August 2026, following productive dialogue that commenced in late July 2025. This allows pre-stripping to commence at Fekola Regional, a major near-term production growth driver for B2Gold consisting of the Menankoto exploitation permit and the Dandoko exploration permit. Post the permit, B2Gold expects Fekola Regional to ramp through the end of 2027 and produce more than 150,000 ounces annually from 2028 through the mid-2030s.
SSR Mining Inc. (SSRM - Free Report) remains the third-largest U.S. gold producer, driven by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. SSR Mining is moving forward with growth initiatives across the Marigold mine, including Buffalo Valley. The company expects an updated life of mine plan by 2026-end.
The company increased the mine’s 2026 growth capital guidance from $48 million to $65 million as it plans to boost longer-term growth. With more than 38 years of operations, SSR Mining remains optimistic about Marigold's long-term growth. Along with SSRM’s other key projects like CC&V, Seabee and Puna, Marigold showcases significant potential upside.
Royal Gold’s Price Performance, Valuations & Estimates
The RGLD stock has gained 31.8% in a year compared with the Zacks Mining – Gold industry’s 35.6% growth. During this time, the Basic Materials sector has risen 21% and the S&P 500 has gained 15.7%.
Image Source: Zacks Investment Research
Royal Gold is currently trading at a forward 12-month earnings multiple of 22.30X, at a premium to the industry average of 13.09X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Royal Gold’s 2026 earnings is $10.26 per share, indicating year-over-year growth of 40%. The Zacks Consensus Estimate for 2027 earnings indicates year-over-year growth of 13.4%.
EPS estimates for 2025 and 2026 have been trending south over the past 60 days, as seen in the chart below.
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Image: Bigstock
Is Royal Gold Benefiting From Its 2025 Portfolio Expansion Actions?
Key Takeaways
Royal Gold, Inc.’s (RGLD - Free Report) revenues surged 128% year over year to a record $917 million in the first half of 2026. Along with higher metal prices, the upside was driven by new contributions from Kansanshi and the acquired Sandstorm and Horizon assets.
Royal Gold acquired Sandstorm Gold Ltd. and Horizon Copper Corp in October 2025. These transactions reinforce Royal Gold’s position as a leading North American precious metal streaming and royalty company. The addition of these assets from Sandstorm Gold and Horizon Copper creates a uniquely diversified global precious metals portfolio for Royal Gold with significant growth and exploration potential. The deal added 40 producing assets to Royal Gold’s portfolio.
The acquisitions doubled the company's number of revenue-producing assets and have generated $235 million in revenues since closing, recovering more than 5% of the purchase price in around nine months. The company also inked a $1-billion gold stream deal in August 2025 for the Kansanshi mine in Zambia.
Net cash provided by operating activities was $629 million in the first six months of 2026, more than double the prior-year level. Adjusted EBITDA was $767 million in the first six months of the year, skyrocketing 129% year over year. The first-half 2026 results reflect the benefits of holding a large, diversified and cash-flowing portfolio.
The company expects gold-equivalent production between 365,000 and 410,000 ounces in 2026, reaching 430,000-480,000 GEOs over the next five years.
Growth Drivers of Other Miners
B2Gold Corp. (BTG - Free Report) received the Menankoto exploitation permit from the State of Mali in August 2026, following productive dialogue that commenced in late July 2025. This allows pre-stripping to commence at Fekola Regional, a major near-term production growth driver for B2Gold consisting of the Menankoto exploitation permit and the Dandoko exploration permit. Post the permit, B2Gold expects Fekola Regional to ramp through the end of 2027 and produce more than 150,000 ounces annually from 2028 through the mid-2030s.
SSR Mining Inc. (SSRM - Free Report) remains the third-largest U.S. gold producer, driven by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. SSR Mining is moving forward with growth initiatives across the Marigold mine, including Buffalo Valley. The company expects an updated life of mine plan by 2026-end.
The company increased the mine’s 2026 growth capital guidance from $48 million to $65 million as it plans to boost longer-term growth. With more than 38 years of operations, SSR Mining remains optimistic about Marigold's long-term growth. Along with SSRM’s other key projects like CC&V, Seabee and Puna, Marigold showcases significant potential upside.
Royal Gold’s Price Performance, Valuations & Estimates
The RGLD stock has gained 31.8% in a year compared with the Zacks Mining – Gold industry’s 35.6% growth. During this time, the Basic Materials sector has risen 21% and the S&P 500 has gained 15.7%.
Royal Gold is currently trading at a forward 12-month earnings multiple of 22.30X, at a premium to the industry average of 13.09X.
The Zacks Consensus Estimate for Royal Gold’s 2026 earnings is $10.26 per share, indicating year-over-year growth of 40%. The Zacks Consensus Estimate for 2027 earnings indicates year-over-year growth of 13.4%.
EPS estimates for 2025 and 2026 have been trending south over the past 60 days, as seen in the chart below.
Royal Gold currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.