ROYAL GOLD INC
For the period ended May 21, 2026. Filed Apr 3, 2026.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 21, 2026 · Filed Apr 3, 2026
Contents
Pay Versus Performance
2025 Pay Versus Performance
The following table and supporting narrative contain information regarding compensation paid to our NEOs and the relationship to
company performance.
We changed our fiscal year-end from June 30 to December 31, effective as of December 31, 2021. To effect the change, we used a
six-month transition period from July 1, 2021 to December 31, 2021 (referred to below as “2021 Stub”). Calendar year 2022 was our first
full year with a December 31 fiscal year-end. All references in the following table and supporting narrative to fiscal 2021 are to the twelve
months ended June 30, 2021, and all references to fiscal 2022, 2023, 2024, and 2025 are to the twelve months ended December 31 of
the referenced year.
Pay Versus Performance Table
| Fiscal Year(1) · Summary Compensation Table Totalfor PEO ($) · CompensationActually Paidto PEO($)(2) · Average Summary Compensation Table Total for Non-PEO NEOs($) · AverageCompensationActually Paid to Non-PEO NEOs($)(2) · Value of Initial Fixed $100 Investment Based on: · Net Income($ in thousands) · Gross GEO Production(# ofounces)(4) | ||||||||
|---|---|---|---|---|---|---|---|---|
| TSR($)(3) · PeerGroupTSR($)(3) | ||||||||
| 2025 | $5,230,084 | $3,945,175 | $2,273,253 | $1,880,997 | $190.8 | $290.2 | $471,576 | 303,900 |
| 2024 | 4,184,508 | 1,554,758 | 1,714,725 | 1,053,369 | 111.9 | 114.8 | 332,480 | 305,896 |
| 2023 | 4,282,057 | 4,422,977 | 1,690,815 | 1,705,218 | 101.4 | 103.6 | 239,440 | 315,714 |
| 2022 | 3,060,540 | 3,540,577 | 1,340,295 | 1,519,307 | 93.3 | 97.7 | 238,982 | 340,559 |
| 2021 Stub | 3,148,212 | 2,698,385 | 1,253,741 | 1,098,874 | 86.0 | 104.9 | 138,339 | 189,905 |
| 2021 | 3,042,284 | 2,498,478 | 1,403,420 | 1,160,025 | 92.7 | 110.7 | 302,532 | 316,272 |
(1)Mr. Heissenbuttel served as principal executive officer (“PEO”) in each year listed. The individuals comprising the Non-PEO NEOs for each year
presented are listed below.
| Fiscal Years | Non-PEO NEOs |
| 2024-2025 | Daniel Breeze, Paul Libner, Martin Raffield, and Randy Shefman |
| 2023 | Daniel Breeze, Mark Isto, Paul Libner, Martin Raffield, and Randy Shefman |
| 2021-2022 | Daniel Breeze, Mark Isto, Paul Libner, and Randy Shefman |
(2)The following table sets forth adjustments to the total compensation reported in the Summary Compensation Table (“SCT”) to arrive at compensation
actually paid pursuant to SEC rules (“SEC CAP”) for 2025. Amounts do not reflect actual compensation earned by or paid to our NEOs during 2025.
| Adjustments | PEO | Non-PEO NEO Average |
|---|---|---|
| SCT Total | $5,230,084 | $2,273,253 |
| Minus: Grant date fair value of equity awards granted during 2025 that remained outstanding at 12/31/2025 | (2,759,437) | (1,052,955) |
| Plus: Fair value at 12/31/2025 of equity awards granted during 2025 that remained outstanding at 12/31/2025 | 3,336,685 | 1,273,141 |
| Minus: Change in fair value measured from 12/31/2024 to 12/31/2025 for awards granted before 2025 and that remained outstanding at 12/31/2025 | (1,539,398) | (512,465) |
| Minus: Change in fair value at vesting date versus 12/31/2024 for awards granted before 2025 that vested during 2025 | (322,759) | (99,977) |
| SEC CAP | 3,945,175 | 1,880,997 |
(3)The amounts represent the value at the end of each period of an initial fixed investment of $100 made on June 30, 2020. The peer group consists of the
PHLX Gold and Silver Index.
(4)Gross GEO Production, which is a non-GAAP financial measure, is gross gold equivalent ounces of production or “GEOs” calculated for 2025 by
dividing our revenues for each metal (with metals other than silver and copper included with gold revenues) by the budgeted metal prices of $2,550 for
gold and metals other than silver and copper, $30 for silver, and $4 for copper, and converting silver and copper amounts to gold equivalent amounts
using conversion factors based on the budgeted prices. Gross GEO Production differs from the GEO Production that we report in our earnings releases
because the GEO Production reported in our earnings releases uses the average LBMA metal prices instead of budgeted metal prices.
| Royal Gold | 2026 Proxy Statement | 67 |
|---|
Relationship of SEC CAP to Performance
The following charts illustrate the relationship from 2021 through 2025 of SEC CAP to our PEO and average SEC CAP to our other NEOs
to (i) our cumulative TSR and the cumulative TSR of the constituent companies in the PHLX Gold and Silver Index, based on an initial
fixed investment of $100 made on July 1, 2020, (ii) our GAAP net income, and (iii) our Gross GEO Production.
SEC CAP vs. Cumulative TSR
| ¢ | PEO CAP ($M) - William Heissenbuttel | RGLD TSR |
|---|---|---|
| ¢ | Average NEO CAP ($M) | PHLX Gold and Silver Index TSR |
SEC CAP vs. Net Income
| ¢ | PEO CAP ($M) - William Heissenbuttel | ¢ | Average NEO CAP ($M) |
|---|---|---|---|
| Net Income ($M) | |||
| 68 | Royal Gold | 2026 Proxy Statement |
SEC CAP vs. Gross GEO Production
| ¢ | PEO CAP ($M) - William Heissenbuttel | ¢ | Average NEO CAP ($M) |
|---|---|---|---|
| Gross GEO Production | |||
Tabular List of Company Performance Measures
The following table alphabetically lists the financial performance measures we believe were most important in linking SEC CAP to NEOs
to company performance during 2025.
Most Important Financial Performance Measures for 2025
Adjusted Cash G&A Expense
Gross GEO Production
Relative TSR
Further details on these measures and how they feature in our compensation plans can be found in our Compensation Discussion
and Analysis.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.