ROYAL GOLD INC
For the period ended May 21, 2026. Filed Apr 3, 2026.
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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
Peer Group Selection and Composition
The CNG Committee selects executive compensation peers based primarily on similar industry profile and size, as measured by market
capitalization, while seeking a sufficiently robust sample size and positioning Royal Gold near the median of the peer group. The CNG
Committee considers peer data on several compensation elements, including base salary, short-term incentives, long-term incentives,
and total direct compensation.
For 2025 executive compensation benchmarking, the peer group consisted of our closest metal streaming and royalty competitors,
together with comparably sized gold and silver mining companies. Compared with 2024, the 2025 peer group added Lundin Gold, Triple
Flag Precious Metals, and Sandstorm Gold, which increased the representation of streaming and royalty companies and enhanced the
overall robustness of the peer group.
For purposes of long-term incentive compensation, the CNG Committee selected a broader group to measure relative TSR performance,
reflecting the broader competitive landscape for investors. The 2025 performance share peer group consisted primarily of North
American, gold-focused companies, including the companies in the executive compensation peer group other than Pan American Silver
Corp. and Hecla Mining Company because of their primary focus on silver, together with additional gold-focused companies, as reflected
in the table below.
| Company | Primary Industry | Market Capitalization as of December 31, 2025($ in millions) | Executive Compensation Peer Group | Performance Shares Peer Group |
|---|---|---|---|---|
| Agnico Eagle Mines Limited | Gold | $85,112 | X | X |
| Alamos Gold Inc. | Gold | $16,225 | X | X |
| B2Gold Corp. | Gold | $6,022 | X | X |
| Eldorado Gold Corporation | Gold | $7,224 | X | X |
| Franco-Nevada Corporation | Gold | $40,002 | X | X |
| Kinross Gold Corporation | Gold | $34,035 | X | X |
| Lundin Gold, Inc. | Gold | $20,077 | X | X |
| OR Royalties Inc. | Gold | $6,666 | X | X |
| Sandstorm Gold Ltd* | Gold | $3,553 | X | X |
| SSR Mining Inc. | Gold | $4,455 | X | X |
| Triple Flag Precious Metals Corp | Gold | $6,871 | X | X |
| Wheaton Precious Metals Corporation | Gold | $53,431 | X | X |
| Hecla Mining Company | Silver | $12,859 | X | |
| Pan American Silver Corp. | Silver | $21,904 | X | |
| Barrick Mining Corporation | Gold | $73,583 | X | |
| Coeur Mining, Inc. | Gold | $11,451 | X | |
| Equinox Gold Corp. | Gold | $11,040 | X | |
| IAMGOLD Corporation | Gold | $9,506 | X | |
| K92 Mining Inc. | Gold | $4,028 | X | |
| New Gold Inc. | Gold | $6,906 | X | |
| Newmont Corporation | Gold | $108,785 | X | |
| OceanaGold Corporation | Gold | $6,436 | X | |
| Torex Gold Resources Inc. | Gold | $4,596 | X | |
| 75th Percentile | $31,002 | $34,035 | ||
| Median | $14,542 | $9,506 | ||
| 25th Percentile | $6,717 | $6,436 | ||
| Royal Gold, Inc. | Gold | $18,761 | $18,761 | |
| Percentile Ranking | 59th | 68th | ||
Data source for market capitalization amounts is S&P CapitalIQ.
*Value as of October 17, 2025, the last trading day before Royal Gold’s acquisition of Sandstorm Gold on October 20, 2025.
| 48 | Royal Gold | 2026 Proxy Statement |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.