ROYAL GOLD INC

Previous wording

•Acquisition and Management of Stream Interests —A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals in an amount determined by reference to production at a mining operation, at a price determined for the life of the transaction by the purchase agreement. As of June 30, 2026, we owned stream interests relating to 18 production stage properties and 4 development stage properties. Stream interests accounted for approximately 69% and 68% of our total revenue for the three and six months ended June 30, 2026, respectively, and 64% and 63% for the three and six months ended June 30, 2025, respectively. We expect stream interests to continue representing a significant portion of our total revenue.

Current wording

•Acquisition and Management of Stream Interests —A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals in an amount determined by reference to production at a mining operation, at a price determined for the life of the transaction by the purchase agreement. As of September 30, 2026, we owned stream interests relating to 18 production stage properties and 4 development stage properties. Stream interests accounted for approximately 68% of our total revenue for the three and nine months ended September 30, 2026, and 66% and 64% for the three and nine months ended September 30, 2025, respectively. We expect stream interests to continue representing a significant portion of our total revenue.

Previous wording

•Acquisition and Management of Royalty Interests —A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting specified costs, if any. As of June 30, 2026, we owned royalty interests on 64 production stage properties, 25 development stage properties and 257 exploration stage properties, of which we consider 82 to be evaluation stage projects. We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for mineral reserves. Royalty interests accounted for 31% and 32% of our total revenue for the three and six months ended June 30, 2026, respectively, and 36% and 37% for the three and six months ended June 30, 2025, respectively.

Current wording

•Acquisition and Management of Royalty Interests —A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting specified costs, if any. As of September 30, 2026, we owned royalty interests on 64 production stage properties, 26 development stage properties and 253 exploration stage properties, of which we consider 82 to be evaluation stage projects. We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for mineral reserves. Royalty interests accounted for 32% of our total revenue for the three and nine months ended September 30, 2026, and 34% and 36% for the three and nine months ended September 30, 2025, respectively.

Previous wording

On February 26, 2026, we closed the previously announced agreement with Bear Creek Mining Corporation (“Bear Creek”) to restructure equity, debt and other interests in Bear Creek and its assets in return for increased royalty exposure to Bear Creek's Corani project and a new royalty interest over the Mercedes project, cash and shares in Highlander Silver Corp. (“Highlander”).

Current wording

On February 26, 2026, we closed the agreement with Bear Creek Mining Corporation (“Bear Creek”) to restructure equity, debt and other interests in Bear Creek and its assets in return for increased royalty exposure to Bear Creek’s Corani project and a new royalty interest over the Mercedes project, cash and shares in Highlander Silver Corp. (“Highlander”).

Previous wording

On April 14, 2026, after the technical approval ofthe environmental impact assessment and publication of a pre-feasibility study for the Warintza project, we advanced Solaris Resources, Inc. (“Solaris”) $50 million of the $100 million outstanding conditional funding. The remaining $50 million payable due to Solaris is subject to the completion of all filings necessary to perfect security in Ecuador, which is underway, and payment is anticipated in the third or fourth quarter of 2026.

Current wording

On April 14, 2026, after the technical approval ofthe environmental impact assessment and publication of a pre-feasibility study for the Warintza project, we advanced Solaris Resources, Inc. (“Solaris”) $50 million of the $100 million outstanding conditional funding. The remaining $50 million payable due to Solaris is subject to the completion of all filings necessary to perfect security in Ecuador, which is underway, and payment is anticipated in the fourth quarter of 2026.

Previous wording

On June 11, 2026, Royal Gold and Americas Gold and Silver Corporation ("Americas") closed an agreement to settle the remaining fixed delivery obligations owed to Royal Gold related to the Relief Canyon mine. Under the agreement, Americas' obligation to deliver 8,861 ounces of gold over the period between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, which were sold during the second quarter, and 2,652,532 common shares of Americas. The common shares are subject to a four-month hold period after closing.

Current wording

On June 11, 2026, Royal Gold and Americas Gold and Silver Corporation (“Americas”) closed an agreement to settle the remaining fixed delivery obligations owed to Royal Gold related to the Relief Canyon mine. Under the agreement, Americas' obligation to deliver 8,861 ounces of gold over the period between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, which were sold during the second quarter, and 2,652,532 common shares of Americas.

Previous wording

On July 17, 2026, we completed the restructuring of our ownership in Artmin Madençilik (“Artmin”), the joint venture company that owns 100% of the Hod Maden Project (the “Project”). The restructuring included a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% net smelter return (“NSR”) royalty interest over the Project (the “New RG Royalty”), and certain rights pertaining to a new effective 4.0% NSR royalty interest over the Project (the “SSR Royalty”) granted to SSR Mining, Inc. (“SSR”). Additionally, as part of this restructuring, Lidya Madençilik (“Lidya”), the additional partner in the ownership of Artmin, acquired SSR's interests in Artmin and assumed operatorship of the Project.

Current wording

On July 17, 2026, we completed the restructuring of our ownership in Artmin Madençilik (“Artmin”), the joint venture company that owns 100% of the Hod Maden Project (the “Project”). The restructuring included a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% net smelter return (“NSR”) royalty interest over the Project, and certain rights pertaining to a new effective 4.0% NSR royalty interest over the Project (the “SSR Royalty”) granted to SSR Mining, Inc. (“SSR”). Additionally, as part of this restructuring, Lidya Madençilik (“Lidya”), the additional partner in the ownership of Artmin, acquired SSR’s interests in Artmin and assumed operatorship of the Project.

Previous wording

As part of the restructuring, Royal Gold further agreed to fund $70 million of Project costs, which was completed in May, 2026. Lidya will complete the funding of the next $397 million of Project costs and further funding will be split pro rata between Royal Gold and Lidya according to their 15%/85% ownership in Artmin. Equity funding requirements may be reduced should Artmin secure debt financing for Project development.

Current wording

As part of the restructuring, Royal Gold further agreed to fund $70 million of Project costs through an interest bearing loan, which was completed in May, 2026. Lidya will complete the funding of the next $397 million of Project costs and further funding will be split pro rata between Royal Gold and Lidya according to their 15%/85% ownership in Artmin. Funding requirements may be reduced should Artmin secure debt financing for Project development.

Previous wording

For the three and six months ended June 30, 2026 and 2025, average metal prices and percentages of revenue by metal were as follows:

Current wording

For the three and nine months ended September 30, 2026 and 2025, average metal prices and percentages of revenue by metal were as follows:

Previous wording

(2)Based on the average U.S. dollars London Metals Exchange settlement price for copper.

Current wording

(2)Based on the average U.S. dollars London Metal Exchange settlement price for copper.

Previous wording

Gold stream deliveries from Andacollo were approximately 11,300 ounces for the three months ended June 30, 2026, compared to approximately 5,100 ounces for the three months ended June 30, 2025. Higher deliveries in this period relate to higher grade and higher mill throughput in the three months ended December 31, 2025, compared to the prior year period. Stream deliveries typically occur approximately six months after mine production, and are based on a fixed payability factor of 89%.

Current wording

Gold stream deliveries from Andacollo were approximately 9,800 ounces for the three months ended September 30, 2026, compared to approximately 8,000 ounces for the three months ended September 30, 2025. Stream deliveries typically occur approximately five months after mine production. Higher deliveries in this period relate to higher grades and recoveries in the three months ended March 31, 2026, compared to the prior year period. Gold stream deliveries are based on a fixed payability factor of 89%.

Previous wording

On July 23, 2026, Teck Resources Limited (“Teck”) reported higher copper production in the quarter ended June 30, 2026, compared to the prior year period driven by higher copper grades, stable operations and strong recoveries. Teck also confirmed 2026 annual copper production guidance despite the partial suspension of operations on July 17, 2026, due to the impact of severe weather conditions. Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future.

Current wording

On October 29, 2026, Teck Resources Limited (“Teck”) reported that third quarter production was significantly impacted by extreme weather conditions, including heavy rainfall and flooding that resulted in an extended suspension of operations and a phased restart of processing activities. According to Teck, production improved progressively through the quarter as operations were restored and plant throughput increased in September and returned to full production by month end. Teck now expects 2026 copper production to be at the low end of the previous guidance range of 45,000 to 55,000 tonnes. Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future.

Previous wording

Gold stream deliveries from Kansanshi were approximately 7,500 ounces for the three months ended June 30, 2026. We received our first gold stream delivery from Kansanshi on October 3, 2025. Deliveries at Kansanshi lag mine production by approximately two months and are expected to be received monthly.

Current wording

Gold stream deliveries from Kansanshi were approximately 7,800 ounces for the three months ended September 30, 2026. We received our first gold stream delivery from Kansanshi on October 3, 2025. Deliveries at Kansanshi lag mine production by approximately two months and are expected monthly. Gold stream deliveries are indexed to the production of recovered copper.

Previous wording

On July 28, 2026, First Quantum Minerals Ltd. (“First Quantum”) reported second quarter copper production of 43,997 tonnes, which was 10% higher than the same quarter of 2025, primarily due to contribution from the S3 plant, which was at construction stage in the same period last year. According to First Quantum, S3 throughput was sustained above design capacity in the second quarter, achieving the highest monthly processed tonnes in May 2026 since commissioning in August 2025, driven by higher operating time, strong utilization and milling rates. First Quantum confirmed that copper production guidance for 2026 remains unchanged at 175,000 to 205,000 tonnes.

Current wording

On October 28, 2026, First Quantum Minerals Ltd. (“First Quantum”) reported third quarter copper production of 45,843 tonnes, an increase of 1,846 tonnes from the previous quarter due to improved throughput. According to First Quantum, the new S3 concentrator sustained throughput above design capacity supported by higher operating time, strong utilization, and improved milling rates. First Quantum revised 2026 copper production guidance to 175,000 to 185,000 tonnes from the previous 175,000 to 205,000 tonnes.

Previous wording

Gold stream deliveries from Mount Milligan were approximately 10,200 ounces for the three months ended June 30, 2026, compared to approximately 8,200 ounces for the three months ended June 30, 2025. Increased gold deliveries in the current period resulted from higher gold grade experienced at the mine in the fourth quarter of 2025 primarily due to the change in mining sequence. Copper stream deliveries from Mount Milligan were approximately 2.65 million pounds during the three months ended June 30, 2026, compared to approximately 1.44 million pounds during the three months ended June 30, 2025. Increased copper deliveries in the current period primarily resulted from differences in the timing of shipments and settlements during the periods, as well as higher copper recovery during the fourth quarter of 2025. Stream deliveries from Mount Milligan typically occur five months after mine production. Gold stream deliveries are based on a fixed payability factor of 97%, and copper stream deliveries are based on a minimum payability factor of 95%.

Current wording

Gold stream deliveries from Mount Milligan were approximately 10,700 ounces for the three months ended September 30, 2026, compared to approximately 14,800 ounces for the three months ended September 30, 2025. The decrease in gold deliveries in this period was primarily due to lower head gold grades in the three months ended March 31, 2026, due to a planned change in mining sequence, compared to the prior year period. Copper stream deliveries from Mount Milligan were approximately 2.4 million pounds during the three months ended September 30, 2026, compared to approximately 2.6 million pounds during the three months ended September 30, 2025. Deliveries at Mount Milligan lag mine production by approximately five months. Gold stream deliveries are based on a fixed payability factor of 97%, and copper stream deliveries are based on a minimum payability factor of 95%.

Previous wording

On July 28, 2026, Centerra Gold Inc. (“Centerra”) reported production of 38,175 ounces of gold and 13.1 million pounds of copper in the second quarter of 2026. Centerra further reported that year-to-date gold and copper production through June 30, 2026, is in line with the Pre-Feasibility Study (“PFS”) mine plan and that production remains on track to achieve the previously provided guidance of between 140,000 and 155,000 ounces of gold and 50 to 60 million pounds of copper for 2026. As previously disclosed, Centerra expects gold production to be higher in the third quarter of 2026, reflecting planned mine sequencing, which we expect to be reflected in our results in 2027 based on the delivery lag between production and deliveries.

Current wording

On October 29, 2026, Centerra Gold Inc. (“Centerra”) reported third quarter production of 44,070 ounces of gold, a 15% increase over the previous quarter and consistent with the production profile previously outlined. Copper production was 12.8 million pounds, largely in line with the previous quarter, reflecting planned mine sequencing. Centerra further reported that year-to-date gold and copper production remains aligned with the PFS mine plan and that production remains on track to achieve 2026 guidance of 140,000 to 155,000 ounces of gold and 50 to 60 million pounds of copper.

Previous wording

Gold stream deliveries from Pueblo Viejo were approximately 6,900 ounces for the three months ended June 30, 2026, compared to approximately 6,100 ounces for the three months ended June 30, 2025. Gold stream deliveries are based on a fixed payability factor of 99.9%.

Current wording

Gold stream deliveries from Pueblo Viejo were approximately 8,100 ounces for the three months ended September 30, 2026, compared to approximately 8,400 ounces for the three months ended September 30, 2025. Gold stream deliveries are based on a fixed payability factor of 99.9%.

Previous wording

Silver stream deliveries were approximately 254,000 ounces for the three months ended June 30, 2026, compared to approximately 196,900 ounces for the three months ended June 30, 2025. Silver stream deliveries are based on a fixed payability factor of 99.0%.

Current wording

Silver stream deliveries were approximately 266,100 ounces for the three months ended September 30, 2026, compared to approximately 258,700 ounces for the three months ended September 30, 2025. Silver stream deliveries are based on a fixed payability factor of 99.0%.

Previous wording

On July 23, 2026, Newmont Corporation (40% non-operating joint venture partner) reported that gold production increased 17% in the second quarter over the prior year period primarily due to higher mill throughput and higher drawdown of in-circuit inventory, partially offset by lower mill recovery and lower ore grade milled.

Current wording

On October 22, 2026, Newmont Corporation (“Newmont”), the 40% non-operating joint venture partner, reported that gold production decreased 10% in the third quarter over the prior year period primarily due to lower ore grade, throughput and recovery, partially offset by a drawdown of in-circuit inventory.

Previous wording

Production attributable to our royalty interests at the Cortez Complex was approximately 169,200 ounces of gold for the three months ended June 30, 2026, of which 38,400 ounces were attributable to the Legacy Zone, and 130,800 ounces were attributable to the CC Zone, compared to approximately 176,900 ounces of gold for the three months ended June 30, 2025, of which 27,900 ounces were attributable to the Legacy Zone, and 149,000 ounces were attributable to the CC Zone.

Current wording

Production attributable to our royalty interest at the Cortez Complex was approximately 198,700 ounces of gold for the three months ended September 30, 2026, of which 71,600 ounces were attributable to the Legacy Zone, and 127,100 ounces were attributable to the CC Zone, compared to approximately 202,200 ounces of gold for the three months ended September 30, 2025, of which 20,600 ounces were attributable to the Legacy Zone, and 181,600 ounces were attributable to the CC Zone.

Previous wording

For the three months ended June 30, 2026, we recorded net income attributable to Royal Gold stockholders of $236.4 million, or $2.78 per basic and diluted share, as compared to net income of $132.3 million, or $2.01 per basic and diluted share, for the three months ended June 30, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.

Current wording

For the three months ended September 30, 2026, we recorded net income attributable to Royal Gold stockholders of $227.4 million, or $2.68 per basic and diluted share, as compared to net income of $126.8 million, or $1.92 per basic and diluted share, for the three months ended September 30, 2025. The increase in net income was primarily attributable to higher revenue and lower acquisition related costs partially offset by higher cost of sales, depletion expense, fair value losses on changes in equity securities and income tax expense, each discussed below.

Previous wording

For the three months ended June 30, 2026, we recognized total revenue of $450.5 million, comprised of stream revenue of $311.0 million and royalty revenue of $139.5 million at an average gold price of $4,506 per ounce, an average silver price of $73.15 per ounce and an average copper price of $6.05 per pound. This is compared to total revenue of $209.6 million for the three months ended June 30, 2025, comprised of stream revenue of $133.2 million and royalty revenue of $76.4 million, at an average gold price of $3,280 per ounce, an average silver price of $33.68 per ounce and an average copper price of $4.32 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, were as follows:

Current wording

For the three months ended September 30, 2026, we recognized total revenue of $464.8 million, comprised of stream revenue of $318.3 million and royalty revenue of $146.5 million at an average gold price of $4,262 per ounce, an average silver price of $62.59 per ounce and an average copper price of $6.40 per pound. This is compared to total revenue of $252.1 million for the three months ended September 30, 2025, comprised of stream revenue of $166.1 million and royalty revenue of $86.0 million, at an average gold price of $3,457 per ounce, an average silver price of $39.40 per ounce and an average copper price of $4.44 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, were as follows:

Previous wording

The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”) assets, higher gold sales at Andacollo and Rainy River (included within “Other” stream revenue in the table above), and higher production from the Cortez Legacy Zone. These increases were partially offset by lower sales from Mount Milligan when compared to the prior year period.

Current wording

The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue of $30.8 million from the Kansanshi stream, and $68.1 million from the Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”) assets, higher sales at Andacollo, Mount Milligan, Pueblo Viejo, and Xavantina (included within "Other" stream revenue in the table above), and higher production from the Cortez Legacy Zone. These increases were partially offset by lower sales from Rainy River (included within “Other” stream revenue in the table above) when compared to the prior year period.

Previous wording

Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.1 million for the three months ended June 30, 2026, from $24.2 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Rainy River and Wassa. These increases were partially offset by lower gold sales from Mount Milligan when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.

Current wording

Cost of sales, which excludes depreciation, depletion and amortization, increased to $62.3 million for the three months ended September 30, 2026, from $31.4 million for the three months ended September 30, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Mount Milligan, Pueblo Viejo, and Xavantina. These increases were partially offset by lower sales from Rainy River when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.

Previous wording

General and administrative costs increased to $13.4 million for the three months ended June 30, 2026, from $10.3 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to increases in non-cash stock compensation and employee and office related costs.

Current wording

General and administrative costs increased to $13.2 million for the three months ended September 30, 2026, from $10.2 million for the three months ended September 30, 2025. The increase compared to the prior year period was primarily due to an increase in non-cash stock compensation and higher employee and office related costs.

Previous wording

Depreciation, depletion and amortization increased to $187.1 million for the six months ended June 30, 2026, from $64.1 million for the six months ended June 30, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets, and additional expense recognized with the sale of the ounces related to the Relief Canyon fixed delivery obligation settlement. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.

Current wording

Depreciation, depletion and amortization increased to $82.0 million for the three months ended September 30, 2026, from $32.9 million for the three months ended September 30, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets.

Previous wording

Fair value changes in equity securities was $21.9 million for the three months ended June 30, 2026 primarily due to the increase in value of the Entrée Resources Ltd. (“Entrée”) shares acquired as a result of the Sandstorm and Horizon acquisition.

Current wording

Fair value losses in equity securities were $15.7 million for the three months ended September 30, 2026 primarily due to the decrease in value of the Entrée Resources Ltd. (“Entrée”) shares acquired as a result of the Sandstorm and Horizon acquisition. There were no fair value changes on equity securities for the three months ended September 30, 2025.

Previous wording

Interest and other expense increased to $10.0 million for the three months ended June 30, 2026, from $1.5 million for the three months ended June 30, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended June 30, 2026, amounts outstanding under our revolving credit facility averaged $476.6 million at an average all-in borrowing rate of 4.9% compared to no outstanding debt for the three months ended June 30, 2025.

Current wording

Interest and other expense decreased to $5.1 million for the three months ended September 30, 2026, from $8.6 million for the three months ended September 30, 2025. The decrease was primarily due to lower interest expense as a result of lower average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended September 30, 2026, amounts outstanding under our revolving credit facility averaged $276.1 million at an average all-in borrowing rate of 4.9% compared to average amounts outstanding of $534.5 million at an average all-in borrowing rate of 5.7% for the prior year period.

Previous wording

For the three months ended June 30, 2026, we recorded income tax expense of $58.2 million, compared to $10.5 million for the three months ended June 30, 2025. The income tax expense resulted in an effective tax rate of 19.7% in the current period, compared with 7.4% for the three months ended June 30, 2025. The three months ended June 30, 2025, included a $9.3 million discrete benefit related to a withholding tax refund on a foreign royalty and a discrete benefit of $4.3 million attributable to the release of a valuation allowance.

Current wording

For the three months ended September 30, 2026, we recorded income tax expense of $57.6 million, compared to $28.7 million for the three months ended September 30, 2025. The income tax expense resulted in an effective tax rate of 20.2% in the current period, compared with 17.9% in the prior year period.

Previous wording

For the six months ended June 30, 2026, we recorded net income of $517.5 million, or $6.10 per basic share and $6.07 per diluted share, as compared to net income of $245.8 million, or $3.73 per basic and diluted share, for the six months ended June 30, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.

Current wording

For the nine months ended September 30, 2026, we recorded net income of $744.9 million, or $8.78 per basic share and $8.75 per diluted share, as compared to net income of $372.7 million, or $5.66 per basic share and $5.65 per diluted share, for the nine months ended September 30, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.

Previous wording

For the six months ended June 30, 2026, we recognized total revenue of $919.7 million, comprised of stream revenue of $623.8 million and royalty revenue of $295.9 million at an average gold price of $4,693 per ounce, an average silver price of $78.83 per ounce and an average copper price of $5.93 per pound. This is compared to total revenue of $403.1 million for the six months ended June 30, 2025, comprised of stream revenue of $255.7 million and royalty revenue of $147.4 million, at an average gold price of $3,067 per ounce, an average silver price of $32.76 per ounce and an average copper price of $4.28 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, were as follows:

Current wording

For the nine months ended September 30, 2026, we recognized total revenue of $1.4 billion, comprised of stream revenue of $942.1 million and royalty revenue of $442.3 million at an average gold price of $4,545 per ounce, an average silver price of $73.24 per ounce and an average copper price of $6.09 per pound. This is compared to total revenue of $655.1 million for the nine months ended September 30, 2025, comprised of stream revenue of $421.7 million and royalty revenue of $233.4 million, at an average gold price of $3,201 per ounce, an average silver price of $35.05 per ounce and an average copper price of $4.33 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, were as follows:

Previous wording

(1)Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the six months ended June 30, 2026, and 2025, and may differ from the operators’ public reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal.

Current wording

(1)Reported production relates to the amount of stream metal sales and the metal sales attributable to our royalty interests for the nine months ended September 30, 2026, and 2025, and may differ from the operators’ public reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal.

Previous wording

The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm and Horizon assets, higher sales at Andacollo, Xavantina and Rainy River (included in “Other” stream revenue in the above table), and higher production at Cortez Legacy Zone and Voisey's Bay (included in “Other” royalty revenue in the above table). The increase was partially offset by lower sales from Mount Milligan compared to the prior year period.

Current wording

The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue of $90.6 million from the Kansanshi stream and $254.3 million from the Sandstorm and Horizon assets, higher sales at Andacollo, Xavantina, Pueblo Viejo, and Rainy River (included in “Other” stream revenue in the above table), and higher production at Cortez Legacy Zone and Voisey’s Bay (included in “Other” royalty revenue in the above table). The increase was partially offset by lower sales from Mount Milligan compared to the prior year period.

Previous wording

Gold and silver ounces and copper pounds purchased and sold during the six months ended June 30, 2026, and 2025, and gold and silver ounces and copper pounds in inventory as of June 30, 2026, and December 31, 2025, for our streaming interests were as follows:

Current wording

Gold and silver ounces and copper pounds purchased and sold during the nine months ended September 30, 2026, and 2025, and gold and silver ounces and copper pounds in inventory as of September 30, 2026, and December 31, 2025, for our streaming interests were as follows:

Previous wording

Cost of sales, which excludes depreciation, depletion and amortization, increased to $120.4 million for the six months ended June 30, 2026, from $48.7 million for the six months ended June 30, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Xavantina and Rainy River. These increases were partially offset by lower sales at Mount Milligan when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.

Current wording

Cost of sales, which excludes depreciation, depletion and amortization, increased to $182.7 million for the nine months ended September 30, 2026, from $80.1 million for the nine months ended September 30, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Xavantina, Pueblo Viejo, and Rainy River. These increases were partially offset by lower sales at Mount Milligan when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.

Previous wording

General and administrative costs increased to $31.0 million for the six months ended June 30, 2026, from $21.3 million for the six months ended June 30, 2025. The increase compared to the prior year period was primarily due to higher employee related and corporate costs as a result of the Sandstorm and Horizon acquisition and an increase in non-cash stock compensation.

Current wording

General and administrative costs increased to $44.2 million for the nine months ended September 30, 2026, from $31.5 million for the nine months ended September 30, 2025. The increase compared to the prior year period was primarily due to higher employee related and corporate related costs as a result of the Sandstorm and Horizon acquisition and an increase in non-cash stock compensation.

Previous wording

Depreciation, depletion and amortization increased to $96.2 million for the three months ended June 30, 2026, from $31.2 million for the three months ended June 30, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets, and additional expense recognized with the sale of the ounces related to the Relief Canyon fixed delivery obligation settlement. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.

Current wording

Depreciation, depletion and amortization increased to $269.1 million for the nine months ended September 30, 2026, from $97.1 million for the nine months ended September 30, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets, and additional expense recognized with the sale of the ounces related to the Relief Canyon fixed delivery obligation settlement. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.

Previous wording

Fair value changes in equity securities was $27.8 million for the six months ended June 30, 2026 primarily due to the increase in value of the Entrée shares acquired as a result of the Sandstorm and Horizon acquisition.

Current wording

Fair value gains on equity securities was $12.2 million for the nine months ended September 30, 2026 primarily due to the increase in value of the Entrée shares acquired as a result of the Sandstorm and Horizon acquisition, compared withde minimis losses for the nine months ended September 30, 2025.

Previous wording

Gain on sale of marketable securities for the six months ended June 30, 2026 was $14.6 million and primarily related to the sale of Highlander shares on March 27, 2026.

Current wording

Gain on sale of marketable securities for the nine months ended September 30, 2026 was $15.4 million and primarily related to the sale of Highlander shares on March 27, 2026.

Previous wording

Interest and other expense increased to $23.3 million for the six months ended June 30, 2026, from $2.7 million for the six months ended June 30, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the six months ended June 30, 2026, amounts outstanding under our revolving credit facility averaged $597.9 million at an average all-in borrowing rate of 4.9%, compared to no outstanding debt for the prior year period.

Current wording

Interest and other expense increased to $28.4 million for the nine months ended September 30, 2026, from $11.3 million for the nine months ended September 30, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the nine months ended September 30, 2026, amounts outstanding under our revolving credit facility averaged $500.2 million at an average all-in borrowing rate of 4.9%, compared to average amounts outstanding of $180.1 million at an average all-in borrowing rate of 5.7% for the prior year period.

Previous wording

For the six months ended June 30, 2026, we recorded income tax expense of $83.6 million, compared with income tax expense of $20.9 million for the six months ended June 30, 2025. The income tax expense resulted in an effective tax rate of 13.9% in the current period, compared with 7.8% for the six months ended June 30, 2025. The six months ended June 30, 2026, included a 33.7 million discrete benefit for a change in a foreign tax rate. The six months ended June 30, 2025, included a $12.0 million discrete benefit for additional recoverable basis in a foreign jurisdiction, a discrete benefit of $4.3 million attributable to the release of a valuation allowance, and a $11.0 million discrete benefit related to withholding tax refunds on foreign royalties.

Current wording

For the nine months ended September 30, 2026, we recorded income tax expense of $141.3 million, compared with income tax expense of $49.6 million for the nine months ended September 30, 2025. The income tax expense resulted in an effective tax rate of 15.9% in the current period, compared with 11.6% in the prior year period. The nine months ended September 30, 2026, included a $33.7 million discrete benefit for a change in a foreign tax rate. The nine months ended September 30, 2025, included a $12.0 million discrete benefit for additional recoverable basis in a foreign jurisdiction, a discrete benefit of $4.3 million attributable to the release of a valuation allowance, and a $11.0 million discrete benefit related to withholding tax refunds on foreign royalties.