Royal Gold reports Q4 2025 stream sales of 64k GEOs; cuts debt $400M post-Sandstorm

ROYAL GOLD INC

Q4 2025 stream segment sales of 64k GEOs (58,200 from RGLD Gold AG, 5,800 from Sandstorm portfolio).
Cost of sales: $809/GEO for RGLD Gold AG, $496/GEO for Sandstorm portfolio; gold realized $4,071/oz and $4,240/oz.
Debt reduced $400M since Sandstorm close: $900M outstanding Dec 31, then $825M after Jan 12 repayment.
Restructured Bear Creek interests for $6.2M cash, incremental 1.75% NSR on Corani (total 2.75%), and Highlander shares.
Highlander/Bear Creek combination expected Q1 2026; Royal Gold to terminate Mercedes stream obligations.

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