Royal Gold Inc Expects 32% Increase in Gold Sales in 2026

By Chris Stiles • Tuesday, March 31 10:49 • Permanent Link

Royal Gold set 2026 sales guidance at 290,000 to 320,000 ounces of gold, 3.0 million to 3.5 million ounces of silver, 21.0 million to 25.0 million pounds of copper and $34 million to $38 million of other metals.

The midpoint of that guidance implies gold sales up 32% from 2025 actual sales volume, silver up 8% and copper up 40%.

The company said sales will be split about 48% in the first half of 2026 and 52% in the second half.

For its main assets, Royal Gold gave these 2026 assumptions: Andacollo gold production of 38,000 to 42,000 ounces; Cortez Complex gold production of 700,000 to 780,000 ounces with an average royalty rate of 3.5% to 4.0%; Kansanshi stream gold sales of 26,000 to 31,000 ounces; Mount Milligan gold production of 140,000 to 155,000 ounces and copper production of 50 million to 60 million pounds; and Pueblo Viejo attributable gold production of 350,000 to 400,000 ounces.

The company said 2026 will be the first full year of gold deliveries from Kansanshi after the first delivery in October 2025.

Royal Gold expects 2026 DD&A expense of $339 million to $379 million, up from 2025, citing a full year of depletion from the Sandstorm/Horizon interests and the Kansanshi stream interest.

The 2026 effective tax rate is guided to 17% to 22%.

Royal Gold also issued its first five-year outlook, calling for total sales of 430,000 to 480,000 gold equivalent ounces. The outlook reflects expected production growth from Khoemacau and Platreef phase 2, extension of Bald Mountain Redbird, and new production from Corani, Great Bear, Hod Maden, La India, Robertson and Warintza, partly offset by step-downs at Wassa and the Rainy River silver stream.

On debt, Royal Gold said it repaid another $125 million on its revolving credit facility on March 12, cutting the outstanding balance to $600 million from a prior $725 million and lifting available capacity to $800 million. Following these announcements, the company's shares moved -0.99%, and are now trading at a price of $230.69. Check out the company's full 8-K submission here.

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