Royal Gold, Inc.

Hello, everyone, and thank you for joining us on today's full Royal Gold 2025 full year and fourth quarter conference call. During today's call, we will have a Q&A session. If you would like to ask a question during that time, please press star followed by one on your telephone keypad. And to withdraw your question, it's star followed by two. With that, it's my pleasure to hand over to Alistair Baker to begin. Please go ahead when you're ready.

Thank you, operator. Good morning and welcome to our discussion of Royal Gold's fourth quarter and year-end 2025 results. This event is being webcast live and a replay of this call will be available on our website. Speaking on the call today are Bill Heisenbuttel, President and CEO, Paul Libner, Senior Vice President and CFO, and Martin Ratfield, Senior Vice President of Operations. Other members of the management team are also available for questions. During today's call, we will make forward-looking statements, including statements about our projections and expectations for the future. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties are discussed in yesterday's press release and our filings with the SEC. We will also refer to certain non-GAAP financial measures, including adjusted net income, adjusted net income per share, adjusted EBITDA, and cash G&A. Reconciliations of these measures to the most directly comparable GAAP measures are available in yesterday's press release, which can be found at our website. Bill will start with an overview of 2025 performance, Martin will provide portfolio commentary, and Paul will give a financial update on the quarter. After the formal remarks, we'll open the lines for a Q&A session. I'll now turn the call over to Bill.

Good morning and thank you for joining the call. I'll begin on slide 4. 2025 was a transformational year for Royal Gold. We set records for revenue, operating cash flow and earnings, and completed some material acquisitions that set us up very well for the current strong gold price environment and over the longer term. We also had developments within our portfolio that add significant value to some of our largest assets. For the full year, revenue was $1 billion, operating cash flow was $705 million, and earnings were $466 million. These were increases of 43%, 33%, and 40%, respectively, over 2024. After adjusting for unusual items throughout the year, net income was a record $510 million, a 47% increase over 2024. We are a gold-focused company, and gold contributed 78% of total revenue for the year. The strong gold price combined with our low and stable cash G&A allowed us to maintain an adjusted EBITDA margin of 82% for the year. During the year, we paid over $118 million to shareholders in dividends and raised our annual dividend to $1.90 per share for 2026. This is the 25th consecutive annual dividend increase which is an unmatched record in the precious metals industry. Since our first dividend in 2000, we have returned approximately $1.2 billion to shareholders. We were very active during the year and made several meaningful acquisitions. We acquired Sandstorm Gold and Horizon Copper, which allowed us to meaningfully grow and diversify our portfolio. We now have the largest and most diversified portfolio of mining assets in our sector. We acquired a gold stream on the Producing Consangie mine from First Quantum, which adds another large, long life and cash flowing asset to the portfolio. And we acquired a gold stream and royalty on the Warenta Development Project, increased our exposure to the Zaventina mine, and added a further royalty interest on the Lawyer's Ranch project. Our portfolio performed well during the year, and we achieved full repayment of the advanced stream deposits on the Rainy River, Pueblo Viejo, and Andacoyo mines. We acquired these interests in 2015, and each remains an important contributor to the portfolio. We also saw some very positive news from within the portfolio, with the life of mine extension at Mount Milligan, the recently approved expansion at Comical, and significant exploration success at Four Mile. And finally, we got off to a quick start on rationalizing and simplifying the Sandstorm and Horizon portfolios. The integration of these portfolios is largely complete, and we're looking forward to further daylighting the value in those portfolios. Paul would discuss the fourth quarter in more detail, but I'd like to comment that there were several unusual financial items last year and in particular this last quarter that were one time in nature and related to this acquisition activity. We started 2026 with these items behind us, and we are hosting an investor day on March 31st to put our 2025 activity into context, provide 2026 guidance, and give directions on how we see growth over the longer term. Turning to slide five, we performed well in 2025 compared to guidance. Our annual guidance was issued in March 2025 based on the interest in our portfolio at that time. We didn't update guidance during the year to include the impacts of the Sandstorm, Horizon, or Constantia acquisitions And we likewise didn't include the impacts of these acquisitions in the comparison of actual results to our guidance ranges. Compared to the guidance ranges for the year before the new acquisitions, all categories were within the guidance range, except for revenue from other metals, which exceeded the high end of that range. I'll now turn the call over to Martin to discuss portfolio performance in the fourth quarter.