RGLD · CIK 85535
What Royal Gold, Inc. told the SEC could break it.
Royal Gold's disclosures center on three overlapping concentrations. Its results ride mainly on metal prices — about 90% of 2025 revenue was precious metals (78% gold, 12% silver), with 7% copper — so a move in those prices flows straight through. Because it holds streams and royalties rather than mines, it depends on a handful of operators: roughly 53% of 2025 revenue came from just five properties, led by Mount Milligan (22%) and Pueblo Viejo (13%). And about 85% of revenue came from outside the U.S. — principally Canada, the Dominican Republic, Chile and Zambia — exposing it to foreign sovereign, political and regulatory risk.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- gold, silver, copper priceshigh
Financial results are primarily tied to the price of gold and, to a lesser extent, silver and copper; ~90% of 2025 revenue was precious metals (78% gold, 12% silver), 7% copper, 3% other.
“During the year ended December 31, 2025, we derived approximately 90% of our revenue from precious metals (including 78% from gold and 12% from silver), 7% from copper, and 3% from other minerals.”
Supplier concentration
- five source mines (Mount Milligan 22%, Pueblo Viejo 13%)high
About 53% of 2025 revenue came from just five operating properties — Mount Milligan (22%), Pueblo Viejo (13%), Cortez (7%), Andacollo (8%) and Kansanshi (3%) — so adverse developments at any one would have an outsized effect.
“Approximately 53% of our revenue for the year ended December 31, 2025, came from five properties: Mount Milligan (22%), Pueblo Viejo (13%), Cortez (7%), Andacollo (8%) and Kansanshi (3%).”
SEC filing →As of 2026
Geographic concentration
- foreign-jurisdiction revenue (Canada, Dominican Republic, Chile, Zambia)medium
~85% of 2025 revenue came from properties outside the US — principally Canada, the Dominican Republic, Chile and Zambia — exposing Royal Gold to foreign sovereign, political and regulatory risk.
“Approximately 85% of our revenue for the year ended December 31, 2025 came from properties outside of the United States, and many of the operators of such properties are organized outside of the United States. Our principal production stage stream and royalty interests on properties outside of the United States are located in Canada, the Dominican Republic, Chile and Zambia.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Stream revenue from the following customers exceeded 10% or our revenue for the years ended December 31, 2025, 2024 and 2023: Bank of Montreal $ 386.9 million ( 38 %), $ 248.7 million ( 35 %), and $ 311.6 million ( 51 %) and StoneX $ 272.5 million ( 26 %), $ 204.8 million ( 28 %) and $ 61.1 million ( 10 %), respectively.”
Cited →“Stream revenue from the following customers exceeded 10% or our revenue for the years ended December 31, 2025, 2024 and 2023: Bank of Montreal $ 386.9 million ( 38 %), $ 248.7 million ( 35 %), and $ 311.6 million ( 51 %) and StoneX $ 272.5 million ( 26 %), $ 204.8 million ( 28 %) and $ 61.1 million ( 10 %), respectively.”
Cited →
Its suppliers
Centerra Gold Inc. (Mount Milligan / Thompson Creek Metals)
“Under the Amended and Restated Purchase and Sale Agreement dated December 14, 2011, between Thompson Creek Metals Company Inc. (“TCM”), an indirect subsidiary of Centerra, and RGLD Gold (as amended, the “Milligan Stream Agreement”), RGLD Gold owns the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from the Mount Milligan mine.”
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