Royal Gold's Q3 Stream Segment Sales Volume Up 18% Sequentially

Royal Gold, Inc. RGLD issued a stream segment sales update for third-quarter 2025. In the quarter, RGLD Gold AG — the fully owned subsidiary of Royal Gold — sold 48,000 gold equivalent ounces (GEOs), comprising 38,600 ounces of gold, 594,500 ounces of silver and 1,200 tons of copper related to its streaming agreements.

This marks an increase from 40,600 GEOs sold in the second quarter of 2025 but a dip from 53,800 GEOs sold in the third quarter of 2024.

RGLD Sees Q/Q Rise in Metal Prices

The average realized price of gold was $3,415 per ounce in the third quarter compared with $3,248 per ounce in second-quarter 2025. The average realized price of silver stood at $37.90 per ounce, up from the second quarter’s $32.91. Average realized copper prices were $9,660 per ton, up 4.9% sequentially. The company ended the quarter with 19,000 ounces of gold and 379,200 ounces of silver in inventory.

In the third quarter of 2024, the average realized price of gold was $2,459 per ounce. The average realized price of silver stood at $29.10 per ounce, and the average realized copper price was $9,141 per ton.

In the third quarter of 2025, the cost of sales came in at $653 per GEO compared with the prior quarter’s $596.

Royal Gold’s Results Continue to Benefit From Higher Prices

In second-quarter 2025, Royal Gold generated record revenues of $210 million, up 20.4% year over year. The upside was driven primarily by higher metal prices and gold production from Peñasquito and Manh Choh. However, the gains were partially offset by lower gold sales from Xavantina.

Stream revenues were $133 million and royalty revenues were $77 million in the June-end quarter. Stream revenues increased 8.3% year over year, whereas royalty revenues improved 49.7%.

Royal Gold reported adjusted earnings per share of $1.81 in second-quarter 2025, beating the Zacks Consensus Estimate of $1.70. The bottom line increased 45% year over year.

Royal Gold’s third-quarter revenues will also likely reflect the impacts of year-over-year increases in gold, silver and copper prices that will help offset the impact of lower sales compared to the prior-year quarter.

The Zacks Consensus Estimate for the company’s third-quarter earnings is pegged at $2.19. Notably, RGLD reported earnings of $1.47 in the third quarter of 2024.

Royal Gold has a four-quarter trailing earnings surprise of 8.9%, on average.

RGLD Stock’s Price Performance

In the past year, the company’s shares have gained 36.9% compared with the industry’s growth of 86.6%.

Royal Gold’s Zacks Rank & Stocks to Consider

RGLD currently has a Zacks Rank #4 (Sell).

Some better-ranked stocks from the basic materials space are DRDGOLD Limited DRD, Agnico Eagle Mines AEM and Carpenter Technology Corporation CRS. While DRD sports a Zacks Rank #1 (Strong Buy) at present, AEM and CRS have a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here. 

The consensus estimate for DRDGOLD’s 2025 earnings is pegged at $1.62 per share. The estimate indicates year-over-year growth of 13.3%. DRDGOLD’s shares have surged 175% in a year.

The consensus estimate for Agnico Eagle Mines’ 2025 earnings is pegged at $6.94 per share. The estimate indicates year-over-year growth of 64.1%. It has an average trailing four-quarter earnings surprise of 10%. Agnico Eagle Mines’ shares have surged 121% in a year.

The Zacks Consensus Estimate for Carpenter Technology’s 2025 earnings is pegged at $9.53 per share, indicating year-over-year growth of 23.7%. Carpenter Technology’s shares jumped 52.3% last year.

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This article originally published on Zacks Investment Research (zacks.com).

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