Royal Gold (NASDAQ: RGLD) announced its 2026 guidance and a five-year outlook, projecting sales volumes of 290,000-320,000 ounces of gold, 3.0-3.5 million ounces of silver, and 21.0-25.0 million pounds of copper for 2026.

The precious metals streaming and royalty company expects its depletion, depreciation and amortization expense to range from $339-379 million in 2026, with an effective tax rate of 17-22%. The company stated that 2026 sales volumes at midpoint guidance would represent increases of 32% for gold, 8% for silver, and 40% for copper compared to 2025 actual volumes.

Royal Gold provided its first five-year outlook, projecting total gold equivalent ounces of 430,000-480,000. The outlook reflects expected production increases from expansions at Khoemacau and Platreef Phase 2, extension of Bald Mountain Redbird, and new production from assets including Corani, Great Bear, and Robertson.

The company announced it made a $125 million repayment on March 12, 2026, on its revolving credit facility, reducing the outstanding amount to $600 million and increasing available credit to $800 million.

The 2026 guidance assumes gold production of 38,000-42,000 ounces at Andacollo, an overall average royalty rate of 3.5-4.0% on gold production from the Cortez Complex, and gold sales of 26,000-31,000 ounces from the Kansanshi stream. Mount Milligan is expected to produce 140,000-155,000 ounces of gold and 50-60 million pounds of copper.

Royal Gold also published its 2025/2026 Asset Handbook providing detailed updates on all portfolio assets. The guidance includes contributions from recently acquired Sandstorm and Horizon portfolios and the first full year of production from Back River and Platreef operations.