Royal Gold Inc. (NASDAQ: RGLD) announced a restructuring of its ownership in the Hod Maden Project in Turkey, reducing its direct equity stake from 30% to 15% while obtaining a new 2.5% net smelter return royalty interest.

The restructuring involves SSR Mining Inc. selling all its interests in joint venture company Artmin Madençilik to partner Lidya Madençilik, which will assume operatorship of the project. SSR will receive a 4.0% NSR royalty interest in exchange for its equity position.

Royal Gold will fund the next $70 million of project costs, followed by $397 million in costs funded by Lidya. Subsequent funding will be split according to the companies' 15%-85% ownership ratio in Artmin.

The company retains acquisition rights over SSR's royalty, including a perpetual right of first refusal and an option to acquire half of SSR's royalty for $160 million, exercisable through 12 months after commercial production begins.

Royal Gold expects to receive approximately 9,000 gold equivalent ounces annually from its combined royalty interests during the first five years of production. The company stated its overall interest will remain approximately 4% of its total portfolio's net asset value.

The Hod Maden Project is an underground gold-copper development project in northeastern Turkey with an estimated 13-year mine life. A technical report published in January 2026 projected life-of-mine production of 1.6 million ounces of gold and 209 million pounds of copper, with estimated remaining development capital costs of $910 million as of November 30, 2025.

The transaction requires regulatory approval from Turkish authorities and is expected to close in the second half of 2026, according to the company's press release.