Royal Gold acquires and manages precious metal streams and royalties—non-operating interests that entitle the company to a portion of metals produced or revenues from mining projects in exchange for upfront payments, without responsibility for mining capital, environmental, or operating costs. The company operates two primary business segments: metal streams (purchase agreements to buy metals at fixed prices from mines) and royalties (rights to revenues or metals after cost deductions), generating revenue primarily from gold, silver, and copper production across diverse geographic assets including properties in North America, South America, EMEA, and Australia Pacific. As a non-operator collecting commodity-linked revenues tied to metal prices and production volumes, Royal Gold competes with other streaming and royalty companies by leveraging its ability to identify opportunities, structure transactions, and access capital to build a diversified portfolio of interests across development and production-stage mining properties.