Our stockholders approved our 2025 Incentive Plan (the “2025 Plan”), effective May 22, 2025, which serves as the successor to our 2015 Omnibus Long-Term Incentive Plan (as amended, the “2015 LTIP”) and provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, other stock-based awards, and cash-based awards to qualified employees, officers, directors, consultants and advisors. No new awards will be issued under the 2015 LTIP as of the effective date of the 2025 Plan. Outstanding awards under the 2015 LTIP continue to be subject to the terms and conditions of the 2015 LTIP. As of the

effective date of the 2025 Plan, 2,114,883 shares of common stock were available for future awards under the 2025 Plan. In addition, awards granted under the 2015 LTIP that were outstanding as of the effective date of the 2025 Plan and which expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by us at their original issuance price pursuant to a contractual repurchase right are added to the shares available for future awards under the 2025 Plan.


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Restricted stock	$	7,091	$	7,049	$	6,191
Performance stock	4,714		4,843		2,953
Stock appreciation rights	—		—		533
Stock options	—		—		19
Total stock-based compensation expense	$	11,805	$	11,892	$	9,696

Stock-based compensation expense is included within General and administrative expense on the consolidated statements of operations and comprehensive income.

Stock option and stock-settled stock appreciate rights (“SSARs”) awards are granted with an exercise price equal to the closing market price of our stock at the date of grant. Stock option and SSARs awards granted to officers, key employees and other persons vest based on one to three years of continuous service. Stock option and SSARs awards have 10-year contractual terms. There were no stock options or SSARs awards granted during the years ended December 31, 2025, 2024, and 2023.


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025	8,061	$	89.83
Exercised	(5,829)	$	72.78
Forfeited	—	$	—
Granted	—	$	—
Outstanding at December 31, 2025	2,232	$	134.36	4.3	$	196
Exercisable at December 31, 2025	2,232	$	134.36	4.3	$	196

The total intrinsic value of options exercised during the years ended December 31, 2025, 2024 and 2023 was $0.6 million, $0.2 million and $0.5 million, respectively.


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025	128,386	$	119.06
Exercised	(47,101)	$	104.61
Forfeited	—	$	—
Granted	—	$	—
Outstanding at December 31, 2025	81,285	$	127.44	4.0	$	7,710
Exercisable at December 31, 2025	81,285	$	127.44	4.0	$	7,710

The total intrinsic value of SSARs exercised during the years ended December 31, 2025, 2024 and 2023 was $3.8 million, $1.4 million and $0.7 million, respectively.

During the years ended December 31, 2025, 2024 and 2023, officers and certain employees were granted shares of restricted common stock that may vest based on our total shareholder return (“TSR”) compared to the TSRs of certain defined peer companies. The granted TSRs may vest by linear interpolation in a range between zero shares if neither threshold TSR metric is met; to 100% of the granted TSRs awarded if the target TSR metric is met; to 200% of granted TSRs awarded if the maximum TSR metric is met. The granted TSRs will expire in three years from the date of grant if the TSR market condition and a three-year service condition are not met.

We measured the grant date fair value of the TSR shares using a Monte Carlo valuation model. The fair value of our TSR awards is multiplied by the target number (100%) of TSR awards granted to determine total stock-based compensation expense. Total stock-based compensation expense of the TSR awards is amortized on a straight-line basis over the requisite service period, or three years.


	Number of Shares	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2025	221,458	$	124.26
Granted	72,120	$	184.36
Vested	(17,948)	$	148.89
Non-attainment	(29,283)	$	145.85
Forfeited	(11,547)	$	139.59
Outstanding at December 31, 2025	234,800	$	137.39

As of December 31, 2025, total unrecognized stock-based compensation expense related to TSR shares was approximately $6.3 million, which is expected to be recognized over the average remaining vesting period of 1.8 years.

Officers, non-executive directors and certain employees may be granted shares of restricted stock that vest on continued service alone (“Restricted Stock”). During the year ended December 31, 2025, officers and certain employees were granted 44,060 shares of Restricted Stock. Restricted Stock granted to officers and certain employees during the years ended December 31, 2025, 2024 and 2023, vest ratably over three years from the date of grant. Also, our non-executive directors were granted 6,204 shares of Restricted Stock during the year ended December 31, 2025. The non-executive directors’ shares of Restricted Stock vest 50% immediately and 50% one year after the date of grant.

We measure the fair value of the Restricted Stock based upon the market price of our common stock as of the date of grant. Restricted Stock is amortized over the applicable vesting period using the straight-line method. Unvested shares of Restricted Stock are subject to forfeiture upon termination of employment or service.


	Number of Shares	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2025	145,946	$	112.13
Granted	50,264	$	145.04
Vested	(63,860)	$	116.88
Forfeited	—	$	—
Outstanding at December 31, 2025	132,350	$	122.34

As of December 31, 2025, total unrecognized stock-based compensation expense related to Restricted Stock was approximately $6.8 million, which is expected to be recognized over the weighted-average vesting period of 1.7 years.

With respect to the Transaction, Royal Gold assumed Sandstorm stock options exercisable for 0.7 million shares of common stock to complete the transaction. A summary of Sandstorm option activity for the year ended December 31, 2025, is presented below:


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025	—	$	—
Assumed options as part of Sandstorm acquisition	710,780	$	105.36
Exercised	(166,979)	$	91.84
Forfeited	—	$	—
Outstanding at December 31, 2025	543,801	$	109.51	2.3	$	61,330
Exercisable at December 31, 2025	543,801	$	109.51	2.3	$	61,330