What specific change did Royal Gold make to its stake in the Hod Maden Project, and what did it receive in return?

Royal Gold reduced its direct equity stake in the Hod Maden Project from 30% to 15% and, in exchange, secured a new 2.5% net smelter return (NSR) royalty.

What is the primary strategic objective behind Royal Gold's restructuring of its Hod Maden stake?

The primary strategic objective is to lower Royal Gold's exposure to capital and operating costs while preserving its economic interest in the project.

Royal Gold Reduces Cost Exposure With Hod Maden Stake Restructuring

May 22, 2026

Royal Gold Inc. restructured its Hod Maden Project stake in Turkey, reducing equity to 15% for a 2.5% NSR royalty to lower costs while securing ~9,000 annual gold equivalent ounces.

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Royal Gold Reduces Cost Exposure With Hod Maden Stake Restructuring

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