Summary of Royal Gold Conference Call Company Overview - **Company**: Royal Gold - **Industry**: Precious metals royalty and streaming - **Portfolio**: 364 properties across 30 countries at various stages of development [1] Core Insights and Arguments - **Transformational Year**: 2025 is described as a transformational year for Royal Gold, highlighted by significant acquisitions such as Sandstorm and Horizon [1] - **Portfolio Strength**: The merger with Sandstorm has combined a strong producing portfolio (e.g., Milligan, Pueblo Viejo, Cortez) with a robust development portfolio (e.g., Platreef, Mara, Hod Maden), effectively doubling the number of growth assets [2][3] - **Diversification Focus**: The company emphasizes diversification to mitigate event risk associated with concentration in specific assets. Milligan is the only asset exceeding 10% of the portfolio on a NAV basis, which is considered a strong position [3][4] - **Political Risk Management**: The addition of countries like South Africa, Turkey, and Zambia is seen as beneficial for diversification. The company assesses political risk based on the importance of the mining industry to the respective governments [5] - **Asset Longevity**: Key assets like Mount Milligan have extended mine lives, with projections extending to 2045, which enhances the portfolio's long-term value [6][8] Key Assets and Developments - **Mount Milligan**: Ongoing optimization efforts focus on understanding grade issues through infill drilling. The market may not fully appreciate the potential of this asset [8][9] - **Pueblo Viejo**: Recent performance has been disappointing due to recovery issues, attributed to the weathered nature of stockpiles. Solutions are being explored, but improvements are not expected in the short term [10] - **Kansanshi**: A cornerstone asset with a 20-year mine plan, showing potential for gold production alongside copper. The company is well-positioned to benefit from future developments [11][12] - **Cortez**: The Four Mile project has exceeded expectations in terms of speed of development, with a long runway for future growth anticipated [14][15] - **Hod Maden**: The company aims to convert its 30% equity stake into a more conventional royalty or stream structure, prioritizing this conversion to mitigate cost overrun risks [24][26] Market Environment and Deal Dynamics - **Deal Size Evolution**: The typical deal size has shifted from the $100 million-$300 million range to $200 million-$500 million, driven by rising metal prices [31] - **M&A Activity**: There is a renewed interest in M&A, with the company optimistic about the potential for more transactions in the industry, particularly as larger companies engage in streaming products [33][35] - **Competition**: The competitive landscape is described as stable, with the company focused on integrating its recent acquisitions rather than pursuing new deals in the short term [40][41] Regulatory and Growth Potential - **Regulatory Support**: Efforts in North America to streamline permitting processes are seen as beneficial for the company's assets, particularly in Canada and the U.S. [43] - **Long-term Growth Assets**: Cortez, Zaventem, and Milligan are highlighted as having significant organic growth potential that may be underappreciated by the market [45][46][47] Additional Insights - **Equity Positions**: The company has been rationalizing non-core equity positions, such as the sale of the Versament block, which generated nearly $150 million to pay down debt [28][29] - **Operational Partnership**: The company positions itself as an operational partner, not just a financial one, emphasizing collaboration with asset operators to unlock value [50] This summary encapsulates the key points discussed during the Royal Gold conference call, providing insights into the company's strategy, asset performance, and market dynamics.

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Eaton Corp. (ETN) Updating estimates post C4Q25 EPS | | | Joe Ritchie +1(212)357-8914 | joseph.ritchie@gs.com Goldman Sachs & Co. LLC 13 February 2026 | 5:58PM EST Equity Research Updating estimates post C4Q25 EPS. ETN reported 4Q25 adj. EPS (ex. amortization) of $3.33. Segment EBIT was in line/+1% vs. GS/consensus and orders across the portfolio, particularly in Electrical Americas (+> 50%), were strong across the board. ETN introduced a FY26 adj. EPS guide at $13.00 to $13.50 (vs. GS: $13.40), predicated ...

China: 70-city average primary property prices decline accelerated in January Bottom line: The National Bureau of Statistics' 70-city house price data suggest the weighted average property price in the primary market fell by 5.3% mom annualized in January after seasonal adjustments. The widening in sequential decline of house prices was broad-based across all city tiers. We emphasize the 70-city data are for primary market transactions (new home sales) only; secondary market data by NBS and some third-party ...

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on 13-Feb-2026 13 February 2026 Midcap Research When AI threatens the moat #2: Our selection of "AI risk-proof" long ideas Aleksander Peterc +33 1 57 29 45 25 aleksander.peterc@bernsteinsg.com Marie Line Fort +33 1 42 13 85 21 marie-line.fort@bernsteinsg.com Philippe Lorrain +33 1 42 14 75 16 philippe.lorrain@bernsteinsg.com Victor Acitores +34 915 893 901 victor.acitores@bernsteinsg.com +44 20 7676 8355 will.kirkness@bernsteinsg.com Marios Pastou +44 20 7676 6881 marios.pastou@bernsteinsg.com Building on o ...