Royal Gold (RGLD) Restructures Hod Maden Project Ownership, Secures New NSR Royalty

Royal Gold Inc. (NASDAQ:RGLD) is one of the most promising stocks with highest upside potential. On May 18, Royal Gold restructured its ownership in the Hod Maden gold-copper project in Türkiye, reducing its direct equity in the joint venture company, Artmin, from 30% to 15%. Under the new agreement, SSR Mining will sell its interest to partner Lidya Madençilik, which will assume full operatorship. In exchange, Royal Gold secures a new 2.5% net smelter return/NSR royalty, while SSR receives a 4.0% NSR royalty.

This restructuring is designed to preserve the value of Royal Gold’s stake while reducing its exposure to capital and operating costs. As part of the deal, Royal Gold gains specific rights regarding the SSR royalty, including a right of first refusal on its sale and an option to acquire half of it for $160 million. The company expects the project to remain a meaningful contributor to its portfolio, projecting approximately 9,000 gold equivalent ounces annually during the first 5 years of production.

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The transaction, expected to close in H2 2026, aligns the project with Lidya, an experienced local operator with the resources to advance the high-grade development. While Royal Gold Inc. (NASDAQ:RGLD) will fund the next $70 million of project costs, the overall burden remains manageable given the project’s high-margin potential and 13-year mine life, despite the increase in the total private royalty burden on the asset.

Royal Gold Inc. (NASDAQ:RGLD) is involved in the acquisition and management of precious metal streams, royalties, and similar interests. Its operations are divided into the Acquisition and Management of Stream Interests and the Acquisition and Management of Royalty Interests segments.

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