Hayes William M. 4

What Happened

• William M. Hayes, a director of Royal Gold, reported an open-market sale of 4,173 shares on Feb 20, 2026. The shares were sold at $277.07 each for total proceeds of $1,156,213. This was a disposition (sale), not a purchase.

Key Details

• Transaction date: February 20, 2026
• Transaction type/code: Open-market sale (S)
• Shares sold and price: 4,173 shares at $277.07 per share
• Gross proceeds: $1,156,213
• Form 4 filed: February 23, 2026 — filed within the standard 2-business-day reporting window (timely)
• Shares owned after transaction: Not specified in the provided filing details
• Footnotes/plans: No 10b5-1 plan, tax-withholding, or other footnotes were included in the transaction details provided

Context

• Sales by insiders can stem from many routine reasons (diversification, portfolio needs, tax planning) and do not necessarily reflect a change in view on company fundamentals. Purchases are generally considered more informative about insider sentiment than routine sales.