Companies Royal Gold Inc
Royal Gold (RGLD): executive pay, fiscal 2025
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CEO pay, last three years
- $4,282,057FY2023
- $4,184,508FY2024
- $5,230,084FY2025
CEO total pay was $5,230,084 in fiscal 2025, up from $4,184,508 in fiscal 2024.
FY2025: salary $918,000 · bonus $100,000 · stock awards $2,759,437 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| William Heissenbuttel | $918,000 | $100,000 | $2,759,437 | $0 | $1,400,000 | $0 | $52,647 | $5,230,084 |
| President and CEO | ||||||||
| Daniel Breeze | 552,609 | 50,000 | 1,117,846 | 0 | 690,158 | 0 | 67,083 | 2,477,696 |
| SVP, Corporate Development, RGLD Gold AG | ||||||||
| Paul Libner | 492,000 | 50,000 | 1,056,710 | 0 | 615,000 | 0 | 42,638 | 2,256,348 |
| SVP and CFO | ||||||||
| Randy Shefman | 475,000 | 50,000 | 1,018,632 | 0 | 592,000 | 0 | 44,409 | 2,180,041 |
| SVP and General Counsel | ||||||||
| Martin Raffield | 475,000 | 50,000 | 1,018,632 | 0 | 591,000 | 0 | 44,294 | 2,178,926 |
| SVP, Operations | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| William Heissenbuttel | $5,230,084 | $4,184,508 | $4,282,057 | ↑ +1,045,576 |
| Daniel Breeze | 2,477,696 | 1,844,638 | 1,688,794 | ↑ +633,058 |
| Paul Libner | 2,256,348 | 1,777,173 | 1,776,358 | ↑ +479,175 |
| Randy Shefman | 2,180,041 | 1,669,384 | 1,661,566 | ↑ +510,657 |
| Martin Raffield | 2,178,926 | 1,596,460 | 1,339,721 | ↑ +582,466 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The executive compensation program consists of base salary, a short-term cash incentive, long-term equity incentive awards, and modest fixed benefits. The majority of target compensation for the CEO is performance-based and not guaranteed, with an emphasis on long-term equity ownership to align executive interests with stockholders.
| CEO STI target (% of salary) | 110% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | WTW |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Paul Libner | RSU | 2025-02-27 | — | — | 3,180 | — | $461,227 |
| Martin Raffield | RSU | 2025-02-27 | — | — | 3,070 | — | 445,273 |
| Daniel Breeze | RSU | 2025-02-27 | — | — | 3,360 | — | 487,334 |
| William Heissenbuttel | RSU | 2025-02-27 | — | — | 8,310 | — | 1,205,282 |
| William Heissenbuttel | PSU | 2025-02-27 | — | 8,430 | — | 16,860 | 1,554,155 |
| Randy Shefman | RSU | 2025-02-27 | — | — | 3,070 | — | 445,273 |
| Daniel Breeze | PSU | 2025-02-27 | — | 3,420 | — | 6,840 | 630,511 |
| Paul Libner | PSU | 2025-02-27 | — | 3,230 | — | 6,460 | 595,483 |
| Martin Raffield | PSU | 2025-02-27 | — | 3,110 | — | 6,220 | 573,360 |
| Randy Shefman | PSU | 2025-02-27 | — | 3,110 | — | 6,220 | 573,360 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Paul Libner | $461,227 | $595,483 | $0 | 56.4% |
| Martin Raffield | 445,273 | 573,360 | 0 | 56.3% |
| Daniel Breeze | 487,334 | 630,511 | 0 | 56.4% |
| William Heissenbuttel | 1,205,282 | 1,554,155 | 0 | 56.3% |
| Randy Shefman | 445,273 | 573,360 | 0 | 56.3% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Martin Raffield | PSU | 190 | — | $42,235 |
| Martin Raffield | RSU | 740 | — | 164,495 |
| Daniel Breeze | RSU | 967 | — | 214,954 |
| Randy Shefman | Option | 1,010 | 121.12 | — |
| Randy Shefman | RSU | 1,050 | — | 233,405 |
| Paul Libner | RSU | 1,177 | — | 261,635 |
| Martin Raffield | PSU | 2,250 | — | 500,153 |
| Martin Raffield | RSU | 2,460 | — | 546,833 |
| Randy Shefman | RSU | 2,560 | — | 569,062 |
| Randy Shefman | RSU | 2,560 | 124.6 | — |
| Daniel Breeze | RSU | 2,780 | — | 617,966 |
| Paul Libner | RSU | 2,840 | — | 631,304 |
| Daniel Breeze | PSU | 2,950 | — | 655,756 |
| Martin Raffield | RSU | 3,070 | — | 682,430 |
| Randy Shefman | RSU | 3,070 | — | 682,430 |
| Martin Raffield | PSU | 3,110 | — | 691,322 |
| Randy Shefman | PSU | 3,110 | — | 691,322 |
| Paul Libner | RSU | 3,180 | — | 706,882 |
| William Heissenbuttel | RSU | 3,187 | — | 708,438 |
| Randy Shefman | PSU | 3,190 | — | 709,105 |
| Paul Libner | PSU | 3,230 | — | 717,997 |
| Daniel Breeze | RSU | 3,360 | — | 746,894 |
| Daniel Breeze | PSU | 3,420 | — | 760,232 |
| Daniel Breeze | Option | 3,500 | 84.64 | — |
| Paul Libner | PSU | 3,580 | — | 795,798 |
| Martin Raffield | PSU | 3,740 | — | 831,365 |
| Randy Shefman | PSU | 3,900 | — | 866,931 |
| William Heissenbuttel | Option | 3,910 | 121.12 | — |
| Daniel Breeze | PSU | 4,240 | — | 942,510 |
| Paul Libner | PSU | 4,320 | — | 960,293 |
| Randy Shefman | Option | 4,570 | 139.84 | — |
| Daniel Breeze | Option | 5,460 | 124.6 | — |
| Daniel Breeze | Option | 6,250 | 139.84 | — |
| William Heissenbuttel | RSU | 7,420 | — | 1,649,392 |
| William Heissenbuttel | Option | 7,810 | 124.6 | — |
| William Heissenbuttel | RSU | 8,310 | — | 1,847,230 |
| William Heissenbuttel | PSU | 8,430 | — | 1,873,905 |
| William Heissenbuttel | PSU | 9,700 | — | 2,156,213 |
| William Heissenbuttel | PSU | 11,300 | — | 2,511,877 |
| William Heissenbuttel | Option | 15,520 | 139.84 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| William HayesIndependent · Nominating/Governance (Chair) · CNG · Audit | $215,000 | $149,971 | — | — | — | $364,971 |
| Kevin McArthurIndependent · Departed during FY | 39,500 | 241,340 | — | — | — | 280,840 |
| Sybil VeenmanIndependent · Nominating/Governance (Chair) · CNG (Chair) | 125,000 | 149,971 | — | — | — | 274,971 |
| Jamie SokalskyIndependent · Audit | 123,500 | 149,971 | — | — | — | 273,471 |
| Fabiana ChubbsIndependent · Nominating/Governance · CNG · Audit | 104,500 | 149,971 | — | — | — | 254,471 |
| Ronald VanceIndependent · Audit · CNG | 98,500 | 149,971 | — | — | — | 248,471 |
| Mark IstoIndependent · Partial-year service · Newly elected | 56,192 | 0 | — | — | — | 56,192 |
Board fee structure and ownership guideline
| Annual cash retainer | $70,000 |
|---|---|
| Annual equity retainer | $150,000 |
| Per board meeting fee | $1,500 |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 25,000 / 25,000 |
| Stock ownership guideline | $600,000 |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $762,192 |
| Equity awards (grant-date value) | $991,195 |
| All other compensation | $0 |
| Total cost of the board | $1,753,387 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Royal Gold as a peer
Companies that benchmark against RGLD
7 companies name RGLD as a compensation peer
- Contango Silver & Gold Inc.CTGOFY2025
- HECLA MINING CO/DE/HLFY2025
- LandBridge CorpLBFY2025
- SSR MINING INC.SSRMFY2025
- VISTA GOLD CORPVGZFY2025
Each company listed discloses RGLD in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named RGLD in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
The companies Royal Gold Inc names as compensation peers that name it back in their own disclosed peer groups.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Hecla Mining Company | 2025 | Rob Krcmarov | $850,000 | $2,800,534 | $0 | $1,598,850 | $5,453,167 |
| 2 | Royal Gold Inc | 2025 | William Heissenbuttel | 918,000 | 2,759,437 | 0 | 1,400,000 | 5,230,084 |
| — | Pan American Silver Corp. | — | — | — | — | — | — | not in coverage universe |
| — | SSR Mining Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Triple Flag Precious Metals Corp | — | — | — | — | — | — | not in coverage universe |
| — | Alamos Gold Inc. | — | — | — | — | — | — | not in coverage universe |
| — | B2Gold Corp. | — | — | — | — | — | — | not in coverage universe |
| — | OR Royalties Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Wheaton Precious Metals Corporation | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Royal Gold Inc | 138.6% | RSU 50 · PSU 50 | Yes — TSR Relative to Certain Enumerated Precious Metals Companies | WTW |
| Alamos Gold Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| B2Gold Corp. | not disclosed | not disclosed | not disclosed | not disclosed |
| Hecla Mining Company | not disclosed | not disclosed | not disclosed | not disclosed |
| OR Royalties Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Pan American Silver Corp. | not disclosed | not disclosed | not disclosed | not disclosed |
| SSR Mining Inc. | not disclosed | PSU 50 · RSU 50 | No | Pay Governance LLC |
| Triple Flag Precious Metals Corp | not disclosed | not disclosed | not disclosed | not disclosed |
| Wheaton Precious Metals Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
No say-on-pay vote is on file for this company.
CEO pay ratio
| Ratio (CEO : median employee) | 11.2 : 1 |
|---|---|
| CEO total compensation | $5,230,084 |
| Median employee compensation | $467,055 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (30 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, William Heissenbuttel. DEF 14A, filed 2026-04-03. Section “Summary Compensation Table” · page 60. As printed: 5,230,084. View filing ↗
- Section 01, Daniel Breeze. DEF 14A, filed 2026-04-03. Section “Summary Compensation Table” · page 60. As printed: 2,477,696. View filing ↗
- Section 01, Paul Libner. DEF 14A, filed 2026-04-03. Section “Summary Compensation Table” · page 60. As printed: 2,256,348. View filing ↗
- Section 01, Randy Shefman. DEF 14A, filed 2026-04-03. Section “Summary Compensation Table” · page 60. As printed: 2,180,041. View filing ↗
- Section 01, Martin Raffield. DEF 14A, filed 2026-04-03. Section “Summary Compensation Table” · page 60. As printed: 2,178,926. View filing ↗
- Section 03, Paul Libner RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. View filing ↗
- Section 03, Martin Raffield RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. View filing ↗
- Section 03, Daniel Breeze RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. View filing ↗
- Section 03, William Heissenbuttel RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. View filing ↗
- Section 03, William Heissenbuttel PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. View filing ↗
- Section 03, Randy Shefman RSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. View filing ↗
- Section 03, Daniel Breeze PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. View filing ↗
- Section 03, Paul Libner PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. View filing ↗
- Section 03, Martin Raffield PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. View filing ↗
- Section 03, Randy Shefman PSU. DEF 14A, filed 2026-04-03. Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-04-03. Section “CEO Pay Ratio”. As printed: 11.2 : 1. View filing ↗
- Section 08, William Hayes. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 364,971. View filing ↗
- Section 08, Kevin McArthur. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 280,840. View filing ↗
- Section 08, Sybil Veenman. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 274,971. View filing ↗
- Section 08, Jamie Sokalsky. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 273,471. View filing ↗
- Section 08, Fabiana Chubbs. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 254,471. View filing ↗
- Section 08, Ronald Vance. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 248,471. View filing ↗
- Section 08, Mark Isto. DEF 14A, filed 2026-04-03. Section “Director Compensation”. As printed: 56,192. View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 762,192 + equity 991,195 + all other 0 = 1,753,387, summed across the director compensation table rows.
- Hecla Mining Company, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Hecla Mining Company's own proxy. As printed: 5,453,167. View filing ↗
- Royal Gold Inc (subject), Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in Royal Gold Inc's own proxy. As printed: 5,230,084. View filing ↗
- Section 10a, SSR Mining Inc. reciprocity. DEF 14A. SSR Mining Inc. names Royal Gold Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Hecla Mining Company reciprocity. DEF 14A. Hecla Mining Company names Royal Gold Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗