Cover
| Cover - shares | 6 Months Ended | |
| Jun. 30, 2024 | Jul. 31, 2024 | |
| Cover [Abstract] | ||
| Document Type | 10-Q | |
| Document Quarterly Report | true | |
| Document Period End Date | Jun. 30, 2024 | |
| Document Transition Report | false | |
| Entity File Number | 001-13357 | |
| Entity Registrant Name | Royal Gold, Inc | |
| Entity Incorporation, State or Country Code | DE | |
| Entity Tax Identification Number | 84-0835164 | |
| Entity Address, Address Line One | 1144 15th Street, Suite 2500 | |
| Entity Address, City or Town | Denver | |
| Entity Address, State or Province | CO | |
| Entity Address, Postal Zip Code | 80202 | |
| City Area Code | 303 | |
| Local Phone Number | 573-1660 | |
| Title of 12(b) Security | Common Stock, $0.01 par value | |
| Trading Symbol | RGLD | |
| Security Exchange Name | NASDAQ | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Small Business | false | |
| Entity Emerging Growth Company | false | |
| Entity Shell Company | false | |
| Entity Common Stock, Shares Outstanding | 65,740,856 | |
| Amendment Flag | false | |
| Document Fiscal Year Focus | 2024 | |
| Document Fiscal Period Focus | Q2 | |
| Entity Central Index Key | 0000085535 | |
| Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
| Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
| ASSETS | ||
| Cash and equivalents | $ 74,232 | $ 104,167 |
| Royalty receivables | 40,338 | 48,884 |
| Income tax receivable | 5,637 | 2,676 |
| Stream inventory | 10,904 | 9,788 |
| Prepaid expenses and other | 2,387 | 1,911 |
| Total current assets | 133,498 | 167,426 |
| Stream and royalty interests, net (Note 3) | 3,053,988 | 3,075,574 |
| Other assets | 81,535 | 118,057 |
| Total assets | 3,269,021 | 3,361,057 |
| LIABILITIES | ||
| Accounts payable | 13,227 | 11,441 |
| Dividends payable | 26,314 | 26,292 |
| Current portion of long-term debt (Note 4) | 50,000 | 0 |
| Income tax payable | 18,103 | 15,557 |
| Other current liabilities | 14,739 | 19,132 |
| Total current liabilities | 122,383 | 72,422 |
| Debt (Note 4) | 0 | 245,967 |
| Deferred tax liabilities | 133,351 | 134,299 |
| Mount Milligan deferred liability (Note 5) | 25,000 | 0 |
| Other liabilities | 7,094 | 7,728 |
| Total liabilities | 287,828 | 460,416 |
| Commitments and contingencies (Note 12) | ||
| EQUITY | ||
| Preferred stock, $.01 par value, $10,000,000 shares authorized; and $0 shares issued | 0 | 0 |
| Common stock, $.01 par value, 200,000,000 shares authorized; and 65,656,625 and 65,631,760 shares outstanding, respectively | 656 | 656 |
| Additional paid-in capital | 2,225,942 | 2,221,039 |
| Accumulated earnings | 742,270 | 666,522 |
| Total Royal Gold stockholders’ equity | 2,968,868 | 2,888,217 |
| Non-controlling interests | 12,325 | 12,424 |
| Total equity | 2,981,193 | 2,900,641 |
| Total liabilities and equity | $ 3,269,021 | $ 3,361,057 |
Consolidated Balance Sheets (Pa
| Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
| Common stock, shares outstanding (in shares) | 65,656,625 | 65,631,760 |
Consolidated Statements of Oper
| Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Income Statement [Abstract] | ||||
| Revenue (Note 6) | $ 174,096 | $ 144,042 | $ 322,999 | $ 314,434 |
| Costs and expenses | ||||
| Cost of sales (excludes depreciation, depletion and amortization) | 24,174 | 23,367 | 45,924 | 48,387 |
| General and administrative | 10,511 | 9,093 | 21,923 | 20,093 |
| Production taxes | 1,581 | 1,274 | 3,031 | 3,263 |
| Depreciation, depletion and amortization | 35,747 | 38,412 | 74,512 | 84,741 |
| Total costs and expenses | 72,013 | 72,146 | 145,390 | 156,484 |
| Operating income | 102,083 | 71,896 | 177,609 | 157,950 |
| Fair value changes in equity securities | (63) | (509) | 383 | 291 |
| Interest and other income | 807 | 2,650 | 3,783 | 4,912 |
| Interest and other expense | (2,516) | (8,408) | (7,123) | (17,582) |
| Income before income taxes | 100,311 | 65,629 | 174,652 | 145,571 |
| Income tax expense (Note 9) | (18,991) | (2,029) | (46,025) | (17,900) |
| Net income and comprehensive income | 81,320 | 63,600 | 128,627 | 127,671 |
| Net income and comprehensive income attributable to non-controlling interests | (112) | (151) | (255) | (347) |
| Net income and comprehensive income attributable to Royal Gold common stockholders | $ 81,208 | $ 63,449 | $ 128,372 | $ 127,324 |
| Net income per share attributable to Royal Gold common stockholders: | ||||
| Basic earnings per share (in dollars per share) | $ 1.23 | $ 0.97 | $ 1.95 | $ 1.94 |
| Basic weighted average shares outstanding (in shares) | 65,650,801 | 65,605,391 | 65,644,115 | 65,600,213 |
| Diluted earnings per share (in dollars per share) | $ 1.23 | $ 0.97 | $ 1.95 | $ 1.93 |
| Diluted weighted average shares outstanding (in shares) | 65,767,538 | 65,762,903 | 65,753,899 | 65,736,028 |
| Cash dividends declared per common share (in dollars per share) | $ 0.40 | $ 0.375 | $ 0.800 | $ 0.75 |
Consolidated Statements of Chan
| Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-In Capital | Accumulated Earnings | Non-controlling Interests |
| Balance (in shares) at Dec. 31, 2022 | 65,592,597 | ||||
| Balance at Dec. 31, 2022 | $ 2,753,469 | $ 656 | $ 2,213,123 | $ 527,314 | $ 12,376 |
| Increase (Decrease) in Stockholders' Equity | |||||
| Stock-based compensation and related share issuances (in shares) | 17,139 | ||||
| Stock-based compensation and related share issuances | 4,436 | 4,436 | |||
| Distributions to non-controlling interests | (392) | (392) | |||
| Net income and comprehensive income | 127,671 | 127,324 | 347 | ||
| Dividends declared | (49,291) | (49,291) | |||
| Balance (in shares) at Jun. 30, 2023 | 65,609,736 | ||||
| Balance at Jun. 30, 2023 | 2,835,893 | $ 656 | 2,217,559 | 605,347 | 12,331 |
| Balance (in shares) at Mar. 31, 2023 | 65,599,348 | ||||
| Balance at Mar. 31, 2023 | 2,794,932 | $ 656 | 2,215,362 | 566,545 | 12,369 |
| Increase (Decrease) in Stockholders' Equity | |||||
| Stock-based compensation and related share issuances (in shares) | 10,388 | ||||
| Stock-based compensation and related share issuances | 2,197 | 2,197 | |||
| Distributions to non-controlling interests | (189) | (189) | |||
| Net income and comprehensive income | 63,600 | 63,449 | 151 | ||
| Dividends declared | (24,647) | (24,647) | |||
| Balance (in shares) at Jun. 30, 2023 | 65,609,736 | ||||
| Balance at Jun. 30, 2023 | 2,835,893 | $ 656 | 2,217,559 | 605,347 | 12,331 |
| Balance (in shares) at Dec. 31, 2023 | 65,631,760 | ||||
| Balance at Dec. 31, 2023 | 2,900,641 | $ 656 | 2,221,039 | 666,522 | 12,424 |
| Increase (Decrease) in Stockholders' Equity | |||||
| Stock-based compensation and related share issuances (in shares) | 24,865 | ||||
| Stock-based compensation and related share issuances | 4,903 | 4,903 | |||
| Distributions to non-controlling interests | (354) | (354) | |||
| Net income and comprehensive income | 128,627 | 128,372 | 255 | ||
| Dividends declared | (52,624) | (52,624) | |||
| Balance (in shares) at Jun. 30, 2024 | 65,656,625 | ||||
| Balance at Jun. 30, 2024 | 2,981,193 | $ 656 | 2,225,942 | 742,270 | 12,325 |
| Balance (in shares) at Mar. 31, 2024 | 65,648,831 | ||||
| Balance at Mar. 31, 2024 | 2,923,366 | $ 656 | 2,223,021 | 687,377 | 12,312 |
| Increase (Decrease) in Stockholders' Equity | |||||
| Stock-based compensation and related share issuances (in shares) | 7,794 | ||||
| Stock-based compensation and related share issuances | 2,921 | 2,921 | |||
| Distributions to non-controlling interests | (99) | (99) | |||
| Net income and comprehensive income | 81,320 | 81,208 | 112 | ||
| Dividends declared | (26,315) | (26,315) | |||
| Balance (in shares) at Jun. 30, 2024 | 65,656,625 | ||||
| Balance at Jun. 30, 2024 | $ 2,981,193 | $ 656 | $ 2,225,942 | $ 742,270 | $ 12,325 |
Consolidated Statements of Cash
| Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
| Jun. 30, 2024 | Jun. 30, 2023 | |
| Cash flows from operating activities: | ||
| Net income and comprehensive income | $ 128,627 | $ 127,671 |
| Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities: | ||
| Depreciation, depletion and amortization | 74,512 | 84,741 |
| Non-cash employee stock compensation expense | 6,336 | 4,579 |
| Fair value changes in equity securities | (383) | (291) |
| Deferred tax expense (benefit) | 3,419 | (7,139) |
| Other | 484 | 445 |
| Changes in assets and liabilities: | ||
| Royalty receivables | 8,546 | 12,948 |
| Stream inventory | (1,116) | 1,998 |
| Income tax receivable | (2,961) | (6,536) |
| Prepaid expenses and other assets | 10,530 | (2,641) |
| Accounts payable | 1,786 | 1,866 |
| Income tax payable | 2,547 | (462) |
| Mount Milligan deferred liability | 25,000 | 0 |
| Other liabilities | (5,528) | (597) |
| Net cash provided by operating activities | 251,799 | 216,582 |
| Cash flows from investing activities: | ||
| Acquisition of stream and royalty interests | (52,256) | (2,670) |
| Proceeds from Khoemacau debt facility | 25,000 | 0 |
| Other | (85) | (151) |
| Net cash used in investing activities | (27,341) | (2,821) |
| Cash flows from financing activities: | ||
| Repayment of debt | (200,000) | (175,000) |
| Net payments from issuance of common stock | (1,432) | 253 |
| Common stock dividends | (52,603) | (49,271) |
| Other | (358) | (2,172) |
| Net cash used in financing activities | (254,393) | (226,190) |
| Net decrease in cash and equivalents | (29,935) | (12,429) |
| Cash and equivalents at beginning of period | 104,167 | 118,586 |
| Cash and equivalents at end of period | $ 74,232 | $ 106,157 |
OPERATIONS, SUMMARY OF SIGNIFIC
| OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS | 6 Months Ended |
| Jun. 30, 2024 | |
| Accounting Policies [Abstract] | |
| OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS | OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS Royal Gold, Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in a mining project that provide the right to revenue or metals produced from the project after deducting contractually specified costs, if any. Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2024. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 15, 2024 (“2023 10-K”). Recent Accounting Standards |
ACQUISITIONS
| ACQUISITIONS | 6 Months Ended |
| Jun. 30, 2024 | |
| Business Combination and Asset Acquisition [Abstract] | |
| ACQUISITIONS | ACQUISITIONS Back River Royalties On June 26, 2024, International Royalty Corporation, a wholly-owned subsidiary of Royal Gold, acquired a 0.7% net smelter return ("NSR") royalty (the "Hill Royalty") that declines by 50% after $5 million Canadian dollars in royalty revenue is received, and a 26.25% interest in a 5% gross smelter return royalty (the "KM Royalty") that is payable after approximately 780,000 ounces have been produced on the Back River Gold Project ("Back River") for aggregate cash consideration of $51 million. Payments for the Hill Royalty are deductible from the KM Royalty. Back River is operated by B2Gold Corporation and is located in Western Nunavut, Canada. The Back River royalties have been accounted for as an asset acquisition and the $51 million cash consideration, plus direct transaction costs, have been allocated to development ($42 million) and exploration ($9 million) stage royalty interests within S tream and royalty interests, net on our consolidated balance sheets. The purchase price was funded with available cash on hand. |
STREAM AND ROYALTY INTERESTS, N
| STREAM AND ROYALTY INTERESTS, NET | 6 Months Ended |
| Jun. 30, 2024 | |
| STREAM AND ROYALTY INTERESTS, NET | |
| STREAM AND ROYALTY INTERESTS, NET | STREAM AND ROYALTY INTERESTS, NET The following tables summarize our stream and royalty interests, net as of June 30, 2024 and December 31, 2023. As of June 30, 2024 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (446,143) $ 344,492 Pueblo Viejo 610,404 (303,712) 306,692 Andacollo 388,182 (171,396) 216,786 Khoemac a u 265,911 (51,179) 214,732 Rainy River 175,727 (80,377) 95,350 Other 237,059 (144,268) 92,791 Total production stage stream interests 2,467,918 (1,197,075) 1,270,843 Production stage royalty interests: Cortez (Legacy Zone and CC Zone) 353,850 (71,850) 282,000 Voisey's Bay 205,724 (122,401) 83,323 Red Chris 116,187 (5,966) 110,221 Peñasquito 99,172 (62,459) 36,713 Other 462,695 (413,211) 49,484 Total production stage royalty interests 1,237,628 (675,887) 561,741 Total production stage stream and royalty interests 3,705,546 (1,872,962) 1,832,584 Development stage stream interests: Other 12,038 — 12,038 Development stage royalty interests: Côté 45,421 — 45,421 Back River 42,948 — 42,948 La Fortuna 35,140 — 35,140 Other 32,892 — 32,892 Total development stage stream and royalty interests 168,439 — 168,439 Exploration stage stream interests: Xavantina 16,313 — 16,313 Exploration stage royalty interests: Cortez (Legacy Zone and CC Zone) 456,479 — 456,479 Great Bear 209,106 — 209,106 Pascua-Lama 177,690 — 177,690 Red Chris 48,895 — 48,895 Côté 29,610 — 29,610 Other 114,872 — 114,872 Total exploration stage stream and royalty interests 1,052,965 — 1,052,965 Total stream and royalty interests, net $ 4,926,950 $ (1,872,962) $ 3,053,988 As of December 31, 2023 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (430,106) $ 360,529 Pueblo Viejo 610,404 (299,354) 311,050 Andacollo 388,182 (165,553) 222,629 Khoemac a u 265,911 (41,635) 224,276 Rainy River 175,727 (74,858) 100,869 Other 232,703 (132,043) 100,660 Total production stage stream interests 2,463,562 (1,143,549) 1,320,013 Production stage royalty interests: Cortez (Legacy Zone and CC Zone) 353,850 (61,891) 291,959 Voisey's Bay 205,724 (121,000) 84,724 Red Chris 116,187 (3,758) 112,429 Peñasquito 99,172 (59,900) 39,272 Other 448,899 (408,522) 40,377 Total production stage royalty interests 1,223,832 (655,071) 568,761 Total production stage stream and royalty interests 3,687,394 (1,798,620) 1,888,774 Development stage stream interests: Other 12,038 — 12,038 Development stage royalty interests: Côté 45,421 — 45,421 La Fortuna 35,140 — 35,140 Other 45,992 — 45,992 Total development stage stream and royalty interests 138,591 — 138,591 Exploration stage stream interests: Xavantina 19,565 — 19,565 Exploration stage royalty interests: Cortez (Legacy Zone and CC Zone) 456,479 — 456,479 Great Bear 209,106 — 209,106 Pascua-Lama 177,690 — 177,690 Red Chris 48,895 — 48,895 Côté 29,610 — 29,610 Other 106,864 — 106,864 Total exploration stage royalty interests 1,048,209 — 1,048,209 Total stream and royalty interests, net $ 4,874,194 $ (1,798,620) $ 3,075,574 |
DEBT
| DEBT | 6 Months Ended |
| Jun. 30, 2024 | |
| Debt Disclosure [Abstract] | |
| DEBT | DEBT Our debt as of June 30, 2024 and December 31, 2023 consists of the following (amounts in thousands): As of June 30, 2024 As of December 31, 2023 Principal Debt Issuance Costs (1) Total Principal Debt Issuance Costs Total Current portion of long-term debt $ 50,000 $ — $ 50,000 $ — $ — $ — Long-term debt $ — $ — $ — $ 250,000 $ (4,033) $ 245,967 Total debt $ 50,000 $ — $ 50,000 $ 250,000 $ (4,033) $ 245,967 _______________________________________________ (1) Debt issuance costs of $3.6 million included within Other assets on our consolidated balance sheets. Revolving credit facility For the six months ended June 30, 2024, we repaid a total of $200 million on our outstanding revolving credit facility. As of June 30, 2024, we had $50 million outstanding and $950 million available under our revolving credit facility. The interest rate on borrowings under our revolving credit facility as of June 30, 2024, was Term SOFR plus 1.20% for an all-in rate of 6.5%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $1.7 million and $5.6 million for the three and six months ended June 30, 2024, respectively, and $7.8 million and $16.3 million for the three and six months ended June 30, 2023, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of June 30, 2024. On July 10, 2024, we repaid $25 million on our outstanding revolving credit facility, and on August 12, 2024, we plan to pay the remaining outstanding balance. We may repay any borrowings under our revolving credit facility at any time without premium or penalty. |
MOUNT MILLIGAN DEFERRED LIABILI
| MOUNT MILLIGAN DEFERRED LIABILITY | 6 Months Ended |
| Jun. 30, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| MOUNT MILLIGAN DEFERRED LIABILITY | MOUNT MILLIGAN DEFERRED LIABILITY On February 13, 2024, RGLD Gold AG, a subsidiary of the Company, entered into a Processing Cost Support Agreement (the "Mount Milligan Cost Support Agreement") with Centerra Gold Inc. ("Centerra") with respect to the Mount Milligan Mine ("Mount Milligan") for cash consideration of $24.5 million, 50,000 ounces ("Deferred Gold Consideration") of gold to be delivered in the future and a free cash flow interest. The cost support allowed for the extension of the mine from 2032 to 2035 and the potential to extend the mine life beyond 2035. The value of the cash consideration and free cash flow interest received from Centerra is recorded as a deferred liability in our consolidated balance sheets as of June 30, 2024. This amount will be amortized as we provide future cost support to Centerra under the Mount Milligan Cost Support Agreement on a units of production basis over the Mount Milligan mine life beginning with the first cost support payment made after the First Threshold (defined below) is met. The key features of the Mount Milligan Cost Support Agreement are discussed below. Deferred Gold Consideration The Deferred Gold Consideration will be delivered in equal installments of 2,500 ounces for a period of 20 quarters commencing on the earlier of June 30, 2030, or the delivery of 375,000 ounces of gold or 30,000 tonnes of copper from metal deliveries referenced by the Mount Milligan Cost Support Agreement with a bill of lading date on or after January 1, 2024. As part of the Deferred Gold Consideration, we are entitled to receive three tranches of 11,111 ounces each (the "Greenstone Deliveries"), with the last delivery expected before year end 2027. Each of the Greenstone Deliveries received shall reduce the number of ounces in any remaining Deferred Gold Consideration delivery on a pro-rata basis. The Deferred Gold Consideration deliveries require no cash payment from the Company, and will be made irrespective of the operating status of Mount Milligan as long as we comply with the terms of the Mount Milligan Cost Support Agreement and existing stream agreement. Each of the Greenstone Deliveries will be delivered to Royal Gold within 30 days of such delivery to Centerra. When the Deferred Gold Consideration is received and subsequently sold, we anticipate the value of the gold ounces sold will be recorded as a deferred liability and amortized on a units of production basis over the mine life of Mount Milligan as we provide future cost support. Cost Support Metal deliveries referenced in the Mount Milligan Cost Support Agreement are those with a bill of lading date on or after January 1, 2024 (the "Reference Date"). Delivery thresholds used to define the periods of cost support are the earlier deliveries of: a. 375,000 ounces of gold or 30,000 tonnes of copper from the Reference Date (the “First Threshold”). b. 665,000 ounces of gold or 60,000 tonnes of copper from the Reference Date (the “Second Threshold”). Near-Term Cost Support Through Approximately 2029 At Centerra’s request, in the event that both the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound, for each delivery under the existing Mount Milligan stream agreement, we will pay the lower of either $415 per ounce of gold, or 66% of the spot gold price less $435 per ounce, and 35% of the spot copper price for each pound of copper delivered (the “Pre-Threshold Support”). This near-term cost support will be made available from the Reference Date through to the First Threshold, which is expected to be through approximately 2029. Any Pre-Threshold Support we provide will be recoverable from any cost support calculated after the First Threshold at metal prices above $1,600 per ounce of gold and $3.50 per pound of copper. For gold, any cost support payment will be reduced by the difference between the gold price and $1,600 per ounce. For copper, any cost support payment will be reduced by the difference between the copper price and $3.50 per pound. Cost Support from Approximately 2030 Through Approximately 2035 We will provide Centerra cost support payments from the First Threshold until the Second Threshold as follows: a. With respect to gold, the lower of either $415 per ounce, or 50% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement. b. With respect to copper, 35% of the spot copper price for each pound of copper delivered under the existing Mount Milligan stream agreement. Cost Support After Approximately 2036 We will provide Centerra cost support payments after the Second Threshold as follows: a. With respect to gold, the lower of either $615 per ounce, or 66% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement. b. With respect to copper, 51% of the spot copper price, for each pound of copper delivered. Suspension of Cost Support Our obligation to make long-term cost support payments will be suspended if (and for so long as) Centerra discloses reserve tonnage which, when combined with mining depletion from the Reference Date to the date of such disclosure, is less than the current reserves expected to be processed through to 2035. Suspension of cost support payments will not impact the Deferred Gold Consideration and free cash flow interest, and the cash consideration is not refundable as long as we comply with the terms of the Mount Milligan Cost Support Agreement and the existing stream agreement. Nothing in the Mount Milligan Cost Support Agreement modifies the existing stream agreement, including the payment of $435 for each gold ounce delivered and 15% of the spot price for each pound of copper delivered. Revenue Recognition A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below. Stream Interests A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. We settle both averaging and spot sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser. Royalty Interests Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs. Royalty Revenue Estimates For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2023 10-K. For the three months ended June 30, 2024, royalty revenue that was estimated or was attributable to metal production for a period prior to June 30, 2024, was not material. Disaggregation of Revenue We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 10. Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Stream revenue: Gold $ 91,597 $ 80,227 $ 169,874 $ 158,856 Silver 16,880 19,230 31,628 37,539 Copper 14,475 6,558 23,979 24,610 Total stream revenue $ 122,952 $ 106,015 $ 225,481 $ 221,005 Royalty revenue: Gold $ 37,171 $ 30,169 $ 70,667 $ 73,037 Silver 4,978 2,721 9,307 5,667 Copper 3,648 1,572 7,269 6,630 Other 5,347 3,565 10,275 8,095 Total royalty revenue $ 51,144 $ 38,027 $ 97,518 $ 93,429 Total revenue $ 174,096 $ 144,042 $ 322,999 $ 314,434 Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): Three Months Ended Six Months Ended Metal(s) June 30, June 30, June 30, June 30, Stream revenue: Mount Milligan Gold & Copper $ 52,139 $ 41,208 $ 87,134 $ 87,863 Pueblo Viejo Gold & Silver 19,801 23,540 37,562 45,898 Andacollo Gold 10,608 7,823 22,297 20,757 Khoemac a u Silver 8,394 8,881 16,152 18,035 Other Gold & Silver 32,010 24,563 62,336 48,452 Total stream revenue $ 122,952 $ 106,015 $ 225,481 $ 221,005 Royalty revenue: Cortez Legacy Zone Gold $ 11,214 $ 14,305 $ 24,579 $ 37,393 Cortez CC Zone Gold 4,548 3,520 8,959 6,726 Peñasquito Gold, Silver, Lead & Zinc 11,279 6,105 20,508 13,538 Other Various 24,103 14,097 43,472 35,772 Total royalty revenue $ 51,144 $ 38,027 $ 97,518 $ 93,429 Total revenue $ 174,096 $ 144,042 $ 322,999 $ 314,434 Please refer to Note 10 for the geographical distribution of our revenue by reportable segment. |
REVENUE
| REVENUE | 6 Months Ended |
| Jun. 30, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| REVENUE | MOUNT MILLIGAN DEFERRED LIABILITY On February 13, 2024, RGLD Gold AG, a subsidiary of the Company, entered into a Processing Cost Support Agreement (the "Mount Milligan Cost Support Agreement") with Centerra Gold Inc. ("Centerra") with respect to the Mount Milligan Mine ("Mount Milligan") for cash consideration of $24.5 million, 50,000 ounces ("Deferred Gold Consideration") of gold to be delivered in the future and a free cash flow interest. The cost support allowed for the extension of the mine from 2032 to 2035 and the potential to extend the mine life beyond 2035. The value of the cash consideration and free cash flow interest received from Centerra is recorded as a deferred liability in our consolidated balance sheets as of June 30, 2024. This amount will be amortized as we provide future cost support to Centerra under the Mount Milligan Cost Support Agreement on a units of production basis over the Mount Milligan mine life beginning with the first cost support payment made after the First Threshold (defined below) is met. The key features of the Mount Milligan Cost Support Agreement are discussed below. Deferred Gold Consideration The Deferred Gold Consideration will be delivered in equal installments of 2,500 ounces for a period of 20 quarters commencing on the earlier of June 30, 2030, or the delivery of 375,000 ounces of gold or 30,000 tonnes of copper from metal deliveries referenced by the Mount Milligan Cost Support Agreement with a bill of lading date on or after January 1, 2024. As part of the Deferred Gold Consideration, we are entitled to receive three tranches of 11,111 ounces each (the "Greenstone Deliveries"), with the last delivery expected before year end 2027. Each of the Greenstone Deliveries received shall reduce the number of ounces in any remaining Deferred Gold Consideration delivery on a pro-rata basis. The Deferred Gold Consideration deliveries require no cash payment from the Company, and will be made irrespective of the operating status of Mount Milligan as long as we comply with the terms of the Mount Milligan Cost Support Agreement and existing stream agreement. Each of the Greenstone Deliveries will be delivered to Royal Gold within 30 days of such delivery to Centerra. When the Deferred Gold Consideration is received and subsequently sold, we anticipate the value of the gold ounces sold will be recorded as a deferred liability and amortized on a units of production basis over the mine life of Mount Milligan as we provide future cost support. Cost Support Metal deliveries referenced in the Mount Milligan Cost Support Agreement are those with a bill of lading date on or after January 1, 2024 (the "Reference Date"). Delivery thresholds used to define the periods of cost support are the earlier deliveries of: a. 375,000 ounces of gold or 30,000 tonnes of copper from the Reference Date (the “First Threshold”). b. 665,000 ounces of gold or 60,000 tonnes of copper from the Reference Date (the “Second Threshold”). Near-Term Cost Support Through Approximately 2029 At Centerra’s request, in the event that both the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound, for each delivery under the existing Mount Milligan stream agreement, we will pay the lower of either $415 per ounce of gold, or 66% of the spot gold price less $435 per ounce, and 35% of the spot copper price for each pound of copper delivered (the “Pre-Threshold Support”). This near-term cost support will be made available from the Reference Date through to the First Threshold, which is expected to be through approximately 2029. Any Pre-Threshold Support we provide will be recoverable from any cost support calculated after the First Threshold at metal prices above $1,600 per ounce of gold and $3.50 per pound of copper. For gold, any cost support payment will be reduced by the difference between the gold price and $1,600 per ounce. For copper, any cost support payment will be reduced by the difference between the copper price and $3.50 per pound. Cost Support from Approximately 2030 Through Approximately 2035 We will provide Centerra cost support payments from the First Threshold until the Second Threshold as follows: a. With respect to gold, the lower of either $415 per ounce, or 50% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement. b. With respect to copper, 35% of the spot copper price for each pound of copper delivered under the existing Mount Milligan stream agreement. Cost Support After Approximately 2036 We will provide Centerra cost support payments after the Second Threshold as follows: a. With respect to gold, the lower of either $615 per ounce, or 66% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement. b. With respect to copper, 51% of the spot copper price, for each pound of copper delivered. Suspension of Cost Support Our obligation to make long-term cost support payments will be suspended if (and for so long as) Centerra discloses reserve tonnage which, when combined with mining depletion from the Reference Date to the date of such disclosure, is less than the current reserves expected to be processed through to 2035. Suspension of cost support payments will not impact the Deferred Gold Consideration and free cash flow interest, and the cash consideration is not refundable as long as we comply with the terms of the Mount Milligan Cost Support Agreement and the existing stream agreement. Nothing in the Mount Milligan Cost Support Agreement modifies the existing stream agreement, including the payment of $435 for each gold ounce delivered and 15% of the spot price for each pound of copper delivered. Revenue Recognition A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below. Stream Interests A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. We settle both averaging and spot sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser. Royalty Interests Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs. Royalty Revenue Estimates For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2023 10-K. For the three months ended June 30, 2024, royalty revenue that was estimated or was attributable to metal production for a period prior to June 30, 2024, was not material. Disaggregation of Revenue We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 10. Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Stream revenue: Gold $ 91,597 $ 80,227 $ 169,874 $ 158,856 Silver 16,880 19,230 31,628 37,539 Copper 14,475 6,558 23,979 24,610 Total stream revenue $ 122,952 $ 106,015 $ 225,481 $ 221,005 Royalty revenue: Gold $ 37,171 $ 30,169 $ 70,667 $ 73,037 Silver 4,978 2,721 9,307 5,667 Copper 3,648 1,572 7,269 6,630 Other 5,347 3,565 10,275 8,095 Total royalty revenue $ 51,144 $ 38,027 $ 97,518 $ 93,429 Total revenue $ 174,096 $ 144,042 $ 322,999 $ 314,434 Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): Three Months Ended Six Months Ended Metal(s) June 30, June 30, June 30, June 30, Stream revenue: Mount Milligan Gold & Copper $ 52,139 $ 41,208 $ 87,134 $ 87,863 Pueblo Viejo Gold & Silver 19,801 23,540 37,562 45,898 Andacollo Gold 10,608 7,823 22,297 20,757 Khoemac a u Silver 8,394 8,881 16,152 18,035 Other Gold & Silver 32,010 24,563 62,336 48,452 Total stream revenue $ 122,952 $ 106,015 $ 225,481 $ 221,005 Royalty revenue: Cortez Legacy Zone Gold $ 11,214 $ 14,305 $ 24,579 $ 37,393 Cortez CC Zone Gold 4,548 3,520 8,959 6,726 Peñasquito Gold, Silver, Lead & Zinc 11,279 6,105 20,508 13,538 Other Various 24,103 14,097 43,472 35,772 Total royalty revenue $ 51,144 $ 38,027 $ 97,518 $ 93,429 Total revenue $ 174,096 $ 144,042 $ 322,999 $ 314,434 Please refer to Note 10 for the geographical distribution of our revenue by reportable segment. |
STOCK-BASED COMPENSATION
| STOCK-BASED COMPENSATION | 6 Months Ended |
| Jun. 30, 2024 | |
| Share-Based Payment Arrangement [Abstract] | |
| STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION We recognized stock-based compensation expense as follows (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Restricted stock $ 1,924 $ 1,540 $ 3,895 $ 3,154 Performance stock 1,424 183 2,441 993 Stock appreciation rights — 212 — 417 Stock options — 8 — 15 Total stock-based compensation expense $ 3,348 $ 1,943 $ 6,336 $ 4,579 Stock-based compensation expense is included within General and administrative expense in the consolidated statements of operations and comprehensive income. We granted the following stock-based compensation awards: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (Number of shares) (Number of shares) Performance stock (at maximum 200% attainment) — — 93,840 82,360 Restricted Stock — — 65,850 56,530 Total equity awards granted — — 159,690 138,890 As of June 30, 2024, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows: Unrecognized Weighted- Restricted stock $ 9,676 2.0 Performance stock 7,248 2.0 |
EARNINGS PER SHARE ("EPS")
| EARNINGS PER SHARE ("EPS") | 6 Months Ended |
| Jun. 30, 2024 | |
| Earnings Per Share [Abstract] | |
| EARNINGS PER SHARE ("EPS") | EARNINGS PER SHARE (“EPS”) Basic EPS was computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock option awards, unexercised stock-settled stock appreciation rights and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic EPS are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted EPS. The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Net income attributable to Royal Gold common stockholders $ 81,208 $ 63,449 $ 128,372 $ 127,324 Weighted-average shares for basic EPS 65,650,801 65,605,391 65,644,115 65,600,213 Effect of other dilutive securities 116,737 157,512 109,784 135,815 Weighted-average shares for diluted EPS 65,767,538 65,762,903 65,753,899 65,736,028 Basic EPS $ 1.23 $ 0.97 $ 1.95 $ 1.94 Diluted EPS $ 1.23 $ 0.97 $ 1.95 $ 1.93 |
INCOME TAXES
| INCOME TAXES | 6 Months Ended |
| Jun. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Income tax expense $ 18,991 $ 2,029 $ 46,025 $ 17,900 Effective tax rate 18.9 % 3.1 % 26.4 % 12.3 % |
SEGMENT INFORMATION
| SEGMENT INFORMATION | 6 Months Ended |
| Jun. 30, 2024 | |
| Segment Reporting [Abstract] | |
| SEGMENT INFORMATION | SEGMENT INFORMATION We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands): As of June 30, 2024 As of December 31, 2023 Stream Royalty Total stream Stream Royalty Total stream Canada $ 439,843 $ 662,678 $ 1,102,521 $ 461,398 $ 614,900 $ 1,076,298 Dominican Republic 306,692 — 306,692 311,050 — 311,050 Africa 249,070 321 249,391 264,529 321 264,850 Chile 216,785 224,116 440,901 222,629 224,116 446,745 United States — 783,860 783,860 — 794,891 794,891 Mexico — 36,903 36,903 — 41,803 41,803 Australia — 20,437 20,437 — 21,288 21,288 Rest of world 86,804 26,479 113,283 92,010 26,639 118,649 Total $ 1,299,194 $ 1,754,794 $ 3,053,988 $ 1,351,616 $ 1,723,958 $ 3,075,574 Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): Three Months Ended June 30, 2024 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 122,952 $ 24,174 $ — $ 26,124 $ 72,654 Royalty interests 51,144 — 1,581 9,534 40,029 Total $ 174,096 $ 24,174 $ 1,581 $ 35,658 $ 112,683 Three Months Ended June 30, 2023 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 106,015 $ 23,367 $ — $ 29,352 $ 53,296 Royalty interests 38,027 — 1,274 8,945 27,808 Total $ 144,042 $ 23,367 $ 1,274 $ 38,297 $ 81,104 Six Months Ended June 30, 2024 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 225,481 $ 45,924 $ — $ 53,525 $ 126,032 Royalty interests 97,518 — 3,031 20,816 73,671 Total $ 322,999 $ 45,924 $ 3,031 $ 74,341 $ 199,703 Six Months Ended June 30, 2023 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 221,005 $ 48,387 $ — $ 63,104 $ 109,514 Royalty interests 93,429 — 3,263 21,408 68,758 Total $ 314,434 $ 48,387 $ 3,263 $ 84,512 $ 178,272 _______________________________________________ (1) Excludes depreciation, depletion and amortization. (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Total segment gross profit $ 112,683 $ 81,104 $ 199,703 $ 178,272 Costs and expenses General and administrative expenses 10,511 9,093 21,923 20,093 Depreciation and amortization 89 115 171 229 Operating income 102,083 71,896 177,609 157,950 Fair value changes in equity securities (63) (509) 383 291 Interest and other income 807 2,650 3,783 4,912 Interest and other expense (2,516) (8,408) (7,123) (17,582) Income before income taxes $ 100,311 $ 65,629 $ 174,652 $ 145,571 Our revenue by reportable segment for the three and six months ended June 30, 2024 and 2023, is geographically distributed as shown in the following table (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Stream interests: Canada $ 62,661 $ 50,848 $ 107,365 $ 107,829 Africa 20,396 18,763 39,497 36,301 Dominican Republic 19,801 23,540 37,562 45,899 Chile 10,608 7,823 22,297 20,757 Rest of world 9,486 5,041 18,760 10,219 Total stream interests $ 122,952 $ 106,015 $ 225,481 $ 221,005 Royalty interests: United States $ 25,273 $ 23,265 $ 49,352 $ 56,845 Mexico 12,888 8,155 23,656 17,449 Australia 7,047 5,081 12,022 9,180 Canada 3,035 (97) 8,166 6,495 Rest of world 2,901 1,623 4,322 3,460 Total royalty interests $ 51,144 $ 38,027 $ 97,518 $ 93,429 Total revenue $ 174,096 $ 144,042 $ 322,999 $ 314,434 |
FAIR VALUE MEASUREMENTS
| FAIR VALUE MEASUREMENTS | 6 Months Ended |
| Jun. 30, 2024 | |
| Fair Value Disclosures [Abstract] | |
| FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Quoted prices for identical instruments in active markets; Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As of June 30, 2024 and December 31, 2023, we had financial assets in the form of marketable securities which are measured at fair value on a recurring basis; however, the carrying value of such financial assets is not material. The carrying value of our revolving credit facility (Note 4) approximates fair value as of June 30, 2024. |
COMMITMENTS AND CONTINGENCIES
| COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
| Jun. 30, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Ilovica Gold Stream Acquisition As of June 30, 2024, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions. |
Pay vs Performance Disclosure
| Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Pay vs Performance Disclosure | ||||
| Net Income (Loss) | $ 81,208 | $ 63,449 | $ 128,372 | $ 127,324 |
Insider Trading Arrangements
| Insider Trading Arrangements | 3 Months Ended |
| Jun. 30, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
OPERATIONS, SUMMARY OF SIGNIF_2
| OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies) | 6 Months Ended |
| Jun. 30, 2024 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2024. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 15, 2024 (“2023 10-K”). |
| Recent Accounting Standards | Recent Accounting Standards |
STREAM AND ROYALTY INTERESTS,_2
| STREAM AND ROYALTY INTERESTS, NET (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| STREAM AND ROYALTY INTERESTS, NET | |
| Schedule of stream and royalty interests | The following tables summarize our stream and royalty interests, net as of June 30, 2024 and December 31, 2023. As of June 30, 2024 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (446,143) $ 344,492 Pueblo Viejo 610,404 (303,712) 306,692 Andacollo 388,182 (171,396) 216,786 Khoemac a u 265,911 (51,179) 214,732 Rainy River 175,727 (80,377) 95,350 Other 237,059 (144,268) 92,791 Total production stage stream interests 2,467,918 (1,197,075) 1,270,843 Production stage royalty interests: Cortez (Legacy Zone and CC Zone) 353,850 (71,850) 282,000 Voisey's Bay 205,724 (122,401) 83,323 Red Chris 116,187 (5,966) 110,221 Peñasquito 99,172 (62,459) 36,713 Other 462,695 (413,211) 49,484 Total production stage royalty interests 1,237,628 (675,887) 561,741 Total production stage stream and royalty interests 3,705,546 (1,872,962) 1,832,584 Development stage stream interests: Other 12,038 — 12,038 Development stage royalty interests: Côté 45,421 — 45,421 Back River 42,948 — 42,948 La Fortuna 35,140 — 35,140 Other 32,892 — 32,892 Total development stage stream and royalty interests 168,439 — 168,439 Exploration stage stream interests: Xavantina 16,313 — 16,313 Exploration stage royalty interests: Cortez (Legacy Zone and CC Zone) 456,479 — 456,479 Great Bear 209,106 — 209,106 Pascua-Lama 177,690 — 177,690 Red Chris 48,895 — 48,895 Côté 29,610 — 29,610 Other 114,872 — 114,872 Total exploration stage stream and royalty interests 1,052,965 — 1,052,965 Total stream and royalty interests, net $ 4,926,950 $ (1,872,962) $ 3,053,988 As of December 31, 2023 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (430,106) $ 360,529 Pueblo Viejo 610,404 (299,354) 311,050 Andacollo 388,182 (165,553) 222,629 Khoemac a u 265,911 (41,635) 224,276 Rainy River 175,727 (74,858) 100,869 Other 232,703 (132,043) 100,660 Total production stage stream interests 2,463,562 (1,143,549) 1,320,013 Production stage royalty interests: Cortez (Legacy Zone and CC Zone) 353,850 (61,891) 291,959 Voisey's Bay 205,724 (121,000) 84,724 Red Chris 116,187 (3,758) 112,429 Peñasquito 99,172 (59,900) 39,272 Other 448,899 (408,522) 40,377 Total production stage royalty interests 1,223,832 (655,071) 568,761 Total production stage stream and royalty interests 3,687,394 (1,798,620) 1,888,774 Development stage stream interests: Other 12,038 — 12,038 Development stage royalty interests: Côté 45,421 — 45,421 La Fortuna 35,140 — 35,140 Other 45,992 — 45,992 Total development stage stream and royalty interests 138,591 — 138,591 Exploration stage stream interests: Xavantina 19,565 — 19,565 Exploration stage royalty interests: Cortez (Legacy Zone and CC Zone) 456,479 — 456,479 Great Bear 209,106 — 209,106 Pascua-Lama 177,690 — 177,690 Red Chris 48,895 — 48,895 Côté 29,610 — 29,610 Other 106,864 — 106,864 Total exploration stage royalty interests 1,048,209 — 1,048,209 Total stream and royalty interests, net $ 4,874,194 $ (1,798,620) $ 3,075,574 |
DEBT (Tables)
| DEBT (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| Debt Disclosure [Abstract] | |
| Schedule of debt | Our debt as of June 30, 2024 and December 31, 2023 consists of the following (amounts in thousands): As of June 30, 2024 As of December 31, 2023 Principal Debt Issuance Costs (1) Total Principal Debt Issuance Costs Total Current portion of long-term debt $ 50,000 $ — $ 50,000 $ — $ — $ — Long-term debt $ — $ — $ — $ 250,000 $ (4,033) $ 245,967 Total debt $ 50,000 $ — $ 50,000 $ 250,000 $ (4,033) $ 245,967 |
REVENUE (Tables)
| REVENUE (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| Summary of disaggregated revenue | Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Stream revenue: Gold $ 91,597 $ 80,227 $ 169,874 $ 158,856 Silver 16,880 19,230 31,628 37,539 Copper 14,475 6,558 23,979 24,610 Total stream revenue $ 122,952 $ 106,015 $ 225,481 $ 221,005 Royalty revenue: Gold $ 37,171 $ 30,169 $ 70,667 $ 73,037 Silver 4,978 2,721 9,307 5,667 Copper 3,648 1,572 7,269 6,630 Other 5,347 3,565 10,275 8,095 Total royalty revenue $ 51,144 $ 38,027 $ 97,518 $ 93,429 Total revenue $ 174,096 $ 144,042 $ 322,999 $ 314,434 Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): Three Months Ended Six Months Ended Metal(s) June 30, June 30, June 30, June 30, Stream revenue: Mount Milligan Gold & Copper $ 52,139 $ 41,208 $ 87,134 $ 87,863 Pueblo Viejo Gold & Silver 19,801 23,540 37,562 45,898 Andacollo Gold 10,608 7,823 22,297 20,757 Khoemac a u Silver 8,394 8,881 16,152 18,035 Other Gold & Silver 32,010 24,563 62,336 48,452 Total stream revenue $ 122,952 $ 106,015 $ 225,481 $ 221,005 Royalty revenue: Cortez Legacy Zone Gold $ 11,214 $ 14,305 $ 24,579 $ 37,393 Cortez CC Zone Gold 4,548 3,520 8,959 6,726 Peñasquito Gold, Silver, Lead & Zinc 11,279 6,105 20,508 13,538 Other Various 24,103 14,097 43,472 35,772 Total royalty revenue $ 51,144 $ 38,027 $ 97,518 $ 93,429 Total revenue $ 174,096 $ 144,042 $ 322,999 $ 314,434 |
STOCK-BASED COMPENSATION (Table
| STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| Share-Based Payment Arrangement [Abstract] | |
| Schedule of recognized stock-based compensation expense | We recognized stock-based compensation expense as follows (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Restricted stock $ 1,924 $ 1,540 $ 3,895 $ 3,154 Performance stock 1,424 183 2,441 993 Stock appreciation rights — 212 — 417 Stock options — 8 — 15 Total stock-based compensation expense $ 3,348 $ 1,943 $ 6,336 $ 4,579 |
| Schedule of stock-based compensation awards | We granted the following stock-based compensation awards: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (Number of shares) (Number of shares) Performance stock (at maximum 200% attainment) — — 93,840 82,360 Restricted Stock — — 65,850 56,530 Total equity awards granted — — 159,690 138,890 |
| Schedule of unrecognized compensation expense | As of June 30, 2024, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows: Unrecognized Weighted- Restricted stock $ 9,676 2.0 Performance stock 7,248 2.0 |
EARNINGS PER SHARE ("EPS") (Tab
| EARNINGS PER SHARE ("EPS") (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| Earnings Per Share [Abstract] | |
| Summary of the effects of dilutive securities on diluted EPS | The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Net income attributable to Royal Gold common stockholders $ 81,208 $ 63,449 $ 128,372 $ 127,324 Weighted-average shares for basic EPS 65,650,801 65,605,391 65,644,115 65,600,213 Effect of other dilutive securities 116,737 157,512 109,784 135,815 Weighted-average shares for diluted EPS 65,767,538 65,762,903 65,753,899 65,736,028 Basic EPS $ 1.23 $ 0.97 $ 1.95 $ 1.94 Diluted EPS $ 1.23 $ 0.97 $ 1.95 $ 1.93 |
INCOME TAXES (Tables)
| INCOME TAXES (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Components of income tax expense (benefit) | The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Income tax expense $ 18,991 $ 2,029 $ 46,025 $ 17,900 Effective tax rate 18.9 % 3.1 % 26.4 % 12.3 % |
SEGMENT INFORMATION (Tables)
| SEGMENT INFORMATION (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| Segment Reporting [Abstract] | |
| Schedule of geographical distribution of long-lived assets | Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands): As of June 30, 2024 As of December 31, 2023 Stream Royalty Total stream Stream Royalty Total stream Canada $ 439,843 $ 662,678 $ 1,102,521 $ 461,398 $ 614,900 $ 1,076,298 Dominican Republic 306,692 — 306,692 311,050 — 311,050 Africa 249,070 321 249,391 264,529 321 264,850 Chile 216,785 224,116 440,901 222,629 224,116 446,745 United States — 783,860 783,860 — 794,891 794,891 Mexico — 36,903 36,903 — 41,803 41,803 Australia — 20,437 20,437 — 21,288 21,288 Rest of world 86,804 26,479 113,283 92,010 26,639 118,649 Total $ 1,299,194 $ 1,754,794 $ 3,053,988 $ 1,351,616 $ 1,723,958 $ 3,075,574 |
| Schedule of reportable segments for assessing performance | Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): Three Months Ended June 30, 2024 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 122,952 $ 24,174 $ — $ 26,124 $ 72,654 Royalty interests 51,144 — 1,581 9,534 40,029 Total $ 174,096 $ 24,174 $ 1,581 $ 35,658 $ 112,683 Three Months Ended June 30, 2023 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 106,015 $ 23,367 $ — $ 29,352 $ 53,296 Royalty interests 38,027 — 1,274 8,945 27,808 Total $ 144,042 $ 23,367 $ 1,274 $ 38,297 $ 81,104 Six Months Ended June 30, 2024 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 225,481 $ 45,924 $ — $ 53,525 $ 126,032 Royalty interests 97,518 — 3,031 20,816 73,671 Total $ 322,999 $ 45,924 $ 3,031 $ 74,341 $ 199,703 Six Months Ended June 30, 2023 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 221,005 $ 48,387 $ — $ 63,104 $ 109,514 Royalty interests 93,429 — 3,263 21,408 68,758 Total $ 314,434 $ 48,387 $ 3,263 $ 84,512 $ 178,272 _______________________________________________ (1) Excludes depreciation, depletion and amortization. (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. |
| Schedule of reconciliation of segment gross profit to consolidated income (loss) | A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Total segment gross profit $ 112,683 $ 81,104 $ 199,703 $ 178,272 Costs and expenses General and administrative expenses 10,511 9,093 21,923 20,093 Depreciation and amortization 89 115 171 229 Operating income 102,083 71,896 177,609 157,950 Fair value changes in equity securities (63) (509) 383 291 Interest and other income 807 2,650 3,783 4,912 Interest and other expense (2,516) (8,408) (7,123) (17,582) Income before income taxes $ 100,311 $ 65,629 $ 174,652 $ 145,571 |
| Schedule of revenue by reportable segment geographically distributed | Our revenue by reportable segment for the three and six months ended June 30, 2024 and 2023, is geographically distributed as shown in the following table (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Stream interests: Canada $ 62,661 $ 50,848 $ 107,365 $ 107,829 Africa 20,396 18,763 39,497 36,301 Dominican Republic 19,801 23,540 37,562 45,899 Chile 10,608 7,823 22,297 20,757 Rest of world 9,486 5,041 18,760 10,219 Total stream interests $ 122,952 $ 106,015 $ 225,481 $ 221,005 Royalty interests: United States $ 25,273 $ 23,265 $ 49,352 $ 56,845 Mexico 12,888 8,155 23,656 17,449 Australia 7,047 5,081 12,022 9,180 Canada 3,035 (97) 8,166 6,495 Rest of world 2,901 1,623 4,322 3,460 Total royalty interests $ 51,144 $ 38,027 $ 97,518 $ 93,429 Total revenue $ 174,096 $ 144,042 $ 322,999 $ 314,434 |
ACQUISITIONS (Details)
| ACQUISITIONS (Details) - Jun. 26, 2024 oz in Thousands, $ in Millions, $ in Millions | CAD ($) oz | USD ($) oz |
| Back River | ||
| Asset Acquisition [Line Items] | ||
| Volume, spot price adjustment threshold | oz | 780 | 780 |
| Hill Royalty | ||
| Asset Acquisition [Line Items] | ||
| Net smelter return (NSR) percentage | 0.70% | 0.70% |
| Net smelter return (NSR) percentage decline | 50% | 50% |
| Royalty revenue requirement | $ 5 | |
| KM Royalty | ||
| Asset Acquisition [Line Items] | ||
| Net smelter return (NSR) percentage | 5% | 5% |
| Interest acquired percentage | 26.25% | 26.25% |
| Back River Royalties Acquisition | ||
| Asset Acquisition [Line Items] | ||
| Asset acquisition, consideration transferred | $ 51 | |
| Back River Royalties Acquisition | Development stage royalty interests | ||
| Asset Acquisition [Line Items] | ||
| Transaction costs | 42 | |
| Back River Royalties Acquisition | Exploration stage royalty interests | ||
| Asset Acquisition [Line Items] | ||
| Transaction costs | $ 9 |
STREAM AND ROYALTY INTERESTS,_3
| STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | $ 4,926,950 | $ 4,874,194 |
| Accumulated Depletion | (1,872,962) | (1,798,620) |
| Net | 3,053,988 | 3,075,574 |
| Total production stage stream and royalty interests | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 3,705,546 | 3,687,394 |
| Accumulated Depletion | (1,872,962) | (1,798,620) |
| Net | 1,832,584 | 1,888,774 |
| Total production stage stream interests | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 2,467,918 | 2,463,562 |
| Accumulated Depletion | (1,197,075) | (1,143,549) |
| Net | 1,270,843 | 1,320,013 |
| Total production stage stream interests | Mount Milligan | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 790,635 | 790,635 |
| Accumulated Depletion | (446,143) | (430,106) |
| Net | 344,492 | 360,529 |
| Total production stage stream interests | Pueblo Viejo | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 610,404 | 610,404 |
| Accumulated Depletion | (303,712) | (299,354) |
| Net | 306,692 | 311,050 |
| Total production stage stream interests | Andacollo | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 388,182 | 388,182 |
| Accumulated Depletion | (171,396) | (165,553) |
| Net | 216,786 | 222,629 |
| Total production stage stream interests | Khoemacau | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 265,911 | 265,911 |
| Accumulated Depletion | (51,179) | (41,635) |
| Net | 214,732 | 224,276 |
| Total production stage stream interests | Rainy River | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 175,727 | 175,727 |
| Accumulated Depletion | (80,377) | (74,858) |
| Net | 95,350 | 100,869 |
| Total production stage stream interests | Other | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 237,059 | 232,703 |
| Accumulated Depletion | (144,268) | (132,043) |
| Net | 92,791 | 100,660 |
| Total production stage royalty interests | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 1,237,628 | 1,223,832 |
| Accumulated Depletion | (675,887) | (655,071) |
| Net | 561,741 | 568,761 |
| Total production stage royalty interests | Cortez (Legacy Zone and CC Zone) | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 353,850 | 353,850 |
| Accumulated Depletion | (71,850) | (61,891) |
| Net | 282,000 | 291,959 |
| Total production stage royalty interests | Voisey's Bay | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 205,724 | 205,724 |
| Accumulated Depletion | (122,401) | (121,000) |
| Net | 83,323 | 84,724 |
| Total production stage royalty interests | Red Chris | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 116,187 | 116,187 |
| Accumulated Depletion | (5,966) | (3,758) |
| Net | 110,221 | 112,429 |
| Total production stage royalty interests | Peñasquito | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 99,172 | 99,172 |
| Accumulated Depletion | (62,459) | (59,900) |
| Net | 36,713 | 39,272 |
| Total production stage royalty interests | Other | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 462,695 | 448,899 |
| Accumulated Depletion | (413,211) | (408,522) |
| Net | 49,484 | 40,377 |
| Total development stage stream and royalty interests | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 168,439 | |
| Net | 168,439 | |
| Development stage stream interests | Other | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 12,038 | 12,038 |
| Net | 12,038 | 12,038 |
| Development stage royalty interests | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 138,591 | |
| Net | 138,591 | |
| Development stage royalty interests | Côté | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 45,421 | 45,421 |
| Net | 45,421 | 45,421 |
| Development stage royalty interests | Back River | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 42,948 | |
| Net | 42,948 | |
| Development stage royalty interests | La Fortuna | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 35,140 | 35,140 |
| Net | 35,140 | 35,140 |
| Development stage royalty interests | Other | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 32,892 | 45,992 |
| Net | 32,892 | 45,992 |
| Total exploration stage stream and royalty interests | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 1,052,965 | 1,048,209 |
| Net | 1,052,965 | 1,048,209 |
| Exploration stage stream interests | Xavantina | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 16,313 | 19,565 |
| Net | 16,313 | 19,565 |
| Exploration stage royalty interests | Cortez (Legacy Zone and CC Zone) | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 456,479 | 456,479 |
| Net | 456,479 | 456,479 |
| Exploration stage royalty interests | Red Chris | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 48,895 | 48,895 |
| Net | 48,895 | 48,895 |
| Exploration stage royalty interests | Côté | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 29,610 | 29,610 |
| Net | 29,610 | 29,610 |
| Exploration stage royalty interests | Great Bear | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 209,106 | 209,106 |
| Net | 209,106 | 209,106 |
| Exploration stage royalty interests | Pascua-Lama | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 177,690 | 177,690 |
| Net | 177,690 | 177,690 |
| Exploration stage royalty interests | Other | ||
| Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
| Cost | 114,872 | 106,864 |
| Net | $ 114,872 | $ 106,864 |
DEBT (Details)
| DEBT (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
| Jul. 10, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
| Long-term debt disclosure | ||||||
| Principal | $ 50,000 | $ 50,000 | $ 250,000 | |||
| Debt Issuance Costs | 0 | 0 | (4,033) | |||
| Total | 50,000 | 50,000 | 245,967 | |||
| Repayment of debt | 200,000 | $ 175,000 | ||||
| Other Noncurrent Assets | ||||||
| Long-term debt disclosure | ||||||
| Debt Issuance Costs | (3,600) | (3,600) | ||||
| Current portion of long-term debt | ||||||
| Long-term debt disclosure | ||||||
| Principal | 50,000 | 50,000 | 0 | |||
| Debt Issuance Costs | 0 | 0 | 0 | |||
| Total | 50,000 | 50,000 | 0 | |||
| Long-term debt | ||||||
| Long-term debt disclosure | ||||||
| Principal | 0 | 0 | 250,000 | |||
| Debt Issuance Costs | 0 | 0 | (4,033) | |||
| Total | 0 | 0 | $ 245,967 | |||
| Credit Facility | ||||||
| Long-term debt disclosure | ||||||
| Repayment of debt | 200,000 | |||||
| Available under the revolving credit facility | $ 950,000 | $ 950,000 | ||||
| Basis spread on interest rate (as a percent) | 1.20% | |||||
| Effective interest rate (as a percent) | 6.50% | 6.50% | ||||
| Interest expense recognized | $ 1,700 | $ 7,800 | $ 5,600 | $ 16,300 | ||
| Credit Facility | Subsequent Event | ||||||
| Long-term debt disclosure | ||||||
| Repayment of debt | $ 25,000 | |||||
MOUNT MILLIGAN DEFERRED LIABI_2
| MOUNT MILLIGAN DEFERRED LIABILITY (Details) $ in Thousands | Feb. 13, 2024 USD ($) tranche oz t $ / oz $ / lb | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
| Deposit Liability [Line Items] | |||
| Value of cash consideration | $ | $ 25,000 | $ 0 | |
| Delivery period after initial transfer | 30 days | ||
| Mt. Milligan | |||
| Deposit Liability [Line Items] | |||
| Value of cash consideration | $ | $ 24,500 | ||
| Value of consideration, nonmonetary amount, gold | 50,000 | ||
| Amount of gold per installment | 2,500 | ||
| Cost support agreement, term | 5 years | ||
| Delivery of gold, first threshold | 375,000 | ||
| Delivery of copper, first threshold | t | 30,000 | ||
| Number of tranches | tranche | 3 | ||
| Amount of gold per tranche | 11,111 | ||
| Delivery of gold, second threshold | 665,000 | ||
| Delivery of copper, second threshold | t | 60,000 | ||
| Gold price, per ounce | $ / oz | 1,600 | ||
| Copper price, per pound | $ / lb | 3.50 | ||
| Gold price by agreement, per ounce | $ / oz | 415 | ||
| Gold price by agreement, percentage of spot price | 66% | ||
| Difference of gold price by agreement, per ounce and spot price | $ / oz | 435 | ||
| Copper price by agreement, per pound | 0.35 | ||
| Mt. Milligan | Cost Support 2030 Through 2035 Example | |||
| Deposit Liability [Line Items] | |||
| Gold price by agreement, percentage of spot price | 50% | ||
| Mt. Milligan | Cost Support After 2036 Example | |||
| Deposit Liability [Line Items] | |||
| Gold price by agreement, per ounce | $ / oz | 615 | ||
| Copper price by agreement, per pound | 0.51 | ||
| Mt. Milligan | Suspension Of Cost Support | |||
| Deposit Liability [Line Items] | |||
| Copper price by agreement, per pound | 0.15 |
REVENUE - Narrative (Details)
| REVENUE - Narrative (Details) | 6 Months Ended |
| Jun. 30, 2024 segment | |
| Disaggregation of Revenue | |
| Number of reportable segments | 2 |
| Minimum | |
| Disaggregation of Revenue | |
| Spot price period term | 10 days |
| Maximum | |
| Disaggregation of Revenue | |
| Spot price period term | 3 months |
REVENUE - Metal Disaggregation
| REVENUE - Metal Disaggregation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Disaggregation of Revenue | ||||
| Total revenue | $ 174,096 | $ 144,042 | $ 322,999 | $ 314,434 |
| Stream interest | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 122,952 | 106,015 | 225,481 | 221,005 |
| Stream interest | Gold | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 91,597 | 80,227 | 169,874 | 158,856 |
| Stream interest | Silver | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 16,880 | 19,230 | 31,628 | 37,539 |
| Stream interest | Copper | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 14,475 | 6,558 | 23,979 | 24,610 |
| Royalty revenue: | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 51,144 | 38,027 | 97,518 | 93,429 |
| Royalty revenue: | Gold | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 37,171 | 30,169 | 70,667 | 73,037 |
| Royalty revenue: | Silver | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 4,978 | 2,721 | 9,307 | 5,667 |
| Royalty revenue: | Copper | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 3,648 | 1,572 | 7,269 | 6,630 |
| Royalty revenue: | Other | ||||
| Disaggregation of Revenue | ||||
| Total revenue | $ 5,347 | $ 3,565 | $ 10,275 | $ 8,095 |
REVENUE - Property Disaggregati
| REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Disaggregation of Revenue | ||||
| Total revenue | $ 174,096 | $ 144,042 | $ 322,999 | $ 314,434 |
| Stream interest | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 122,952 | 106,015 | 225,481 | 221,005 |
| Stream interest | Mount Milligan | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 52,139 | 41,208 | 87,134 | 87,863 |
| Stream interest | Pueblo Viejo | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 19,801 | 23,540 | 37,562 | 45,898 |
| Stream interest | Andacollo | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 10,608 | 7,823 | 22,297 | 20,757 |
| Stream interest | Khoemacau | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 8,394 | 8,881 | 16,152 | 18,035 |
| Stream interest | Other | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 32,010 | 24,563 | 62,336 | 48,452 |
| Royalty revenue: | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 51,144 | 38,027 | 97,518 | 93,429 |
| Royalty revenue: | Other | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 24,103 | 14,097 | 43,472 | 35,772 |
| Royalty revenue: | Cortez Legacy Zone | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 11,214 | 14,305 | 24,579 | 37,393 |
| Royalty revenue: | Cortez CC Zone | ||||
| Disaggregation of Revenue | ||||
| Total revenue | 4,548 | 3,520 | 8,959 | 6,726 |
| Royalty revenue: | Peñasquito | ||||
| Disaggregation of Revenue | ||||
| Total revenue | $ 11,279 | $ 6,105 | $ 20,508 | $ 13,538 |
STOCK-BASED COMPENSATION - Expe
| STOCK-BASED COMPENSATION - Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Stock-based compensation | ||||
| Total stock-based compensation expense | $ 3,348 | $ 1,943 | $ 6,336 | $ 4,579 |
| Restricted stock | ||||
| Stock-based compensation | ||||
| Total stock-based compensation expense | 1,924 | 1,540 | 3,895 | 3,154 |
| Performance stock | ||||
| Stock-based compensation | ||||
| Total stock-based compensation expense | 1,424 | 183 | 2,441 | 993 |
| Stock appreciation rights | ||||
| Stock-based compensation | ||||
| Total stock-based compensation expense | 0 | 212 | 0 | 417 |
| Stock options | ||||
| Stock-based compensation | ||||
| Total stock-based compensation expense | $ 0 | $ 8 | $ 0 | $ 15 |
STOCK-BASED COMPENSATION - Gran
| STOCK-BASED COMPENSATION - Granted (Details) - shares | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Total equity awards granted (in shares) | 0 | 0 | 159,690 | 138,890 |
| Performance stock | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Earn out basis if all goals are met (as a percent) | 200% | 200% | 200% | 200% |
| Total equity awards granted (in shares) | 0 | 0 | 93,840 | 82,360 |
| Restricted stock | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Total equity awards granted (in shares) | 0 | 0 | 65,850 | 56,530 |
STOCK-BASED COMPENSATION - Unre
| STOCK-BASED COMPENSATION - Unrecognized compensation expense (Details) $ in Thousands | 6 Months Ended |
| Jun. 30, 2024 USD ($) | |
| Restricted stock | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Unrecognized compensation expense | $ 9,676 |
| Weighted- average vesting period (years) | 2 years |
| Performance stock | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Unrecognized compensation expense | $ 7,248 |
| Weighted- average vesting period (years) | 2 years |
EARNINGS PER SHARE ("EPS") (Det
| EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Earnings Per Share [Abstract] | ||||
| Net income attributable to Royal Gold common stockholders | $ 81,208 | $ 63,449 | $ 128,372 | $ 127,324 |
| Weighted-average shares for basic EPS (in shares) | 65,650,801 | 65,605,391 | 65,644,115 | 65,600,213 |
| Effect of other dilutive securities (in shares) | 116,737 | 157,512 | 109,784 | 135,815 |
| Weighted-average shares for diluted EPS (in shares) | 65,767,538 | 65,762,903 | 65,753,899 | 65,736,028 |
| Basic EPS (in dollars per share) | $ 1.23 | $ 0.97 | $ 1.95 | $ 1.94 |
| Diluted EPS (in dollars per share) | $ 1.23 | $ 0.97 | $ 1.95 | $ 1.93 |
INCOME TAXES (Details)
| INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Income Tax Disclosure [Abstract] | ||||
| Income tax expense | $ 18,991 | $ 2,029 | $ 46,025 | $ 17,900 |
| Effective tax rate | 18.90% | 3.10% | 26.40% | 12.30% |
| Discrete tax benefit | $ 13,000 | |||
| Valuation allowance, deferred tax asset, increase (decrease), amount | $ 8,500 | $ 8,500 | ||
SEGMENT INFORMATION - Geographi
| SEGMENT INFORMATION - Geographical (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
| Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) segment | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Number of reportable segments | segment | 2 | ||||
| Total stream and royalty interests, net | $ 3,053,988 | $ 3,053,988 | $ 3,075,574 | ||
| Revenue | 174,096 | $ 144,042 | 322,999 | $ 314,434 | |
| Cost of sales | 24,174 | 23,367 | 45,924 | 48,387 | |
| Production taxes | 1,581 | 1,274 | 3,031 | 3,263 | |
| Depletion | 35,658 | 38,297 | 74,341 | 84,512 | |
| Segment gross profit | 112,683 | 81,104 | 199,703 | 178,272 | |
| Canada | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 1,102,521 | 1,102,521 | 1,076,298 | ||
| Dominican Republic | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 306,692 | 306,692 | 311,050 | ||
| Africa | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 249,391 | 249,391 | 264,850 | ||
| Chile | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 440,901 | 440,901 | 446,745 | ||
| United States | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 783,860 | 783,860 | 794,891 | ||
| Mexico | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 36,903 | 36,903 | 41,803 | ||
| Australia | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 20,437 | 20,437 | 21,288 | ||
| Rest of world | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 113,283 | 113,283 | 118,649 | ||
| Stream interest | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 1,299,194 | 1,299,194 | 1,351,616 | ||
| Revenue | 122,952 | 106,015 | 225,481 | 221,005 | |
| Cost of sales | 24,174 | 23,367 | 45,924 | 48,387 | |
| Production taxes | 0 | 0 | 0 | 0 | |
| Depletion | 26,124 | 29,352 | 53,525 | 63,104 | |
| Segment gross profit | 72,654 | 53,296 | 126,032 | 109,514 | |
| Stream interest | Canada | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 439,843 | 439,843 | 461,398 | ||
| Revenue | 62,661 | 50,848 | 107,365 | 107,829 | |
| Stream interest | Dominican Republic | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 306,692 | 306,692 | 311,050 | ||
| Revenue | 19,801 | 23,540 | 37,562 | 45,899 | |
| Stream interest | Africa | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 249,070 | 249,070 | 264,529 | ||
| Revenue | 20,396 | 18,763 | 39,497 | 36,301 | |
| Stream interest | Chile | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 216,785 | 216,785 | 222,629 | ||
| Revenue | 10,608 | 7,823 | 22,297 | 20,757 | |
| Stream interest | United States | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 0 | 0 | 0 | ||
| Stream interest | Mexico | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 0 | 0 | 0 | ||
| Stream interest | Australia | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 0 | 0 | 0 | ||
| Stream interest | Rest of world | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 86,804 | 86,804 | 92,010 | ||
| Revenue | 9,486 | 5,041 | 18,760 | 10,219 | |
| Royalty revenue: | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 1,754,794 | 1,754,794 | 1,723,958 | ||
| Revenue | 51,144 | 38,027 | 97,518 | 93,429 | |
| Cost of sales | 0 | 0 | 0 | 0 | |
| Production taxes | 1,581 | 1,274 | 3,031 | 3,263 | |
| Depletion | 9,534 | 8,945 | 20,816 | 21,408 | |
| Segment gross profit | 40,029 | 27,808 | 73,671 | 68,758 | |
| Royalty revenue: | Canada | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 662,678 | 662,678 | 614,900 | ||
| Revenue | 3,035 | (97) | 8,166 | 6,495 | |
| Royalty revenue: | Dominican Republic | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 0 | 0 | 0 | ||
| Royalty revenue: | Africa | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 321 | 321 | 321 | ||
| Royalty revenue: | Chile | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 224,116 | 224,116 | 224,116 | ||
| Royalty revenue: | United States | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 783,860 | 783,860 | 794,891 | ||
| Revenue | 25,273 | 23,265 | 49,352 | 56,845 | |
| Royalty revenue: | Mexico | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 36,903 | 36,903 | 41,803 | ||
| Revenue | 12,888 | 8,155 | 23,656 | 17,449 | |
| Royalty revenue: | Australia | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 20,437 | 20,437 | 21,288 | ||
| Revenue | 7,047 | 5,081 | 12,022 | 9,180 | |
| Royalty revenue: | Rest of world | |||||
| Long Lived Assets and Pre-Tax Income by Geographical Information | |||||
| Total stream and royalty interests, net | 26,479 | 26,479 | $ 26,639 | ||
| Revenue | $ 2,901 | $ 1,623 | $ 4,322 | $ 3,460 | |
SEGMENT INFORMATION - Reconcili
| SEGMENT INFORMATION - Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Segment Reporting [Abstract] | ||||
| Total segment gross profit | $ 112,683 | $ 81,104 | $ 199,703 | $ 178,272 |
| Costs and expenses | ||||
| General and administrative expenses | 10,511 | 9,093 | 21,923 | 20,093 |
| Depreciation and amortization | 89 | 115 | 171 | 229 |
| Operating income | 102,083 | 71,896 | 177,609 | 157,950 |
| Fair value changes in equity securities | (63) | (509) | 383 | 291 |
| Interest and other income | 807 | 2,650 | 3,783 | 4,912 |
| Interest and other expense | (2,516) | (8,408) | (7,123) | (17,582) |
| Income before income taxes | $ 100,311 | $ 65,629 | $ 174,652 | $ 145,571 |
COMMITMENTS AND CONTINGENCIES (
| COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 6 Months Ended |
| Jun. 30, 2024 USD ($) | |
| Ilovica | |
| Other Commitments [Line Items] | |
| Conditional funding from acquisition | $ 163,750 |