Royal Gold (RGLD) 10-K 12 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 03, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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
Entity Address, Address Line Two	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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 8.2
Entity Common Stock, Shares Outstanding		65,758,616
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0000085535

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Denver, Colorado

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and equivalents	$ 195,498	$ 104,167
Royalty receivables	63,460	48,884
Income tax receivable	1,139	2,676
Stream inventory	12,973	9,788
Prepaid expenses and other	2,217	1,911
Total current assets	275,287	167,426
Stream and royalty interests, net (Note 4)	3,042,804	3,075,574
Other assets	74,039	118,057
Total assets	3,392,130	3,361,057
LIABILITIES
Accounts payable	10,578	11,441
Dividends payable	29,611	26,292
Income tax payable	23,177	15,557
Other current liabilities	21,785	19,132
Total current liabilities	85,151	72,422
Debt (Note 5)	0	245,967
Deferred tax liabilities	132,308	134,299
Mount Milligan deferred liability (Note 7)	25,000	0
Other liabilities	18,465	7,728
Total liabilities	260,924	460,416
Commitments and contingencies (Note 16)
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 65,691,151 and 65,631,760 shares outstanding, respectively	657	656
Additional paid-in capital	2,228,311	2,221,039
Accumulated earnings	889,989	666,522
Total Royal Gold stockholders’ equity	3,118,957	2,888,217
Non-controlling interests	12,249	12,424
Total equity	3,131,206	2,900,641
Total liabilities and equity	$ 3,392,130	$ 3,361,057

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	65,691,151	65,631,760

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue (Note 8)	$ 719,395	$ 605,717	$ 603,206
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	97,514	90,523	94,642
General and administrative	40,934	39,761	34,612
Production taxes	6,622	7,294	7,021
Depreciation, depletion and amortization	144,426	164,937	178,935
Impairment of royalty interests	0	0	4,287
Total costs and expenses	289,496	302,515	319,497
Operating income	429,899	303,202	283,709
Fair value changes in equity securities	(66)	(147)	(1,503)
Interest and other income	6,008	9,952	7,832
Interest and other expense	(9,749)	(30,867)	(17,170)
Income before income taxes	426,092	282,140	272,868
Income tax expense (Note 11)	(93,613)	(42,008)	(32,926)
Net income and comprehensive income	332,479	240,132	239,942
Net income and comprehensive income attributable to non-controlling interests	(456)	(692)	(960)
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 332,023	$ 239,440	$ 238,982
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share (in dollars per share)	$ 5.04	$ 3.64	$ 3.64
Basic weighted average shares outstanding (in shares)	65,662,185	65,613,002	65,576,995
Diluted earnings per share (in dollars per share)	$ 5.04	$ 3.63	$ 3.63
Diluted weighted average shares outstanding (in shares)	65,776,834	65,739,110	65,661,748
Cash dividends declared per common share (in dollars per share)	$ 1.650	$ 1.525	$ 1.425

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Accumulated Earnings	Non-controlling Interests
Balance (in shares) at Dec. 31, 2021		65,564,364
Balance at Dec. 31, 2021	$ 2,601,211	$ 656	$ 2,206,159	$ 381,929	$ 12,467
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances	6,964		6,964
Stock-based compensation and related share issuances (in shares)		28,233
Distributions to non-controlling interests	(1,051)				(1,051)
Net income	239,942			238,982	960
Dividends declared	(93,597)			(93,597)
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	7,916		7,916
Stock-based compensation and related share issuances (in shares)		39,163
Distributions to non-controlling interests	(644)				(644)
Net income	240,132			239,440	692
Dividends declared	(100,232)			(100,232)
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	7,273	$ 1	7,272
Stock-based compensation and related share issuances (in shares)		59,391
Distributions to non-controlling interests	(631)				(631)
Net income	332,479			332,023	456
Dividends declared	(108,556)			(108,556)
Balance (in shares) at Dec. 31, 2024		65,691,151
Balance at Dec. 31, 2024	$ 3,131,206	$ 657	$ 2,228,311	$ 889,989	$ 12,249

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income and comprehensive income	$ 332,479	$ 240,132	$ 239,942
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization	144,426	164,937	178,935
Non-cash employee stock compensation expense	11,892	9,696	8,411
Fair value changes in equity securities	66	147	1,503
Deferred tax expense (benefit)	8,354	(6,469)	(19,836)
Impairment of royalty interests	0	0	4,287
Other	945	779	979
Changes in assets and liabilities:
Royalty receivables	(14,577)	521	4,683
Stream inventory	(3,186)	2,868	(1,049)
Income tax receivable	1,537	390	1,849
Prepaid expenses and other assets	11,168	(4,369)	(3,908)
Accounts payable	(9,113)	4,756	211
Income tax payable	7,620	(508)	(3,005)
Mount Milligan deferred liability	25,000	0	0
Other liabilities	12,892	2,912	4,343
Net cash provided by operating activities	529,503	415,792	417,345
Cash flows from investing activities:
Acquisition of stream and royalty interests	(102,564)	(2,678)	(922,155)
Proceeds from Khoemacau debt facility	25,000	0	0
Other	(116)	(151)	(721)
Net cash used in investing activities	(77,680)	(2,829)	(922,876)
Cash flows from financing activities:
Repayment of debt	(250,000)	(325,000)	(125,000)
Borrowings from revolving credit facility	0	0	700,000
Net payments from issuance of common stock	(4,620)	(1,383)	(1,447)
Common stock dividends	(105,237)	(98,567)	(91,925)
Other	(635)	(2,432)	(1,062)
Net cash (used in) provided by financing activities	(360,492)	(427,382)	480,566
Net increase (decrease) in cash and equivalents	91,331	(14,419)	(24,965)
Cash and equivalents at beginning of period	104,167	118,586	143,551
Cash and equivalents at end of period	$ 195,498	$ 104,167	$ 118,586

THE COMPANY

THE COMPANY	12 Months Ended
	Dec. 31, 2024
THE COMPANY
THE COMPANY	THE COMPANY Royal Gold, Inc. (“Royal Gold”, the “Company”, “we”, “us”, or “our”), together with its subsidiaries, 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 (and exploration) 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 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 mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Summary of Significant Accounting Policies Use of Estimates The preparation of our financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. We rely on mineral reserve and mineral resource estimates reported by the operators of properties on which we hold stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long-lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. Basis of Consolidation The consolidated financial statements include the accounts of Royal Gold, Inc. and its majority owned or controlled subsidiaries. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation. Cash and Equivalents Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of December 31, 2024 and 2023. Stream and Royalty Interests in Mineral Properties and Related Depletion Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset. Production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable reserves, are not depleted. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, and there is no production, the mineral property becomes a development stage mineral property. Exploration costs are expensed when incurred. Asset Impairment We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable. When impairment indicators are identified, the recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable mineral reserves, mineral resources and other relevant information received from the operators. We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows. Estimates of gold, silver, copper, and other metal prices, and operators’ estimates of proven and probable mineral reserves or mineral resources related to our stream or royalty properties are subject to certain risks and uncertainties which may affect the recoverability of our investment in these stream and royalty interests in mineral properties. It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests. Revenue 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 in Note 8. Metal Sales Gold, silver and copper received under our metal stream agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (typically depending on the frequency of deliveries under the respective stream agreement and our sales activity in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser. Cost of Sales Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery. Production Taxes Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in our consolidated statements of operations and comprehensive income. Stock-Based Compensation We recognize all share-based payments to employees, including grants of employee stock options, stock-settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in our financial statements based upon their fair values. Income Taxes Our annual tax rate is based on income, statutory tax rates in effect, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities. We treat global intangible low-taxed income (“GILTI”) as a period cost and therefore do not record deferred tax impacts of GILTI in our consolidated financial statements. Our deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies. Our operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Earnings per Share Basic earnings per share is computed by dividing net income available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings per share is computed by dividing net income available to common stockholders by the diluted weighted average number of common shares outstanding during each period. Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires an entity to disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires an entity to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure. Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We will adopt this ASU prospectively for the period ending December 31, 2025, and it will only impact our disclosures with no impacts to our financial condition or results of operations.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS Acquisition of Cactus Project Royalty On December 31, 2024, RG Royalties, LLC, a wholly-owned subsidiary of Royal Gold, acquired two royalties for cash consideration of $55 million that constitute an aggregate 2.5% net smelter return ("NSR") royalty (the “Cactus Royalty”) on the Cactus Project from a private seller. The Cactus Project is being developed by Arizona Sonoran Copper Company Inc. (“ASCU”), and is located in Arizona. The Cactus Royalty covers the Cactus East and Cactus West deposits as well as portions of the Parks/Salyer deposit and is subject to a right in favor of ASCU, until July 10, 2025, to buy back 0.5% of the aggregate 2.5% royalty for $7 million. The Cactus Royalty acquisition has been accounted for as an asset acquisition. The $55 million cash consideration, plus direct acquisition costs, have been recorded as a development stage royalty interest within Stream and royalty interests, net on our consolidated balance sheets. The purchase price was funded with available cash on hand. Acquisition of Back River Royalties On June 26, 2024, International Royalty Corporation, a wholly-owned subsidiary of Royal Gold, acquired a 0.7% 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 Stream 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	12 Months Ended
	Dec. 31, 2024
STREAM AND ROYALTY INTERESTS, NET
STREAM AND ROYALTY INTERESTS, NET	STREAM AND ROYALTY INTERESTS, NET The following summarizes our stream and royalty interests as of December 31, 2024 and 2023: As of December 31, 2024 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (462,412) $ 328,223 Pueblo Viejo 610,404 (308,283) 302,121 Andacollo 388,182 (177,059) 211,123 Khoemac a u 265,911 (58,043) 207,868 Rainy River 175,727 (86,307) 89,420 Other 241,830 (154,245) 87,585 Total production stage stream interests 2,472,689 (1,246,349) 1,226,340 Production stage royalty interests: Cortez (Legacy Zone and CC Zone) 353,850 (81,845) 272,005 Voisey's Bay 205,724 (124,526) 81,198 Red Chris 116,187 (5,966) 110,221 Peñasquito 99,172 (65,372) 33,800 Other 519,491 (418,648) 100,843 Total production stage royalty interests 1,294,424 (696,357) 598,067 Total production stage stream and royalty interests 3,767,113 (1,942,706) 1,824,407 Development stage stream interests: Ilovica 12,038 — 12,038 Development stage royalty interests: Cactus 55,128 — 55,128 Back River 42,948 — 42,948 La Fortuna 35,140 — 35,140 Other 21,133 — 21,133 Total development stage stream and royalty interests 166,387 — 166,387 Exploration stage stream interests: Xavantina 14,792 — 14,792 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 115,438 — 115,438 Total exploration stage stream and royalty interests 1,052,010 — 1,052,010 Total stream and royalty interests, net $ 4,985,510 $ (1,942,706) $ 3,042,804 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: Ilovica 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 stream and 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	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The Company’s debt for the years ended December 31, 2024 and 2023, consists of the following (amounts in thousands): As of December 31, 2024 As of December 31, 2023 Principal Debt Issuance Costs (1) Total Principal Debt Issuance Costs Total Revolving credit facility $ — $ — $ — $ 250,000 $ (4,033) $ 245,967 Total debt $ — $ — $ — $ 250,000 $ (4,033) $ 245,967 _______________________________________________ (1) Debt issuance costs of $3.1 million are included within Other assets on our consolidated balance sheets. Revolving Credit Facility During the year ended December 31, 2024, we repaid the remaining $250 million of outstanding borrowings on our revolving credit facility, making the entire $1 billion revolving credit facility available as of December 31, 2024. On June 28, 2023, we entered into a fifth amendment to our revolving credit facility dated as of June 2, 2017, as amended. The fifth amendment extended the scheduled maturity date from July 7, 2026 to June 28, 2028, replaced LIBOR with Secured Overnight Financing Rate (Term SOFR”) as a benchmark interest rate and made certain other administrative changes to the existing revolving credit facility. Interest expense recognized on the revolving credit facility for the years ended December 31, 2024, 2023, and 2022 was approximately $6.3 million, $28.4 million, and $10.0 million, respectively, and included interest on the outstanding borrowings and the amortization of the debt issuance costs. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of December 31, 2024. We may repay any borrowings under our revolving credit facility at any time without premium or penalty.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
LEASES	LEASES Our significant lease arrangements relate to our office spaces. These arrangements are for leases of assets such as corporate office space and office equipment. We lease office space and office equipment under operating leases expiring at various dates through the year ending December 31, 2030. The following amounts were recorded in the consolidated balance sheets at December 31, 2024 (amounts in thousands): Classification December 31, 2024 Operating Leases Right-of-use assets - current Prepaid expenses and other $ 855 Right-of-use assets - non-current Other assets 3,463 Total right-of-use assets $ 4,318 Lease liabilities - current Other current liabilities $ 965 Lease liabilities - non-current Other long-term liabilities 4,003 Total operating lease liabilities $ 4,968 Maturities of operating lease liabilities at December 31, 2024 were as follows (amounts in thousands): Fiscal Years: Operating Leases 2025 $ 1,086 2026 1,086 2027 1,086 2028 867 2029 824 Thereafter 371 Total lease payments $ 5,320 Less imputed interest (352) Total $ 4,968 Other information pertaining to leases consists of the following: December 31, 2024 Operating Lease Term and Discount Rate Weighted average remaining lease term in years 5.1 Weighted average discount rate 2.7 % We did not have any finance leases as of December 31, 2024.

MOUNT MILLIGAN DEFERRED LIABILI

MOUNT MILLIGAN DEFERRED LIABILITY	12 Months Ended
	Dec. 31, 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 December 31, 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 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 stream agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (typically depending on the frequency of deliveries under the respective stream agreement and our sales policy in effect at the time) commencing shortly after receipt and purchase of the metal. We settle our forward sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our forward 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 occurred. 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 most significant 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 offsite treatment, refining, transportation and, if applicable, other contractually permitted 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. 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 Note 2. Royalty revenue and the attributable metal production that was estimated for the period 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 15. Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): Years Ended December 31, December 31, December 31, Stream revenue: Gold $ 367,492 $ 307,797 $ 308,302 Silver 66,812 64,851 50,591 Copper 48,990 45,632 58,900 Total stream revenue $ 483,294 $ 418,280 $ 417,793 Royalty revenue: Gold 176,888 $ 154,327 $ 131,014 Silver 18,702 8,554 13,690 Copper 17,776 11,792 15,019 Other 22,735 12,764 25,690 Total royalty revenue $ 236,101 $ 187,437 $ 185,413 Total revenue $ 719,395 $ 605,717 $ 603,206 Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands): Years Ended Metal(s) December 31, December 31, December 31, Stream revenue: Mount Milligan Gold & Copper $ 186,039 $ 158,167 $ 180,543 Pueblo Viejo Gold & Silver 83,059 76,247 85,863 Andacollo Gold 47,531 48,920 47,347 Other Gold & Silver 166,665 134,946 104,040 Total stream revenue $ 483,294 $ 418,280 $ 417,793 Royalty revenue: Cortez Legacy Zone Gold $ 58,183 $ 79,920 $ 47,769 Cortez CC Zone Gold 11,611 14,626 2,790 Other Various 166,307 92,891 134,854 Total royalty revenue $ 236,101 $ 187,437 $ 185,413 Total revenue $ 719,395 $ 605,717 $ 603,206 Refer to Note 15 for the geographical distribution of our revenue by reportable segment.

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 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 December 31, 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 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 stream agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (typically depending on the frequency of deliveries under the respective stream agreement and our sales policy in effect at the time) commencing shortly after receipt and purchase of the metal. We settle our forward sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our forward 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 occurred. 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 most significant 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 offsite treatment, refining, transportation and, if applicable, other contractually permitted 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. 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 Note 2. Royalty revenue and the attributable metal production that was estimated for the period 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 15. Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): Years Ended December 31, December 31, December 31, Stream revenue: Gold $ 367,492 $ 307,797 $ 308,302 Silver 66,812 64,851 50,591 Copper 48,990 45,632 58,900 Total stream revenue $ 483,294 $ 418,280 $ 417,793 Royalty revenue: Gold 176,888 $ 154,327 $ 131,014 Silver 18,702 8,554 13,690 Copper 17,776 11,792 15,019 Other 22,735 12,764 25,690 Total royalty revenue $ 236,101 $ 187,437 $ 185,413 Total revenue $ 719,395 $ 605,717 $ 603,206 Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands): Years Ended Metal(s) December 31, December 31, December 31, Stream revenue: Mount Milligan Gold & Copper $ 186,039 $ 158,167 $ 180,543 Pueblo Viejo Gold & Silver 83,059 76,247 85,863 Andacollo Gold 47,531 48,920 47,347 Other Gold & Silver 166,665 134,946 104,040 Total stream revenue $ 483,294 $ 418,280 $ 417,793 Royalty revenue: Cortez Legacy Zone Gold $ 58,183 $ 79,920 $ 47,769 Cortez CC Zone Gold 11,611 14,626 2,790 Other Various 166,307 92,891 134,854 Total royalty revenue $ 236,101 $ 187,437 $ 185,413 Total revenue $ 719,395 $ 605,717 $ 603,206 Refer to Note 15 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION In November 2015, our stockholders approved the 2015 Omnibus Long-Term Incentive Plan (“2015 LTIP”). Under the 2015 LTIP, 2,500,000 shares of common stock have been authorized for future grants to officers, directors, key employees and other persons. The 2015 LTIP provides for the grant of stock options, unrestricted stock, restricted stock, dividend equivalent rights, SSARs and cash awards. Any of these awards may, but need not, be made as performance incentives. Stock options granted under the 2015 LTIP may be non-qualified stock options or incentive stock options. We recognized stock-based compensation expense as follows (amounts in thousands): Years Ended December 31, December 31, December 31, Restricted stock $ 7,049 $ 6,191 $ 4,515 Performance stock 4,843 2,953 2,685 Stock appreciation rights — 533 1,179 Stock options — 19 32 Total stock-based compensation expense $ 11,892 $ 9,696 $ 8,411 Stock-based compensation expense is included within General and administrative expense on the consolidated statements of operations and comprehensive income. Stock Options and Stock Appreciation Rights Stock option and SSARs awards are granted with an exercise price equal to the closing market price of our stock at the date of grant. Stock option and SSARs awards granted to officers, key employees and other persons vest based on one Stock Options A summary of stock option activity for the year ended December 31, 2024, is presented below. Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2024 11,344 $ 86.80 Exercised (3,283) $ 79.36 Forfeited — $ — Granted — $ — Outstanding at December 31, 2024 8,061 $ 89.83 2.8 $ 350 Exercisable at December 31, 2024 8,061 $ 89.83 2.8 $ 350 The total intrinsic value of options exercised during the years ended December 31, 2024, and 2023, and 2022 was $0.2 million, $0.5 million and $0.2 million, respectively. As of December 31, 2024, there was no unrecognized stock-based compensation expense related to unvested stock options. SSARs A summary of SSARs activity for the year ended December 31, 2024, is presented below: Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2024 157,279 $ 113.03 Exercised (28,893) $ 86.21 Forfeited — $ — Granted — $ — Outstanding at December 31, 2024 128,386 $ 119.06 4.6 $ 2,083 Exercisable at December 31, 2024 128,386 $ 119.06 4.6 $ 2,083 The total intrinsic value of SSARs exercised during the years ended December 31, 2024, 2023 and 2022 was $1.4 million, $0.7 million and $0.2 million, respectively. As of December 31, 2024, there was no unrecognized stock-based compensation expense related to unvested SSARs. Other Stock-based Compensation Performance Shares During the years ended December 31, 2024, 2023 and 2022, officers and certain employees were granted shares of restricted common stock that may vest based on our total shareholder return (“TSR”) compared to the TSRs of certain defined peer companies. The Granted TSRs may vest by linear interpolation in a range between zero shares if neither threshold TSR metric is met; to 100% of the Granted TSRs awarded if the target TSR metric is met; to 200% of Granted TSRs awarded if the maximum TSR metric is met. The Granted TSRs will expire in three years from the date of grant if the TSR market condition and a three-year service condition are not met. During the fiscal year ended June 30, 2021, officers and certain employees were granted shares of restricted common stock that can only be earned upon the achievement of certain pre-defined performance measures. Specifically, for performance shares granted during the fiscal year ended June 30, 2021, one-half of the shares awarded may vest upon our achievement of annual growth in Net Gold Equivalent Ounces (“Net GEOs”) (“GEO Shares”). The second half of performance shares granted during the fiscal year ended June 30, 2021 may vest based on our TSR compared to the TSRs of all members of the VanEck Gold Miners ETF (“Prior TSR Shares”). GEO Shares and Prior TSR Shares may vest by linear interpolation in a range between zero shares if neither threshold Net GEO and TSR metric is met; to 100% of GEO Shares and Prior TSR Shares awarded if both target Net GEO and TSR metrics are met; to 200% of the Net GEO and Prior TSR Shares awarded if both the maximum Net GEO and TSR metrics are met. The GEO Shares will expire in five years from the date of grant if the performance measure is not met, while the Prior TSR Shares will expire in three years from the date of grant if the TSR market condition and three-year service condition are not met. We measured the grant date fair value of the Granted TSRs and Prior TSR Shares using a Monte Carlo valuation model. The fair value of our TSR awards is multiplied by the target number (100%) of TSR awards granted to determine total stock-based compensation expense. Total stock-based compensation expense of the TSR awards is amortized on a straight-line basis over the requisite service period, or three years. We measured the fair value of the GEO Shares based upon the market price of our common stock as of the date of grant. The measurement date for the GEO Shares will be determined at such time that the performance goals are attained or that it is probable they will be attained. GEO Shares granted in August 2020 remain outstanding as of December 31, 2024 and the Company will continue to measure these awards for vesting until each awards expiration or performance attainment, whichever date is first. A summary of the status of our unvested Performance Shares at maximum (200%) attainment for the year ended December 31, 2024, is presented below: Number of Weighted- Outstanding at January 1, 2024 216,191 $ 135.11 Granted 93,840 $ 99.75 Exercised (30,290) $ 123.35 Non-attainment (56,303) $ 124.69 Forfeited (1,980) $ 148.89 Outstanding at December 31, 2024 221,458 $ 124.26 As of December 31, 2024, total unrecognized stock-based compensation expense related to Performance Shares was approximately $5.2 million, which is expected to be recognized over the average remaining vesting period of 1.7 years. Restricted Stock Officers, non-executive directors and certain employees may be granted shares of restricted stock that vest on continued service alone (“Restricted Stock”). During the year ended December 31, 2024, officers and certain employees were granted 57,330 shares of Restricted Stock. Restricted Stock granted to officers and certain employees during the years ended December 31, 2024, 2023 and 2022, vest ratably over three years from the date of grant. Also, our non-executive directors were granted 8,520 shares of Restricted Stock during the year ended December 31, 2024. The non-executive directors’ shares of Restricted Stock vest 50% immediately and 50% one year after the date of grant. We measure the fair value of the Restricted Stock based upon the market price of our common stock as of the date of grant. Restricted Stock is amortized over the applicable vesting period using the straight-line method. Unvested shares of Restricted Stock are subject to forfeiture upon termination of employment or service. A summary of the status of our unvested Restricted Stock for the year ended December 31, 2024, is presented below: Number of Weighted- Outstanding at January 1, 2024 136,113 $ 118.84 Granted 65,850 $ 105.65 Vested (51,110) $ 121.05 Forfeited (4,907) $ 118.53 Outstanding at December 31, 2024 145,946 $ 112.13 As of December 31, 2024, total unrecognized stock-based compensation expense related to Restricted Stock was approximately $6.6 million, which is expected to be recognized over the weighted-average vesting period of 1.7 years.

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE ("EPS")	EARNINGS PER SHARE (“EPS”) Basic earnings per common share were 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 earnings per share 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 options, unexercised SSARs and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic earnings per common share 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 earnings per common share. The following table summarizes the effects of dilutive securities on diluted EPS for the period (amounts in thousands, except share data): Years Ended December 31, December 31, December 31, Net income attributable to Royal Gold common stockholders $ 332,023 $ 239,440 $ 238,982 Weighted-average shares for basic EPS 65,662,185 65,613,002 65,576,995 Effect of other dilutive securities 114,649 126,108 84,753 Weighted-average shares for diluted EPS 65,776,834 65,739,110 65,661,748 Basic EPS $ 5.04 $ 3.64 $ 3.64 Diluted EPS $ 5.04 $ 3.63 $ 3.63

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For financial reporting purposes, Income before income taxes includes the following components (amounts in thousands): Years Ended December 31, December 31, December 31, United States $ 127,366 $ 64,105 $ 86,321 Foreign 298,726 218,035 186,547 $ 426,092 $ 282,140 $ 272,868 Our Income tax expense consisted of (amounts in thousands): Years Ended December 31, December 31, December 31, Current: Federal $ 51,643 $ 24,046 $ 29,228 State 715 (68) 467 Foreign 32,901 24,499 23,067 $ 85,259 $ 48,477 $ 52,762 Deferred and others: Federal $ (92) $ (763) $ (957) State (2) (14) (18) Foreign 8,448 (5,692) (18,861) $ 8,354 $ (6,469) $ (19,836) Total income tax expense $ 93,613 $ 42,008 $ 32,926 The provision for income taxes for the years ended December 31, 2024, 2023, and 2022 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non- controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences (amounts in thousands): Years Ended December 31, December 31, December 31, Total expense computed by applying federal rates $ 89,480 $ 59,249 $ 57,303 State and provincial income taxes, net of federal benefit 914 625 545 Excess depletion (2,473) (2,259) (1,907) Statutory tax attributable to non-controlling interest (195) (224) (363) Effect of foreign earnings (887) (10,116) (8,846) Unrealized foreign exchange gains 896 (988) 853 Rate adjustment 1,279 (6) — Changes in estimates (1,062) 11 119 Valuation allowance 3,842 (6,030) (15,877) Other 1,819 1,746 1,099 Total income tax expense $ 93,613 $ 42,008 $ 32,926 The effective tax rate for the year ended December 31, 2024, was 22% which included a $13.0 million U.S. GILTI income tax expense related to the consideration from the Mount Milligan Cost Support Agreement. The effective tax rates for the years ended December 31, 2023 and 2022, were 14.9% and 12.1%, respectively, which included income tax benefits attributable to the release of a valuation allowance on certain foreign deferred tax assets. The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2024 and 2023 are as follows (amounts in thousands): December 31, December 31, Deferred tax assets: Stock-based compensation $ 1,989 $ 1,952 Net operating losses 5,863 4,683 Foreign tax credits 39,748 35,751 Amortizable tax goodwill 37,672 46,821 Other 6,487 5,044 Total deferred tax assets 91,759 94,251 Valuation allowance (44,656) (40,814) Net deferred tax assets $ 47,103 $ 53,437 Deferred tax liabilities: Mineral property basis $ (123,482) $ (122,543) Unrealized foreign exchange gains (582) (582) Other (1,179) (97) Total deferred tax liabilities (125,243) (123,222) Total net deferred taxes $ (78,140) $ (69,785) We review the measurement of our deferred tax assets at each balance sheet date. Considering all available positive and negative evidence, including but not limited to recent earnings history and forecasted future results, the Company believes it is more likely-than-not that all net deferred tax assets not currently burdened with a valuation allowance will be fully realized. As of December 31, 2024 and 2023, we recorded a valuation allowance of $44.7 million and $40.8 million, respectively. The valuation allowance remaining at December 31, 2024 is attributable to US foreign tax credits of $39.7 million and capital losses of $1.9 million, net operating losses of $2.2 million, and other tax attribute carryforwards of $0.9 million in non-US subsidiaries. As of December 31, 2024 and 2023, we had $5.9 million and $4.7 million of net operating loss carryforwards offset by a valuation allowance of $2.2 million and $1.7 million, respectively. The majority of the tax loss carryforwards are in jurisdictions that allow a twenty-year carry-forward period. These losses do not begin to expire until the 2038 tax year, and the Company anticipates utilizing $3.7 million of the net operating loss carryforwards as of December 31, 2024. As of December 31, 2024 and 2023, we had zero unrecognized tax benefits. We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-U.S. income tax examinations by tax authorities for fiscal years before 2021.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Our supplemental cash flow information for the years ended December 31, 2024, 2023, and 2022 is as follows (amounts in thousands): Years Ended December 31, December 31, December 31, Cash paid during the period for: Interest $ 6,593 $ 28,054 $ 7,218 Income taxes, net of refunds $ 72,108 $ 50,303 $ 54,804 Non-cash investing and financing activities: Dividends declared $ 108,556 $ 100,232 $ 93,597

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 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 December 31, 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 5) approximates fair value as of December 31, 2024. As of December 31, 2024, we had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with stream and royalty interests, intangible assets and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired. If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs.

MAJOR SOURCES OF REVENUE

MAJOR SOURCES OF REVENUE	12 Months Ended
	Dec. 31, 2024
MAJOR SOURCES OF REVENUE
MAJOR SOURCES OF REVENUE	MAJOR SOURCES OF REVENUE Operators that contributed greater than 10% of our total revenue for the years ended December 31, 2024, 2023, and 2022 were as follows (revenue amounts in thousands): Years Ended December 31, December 31, December 31, Operator Revenue Percentage of total Revenue Percentage of total Revenue Percentage of total Centerra $ 186,039 25.9 % $ 158,167 26.1 % $ 180,543 30.0 % Barrick 84,961 11.8 % 75,259 12.4 % 140,421 23.3 % Nevada Gold Mines 79,473 11.0 % 101,870 16.8 % 57,730 9.6 %

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 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 President and Chief Executive Officer serves as our Chief Operating Decision Maker ("CODM") and is responsible for reviewing segment performance and making decisions regarding resource allocation. In addition to revenue, our CODM regularly reviews cost of sales, production taxes and depletion for each of our reportable segments. Royal Gold’s long-lived assets (stream and royalty interests, net) as of December 31, 2024 and 2023 are geographically distributed as shown in the following table (amounts in thousands): As of December 31, 2024 As of December 31, 2023 Stream Royalty Total stream Stream Royalty Total stream Canada $ 417,643 $ 659,070 $ 1,076,713 $ 461,398 $ 614,900 $ 1,076,298 Dominican Republic 302,122 — 302,122 311,050 — 311,050 Africa 237,028 321 237,349 264,529 321 264,850 Chile 211,123 224,116 435,239 222,629 224,116 446,745 United States — 827,277 827,277 — 794,891 794,891 Mexico — 33,800 33,800 — 41,803 41,803 Australia — 19,265 19,265 — 21,288 21,288 Rest of world 85,254 25,785 111,039 92,010 26,639 118,649 Total $ 1,253,170 $ 1,789,634 $ 3,042,804 $ 1,351,616 $ 1,723,958 $ 3,075,574 Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): Year Ended December 31, 2024 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 483,294 $ 97,514 $ — $ 102,800 $ 282,980 Royalty interests 236,101 — 6,622 41,285 188,194 Total $ 719,395 $ 97,514 $ 6,622 $ 144,085 $ 471,174 Year Ended December 31, 2023 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 418,280 $ 90,523 $ — $ 121,121 $ 206,636 Royalty interests 187,437 — 7,294 43,385 136,758 Total $ 605,717 $ 90,523 $ 7,294 $ 164,506 $ 343,394 Year Ended December 31, 2022 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 417,793 $ 94,642 $ — $ 143,526 $ 179,625 Royalty interests 185,413 — 7,021 34,916 143,476 Total $ 603,206 $ 94,642 $ 7,021 $ 178,442 $ 323,101 _______________________________________________________ (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): Years Ended December 31, December 31, December 31, Total segment gross profit $ 471,174 $ 343,394 $ 323,101 Costs and expenses General and administrative expenses 40,934 39,761 34,612 Depreciation and amortization 341 431 493 Impairment of royalty interests — — 4,287 Operating income 429,899 303,202 283,709 Fair value changes in equity securities (66) (147) (1,503) Interest and other income 6,008 9,952 7,832 Interest and other expense (9,749) (30,867) (17,170) Income before income taxes $ 426,092 $ 282,140 $ 272,868 Our revenue by reportable segment for the years ended December 31, 2024, 2023, and 2022 is geographically distributed as shown in the following table (amounts in thousands): Years Ended December 31, December 31, December 31, Stream interests: Canada $ 231,801 $ 196,961 $ 212,369 Dominican Republic 83,059 76,247 85,863 Africa 82,132 70,757 53,787 Chile 47,531 48,920 47,347 Rest of world 38,771 25,395 18,427 Total stream interests $ 483,294 $ 418,280 $ 417,793 Royalty interests: United States $ 121,212 $ 123,690 $ 81,642 Mexico 52,842 25,754 52,388 Australia 28,966 19,011 15,672 Canada 18,945 12,712 27,210 Rest of world 14,136 6,270 8,501 Total royalty interests $ 236,101 $ 187,437 $ 185,413 Total revenue $ 719,395 $ 605,717 $ 603,206

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Ilovica Gold Stream Acquisition As of December 31, 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 332,023	$ 239,440	$ 238,982

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	To identify and assess material risks from cybersecurity threats, our enterprise risk management program considers cybersecurity threat risks alongside other Company risks as part of our overall risk assessment process. We describe how risks from identified cybersecurity threats have materially affected or are reasonably likely to materially affect us, including our results of operations and financial condition, in the risk factor entitled “ A significant disruption to our information technology systems or those of our third-party service providers could adversely affect our business and operating results” under Item 1A, Risk Factors, of this report.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	To identify and assess material risks from cybersecurity threats, our enterprise risk management program considers cybersecurity threat risks alongside other Company risks as part of our overall risk assessment process.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Under its Charter, the Audit and Finance Committee (“AFC”) of our Board of Directors is responsible for oversight of our cybersecurity program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Senior Vice President and Chief Financial Officer, with assistance from other members of management and contracted information technology and cybersecurity consultants (including consultants with decades of experience in information technology and cybersecurity roles), is responsible for managing our cybersecurity program, policies and strategy. Under its Charter, the Audit and Finance Committee (“AFC”) of our Board of Directors is responsible for oversight of our cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Quarterly and annual reports are provided to our AFC and Board of Directors, respectively, on the cyber risks, threats and projects impacting our cybersecurity program.
Cybersecurity Risk Role of Management [Text Block]	The Senior Vice President and Chief Financial Officer, with assistance from other members of management and contracted information technology and cybersecurity consultants (including consultants with decades of experience in information technology and cybersecurity roles), is responsible for managing our cybersecurity program, policies and strategy. Under its Charter, the Audit and Finance Committee (“AFC”) of our Board of Directors is responsible for oversight of our cybersecurity program. Quarterly and annual reports are provided to our AFC and Board of Directors, respectively, on the cyber risks, threats and projects impacting our cybersecurity program. As part of our continuing effort to evaluate and enhance our cybersecurity program, including risks associated with using third-party service providers, we regularly evaluate the effectiveness of our cybersecurity policies and procedures and provide our employees with cybersecurity training on current and evolving cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Senior Vice President and Chief Financial Officer, with assistance from other members of management and contracted information technology and cybersecurity consultants (including consultants with decades of experience in information technology and cybersecurity roles), is responsible for managing our cybersecurity program, policies and strategy.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Senior Vice President and Chief Financial Officer, with assistance from other members of management and contracted information technology and cybersecurity consultants (including consultants with decades of experience in information technology and cybersecurity roles), is responsible for managing our cybersecurity program, policies and strategy.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Quarterly and annual reports are provided to our AFC and Board of Directors, respectively, on the cyber risks, threats and projects impacting our cybersecurity program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of our financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. We rely on mineral reserve and mineral resource estimates reported by the operators of properties on which we hold stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long-lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.
Basis of Consolidation	Basis of Consolidation
Cash and Equivalents	Cash and Equivalents Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of December 31, 2024 and 2023.
Stream and Royalty Interests in Mineral Properties and Related Depletion	Stream and Royalty Interests in Mineral Properties and Related Depletion Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset. Production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable reserves, are not depleted. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, and there is no production, the mineral property becomes a development stage mineral property. Exploration costs are expensed when incurred.
Asset Impairment	Asset Impairment We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable. When impairment indicators are identified, the recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable mineral reserves, mineral resources and other relevant information received from the operators. We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows.
Revenue	Revenue 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 in Note 8. Metal Sales Gold, silver and copper received under our metal stream agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (typically depending on the frequency of deliveries under the respective stream agreement and our sales activity in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser.
Cost of Sales	Cost of Sales Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery.
Production Taxes	Production Taxes Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in our consolidated statements of operations and comprehensive income.
Stock-Based Compensation	Stock-Based Compensation We recognize all share-based payments to employees, including grants of employee stock options, stock-settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in our financial statements based upon their fair values.
Income Taxes	Income Taxes Our annual tax rate is based on income, statutory tax rates in effect, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities. We treat global intangible low-taxed income (“GILTI”) as a period cost and therefore do not record deferred tax impacts of GILTI in our consolidated financial statements. Our deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies. Our operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Earnings per Share	Earnings per Share Basic earnings per share is computed by dividing net income available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings per share is computed by dividing net income available to common stockholders by the diluted weighted average number of common shares outstanding during each period.
Recent Accounting Standards	Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires an entity to disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires an entity to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure. Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We will adopt this ASU prospectively for the period ending December 31, 2025, and it will only impact our disclosures with no impacts to our financial condition or results of operations. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. The adoption of this ASU only affects our disclosures and has no impacts to our financial condition or results from operations.

STREAM AND ROYALTY INTERESTS,_2

STREAM AND ROYALTY INTERESTS, NET (Tables)	12 Months Ended
	Dec. 31, 2024
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	The following summarizes our stream and royalty interests as of December 31, 2024 and 2023: As of December 31, 2024 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (462,412) $ 328,223 Pueblo Viejo 610,404 (308,283) 302,121 Andacollo 388,182 (177,059) 211,123 Khoemac a u 265,911 (58,043) 207,868 Rainy River 175,727 (86,307) 89,420 Other 241,830 (154,245) 87,585 Total production stage stream interests 2,472,689 (1,246,349) 1,226,340 Production stage royalty interests: Cortez (Legacy Zone and CC Zone) 353,850 (81,845) 272,005 Voisey's Bay 205,724 (124,526) 81,198 Red Chris 116,187 (5,966) 110,221 Peñasquito 99,172 (65,372) 33,800 Other 519,491 (418,648) 100,843 Total production stage royalty interests 1,294,424 (696,357) 598,067 Total production stage stream and royalty interests 3,767,113 (1,942,706) 1,824,407 Development stage stream interests: Ilovica 12,038 — 12,038 Development stage royalty interests: Cactus 55,128 — 55,128 Back River 42,948 — 42,948 La Fortuna 35,140 — 35,140 Other 21,133 — 21,133 Total development stage stream and royalty interests 166,387 — 166,387 Exploration stage stream interests: Xavantina 14,792 — 14,792 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 115,438 — 115,438 Total exploration stage stream and royalty interests 1,052,010 — 1,052,010 Total stream and royalty interests, net $ 4,985,510 $ (1,942,706) $ 3,042,804 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: Ilovica 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 stream and 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)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of debt	The Company’s debt for the years ended December 31, 2024 and 2023, consists of the following (amounts in thousands): As of December 31, 2024 As of December 31, 2023 Principal Debt Issuance Costs (1) Total Principal Debt Issuance Costs Total Revolving credit facility $ — $ — $ — $ 250,000 $ (4,033) $ 245,967 Total debt $ — $ — $ — $ 250,000 $ (4,033) $ 245,967 _______________________________________________ (1) Debt issuance costs of $3.1 million are included within Other assets on our consolidated balance sheets.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of lease balance sheet locations	The following amounts were recorded in the consolidated balance sheets at December 31, 2024 (amounts in thousands): Classification December 31, 2024 Operating Leases Right-of-use assets - current Prepaid expenses and other $ 855 Right-of-use assets - non-current Other assets 3,463 Total right-of-use assets $ 4,318 Lease liabilities - current Other current liabilities $ 965 Lease liabilities - non-current Other long-term liabilities 4,003 Total operating lease liabilities $ 4,968
Schedule of lease maturities	Maturities of operating lease liabilities at December 31, 2024 were as follows (amounts in thousands): Fiscal Years: Operating Leases 2025 $ 1,086 2026 1,086 2027 1,086 2028 867 2029 824 Thereafter 371 Total lease payments $ 5,320 Less imputed interest (352) Total $ 4,968
Schedule of other lease information	Other information pertaining to leases consists of the following: December 31, 2024 Operating Lease Term and Discount Rate Weighted average remaining lease term in years 5.1 Weighted average discount rate 2.7 %

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 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): Years Ended December 31, December 31, December 31, Stream revenue: Gold $ 367,492 $ 307,797 $ 308,302 Silver 66,812 64,851 50,591 Copper 48,990 45,632 58,900 Total stream revenue $ 483,294 $ 418,280 $ 417,793 Royalty revenue: Gold 176,888 $ 154,327 $ 131,014 Silver 18,702 8,554 13,690 Copper 17,776 11,792 15,019 Other 22,735 12,764 25,690 Total royalty revenue $ 236,101 $ 187,437 $ 185,413 Total revenue $ 719,395 $ 605,717 $ 603,206 Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands): Years Ended Metal(s) December 31, December 31, December 31, Stream revenue: Mount Milligan Gold & Copper $ 186,039 $ 158,167 $ 180,543 Pueblo Viejo Gold & Silver 83,059 76,247 85,863 Andacollo Gold 47,531 48,920 47,347 Other Gold & Silver 166,665 134,946 104,040 Total stream revenue $ 483,294 $ 418,280 $ 417,793 Royalty revenue: Cortez Legacy Zone Gold $ 58,183 $ 79,920 $ 47,769 Cortez CC Zone Gold 11,611 14,626 2,790 Other Various 166,307 92,891 134,854 Total royalty revenue $ 236,101 $ 187,437 $ 185,413 Total revenue $ 719,395 $ 605,717 $ 603,206

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	We recognized stock-based compensation expense as follows (amounts in thousands): Years Ended December 31, December 31, December 31, Restricted stock $ 7,049 $ 6,191 $ 4,515 Performance stock 4,843 2,953 2,685 Stock appreciation rights — 533 1,179 Stock options — 19 32 Total stock-based compensation expense $ 11,892 $ 9,696 $ 8,411
Summary of stock options activity	A summary of stock option activity for the year ended December 31, 2024, is presented below. Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2024 11,344 $ 86.80 Exercised (3,283) $ 79.36 Forfeited — $ — Granted — $ — Outstanding at December 31, 2024 8,061 $ 89.83 2.8 $ 350 Exercisable at December 31, 2024 8,061 $ 89.83 2.8 $ 350
Summary of SSARs activity	A summary of SSARs activity for the year ended December 31, 2024, is presented below: Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2024 157,279 $ 113.03 Exercised (28,893) $ 86.21 Forfeited — $ — Granted — $ — Outstanding at December 31, 2024 128,386 $ 119.06 4.6 $ 2,083 Exercisable at December 31, 2024 128,386 $ 119.06 4.6 $ 2,083
Summary of non-vested awards	A summary of the status of our unvested Performance Shares at maximum (200%) attainment for the year ended December 31, 2024, is presented below: Number of Weighted- Outstanding at January 1, 2024 216,191 $ 135.11 Granted 93,840 $ 99.75 Exercised (30,290) $ 123.35 Non-attainment (56,303) $ 124.69 Forfeited (1,980) $ 148.89 Outstanding at December 31, 2024 221,458 $ 124.26
Summary of the status of non-vested restricted stock	A summary of the status of our unvested Restricted Stock for the year ended December 31, 2024, is presented below: Number of Weighted- Outstanding at January 1, 2024 136,113 $ 118.84 Granted 65,850 $ 105.65 Vested (51,110) $ 121.05 Forfeited (4,907) $ 118.53 Outstanding at December 31, 2024 145,946 $ 112.13

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	12 Months Ended
	Dec. 31, 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 period (amounts in thousands, except share data): Years Ended December 31, December 31, December 31, Net income attributable to Royal Gold common stockholders $ 332,023 $ 239,440 $ 238,982 Weighted-average shares for basic EPS 65,662,185 65,613,002 65,576,995 Effect of other dilutive securities 114,649 126,108 84,753 Weighted-average shares for diluted EPS 65,776,834 65,739,110 65,661,748 Basic EPS $ 5.04 $ 3.64 $ 3.64 Diluted EPS $ 5.04 $ 3.63 $ 3.63

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Components of income before income taxes	For financial reporting purposes, Income before income taxes includes the following components (amounts in thousands): Years Ended December 31, December 31, December 31, United States $ 127,366 $ 64,105 $ 86,321 Foreign 298,726 218,035 186,547 $ 426,092 $ 282,140 $ 272,868
Components of income tax expense (benefit)	Our Income tax expense consisted of (amounts in thousands): Years Ended December 31, December 31, December 31, Current: Federal $ 51,643 $ 24,046 $ 29,228 State 715 (68) 467 Foreign 32,901 24,499 23,067 $ 85,259 $ 48,477 $ 52,762 Deferred and others: Federal $ (92) $ (763) $ (957) State (2) (14) (18) Foreign 8,448 (5,692) (18,861) $ 8,354 $ (6,469) $ (19,836) Total income tax expense $ 93,613 $ 42,008 $ 32,926
Schedule of income tax expense (benefit) and effective tax rate	The provision for income taxes for the years ended December 31, 2024, 2023, and 2022 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non- controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences (amounts in thousands): Years Ended December 31, December 31, December 31, Total expense computed by applying federal rates $ 89,480 $ 59,249 $ 57,303 State and provincial income taxes, net of federal benefit 914 625 545 Excess depletion (2,473) (2,259) (1,907) Statutory tax attributable to non-controlling interest (195) (224) (363) Effect of foreign earnings (887) (10,116) (8,846) Unrealized foreign exchange gains 896 (988) 853 Rate adjustment 1,279 (6) — Changes in estimates (1,062) 11 119 Valuation allowance 3,842 (6,030) (15,877) Other 1,819 1,746 1,099 Total income tax expense $ 93,613 $ 42,008 $ 32,926
Schedule of deferred tax assets and liabilities	The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2024 and 2023 are as follows (amounts in thousands): December 31, December 31, Deferred tax assets: Stock-based compensation $ 1,989 $ 1,952 Net operating losses 5,863 4,683 Foreign tax credits 39,748 35,751 Amortizable tax goodwill 37,672 46,821 Other 6,487 5,044 Total deferred tax assets 91,759 94,251 Valuation allowance (44,656) (40,814) Net deferred tax assets $ 47,103 $ 53,437 Deferred tax liabilities: Mineral property basis $ (123,482) $ (122,543) Unrealized foreign exchange gains (582) (582) Other (1,179) (97) Total deferred tax liabilities (125,243) (123,222) Total net deferred taxes $ (78,140) $ (69,785)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental cash flow information	Our supplemental cash flow information for the years ended December 31, 2024, 2023, and 2022 is as follows (amounts in thousands): Years Ended December 31, December 31, December 31, Cash paid during the period for: Interest $ 6,593 $ 28,054 $ 7,218 Income taxes, net of refunds $ 72,108 $ 50,303 $ 54,804 Non-cash investing and financing activities: Dividends declared $ 108,556 $ 100,232 $ 93,597

MAJOR SOURCES OF REVENUE (Table

MAJOR SOURCES OF REVENUE (Tables)	12 Months Ended
	Dec. 31, 2024
MAJOR SOURCES OF REVENUE
Schedule of major sources of revenue	Operators that contributed greater than 10% of our total revenue for the years ended December 31, 2024, 2023, and 2022 were as follows (revenue amounts in thousands): Years Ended December 31, December 31, December 31, Operator Revenue Percentage of total Revenue Percentage of total Revenue Percentage of total Centerra $ 186,039 25.9 % $ 158,167 26.1 % $ 180,543 30.0 % Barrick 84,961 11.8 % 75,259 12.4 % 140,421 23.3 % Nevada Gold Mines 79,473 11.0 % 101,870 16.8 % 57,730 9.6 %

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of geographical distribution of long-lived assets	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 President and Chief Executive Officer serves as our Chief Operating Decision Maker ("CODM") and is responsible for reviewing segment performance and making decisions regarding resource allocation. In addition to revenue, our CODM regularly reviews cost of sales, production taxes and depletion for each of our reportable segments. Royal Gold’s long-lived assets (stream and royalty interests, net) as of December 31, 2024 and 2023 are geographically distributed as shown in the following table (amounts in thousands): As of December 31, 2024 As of December 31, 2023 Stream Royalty Total stream Stream Royalty Total stream Canada $ 417,643 $ 659,070 $ 1,076,713 $ 461,398 $ 614,900 $ 1,076,298 Dominican Republic 302,122 — 302,122 311,050 — 311,050 Africa 237,028 321 237,349 264,529 321 264,850 Chile 211,123 224,116 435,239 222,629 224,116 446,745 United States — 827,277 827,277 — 794,891 794,891 Mexico — 33,800 33,800 — 41,803 41,803 Australia — 19,265 19,265 — 21,288 21,288 Rest of world 85,254 25,785 111,039 92,010 26,639 118,649 Total $ 1,253,170 $ 1,789,634 $ 3,042,804 $ 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): Year Ended December 31, 2024 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 483,294 $ 97,514 $ — $ 102,800 $ 282,980 Royalty interests 236,101 — 6,622 41,285 188,194 Total $ 719,395 $ 97,514 $ 6,622 $ 144,085 $ 471,174 Year Ended December 31, 2023 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 418,280 $ 90,523 $ — $ 121,121 $ 206,636 Royalty interests 187,437 — 7,294 43,385 136,758 Total $ 605,717 $ 90,523 $ 7,294 $ 164,506 $ 343,394 Year Ended December 31, 2022 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 417,793 $ 94,642 $ — $ 143,526 $ 179,625 Royalty interests 185,413 — 7,021 34,916 143,476 Total $ 603,206 $ 94,642 $ 7,021 $ 178,442 $ 323,101 _______________________________________________________ (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)	Years Ended December 31, December 31, December 31, Total segment gross profit $ 471,174 $ 343,394 $ 323,101 Costs and expenses General and administrative expenses 40,934 39,761 34,612 Depreciation and amortization 341 431 493 Impairment of royalty interests — — 4,287 Operating income 429,899 303,202 283,709 Fair value changes in equity securities (66) (147) (1,503) Interest and other income 6,008 9,952 7,832 Interest and other expense (9,749) (30,867) (17,170) Income before income taxes $ 426,092 $ 282,140 $ 272,868
Schedule of revenue by reportable segment geographically distributed	Our revenue by reportable segment for the years ended December 31, 2024, 2023, and 2022 is geographically distributed as shown in the following table (amounts in thousands): Years Ended December 31, December 31, December 31, Stream interests: Canada $ 231,801 $ 196,961 $ 212,369 Dominican Republic 83,059 76,247 85,863 Africa 82,132 70,757 53,787 Chile 47,531 48,920 47,347 Rest of world 38,771 25,395 18,427 Total stream interests $ 483,294 $ 418,280 $ 417,793 Royalty interests: United States $ 121,212 $ 123,690 $ 81,642 Mexico 52,842 25,754 52,388 Australia 28,966 19,011 15,672 Canada 18,945 12,712 27,210 Rest of world 14,136 6,270 8,501 Total royalty interests $ 236,101 $ 187,437 $ 185,413 Total revenue $ 719,395 $ 605,717 $ 603,206

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details)	12 Months Ended
	Dec. 31, 2024 $ / oz
Mt. Milligan
Cash payment for each ounce of gold (in dollars per ounce)	435
Minimum
Term of the contract	10 days
Maximum
Term of the contract	3 months

ACQUISITIONS - Cactus Royalty (

ACQUISITIONS - Cactus Royalty (Details) - Cactus $ in Millions	Dec. 31, 2024 USD ($) royalty
Acquisitions
Number of royalties acquired | royalty	2
Cash consideration paid	$ 55
Net smelter return (NSR) percentage	2.50%
Buy back percentage	0.50%
Royalty revenue requirement	$ 7

ACQUISITIONS - Back River Royal

ACQUISITIONS - Back River Royalties (Details) - Jun. 26, 2024 oz in Thousands, $ in Millions, $ in Millions	USD ($) oz	CAD ($) oz
Back River
Acquisitions
Volume, spot price adjustment threshold | oz	780	780
Hill Royalty
Acquisitions
Net smelter return (NSR) percentage	0.70%	0.70%
Net smelter return (NSR) percentage decline	50%	50%
Royalty revenue requirement		$ 5
KM Royalty
Acquisitions
Net smelter return (NSR) percentage	5%	5%
Interest acquired percentage	26.25%	26.25%
Back River Royalties Acquisition
Acquisitions
Cash consideration paid	$ 51
Back River Royalties Acquisition | Development stage royalty interests
Acquisitions
Asset acquisition transaction costs	42
Back River Royalties Acquisition | Exploration stage royalty interests
Acquisitions
Asset acquisition transaction costs	$ 9

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cost	$ 4,985,510	$ 4,874,194
Accumulated Depletion	(1,942,706)	(1,798,620)
Net	3,042,804	3,075,574
Production stage stream and royalty interests
Cost	3,767,113	3,687,394
Accumulated Depletion	(1,942,706)	(1,798,620)
Net	1,824,407	1,888,774
Production stage stream interests
Cost	2,472,689	2,463,562
Accumulated Depletion	(1,246,349)	(1,143,549)
Net	1,226,340	1,320,013
Production stage stream interests | Mt. Milligan
Cost	790,635	790,635
Accumulated Depletion	(462,412)	(430,106)
Net	328,223	360,529
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(308,283)	(299,354)
Net	302,121	311,050
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(177,059)	(165,553)
Net	211,123	222,629
Production stage stream interests | Khoemacau
Cost	265,911	265,911
Accumulated Depletion	(58,043)	(41,635)
Net	207,868	224,276
Production stage stream interests | Rainy River
Cost	175,727	175,727
Accumulated Depletion	(86,307)	(74,858)
Net	89,420	100,869
Production stage stream interests | Other interest
Cost	241,830	232,703
Accumulated Depletion	(154,245)	(132,043)
Net	87,585	100,660
Production stage royalty interests
Cost	1,294,424	1,223,832
Accumulated Depletion	(696,357)	(655,071)
Net	598,067	568,761
Production stage royalty interests | Cortez
Cost	353,850	353,850
Accumulated Depletion	(81,845)	(61,891)
Net	272,005	291,959
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(124,526)	(121,000)
Net	81,198	84,724
Production stage royalty interests | Red Chris
Cost	116,187	116,187
Accumulated Depletion	(5,966)	(3,758)
Net	110,221	112,429
Production stage royalty interests | Penasquito
Cost	99,172	99,172
Accumulated Depletion	(65,372)	(59,900)
Net	33,800	39,272
Production stage royalty interests | Other interest
Cost	519,491	448,899
Accumulated Depletion	(418,648)	(408,522)
Net	100,843	40,377
Development stage stream and royalty interests
Cost	166,387	138,591
Net	166,387	138,591
Development stage stream interests | Ilovica
Cost	12,038	12,038
Net	12,038	12,038
Development stage royalty interests | Cactus
Cost	55,128
Net	55,128
Development stage royalty interests | Back River
Cost	42,948
Net	42,948
Development stage royalty interests | La Fortuna
Cost	35,140	35,140
Net	35,140	35,140
Development stage royalty interests | Cote
Cost		45,421
Net		45,421
Development stage royalty interests | Other interest
Cost	21,133	45,992
Net	21,133	45,992
Exploration stage stream and royalty interests
Cost	1,052,010
Net	1,052,010
Exploration stage stream interests | Xavantina (formerly NX Gold)
Cost	14,792	19,565
Net	14,792	19,565
Exploration stage royalty interests
Cost		1,048,209
Net		1,048,209
Exploration stage royalty interests | Cortez
Cost	456,479	456,479
Net	456,479	456,479
Exploration stage royalty interests | Red Chris
Cost	48,895	48,895
Net	48,895	48,895
Exploration stage royalty interests | Cote
Cost	29,610	29,610
Net	29,610	29,610
Exploration stage royalty interests | Great Bear
Cost	209,106	209,106
Net	209,106	209,106
Exploration stage royalty interests | Pascua - Lama
Cost	177,690	177,690
Net	177,690	177,690
Exploration stage royalty interests | Other interest
Cost	115,438	106,864
Net	$ 115,438	$ 106,864

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Long-term debt disclosure
Principal	$ 0	$ 250,000
Debt Issuance Costs	0	(4,033)
Total	0	245,967
Repayment of debt	250,000	325,000	$ 125,000
Other Noncurrent Assets
Long-term debt disclosure
Debt Issuance Costs	(3,100)
Credit Facility
Long-term debt disclosure
Principal	0	250,000
Debt Issuance Costs	0	(4,033)
Total	0	245,967
Repayment of debt	250,000
Available under the revolving credit facility	1,000,000
Interest expense recognized	$ 6,300	$ 28,400	$ 10,000

LEASES - Lease balance sheet (D

LEASES - Lease balance sheet (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
Right-of-use assets - current	$ 855
Right-of-use assets - non-current	3,463
Total right-of-use assets	$ 4,318
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, Prepaid expenses and other
Lease liabilities - current	$ 965
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Lease liabilities - non-current	$ 4,003
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities
Total operating lease liabilities	$ 4,968
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities, Other liabilities

LEASES - Lease maturities (Deta

LEASES - Lease maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 1,086
2026	1,086
2027	1,086
2028	867
2029	824
Thereafter	371
Total lease payments	5,320
Less imputed interest	(352)
Total	$ 4,968

LEASES - Lease other (Details)

LEASES - Lease other (Details)	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term in years	5 years 1 month 6 days
Weighted average discount rate	2.70%

MOUNT MILLIGAN DEFERRED LIABI_2

MOUNT MILLIGAN DEFERRED LIABILITY (Details) $ in Thousands	Feb. 13, 2024 USD ($) tranche t oz $ / oz $ / lb	Dec. 31, 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
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 (Details)

REVENUE (Details)	12 Months Ended
	Dec. 31, 2024 segment
Number of reportable segments	2
Minimum
Average sale price determination period	10 days
Maximum
Average sale price determination period	3 months

REVENUE - Metal Disaggregation

REVENUE - Metal Disaggregation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue
Revenue	$ 719,395	$ 605,717	$ 603,206
Stream interest
Disaggregation of Revenue
Revenue	483,294	418,280	417,793
Stream interest | Gold
Disaggregation of Revenue
Revenue	367,492	307,797	308,302
Stream interest | Silver
Disaggregation of Revenue
Revenue	66,812	64,851	50,591
Stream interest | Copper
Disaggregation of Revenue
Revenue	48,990	45,632	58,900
Royalty interest
Disaggregation of Revenue
Revenue	236,101	187,437	185,413
Royalty interest | Gold
Disaggregation of Revenue
Revenue	176,888	154,327	131,014
Royalty interest | Silver
Disaggregation of Revenue
Revenue	18,702	8,554	13,690
Royalty interest | Copper
Disaggregation of Revenue
Revenue	17,776	11,792	15,019
Royalty interest | Other
Disaggregation of Revenue
Revenue	$ 22,735	$ 12,764	$ 25,690

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue
Revenue	$ 719,395	$ 605,717	$ 603,206
Stream interest
Disaggregation of Revenue
Revenue	483,294	418,280	417,793
Stream interest | Mt. Milligan
Disaggregation of Revenue
Revenue	186,039	158,167	180,543
Stream interest | Pueblo Viejo
Disaggregation of Revenue
Revenue	83,059	76,247	85,863
Stream interest | Andacollo
Disaggregation of Revenue
Revenue	47,531	48,920	47,347
Stream interest | Other interest
Disaggregation of Revenue
Revenue	166,665	134,946	104,040
Royalty interest
Disaggregation of Revenue
Revenue	236,101	187,437	185,413
Royalty interest | Cortez Legacy Zone
Disaggregation of Revenue
Revenue	58,183	79,920	47,769
Royalty interest | Cortez CC Zone
Disaggregation of Revenue
Revenue	11,611	14,626	2,790
Royalty interest | Other interest
Disaggregation of Revenue
Revenue	$ 166,307	$ 92,891	$ 134,854

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021	Nov. 30, 2015
Stock-based compensation
Common stock authorized for future grants (in shares)					2,500,000
Stock-based compensation expense	$ 11,892	$ 9,696	$ 8,411
Contractual term of awards	10 years
Minimum
Stock-based compensation
Continuous service period for awards to vest	1 year
Maximum
Stock-based compensation
Continuous service period for awards to vest	3 years
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 7,049	6,191	4,515
Unrecognized compensation expense	$ 6,600
Weighted-average recognition period	1 year 8 months 12 days
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 4,843	2,953	2,685
Unrecognized compensation expense	$ 5,200
Earn out basis if all goals are met (as a percent)	200%			200%
Weighted-average recognition period	1 year 8 months 12 days
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 0	533	1,179
Unrecognized compensation expense	0
Stock options
Stock-based compensation
Stock-based compensation expense	$ 0	$ 19	$ 32
Stock options granted (in shares)	0	0	0
Intrinsic value of options exercised	$ 200	$ 500	$ 200
Unrecognized compensation expense	$ 0

STOCK-BASED COMPENSATION - OPTI

STOCK-BASED COMPENSATION - OPTIONS (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock options, number of shares
Outstanding at the beginning of the period (in shares)	11,344
Granted (in shares)	0	0	0
Exercised (in shares)	(3,283)
Outstanding at the end of the period (in shares)	8,061	11,344
Exercisable at the end of the period (in shares)	8,061
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at the beginning of the period (in dollars per share)	$ 86.80
Exercised (in dollars per share)	79.36
Outstanding at the end of the period (in dollars per share)	89.83	$ 86.80
Exercisable at the end of the period (in dollars per share)	$ 89.83
Stock options, weighted-average remaining contractual life (in years)
Outstanding at the end of the period	2 years 9 months 18 days
Exercisable at the end of the period	2 years 9 months 18 days
Stock options, Aggregate Intrinsic Value
Outstanding at the end of the period	$ 350
Exercisable at the end of the period	$ 350

STOCK-BASED COMPENSATION - NON-

STOCK-BASED COMPENSATION - NON-OPTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Other stock-based compensation
Contractual term of awards	10 years
Minimum
Other stock-based compensation
Continuous service period for awards to vest	1 year
Maximum
Other stock-based compensation
Continuous service period for awards to vest	3 years
SSARs
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	157,279
Exercised (in shares)	(28,893)
Outstanding at the end of the period (in shares)	128,386	157,279
Exercisable at the end of the period (in shares)	128,386
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 113.03
Exercised (in dollars per share)	86.21
Non-vested at the end of the period (in dollars per share)	119.06	$ 113.03
Exercisable at the end of the period (in dollars per share)	$ 119.06
Other than stock options, weighted-average remaining contractual life (in years)
Outstanding at the end of the period	4 years 7 months 6 days
Exercisable at the end of the period	4 years 7 months 6 days
Aggregate Intrinsic Value
Intrinsic value on outstanding shares	$ 2,083
Intrinsic value on exercisable shares	2,083
Other stock-based compensation
Total intrinsic value	$ 1,400	$ 700	$ 200
Performance stock
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	216,191
Granted (in shares)	93,840
Exercised (in shares)	(30,290)
Non-attainment (in shares)	(56,303)
Forfeited (in shares)	(1,980)
Outstanding at the end of the period (in shares)	221,458	216,191
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 135.11
Granted (in dollars per share)	99.75
Exercised (in dollars per share)	123.35
Non-attainment (in dollars per share)	124.69
Forfeited (in dollars per share)	148.89
Non-vested at the end of the period (in dollars per share)	$ 124.26	$ 135.11
Other stock-based compensation
Earn out basis if no goals are met (as a percent)				0%
Earn out basis if some goals are met (as a percent)				100%
Earn out basis if all goals are met (as a percent)	200%			200%
Total Shareholder Return Shares
Other stock-based compensation
Contractual term of awards	3 years			3 years
Continuous service period for awards to vest	3 years			3 years
Earn out basis if no goals are met (as a percent)	0%
Earn out basis if some goals are met (as a percent)	100%
Earn out basis if all goals are met (as a percent)	200%
Gold Equivalent Ounces Shares
Other stock-based compensation
Contractual term of awards				5 years
Restricted stock
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	136,113
Granted (in shares)	65,850
Vested (in shares)	(51,110)
Forfeited (in shares)	(4,907)
Outstanding at the end of the period (in shares)	145,946	136,113
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 118.84
Granted (in dollars per share)	105.65
Vested (in dollars per share)	121.05
Forfeited (in dollars per share)	118.53
Non-vested at the end of the period (in dollars per share)	$ 112.13	$ 118.84
Restricted stock | Officers and Certain Employees
Non-vested other than stock options, number of shares
Granted (in shares)	57,330
Other stock-based compensation
Vesting period	3 years	3 years	3 years
Restricted stock | Non Executive Directors
Non-vested other than stock options, number of shares
Granted (in shares)	8,520
Other stock-based compensation
Vesting period	1 year
Vesting (as a percent)	50%
Percentage of shares granted to non-executive directors, vesting one year after date of grant	50%

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income attributable to Royal Gold common stockholders	$ 332,023	$ 239,440	$ 238,982
Weighted-average shares for basic EPS (in shares)	65,662,185	65,613,002	65,576,995
Effect of other dilutive securities	114,649	126,108	84,753
Weighted-average shares for diluted EPS (in shares)	65,776,834	65,739,110	65,661,748
Basic EPS (in dollars per share)	$ 5.04	$ 3.64	$ 3.64
Diluted EPS (in dollars per share)	$ 5.04	$ 3.63	$ 3.63

INCOME TAXES - Expense (Benefit

INCOME TAXES - Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income before income taxes
United States	$ 127,366	$ 64,105	$ 86,321
Foreign	298,726	218,035	186,547
Income before income taxes	426,092	282,140	272,868
Current:
Federal	51,643	24,046	29,228
State	715	(68)	467
Foreign	32,901	24,499	23,067
Total current income tax expense	85,259	48,477	52,762
Deferred and others:
Federal	(92)	(763)	(957)
State	(2)	(14)	(18)
Foreign	8,448	(5,692)	(18,861)
Total deferred and other income tax expense (benefit)	8,354	(6,469)	(19,836)
Total income tax expense	$ 93,613	$ 42,008	$ 32,926

INCOME TAXES - Reconciliation (

INCOME TAXES - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total expense (benefit) reconciliation
Total expense computed by applying federal rates	$ 89,480	$ 59,249	$ 57,303
State and provincial income taxes, net of federal benefit	914	625	545
Excess depletion	(2,473)	(2,259)	(1,907)
Statutory tax attributable to non-controlling interest	(195)	(224)	(363)
Effect of foreign earnings	(887)	(10,116)	(8,846)
Unrealized foreign exchange gains	896	(988)	853
Rate adjustment	1,279	(6)	0
Changes in estimates	(1,062)	11	119
Valuation allowance	3,842	(6,030)	(15,877)
Other	1,819	1,746	1,099
Total income tax expense	93,613	$ 42,008	$ 32,926
Discrete U.S. GILTI income tax expense	$ 13,000
Effective tax rate (as a percent)	22%	14.90%	12.10%

INCOME TAXES - Deferred (Detail

INCOME TAXES - Deferred (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Stock-based compensation	$ 1,989,000	$ 1,952,000
Net operating losses	5,863,000	4,683,000
Foreign tax credits	39,748,000	35,751,000
Amortizable tax goodwill	37,672,000	46,821,000
Other	6,487,000	5,044,000
Total deferred tax assets	91,759,000	94,251,000
Valuation allowance	44,656,000	40,814,000
Net deferred tax assets	47,103,000	53,437,000
Deferred tax liabilities:
Mineral property basis	(123,482,000)	(122,543,000)
Unrealized foreign exchange gains	(582,000)	(582,000)
Other	(1,179,000)	(97,000)
Total deferred tax liabilities	(125,243,000)	(123,222,000)
Total net deferred taxes	(78,140,000)	(69,785,000)
Operating loss carryforwards valuation allowance	2,200,000	1,700,000
Net operating loss carry forwards	3,700,000
Unrecognized tax benefits	0	0
Accrued income-tax-related interest and penalties	0	$ 0	$ 0
US Foreign
Deferred tax assets:
Valuation allowance	39,700,000
Capital loss
Deferred tax assets:
Valuation allowance	1,900,000
Operating loss carryforwards
Deferred tax assets:
Valuation allowance	2,200,000
Other tax carryforwards
Deferred tax assets:
Valuation allowance	$ 900,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid during the period for:
Interest	$ 6,593	$ 28,054	$ 7,218
Income taxes, net of refunds	72,108	50,303	54,804
Non-cash investing and financing activities:
Dividends declared	$ 108,556	$ 100,232	$ 93,597

MAJOR SOURCES OF REVENUE (Detai

MAJOR SOURCES OF REVENUE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Centerra
Major sources of revenue
Revenue	$ 186,039	$ 158,167	$ 180,543
Centerra | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Major sources of revenue
Percentage of total revenue	25.90%	26.10%	30%
Barrick
Major sources of revenue
Revenue	$ 84,961	$ 75,259	$ 140,421
Barrick | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Major sources of revenue
Percentage of total revenue	11.80%	12.40%	23.30%
Nevada Gold Mines
Major sources of revenue
Revenue	$ 79,473	$ 101,870	$ 57,730
Nevada Gold Mines | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Major sources of revenue
Percentage of total revenue	11%	16.80%	9.60%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment	2
Stream and royalty interests, net (Note 4)	$ 3,042,804	$ 3,075,574
Revenue	719,395	605,717	$ 603,206
Cost of sales	97,514	90,523	94,642
Production taxes	6,622	7,294	7,021
Depletion	144,085	164,506	178,442
Total segment gross profit	471,174	343,394	323,101
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	1,076,713	1,076,298
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	302,122	311,050
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	237,349	264,850
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	435,239	446,745
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	827,277	794,891
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	33,800	41,803
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	19,265	21,288
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	111,039	118,649
Stream interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	1,253,170	1,351,616
Revenue	483,294	418,280	417,793
Cost of sales	97,514	90,523	94,642
Production taxes	0	0	0
Depletion	102,800	121,121	143,526
Total segment gross profit	282,980	206,636	179,625
Stream interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	417,643	461,398
Revenue	231,801	196,961	212,369
Stream interest | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	302,122	311,050
Revenue	83,059	76,247	85,863
Stream interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	237,028	264,529
Revenue	82,132	70,757	53,787
Stream interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	211,123	222,629
Revenue	47,531	48,920	47,347
Stream interest | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	0	0
Stream interest | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	0	0
Stream interest | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	0	0
Stream interest | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	85,254	92,010
Revenue	38,771	25,395	18,427
Royalty interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	1,789,634	1,723,958
Revenue	236,101	187,437	185,413
Cost of sales	0	0	0
Production taxes	6,622	7,294	7,021
Depletion	41,285	43,385	34,916
Total segment gross profit	188,194	136,758	143,476
Royalty interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	659,070	614,900
Revenue	18,945	12,712	27,210
Royalty interest | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	0	0
Royalty interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	321	321
Royalty interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	224,116	224,116
Royalty interest | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	827,277	794,891
Revenue	121,212	123,690	81,642
Royalty interest | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	33,800	41,803
Revenue	52,842	25,754	52,388
Royalty interest | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	19,265	21,288
Revenue	28,966	19,011	15,672
Royalty interest | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	25,785	26,639
Revenue	$ 14,136	$ 6,270	$ 8,501

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Total segment gross profit	$ 471,174	$ 343,394	$ 323,101
Costs and expenses
General and administrative expenses	40,934	39,761	34,612
Depreciation and amortization	341	431	493
Impairment of royalty interests	0	0	4,287
Operating income	429,899	303,202	283,709
Fair value changes in equity securities	(66)	(147)	(1,503)
Interest and other income	6,008	9,952	7,832
Interest and other expense	(9,749)	(30,867)	(17,170)
Income before income taxes	$ 426,092	$ 282,140	$ 272,868

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Ilovica
Commitments and Contingencies
Conditional funding from acquisition	$ 163,750