Royal Gold (RGLD) 10-K 2005 FY Annual report

EXHIBIT 21

Royal Gold, Inc. and Its Subsidiaries

Denver Mining Finance Company⁽¹⁾
Royal Trading Company⁽¹⁾
Calgom Mining, Inc.^{(1) (4)}
Mono County Mining Company⁽¹⁾
Royal Camp Bird, Inc.⁽¹⁾
Royal Crescent Valley, Inc.⁽¹⁾
Royal Kanaka Creek Corporation⁽¹⁾
Environmental Strategies, Inc.⁽²⁾
Greek American Exploration Ltd.⁽³⁾
Sofia Minerals Ltd.⁽⁵⁾
Royal Gold Pty, Ltd.
RG Russia, Inc.⁽¹⁾
High Desert Mineral Resources, Inc.⁽¹⁾

⁽¹⁾ Owned 100% by Royal Gold, Inc.

⁽²⁾ Owned 100% by Denver Mining Finance Company

⁽³⁾ Owned 50% by Royal Gold, Inc.

⁽⁴⁾ Owns a 100% interest in the Goldstripe Project.

⁽⁵⁾ Owned 25% by Royal Gold, Inc.