Royal Gold (RGLD) 10-Q 4 Feb 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2015	Jan. 28, 2016
Document and Entity Information
Entity Registrant Name	ROYAL GOLD INC
Entity Central Index Key	85,535
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shares Outstanding		62,260,914
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
ASSETS
Cash and equivalents	$ 117,600	$ 742,849
Royalty receivables	22,913	37,681
Income tax receivable	12,828	6,422
Stream inventory	8,289	2,287
Prepaid expenses and other	1,230	1,511
Total current assets	162,860	790,750
Royalty and stream interests, net (Note 3)	2,996,421	2,083,608
Available-for-sale securities (Note 4)	8,411	6,273
Other assets	55,576	44,801
Total assets	3,223,268	2,925,432
LIABILITIES
Accounts payable	2,781	4,911
Dividends payable	15,010	14,341
Foreign withholding taxes payable		199
Other current liabilities	2,727	5,522
Total current liabilities	20,518	24,973
Debt (Note 5)	677,494	322,110
Deferred tax liabilities	140,614	146,603
Uncertain tax positions (Note 9)	15,935	15,130
Other long-term liabilities	6,489	689
Total liabilities	$ 861,050	$ 509,505
Commitments and contingencies (Note 12)
EQUITY
Preferred stock, $.01 par value, authorized 10,000,000 shares authorized; and 0 shares issued
Common stock, $.01 par value, 100,000,000 shares authorized; and 65,082,861 and 65,033,547 shares outstanding, respectively	$ 651	$ 650
Additional paid-in capital	2,175,845	2,170,643
Accumulated other comprehensive loss	(1,154)	(3,292)
Accumulated earnings	125,821	185,121
Total Royal Gold stockholders' equity	2,301,163	2,353,122
Non-controlling interests	61,055	62,805
Total equity	2,362,218	2,415,927
Total liabilities and equity	$ 3,223,268	$ 2,925,432

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Jun. 30, 2015
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	65,082,861	65,033,547

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Consolidated Statements of Operations
Revenue	$ 98,118	$ 61,304	$ 172,173	$ 130,330
Costs and expenses
Cost of sales	22,572	6,236	34,038	12,910
General and administrative	5,841	8,511	15,352	15,652
Production taxes	996	1,731	2,588	3,421
Exploration costs	1,129		4,285
Depreciation, depletion and amortization	40,407	20,278	67,555	42,490
Impairment of royalty and stream interests		26,570		28,339
Total costs and expenses	70,945	63,326	123,818	102,812
Operating income (loss)	27,173	(2,022)	48,355	27,518
Interest and other income	386	228	615	279
Interest and other expense	(8,899)	(6,358)	(16,076)	(13,070)
Income (loss) before income taxes	18,660	(8,152)	32,894	14,727
Income tax (expense) benefit	(4,740)	1,827	(63,917)	(2,131)
Net income (loss)	13,920	(6,325)	(31,023)	12,596
Net loss (income) attributable to non-controlling interests	1,194	(223)	1,090	(462)
Net income (loss) attributable to Royal Gold common stockholders	15,114	(6,548)	(29,933)	12,134
Net income (loss)	13,920	(6,325)	(31,023)	12,596
Adjustments to comprehensive income (loss), net of tax
Unrealized change in market value of available-for-sale securities	2,587	(481)	2,138	(1,820)
Comprehensive income (loss)	16,507	(6,806)	(28,885)	10,776
Comprehensive loss (income) attributable to non-controlling interests	1,194	(223)	1,090	(462)
Comprehensive income (loss) attributable to Royal Gold stockholders	$ 17,701	$ (7,029)	$ (27,795)	$ 10,314
Net income (loss) per share available to Royal Gold common stockholders:
Basic earnings (loss) per share (in dollars per share)	$ 0.23	$ (0.10)	$ (0.46)	$ 0.19
Basic weighted average shares outstanding (in shares)	65,073,678	65,002,307	65,061,059	64,982,595
Diluted earnings (loss) per share (in dollars per share)	$ 0.23	$ (0.10)	$ (0.46)	$ 0.19
Diluted weighted average shares outstanding (in shares)	65,121,744	65,002,307	65,061,059	65,122,185
Cash dividends declared per common share (in dollars per share)	$ 0.23	$ 0.22	$ 0.45	$ 0.43

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net (loss) income	$ (31,023)	$ 12,596
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion and amortization	67,555	42,490
Non-cash employee stock compensation expense	5,449	2,824
Amortization of debt discount	5,383	5,013
Impairment of royalty and stream interests		28,339
Tax expense (benefit) of stock-based compensation exercises	247	(74)
Deferred tax benefit	(11,767)	(17,103)
Other	(390)
Changes in assets and liabilities:
Royalty receivables	14,768	9,340
Stream inventory	(6,002)	1,308
Prepaid expenses and other assets	3,100	2,036
Accounts payable	(2,092)	(1,182)
Foreign withholding taxes payable	(199)	(1,999)
Income taxes receivable	3,530	(1,778)
Uncertain tax positions	806	1,027
Other liabilities	5,231	(563)
Net cash provided by operating activities	54,596	82,274
Cash flows from investing activities:
Acquisition of royalty and stream interests	(1,324,984)	(38,734)
Andacollo royalty termination	345,000
Golden Star term loan	(20,000)
Other	(271)	(517)
Net cash used in investing activities	(1,000,255)	(39,251)
Cash flows from financing activities:
Borrowings from revolving credit facility	350,000
Net proceeds from issuance of common stock		775
Common stock dividends	(28,699)	(27,369)
Distribution to non-controlling interests	(636)	(911)
Tax (benefit) expense of stock-based compensation exercises	(247)	74
Other	(8)
Net cash provided by (used in) financing activities	320,410	(27,431)
Net (decrease) increase in cash and equivalents	(625,249)	15,592
Cash and equivalents at beginning of period	742,849	659,536
Cash and equivalents at end of period	$ 117,600	$ 675,128

OPERATIONS AND SUMMARY OF SIGNI

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2015
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS 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 royalties (or “royalty interests”), metal streams (or “stream interests”), and similar interests. 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. 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. Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended December 31, 2015, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016. These interim unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 filed with the Securities and Exchange Commission on August 6, 2015 (“Fiscal 2015 10-K”). Certain amounts in the prior period financial statements have been reclassified for comparative purposes to conform with the presentation in the current period financial statements. Reclassified amounts were not material to the financial statements. 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. The recoverability of the carrying value of royalty and stream interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each royalty and stream interest property using estimates of proven and probable reserves 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, nickel 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 royalty or stream 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, nickel and other metal prices, operators’ estimates of proven and probable reserves or mineralized material related to our royalty or streaming properties, and operators’ estimates of operating and capital costs are subject to certain risks and uncertainties which may affect the recoverability of our investment in these royalty and stream 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 royalty and stream interests. Recently Issued Account Standards In January 2016, the Financial Accounting Standards Board (“FASB”) issued guidance on the recognition and measurement of financial instruments. The amended guidance requires, among other things, that equity securities classified as available-for-sale to be measured at fair value with changes in fair value recognized in net income rather than other comprehensive income as required under previous guidance. The new guidance is effective for the Company’s fiscal year beginning July 1, 2018. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In November 2015, the FASB issued guidance on the presentation of deferred income taxes that requires deferred tax assets and liabilities, along with related valuation allowances, to be classified as non-current on the balance sheet. As a result, each tax jurisdiction will now only have one net non-current deferred tax asset or liability. The new guidance does not change the existing requirement that prohibits offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The new guidance is effective for the Company’s fiscal year beginning July 1, 2017 and will only result in a change in presentation of these deferred taxes on our consolidated balance sheets. Early adoption is permitted, and we are currently evaluating the impact of this guidance on our consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Dec. 31, 2015
ACQUISITIONS
ACQUISITIONS	2. ACQUISITIONS Acquisition and Amendment of Gold Stream on Wassa, Bogoso and Prestea On July 28, 2015, RGLD Gold AG (“RGLD Gold”), a wholly-owned subsidiary of the Company, closed a $130 million gold stream transaction with a wholly-owned subsidiary of Golden Star Resources Ltd. (together “Golden Star”). On December 30, 2015, the parties executed an amendment providing for an additional $15 million investment (for a total investment of $145 million) by RGLD Gold. At Golden Star’s option, RGLD Gold will increase its investment by a further $5 million (for a total investment of $150 million) subject to satisfaction of certain conditions, including Golden Star’s procurement of a minimum of $5 million of third party investment. Also on July 28, 2015 and separate from the stream transaction by RGLD Gold, the Company also funded a $20 million, 4-year term loan to Golden Star and received warrants to purchase 5 million shares of Golden Star common stock, with a grant date fair value of approximately $0.8 million. Interest under the term loan is due quarterly at a rate equal to 62.5% of the average daily gold price for the relevant quarter divided by 10,000, but not to exceed 11.5%. The warrants have a term of four years and an exercise price of $0.27. Pursuant to the stream transaction and subject to certain conditions, RGLD Gold will make $145 million in advance payments to Golden Star in stages. As of December 31, 2015, RGLD Gold has advanced $75 million, including $20 million advanced at closing of the amendment. RGLD Gold expects to advance the balance in four quarterly payments as follows: (i) $20 million on each of April 1, July 1 and October 1, 2016, and (ii) $10 million on January 1, 2017; however funds will be advanced on a pro rata basis with spending on the Wassa and Prestea underground projects and subject to satisfaction of certain conditions. Golden Star will deliver to RGLD Gold 9.25% of gold produced from the Wassa, Bogoso and Prestea mines, until the earlier of (i) December 31, 2017 or (ii) the date at which the Wassa and Prestea underground projects achieve commercial production. At that point, the stream percentage will increase to 10.5% (or to 10.9% if the total investment increases to $150 million) of gold produced from the Wassa, Bogoso and Prestea projects until an aggregate 240,000 ounces have been delivered (or 250,000 ounces if the total investment increases to $150 million). Once the applicable delivery threshold is met, the stream percentage will decrease to 5.5% for the remaining life of the mines. RGLD Gold will pay Golden Star a cash price equal to 20% of the spot price for each ounce of gold delivered at the time of delivery until the applicable delivery threshold is met, and 30% of the spot price for each ounce of gold delivered thereafter. The Wassa, Bogoso and Prestea gold stream acquisition has been accounted for as an asset acquisition. The $75 million paid as part of the aggregate advance payments of $145 million, plus direct acquisition costs, has been recorded as separate components of Royalty and stream interests, net on our consolidated balance sheets. Accordingly, approximately $62.5 million and $13.7 million was allocated to production stage and exploration stage stream interest, respectively, as of December 31, 2015. Future advance payments, plus any direct acquisition costs incurred, will be recorded as a production stage or an exploration stream interest accordingly. The acquisition costs of the production stage stream interest will be depleted using the units of production method, which is estimated using aggregate proven and probable reserves for Wassa, Bogoso and Prestea, as provided by Golden Star. The $20 million four-year term loan and the received warrants have been recorded within Other assets on our consolidated balance sheets. The warrants have been classified as a financial asset instrument and are recorded at fair value at each reporting period using the Black-Scholes model. Any change in the fair value of the warrants at subsequent reporting periods will be recorded within Interest and other on our consolidated statements of operations and comprehensive income. Acquisition of Gold and Silver Stream at Pueblo Viejo On September 29, 2015, RGLD Gold closed its Precious Metals Purchase and Sale Agreement with Barrick Gold Corporation (“Barrick”) and its wholly-owned subsidiary, BGC Holdings Ltd. (“BGC”) for a percentage of the gold and silver production attributable to Barrick’s 60% interest in the Pueblo Viejo mine located in the Dominican Republic. Pursuant to the Precious Metals Purchase and Sale Agreement, RGLD Gold made a single advance payment of $610 million to BGC as part of the closing. The transaction is effective as of July 1, 2015 for the gold stream and January 1, 2016 for the silver stream. BGC will deliver gold to RGLD Gold in amounts equal to 7.50% of Barrick’s interest in the gold produced at the Pueblo Viejo mine from July 1, 2015 until 990,000 ounces of gold have been delivered, and 3.75% of Barrick’s interest in gold produced thereafter. RGLD Gold will pay BGC 30% of the spot price per ounce of gold delivered until 550,000 ounces of gold have been delivered, and 60% of the spot price per ounce delivered thereafter. RGLD Gold began receiving gold deliveries during the quarter ended December 31, 2015. BGC will deliver silver to RGLD Gold in amounts equal to 75% of Barrick’s interest in the silver produced at the Pueblo Viejo mine beginning on January 1, 2016 until 50 million ounces of silver have been delivered, and 37.50% of Barrick’s interest in silver produced thereafter. RGLD Gold will pay BGC 30% of the spot price per ounce of silver delivered until 23.10 million ounces of silver have been delivered, and 60% of the spot price per ounce of silver delivered thereafter. The Pueblo Viejo gold and silver stream acquisition has been accounted for as an asset acquisition. The advance payment of $610 million, plus direct transaction costs, have been recorded as a production stage stream interest within Royalty and stream interests, net on our consolidated balance sheets. The acquisition cost of the Pueblo Viejo gold and silver stream interest will be depleted using the units of production method, which is estimated using aggregate proven and probable reserves, as provided by Barrick. Acquisition of Gold and Silver Stream at Rainy River On July 20, 2015, RGLD Gold entered into a $175 million Purchase and Sale Agreement with New Gold, Inc. (“New Gold”), for a percentage of the gold and silver production from the Rainy River Project located in Ontario, Canada (“Rainy River”). Pursuant to the Purchase and Sale Agreement, RGLD Gold made an advance payment to New Gold, consisting of $100 million on July 20, 2015, and will make an additional advance payment of $75 million once capital spending at Rainy River is 60% complete (currently expected by mid-calendar 2016). Also under the Purchase and Sale Agreement, New Gold will deliver to RGLD Gold 6.50% of the gold produced at Rainy River until 230,000 gold ounces have been delivered, and 3.25% thereafter. New Gold also will deliver 60% of the silver produced at Rainy River until 3.10 million silver ounces have been delivered, and 30% thereafter. RGLD Gold will pay New Gold 25% of the spot price per ounce of gold and silver at the time of delivery. The Rainy River gold and silver stream acquisition has been accounted for as an asset acquisition. The $100 million paid as part of the aggregate advance payments of $175 million, plus direct transaction costs, have been recorded as a development stage stream interest within Royalty and stream interests, net on our consolidated balance sheets. Acquisition of Gold Stream at Carmen de Andacollo On July 9, 2015, RGLD Gold entered into a Long Term Offtake Agreement (the “Andacollo Stream Agreement”) with Compañía Minera Teck Carmen de Andacollo (“CMCA”), a 90% owned subsidiary of Teck Resources Limited (“Teck”). Pursuant to the Andacollo Stream Agreement, CMCA will sell and deliver to RGLD Gold 100% of payable gold from the Carmen de Andacollo (“Andacollo”) copper-gold mine located in Chile until 900,000 ounces have been delivered, and 50% thereafter, subject to a fixed payable percentage of 89%. RGLD Gold made a $525 million advance payment in cash to CMCA upon entry into the Andacollo Stream Agreement, and RGLD Gold will also pay CMCA 15% of the monthly average gold price for the month preceding the delivery date for all gold purchased under the Andacollo Stream Agreement. The transaction encompasses certain of CMCA’s presently owned mining concessions on the Andacollo mine, as well as any other mining concessions presently owned or acquired by CMCA or any of its affiliates within a 1.5 kilometer area of interest, and certain other mining concessions that CMCA or its affiliates may acquire. The Andacollo Stream Agreement is effective July 1, 2015, and applies to all final settlements of gold received on or after that date. Deliveries to RGLD Gold will be made monthly, and RGLD Gold began receiving gold deliveries during the quarter ended September 30, 2015. The Company accounted for the acquisition of the stream interest at Andacollo as an asset acquisition. For US GAAP financial reporting purposes on the date of acquisition, the Company’s new consolidated carrying value in its stream interest at Andacollo was approximately $388.2 million, which included direct acquisition costs, and has been recorded as a production stage stream interest within Royalty and stream interests, net on our consolidated balance sheets. The Andacollo gold stream interest will be depleted using the units of production method, which is estimated using aggregate proven and probable reserves, as provided by Teck. Termination of Royalty Interest at Carmen de Andacollo On July 9, 2015, Royal Gold Chile Limitada (“RG Chile”), a wholly owned subsidiary of the Company, entered into a Royalty Termination Agreement with CMCA. The Royalty Termination Agreement terminated an amended Royalty Agreement originally dated January 12, 2010, which provided RG Chile with a royalty equivalent to 75% of the gold produced from the sulfide portion of the Andacollo mine until 910,000 payable ounces have been produced, and 50% of the gold produced thereafter. CMCA paid total consideration of $345 million to RG Chile in connection with the Royalty Termination Agreement. The net carrying value of the Andacollo royalty on the date of termination was approximately $207.5 million. The royalty termination transaction was taxable in Chile and the United States.

ROYALTY AND STREAM INTERESTS

ROYALTY AND STREAM INTERESTS	6 Months Ended
	Dec. 31, 2015
ROYALTY AND STREAM INTERESTS
ROYALTY AND STREAM INTERESTS	3. ROYALTY AND STREAM INTERESTS The following tables summarize the Company’s royalty and stream interests as of December 31, 2015 and June 30, 2015. As of December 31, 2015 (Amounts in thousands): Cost Accumulated Depletion Net Production stage royalty interests: Voisey’s Bay $ $ ) $ Peñasquito ) Holt ) Cortez ) Other ) Total production stage royalty interests ) Production stage stream interests: Mount Milligan ) Pueblo Viejo ) Andacollo ) Wassa/Bogoso/Prestea ) Total production stage stream interests ) Production stage royalty and stream interests ) Development stage royalty interests: Pascua-Lama — Other — Total development stage royalty interests — Development stage stream interests: Rainy River — Other ) Total development stage stream interests ) Development stage royalty and stream interests ) Exploration stage royalty interests — Exploration stage stream interests — Total royalty and stream interests $ $ ) $ As of June 30, 2015 (Amounts in thousands): Cost Accumulated Depletion Impairments Net Production stage royalty interests: Andacollo $ $ ) $ — $ Voisey’s Bay ) — Peñasquito ) — Mulatos ) Holt ) — Robinson ) Cortez ) — Other ) ) Total production stage royalty interests ) ) Production stage stream interests: Mount Milligan ) — Production stage royalty and stream interests ) ) Development stage royalty interests: Pascua-Lama — — Other — — Total development stage royalty interests — — Development stage stream interests: Phoenix Gold — — Other — ) Total development stage stream interests — ) Development stage royalty and stream interests — ) Exploration stage royalty interests — ) Total royalty and stream interests $ $ ) $ ) $ Impairment of royalty and stream interests In accordance with our impairment accounting policy discussed in Note 1, impairments in the carrying value of each royalty or stream interest are measured and recorded to the extent that the carrying value in each royalty or stream interest exceeds its estimated fair value, which is generally calculated using estimated future discounted cash-flows. As part of the Company’s regular asset impairment analysis, the Company did not record any impairment charges for the three and six months ended December 31, 2015. See Note 13 for further discussion on our Phoenix Gold streaming interest. The Company recorded impairment charges for the fiscal year ended June 30, 2015, as discussed further in the Company’s Fiscal 2015 10-K.

AVAILABLE-FOR-SALE SECURITIES

AVAILABLE-FOR-SALE SECURITIES	6 Months Ended
	Dec. 31, 2015
AVAILABLE-FOR-SALE SECURITIES
AVAILABLE-FOR-SALE SECURITIES	4. AVAILABLE-FOR-SALE SECURITIES The Company’s available-for-sale securities as of December 31, 2015 and June 30, 2015 consist of the following: As of December 31, 2015 (Amounts in thousands) Unrealized Cost Basis Gain Loss Fair Value Non-current: Seabridge $ — ) $ $ $ — $ ) $ As of June 30, 2015 (Amounts in thousands) Unrealized Cost Basis Gain Loss Fair Value Non-current: Seabridge $ — ) $ $ $ — $ ) $ Our only available-for-sale security is the investment in Seabridge Gold, Inc. (“Seabridge”) common stock, acquired in June 2011. The Company’s policy for determining whether declines in fair value of available-for-sale securities are other than temporary includes a quarterly analysis of the investments and a review by management of all investments for which the cost exceeds the fair value. Any temporary declines in fair value are recorded as a charge to other comprehensive income. If such impairment is determined by the Company to be other than temporary, the investment’s cost basis is written down to fair value and recorded in net income during the period the Company determines such impairment to be other than temporary. Based on the Company’s quarterly analysis of its investments and our ability and intent to hold these investments for a reasonable period of time, there were no write downs on our available-for-sale securities during the three and six months ended December 31, 2015. T he Company will continue to evaluate its investment in Seabridge common stock considering additional facts and circumstances as they arise, including, but not limited to, the progress of development of Seabridge’s KSM project.

DEBT

DEBT	6 Months Ended
	Dec. 31, 2015
DEBT
DEBT	5. DEBT The Company’s non-current debt as of December 31, 2015 and June 30, 2015 consists of the following: As of As of December 31, 2015 June 30, 2015 Non-current Non-current (Amounts in thousands) Convertible notes due 2019, net $ $ Revolving credit facility — Total debt $ $ Convertible Senior Notes Due 2019 In June 2012, the Company completed an offering of $370 million aggregate principal amount of 2.875% convertible senior notes due 2019 (“2019 Notes”). The 2019 Notes bear interest at the rate of 2.875% per annum, and the Company is required to make semi-annual interest payments on the outstanding principal balance of the 2019 Notes on June 15 and December 15 of each year, beginning December 15, 2012. The 2019 Notes mature on June 15, 2019. Interest expense recognized on the 2019 Notes for the three and six months ended December 31, 2015, was $5.7 million and $11.3 million, respectively, compared to $5.5 million and $10.9 million, respectively, for the three and six months ended December 31, 2014, and included the contractual coupon interest, the accretion of the debt discount and amortization of the debt issuance costs. Revolving credit facility The Company maintains a $650 million revolving credit facility. As of December 31, 2015, the Company had $350.0 million outstanding and $300.0 million available under the revolving credit facility. Borrowings under the revolving credit facility bear interest at a floating rate of LIBOR plus a margin of 1.25% to 3.00%, based on Royal Gold’s defined leverage ratio. As of December 31, 2015, the interest rate on borrowings under the revolving credit facility was LIBOR plus 2.25% for an all-in rate of 2.82%. Royal Gold may repay borrowings under the revolving credit facility at any time without premium or penalty. As discussed in Note 6 to the notes to consolidated financial statements in the Company’s Fiscal 2015 10-K, the Company has financial covenants associated with its revolving credit facility. At December 31, 2015, the Company was in compliance with each financial covenant.

REVENUE

REVENUE	6 Months Ended
	Dec. 31, 2015
REVENUE
REVENUE	6. REVENUE Revenue is comprised of the following: For The Three Months Ended For The Six Months Ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 (Amounts in thousands) (Amounts in thousands) Stream interests $ $ $ $ Royalty interests Total revenue $ $ $ $

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Dec. 31, 2015
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION The Company recognized stock-based compensation expense as follows: For The Three Months Ended For The Six Months Ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 (Amounts in thousands) (Amounts in thousands) Stock options $ $ $ $ Stock appreciation rights Restricted stock Performance stock ) ) Total stock-based compensation expense $ $ $ $ Stock-based compensation expense is included within general and administrative in the consolidated statements of operations and comprehensive income. During the three and six months ended December 31, 2015 and 2014, the Company granted the following stock-based compensation awards: For The Three Months Ended For The Six Months Ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 (Number of shares) (Number of shares) Stock options — Stock appreciation rights — — Restricted stock — Performance stock — Total stock-based compensation expense — As of December 31, 2015, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards was as follows: Unrecognized compensation expense Weighted- average vesting period (years) Stock options $ Stock appreciation rights Restricted stock Performance stock

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	6 Months Ended
	Dec. 31, 2015
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	8. EARNINGS PER SHARE (“EPS”) Basic earnings (loss) 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. The Company’s unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. The Company’s unexercised stock options, unexercised SSARs and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings (loss) used to determine basic earnings (loss) 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 (loss) per common share. The following tables summarize the effects of dilutive securities on diluted EPS for the period: For The Three Months Ended For The Six Months Ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 (in thousands, except per share data) (in thousands, except per share data) Net income (loss) available to Royal Gold common stockholders $ $ ) $ ) $ Weighted-average shares for basic EPS Effect of other dilutive securities — — Weighted-average shares for diluted EPS Basic earnings (loss) per share $ $ ) $ ) $ Diluted earnings (loss) per share $ $ ) $ ) $ The calculation of weighted average shares includes all of our outstanding common stock. The Company intends to settle the principal amount of the 2019 Notes in cash. As a result, there will be no impact to diluted earnings per share unless the share price of the Company’s common stock exceeds the conversion price of $105.31.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Dec. 31, 2015
INCOME TAXES
INCOME TAXES	9. INCOME TAXES For The Three Months Ended For The Six Months Ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 (Amounts in thousands, except rate) (Amounts in thousands, except rate) Income tax (expense) benefit $ ) $ $ ) $ ) Effective tax rate % % % % The higher effective tax rate for the three months ended December 31, 2015 was primarily related to higher discrete period charges as compared to the three months ended December 31, 2014. The increase in the effective tax rate for the six months ended December 31, 2015 is primarily related to the discrete tax impacts attributable to the Company’s Andacollo transactions (Note 2) and the liquidation of our Chilean subsidiary. As of December 31, 2015 and June 30, 2015, the Company had $15.9 million and $15.1 million of total gross unrecognized tax benefits, respectively. If recognized, these unrecognized tax benefits would positively impact the Company’s effective income tax rate. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At December 31, 2015 and June 30, 2015, the amount of accrued income-tax-related interest and penalties was $5.3 million and $4.6 million, respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Dec. 31, 2015
SEGMENT INFORMATION
SEGMENT INFORMATION	10. SEGMENT INFORMATION The Company manages its business under two reportable segments, consisting of the acquisition and management of royalty interests and the acquisition and management of stream interests. Royal Gold’s long-lived assets (royalty and stream interests, net) are geographically distributed as shown in the following table: As of December 31, 2015 Royalty interest Stream interest Total royalty and stream interests, net Canada $ $ $ Chile $ Dominican Republic — $ Mexico — $ United States — $ Australia — $ Africa $ Other $ Total $ $ $ As of June 30, 2015 Royalty interest Stream interest Total royalty and stream interests, net Canada $ $ $ Chile — $ Mexico — $ United States — $ Australia — $ Africa — $ Dominican Republic — — $ — Other $ Total $ $ $ The Company’s revenue, cost of sales and net revenue by reportable segment for the three and six months ended December 31, 2015 and 2014, is geographically distributed as shown in the following table: For The Three Months Ended December 31, 2015 Revenue Cost of sales Net revenue Royalties: Mexico $ $ — $ United States — Canada — Australia — Africa — Other — Total royalties $ $ — $ Streams: Canada $ $ $ Africa Dominican Republic Chile Total streams $ $ $ Total royalties and streams $ $ $ For The Three Months Ended December 31, 2014 Revenue Cost of sales Net revenue Royalties: United States $ $ — $ Canada — Mexico — Australia — Africa — Other — Total royalties $ $ — $ Streams: Canada $ $ $ Chile — — — Africa — — — Dominican Republic — — — Total streams $ $ $ Total royalties and streams $ $ $ For The Six Months Ended December 31, 2015 Revenue Cost of sales Net revenue Royalties: Mexico $ $ — $ United States — Canada — Australia — Africa — Other — Total royalties $ $ — $ Streams: Canada $ $ $ Chile Africa Dominican Republic Total streams $ $ $ Total royalties and streams $ $ $ For The Six Months Ended December 31, 2014 Revenue Cost of sales Net revenue Royalties: Mexico $ $ — $ Canada — United States — Australia — Africa — Other — Total royalties $ $ — $ Streams: Canada $ $ $ Chile — — — Africa — — — Dominican Republic — — — Total streams $ $ $ Total royalties and streams $ $ $

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS FASB Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (“ASC 820”) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: 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). The following table sets forth the Company’s financial assets measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. At December 31, 2015 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Marketable equity securities (1) $ $ $ $ — $ — Warrants (2) $ $ $ — $ $ — Total assets $ $ $ $ — Liabilities (In thousands): Debt (3) $ $ $ $ — $ — Total liabilities $ $ $ — $ — (1) Included in Available for sale securities on the Company’s consolidated balance sheets. (2) Included in Other assets on the Company’s consolidated balance sheets. (3) Included in the carrying amount is the equity component of our 2019 Notes in the amount of $77 million, which is included within Additional paid-in capital on the Company’s consolidated balance sheets. The Company’s marketable equity securities classified within Level 1 of the fair value hierarchy are valued using quoted market prices in active markets. The fair value of the Level 1 marketable equity securities is calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. The Company’s debt classified within Level 1 of the fair value hierarchy is valued using quoted prices in an active market. The carrying value of the Company’s revolving credit facility (Note 5) approximates fair value as of December 31, 2015. During the six months ended December 31, 2015, the warrants issued by Golden Star (Note 2) were added to the Level 2 fair value hierarchy. As of December 31, 2015, the Company also had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with royalty and stream 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Rainy River Gold and Silver Stream Acquisition As of December 31, 2015, the Company has a remaining commitment, subject to certain conditions, of $75.0 million as part of its Rainy River gold and silver stream acquisition in August 2015 (Note 2). Wassa, Bogoso and Prestea Gold Stream Acquisition and Amendment As of December 31, 2015, the Company has a remaining commitment, subject to certain conditions, of $70.0 million as part of its Wassa, Bogoso and Prestea gold stream acquisition (July 2015) and amendment (December 2015) as discussed further in Note 2. Ilovica Gold Stream Acquisition As of December 31, 2015, the Company has a remaining commitment, subject to certain conditions, of $163.75 million as part of its Ilovica gold stream acquisition in October 2014. Voisey’s Bay The Company indirectly owns a royalty on the Voisey’s Bay mine in Newfoundland and Labrador owned by Vale Newfoundland & Labrador Limited (“VNL”). The royalty is directly owned by the Labrador Nickel Royalty Limited Partnership (“LNRLP”), in which the Company’s wholly-owned indirect subsidiary, Canadian Minerals Partnership, is the general partner and 89.99% owner. The remaining interests in LNRLP are owned by Altius Investments Ltd. (10%), a company unrelated to Royal Gold, and the Company’s wholly-owned indirect subsidiary, Voisey’s Bay Holding Corporation (0.01%). On December 5, 2014, LNRLP filed amendments to its October 16, 2009 Statement of Claim in the Supreme Court of Newfoundland and Labrador Trial Division against Vale Inco Limited, now known as Vale Canada Limited (“Vale Canada”) and its wholly-owned subsidiaries, Vale Inco Atlantic Sales Limited and VNL, related to calculation of the NSR on the sale of concentrates, including nickel concentrates, from the Voisey’s Bay mine. LNRLP asserts that the defendants have incorrectly calculated the NSR since production at Voisey’s Bay began in late 2005, have indicated an intention to calculate the NSR in a manner LNRLP believes will violate the royalty agreement as Voisey’s Bay concentrates are processed at Vale’s new Long Harbour processing facility, and have breached their contractual duties of good faith and honest performance in several ways. LNRLP requests an order in respect of the correct calculation of future payments, and unspecified damages for non-payment and underpayment of past royalties to the date of the claim, together with additional damages until the date of trial, interest, costs and other damages. The litigation is in the discovery phase.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Dec. 31, 2015
SUBSEQUENT EVENT
SUBSEQUENT EVENT	13. SUBSEQUENT EVENT Phoenix Gold RGLD Gold owns the right to purchase 6.30% of any gold produced from the Phoenix Gold Project until 135,000 ounces have been delivered, and 3.15% thereafter. The Phoenix Gold Project is located in Red Lake, Ontario, Canada, and operated by Rubicon Minerals Corporation (“Rubicon”). The Company’s carrying value for its stream interest at Phoenix Gold is $75.8 million as of December 31, 2015. On January 11, 2016, Rubicon provided an updated geologic model and mineralized material statement for the Phoenix Gold Project, which included a significant reduction in mineralized material compared to previous statements provided by Rubicon. Rubicon also announced that they are evaluating strategic alternatives, including merger and divestiture opportunities either at the corporate or asset level, obtaining new financing or capital restructurings. A significant reduction in mineralized material, along with recent decreases in the long-term metal price assumptions used by the industry, are indicators of potential impairment. The Company is currently evaluating the updated geologic model and mineralized material statement in an effort to properly assess the recoverability of our carrying value. The Company’s technical evaluation will include a detailed review of the geological model and mineralized material statement by internal and external qualified personnel. Other factors under consideration by the Company as part of its recoverability analysis include any developments with respect to Rubicon’s stragetic alternatives, which may have implications on RGLD Gold’s $75 million security interest on the assets of the Phoenix Gold Project. The Company anticipates that it will conclude its technical evaluation of the revised geologic model and mineralized material statement prior to the release of our financial results for the period ended March 31, 2016. Upon completion of our evaluation and upon consideration of any strategic developments with Rubicon or the Phoenix Gold Project, the Company could determine that an impairment in the near future is necessary.

OPERATIONS AND SUMMARY OF SIG19

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Dec. 31, 2015
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. The recoverability of the carrying value of royalty and stream interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each royalty and stream interest property using estimates of proven and probable reserves 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, nickel 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 royalty or stream 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, nickel and other metal prices, operators’ estimates of proven and probable reserves or mineralized material related to our royalty or streaming properties, and operators’ estimates of operating and capital costs are subject to certain risks and uncertainties which may affect the recoverability of our investment in these royalty and stream 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 royalty and stream interests.

ROYALTY AND STREAM INTERESTS (T

ROYALTY AND STREAM INTERESTS (Tables)	6 Months Ended
	Dec. 31, 2015
ROYALTY AND STREAM INTERESTS
Schedule of royalty and stream interests	As of December 31, 2015 (Amounts in thousands): Cost Accumulated Depletion Net Production stage royalty interests: Voisey’s Bay $ $ ) $ Peñasquito ) Holt ) Cortez ) Other ) Total production stage royalty interests ) Production stage stream interests: Mount Milligan ) Pueblo Viejo ) Andacollo ) Wassa/Bogoso/Prestea ) Total production stage stream interests ) Production stage royalty and stream interests ) Development stage royalty interests: Pascua-Lama — Other — Total development stage royalty interests — Development stage stream interests: Rainy River — Other ) Total development stage stream interests ) Development stage royalty and stream interests ) Exploration stage royalty interests — Exploration stage stream interests — Total royalty and stream interests $ $ ) $ As of June 30, 2015 (Amounts in thousands): Cost Accumulated Depletion Impairments Net Production stage royalty interests: Andacollo $ $ ) $ — $ Voisey’s Bay ) — Peñasquito ) — Mulatos ) Holt ) — Robinson ) Cortez ) — Other ) ) Total production stage royalty interests ) ) Production stage stream interests: Mount Milligan ) — Production stage royalty and stream interests ) ) Development stage royalty interests: Pascua-Lama — — Other — — Total development stage royalty interests — — Development stage stream interests: Phoenix Gold — — Other — ) Total development stage stream interests — ) Development stage royalty and stream interests — ) Exploration stage royalty interests — ) Total royalty and stream interests $ $ ) $ ) $

AVAILABLE-FOR-SALE SECURITIES (

AVAILABLE-FOR-SALE SECURITIES (Tables)	6 Months Ended
	Dec. 31, 2015
AVAILABLE-FOR-SALE SECURITIES
Schedule of available-for-sale securities	As of December 31, 2015 (Amounts in thousands) Unrealized Cost Basis Gain Loss Fair Value Non-current: Seabridge $ — ) $ $ $ — $ ) $ As of June 30, 2015 (Amounts in thousands) Unrealized Cost Basis Gain Loss Fair Value Non-current: Seabridge $ — ) $ $ $ — $ ) $

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Dec. 31, 2015
DEBT
Schedule of non-current debt	As of As of December 31, 2015 June 30, 2015 Non-current Non-current (Amounts in thousands) Convertible notes due 2019, net $ $ Revolving credit facility — Total debt $ $

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Dec. 31, 2015
REVENUE
Schedule of revenue	For The Three Months Ended For The Six Months Ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 (Amounts in thousands) (Amounts in thousands) Stream interests $ $ $ $ Royalty interests Total revenue $ $ $ $

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Dec. 31, 2015
STOCK-BASED COMPENSATION
Schedule of stock-based compensation expenses	For The Three Months Ended For The Six Months Ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 (Amounts in thousands) (Amounts in thousands) Stock options $ $ $ $ Stock appreciation rights Restricted stock Performance stock ) ) Total stock-based compensation expense $ $ $ $
Schedule of stock-based compensation awards	For The Three Months Ended For The Six Months Ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 (Number of shares) (Number of shares) Stock options — Stock appreciation rights — — Restricted stock — Performance stock — Total stock-based compensation expense —
Schedule of unrecognized compensation expense and weighted-average vesting period for each of the stock-based compensation awards	As of December 31, 2015, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards was as follows: Unrecognized compensation expense Weighted- average vesting period (years) Stock options $ Stock appreciation rights Restricted stock Performance stock

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	6 Months Ended
	Dec. 31, 2015
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	For The Three Months Ended For The Six Months Ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 (in thousands, except per share data) (in thousands, except per share data) Net income (loss) available to Royal Gold common stockholders $ $ ) $ ) $ Weighted-average shares for basic EPS Effect of other dilutive securities — — Weighted-average shares for diluted EPS Basic earnings (loss) per share $ $ ) $ ) $ Diluted earnings (loss) per share $ $ ) $ ) $

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Dec. 31, 2015
INCOME TAXES
Schedule of income tax expense and effective tax rate	For The Three Months Ended For The Six Months Ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 (Amounts in thousands, except rate) (Amounts in thousands, except rate) Income tax (expense) benefit $ ) $ $ ) $ ) Effective tax rate % % % %

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2015
SEGMENT INFORMATION
Royal Gold's long-lived assets (royalty and stream interests, net)	As of December 31, 2015 Royalty interest Stream interest Total royalty and stream interests, net Canada $ $ $ Chile $ Dominican Republic — $ Mexico — $ United States — $ Australia — $ Africa $ Other $ Total $ $ $ As of June 30, 2015 Royalty interest Stream interest Total royalty and stream interests, net Canada $ $ $ Chile — $ Mexico — $ United States — $ Australia — $ Africa — $ Dominican Republic — — $ — Other $ Total $ $ $
Net revenue by reportable segment	For The Three Months Ended December 31, 2015 Revenue Cost of sales Net revenue Royalties: Mexico $ $ — $ United States — Canada — Australia — Africa — Other — Total royalties $ $ — $ Streams: Canada $ $ $ Africa Dominican Republic Chile Total streams $ $ $ Total royalties and streams $ $ $ For The Three Months Ended December 31, 2014 Revenue Cost of sales Net revenue Royalties: United States $ $ — $ Canada — Mexico — Australia — Africa — Other — Total royalties $ $ — $ Streams: Canada $ $ $ Chile — — — Africa — — — Dominican Republic — — — Total streams $ $ $ Total royalties and streams $ $ $ For The Six Months Ended December 31, 2015 Revenue Cost of sales Net revenue Royalties: Mexico $ $ — $ United States — Canada — Australia — Africa — Other — Total royalties $ $ — $ Streams: Canada $ $ $ Chile Africa Dominican Republic Total streams $ $ $ Total royalties and streams $ $ $ For The Six Months Ended December 31, 2014 Revenue Cost of sales Net revenue Royalties: Mexico $ $ — $ Canada — United States — Australia — Africa — Other — Total royalties $ $ — $ Streams: Canada $ $ $ Chile — — — Africa — — — Dominican Republic — — — Total streams $ $ $ Total royalties and streams $ $ $

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENTS
Schedule of financial assets measured at fair value on recurring basis	At December 31, 2015 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Marketable equity securities (1) $ $ $ $ — $ — Warrants (2) $ $ $ — $ $ — Total assets $ $ $ $ — Liabilities (In thousands): Debt (3) $ $ $ $ — $ — Total liabilities $ $ $ — $ — (1) Included in Available for sale securities on the Company’s consolidated balance sheets. (2) Included in Other assets on the Company’s consolidated balance sheets. (3) Included in the carrying amount is the equity component of our 2019 Notes in the amount of $77 million, which is included within Additional paid-in capital on the Company’s consolidated balance sheets.

OPERATIONS AND SUMMARY OF SIG29

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
	Dec. 31, 2015item
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Minimum number of metals produced from a mine of which right to purchase all or a portion available in exchange for upfront deposit	1

ACQUISITION (Details)

ACQUISITION (Details) $ / shares in Units, shares in Millions	Dec. 30, 2015USD ($)payment	Sep. 29, 2015USD ($)oz	Jul. 28, 2015USD ($)oz$ / sharesshares	Jul. 20, 2015USD ($)oz	Jul. 09, 2015USD ($)kmoz	Dec. 01, 2010oz	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2015USD ($)
Acquisition of Royalty Interest in Mineral Properties
Carrying value							$ 3,530,294,000	$ 3,530,294,000	$ 2,647,976,000
Royalty and stream interests, net							2,996,421,000	2,996,421,000	2,083,608,000
Chile
Acquisition of Royalty Interest in Mineral Properties
Royalty and stream interests, net							835,297,000	835,297,000	$ 653,019,000
Golden Star
Acquisition of Royalty Interest in Mineral Properties
Gross loans			$ 20,000,000
Term of loan			4 years
Quarterly interest rate based on average gold rate divided by 10,000			62.50%
Denominator used in calculation of quarterly interest rate			$ 10,000
Number of shares of common stock that can be purchased by the warrants | shares			5
Grant date fair value on exercise of warrants			$ 800,000
Term of warrants			4 years
Exercise price of warrants | $ / shares			$ 0.27
Golden Star | Maximum
Acquisition of Royalty Interest in Mineral Properties
Interest rate (as a percent)			11.50%
Golden Star | Other assets
Acquisition of Royalty Interest in Mineral Properties
Gross loans			$ 20,000,000
Golden Star | Wassa, Bogoso and Prestea | First Condition
Acquisition of Royalty Interest in Mineral Properties
Investment by third party	$ 5,000,000
BGC | Pueblo Viejo | Initial Royalty
Acquisition of Royalty Interest in Mineral Properties
Gold delivered (in ounces) | oz		990,000
RGLD Gold | Carmen de Andacollo | Royalty and stream interests, net
Acquisition of Royalty Interest in Mineral Properties
Carrying value					$ 388,200,000
RGLD Gold | Golden Star | Wassa, Bogoso and Prestea
Acquisition of Royalty Interest in Mineral Properties
Total purchase amount	145,000,000		$ 130,000,000
Additional investment	$ 15,000,000
Number of installments | payment	4
Allocation to production stage steam interest								62,500,000
Allocation to exploration stage steam interest								13,700,000
First, second and third installments	$ 20,000,000
Fourth installment	10,000,000
Cash paid for acquisition of royalty interests	20,000,000						$ 75,000,000
RGLD Gold | Golden Star | Wassa, Bogoso and Prestea | Royalty and stream interests, net
Acquisition of Royalty Interest in Mineral Properties
Total purchase amount								75,000,000
RGLD Gold | Golden Star | Wassa, Bogoso and Prestea | First Condition
Acquisition of Royalty Interest in Mineral Properties
Total investment on subsidiary	150,000,000
Additional investment	$ 5,000,000
Percentage of royalty interests acquired			10.90%
Purchase price per ounce of the commodities as percentage of spot price at the time of delivery			20.00%
Gold delivered (in ounces) | oz			250,000
RGLD Gold | Golden Star | Wassa, Bogoso and Prestea | Second Condition
Acquisition of Royalty Interest in Mineral Properties
Purchase price per ounce of the commodities as percentage of spot price at the time of delivery			30.00%
RGLD Gold | Golden Star | Wassa, Bogoso and Prestea | Initial Royalty
Acquisition of Royalty Interest in Mineral Properties
Percentage of royalty interests acquired			9.25%
Gold delivered (in ounces) | oz			240,000
RGLD Gold | Golden Star | Wassa, Bogoso and Prestea | Subsequent Royalty
Acquisition of Royalty Interest in Mineral Properties
Percentage of royalty interests acquired			10.50%
RGLD Gold | Golden Star | Wassa, Bogoso and Prestea | Subsequent Two Royalty
Acquisition of Royalty Interest in Mineral Properties
Percentage of royalty interests acquired			5.50%
RGLD Gold | BGC | Pueblo Viejo
Acquisition of Royalty Interest in Mineral Properties
Ownership interest (as a percent)		60.00%
Total purchase amount		$ 610,000,000
Purchase price per ounce of the commodities as percentage of spot price at the time of delivery		60.00%
RGLD Gold | BGC | Pueblo Viejo | Royalty and stream interests, net
Acquisition of Royalty Interest in Mineral Properties
Total purchase amount								610,000,000
RGLD Gold | BGC | Pueblo Viejo | First Condition
Acquisition of Royalty Interest in Mineral Properties
Maximum quantity of silver with specified purchase price (in ounces) | oz		23,100,000
Purchase price per ounce of the commodities as percentage of spot price at the time of delivery		30.00%
Gold delivered (in ounces) | oz		550,000
RGLD Gold | BGC | Pueblo Viejo | Initial Royalty
Acquisition of Royalty Interest in Mineral Properties
Percentage of royalty interests acquired		7.50%
Percentage of silver royalty interests acquired		75.00%
Maximum quantity of silver with specified purchase price (in ounces) | oz		50,000,000
RGLD Gold | BGC | Pueblo Viejo | Subsequent Royalty
Acquisition of Royalty Interest in Mineral Properties
Percentage of royalty interests acquired		3.75%
Percentage of silver royalty interests acquired		37.50%
RGLD Gold | New Gold Inc | Rainy River
Acquisition of Royalty Interest in Mineral Properties
Total purchase amount				$ 175,000,000
Installment payable upon meeting capital spending requirement				$ 75,000,000
Capital spending requirement (as a percent)				60.00%
Cash paid for acquisition of royalty interests				$ 100,000,000
RGLD Gold | New Gold Inc | Rainy River | Royalty and stream interests, net
Acquisition of Royalty Interest in Mineral Properties
Total purchase amount								$ 100,000,000
RGLD Gold | New Gold Inc | Rainy River | Initial Royalty
Acquisition of Royalty Interest in Mineral Properties
Percentage of royalty interests acquired				6.50%
Percentage of silver royalty interests acquired				60.00%
Maximum quantity of silver with specified purchase price (in ounces) | oz				3,100,000
Gold delivered (in ounces) | oz				230,000
RGLD Gold | New Gold Inc | Rainy River | Subsequent Royalty
Acquisition of Royalty Interest in Mineral Properties
Percentage of royalty interests acquired				3.25%
Purchase price per ounce of the commodities as percentage of spot price at the time of delivery				25.00%
Percentage of silver royalty interests acquired				30.00%
RGLD Gold | CMCA | Carmen de Andacollo
Acquisition of Royalty Interest in Mineral Properties
Percentage of produced payable gold to be purchased until 48,000 ounces have been delivered					100.00%
Fixed percentage of produced gold payable (as a percent)					89.00%
Purchase price per ounce as a percentage of monthly average gold price for the month preceding the delivery date					15.00%
Cash paid for acquisition of royalty interests					$ 525,000,000
Percentage of produced payable gold to be purchased after 48,000 ounces have been delivered					50.00%
RGLD Gold | CMCA | Carmen de Andacollo | Chile
Acquisition of Royalty Interest in Mineral Properties
Maximum quantity of gold with specified purchase price (in ounces) | oz					900,000
RGLD Gold | CMCA | Carmen de Andacollo | Maximum
Acquisition of Royalty Interest in Mineral Properties
Area of mining to be eligible for concessions | km					1.5
RG Chile | Carmen de Andacollo
Acquisition of Royalty Interest in Mineral Properties
Royalty and stream interests, net					$ 207,500,000
RG Chile | CMCA | Carmen de Andacollo
Acquisition of Royalty Interest in Mineral Properties
Total purchase amount					$ 345,000,000
RG Chile | CMCA | Carmen de Andacollo | Initial Royalty
Acquisition of Royalty Interest in Mineral Properties
Percentage of royalty interests acquired						75.00%
Gold delivered (in ounces) | oz						910,000
RG Chile | CMCA | Carmen de Andacollo | Subsequent Royalty
Acquisition of Royalty Interest in Mineral Properties
Percentage of royalty interests acquired						50.00%
Teck | CMCA
Acquisition of Royalty Interest in Mineral Properties
Ownership interest (as a percent)					90.00%

ROYALTY AND STREAM INTERESTS (D

ROYALTY AND STREAM INTERESTS (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Royalty and stream interests
Cost	$ 3,530,294	$ 2,647,976
Accumulated Depletion	(533,873)	(536,029)
Impairments		(28,339)
Net	2,996,421	2,083,608
Phoenix Gold
Royalty and stream interests
Cost	75,800
Production Stage Royalty Interest
Royalty and stream interests
Cost	826,286	1,129,230
Accumulated Depletion	(461,061)	(500,834)
Impairments		(27,586)
Net	365,225	600,810
Production Stage Royalty Interest | Andacollo
Royalty and stream interests
Cost		272,998
Accumulated Depletion		(65,467)
Net		207,531
Production Stage Royalty Interest | Voisey's Bay
Royalty and stream interests
Cost	150,138	150,138
Accumulated Depletion	(82,897)	(76,141)
Net	67,241	73,997
Production Stage Royalty Interest | Penasquito
Royalty and stream interests
Cost	99,172	99,172
Accumulated Depletion	(28,334)	(24,555)
Net	70,838	74,617
Production Stage Royalty Interest | Mulatos
Royalty and stream interests
Cost		48,092
Accumulated Depletion		(32,313)
Net		15,779
Production Stage Royalty Interest | Holt
Royalty and stream interests
Cost	34,612	34,612
Accumulated Depletion	(15,656)	(13,950)
Net	18,956	20,662
Production Stage Royalty Interest | Robinson
Royalty and stream interests
Cost		17,825
Accumulated Depletion		(12,748)
Net		5,077
Production Stage Royalty Interest | Cortez
Royalty and stream interests
Cost	10,630	10,630
Accumulated Depletion	(9,970)	(9,933)
Net	660	697
Production Stage Royalty Interest | Other
Royalty and stream interests
Cost	531,734	495,763
Accumulated Depletion	(324,204)	(265,727)
Impairments		(27,586)
Net	207,530	202,450
Production Stage Stream Interests
Royalty and stream interests
Cost	1,844,135
Accumulated Depletion	(72,726)
Net	1,771,409
Production Stage Stream Interests | Andacollo
Royalty and stream interests
Cost	388,182
Accumulated Depletion	(6,514)
Net	381,668
Production Stage Stream Interests | Mt. Milligan
Royalty and stream interests
Cost	783,046	783,046
Accumulated Depletion	(55,980)	(35,195)
Net	727,066	747,851
Production Stage Stream Interests | Pueblo Viejo
Royalty and stream interests
Cost	610,400
Accumulated Depletion	(5,612)
Net	604,788
Production Stage Stream Interests | Wassa, Bogoso and Prestea
Royalty and stream interests
Cost	62,507
Accumulated Depletion	(4,620)
Net	57,887
Production Stage Royalty and Stream Interests
Royalty and stream interests
Cost	2,670,421	1,912,276
Accumulated Depletion	(533,787)	(536,029)
Impairments		(27,586)
Net	2,136,634	1,348,661
Development Stage Royalty Interest
Royalty and stream interests
Cost	447,072	439,122
Net	447,072	439,122
Development Stage Royalty Interest | Pascua Lama
Royalty and stream interests
Cost	380,657	372,105
Net	380,657	372,105
Development Stage Royalty Interest | Other
Royalty and stream interests
Cost	66,415	67,017
Net	66,415	67,017
Development Stage Stream Interest
Royalty and stream interests
Cost	188,506	84,026
Accumulated Depletion	(86)
Impairments		(603)
Net	188,420	83,423
Development Stage Stream Interest | Phoenix Gold
Royalty and stream interests
Cost		75,843
Net		75,843
Development Stage Stream Interest | Rainy River
Royalty and stream interests
Cost	100,684
Net	100,684
Development Stage Stream Interest | Other
Royalty and stream interests
Cost	87,822	8,183
Accumulated Depletion	(86)
Impairments		(603)
Net	87,736	7,580
Development Stage Royalty and Stream Interest
Royalty and stream interests
Cost	635,578	523,148
Accumulated Depletion	(86)
Impairments		(603)
Net	635,492	522,545
Exploration Stage Royalty Interest
Royalty and stream interests
Cost	210,584	212,552
Impairments		(150)
Net	210,584	$ 212,402
Exploration Stage Stream Interest Member
Royalty and stream interests
Cost	13,711
Net	$ 13,711

AVAILABLE-FOR-SALE SECURITIES32

AVAILABLE-FOR-SALE SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Jun. 30, 2015
Available-for-sale securities
Cost Basis	$ 9,565	$ 9,565	$ 9,565
Unrealized Loss	(1,154)	(1,154)	(3,292)
Fair Value	8,411	8,411	6,273
Seabridge
Available-for-sale securities
Cost Basis	9,565	9,565	9,565
Unrealized Loss	(1,154)	(1,154)	(3,292)
Fair Value	8,411	8,411	$ 6,273
Loss on available-for-sale securities due to impairment	$ 0	$ 0

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2012
Long-term debt disclosure
Total debt	$ 677,494		$ 677,494		$ 322,110
Convertible notes due 2019, net
Long-term debt disclosure
Total debt	327,494		327,494		$ 322,110
Aggregate principal amount of convertible senior notes issued						$ 370,000
Interest rate on convertible senior notes (as a percent)						2.875%
Interest expense recognized	5,700	$ 5,500	11,300	$ 10,900
Revolving credit facility
Long-term debt disclosure
Total debt	350,000		350,000
Maximum availability under the revolving credit facility	650,000		650,000
Available under the revolving credit facility	300,000		300,000
Outstanding amount under credit facility	$ 350,000		$ 350,000
Revolving credit facility | LIBOR
Long-term debt disclosure
Revolving credit facility, basis spread on interest rate (as a percent)			2.25%
Effective interest rate (as percent)	2.82%		2.82%
Revolving credit facility | Minimum | LIBOR
Long-term debt disclosure
Revolving credit facility, basis spread on interest rate (as a percent)			1.25%
Revolving credit facility | Maximum | LIBOR
Long-term debt disclosure
Revolving credit facility, basis spread on interest rate (as a percent)			3.00%

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
REVENUE
Stream interests	$ 67,312	$ 17,318	$ 105,168	$ 36,975
Royalty interests	30,806	43,986	67,005	93,355
Total revenue	$ 98,118	$ 61,304	$ 172,173	$ 130,330

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Stock-based compensation
Stock-based compensation expense	$ 1,222	$ 375	$ 5,449	$ 2,824
Stock-based compensation awards granted:
Total stock-based compensation expense	3,375		244,863	210,039
Stock options
Stock-based compensation
Stock-based compensation expense	$ 115	106	$ 224	$ 219
Stock-based compensation awards granted:
Stock options	1,125		25,437	19,760
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 424	338	$ 816	$ 693
Stock-based compensation awards granted:
Granted (in shares)			97,817	87,890
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 774	157	$ 2,144	$ 1,327
Stock-based compensation awards granted:
Granted (in shares)	1,125		73,187	55,589
Performance stock
Stock-based compensation
Stock-based compensation expense			$ 2,265	$ 585
Stock-based compensation expense (reversal)	$ (91)	$ (226)
Stock-based compensation awards granted:
Granted (in shares)	1,125		48,422	46,800

STOCK-BASED COMPENSATION - UNRE

STOCK-BASED COMPENSATION - UNRECOGNIZED COMPENSATION EXPENSE (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)
Stock options
Unrecognized stock-based compensation expense
Unrecognized compensation expense	$ 735
Weighted-average vesting period (years)	2 years 1 month 6 days
Stock appreciation rights
Unrecognized stock-based compensation expense
Unrecognized compensation expense	$ 2,707
Weighted-average vesting period (years)	2 years
Restricted stock
Unrecognized stock-based compensation expense
Unrecognized compensation expense	$ 6,817
Weighted-average vesting period (years)	3 years 3 months 18 days
Performance stock
Unrecognized stock-based compensation expense
Unrecognized compensation expense	$ 4,014
Weighted-average vesting period (years)	1 year 7 months 6 days

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
EARNINGS PER SHARE ("EPS")
Net income (loss) available to Royal Gold common stockholders (in dollars)	$ 15,114	$ (6,548)	$ (29,933)	$ 12,134
Weighted-average shares for basic EPS	65,073,678	65,002,307	65,061,059	64,982,595
Effect of other dilutive securities (in shares)	48,066			139,590
Weighted-average shares for diluted EPS	65,121,744	65,002,307	65,061,059	65,122,185
Basic earnings (loss) per share (in dollars per share)	$ 0.23	$ (0.10)	$ (0.46)	$ 0.19
Diluted earnings (loss) per share (in dollars per share)	0.23	$ (0.10)	(0.46)	$ 0.19
Impact on diluted earnings per share (in dollars per share)			0
2019 Conversion Notes, Initial conversion price per share of common stock (in dollars per share)	$ 105.31		$ 105.31

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
INCOME TAXES
Income tax (expense) benefit	$ (4,740)	$ 1,827	$ (63,917)	$ (2,131)
Effective tax rate (as a percent)	25.40%	22.40%	194.30%	14.50%
Total gross unrecognized tax benefits	$ 15,900		$ 15,900		$ 15,100
Accrued income-tax-related interest and penalties	$ 5,300		$ 5,300		$ 4,600

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Jun. 30, 2015USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment			2
Total royalty and stream interest, net	$ 2,996,421		$ 2,996,421		$ 2,083,608
Revenue	98,118	$ 61,304	172,173	$ 130,330
Cost of sales	22,572	6,236	34,038	12,910
Net revenue	75,546	55,068	138,135	117,420
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	1,144,019		1,144,019		1,074,779
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	835,297		835,297		653,019
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	604,789		604,789
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	124,192		124,192		131,742
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	106,893		106,893		110,286
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	46,667		46,667		50,119
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	84,325		84,325		12,760
Other.
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	50,239		50,239		50,903
Royalty Interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	1,022,881		1,022,881		1,252,334
Revenue	30,806	43,986	67,005	93,355
Net revenue	30,806	43,986	67,005	93,355
Royalty Interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	240,500		240,500		251,688
Revenue	7,206	10,403	17,607	21,730
Net revenue	7,206	10,403	17,607	21,730
Royalty Interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	453,629		453,629		653,019
Royalty Interest | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	124,192		124,192		131,742
Revenue	10,287	8,435	21,092	18,439
Net revenue	10,287	8,435	21,092	18,439
Royalty Interest | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	106,893		106,893		110,286
Revenue	8,484	10,482	18,697	21,664
Net revenue	8,484	10,482	18,697	21,664
Royalty Interest | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	46,667		46,667		50,119
Revenue	2,325	2,031	4,776	3,924
Net revenue	2,325	2,031	4,776	3,924
Royalty Interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	12,727		12,727		12,760
Revenue	474	562	731	1,874
Net revenue	474	562	731	1,874
Royalty Interest | Other.
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	38,273		38,273		42,720
Revenue	2,030	12,073	4,102	25,724
Net revenue	2,030	12,073	4,102	25,724
Stream Interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	1,973,540		1,973,540		831,274
Revenue	67,312	17,318	105,168	36,975
Cost of sales	22,572	6,236	34,038	12,910
Net revenue	44,740	11,082	71,130	24,065
Stream Interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	903,519		903,519		823,091
Revenue	42,418	17,318	65,935	36,975
Cost of sales	16,860	6,236	25,988	12,910
Net revenue	25,558	$ 11,082	39,947	$ 24,065
Stream Interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	381,668		381,668
Revenue	5,718		16,433
Cost of sales	892		2,496
Net revenue	4,826		13,937
Stream Interest | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	604,789		604,789
Revenue	9,400		9,400
Cost of sales	2,832		2,832
Net revenue	6,568		6,568
Stream Interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	71,598		71,598
Revenue	9,776		13,400
Cost of sales	1,988		2,722
Net revenue	7,788		10,678
Stream Interest | Other.
Long Lived Assets and Pre-Tax Income by Geographical Information
Total royalty and stream interest, net	$ 11,966		$ 11,966		$ 8,183

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Assets:
Marketable equity securities	$ 8,411	$ 6,273
Recurring basis | Carrying Amount
Liabilities:
Debt	404,494
Amount of equity component of convertible notes	77,000
Recurring basis | Fair Value
Assets:
Total assets	8,825
Liabilities:
Debt	335,313
Total liabilities	335,313
Recurring basis | Level 1
Assets:
Total assets	8,411
Liabilities:
Debt	335,313
Total liabilities	335,313
Recurring basis | Level 2
Assets:
Total assets	414
Recurring basis | Marketable equity Securities | Carrying Amount
Assets:
Marketable equity securities	8,411
Recurring basis | Marketable equity Securities | Fair Value
Assets:
Marketable equity securities	8,411
Recurring basis | Marketable equity Securities | Level 1
Assets:
Marketable equity securities	8,411
Recurring basis | Warrants | Carrying Amount
Assets:
Warrants	414
Recurring basis | Warrants | Fair Value
Assets:
Warrants	414
Recurring basis | Warrants | Level 2
Assets:
Warrants	$ 414

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)
Rainy River
Commitments and Contingencies
Remaining commitment amount	$ 75,000
Wassa, Bogoso and Prestea
Commitments and Contingencies
Remaining commitment amount	70,000
Ilovitza
Commitments and Contingencies
Remaining commitment amount	$ 163,750
Voisey's Bay | Canadian Minerals Partnership
Commitments and Contingencies
Percentage of ownership interest held in Labrador Nickel Royalty Limited Partnership ("LNRLP")	89.99%
Voisey's Bay | Altius
Commitments and Contingencies
Percentage of ownership interest held in Labrador Nickel Royalty Limited Partnership ("LNRLP")	10.00%
Voisey's Bay | Voiseys Bay Holding Corporation
Commitments and Contingencies
Percentage of ownership interest held in Labrador Nickel Royalty Limited Partnership ("LNRLP")	0.01%

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)oz	Jan. 11, 2016USD ($)	Jun. 30, 2015USD ($)
Subsequent event
Mineral Properties, Gross	$ 3,530,294		$ 2,647,976
Phoenix Gold
Subsequent event
Mineral Properties, Gross	$ 75,800
RGLD Gold | Rubicon Minerals Corporation | Phoenix Gold | Initial Royalty
Subsequent event
Gold delivered (in ounces) | oz	135,000
Percentage of royalty interests acquired	6.30%
RGLD Gold | Rubicon Minerals Corporation | Phoenix Gold | Subsequent Royalty
Subsequent event
Percentage of royalty interests acquired	3.15%
Subsequent Events | RGLD Gold | Phoenix Gold
Subsequent event
Security interest on assets		$ 75,000