Royal Gold (RGLD) 10-Q 3 Nov 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2016	Oct. 26, 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	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shares Outstanding		65,315,629
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016
ASSETS
Cash and equivalents	$ 133,042	$ 116,633
Royalty receivables	23,951	17,990
Income tax receivable	21,028	20,043
Stream inventory	12,615	9,489
Prepaid expenses and other	1,350	614
Total current assets	191,986	164,769
Stream and royalty interests, net (Note 3)	2,898,094	2,848,087
Other assets	58,511	53,696
Total assets	3,148,591	3,066,552
LIABILITIES
Accounts payable	6,129	4,114
Dividends payable	15,023	15,012
Other current liabilities	4,433	3,554
Total current liabilities	25,585	22,680
Debt (Note 4)	674,029	600,685
Deferred tax liabilities	120,672	133,867
Uncertain tax positions	23,370	16,996
Other long-term liabilities	6,391	6,439
Total liabilities	850,047	780,667
Commitments and contingencies (Note 11)
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 65,142,812 and 65,093,950 shares outstanding, respectively	652	651
Additional paid-in capital	2,180,815	2,179,781
Accumulated earnings	63,349	48,584
Total Royal Gold stockholders' equity	2,244,816	2,229,016
Non-controlling interests	53,728	56,869
Total equity	2,298,544	2,285,885
Total liabilities and equity	$ 3,148,591	$ 3,066,552

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Jun. 30, 2016
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	65,142,812	65,093,950

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Consolidated Statements of Operations and Comprehensive Income (Loss)
Revenue	$ 117,947	$ 74,056
Costs and expenses
Cost of sales	22,662	11,466
General and administrative	10,507	9,510
Production taxes	497	1,592
Exploration costs	3,288	3,156
Depreciation, depletion and amortization	40,102	27,147
Total costs and expenses	77,056	52,871
Operating income	40,891	21,185
Interest and other income	1,557	265
Interest and other expense	(8,305)	(7,214)
Income before income taxes	34,143	14,236
Income tax expense	(7,188)	(59,177)
Net income (loss)	26,955	(44,941)
Net loss (income) attributable to non-controlling interests	2,832	(105)
Net income (loss) attributable to Royal Gold common stockholders	29,787	(45,046)
Net income (loss)	26,955	(44,941)
Adjustments to comprehensive income (loss), net of tax
Unrealized change in market value of available-for-sale securities		(449)
Comprehensive income (loss)	26,955	(45,390)
Comprehensive loss (income) attributable to non-controlling interests	2,832	(105)
Comprehensive income (loss) attributable to Royal Gold stockholders	$ 29,787	$ (45,495)
Net income (loss) per share available to Royal Gold common stockholders:
Basic earnings (loss) per share (in dollars per share)	$ 0.46	$ (0.69)
Basic weighted average shares outstanding (in shares)	65,116,686	65,048,439
Diluted earnings (loss) per share (in dollars per share)	$ 0.46	$ (0.69)
Diluted weighted average shares outstanding (in shares)	65,280,904	65,048,439
Cash dividends declared per common share (in dollars per share)	$ 0.23	$ 0.22

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 26,955	$ (44,941)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	40,102	27,147
Amortization of debt discount and issuance costs	3,351	3,197
Non-cash employee stock compensation expense	4,144	4,227
Tax benefit of stock-based compensation exercises	24	150
Deferred tax expense	(1,030)	11,767
Other	(153)	(390)
Changes in assets and liabilities:
Royalty receivables	(5,962)	13,142
Stream inventory	(3,125)	(1,981)
Income taxes receivable	(16,480)	(17,192)
Prepaid expenses and other assets	(1,724)	(2,682)
Accounts payable	1,777	3,266
Uncertain tax positions	6,374	77
Other liabilities	879	6,704
Net cash provided by operating activities	55,132	2,491
Cash flows from investing activities:
Acquisition of stream and royalty interests	(90,083)	(1,300,881)
Andacollo royalty termination		345,000
Golden Star term loan		(20,000)
Other	(226)	(228)
Net cash used in investing activities	(90,309)	(976,109)
Cash flows from financing activities:
Borrowings from revolving credit facility	70,000	350,000
Net payments from issuance of common stock	(2,038)
Common stock dividends	(15,012)	(14,341)
Purchase of additional royalty interest from non-controlling interest	(1,025)
Tax expense of stock-based compensation exercises	(24)	(150)
Other	(315)	(430)
Net cash provided by financing activities	51,586	335,079
Net increase (decrease) in cash and equivalents	16,409	(638,539)
Cash and equivalents at beginning of period	116,633	742,849
Cash and equivalents at end of period	$ 133,042	$ 104,310

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS	3 Months Ended
	Sep. 30, 2016
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS	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 streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right 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 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 months ended September 30, 2016, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2017. 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, 2016 filed with the Securities and Exchange Commission on August 11, 2016 (“Fiscal 2016 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. Recently Issued Account Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) guidance to simplify several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation with actual forfeitures as they occur, as well as certain classifications on the statement of cash flows. The new guidance is effective for the Company’s fiscal year beginning July 1, 2017. Early adoption is permitted, as long as all of the amendments are adopted in the same period. We are currently evaluating the impact this guidance will have on our consolidated financial statements and footnote disclosures. In May 2014, the FASB issued ASU guidance for the recognition of revenue from contracts with customers. Subsequent to the issuance of this ASU guidance, the FASB issued additional related ASU’s on revenue recognition. The effective date and transition requirements for all of these ASU’s are the same. Specifically, the guidance under these ASU’s is to be applied using a full retrospective method or a modified retrospective method, as described in the guidance, and is effective for the Company’s fiscal year beginning July 1, 2018. The Company is currently evaluating the level of effort needed to implement the guidance, evaluating the provisions of each new guidance, and assessing their impact on the Company’s consolidated financial statements and disclosures, as well as which transitions method we intend to use.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Sep. 30, 2016
ACQUISITIONS
ACQUISITIONS	2. ACQUISITIONS Acquisition of Additional Royalty Interests at Cortez On September 19, 2016, Royal Gold, through its wholly-owned subsidiary, Denver Mining Finance Company, Inc., acquired a 3.75% Net Value Royalty (“NVR”) covering a significant area of Barrick Gold Corporation’s (“Barrick”) Cortez mine, including the Crossroads deposit, from a private party seller for total consideration of $70 million. With this acquisition, Royal Gold’s interests at Cortez Crossroads comprise a 4.43% NVR and a 5% sliding-scale Gross Smelter Return (“GSR”) royalty at current gold prices. Royal Gold’s interests on production from the Pipeline and South Pipeline deposits as well as portions of the Gap deposit are comprised of a 4.83% NVR and a 5.71% GSR royalty at current gold prices. The acquisition of the additional royalty interests at Cortez has been accounted for as an asset acquisition. The portion of the acquisition, plus direct transaction costs, attributable to the Pipeline and South Pipeline deposits as well as portions of the Gap deposit ($10.2 million) has been recorded as a production stage royalty interest while the portion of the acquisition attributable to the Crossroads deposit ($59.8 million) has been recorded as a development stage royalty interest and both are included within Stream and royalty interests, net, on our consolidated balance sheets.

STREAM AND ROYALTY INTERESTS

STREAM AND ROYALTY INTERESTS	3 Months Ended
	Sep. 30, 2016
STREAM AND ROYALTY INTERESTS
STREAM AND ROYALTY INTERESTS	3. STREAM AND ROYALTY INTERESTS The following tables summarize the Company’s royalty and stream interests as of September 30, 2016 and June 30, 2016. As of September 30, 2016 (Amounts in thousands): Cost Accumulated Net Production stage stream interests: Mount Milligan $ $ ) $ Pueblo Viejo ) Andacollo ) Wassa and Prestea ) Total production stage stream interests ) Production stage royalty interests: Voisey’s Bay ) Peñasquito ) Holt ) Cortez ) Other ) Total production stage royalty interests ) Total production stage stream and royalty interests ) Development stage stream interests: Rainy River — Other — Total development stage stream interests — Development stage royalty interests: Pascua-Lama — Cortez — Other — Total development stage royalty interests — Total development stage stream and royalty interests — Total exploration stage royalty interests — Total stream and royalty interests $ $ ) $ As of June 30, 2016 (Amounts in thousands): Cost Accumulated Impairments Net Production stage stream interests: Mount Milligan $ $ ) $ — $ Pueblo Viejo ) — Andacollo ) — Wassa and Prestea ) — Total production stage stream interests ) — Production stage royalty interests: Voisey’s Bay ) — Peñasquito ) — Holt ) — Cortez ) — Other ) ) Total production stage royalty interests ) ) Total Production stage stream and royalty interests ) ) Development stage stream interests: Rainy River — — Other ) ) Total development stage stream interests ) ) Development stage royalty interests: Pascua-Lama — — Other — — Total development stage royalty interests — — Total Development stage stream and royalty interests ) ) Total Exploration stage royalty interests — ) Total stream and royalty interests $ $ ) $ ) $ Amendment to Mount Milligan Refer to Note 12 for further discussion on the amendment to our Mount Milligan stream effective October 20, 2016.

DEBT

DEBT	3 Months Ended
	Sep. 30, 2016
DEBT
DEBT	4. DEBT The Company’s non-current debt as of September 30, 2016 and June 30, 2016 consists of the following: As of September 30, 2016 As of June 30, 2016 Principal Unmortized Debt Total Principal Unmortized Debt Total (Amounts in thousands) (Amounts in thousands) Convertible notes due 2019 $ $ ) $ ) $ $ $ ) $ ) $ 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 months ended September 30, 2016, was $5.8 million compared to $5.6 million for the three months ended September 30, 2015, 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. The acquisition discussed in Note 2 was funded from our revolving credit facility during the quarter ended September 30, 2016. As of September 30, 2016, the Company had $345 million outstanding and $305 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 September 30, 2016, the interest rate on borrowings under the revolving credit facility was LIBOR plus 1.75% for an all-in rate of 2.28%. 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 2016 10-K, the Company has financial covenants associated with its revolving credit facility. At September 30, 2016, the Company was in compliance with each financial covenant.

REVENUE

REVENUE	3 Months Ended
	Sep. 30, 2016
REVENUE
REVENUE	5. REVENUE Revenue is comprised of the following: For The Three Months Ended September 30, September 30, 2016 2015 (Amounts in thousands) Stream interests $ $ Royalty interests Total revenue $ $

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Sep. 30, 2016
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	6. The Company recognized stock-based compensation expense as follows: For The Three Months Ended September 30, September 30, 2016 2015 (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 expense in the consolidated statements of operations and comprehensive income (loss). During the three months ended September 30, 2016 and 2015, the Company granted the following stock-based compensation awards: For The Three Months Ended September 30, September 30, 2016 2015 (Number of shares) Stock options Stock appreciation rights Restricted stock Performance stock Total equity awards granted As of September 30, 2016, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards was as follows: Unrecognized Weighted- Stock options $ Stock appreciation rights Restricted stock Performance stock

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	3 Months Ended
	Sep. 30, 2016
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	7. 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 September 30, September 30, 2016 2015 (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 $103.52.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Sep. 30, 2016
INCOME TAXES
INCOME TAXES	8. INCOME TAXES For The Three Months Ended September 30, September 30, 2016 2015 (Amounts in thousands, except rate) Income tax expense $ $ Effective tax rate % % The higher effective tax rate for the three months ended September 30, 2015, as compared to the three months ended September 30, 2016, is primarily due to the prior year discrete tax impacts attributable to the Company’s Andacollo transaction and liquidation of our Chilean subsidiary.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Sep. 30, 2016
SEGMENT INFORMATION
SEGMENT INFORMATION	9. The Company manages its business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Royal Gold’s long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table: As of September 30, 2016 As of June 30, 2016 Stream Royalty Total stream Stream Royalty Total stream and Canada $ $ $ $ $ $ Dominican Republic — — Chile Mexico — — United States — — Africa Australia — — Other Total $ $ $ $ $ $ The Company’s revenue, cost of sales and net revenue by reportable segment for the three months ended September 30, 2016 and 2015, is geographically distributed as shown in the following table: Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ $ $ $ $ $ Chile Dominican Republic — — — Africa Total streams $ $ $ $ $ $ Royalties: Mexico $ $ — $ $ $ — $ United States — — Canada — — Australia — — Africa — — Chile — — — — Other — — Total royalties $ $ — $ $ $ — $ Total streams and royalties $ $ $ $ $ $

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2016
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	10. 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 September 30, 2016 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Warrants (1) $ $ $ — $ $ — Total assets $ $ — $ $ — Liabilities (In thousands): Debt (2) $ $ $ $ — $ — Total liabilities $ $ $ — $ — (1) Included in Other assets on the Company’s consolidated balance sheets. (2) 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 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 4) approximates fair value as of September 30, 2016. The warrants classified within Level 2 of the fair value hierarchy are valued at each reporting period using the Black-Scholes model. The warrants are part of the term loan funded to Golden Star Resources Ltd. in July 2015 and have been classified as a financial asset instrument. Any change in the fair value of the warrants at subsequent reporting periods will be recorded within Interest and other income on our consolidated statements of operations and comprehensive (loss) income. As of September 30, 2016, 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 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2016
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES Rainy River Gold and Silver Stream Acquisition As of September 30, 2016, 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. Wassa and Prestea Gold Stream Acquisition and Amendment As of September 30, 2016, the Company has a remaining commitment, subject to certain conditions, of $30.0 million as part of its Wassa and Prestea gold stream acquisition (July 2015) and amendment (December 2015). On October 1, 2016, the Company made an advance payment of $20 million and expects to fund the remaining $10 million on January 1, 2017, subject to certain conditions. Ilovica Gold Stream Acquisition As of September 30, 2016, 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, Voisey’s Bay Holding Corporation, is the general partner and 90% owner. The remaining 10% interest in LNRLP is owned by Altius Royalty Corporation, a company unrelated to Royal Gold. 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	3 Months Ended
	Sep. 30, 2016
SUBSEQUENT EVENT
SUBSEQUENT EVENT	12. SUBSEQUENT EVENT Mount Milligan Stream Amendment On October 20, 2016, Centerra Gold Inc. (“Centerra”) and Thompson Creek Metals Inc. (“Thompson Creek”) completed the Plan of Arrangement (the “Arrangement”) previously announced on July 5, 2016, pursuant to which Centerra acquired all of the issued and outstanding common shares of Thompson Creek. RGLD Gold AG’s (“RGLD Gold”) streaming interest at Mount Milligan was amended (the “amendment”) concurrently with the closing of the Arrangement. Under the terms of the amendment, RGLD Gold’s 52.25% gold stream at Mount Milligan was amended to a 35% gold stream and an 18.75% copper stream. RGLD Gold will continue to pay $435 per ounce of gold delivered and will pay 15% of the spot price per metric tonne of copper delivered. Mount Milligan gold in concentrate in transit prior to October 20, 2016, will be delivered to RGLD Gold under the current 52.25% stream. Under the terms of both the original and amended agreements, there is a maximum of five months between concentrate shipment and final settlement, and RGLD Gold expects to begin receiving gold and copper deliveries reflecting the amended stream agreement around March 2017.

OPERATIONS, SUMMARY OF SIGNIF18

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Sep. 30, 2016
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS
Recently Issued Account Standards	Recently Issued Account Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) guidance to simplify several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation with actual forfeitures as they occur, as well as certain classifications on the statement of cash flows. The new guidance is effective for the Company’s fiscal year beginning July 1, 2017. Early adoption is permitted, as long as all of the amendments are adopted in the same period. We are currently evaluating the impact this guidance will have on our consolidated financial statements and footnote disclosures. In May 2014, the FASB issued ASU guidance for the recognition of revenue from contracts with customers. Subsequent to the issuance of this ASU guidance, the FASB issued additional related ASU’s on revenue recognition. The effective date and transition requirements for all of these ASU’s are the same. Specifically, the guidance under these ASU’s is to be applied using a full retrospective method or a modified retrospective method, as described in the guidance, and is effective for the Company’s fiscal year beginning July 1, 2018. The Company is currently evaluating the level of effort needed to implement the guidance, evaluating the provisions of each new guidance, and assessing their impact on the Company’s consolidated financial statements and disclosures, as well as which transitions method we intend to use.

STREAM AND ROYALTY INTERESTS (T

STREAM AND ROYALTY INTERESTS (Tables)	3 Months Ended
	Sep. 30, 2016
STREAM AND ROYALTY INTERESTS
Schedule of royalty and stream interests	As of September 30, 2016 (Amounts in thousands): Cost Accumulated Net Production stage stream interests: Mount Milligan $ $ ) $ Pueblo Viejo ) Andacollo ) Wassa and Prestea ) Total production stage stream interests ) Production stage royalty interests: Voisey’s Bay ) Peñasquito ) Holt ) Cortez ) Other ) Total production stage royalty interests ) Total production stage stream and royalty interests ) Development stage stream interests: Rainy River — Other — Total development stage stream interests — Development stage royalty interests: Pascua-Lama — Cortez — Other — Total development stage royalty interests — Total development stage stream and royalty interests — Total exploration stage royalty interests — Total stream and royalty interests $ $ ) $ As of June 30, 2016 (Amounts in thousands): Cost Accumulated Impairments Net Production stage stream interests: Mount Milligan $ $ ) $ — $ Pueblo Viejo ) — Andacollo ) — Wassa and Prestea ) — Total production stage stream interests ) — Production stage royalty interests: Voisey’s Bay ) — Peñasquito ) — Holt ) — Cortez ) — Other ) ) Total production stage royalty interests ) ) Total Production stage stream and royalty interests ) ) Development stage stream interests: Rainy River — — Other ) ) Total development stage stream interests ) ) Development stage royalty interests: Pascua-Lama — — Other — — Total development stage royalty interests — — Total Development stage stream and royalty interests ) ) Total Exploration stage royalty interests — ) Total stream and royalty interests $ $ ) $ ) $

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Sep. 30, 2016
DEBT
Schedule of non-current debt	As of September 30, 2016 As of June 30, 2016 Principal Unmortized Debt Total Principal Unmortized Debt Total (Amounts in thousands) (Amounts in thousands) Convertible notes due 2019 $ $ ) $ ) $ $ $ ) $ ) $ Revolving credit facility — ) — ) Total debt $ $ ) $ ) $ $ $ ) $ ) $

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Sep. 30, 2016
REVENUE
Schedule of revenue	For The Three Months Ended September 30, September 30, 2016 2015 (Amounts in thousands) Stream interests $ $ Royalty interests Total revenue $ $

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Sep. 30, 2016
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	For The Three Months Ended September 30, September 30, 2016 2015 (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 September 30, September 30, 2016 2015 (Number of shares) Stock options Stock appreciation rights Restricted stock Performance stock Total equity awards granted
Schedule of unrecognized compensation expense and weighted-average vesting period for each of the stock-based compensation awards	As of September 30, 2016, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards was as follows: Unrecognized Weighted- Stock options $ Stock appreciation rights Restricted stock Performance stock

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	3 Months Ended
	Sep. 30, 2016
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	For The Three Months Ended September 30, September 30, 2016 2015 (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)	3 Months Ended
	Sep. 30, 2016
INCOME TAXES
Schedule of income tax expense and effective tax rate	For The Three Months Ended September 30, September 30, 2016 2015 (Amounts in thousands, except rate) Income tax expense $ $ Effective tax rate % %

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Sep. 30, 2016
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	As of September 30, 2016 As of June 30, 2016 Stream Royalty Total stream Stream Royalty Total stream and Canada $ $ $ $ $ $ Dominican Republic — — Chile Mexico — — United States — — Africa Australia — — Other Total $ $ $ $ $ $
Schedule of revenue, cost of sales and net revenue by reportable segment	Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ $ $ $ $ $ Chile Dominican Republic — — — Africa Total streams $ $ $ $ $ $ Royalties: Mexico $ $ — $ $ $ — $ United States — — Canada — — Australia — — Africa — — Chile — — — — Other — — Total royalties $ $ — $ $ $ — $ Total streams and royalties $ $ $ $ $ $

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2016
FAIR VALUE MEASUREMENTS
Schedule of financial assets measured at fair value on recurring basis	At September 30, 2016 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Warrants (1) $ $ $ — $ $ — Total assets $ $ — $ $ — Liabilities (In thousands): Debt (2) $ $ $ $ — $ — Total liabilities $ $ $ — $ — (1) Included in Other assets on the Company’s consolidated balance sheets. (2) 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, SUMMARY OF SIGNIF27

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS (Details)	3 Months Ended
	Sep. 30, 2016item
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS
Minimum number of metals produced from a mine of which right to purchase all or a portion available in exchange for upfront deposit	1

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Millions	Sep. 19, 2016USD ($)
"Barrick" Cortez mine | Production stage royalty interests
ACQUISITIONS
Royalty interest	$ 10.2
Mineral Rights	10.2
"Barrick" Cortez mine | Development stage royalty interests
ACQUISITIONS
Royalty interest	59.8
Mineral Rights	$ 59.8
NVR | "Barrick" Cortez mine
ACQUISITIONS
Percentage of royalty acquired	3.75%
Total consideration for royalty interest	$ 70
NVR | Cortez Crossroads
ACQUISITIONS
Ownership interests after acquisition (as a percent)	4.43%
NVR | Gap deposits
ACQUISITIONS
Ownership interests after acquisition (as a percent)	4.83%
GSR | Cortez Crossroads
ACQUISITIONS
Ownership interests after acquisition (as a percent)	5.00%
GSR | Gap deposits
ACQUISITIONS
Ownership interests after acquisition (as a percent)	5.71%

STREAM AND ROYALTY INTERESTS (D

STREAM AND ROYALTY INTERESTS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016
Stream and royalty interests
Cost	$ 3,510,857	$ 3,551,575
Accumulated Depletion	(612,763)	(607,370)
Impairments		(96,118)
Net	2,898,094	2,848,087
Production stage stream interests:
Stream and royalty interests
Cost	1,898,070	1,878,045
Accumulated Depletion	(151,160)	(122,064)
Net	1,746,910	1,755,981
Production stage stream interests: | Mount Milligan
Stream and royalty interests
Cost	783,046	783,046
Accumulated Depletion	(84,689)	(74,060)
Net	698,357	708,986
Production stage stream interests: | Pueblo Viejo
Stream and royalty interests
Cost	610,404	610,404
Accumulated Depletion	(31,543)	(21,902)
Net	578,861	588,502
Production stage stream interests: | Andacollo
Stream and royalty interests
Cost	388,182	388,182
Accumulated Depletion	(24,913)	(18,286)
Net	363,269	369,896
Production stage stream interests: | Wassa and Prestea
Stream and royalty interests
Cost	116,438	96,413
Accumulated Depletion	(10,015)	(7,816)
Net	106,423	88,597
Production stage royalty interests
Stream and royalty interests
Cost	844,021	881,873
Accumulated Depletion	(461,603)	(485,153)
Impairments		(18,605)
Net	382,418	378,115
Production stage royalty interests | Voisey's Bay
Stream and royalty interests
Cost	205,724	205,724
Accumulated Depletion	(85,671)	(85,671)
Net	120,053	120,053
Production stage royalty interests | Penasquito
Stream and royalty interests
Cost	99,172	99,172
Accumulated Depletion	(30,911)	(29,898)
Net	68,261	69,274
Production stage royalty interests | Holt
Stream and royalty interests
Cost	34,612	34,612
Accumulated Depletion	(17,917)	(17,124)
Net	16,695	17,488
Production stage royalty interests | Cortez
Stream and royalty interests
Cost	20,870	10,630
Accumulated Depletion	(10,175)	(10,000)
Net	10,695	630
Production stage royalty interests | Other
Stream and royalty interests
Cost	483,643	531,735
Accumulated Depletion	(316,929)	(342,460)
Impairments		(18,605)
Net	166,714	170,670
Total production stage stream and royalty interests
Stream and royalty interests
Cost	2,742,091	2,759,918
Accumulated Depletion	(612,763)	(607,217)
Impairments		(18,605)
Net	2,129,328	2,134,096
Development stage stream interests
Stream and royalty interests
Cost	112,749	188,589
Accumulated Depletion		(153)
Impairments		(75,702)
Net	112,749	112,734
Development stage stream interests | Rainy River
Stream and royalty interests
Cost	100,718	100,706
Net	100,718	100,706
Development stage stream interests | Other
Stream and royalty interests
Cost	12,031	87,883
Accumulated Depletion		(153)
Impairments		(75,702)
Net	12,031	12,028
Development stage royalty interests
Stream and royalty interests
Cost	504,271	447,071
Net	504,271	447,071
Development stage royalty interests | Pascua-Lama
Stream and royalty interests
Cost	380,657	380,657
Net	380,657	380,657
Development stage royalty interests | Cortez
Stream and royalty interests
Cost	59,803
Net	59,803
Development stage royalty interests | Other
Stream and royalty interests
Cost	63,811	66,414
Net	63,811	66,414
Total development stage stream and royalty interests
Stream and royalty interests
Cost	617,020	635,660
Accumulated Depletion		(153)
Impairments		(75,702)
Net	617,020	559,805
Total exploration stage royalty interests
Stream and royalty interests
Cost	151,746	155,997
Impairments		(1,811)
Net	$ 151,746	$ 154,186

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016	Jun. 30, 2012
Long-term debt disclosure
Principal	$ 715,000		$ 645,000
Unamortized Discount	(34,092)		(36,943)
Debt Issuance Costs	(6,879)		(7,372)
Total debt	674,029		600,685
Convertible notes due 2019
Long-term debt disclosure
Principal	370,000		370,000
Unamortized Discount	(34,092)		(36,943)
Debt Issuance Costs	(3,616)		(3,934)
Total debt	332,292		329,123
Aggregate principal amount of convertible senior notes issued				$ 370,000
Interest rate on convertible senior notes (as a percent)				2.875%
Interest expense recognized	5,800	$ 5,600
Revolving credit facility
Long-term debt disclosure
Principal	345,000		275,000
Debt Issuance Costs	(3,263)		(3,438)
Total debt	341,737		$ 271,562
Maximum availability under the revolving credit facility	650,000
Outstanding amount under credit facility	345,000
Available under the revolving credit facility	$ 305,000
Revolving credit facility | LIBOR
Long-term debt disclosure
Revolving credit facility, basis spread on interest rate (as a percent)	1.75%
Effective interest rate (as percent)	2.28%
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
	Sep. 30, 2016	Sep. 30, 2015
REVENUE
Stream interests	$ 85,504	$ 37,857
Royalty interests	32,443	36,199
Total revenue	$ 117,947	$ 74,056

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Stock-based compensation
Stock-based compensation expense	$ 4,144	$ 4,227
Stock-based compensation awards granted:
Total equity awards granted (in shares)	145,260	241,488
Stock options
Stock-based compensation
Stock-based compensation expense	$ 108	$ 109
Stock-based compensation awards granted:
Stock options granted (in shares)	7,200	24,312
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 468	$ 392
Stock-based compensation awards granted:
Other than options granted (in shares)	63,340	97,817
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 1,374	$ 1,370
Stock-based compensation awards granted:
Other than options granted (in shares)	44,890	72,062
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 2,194	$ 2,356
Stock-based compensation awards granted:
Other than options granted (in shares)	29,830	47,297

STOCK-BASED COMPENSATION - UNRE

STOCK-BASED COMPENSATION - UNRECOGNIZED COMPENSATION EXPENSE (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)
Stock options
Unrecognized stock-based compensation expense
Unrecognized compensation expense	$ 608
Weighted-average vesting period (years)	2 years
Stock appreciation rights
Unrecognized stock-based compensation expense
Unrecognized compensation expense	$ 3,211
Weighted-average vesting period (years)	2 years 2 months 12 days
Restricted stock
Unrecognized stock-based compensation expense
Unrecognized compensation expense	$ 7,506
Weighted-average vesting period (years)	3 years 3 months 18 days
Performance stock
Unrecognized stock-based compensation expense
Unrecognized compensation expense	$ 3,877
Weighted-average vesting period (years)	1 year 6 months

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
EARNINGS PER SHARE ("EPS")
Net income (loss) available to Royal Gold common stockholders	$ 29,787	$ (45,046)
Weighted-average shares for basic EPS	65,116,686	65,048,439
Effect of other dilutive securities (in shares)	164,218
Weighted-average shares for diluted EPS	65,280,904	65,048,439
Basic earnings (loss) per share (in dollars per share)	$ 0.46	$ (0.69)
Diluted earnings (loss) per share (in dollars per share)	0.46	$ (0.69)
2019 Conversion Notes, Initial conversion price per share of common stock (in dollars per share)	$ 103.52

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
INCOME TAXES
Income tax expense	$ 7,188	$ 59,177
Effective tax rate (as a percent)	21.10%	415.70%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)	Jun. 30, 2016USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment	2
Revenue	$ 117,947	$ 74,056
Cost of sales	22,662	11,466
Net revenue	95,285	62,590
Total stream and royalty interests, net	2,898,094		$ 2,848,087
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Total stream and royalty interests, net	1,025,727		1,038,258
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Total stream and royalty interests, net	578,861		588,502
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Total stream and royalty interests, net	816,823		823,525
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Total stream and royalty interests, net	115,902		118,899
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Total stream and royalty interests, net	170,128		102,385
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Total stream and royalty interests, net	107,088		89,293
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Total stream and royalty interests, net	41,007		42,547
Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Total stream and royalty interests, net	42,558		44,678
Stream interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	85,504	37,857
Cost of sales	22,662	11,466
Net revenue	62,842	26,391
Total stream and royalty interests, net	1,859,659		1,868,715
Stream interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	38,386	23,518
Cost of sales	12,578	9,128
Net revenue	25,808	14,390
Total stream and royalty interests, net	799,075		809,692
Stream interest | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	20,950
Cost of sales	5,896
Net revenue	15,054
Total stream and royalty interests, net	578,861		588,502
Stream interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	20,169	10,715
Cost of sales	2,998	1,604
Net revenue	17,171	9,111
Total stream and royalty interests, net	363,269		369,896
Stream interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	5,999	3,624
Cost of sales	1,190	734
Net revenue	4,809	2,890
Total stream and royalty interests, net	106,422		88,596
Stream interest | Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Total stream and royalty interests, net	12,032		12,029
Royalty interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	32,443	36,199
Net revenue	32,443	36,199
Total stream and royalty interests, net	1,038,435		979,372
Royalty interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	6,188	10,401
Net revenue	6,188	10,401
Total stream and royalty interests, net	226,652		228,566
Royalty interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	489
Net revenue	489
Total stream and royalty interests, net	453,554		453,629
Royalty interest | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	9,596	10,805
Net revenue	9,596	10,805
Total stream and royalty interests, net	115,902		118,899
Royalty interest | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	9,706	10,213
Net revenue	9,706	10,213
Total stream and royalty interests, net	170,128		102,385
Royalty interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	824	257
Net revenue	824	257
Total stream and royalty interests, net	666		697
Royalty interest | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	3,462	2,451
Net revenue	3,462	2,451
Total stream and royalty interests, net	41,007		42,547
Royalty interest | Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Revenue	2,178	2,072
Net revenue	2,178	$ 2,072
Total stream and royalty interests, net	$ 30,526		$ 32,649

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis $ in Thousands	Sep. 30, 2016USD ($)
Carrying Amount
Liabilities:
Debt	$ 412,908
Amount of equity component of convertible notes	77,000
Fair Value
Assets:
Total assets	3,244
Liabilities:
Debt	418,322
Total liabilities	418,322
Level 1
Liabilities:
Debt	418,322
Total liabilities	418,322
Level 2
Assets:
Total assets	3,244
Warrants | Carrying Amount
Assets:
Warrants	3,244
Warrants | Fair Value
Assets:
Warrants	3,244
Warrants | Level 2
Assets:
Warrants	$ 3,244

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Jan. 01, 2017	Oct. 01, 2016	Sep. 30, 2016
Rainy River
Commitments and Contingencies
Remaining commitment amount			$ 75,000
Wassa and Prestea
Commitments and Contingencies
Remaining commitment amount			30,000
Commitment amount paid		$ 20,000
Wassa and Prestea | Forecast
Commitments and Contingencies
Commitment amount paid	$ 10,000
Ilovica
Commitments and Contingencies
Remaining commitment amount			$ 163,750
Voisey's Bay | Voisey's Bay Holding Corporation
Commitments and Contingencies
Percentage of ownership interest held in Labrador Nickel Royalty Limited Partnership ("LNRLP")			90.00%
Voisey's Bay | Altius
Commitments and Contingencies
Percentage of ownership interest held in Labrador Nickel Royalty Limited Partnership ("LNRLP")			10.00%

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Subsequent Event - Mount Milligan streaming agreement - Centerra - Thompson Creek - $ / oz	Oct. 20, 2016	Oct. 19, 2016
Subsequent event
Gold streaming interest	35.00%	52.25%
Copper streaming interest	18.75%
Cash payment for each ounce of gold (in dollars per ounce)	435
Percentage of spot price per metric tonne of copper delivered	15.00%
Maximum period between concentrate shipment and final settlement	5 months