Royal Gold (RGLD) 10-K 10 Aug 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2017	Aug. 01, 2017	Dec. 31, 2016
Document and Entity Information
Entity Registrant Name	ROYAL GOLD INC
Entity Central Index Key	85,535
Document Type	10-K
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4,102,671,750
Entity Shares Outstanding		65,343,544
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
ASSETS
Cash and equivalents	$ 85,847	$ 116,633
Royalty receivables	23,461	17,990
Income tax receivable	22,169	23,219
Stream inventory	7,883	9,489
Prepaid expenses and other	822	614
Total current assets	140,182	167,945
Stream and royalty interests, net	2,892,256	2,848,087
Other assets	58,202	53,697
Total assets	3,090,640	3,069,729
LIABILITIES
Accounts payable	3,908	4,114
Dividends payable	15,682	15,012
Income tax payable	5,651	3,177
Other current liabilities	5,617	3,554
Total current liabilities	30,858	25,857
Debt	586,170	600,685
Deferred tax liabilities	121,330	133,867
Uncertain tax positions	25,627	16,996
Other long-term liabilities	6,391	6,439
Total liabilities	770,376	783,844
Commitments and contingencies (Note 14)
EQUITY
Preferred stock, $.01 par value, authorized 10,000,000 shares authorized; and 0 shares issued
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,179,527 and 65,093,950 shares outstanding, respectively	652	651
Additional paid-in capital	2,185,796	2,179,781
Accumulated other comprehensive income	879
Accumulated earnings	88,050	48,584
Total Royal Gold stockholders' equity	2,275,377	2,229,016
Non-controlling interests	44,887	56,869
Total equity	2,320,264	2,285,885
Total liabilities and equity	$ 3,090,640	$ 3,069,729

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	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	200,000,000
Common stock, shares outstanding	65,179,527	65,093,950

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statements of Operations and Comprehensive Income (Loss)
Revenue	$ 440,814	$ 359,790	$ 278,019
Costs and expenses
Cost of sales	87,265	70,979	33,450
General and administrative	33,350	31,720	24,873
Production taxes	1,760	3,978	5,446
Exploration costs	12,861	8,601	2,194
Depreciation, depletion and amortization	159,636	141,108	93,486
Impairment of stream and royalty interests and royalty receivables		98,588	31,335
Total costs and expenses	294,872	354,974	190,784
Operating income	145,942	4,816	87,235
Gain (loss) on available-for-sale securities		2,340	(183)
Interest and other income	9,302	3,711	883
Interest and other expense	(36,378)	(32,625)	(25,691)
Income (loss) before income taxes	118,866	(21,758)	62,244
Income tax expense	(26,441)	(60,680)	(9,566)
Net income (loss)	92,425	(82,438)	52,678
Net loss (income) attributable to non-controlling interests	9,105	5,289	(713)
Net income (loss) attributable to Royal Gold common stockholders	101,530	(77,149)	51,965
Net income	92,425	(82,438)	52,678
Adjustments to comprehensive income (loss), net of tax
Unrealized change in market value of available-for-sale securities	879	5,632	(3,292)
Reclassification adjustment for gains included in net income		(2,340)	160
Comprehensive income (loss)	93,304	(79,146)	49,546
Comprehensive loss (income) attributable to non-controlling interests	9,105	5,289	(713)
Comprehensive income (loss) attributable to Royal Gold stockholders	$ 102,409	$ (73,857)	$ 48,833
Net income (loss) per share available to Royal Gold common stockholders:
Basic earnings (loss) per share (in dollars per share)	$ 1.55	$ (1.18)	$ 0.80
Basic weighted average shares outstanding (in shares)	65,152,782	65,074,455	65,007,861
Diluted earnings (loss) per share (in dollars per share)	$ 1.55	$ (1.18)	$ 0.80
Diluted weighted average shares outstanding (in shares)	65,277,953	65,074,455	65,125,173
Cash dividends declared per common share (in dollars per share)	$ 0.95	$ 0.91	$ 0.87

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Shares	Exchangeable Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings	Noncontrolling Interests	Total
Balance at Jun. 30, 2014	$ 646	$ 16,718	$ 2,147,650	$ (160)	$ 189,871	$ 17,832	$ 2,372,557
Balance (in shares) at Jun. 30, 2014	64,578,401	379,857
Issuance of common stock for:
Exchange of exchangeable shares	$ 3	$ (16,718)	16,715
Exchange of exchangeable shares (in shares)	379,857	(379,857)
Peak Gold joint venture						45,700	45,700
Stock-based compensation and related share issuances	$ 1		6,278				6,279
Stock-based compensation and related share issuances (in shares)	75,289
Net income					51,965	713	52,678
Other comprehensive income (loss)				(3,132)			(3,132)
Distribution to non-controlling interests						(1,440)	(1,440)
Dividends declared					(56,715)		(56,715)
Balance at Jun. 30, 2015	$ 650		2,170,643	(3,292)	185,121	62,805	2,415,927
Balance (in shares) at Jun. 30, 2015	65,033,547
Issuance of common stock for:
Stock-based compensation and related share issuances	$ 1		9,138				9,139
Stock-based compensation and related share issuances (in shares)	60,403
Net income					(77,149)	(5,289)	(82,438)
Other comprehensive income (loss)				3,292			3,292
Distribution to non-controlling interests						(647)	(647)
Dividends declared					(59,388)		(59,388)
Balance at Jun. 30, 2016	$ 651		2,179,781		48,584	56,869	2,285,885
Balance (in shares) at Jun. 30, 2016	65,093,950
Issuance of common stock for:
Stock-based compensation and related share issuances	$ 1		8,533				8,534
Stock-based compensation and related share issuances (in shares)	85,577
Net income					101,530	(9,105)	92,425
Other comprehensive income (loss)				879			879
Distribution to non-controlling interests						(2,877)	(2,877)
Dividends declared					(62,064)		(62,064)
Non-controlling interest assignment			(2,518)				(2,518)
Balance at Jun. 30, 2017	$ 652		$ 2,185,796	$ 879	$ 88,050	$ 44,887	$ 2,320,264
Balance (in shares) at Jun. 30, 2017	65,179,527

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 92,425	$ (82,438)	$ 52,678
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	159,636	141,108	93,486
Amortization of debt discount and issuance costs	13,825	12,985	12,100
Non-cash employee stock compensation expense	9,983	10,039	5,141
Impairment of stream and royalty interests and royalty receivables		98,588	31,335
Tax (benefit) expense of stock-based compensation exercises	(975)	548	(364)
(Gain) loss on available-for-sale securities		(2,340)	183
Deferred tax benefit	1,556	(4,983)	(27,651)
Other	(4,874)	(390)	(46)
Changes in assets and liabilities:
Royalty receivables	(5,472)	17,221	5,977
Stream inventory	1,606	(7,203)	1,110
Income tax receivable	(13,056)	(14,637)	12,808
Prepaid expenses and other assets	(1,691)	(153)	2,527
Accounts payable	(206)	(849)	150
Income tax payable	2,475	460	2,717
Uncertain tax positions	8,631	1,867	1,405
Other liabilities	2,015	36	(1,457)
Net cash provided by operating activities	265,878	169,859	192,099
Cash flows from investing activities:
Acquisition of stream and royalty interests	(203,721)	(1,346,109)	(60,429)
Andacollo royalty termination		345,000
Golden Star term loan		(20,000)
Proceeds from sale of available-for-sale securities		11,905
Tulsequah stream termination			10,000
Other	3,605	(309)	(773)
Net cash used in investing activities	(200,116)	(1,009,513)	(51,202)
Cash flows from financing activities:
Borrowings from revolving credit facility	70,000	350,000
Repayment of revolving credit facility	(95,000)	(75,000)
Net (payments) proceeds from issuance of common stock	(2,426)	(353)	775
Common stock dividends	(61,396)	(58,720)	(56,054)
Purchase of additional royalty interest from non-controlling interest	(2,518)
Debt issuance costs	(3,340)	(1,111)	(864)
Tax (benefit) expense of stock-based compensation exercises	975	(548)	364
Other	(2,843)	(830)	(1,805)
Net cash (used in) provided by financing activities	(96,548)	213,438	(57,584)
Net (decrease) increase in cash and equivalents	(30,786)	(626,216)	83,313
Cash and equivalents at beginning of period	116,633	742,849	659,536
Cash and equivalents at end of period	$ 85,847	$ 116,633	$ 742,849

THE COMPANY

THE COMPANY	12 Months Ended
	Jun. 30, 2017
THE COMPANY
THE COMPANY	1. THE COMPANY Royal Gold, Inc. (“Royal Gold”, the “Company”, “we”, “us”, or “our”), together with its subsidiaries, is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Jun. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Summary of Significant Accounting Policies Use of Estimates The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. Our most critical accounting estimates relate to our assumptions regarding future gold, silver, copper, and other metal prices and the estimates of reserves, production and recoveries of third‑party mine operators. We rely on reserve estimates reported by the operators on the properties in which we have stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long‑lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Basis of Consolidation The consolidated financial statements include the accounts of Royal Gold, Inc., its wholly‑owned subsidiaries and an entity over which control is achieved through means other than voting right (see Note 3). The Company follows the Accounting Standards Codification (“ASC”) guidance for identification and reporting for entities over which control is achieved through means other than voting rights. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation. Cash and Equivalents Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of June 30, 2017 and 2016. Stream and Royalty Interests Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset under the ASC guidance. Acquisition costs of production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as sales occur under stream interests or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Acquisition costs of stream and royalty interests on development stage mineral properties, which are not yet in production, are not amortized until the property begins production. Acquisition costs of stream or royalty interests on exploration stage mineral properties, where there are no proven and probable reserves, are not amortized. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, the cost basis is amortized over the remaining life of the mineral property, using proven and probable reserves. The carrying values of exploration stage mineral interests are evaluated for impairment at such time as information becomes available indicating that the production will not occur in the future. Exploration costs are expensed when incurred. Available‑for‑sale Securities Investments in securities that management does not have the intent to sell in the near term and that have readily determinable fair values are classified as available‑for‑sale securities. Unrealized gains and losses on these investments are recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity, except that declines in market value judged to be other than temporary are recognized in determining net income. When investments are sold, the realized gains and losses on these investments, determined using the specific identification method, are included in determining net income. 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 (loss). This evaluation considers a number of factors including, but not limited to, the length of time and extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer, and management’s ability and intent to hold the securities until fair value recovers. 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. The new cost basis is not changed for subsequent recoveries in fair value. The carrying value of the Company’s available-for-sale securities as of June 30, 2017 and 2016 was $3.7 million and $0, respectively, and is included in Other assets on our consolidated balance sheets. During the fiscal year ended June 30, 2016, the Company sold its available-for-sale securities, resulting in a realized gain of approximately $2.3 million. 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 stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable 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, and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows. Estimates of gold, silver, copper, and other metal prices, operators’ estimates of proven and probable reserves or mineralized material related to our stream or royalty 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 stream and royalty interests in mineral properties. It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests. Refer to Note 4 for discussion and the results of our impairment assessments for the fiscal years ended June 30, 2017, 2016 and 2015. Revenue Recognition Revenue is recognized pursuant to guidance in ASC 605 and based upon amounts contractually due pursuant to the underlying streaming or royalty agreement. Specifically, revenue is recognized in accordance with the terms of the underlying stream or royalty agreements subject to (i) the pervasive evidence of the existence of the arrangements; (ii) the risks and rewards having been transferred; (iii) the stream or royalty being fixed or determinable; and (iv) the collectability being reasonably assured. For our streaming agreements, we recognize revenue when the metal is sold. Metal Sales Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between 10 days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser. Cost of Sales Cost of sales is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery. Production taxes Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in the Company’s consolidated statements of operations and comprehensive income (loss). Exploration Costs Exploration costs are specific to the Peak Gold LLC joint venture (“Peak Gold JV”) for the exploration and advancement of the Peak Gold Project, as discussed further in Note 3. Costs associated with the Peak Gold JV for the exploration and advancement of the Peak Gold Project are expensed when incurred. Stock‑Based Compensation The Company accounts for stock‑based compensation in accordance with the guidance of ASC 718. The Company recognizes all share‑based payments to employees, including grants of employee stock options, stock‑settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in its financial statements based upon their fair values. Reportable Segments and Geographical Information 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) as of June 30, 2017 and 2016 are geographically distributed as shown in the following table: As of June 30, 2017 As of June 30, 2016 Stream interest Royalty interest Total stream Stream interest Royalty Total stream Canada $ 852,035 $ 221,618 $ 1,073,653 $ 809,692 $ 228,566 $ 1,038,258 Dominican Republic 543,256 — 543,256 588,502 — 588,502 Chile 348,778 453,369 802,147 369,896 453,629 823,525 Africa 123,760 572 124,332 88,596 697 89,293 Mexico — 105,889 105,889 — 118,899 118,899 United States — 168,378 168,378 — 102,385 102,385 Australia — 37,409 37,409 — 42,547 42,547 Other 12,030 25,162 37,192 12,029 32,649 44,678 Total $ 1,879,859 $ 1,012,397 $ 2,892,256 $ 1,868,715 $ 979,372 $ 2,848,087 The Company’s revenue, cost of sales and net revenue by reportable segment for our fiscal years ended June 30, 2017, 2016 and 2015 are geographically distributed as show in the following tables: Fiscal Year Ended June 30, 2017 Fiscal Year Ended June 30, 2016 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ 136,736 $ 45,954 $ 90,782 $ 125,755 $ 47,417 $ 78,338 Dominican Republic 91,589 27,191 64,398 39,684 11,625 28,059 Chile 60,251 9,037 51,214 49,243 7,280 41,963 Africa 25,435 5,083 20,352 23,346 4,657 18,689 Total streams $ 314,011 $ 87,265 $ 226,746 $ 238,028 $ 70,979 $ 167,049 Royalties: Mexico $ 41,945 $ — $ 41,945 $ 35,267 $ — $ 35,267 United States 35,282 — 35,282 35,483 — 35,483 Canada 23,208 — 23,208 30,676 — 30,676 Australia 12,943 — 12,943 10,462 — 10,462 Africa 3,131 — 3,131 1,868 — 1,868 Chile 1,648 — 1,648 84 — 84 Other 8,646 — 8,646 7,922 — 7,922 Total royalties $ 126,803 $ — $ 126,803 $ 121,762 $ — $ 121,762 Total streams and royalties $ 440,814 $ 87,265 $ 353,549 $ 359,790 $ 70,979 $ 288,811 Fiscal Year Ended June 30, 2016 Fiscal Year Ended June 30, 2015 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ 125,755 $ 47,417 $ 78,338 $ 94,104 $ 33,450 $ 60,654 Chile 49,243 7,280 41,963 — — — Dominican Republic 39,684 11,625 28,059 — — — Africa 23,346 4,657 18,689 — — — Total streams $ 238,028 $ 70,979 $ 167,049 $ 94,104 $ 33,450 $ 60,654 Royalties: United States $ 35,483 $ — $ 35,483 $ 42,675 $ — $ 42,675 Mexico 35,267 — 35,267 43,008 — 43,008 Canada 30,676 — 30,676 37,496 — 37,496 Australia 10,462 — 10,462 8,494 — 8,494 Africa 1,868 — 1,868 3,075 — 3,075 Chile 84 — 84 39,508 — 39,508 Other 7,922 — 7,922 9,659 — 9,659 Total royalties $ 121,762 $ — $ 121,762 $ 183,915 $ — $ 183,915 Total streams and royalties $ 359,790 $ 70,979 $ 288,811 $ 278,019 $ 33,450 $ 244,569 Income Taxes The Company accounts for income taxes in accordance with the guidance of ASC 740. The Company’s annual tax rate is based on income, statutory tax rates in effect and tax planning opportunities available to us in the various jurisdictions in which the Company operates. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities. The Company’s deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies. The Company has asserted the indefinite reinvestment of certain foreign subsidiary earnings as determined by management’s judgment about and intentions concerning the future operations of the Company. As a result, the Company does not record a U.S. deferred tax liability for the excess of the book basis over the tax basis of its investments in foreign corporations to the extent that the basis difference results from earnings that meet the indefinite reversal criteria. Refer to Note 10 for further discussion on our assertion. The Company’s operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Comprehensive Income (Loss) In addition to net income, comprehensive income (loss) includes changes in equity during a period associated with cumulative unrealized changes in the fair value of marketable securities held for sale, net of tax effects. Earnings per Share Basic earnings (loss) per share is computed by dividing net income (loss) available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings (loss) per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the diluted weighted average number of common shares outstanding during each fiscal year. Reclassifications Certain income tax amounts in the prior period consolidated balance sheet and consolidated statement of cash flows have been reclassified to conform with the presentation in the current period consolidated balance sheet and consolidated statement of cash flows. The reclassifications had no effect on reported net income (loss). Recently Issued and Recently Adopted Accounting Standards Recently Issued In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU guidance clarifying the definition of a business and providing additional guidance for determining whether transactions should be accounted for as acquisitions of assets or businesses. The new guidance is effective for the Company July 1, 2018 and early adoption is permitted. The new guidance is required to be applied on a prospective basis. The Company is evaluating the new guidance. In March 2016, the FASB issued 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. 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. This ASU superseded virtually all of the revenue recognition guidance in generally accepted accounting principles in the United States. The core principle of the five–step model is that an entity will recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. Entities can choose to apply the standard using either the full retrospective approach or a modified retrospective approach, and is effective for the Company’s fiscal year beginning July 1, 2018. Early adoption is permitted. We plan to implement the new ASU revenue recognition guidance as of July 1, 2018, using the modified retrospective method with the cumulative effect, if any, of initial adoption to be recognized in Accumulated earnings at the date of initial application. We are in the initial stages of our evaluation of the impact of the new standard on our accounting policies, processes, and financial reporting. Based on the evaluation performed to-date, we expect to identify similar performance obligations as compared with deliverables and separate units of account previously identified. We will continue to assess the impact of adopting this ASU throughout the remainder of calendar 2017. Recently Adopted In August 2014, the FASB issued ASU guidance for disclosure of uncertainties about an entity’s ability to continue as a going concern. The new guidance requires management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. The new guidance was effective, and the Company adopted this standard, effective January 1, 2017.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Jun. 30, 2017
ACQUISITIONS
ACQUISITIONS	3. 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. Giving effect to this acquisition, Royal Gold’s interests at Cortez Crossroads comprise a 4.52% 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 4.91% 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. Both are included within Stream and royalty interests, net , on our consolidated balance sheets. Acquisition of Gold and Silver Stream at Pueblo Viejo On September 29, 2015, RGLD Gold AG (“RGLD Gold”), a wholly-owned subsidiary of the Company, closed its Precious Metals Purchase and Sale Agreement with 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 was 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 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, subject to a minimum silver recovery of 70%, 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. RGLD Gold began receiving silver deliveries during the quarter ended March 31, 2016. 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 Stream and royalty 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 and Amendment of Gold Stream on Wassa and Prestea On July 28, 2015, RGLD Gold 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. 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. Funds are being used for ongoing development of Golden Star’s Wassa and Prestea mines in Ghana. As of June 30, 2016, RGLD Gold had advanced $95 million. During the fiscal year ended June 30, 2017, RGLD Gold funded the remaining $55 million of upfront payments to Golden Star. The Company has no remaining upfront deposit payments associated with the Wassa and Prestea gold stream. Under the terms of the stream transaction, Golden Star will deliver to RGLD Gold 9.25% of gold produced from the Wassa 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% of gold produced from the Wassa and Prestea projects until an aggregate 240,000 ounces have been delivered. 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 and Prestea gold stream acquisition has been accounted for as an asset acquisition. The aggregate advance payments of $145 million, plus direct acquisition costs, have been recorded as a production stage stream interest within Stream and royalty interests, net on our consolidated balance sheets. The acquisition cost of the Wassa and Prestea gold stream interest will be depleted using the units of production method, which is estimated using aggregate proven and probable reserves, 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 income on our consolidated statements of operations and comprehensive income (loss). 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 made the final scheduled payment of $75 million in November 2016. The Company has no further upfront deposit payments associated with the Rainy River gold and silver stream as of June 30, 2017. 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 to RGLD Gold 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 aggregate advance payments of $175 million, plus direct transaction costs, have been recorded as a development stage stream interest within Stream and royalty interests, net on our consolidated balance sheets. Acquisition of Gold Stream and Termination of Royalty Interest 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 an approximate 1.5 kilometer area of interest, and certain other mining concessions that CMCA or its affiliates may acquire. The Andacollo Stream Agreement was 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. Also 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. In accordance with relevant guidance from the ASC, the Company determined it should account for the Andacollo Stream Agreement and the Royalty Termination Agreement as a single transaction because both transactions closed on the same date, both transactions were with the same counterparty, and the same mineral interest (gold) was part of both transactions. As the Company accounted for the Andacollo Stream Agreement and Royalty Termination Agreement as a single transaction, it was further determined, based on the relevant ASC guidance, that no gain will be recognized as part of the transactions. The Company accounted for the acquisition of the gold 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 Stream and royalty 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. Peak Gold Joint Venture and Royalty Acquisition On January 8, 2015, Royal Gold, through its wholly‑owned subsidiary, Royal Alaska, LLC (“Royal Alaska”), and Contango ORE, Inc., through its wholly‑owned subsidiary CORE Alaska, LLC (together, “Contango”), entered into a limited liability company agreement for the Peak Gold JV, a joint venture for exploration and advancement of the Peak Gold Project located near Tok, Alaska. Contango contributed all of its assets relating to the Peak Gold Project to the Peak Gold JV, including a mining lease and certain state of Alaska mining claims. Royal Alaska contributed $5.0 million in cash to the Peak Gold JV. Contango initially held a 100% membership interest in the Peak Gold JV. Royal Alaska has the right to obtain up to 40% of the membership interest in the Peak Gold JV by making contributions of up to $30.0 million (including Royal Alaska’s initial $5.0 million contribution) in cash to the Peak Gold JV by October 31, 2018. As of June 30, 2017 and 2016, Royal Alaska has contributed $18.0 million and $5.7 million, respectively, and obtained a 29.5% and 11%, respectively, membership interest in the Peak Gold JV. Royal Alaska will act as the manager of the Peak Gold JV and will be responsible for managing, directing and controlling the overall operations during the earn‑in period, and thereafter, provided Royal Alaska holds at least a 40% interest. Royal Alaska will act as manager unless and until it fails to earn at least a 40% interest during the earn-in priod, is unanimously removed or resigns that position in the manner provided in the Peak Gold JV limited liability company agreement. The Company follows the ASC guidance for identification and reporting of entities for which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities (“VIEs”). The Company has identified the Peak Gold JV as a VIE, with Royal Alaska as the primary beneficiary, due to the legal structure and certain related factors of the limited liability company agreement for the Peak Gold JV. The Company determined that the Peak Gold JV should be fully consolidated at fair value initially. The fair value of the Company’s non‑controlling interest is $45.7 million and is based on the underlying value of the mineral property assigned to the Peak Gold JV, which is recorded as an exploration stage property within Stream and royalty interests, net on our consolidated balance sheets. On September 30, 2014, Royal Gold acquired a 2.0% net smelter return (“NSR”) royalty and a 3.0% NSR royalty held by private parties over areas comprising the Peak Gold Project located near Tok, Alaska, for total consideration of $6.0 million. The acquisition of the Peak Gold Project royalties has been accounted for as an asset acquisition. The total purchase price, plus direct transaction costs, has been recorded as an exploration stage royalty interest within Stream and royalty interests, net on our consolidated balance sheets.

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	12 Months Ended
	Jun. 30, 2017
STREAM AND ROYALTY INTERESTS, NET
STREAM AND ROYALTY INTERESTS, NET	4. STREAM AND ROYALTY INTERESTS, NET The following summarizes the Company’s stream and royalty interests as of June 30, 2017 and 2016: As of June 30, 2017 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ $ 676,308 Pueblo Viejo 610,404 (67,149) 543,255 Andacollo 388,182 (39,404) 348,778 Wassa and Prestea 146,475 (22,715) 123,760 Total production stage stream interests 1,935,696 (243,595) 1,692,101 Production stage royalty interests: Voisey's Bay 205,724 (85,671) 120,053 Peñasquito 99,172 (34,713) 64,459 Holt 34,612 (19,669) 14,943 Cortez 20,873 (10,633) 10,240 Other 483,643 (337,958) 145,685 Total production stage royalty interests 844,024 (488,644) 355,380 Total production stage stream and royalty interests 2,779,720 (732,239) 2,047,481 Development stage stream interests: Rainy River 175,727 - 175,727 Other 12,031 - 12,031 Total development stage stream interests 187,758 - 187,758 Development stage royalty interests: Pascua-Lama 380,657 — 380,657 Cortez 59,803 — 59,803 Other 63,811 — 63,811 Total development stage royalty interests 504,271 — 504,271 Total development stage stream and royalty interests 692,029 — 692,029 Total exploration stage royalty interests 152,746 — 152,746 Total stream and royalty interests $ 3,624,495 $ $ 2,892,256 As of June 30, 2016 (Amounts in thousands): Cost Accumulated Depletion Impairments Net Production stage stream interests: Mount Milligan $ 783,046 $ (74,060) $ — $ 708,986 Pueblo Viejo 610,404 (21,902) — 588,502 Andacollo 388,182 (18,286) — 369,896 Wassa and Prestea 96,413 (7,816) — 88,597 Total production stage stream interests 1,878,045 (122,064) — 1,755,981 Production stage royalty interests: Voisey's Bay 205,724 (85,671) - 120,053 Peñasquito 99,172 (29,898) - 69,274 Holt 34,612 (17,124) - 17,488 Cortez 10,630 (10,000) - 630 Other 531,735 (342,460) (18,605) 170,670 Total production stage royalty interests 881,873 (485,153) (18,605) 378,115 Total production stage stream and royalty interests 2,759,918 (607,217) (18,605) 2,134,096 Development stage stream interests: Rainy River 100,706 - - 100,706 Other 87,883 (153) (75,702) 12,028 Total development stage stream interests 188,589 (153) (75,702) 112,734 Development stage royalty interests: Pascua-Lama 380,657 — — 380,657 Other 66,414 — — 66,414 Total development stage royalty interests 447,071 — — 447,071 Total development stage stream and royalty interests 635,660 (153) (75,702) 559,805 Total exploration stage royalty interests 155,997 — (1,811) 154,186 Total stream and royalty interests $ 3,551,575 $ (607,370) $ (96,118) $ 2,848,087 Phoenix Gold On December 20, 2016, the owner of the Phoenix Gold Project, Rubicon Minerals Corporation (“Rubicon”), announced a restructuring transaction under Canadian regulations. As part of the restructuring transaction, RGLD Gold’s gold stream interest was terminated. As discussed further below, the Company’s stream interest on the Phoenix Gold Project was written down to zero during the quarter ended March 31, 2016. In exchange for termination of the gold stream, RGLD Gold received approximately three million common shares of Rubicon and three Net Smelter Return (“NSR”) royalties on properties owned by Rubicon, including a 1.0% NSR on the Phoenix Gold Project. The fair value of the Rubicon common shares upon exchange was $3.4 million and is recorded within Other assets on our consolidated balance sheets and is accounted for under our available-for-sale accounting policy, which is also discussed in Note 2. The Company also recognized a corresponding gain on the fair value of the Rubicon common shares received upon exchange. The gain is recorded within Interest and other income on our consolidated statements of operations and comprehensive income (loss). The Company did not recognize any value for the 1.0% NSR on the Phoenix Gold Project received upon exchange as our interest on the Phoenix Gold Project was previously fully impaired. No value was assigned to the other royalties received upon exchange as no mineralization is attributable to the area subject to the royalty interests at the time of the exchange. Amendment to Mount Milligan On October 20, 2016, Centerra Gold Inc. (“Centerra”) and Thompson Creek Metals Company 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’s 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 the lesser of $435 per ounce of gold delivered or the prevailing market price when purchased 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, was delivered to RGLD Gold under the previous 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. Accordingly, RGLD Gold began receiving gold and copper deliveries reflecting the amended stream agreement in April 2017. The Company incurred approximately $7.7 million in direct transaction costs associated with the amendment. These direct transaction costs have been capitalized as part of the Mount Milligan streaming interest within Stream and royalty interests, net on our consolidated balance sheets. Impairment of stream and royalty interests and royalty receivables In accordance with our impairment accounting policy discussed in Note 1, impairments in the carrying value of each stream or royalty interest are measured and recorded to the extent that the carrying value in each stream or royalty 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 determined no impairment indicators were present as of June 30, 2017. The Company determined the presence of impairment indicators and recorded impairment charges for the fiscal years ended June 30, 2016 and 2015 as summarized in the following table and discussed in detail below: Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) Phoenix Gold (1) $ — $ 75,702 $ — Inata (2) — 11,982 — Wolverine (2) — 5,307 25,967 Other — 3,127 2,372 Total impairment of stream and royalty interests $ — $ 96,118 $ 28,339 Inata royalty receivable — 2,855 — Wolverine royalty receivable — (385) 2,996 Total impairment of stream and royalty interests and royalty receivables $ — $ 98,588 $ 31,335 (1) Included in Other development stage stream interests in the above stream and royalty interests table. (2) Included in Other production stage royalty interests in the above stream and royalty interests table. Phoenix Gold RGLD Gold previously owned the right to purchase 6.30% of any gold produced from the Phoenix Gold Project until 135,000 ounces were delivered, and 3.15% thereafter. The Phoenix Gold Project is located in Red Lake, Ontario, Canada, and owned by Rubicon. 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 were 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 impairment. During the quarter ended March 31, 2016, the Company independently evaluated 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 was completed by internal and external personnel and included an economic analysis of the Phoenix Gold Project and a detailed review of the geological model and mineralized material statement. Based upon the results of the Company’s review of the updated geological model and mineralized material statement, and other factors, it was determined that our stream interest at the Phoenix Gold Project should be written down to zero as of March 31, 2016. Inata The Company owns a 2.5% gross smelter return royalty on all gold and silver produced from the Inata mine, located in Burkina Faso, West Africa, and operated by a subsidiary of Avocet Mining PLC (“Avocet”). The Company’s carrying value for its royalty interest at Inata was approximately $12.0 million as of December 31, 2015. As part of the Company’s impairment assessment for the three months ended March 31, 2016, the Company was notified of an updated mine plan at Inata, which included a significant reduction in the life of the mine. Based upon our review of the updated mine plan, our royalty interest was written down to zero as of March 31, 2016. The Company also had a royalty receivable of approximately $2.8 million associated with past due royalty payments on the Inata interest. As a result of Avocet’s financial and operational difficulties and our review of the updated mine plan at Inata, the Company believes payment of the receivable is uncertain and provided for an allowance against the entire royalty receivable as of March 31, 2016. The Company continues to pursue collection of all past due payments. Wolverine The Company owns a 0.00% to 9.445% sliding‑scale NSR royalty on all gold and silver produced from the Wolverine underground mine and milling operation located in Yukon Territory, Canada, and operated by Yukon Zinc Corporation (“Yukon Zinc”). As part of the Company’s impairment assessment for the three months ended December 31, 2014, the Company was notified of an updated mine plan at Wolverine, which included a significant reduction in reserves and resources when compared to the previous mine plan. A significant reduction in reserves and resources, along with decreases in the long‑term metal price assumptions used by the industry, are indicators of impairment. As part of the impairment determination, the fair value for Wolverine was estimated by calculating the net present value of the estimated future cash‑flows expected to be generated by the mining of the Wolverine deposits subject to our royalty interest. The estimates of future cash‑flows were derived from a life‑of‑mine model developed by the Company using Yukon Zinc’s updated mine plan information. The metal price assumptions used in the Company’s model were supported by consensus price estimates obtained from a number of industry analysts. The future cash‑flows were discounted using a discount rate which reflects specific market risk factors the Company associates with the Wolverine royalty interest. Following the impairment charge during the three months ended December 31, 2014, the Wolverine royalty interest has a carrying value of $5.3 million as of June 30, 2015. The Company had a royalty receivable of approximately $3.0 million associated with past due royalty payments on the Wolverine interest. As a result of financial and operational results experienced by Yukon Zinc and their decision to put the mine on care and maintenance, the Company determined that payment of the receivable is uncertain and provided for an allowance against the entire receivable as of June 30, 2015. The expense associated with the allowance is recorded within General and administrative expense on the Company’s consolidated statements of operations and comprehensive income (loss). During the second half of calendar 2015, Yukon Zinc completed bankruptcy proceedings in the Supreme Court of British Columbia and during the quarter ended March 31, 2016, we were made aware of no further intentions to recommission the mine. Based upon the updated developments and limited remaining mineralized material at Wolverine, the Company wrote down the remaining carrying value at Wolverine to zero as of March 31, 2016. Other As part of the Company’s regular asset impairment analysis during the three months ended March 31, 2016, including consideration of recent operator/property updates and developments, the Company determined that one production stage royalty interest and three exploration stage royalty interests should be written down to zero for a total impairment of approximately $3.1 million. As part of the Company’s regular asset impairment analysis during the three months ended September 30, 2014, the Company determined that one production stage royalty interest and one exploration stage royalty interest should be written down to zero for a total impairment of $1.8 million. As part of the termination of the Tulsequah Chief gold and silver stream, as discussed below, the Company wrote‑off approximately $0.6 million of direct acquisition costs during the three months ended December 31, 2014. Termination of the Tulsequah Chief Gold and Silver Stream On December 22, 2014, RGLD Gold terminated the Amended and Restated Gold and Silver Purchase and Sale Agreement (the “Tulsequah Agreement”), between RGLD Gold, the Company, Chieftain Metals Inc. and Chieftain Metals Corp. (together, “Chieftain”), relating to Chieftain’s Tulsequah Chief mining project located in British Columbia, Canada. Pursuant to the terms of the Agreement, Chieftain repaid RGLD Gold’s original $10.0 million advance payment. As a result of the termination of the Tulsequah Agreement and repayment of our investment, the carrying value of the Tulsequah Chief gold and silver stream, which included our $10.0 million investment and approximately $0.6 million of direct acquisition costs, was reduced to zero during the three months ended December 31, 2014.

DEBT

DEBT	12 Months Ended
	Jun. 30, 2017
DEBT
DEBT	5. DEBT The Company’s debt as of June 30, 2017 and 2016 consists of the following: As of June 30, 2017 As of June 30, 2016 Principal Unamortized Discount Debt Issuance Costs Total Principal Unamortized Discount Debt Issuance Costs Total (Amounts in thousands) (Amounts in thousands) Convertible notes due 2019 $ 370,000 $ (25,251) $ (2,646) $ 342,103 $ 370,000 $ (36,943) $ (3,934) $ 329,123 Revolving credit facility 250,000 — (5,933) 244,067 275,000 — (3,438) 271,562 Total debt $ 620,000 $ (25,251) $ (8,579) $ 586,170 $ 645,000 $ (36,943) $ (7,372) $ 600,685 Convertible Senior Notes Due 2019 In June 2012, the Company completed an offering of $370 million aggregate principal amount of 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 fiscal years ended June 30, 2017, 2016 and 2015 was approximately $23.6 million, $22.8 million and $22.1 million, respectively. Interest expense recognized includes the contractual coupon interest, the accretion of the debt discount and amortization of the debt issuance costs, and is recorded in Interest and other expense consolidated statements of operations and comprehensive income (loss). Revolving credit facility On June 2, 2017, the Company entered into a new $1 billion, 5-year revolving credit facility (“New Credit Facility”) with a final maturity in June 2022. The New Credit Facility replaces the Company’s prior $650 million credit facility under the Sixth Amended & Restated Credit Agreement, dated as of January 29, 2014 (as amended) (“Prior Credit Facility”) that was set to mature in March 2021. The Company repaid the Prior Credit Facility using a combination of cash on hand of $50 million and a borrowing under the New Credit Facility of $250 million. Royal Gold may repay borrowings under the New Credit Facility at any time without premium or penalty. The Company has $750 million of availability under the New Credit Facility as of June 30, 2017. The New Credit Facility was entered into by Royal Gold as borrower, a wholly-owned subsidiary of Royal Gold as guarantor, and the Bank of Nova Scotia (“BNS”), as administrative agent, and BNS, HSBC Bank USA, National Association (“HSBC”), Canadian Imperial Bank of Commerce (“CIBC”), Bank of America, N.A., Goldman Sachs Bank USA, The Bank of Montreal, National Bank Financial, and Royal Bank of Canada, as lenders. Other agents under the New Credit Facility include BNS, HSBC and CIBC as Co-Lead Arrangers and Joint Bookrunners, HSBC as Syndication Agent and CIBC as Documentation Agent. Features of the New Credit Facility include: (1) a $350 million increase in maximum aggregate commitments over the Prior Credit Facility from $650 million to $1.0 billion; (2) a final maturity of June 2022 as compared to March 2021 under the Prior Credit Facility; (3) a $250 million accordion feature, which allows the Company to increase commitments under the facility, subject to satisfaction of certain conditions and receipt of additional commitments from existing or new lenders, to an aggregate commitment amount of up to $1.25 billion; (4) commitment fees on undrawn amounts ranging from 0.25% per annum to 0.55% per annum based on the Company’s leverage ratio (as defined therein); (5) an interest rate, as selected by the Company, based on the Company’s leverage ratio, which rates range from either (i) LIBOR + 1.25% per annum to LIBOR + 2.75% per annum or (ii) the “base rate” plus an applicable margin of 0.25% per annum to 1.75% per annum, where the “base rate” is equal to the greatest of (A) the applicable annual interest rate charged by BNS for U.S. Dollar loans, (B) the aggregate of the Federal Funds Effective Rate (as defined therein) plus 0.5% per annum and (C) LIBOR for an interest period of one month plus 1.0% per annum; (6) a minimum interest coverage ratio (as defined therein) of 3.0 to 1.0, and (7) a maximum leverage ratio (as defined therein) of 3.5 to 1.0, increasing to 4.0 to 1.0 for two quarters following completion of a material permitted acquisition of $250 million or more (as further defined therein). As of June 30, 2017, the interest rate on borrowings under the New Credit Facility was LIBOR plus 1.75% for an all-in rate of 2.97%. The Company was in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the New Credit Facility as of June 30, 2017. Interest expense recognized on the revolving credit facility for the fiscal years ended June 30, 2017, 2016 and 2015 was approximately $9.9 million, $8.1 million and $0.6 million, respectively, and included interest on the outstanding borrowings and the amortization of the debt issuance costs.

REVENUE

REVENUE	12 Months Ended
	Jun. 30, 2017
REVENUE
REVENUE	6. REVENUE Revenue is comprised of the following: Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) Stream interests $ 314,011 $ 238,028 $ 94,104 Royalty interests 126,803 121,762 183,915 Total revenue $ 440,814 $ 359,790 $ 278,019

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Jun. 30, 2017
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	7. STOCK‑BASED COMPENSATION In November 2015, shareholders of the Company approved the 2015 Omnibus Long‑Term Incentive Plan (“2015 LTIP”). Under the 2015 LTIP, 2,500,000 shares of common stock have been authorized for future grants to officers, directors, key employees and other persons. The 2015 LTIP provides for the grant of stock options, unrestricted stock, restricted stock, dividend equivalent rights, SSARs and cash awards. Any of these awards may, but need not, be made as performance incentives. Stock options granted under the 2015 LTIP may be non‑qualified stock options or incentive stock options. The Company recognized stock‑based compensation expense as follows: For the Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) Stock options $ 393 $ 454 $ 417 Stock appreciation rights 1,851 1,687 1,422 Restricted stock 3,840 3,686 2,511 Performance stock 3,899 4,212 791 Total stock-based compensation expense $ 9,983 $ 10,039 $ 5,141 Stock‑based compensation expense is included within General and administrative expense on the consolidated statements of operations and comprehensive income (loss). Stock Options and Stock Appreciation Rights Stock option and SSARs awards are granted with an exercise price equal to the closing market price of the Company’s stock at the date of grant. Stock option and SSARs awards granted to officers, key employees and other persons vest based on one to three years of continuous service. Stock option and SSARs awards have 10 year contractual terms. To determine stock‑based compensation expense for stock options and SSARs, the fair value of each stock option and SSAR is estimated on the date of grant using the Black‑Scholes‑Merton (“Black‑Scholes”) option pricing model for all periods presented. The Black‑Scholes model requires key assumptions in order to determine fair value. Those key assumptions during the fiscal year 2017, 2016 and 2015 grants are noted in the following table: Stock Options SSARs 2017 2016 2015 2017 2016 2015 Weighted-average expected volatility 41.7 % 36.9 % 37.3 % 41.1 % 36.9 % 36.6 % Weighted-average expected life in years 5.5 5.5 5.5 5.8 5.4 5.3 Weighted-average dividend yield 1.11 % 1.06 % 1.00 % 1.11 % 1.00 % 1.00 % Weighted-average risk free interest rate 1.2 % 1.6 % 1.7 % 1.3 % 1.6 % 1.7 % The Company’s expected volatility is based on the historical volatility of the Company’s stock over the expected option term. The Company’s expected option term is determined by historical exercise patterns along with other known employee or company information at the time of grant. The risk free interest rate is based on the zero‑coupon U.S. Treasury bond at the time of grant with a term approximate to the expected option term. Stock Options A summary of stock option activity for the fiscal year ended June 30, 2017, is presented below. Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Value Shares Price Life (Years) (in thousands) Outstanding at July 1, 2016 117,823 $ 59.04 Granted 7,200 $ 83.29 Exercised (17,198) $ 37.30 Forfeited — $ — Outstanding at June 30, 2017 107,825 $ 64.13 6.2 $ 1,551 Exercisable at June 30, 2017 77,310 $ 63.32 5.5 $ 1,148 The weighted‑average grant date fair value of options granted during the fiscal years ended June 30, 2017, 2016 and 2015, was $29.54, $18.05 and $24.86, respectively. The total intrinsic value of options exercised during the fiscal years ended June 30, 2017, 2016 and 2015, were $0.5 million, $0.1 million, and $0.7 million, respectively. As of June 30, 2017, there was approximately $0.3 million of total unrecognized stock‑based compensation expense related to non‑vested stock options, which is expected to be recognized over a weighted‑average period of 1.5 years. SSARs A summary of SSARs activity for the fiscal year ended June 30, 2017, is presented below. Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Value Shares Price Life (Years) (in thousands) Outstanding at July 1, 2016 367,805 $ 62.58 Granted 63,340 $ 83.29 Exercised (7,000) $ 30.96 Forfeited — $ — Outstanding at June 30, 2017 424,145 $ 66.19 6.6 $ 5,404 Exercisable at June 30, 2017 269,987 $ 63.62 5.6 $ 3,928 The weighted‑average grant date fair value of SSARs granted during the fiscal years ended June 30, 2017, 2016 and 2015 was $29.76, $18.35 and $24.42, respectively. The total intrinsic value of SSARs exercised during the fiscal years ended June 30, 2017, 2016 and 2015, were $0.2 million, $0.3 million, and $0.2 million, respectively. As of June 30, 2017, there was approximately $2.0 million of total unrecognized stock‑based compensation expense related to non‑vested SSARs, which is expected to be recognized over a weighted‑average period of 1.7 years. Other Stock‑based Compensation Performance Shares During fiscal 2017, officers and certain employees were granted 29,830 shares of restricted common stock that can be earned only upon the Company’s achievement of certain pre‑defined performance measures. Specifically, for performance shares granted in fiscal 2017, one‑half of the shares awarded may vest upon the Company’s achievement of annual growth in Net Gold Equivalent Ounces (“Net GEOs”) (“GEO Shares”). The second one‑half of performance shares granted in fiscal 2017 may vest based on the Company’s total shareholder return (“TSR”) compared to the TSRs of other members of the Market Vectors Gold Miners ETF (GDX) (“TSR Shares”). GEO Shares and TSR Shares may vest by linear interpolation in a range between zero shares if neither threshold Net GEO and TSR metric is met; to 100% of GEO Shares and TSR Shares awarded if both target Net GEO and TSR metrics are met; to 200% of the Net GEO and TSR shares awarded if both the maximum Net GEO and TSR metrics are met. The GEO Shares will expire in five years from the date of grant if the performance measure is not met, while the TSR Shares will expire in three years from the date of grant if the TSR market condition and three year service condition are not met. The Company measures the fair value of the GEO Shares based upon the market price of our common stock as of the date of grant. In accordance with ASC 718, the measurement date for the GEO Shares will be determined at such time that the performance goals are attained or that it is probable they will be attained. At such time that it is probable that a performance condition will be achieved, compensation expense will be measured by the number of shares that will ultimately be earned based on the grant date market price of our common stock. For shares that were previously estimated to be probable of vesting and are no longer deemed to be probable of vesting, compensation expense is reversed during the period in which it is determined they are no longer probable of vesting. Interim recognition of compensation expense will be made at such time as management can reasonably estimate the number of shares that will be earned. In accordance with ASC 718, provided the market condition within the TSR Shares, the Company measured the grant date fair value using a Monte Carlo valuation model. The fair value of the TSR Shares ($53.65 per share) is multiplied by the target number of TSR Shares granted to determine total stock‑based compensation expense. Total stock‑based compensation expense of the TSR Shares is amortized on a straight‑line basis over the requisite service period, or three years. Stock‑based compensation expense for the TSR Shares is recognized provided the requisite service period is rendered, regardless of when, if ever, the TSR market condition is satisfied. The Company will reverse previously recognized stock‑based compensation expense attributable to the TSR Shares only if the requisite service period is not rendered. A summary of the status of the Company’s non‑vested Performance Shares for the fiscal year ended June 30, 2017, is presented below: Weighted- Average Number of Grant Date Shares Fair Value Non-vested at July 1, 2016 210,178 $ 63.78 Granted 29,830 $ 68.47 Vested (45,774) $ 65.57 Expired (29,550) $ 68.18 Forfeited — $ — Non-vested at June 30, 2017 164,684 $ 68.53 As of June 30, 2017, total unrecognized stock‑based compensation expense related to Performance Shares was approximately $1.4 million, which is expected to be recognized over the average remaining vesting period of 1.8 years. Restricted Stock Officers, non‑executive directors and certain employees may be granted shares of restricted stock that vest on continued service alone (“Restricted Stock”). During fiscal 2017, officers and certain employees were granted 31,380 shares of Restricted Stock. Restricted Stock awards granted to officers and certain employees vest over three years beginning after a two‑year holding period from the date of grant with one‑third of the shares vesting in years three, four and five, respectively. Also during fiscal year 2017, our non‑executive directors were granted 13,510 shares of Restricted Stock. The non‑executive directors’ shares of Restricted Stock vest 50% immediately and 50% one year after the date of grant. The Company measures the fair value of the Restricted Stock based upon the market price of our common stock as of the date of grant. Restricted Stock is amortized over the applicable vesting period using the straight‑line method. Unvested shares of Restricted Stock are subject to forfeiture upon termination of employment or service with the Company. A summary of the status of the Company’s non‑vested Restricted Stock for the fiscal year ended June 30, 2017, is presented below: Weighted- Average Number of Grant Date Shares Fair Value Non-vested at July 1, 2016 176,522 $ 63.46 Granted 44,890 $ 83.29 Vested (54,603) $ 64.08 Forfeited — $ — Non-vested at June 30, 2017 166,809 $ 68.60 As of June 30, 2017, total unrecognized stock‑based compensation expense related to Restricted Stock was approximately $5.4 million, which is expected to be recognized over the weighted‑average vesting period of 3.0 years.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Jun. 30, 2017
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ EQUITY Preferred Stock The Company has 10,000,000 authorized and unissued shares of $.01 par value Preferred Stock as of June 30, 2017 and 2016. Common Stock Issuances During the fiscal years ended June 30, 2017, 2016 and 2015, options to purchase 17,198, 2,500 and 20,488 shares, respectively, were exercised, resulting in proceeds of approximately $0.5 million, $0.1 million and $0.8 million, respectively. Stockholders’ Rights Plan On September 10, 2007, the Company entered into the First Amended and Restated Rights Agreement, dated September 10, 2007 (the “Rights Agreement”). The Rights Agreement was approved by the Company’s board of directors (the “Board”). The Rights Agreement expires on September 10, 2017, and an amended or new stockholder rights plan may or may not be implemented in the future. The Rights Agreement is intended to deter coercive or abusive tender offers and market accumulations. The Rights Agreement is designed to encourage an acquirer to negotiate with the Board and to enhance the Board’s ability to act in the best interests of all the Company’s stockholders. Under the Rights Agreement, each stockholder of the Company holds one preferred stock purchase right (a “Right”) for each share of Company common stock held. The Rights generally become exercisable only in the event that an acquiring party accumulates 15 percent or more of the Company’s outstanding shares of common stock. If this were to occur, subject to certain exceptions, each Right (except for the Rights held by the acquiring party) would allow its holders to purchase one one‑thousandth of a newly issued share of Series A junior participating preferred stock of Royal Gold or the Company’s common stock with a value equal to twice the exercise price of the Right, initially set at $175 under the terms and conditions set forth in the Rights Agreement.

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	12 Months Ended
	Jun. 30, 2017
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	9. 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 table summarizes the effects of dilutive securities on diluted EPS for the period: Fiscal Year Ended June 30, 2017 2016 2015 (in thousands, except per share data) Net income (loss) available to Royal Gold common stockholders $ 101,530 $ (77,149) $ 51,965 Weighted-average shares for basic EPS 65,152,782 65,074,455 65,007,861 Effect of other dilutive securities 125,171 - 117,312 Weighted-average shares for diluted EPS 65,277,953 65,074,455 65,125,173 Basic earnings (loss) per share $ 1.55 $ (1.18) $ 0.80 Diluted earnings (loss) per share $ 1.55 $ (1.18) $ 0.80 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 initial conversion price of $105.31.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2017
INCOME TAXES
INCOME TAXES	10. INCOME TAXES For financial reporting purposes, Income (loss) before income taxes includes the following components: Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) United States $ 15,253 $ (230) $ 17,569 Foreign 103,613 (21,528) 44,675 $ 118,866 $ (21,758) $ 62,244 The Company’s Income tax expense consisted of: Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) Current: Federal $ 13,975 $ 45,878 $ 22,418 State 308 135 (36) Foreign 10,602 19,650 14,835 $ 24,885 $ 65,663 $ 37,217 Deferred and others: Federal $ (1,443) $ (6,986) $ (5,506) State (18) (78) (49) Foreign 3,017 2,081 (22,096) $ 1,556 $ (4,983) $ (27,651) Total income tax expense $ 26,441 $ 60,680 $ 9,566 The provision for income taxes for the fiscal years ended June 30, 2017, 2016 and 2015, differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre‑tax income (net of non‑controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences: Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) Total expense computed by applying federal rates $ 41,603 $ (7,615) $ 21,786 State and provincial income taxes, net of federal benefit 78 (1) 25 Excess depletion (1,517) (882) (1,429) Estimates for uncertain tax positions 2,870 1,866 1,404 Statutory tax attributable to non-controlling interest 3,162 1,838 (211) Effect of foreign earnings 3,046 61,576 6,536 Effect of foreign earnings indefinitely reinvested (22,922) 3,406 (7,601) Canadian rate adjustment — — 4,070 Chilean tax reform — — (2,481) Unrealized foreign exchange gains (746) (2,439) (10,949) Changes in estimates (3,676) 1,641 (359) Valuation allowance 4,374 849 — Other 169 441 (1,225) $ 26,441 $ 60,680 $ 9,566 The effective tax rate includes the impact of certain undistributed foreign subsidiary earnings for which we have not provided U.S. taxes because we plan to reinvest such earnings indefinitely outside the United States. The Company has the ability and intent to indefinitely reinvest these foreign earnings based on revenue and cash projections of our other investments, current cash on hand, and availability under our revolving credit facility. No deferred tax has been provided on the difference between the tax basis in the stock of the consolidated subsidiary and the amount of the subsidiary’s net equity determined for financial reporting purposes. The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities at June 30, 2017 and 2016, are as follows: 2017 2016 (Amounts in thousands) Deferred tax assets: Stock-based compensation $ 5,979 $ 5,691 Net operating losses 5,341 12,385 Foreign tax credits 19,869 — Other 7,382 4,610 Total deferred tax assets 38,571 22,686 Valuation allowance (6,474) (2,100) Net deferred tax assets $ 32,097 $ 20,586 Deferred tax liabilities: Mineral property basis $ (122,870) $ (127,337) Unrealized foreign exchange gains (1,097) (1,273) 2019 Notes (8,634) (12,639) Investment in the Peak Gold JV (5,475) — Other (595) (124) Total deferred tax liabilities (138,671) (141,373) Total net deferred taxes $ (106,574) $ (120,787) The Company reviews the measurement of its deferred tax assets at each balance sheet date. All available evidence, both positive and negative, is considered in determining whether, based upon the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2017 and 2016, the Company had $ 6.5 million and $2.1 million of valuation allowances recorded, respectively. The valuation allowance remaining at June 30, 2017 is attributable to US foreign tax credits and capital loss carryforwards in non‑US subsidiaries. At June 30, 2017 and 2016, the Company had $32.1 million and $59.5 million of net operating loss carry forwards, respectively. The decrease in the net operating loss carry forwards is primarily attributable to the utilization of net operating losses by non‑U.S. subsidiaries. The majority of the tax loss carry forwards are in jurisdictions that allow a twenty year carry forward period. As a result, these losses do not begin to expire until the 2028 tax year, and the Company anticipates the losses will be fully utilized. As of June 30, 2017 and 2016, the Company had $28.5 million and $26.9 million of unrecognized tax benefits, respectively. If recognized, these unrecognized tax benefits would positively impact the Company’s effective income tax rate. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: 2017 2016 2015 (Amounts in thousands) Total gross unrecognized tax benefits at beginning of year $ 26,960 $ 26,120 $ 23,956 Additions / Reductions for tax positions of current year 1,394 840 2,421 Additions / Reductions for tax positions of prior years 188 — — Reductions due to settlements with taxing authorities — — (257) Reductions due to lapse of statute of limitations — — — Total amount of gross unrecognized tax benefits at end of year $ 28,542 $ 26,960 $ 26,120 The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non‑U.S. income tax examinations by tax authorities for fiscal years before 2013. As a result of (i) statutes of limitation that will begin to expire within the next 12 months in various jurisdictions, (ii) possible settlements of audit‑related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, and (iii) additional accrual of exposure and interest on existing items, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will not decrease in the next 12 months. The Company’s continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At June 30, 2017 and 2016, the amount of accrued income‑tax‑related interest and penalties was $6.8 million and $5.7 million, respectively. The gross unrecognized tax benefits reflected in the tabular reconciliation do not include interest and penalties and are not reduced by advanced deposits of $9.7 million made to taxing authorities.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Jun. 30, 2017
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	11. SUPPLEMENTAL CASH FLOW INFORMATION The Company’s supplemental cash flow information for the fiscal years ending June 30, 2017, 2016 and 2015 is as follows: 2017 2016 2015 (Amounts in thousands) Cash paid during the period for: Interest $ 18,999 $ 17,691 $ 10,638 Income taxes, net of refunds $ 26,835 $ 76,072 $ 20,272 Non-cash investing and financing activities: Dividends declared $ 62,066 $ 59,388 $ 56,715

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Jun. 30, 2017
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	12. FAIR VALUE MEASUREMENTS 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. As of June 30, 2017 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Warrants (1) $ 2,194 $ 2,194 $ — $ 2,194 $ — Total assets $ 2,194 $ — $ 2,194 $ — Liabilities (In thousands): Debt (2) $ 421,749 $ 400,029 $ 400,029 $ — $ — Total liabilities $ 400,029 $ 400,029 $ — $ — (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 in 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 5) approximates fair value as of June 30, 2017. The warrants issued by Golden Star (Note 3) classified within Level 2 of the fair value hierarchy are model-derived (Black-Scholes) valuations in which the significant inputs are observable in active markets. As of June 30, 2017, 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. Refer to Note 4 for discussion of inputs used to develop fair value for those stream and royalty interests that were determined to be impaired during the twelve months ended June 30, 2016 and 2015.

MAJOR SOURCES OF REVENUE

MAJOR SOURCES OF REVENUE	12 Months Ended
	Jun. 30, 2017
MAJOR SOURCES OF REVENUE
MAJOR SOURCES OF REVENUE	13. MAJOR SOURCES OF REVENUE Operators that contributed greater than 10% of the Company’s total revenue for any of fiscal years 2017, 2016 or 2015 were as follows (revenue amounts in thousands): Fiscal Year 2017 Fiscal Year 2016 Fiscal Year 2015 Percentage of Percentage of Percentage of total total total Operator Revenue revenue Revenue revenue Revenue revenue Centerra $ 136,737 31.0 % $ 125,438 34.9 % $ 94,104 33.8 % Barrick 104,009 23.6 % 49,683 13.8 % 24,849 8.9 % Teck 60,251 13.7 % 49,243 13.7 % 38,033 13.7 %

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2017
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Ilovica Gold Stream Acquisition As of June 30, 2017, the Company’s conditional funding schedule, of $163.75 million as part of its Ilovica gold stream acquisition in October 2014 remains subject to certain conditions. 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, and trial is expected to commence in the second half of calendar 2018.

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	12 Months Ended
	Jun. 30, 2017
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	15. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following is a summary of selected quarterly financial information (unaudited). Some amounts in the below table may not sum‑up in total as a result of rounding. Net income (loss) Operating attributable to Basic earnings Diluted earnings income Royal Gold (loss) per (loss) per Revenue (loss) stockholders share share (Amounts in thousands except per share data) Fiscal year 2017 quarter-ended: September 30, $ 117,947 $ 40,891 $ 29,787 $ 0.46 $ 0.46 December 31, 106,961 34,481 28,062 0.43 0.43 March 31, 106,972 35,951 23,661 0.36 0.36 June 30, 108,934 34,619 20,020 0.31 0.31 $ 440,814 $ 145,942 $ 101,530 $ 1.55 $ 1.55 Fiscal year 2016 quarter-ended: (Amounts in thousands except per share data) September 30, $ 74,056 $ 21,185 $ (45,046) $ (0.69) $ (0.69) December 31, 98,118 27,173 15,114 0.23 0.23 March 31, 93,487 (72,058) (67,656) (1.04) (1.04) June 30, 94,129 28,516 20,439 0.32 0.32 $ 359,790 $ 4,816 $ (77,149) $ (1.18) $ (1.18)

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Jun. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
Use of Estimates	Use of Estimates The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. Our most critical accounting estimates relate to our assumptions regarding future gold, silver, copper, and other metal prices and the estimates of reserves, production and recoveries of third‑party mine operators. We rely on reserve estimates reported by the operators on the properties in which we have stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long‑lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Royal Gold, Inc., its wholly‑owned subsidiaries and an entity over which control is achieved through means other than voting right (see Note 3). The Company follows the Accounting Standards Codification (“ASC”) guidance for identification and reporting for entities over which control is achieved through means other than voting rights. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation.
Cash and Equivalents	Cash and Equivalents Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of June 30, 2017 and 2016.
Stream and Royalty Interests	Stream and Royalty Interests Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset under the ASC guidance. Acquisition costs of production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as sales occur under stream interests or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Acquisition costs of stream and royalty interests on development stage mineral properties, which are not yet in production, are not amortized until the property begins production. Acquisition costs of stream or royalty interests on exploration stage mineral properties, where there are no proven and probable reserves, are not amortized. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, the cost basis is amortized over the remaining life of the mineral property, using proven and probable reserves. The carrying values of exploration stage mineral interests are evaluated for impairment at such time as information becomes available indicating that the production will not occur in the future. Exploration costs are expensed when incurred.
Available-for-Sale Securities	Available‑for‑sale Securities Investments in securities that management does not have the intent to sell in the near term and that have readily determinable fair values are classified as available‑for‑sale securities. Unrealized gains and losses on these investments are recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity, except that declines in market value judged to be other than temporary are recognized in determining net income. When investments are sold, the realized gains and losses on these investments, determined using the specific identification method, are included in determining net income. 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 (loss). This evaluation considers a number of factors including, but not limited to, the length of time and extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer, and management’s ability and intent to hold the securities until fair value recovers. 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. The new cost basis is not changed for subsequent recoveries in fair value. The carrying value of the Company’s available-for-sale securities as of June 30, 2017 and 2016 was $3.7 million and $0, respectively, and is included in Other assets on our consolidated balance sheets. During the fiscal year ended June 30, 2016, the Company sold its available-for-sale securities, resulting in a realized gain of approximately $2.3 million.
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 stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable 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, and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows. Estimates of gold, silver, copper, and other metal prices, operators’ estimates of proven and probable reserves or mineralized material related to our stream or royalty 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 stream and royalty interests in mineral properties. It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests. Refer to Note 4 for discussion and the results of our impairment assessments for the fiscal years ended June 30, 2017, 2016 and 2015.
Revenue Recognition	Revenue Recognition Revenue is recognized pursuant to guidance in ASC 605 and based upon amounts contractually due pursuant to the underlying streaming or royalty agreement. Specifically, revenue is recognized in accordance with the terms of the underlying stream or royalty agreements subject to (i) the pervasive evidence of the existence of the arrangements; (ii) the risks and rewards having been transferred; (iii) the stream or royalty being fixed or determinable; and (iv) the collectability being reasonably assured. For our streaming agreements, we recognize revenue when the metal is sold.
Metal Sales	Metal Sales Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between 10 days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser.
Cost of Sales	Cost of Sales Cost of sales is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery.
Production taxes	Production taxes Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in the Company’s consolidated statements of operations and comprehensive income (loss).
Exploration Costs	Exploration Costs Exploration costs are specific to the Peak Gold LLC joint venture (“Peak Gold JV”) for the exploration and advancement of the Peak Gold Project, as discussed further in Note 3. Costs associated with the Peak Gold JV for the exploration and advancement of the Peak Gold Project are expensed when incurred.
Stock-Based Compensation	Stock‑Based Compensation The Company accounts for stock‑based compensation in accordance with the guidance of ASC 718. The Company recognizes all share‑based payments to employees, including grants of employee stock options, stock‑settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in its financial statements based upon their fair values.
Reportable Segments and Geographical Information	Reportable Segments and Geographical Information 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) as of June 30, 2017 and 2016 are geographically distributed as shown in the following table: As of June 30, 2017 As of June 30, 2016 Stream interest Royalty interest Total stream Stream interest Royalty Total stream Canada $ 852,035 $ 221,618 $ 1,073,653 $ 809,692 $ 228,566 $ 1,038,258 Dominican Republic 543,256 — 543,256 588,502 — 588,502 Chile 348,778 453,369 802,147 369,896 453,629 823,525 Africa 123,760 572 124,332 88,596 697 89,293 Mexico — 105,889 105,889 — 118,899 118,899 United States — 168,378 168,378 — 102,385 102,385 Australia — 37,409 37,409 — 42,547 42,547 Other 12,030 25,162 37,192 12,029 32,649 44,678 Total $ 1,879,859 $ 1,012,397 $ 2,892,256 $ 1,868,715 $ 979,372 $ 2,848,087 The Company’s revenue, cost of sales and net revenue by reportable segment for our fiscal years ended June 30, 2017, 2016 and 2015 are geographically distributed as show in the following tables: Fiscal Year Ended June 30, 2017 Fiscal Year Ended June 30, 2016 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ 136,736 $ 45,954 $ 90,782 $ 125,755 $ 47,417 $ 78,338 Dominican Republic 91,589 27,191 64,398 39,684 11,625 28,059 Chile 60,251 9,037 51,214 49,243 7,280 41,963 Africa 25,435 5,083 20,352 23,346 4,657 18,689 Total streams $ 314,011 $ 87,265 $ 226,746 $ 238,028 $ 70,979 $ 167,049 Royalties: Mexico $ 41,945 $ — $ 41,945 $ 35,267 $ — $ 35,267 United States 35,282 — 35,282 35,483 — 35,483 Canada 23,208 — 23,208 30,676 — 30,676 Australia 12,943 — 12,943 10,462 — 10,462 Africa 3,131 — 3,131 1,868 — 1,868 Chile 1,648 — 1,648 84 — 84 Other 8,646 — 8,646 7,922 — 7,922 Total royalties $ 126,803 $ — $ 126,803 $ 121,762 $ — $ 121,762 Total streams and royalties $ 440,814 $ 87,265 $ 353,549 $ 359,790 $ 70,979 $ 288,811 Fiscal Year Ended June 30, 2016 Fiscal Year Ended June 30, 2015 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ 125,755 $ 47,417 $ 78,338 $ 94,104 $ 33,450 $ 60,654 Chile 49,243 7,280 41,963 — — — Dominican Republic 39,684 11,625 28,059 — — — Africa 23,346 4,657 18,689 — — — Total streams $ 238,028 $ 70,979 $ 167,049 $ 94,104 $ 33,450 $ 60,654 Royalties: United States $ 35,483 $ — $ 35,483 $ 42,675 $ — $ 42,675 Mexico 35,267 — 35,267 43,008 — 43,008 Canada 30,676 — 30,676 37,496 — 37,496 Australia 10,462 — 10,462 8,494 — 8,494 Africa 1,868 — 1,868 3,075 — 3,075 Chile 84 — 84 39,508 — 39,508 Other 7,922 — 7,922 9,659 — 9,659 Total royalties $ 121,762 $ — $ 121,762 $ 183,915 $ — $ 183,915 Total streams and royalties $ 359,790 $ 70,979 $ 288,811 $ 278,019 $ 33,450 $ 244,569
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with the guidance of ASC 740. The Company’s annual tax rate is based on income, statutory tax rates in effect and tax planning opportunities available to us in the various jurisdictions in which the Company operates. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities. The Company’s deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies. The Company has asserted the indefinite reinvestment of certain foreign subsidiary earnings as determined by management’s judgment about and intentions concerning the future operations of the Company. As a result, the Company does not record a U.S. deferred tax liability for the excess of the book basis over the tax basis of its investments in foreign corporations to the extent that the basis difference results from earnings that meet the indefinite reversal criteria. Refer to Note 10 for further discussion on our assertion. The Company’s operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Comprehensive Income (Loss)	Comprehensive Income (Loss) In addition to net income, comprehensive income (loss) includes changes in equity during a period associated with cumulative unrealized changes in the fair value of marketable securities held for sale, net of tax effects.
Earnings per Share	Earnings per Share Basic earnings (loss) per share is computed by dividing net income (loss) available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings (loss) per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the diluted weighted average number of common shares outstanding during each fiscal year. Reclassifications Certain income tax amounts in the prior period consolidated balance sheet and consolidated statement of cash flows have been reclassified to conform with the presentation in the current period consolidated balance sheet and consolidated statement of cash flows. The reclassifications had no effect on reported net income (loss).
Reclassification	Reclassifications Certain income tax amounts in the prior period consolidated balance sheet and consolidated statement of cash flows have been reclassified to conform with the presentation in the current period consolidated balance sheet and consolidated statement of cash flows. The reclassifications had no effect on reported net income (loss).
Recently Issued and Recently Adopted Accounting Standards	Recently Issued and Recently Adopted Accounting Standards Recently Issued In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU guidance clarifying the definition of a business and providing additional guidance for determining whether transactions should be accounted for as acquisitions of assets or businesses. The new guidance is effective for the Company July 1, 2018 and early adoption is permitted. The new guidance is required to be applied on a prospective basis. The Company is evaluating the new guidance. In March 2016, the FASB issued 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. 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. This ASU superseded virtually all of the revenue recognition guidance in generally accepted accounting principles in the United States. The core principle of the five–step model is that an entity will recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. Entities can choose to apply the standard using either the full retrospective approach or a modified retrospective approach, and is effective for the Company’s fiscal year beginning July 1, 2018. Early adoption is permitted. We plan to implement the new ASU revenue recognition guidance as of July 1, 2018, using the modified retrospective method with the cumulative effect, if any, of initial adoption to be recognized in Accumulated earnings at the date of initial application. We are in the initial stages of our evaluation of the impact of the new standard on our accounting policies, processes, and financial reporting. Based on the evaluation performed to-date, we expect to identify similar performance obligations as compared with deliverables and separate units of account previously identified. We will continue to assess the impact of adopting this ASU throughout the remainder of calendar 2017. Recently Adopted In August 2014, the FASB issued ASU guidance for disclosure of uncertainties about an entity’s ability to continue as a going concern. The new guidance requires management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. The new guidance was effective, and the Company adopted this standard, effective January 1, 2017.

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS (Tables)	12 Months Ended
	Jun. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
Schedule of geographical distribution of long-lived assets	As of June 30, 2017 As of June 30, 2016 Stream interest Royalty interest Total stream Stream interest Royalty Total stream Canada $ 852,035 $ 221,618 $ 1,073,653 $ 809,692 $ 228,566 $ 1,038,258 Dominican Republic 543,256 — 543,256 588,502 — 588,502 Chile 348,778 453,369 802,147 369,896 453,629 823,525 Africa 123,760 572 124,332 88,596 697 89,293 Mexico — 105,889 105,889 — 118,899 118,899 United States — 168,378 168,378 — 102,385 102,385 Australia — 37,409 37,409 — 42,547 42,547 Other 12,030 25,162 37,192 12,029 32,649 44,678 Total $ 1,879,859 $ 1,012,397 $ 2,892,256 $ 1,868,715 $ 979,372 $ 2,848,087
Schedule of revenue, cost of sales and net revenue by reportable segment	Fiscal Year Ended June 30, 2017 Fiscal Year Ended June 30, 2016 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ 136,736 $ 45,954 $ 90,782 $ 125,755 $ 47,417 $ 78,338 Dominican Republic 91,589 27,191 64,398 39,684 11,625 28,059 Chile 60,251 9,037 51,214 49,243 7,280 41,963 Africa 25,435 5,083 20,352 23,346 4,657 18,689 Total streams $ 314,011 $ 87,265 $ 226,746 $ 238,028 $ 70,979 $ 167,049 Royalties: Mexico $ 41,945 $ — $ 41,945 $ 35,267 $ — $ 35,267 United States 35,282 — 35,282 35,483 — 35,483 Canada 23,208 — 23,208 30,676 — 30,676 Australia 12,943 — 12,943 10,462 — 10,462 Africa 3,131 — 3,131 1,868 — 1,868 Chile 1,648 — 1,648 84 — 84 Other 8,646 — 8,646 7,922 — 7,922 Total royalties $ 126,803 $ — $ 126,803 $ 121,762 $ — $ 121,762 Total streams and royalties $ 440,814 $ 87,265 $ 353,549 $ 359,790 $ 70,979 $ 288,811 Fiscal Year Ended June 30, 2016 Fiscal Year Ended June 30, 2015 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ 125,755 $ 47,417 $ 78,338 $ 94,104 $ 33,450 $ 60,654 Chile 49,243 7,280 41,963 — — — Dominican Republic 39,684 11,625 28,059 — — — Africa 23,346 4,657 18,689 — — — Total streams $ 238,028 $ 70,979 $ 167,049 $ 94,104 $ 33,450 $ 60,654 Royalties: United States $ 35,483 $ — $ 35,483 $ 42,675 $ — $ 42,675 Mexico 35,267 — 35,267 43,008 — 43,008 Canada 30,676 — 30,676 37,496 — 37,496 Australia 10,462 — 10,462 8,494 — 8,494 Africa 1,868 — 1,868 3,075 — 3,075 Chile 84 — 84 39,508 — 39,508 Other 7,922 — 7,922 9,659 — 9,659 Total royalties $ 121,762 $ — $ 121,762 $ 183,915 $ — $ 183,915 Total streams and royalties $ 359,790 $ 70,979 $ 288,811 $ 278,019 $ 33,450 $ 244,569

STREAM AND ROYALTY INTERESTS,24

STREAM AND ROYALTY INTERESTS, NET (Tables)	12 Months Ended
	Jun. 30, 2017
STREAM AND ROYALTY INTERESTS, NET
Schedule of royalty and stream interests	As of June 30, 2017 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ $ 676,308 Pueblo Viejo 610,404 (67,149) 543,255 Andacollo 388,182 (39,404) 348,778 Wassa and Prestea 146,475 (22,715) 123,760 Total production stage stream interests 1,935,696 (243,595) 1,692,101 Production stage royalty interests: Voisey's Bay 205,724 (85,671) 120,053 Peñasquito 99,172 (34,713) 64,459 Holt 34,612 (19,669) 14,943 Cortez 20,873 (10,633) 10,240 Other 483,643 (337,958) 145,685 Total production stage royalty interests 844,024 (488,644) 355,380 Total production stage stream and royalty interests 2,779,720 (732,239) 2,047,481 Development stage stream interests: Rainy River 175,727 - 175,727 Other 12,031 - 12,031 Total development stage stream interests 187,758 - 187,758 Development stage royalty interests: Pascua-Lama 380,657 — 380,657 Cortez 59,803 — 59,803 Other 63,811 — 63,811 Total development stage royalty interests 504,271 — 504,271 Total development stage stream and royalty interests 692,029 — 692,029 Total exploration stage royalty interests 152,746 — 152,746 Total stream and royalty interests $ 3,624,495 $ $ 2,892,256 As of June 30, 2016 (Amounts in thousands): Cost Accumulated Depletion Impairments Net Production stage stream interests: Mount Milligan $ 783,046 $ (74,060) $ — $ 708,986 Pueblo Viejo 610,404 (21,902) — 588,502 Andacollo 388,182 (18,286) — 369,896 Wassa and Prestea 96,413 (7,816) — 88,597 Total production stage stream interests 1,878,045 (122,064) — 1,755,981 Production stage royalty interests: Voisey's Bay 205,724 (85,671) - 120,053 Peñasquito 99,172 (29,898) - 69,274 Holt 34,612 (17,124) - 17,488 Cortez 10,630 (10,000) - 630 Other 531,735 (342,460) (18,605) 170,670 Total production stage royalty interests 881,873 (485,153) (18,605) 378,115 Total production stage stream and royalty interests 2,759,918 (607,217) (18,605) 2,134,096 Development stage stream interests: Rainy River 100,706 - - 100,706 Other 87,883 (153) (75,702) 12,028 Total development stage stream interests 188,589 (153) (75,702) 112,734 Development stage royalty interests: Pascua-Lama 380,657 — — 380,657 Other 66,414 — — 66,414 Total development stage royalty interests 447,071 — — 447,071 Total development stage stream and royalty interests 635,660 (153) (75,702) 559,805 Total exploration stage royalty interests 155,997 — (1,811) 154,186 Total stream and royalty interests $ 3,551,575 $ (607,370) $ (96,118) $ 2,848,087
Schedule of impairment charges	Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) Phoenix Gold (1) $ — $ 75,702 $ — Inata (2) — 11,982 — Wolverine (2) — 5,307 25,967 Other — 3,127 2,372 Total impairment of stream and royalty interests $ — $ 96,118 $ 28,339 Inata royalty receivable — 2,855 — Wolverine royalty receivable — (385) 2,996 Total impairment of stream and royalty interests and royalty receivables $ — $ 98,588 $ 31,335 (1) Included in Other development stage stream interests in the above stream and royalty interests table. (2) Included in Other production stage royalty interests in the above stream and royalty interests table.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Jun. 30, 2017
DEBT
Schedule of non-current debt	As of June 30, 2017 As of June 30, 2016 Principal Unamortized Discount Debt Issuance Costs Total Principal Unamortized Discount Debt Issuance Costs Total (Amounts in thousands) (Amounts in thousands) Convertible notes due 2019 $ 370,000 $ (25,251) $ (2,646) $ 342,103 $ 370,000 $ (36,943) $ (3,934) $ 329,123 Revolving credit facility 250,000 — (5,933) 244,067 275,000 — (3,438) 271,562 Total debt $ 620,000 $ (25,251) $ (8,579) $ 586,170 $ 645,000 $ (36,943) $ (7,372) $ 600,685

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Jun. 30, 2017
REVENUE
Schedule of revenue	Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) Stream interests $ 314,011 $ 238,028 $ 94,104 Royalty interests 126,803 121,762 183,915 Total revenue $ 440,814 $ 359,790 $ 278,019

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Jun. 30, 2017
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	For the Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) Stock options $ 393 $ 454 $ 417 Stock appreciation rights 1,851 1,687 1,422 Restricted stock 3,840 3,686 2,511 Performance stock 3,899 4,212 791 Total stock-based compensation expense $ 9,983 $ 10,039 $ 5,141
Schedule of valuation assumptions of stock options and stock appreciation rights	Stock Options SSARs 2017 2016 2015 2017 2016 2015 Weighted-average expected volatility 41.7 % 36.9 % 37.3 % 41.1 % 36.9 % 36.6 % Weighted-average expected life in years 5.5 5.5 5.5 5.8 5.4 5.3 Weighted-average dividend yield 1.11 % 1.06 % 1.00 % 1.11 % 1.00 % 1.00 % Weighted-average risk free interest rate 1.2 % 1.6 % 1.7 % 1.3 % 1.6 % 1.7 %
Summary of stock options activity	Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Value Shares Price Life (Years) (in thousands) Outstanding at July 1, 2016 117,823 $ 59.04 Granted 7,200 $ 83.29 Exercised (17,198) $ 37.30 Forfeited — $ — Outstanding at June 30, 2017 107,825 $ 64.13 6.2 $ 1,551 Exercisable at June 30, 2017 77,310 $ 63.32 5.5 $ 1,148
Summary of SSARs activity	Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Value Shares Price Life (Years) (in thousands) Outstanding at July 1, 2016 367,805 $ 62.58 Granted 63,340 $ 83.29 Exercised (7,000) $ 30.96 Forfeited — $ — Outstanding at June 30, 2017 424,145 $ 66.19 6.6 $ 5,404 Exercisable at June 30, 2017 269,987 $ 63.62 5.6 $ 3,928
Summary of non-vested awards	Weighted- Average Number of Grant Date Shares Fair Value Non-vested at July 1, 2016 210,178 $ 63.78 Granted 29,830 $ 68.47 Vested (45,774) $ 65.57 Expired (29,550) $ 68.18 Forfeited — $ — Non-vested at June 30, 2017 164,684 $ 68.53
Summary of the status of non-vested restricted stock	Weighted- Average Number of Grant Date Shares Fair Value Non-vested at July 1, 2016 176,522 $ 63.46 Granted 44,890 $ 83.29 Vested (54,603) $ 64.08 Forfeited — $ — Non-vested at June 30, 2017 166,809 $ 68.60

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	12 Months Ended
	Jun. 30, 2017
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	Fiscal Year Ended June 30, 2017 2016 2015 (in thousands, except per share data) Net income (loss) available to Royal Gold common stockholders $ 101,530 $ (77,149) $ 51,965 Weighted-average shares for basic EPS 65,152,782 65,074,455 65,007,861 Effect of other dilutive securities 125,171 - 117,312 Weighted-average shares for diluted EPS 65,277,953 65,074,455 65,125,173 Basic earnings (loss) per share $ 1.55 $ (1.18) $ 0.80 Diluted earnings (loss) per share $ 1.55 $ (1.18) $ 0.80

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2017
INCOME TAXES
Components of income before income taxes	Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) United States $ 15,253 $ (230) $ 17,569 Foreign 103,613 (21,528) 44,675 $ 118,866 $ (21,758) $ 62,244
Components of income tax expense	Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) Current: Federal $ 13,975 $ 45,878 $ 22,418 State 308 135 (36) Foreign 10,602 19,650 14,835 $ 24,885 $ 65,663 $ 37,217 Deferred and others: Federal $ (1,443) $ (6,986) $ (5,506) State (18) (78) (49) Foreign 3,017 2,081 (22,096) $ 1,556 $ (4,983) $ (27,651) Total income tax expense $ 26,441 $ 60,680 $ 9,566
Schedule of income tax expense and effective tax rate	Fiscal Year Ended June 30, 2017 2016 2015 (Amounts in thousands) Total expense computed by applying federal rates $ 41,603 $ (7,615) $ 21,786 State and provincial income taxes, net of federal benefit 78 (1) 25 Excess depletion (1,517) (882) (1,429) Estimates for uncertain tax positions 2,870 1,866 1,404 Statutory tax attributable to non-controlling interest 3,162 1,838 (211) Effect of foreign earnings 3,046 61,576 6,536 Effect of foreign earnings indefinitely reinvested (22,922) 3,406 (7,601) Canadian rate adjustment — — 4,070 Chilean tax reform — — (2,481) Unrealized foreign exchange gains (746) (2,439) (10,949) Changes in estimates (3,676) 1,641 (359) Valuation allowance 4,374 849 — Other 169 441 (1,225) $ 26,441 $ 60,680 $ 9,566
Schedule of deferred tax assets and liabilities	2017 2016 (Amounts in thousands) Deferred tax assets: Stock-based compensation $ 5,979 $ 5,691 Net operating losses 5,341 12,385 Foreign tax credits 19,869 — Other 7,382 4,610 Total deferred tax assets 38,571 22,686 Valuation allowance (6,474) (2,100) Net deferred tax assets $ 32,097 $ 20,586 Deferred tax liabilities: Mineral property basis $ (122,870) $ (127,337) Unrealized foreign exchange gains (1,097) (1,273) 2019 Notes (8,634) (12,639) Investment in the Peak Gold JV (5,475) — Other (595) (124) Total deferred tax liabilities (138,671) (141,373) Total net deferred taxes $ (106,574) $ (120,787)
Reconciliation of beginning and ending amount of gross unrecognized tax benefit	2017 2016 2015 (Amounts in thousands) Total gross unrecognized tax benefits at beginning of year $ 26,960 $ 26,120 $ 23,956 Additions / Reductions for tax positions of current year 1,394 840 2,421 Additions / Reductions for tax positions of prior years 188 — — Reductions due to settlements with taxing authorities — — (257) Reductions due to lapse of statute of limitations — — — Total amount of gross unrecognized tax benefits at end of year $ 28,542 $ 26,960 $ 26,120

SUPPLEMENTAL CASH FLOW INFORM30

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Jun. 30, 2017
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	2017 2016 2015 (Amounts in thousands) Cash paid during the period for: Interest $ 18,999 $ 17,691 $ 10,638 Income taxes, net of refunds $ 26,835 $ 76,072 $ 20,272 Non-cash investing and financing activities: Dividends declared $ 62,066 $ 59,388 $ 56,715

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Jun. 30, 2017
FAIR VALUE MEASUREMENTS
Schedule of financial assets measured at fair value on recurring basis	As of June 30, 2017 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Warrants (1) $ 2,194 $ 2,194 $ — $ 2,194 $ — Total assets $ 2,194 $ — $ 2,194 $ — Liabilities (In thousands): Debt (2) $ 421,749 $ 400,029 $ 400,029 $ — $ — Total liabilities $ 400,029 $ 400,029 $ — $ — (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 in the Company’s consolidated balance sheets.

MAJOR SOURCES OF REVENUE (Table

MAJOR SOURCES OF REVENUE (Tables)	12 Months Ended
	Jun. 30, 2017
MAJOR SOURCES OF REVENUE
Schedule of major sources of revenue	Operators that contributed greater than 10% of the Company’s total revenue for any of fiscal years 2017, 2016 or 2015 were as follows (revenue amounts in thousands): Fiscal Year 2017 Fiscal Year 2016 Fiscal Year 2015 Percentage of Percentage of Percentage of total total total Operator Revenue revenue Revenue revenue Revenue revenue Centerra $ 136,737 31.0 % $ 125,438 34.9 % $ 94,104 33.8 % Barrick 104,009 23.6 % 49,683 13.8 % 24,849 8.9 % Teck 60,251 13.7 % 49,243 13.7 % 38,033 13.7 %

QUARTERLY RESULTS OF OPERATIO33

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)	12 Months Ended
	Jun. 30, 2017
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
Summary of selected quarterly financial information (unaudited)	Net income (loss) Operating attributable to Basic earnings Diluted earnings income Royal Gold (loss) per (loss) per Revenue (loss) stockholders share share (Amounts in thousands except per share data) Fiscal year 2017 quarter-ended: September 30, $ 117,947 $ 40,891 $ 29,787 $ 0.46 $ 0.46 December 31, 106,961 34,481 28,062 0.43 0.43 March 31, 106,972 35,951 23,661 0.36 0.36 June 30, 108,934 34,619 20,020 0.31 0.31 $ 440,814 $ 145,942 $ 101,530 $ 1.55 $ 1.55 Fiscal year 2016 quarter-ended: (Amounts in thousands except per share data) September 30, $ 74,056 $ 21,185 $ (45,046) $ (0.69) $ (0.69) December 31, 98,118 27,173 15,114 0.23 0.23 March 31, 93,487 (72,058) (67,656) (1.04) (1.04) June 30, 94,129 28,516 20,439 0.32 0.32 $ 359,790 $ 4,816 $ (77,149) $ (1.18) $ (1.18)

SUMMARY OF SIGNIFICANT ACCOUN34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2017USD ($)$ / oz	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Oct. 20, 2016$ / oz
Available-for-sale securities	$ 3,700	$ 0
Realized gain on available-for-sale security		$ 2,340	$ (183)
Minimum | Gold forward contracts
Term of the contract	10 days
Maximum | Gold forward contracts
Term of the contract	3 months
Mount Milligan
Cash payment for each ounce of gold (in dollars per ounce) | $ / oz	435			435

SUMMARY OF SIGNIFICANT ACCOUN35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS - SEGMENTS (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2017USD ($)segment	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment									2
Stream and royalty interests, net	$ 2,892,256				$ 2,848,087				$ 2,892,256	$ 2,848,087
Revenue	108,934	$ 106,972	$ 106,961	$ 117,947	94,129	$ 93,487	$ 98,118	$ 74,056	440,814	359,790	$ 278,019
Cost of sales									87,265	70,979	33,450
Net revenue									353,549	288,811	244,569
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	1,073,653				1,038,258				1,073,653	1,038,258
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	543,256				588,502				543,256	588,502
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	802,147				823,525				802,147	823,525
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	124,332				89,293				124,332	89,293
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	105,889				118,899				105,889	118,899
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	168,378				102,385				168,378	102,385
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	37,409				42,547				37,409	42,547
Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	37,192				44,678				37,192	44,678
Stream interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	1,879,859				1,868,715				1,879,859	1,868,715
Revenue									314,011	238,028	94,104
Cost of sales									87,265	70,979	33,450
Net revenue									226,746	167,049	60,654
Stream interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	852,035				809,692				852,035	809,692
Revenue									136,736	125,755	94,104
Cost of sales									45,954	47,417	33,450
Net revenue									90,782	78,338	60,654
Stream interest | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	543,256				588,502				543,256	588,502
Revenue									91,589	39,684
Cost of sales									27,191	11,625
Net revenue									64,398	28,059
Stream interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	348,778				369,896				348,778	369,896
Revenue									60,251	49,243
Cost of sales									9,037	7,280
Net revenue									51,214	41,963
Stream interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	123,760				88,596				123,760	88,596
Revenue									25,435	23,346
Cost of sales									5,083	4,657
Net revenue									20,352	18,689
Stream interest | Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	12,030				12,029				12,030	12,029
Royalty interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	1,012,397				979,372				1,012,397	979,372
Revenue									126,803	121,762	183,915
Net revenue									126,803	121,762	183,915
Royalty interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	221,618				228,566				221,618	228,566
Revenue									23,208	30,676	37,496
Net revenue									23,208	30,676	37,496
Royalty interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	453,369				453,629				453,369	453,629
Revenue									1,648	84	39,508
Net revenue									1,648	84	39,508
Royalty interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	572				697				572	697
Revenue									3,131	1,868	3,075
Net revenue									3,131	1,868	3,075
Royalty interest | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	105,889				118,899				105,889	118,899
Revenue									41,945	35,267	43,008
Net revenue									41,945	35,267	43,008
Royalty interest | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	168,378				102,385				168,378	102,385
Revenue									35,282	35,483	42,675
Net revenue									35,282	35,483	42,675
Royalty interest | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	37,409				42,547				37,409	42,547
Revenue									12,943	10,462	8,494
Net revenue									12,943	10,462	8,494
Royalty interest | Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	$ 25,162				$ 32,649				25,162	32,649
Revenue									8,646	7,922	9,659
Net revenue									$ 8,646	$ 7,922	$ 9,659

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ / shares in Units, shares in Millions, km in Millions	Sep. 19, 2016USD ($)	Dec. 30, 2015USD ($)	Sep. 29, 2015USD ($)oz	Jul. 28, 2015USD ($)oz$ / sharesshares	Jul. 20, 2015USD ($)oz	Jul. 09, 2015USD ($)kmoz	Jan. 08, 2015USD ($)	Sep. 30, 2014USD ($)	Nov. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Acquisition of Royalty Interest in Mineral Properties
Carrying value										$ 3,624,495,000	$ 3,551,575,000
Funds received for royalty termination											345,000,000
Peak Gold
Acquisition of Royalty Interest in Mineral Properties
Consideration paid								$ 6,000,000
Payments to acquire interest in joint venture							$ 5,000,000			$ 18,000,000	$ 5,700,000
Joint venture ownership interest (as a percent)										29.50%	11.00%
Maximum ownership interest (as a percent)							40.00%
Maximum contribution amount							$ 30,000,000
Minimum interest required to manage (as a percent)							40.00%
Joint venture net value										$ 45,700,000
NSR Royalty Option 1 | Peak Gold
Acquisition of Royalty Interest in Mineral Properties
Net Smelter Return (“NSR”) (as a percent)								2.00%
NSR Royalty Option 2 | Peak Gold
Acquisition of Royalty Interest in Mineral Properties
Net Smelter Return (“NSR”) (as a percent)								3.00%
Contango | Peak Gold
Acquisition of Royalty Interest in Mineral Properties
Joint venture ownership interest (as a percent)							100.00%
Cortez
Acquisition of Royalty Interest in Mineral Properties
NVR (as a percent)	3.75%
Consideration paid	$ 70,000,000
Cortez Crossroad Claim
Acquisition of Royalty Interest in Mineral Properties
NVR (as a percent)	4.52%
GSR royalty (as a percent)	5.00%
Consideration paid	$ 59,800,000
Cortez, excluding the Crossroad Claims
Acquisition of Royalty Interest in Mineral Properties
NVR (as a percent)	4.91%
GSR royalty (as a percent)	5.71%
Consideration paid	$ 10,200,000
Pueblo Viejo
Acquisition of Royalty Interest in Mineral Properties
Consideration paid			$ 610,000,000
Purchase price per ounce of silver (as a percent)			60.00%
Pueblo Viejo | Initial Royalty
Acquisition of Royalty Interest in Mineral Properties
Royalty interests acquired (as a percent)			7.50%
Gold delivered (in ounces) | oz			990,000
Silver royalty interests acquired (as a percent)			75.00%
Minimum silver recovery (as a percent)			70.00%
Silver delivered (in ounces) | oz			50,000,000
Pueblo Viejo | Subsequent Royalty
Acquisition of Royalty Interest in Mineral Properties
Royalty interests acquired (as a percent)			3.75%
Silver royalty interests acquired (as a percent)			37.50%
Pueblo Viejo | First Condition
Acquisition of Royalty Interest in Mineral Properties
Gold delivered (in ounces) | oz			550,000
Silver delivered (in ounces) | oz			23,100,000
Purchase price per ounce of silver (as a percent)			30.00%
Pueblo Viejo | Second Condition
Acquisition of Royalty Interest in Mineral Properties
Purchase price per ounce of gold (as a percent)			60.00%
Pueblo Viejo | Barrick
Acquisition of Royalty Interest in Mineral Properties
Ownership interest (as a percent)			60.00%
Wassa and Prestea
Acquisition of Royalty Interest in Mineral Properties
Consideration paid		$ 15,000,000		$ 130,000,000
Carrying value		$ 145,000,000
Cash paid for acquisition of royalty interests										55,000,000	$ 95,000,000
Remaining consideration payable										0
Wassa and Prestea | Initial Royalty
Acquisition of Royalty Interest in Mineral Properties
Royalty interests acquired (as a percent)				9.25%
Gold delivered (in ounces) | oz				240,000
Wassa and Prestea | Subsequent Royalty
Acquisition of Royalty Interest in Mineral Properties
Royalty interests acquired (as a percent)				10.50%
Wassa and Prestea | First Condition
Acquisition of Royalty Interest in Mineral Properties
Purchase price per ounce of gold (as a percent)				20.00%
Wassa and Prestea | Second Condition
Acquisition of Royalty Interest in Mineral Properties
Purchase price per ounce of gold (as a percent)				30.00%
Wassa and Prestea | Subsequent Two Royalty
Acquisition of Royalty Interest in Mineral Properties
Royalty interests acquired (as a percent)				5.50%
Rainy River
Acquisition of Royalty Interest in Mineral Properties
Consideration paid					$ 175,000,000
Cash paid for acquisition of royalty interests					$ 100,000,000				$ 75,000,000
Remaining consideration payable										0
Rainy River | Initial Royalty
Acquisition of Royalty Interest in Mineral Properties
Royalty interests acquired (as a percent)					6.50%
Gold delivered (in ounces) | oz					230,000
Silver royalty interests acquired (as a percent)					60.00%
Silver delivered (in ounces) | oz					3,100,000
Rainy River | Subsequent Royalty
Acquisition of Royalty Interest in Mineral Properties
Royalty interests acquired (as a percent)					3.25%
Purchase price per ounce of gold (as a percent)					25.00%
Silver royalty interests acquired (as a percent)					30.00%
Carmen de Andacollo
Acquisition of Royalty Interest in Mineral Properties
Consideration paid						$ 525,000,000
Royalty interests acquired (as a percent)						89.00%
Purchase price per ounce of gold (as a percent)						15.00%
Carrying value										$ 388,200,000
Area of mining to be eligible for concessions | km						1.5
Carmen de Andacollo | Initial Royalty
Acquisition of Royalty Interest in Mineral Properties
Royalty interests acquired (as a percent)						100.00%
Gold delivered (in ounces) | oz						900,000
Carmen de Andacollo | Subsequent Royalty
Acquisition of Royalty Interest in Mineral Properties
Royalty interests acquired (as a percent)						50.00%
Carmen de Andacollo | Teck
Acquisition of Royalty Interest in Mineral Properties
Ownership interest (as a percent)						90.00%
Golden Star
Acquisition of Royalty Interest in Mineral Properties
Gross loans				$ 20,000,000
Term of loan				4 years
Common stock that can be purchased by warrants (in shares) | shares				5
Grant date fair value of warrants				$ 800,000
Quarterly interest rate based on average gold rate				62.50%
Denominator used in calculation of quarterly interest rate				$ 10,000
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)				$ 11.5
Termination Agreement | Carmen de Andacollo
Acquisition of Royalty Interest in Mineral Properties
Carrying value						$ 207,500,000
Funds received for royalty termination						345,000,000
Gain on contract termination						$ 0
Termination Agreement | Carmen de Andacollo | Initial Royalty
Acquisition of Royalty Interest in Mineral Properties
Royalty interests acquired (as a percent)						75.00%
Gold delivered (in ounces) | oz						910,000
Termination Agreement | Carmen de Andacollo | Subsequent Royalty
Acquisition of Royalty Interest in Mineral Properties
Royalty interests acquired (as a percent)						50.00%

STREAM AND ROYALTY INTERESTS,37

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Dec. 30, 2015	Sep. 30, 2014
Cost	$ 3,624,495	$ 3,551,575
Accumulated Depletion	(732,239)	(607,370)
Impairments		(96,118)
Net	2,892,256	2,848,087
Wassa and Prestea
Cost				$ 145,000
Other
Net			$ 0		$ 0
Production stage stream interests
Cost	1,935,696	1,878,045
Accumulated Depletion	(243,595)	(122,064)
Net	1,692,101	1,755,981
Production stage stream interests | Mount Milligan
Cost	790,635	783,046
Accumulated Depletion	(114,327)	(74,060)
Net	676,308	708,986
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(67,149)	(21,902)
Net	543,255	588,502
Production stage stream interests | Andacollo
Cost	388,182
Accumulated Depletion	(39,404)
Net	348,778
Production stage stream interests | Wassa and Prestea
Cost	146,475	96,413
Accumulated Depletion	(22,715)	(7,816)
Net	123,760	88,597
Production stage royalty interests
Cost	844,024	881,873
Accumulated Depletion	(488,644)	(485,153)
Impairments		(18,605)
Net	355,380	378,115
Production stage royalty interests | Andacollo
Cost		388,182
Accumulated Depletion		(18,286)
Net		369,896
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(85,671)	(85,671)
Net	120,053	120,053
Production stage royalty interests | Penasquito
Cost	99,172	99,172
Accumulated Depletion	(34,713)	(29,898)
Net	64,459	69,274
Production stage royalty interests | Holt
Cost	34,612	34,612
Accumulated Depletion	(19,669)	(17,124)
Net	14,943	17,488
Production stage royalty interests | Cortez
Cost	20,873	10,630
Accumulated Depletion	(10,633)	(10,000)
Net	10,240	630
Production stage royalty interests | Other
Cost	483,643	531,735
Accumulated Depletion	(337,958)	(342,460)
Impairments		(18,605)
Net	145,685	170,670
Total production stage stream and royalty interests
Cost	2,779,720	2,759,918
Accumulated Depletion	(732,239)	(607,217)
Impairments		(18,605)
Net	2,047,481	2,134,096
Development stage stream interests
Cost	187,758	188,589
Accumulated Depletion		(153)
Impairments		(75,702)
Net	187,758	112,734
Development stage stream interests | Rainy River
Cost	175,727	100,706
Net	175,727	100,706
Development stage stream interests | Other
Cost	12,031	87,883
Accumulated Depletion		(153)
Impairments		(75,702)
Net	12,031	12,028
Development stage royalty interests
Cost	504,271	447,071
Net	504,271	447,071
Development stage royalty interests | Cortez
Cost	59,803
Net	59,803
Development stage royalty interests | Pascua-Lama
Cost	380,657	380,657
Net	380,657	380,657
Development stage royalty interests | Other
Cost	63,811	66,414
Net	63,811	66,414
Total development stage stream and royalty interests
Cost	692,029	635,660
Accumulated Depletion		(153)
Impairments		(75,702)
Net	692,029	559,805
Exploration stage royalty interests
Cost	152,746	155,997
Impairments		(1,811)
Net	$ 152,746	$ 154,186

STREAM AND ROYALTY INTERESTS,38

STREAM AND ROYALTY INTERESTS, NET (Details) $ in Thousands, shares in Millions	Dec. 20, 2016USD ($)itemshares	Oct. 20, 2016USD ($)$ / oz	Oct. 19, 2016	Jun. 30, 2017USD ($)$ / oz	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)
Value of stream and royalty interests, net				$ 2,892,256	$ 2,848,087
Available-for-sale securities				$ 3,700	$ 0
Rubicon
Number of NSR royalties received | item	3
Available-for-sale securities	$ 3,400
Phoenix Gold
Value of stream and royalty interests, net	$ 0					$ 0
Phoenix Gold | Rubicon
Number of common shares of Rubicon received | shares	3
Net Smelter Return (“NSR”) (as a percent)	1.00%
Mount Milligan
Gold streaming interest (as a percent)		35.00%	52.25%
Copper streaming interest (as a percent)		18.75%
Cash payment for each ounce of gold (in dollars per ounce) | $ / oz		435		435
Spot price per delivered metric tonne of copper (as a percent)		15.00%
Maximum period between concentrate shipment and final settlement		5 months
Direct transaction costs		$ 7,700

STREAM AND ROYALTY INTERESTS,39

STREAM AND ROYALTY INTERESTS, NET - Impairments (Details) $ in Thousands	Jan. 11, 2016oz	Dec. 22, 2014USD ($)	Mar. 31, 2016USD ($)item	Sep. 30, 2014USD ($)item	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2017USD ($)	Dec. 20, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Impairments of stream and royalty interests					$ 96,118	$ 28,339
Impairment of stream and royalty interests and royalty receivables					98,588	31,335
Value of stream and royalty interests, net					2,848,087		$ 2,892,256
Royalty receivables					17,990		$ 23,461
Return of advance payment						10,000
Phoenix Gold
Impairments of stream and royalty interests					75,702
Value of stream and royalty interests, net			$ 0					$ 0
Inata
Impairments of stream and royalty interests					11,982
Allowance for royalty receivables					2,855
Royalty interests acquired (as a percent)							2.50%
Value of stream and royalty interests, net			0						$ 12,000
Royalty receivables							$ 2,800
Wolverine
Impairments of stream and royalty interests					5,307	25,967
Allowance for royalty receivables					(385)	2,996
Value of stream and royalty interests, net			0			5,300
Royalty receivables						3,000
Other
Impairments of stream and royalty interests			3,100	$ 1,800	3,127	$ 2,372
Value of stream and royalty interests, net			$ 0	$ 0
Tulsequah
Value of stream and royalty interests, net		$ 10,000								$ 0
Return of advance payment		10,000
Direct transaction costs		$ 600
Initial Royalty | Phoenix Gold
Royalty interests acquired (as a percent)	6.30%
Gold delivered (in ounces) | oz	135,000
Subsequent Royalty | Phoenix Gold
Royalty interests acquired (as a percent)	3.15%
Production stage royalty interests
Value of stream and royalty interests, net					378,115		355,380
Production stage royalty interests | Other
Value of stream and royalty interests, net					170,670		145,685
Number of properties | item			1	1
Exploration stage royalty interests
Value of stream and royalty interests, net					$ 154,186		$ 152,746
Exploration stage royalty interests | Other
Number of properties | item			3	1
Minimum | Wolverine
Royalty interests acquired (as a percent)							0.00%
Maximum | Wolverine
Royalty interests acquired (as a percent)							9.445%

DEBT (Details)

DEBT (Details) $ in Thousands	Jun. 02, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 01, 2017USD ($)	Jun. 30, 2012USD ($)
Long-term debt disclosure
Principal		$ 620,000	$ 645,000
Unamortized Discount		(25,251)	(36,943)
Debt Issuance Costs		(8,579)	(7,372)
Total debt		586,170	600,685
Repayment of revolving credit facility		95,000	75,000
Borrowings from revolving credit facility		70,000	350,000
2019 Notes
Long-term debt disclosure
Principal		370,000	370,000
Unamortized Discount		(25,251)	(36,943)
Debt Issuance Costs		(2,646)	(3,934)
Total debt		342,103	329,123
Principal amount of debt issued						$ 370,000
Interest rate on convertible senior notes (as a percent)						2.875%
Interest expense recognized		23,600	22,800	$ 22,100
Credit Facility
Long-term debt disclosure
Principal		250,000	275,000
Debt Issuance Costs		(5,933)	(3,438)
Total debt		244,067	271,562
Interest expense recognized		9,900	$ 8,100	$ 600
Maximum availability under the revolving credit facility	$ 1,000,000				$ 650,000
Debt term	5 years
Repayment of revolving credit facility	$ 50,000
Borrowings from revolving credit facility	250,000
Available under the revolving credit facility		$ 750,000
Increase in debt	350,000
Amount of accordion feature	250,000
Maximum availability including accordion	$ 1,250,000
Basis spread on interest rate (as a percent)		1.75%
Interest coverage ratio, minimum	3
Leverage ratio, maximum	3.5
Maximum leverage ratio after material permitted acquisition	4
Period leverage ratio increases after material permitted acquisition	2 months
Material permitted acquisition threshold	$ 250,000
Effective interest rate (as percent)		2.97%
Federal Funds Effective Rate | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)	0.50%
LIBOR One Month | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)	1.00%
Minimum | Credit Facility
Long-term debt disclosure
Commitment fee (as a percent)	0.25%
Minimum | LIBOR | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)	1.25%
Minimum | Base Rate | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)	0.25%
Maximum | Credit Facility
Long-term debt disclosure
Commitment fee (as a percent)	0.55%
Maximum | LIBOR | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)	2.75%
Maximum | Base Rate | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)	1.75%

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
REVENUE
Stream interests									$ 314,011	$ 238,028	$ 94,104
Royalty interests									126,803	121,762	183,915
Total revenue	$ 108,934	$ 106,972	$ 106,961	$ 117,947	$ 94,129	$ 93,487	$ 98,118	$ 74,056	$ 440,814	$ 359,790	$ 278,019

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Nov. 30, 2015
Stock-based compensation
Common stock authorized for future grants (in shares)				2,500,000
Stock-based compensation expense	$ 9,983,000	$ 10,039,000	$ 5,141,000
Contractual term of awards	10 years
Stock options
Stock-based compensation
Stock-based compensation expense	$ 393,000	$ 454,000	$ 417,000
Key assumptions used in Black-Scholes model to determine the fair value of each stock option and SAR
Weighted-average expected volatility (as a percent)	41.70%	36.90%	37.30%
Weighted-average expected life (in years)	5 years 6 months	5 years 6 months	5 years 6 months
Weighted-average dividend yield (as a percent)	1.11%	1.06%	1.00%
Weighted-average risk free interest rate (as a percent)	1.20%	1.60%	1.70%
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 1,851,000	$ 1,687,000	$ 1,422,000
Key assumptions used in Black-Scholes model to determine the fair value of each stock option and SAR
Weighted-average expected volatility (as a percent)	41.10%	36.90%	36.60%
Weighted-average expected life (in years)	5 years 9 months 18 days	5 years 4 months 24 days	5 years 3 months 18 days
Weighted-average dividend yield (as a percent)	1.11%	1.00%	1.00%
Weighted-average risk free interest rate (as a percent)	1.30%	1.60%	1.70%
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 3,840,000	$ 3,686,000	$ 2,511,000
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 3,899,000	$ 4,212,000	$ 791,000
Minimum
Stock-based compensation
Continuous service period for awards to vest	1 year
Maximum
Stock-based compensation
Continuous service period for awards to vest	3 years

STOCK-BASED COMPENSATION - OPTI

STOCK-BASED COMPENSATION - OPTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Stock options, number of shares
Exercised (in shares)	(17,198)	(2,500)	(20,488)
Stock options
Stock options, number of shares
Outstanding at the beginning of the period (in shares)	117,823
Granted (in shares)	7,200
Exercised (in shares)	(17,198)
Outstanding at the end of the period (in shares)	107,825	117,823
Exercisable at the end of the period (in shares)	77,310
Stock options, weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 59.04
Granted (in dollars per share)	83.29
Exercised (in dollars per share)	37.30
Outstanding at the end of the period (in dollars per share)	64.13	$ 59.04
Exercisable at the end of the period (in dollars per share)	$ 63.32
Stock options, weighted-average remaining contractual life (in years)
Outstanding at the end of the period	6 years 2 months 12 days
Exercisable at the end of the period	5 years 6 months
Stock options, Aggregate Intrinsic Value
Outstanding at the end of the period	$ 1,551
Exercisable at the end of the period	$ 1,148
Other stock-based compensation
Granted (in dollars per share)	$ 29.54	$ 18.05	$ 24.86
Intrinsic value of options exercised	$ 500	$ 100	$ 700
Unrecognized compensation expense	$ 300
Weighted-average vesting period (years)	1 year 6 months

STOCK-BASED COMPENSATION - NON-

STOCK-BASED COMPENSATION - NON-OPTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Other stock-based compensation
Contractual term of awards	10 years
Minimum
Other stock-based compensation
Continuous service period for awards to vest	1 year
Maximum
Other stock-based compensation
Continuous service period for awards to vest	3 years
Stock appreciation rights
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	367,805
Granted (in shares)	63,340
Exercised (in shares)	(7,000)
Outstanding at the end of the period (in shares)	424,145	367,805
Exercisable at the end of the period (in shares)	269,987
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 62.58
Granted (in dollars per share)	83.29
Exercised (in dollars per share)	30.96
Non-vested at the end of the period (in dollars per share)	66.19	$ 62.58
Exercisable at the end of the period (in dollars per share)	$ 63.62
Other than stock options, weighted-average remaining contractual life (in years)
Outstanding at the end of the period	6 years 7 months 6 days
Exercisable at the end of the period	5 years 7 months 6 days
Aggregate Intrinsic Value
Intrinsic value on outstanding shares	$ 5,404
Intrinsic value on exercisable shares	$ 3,928
Other stock-based compensation
Fair value granted (in dollars per share)	$ 29.76	$ 18.35	$ 24.42
Total intrinsic value	$ 200	$ 300	$ 200
Unrecognized compensation expense	$ 2,000
Weighted-average vesting period (years)	1 year 8 months 12 days
Restricted stock
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	176,522
Granted (in shares)	44,890
Vested (in shares)	(54,603)
Outstanding at the end of the period (in shares)	166,809	176,522
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 63.46
Granted (in dollars per share)	83.29
Vested (in dollars per share)	64.08
Non-vested at the end of the period (in dollars per share)	$ 68.60	$ 63.46
Other stock-based compensation
Unrecognized compensation expense	$ 5,400
Weighted-average vesting period (years)	3 years
Restricted stock | Officers and Certain Employees
Non-vested other than stock options, number of shares
Granted (in shares)	31,380
Other stock-based compensation
Vesting period	3 years
Holding period of awards as a vesting condition	2 years
Vesting (as a percent)	33.00%
Restricted stock | Non Executive Directors
Non-vested other than stock options, number of shares
Granted (in shares)	13,510
Other stock-based compensation
Vesting period	1 year
Vesting (as a percent)	50.00%
Percentage of shares granted to non-executive directors, vesting one year after date of grant	50.00%
Performance stock
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	210,178
Granted (in shares)	29,830
Vested (in shares)	(45,774)
Expired (in shares)	(29,550)
Outstanding at the end of the period (in shares)	164,684	210,178
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 63.78
Granted (in dollars per share)	68.47
Vested (in dollars per share)	65.57
Expired (in dollars per share)	68.18
Non-vested at the end of the period (in dollars per share)	$ 68.53	$ 63.78
Other stock-based compensation
Unrecognized compensation expense	$ 1,400
Weighted-average vesting period (years)	1 year 9 months 18 days
Earn out basis if no goals are met (as a percent)	0.00%
Earn out basis if some goals are met (as a percent)	100.00%
Earn out basis if all goals are met (as a percent)	200.00%
Performance stock | Vesting upon achievement of annual growth in Net GEOs
Other stock-based compensation
Vesting (as a percent)	50.00%
Performance stock | Vesting upon achievement of annual growth in Net TSR
Other stock-based compensation
Vesting (as a percent)	50.00%
Gold Equivalent Ounces Shares
Other stock-based compensation
Contractual term of awards	5 years
Total Shareholder Return Shares
Other stock-based compensation
Fair value granted (in dollars per share)	$ 53.65
Contractual term of awards	3 years
Continuous service period for awards to vest	3 years

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2017USD ($)item$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)shares
Preferred Stock
Number of authorized and unissued shares (in shares) | shares	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common Stock Issuances
Number of stock options exercised (in shares) | shares	17,198	2,500	20,488
Proceeds from stock options exercised | $	$ 0.5	$ 0.1	$ 0.8
Stockholders' Rights Plan
Number of preferred stock purchase rights for each share of Company common stock held | item	1
Minimum percentage of company's outstanding shares of common stock accumulated by acquiring party for rights to become exercisable	15.00%
Fraction of newly issued share of Series A junior participating preferred stock that could be purchased, for each Right | item	0.001
Value of a share of the Company's common stock allowed to be purchased for each Right, as a multiple of the exercise price of the Right	2
Initial exercise price of the Right (in dollars per right) | $ / shares	$ 175

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Net income (loss) available to Royal Gold common stockholders	$ 20,020	$ 23,661	$ 28,062	$ 29,787	$ 20,439	$ (67,656)	$ 15,114	$ (45,046)	$ 101,530	$ (77,149)	$ 51,965
Weighted-average shares for basic EPS									65,152,782	65,074,455	65,007,861
Effect of other dilutive securities (in shares)									125,171		117,312
Weighted-average shares for diluted EPS									65,277,953	65,074,455	65,125,173
Basic earnings (loss) per share (in dollars per share)	$ 0.31	$ 0.36	$ 0.43	$ 0.46	$ 0.32	$ (1.04)	$ 0.23	$ (0.69)	$ 1.55	$ (1.18)	$ 0.80
Diluted earnings (loss) per share (in dollars per share)	0.31	$ 0.36	$ 0.43	$ 0.46	$ 0.32	$ (1.04)	$ 0.23	$ (0.69)	$ 1.55	$ (1.18)	$ 0.80
2019 Notes
Dilutive effect of conversion of debt securities									0
Initial conversion price (in dollars per share)	$ 105.31								$ 105.31

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Income before income taxes
United States	$ 15,253	$ (230)	$ 17,569
Foreign	103,613	(21,528)	44,675
Income (loss) before income taxes	118,866	(21,758)	62,244
Current:
Federal	13,975	45,878	22,418
State	308	135	(36)
Foreign	10,602	19,650	14,835
Total current income tax expenses	24,885	65,663	37,217
Deferred and others:
Federal	(1,443)	(6,986)	(5,506)
State	(18)	(78)	(49)
Foreign	3,017	2,081	(22,096)
Total deferred and other income tax expenses	1,556	(4,983)	(27,651)
Total income tax expenses	26,441	60,680	9,566
Differences between provision for income taxes and income tax expense computed by applying federal rates
Total expense computed by applying federal rates	41,603	(7,615)	21,786
State and provincial income taxes, net of federal benefit	78	(1)	25
Excess depletion	(1,517)	(882)	(1,429)
Estimates for uncertain tax positions	2,870	1,866	1,404
Statutory tax attributable to non-controlling interest	3,162	1,838	(211)
Effect of foreign earnings	3,046	61,576	6,536
Effect of foreign earnings indefinitely reinvested	(22,922)	3,406	(7,601)
Unrealized foreign exchange gains	(746)	(2,439)	(10,949)
Changes in estimates	(3,676)	1,641	(359)
Valuation allowance	4,374	849
Other	169	441	(1,225)
Total income tax expenses	26,441	60,680	9,566
Deferred tax assets:
Stock-based compensation	5,979	5,691
Net operating losses	5,341	12,385
Foreign tax credits	19,869
Other	7,382	4,610
Total deferred tax assets	38,571	22,686
Valuation allowance	(6,474)	(2,100)
Net deferred tax assets	32,097	20,586
Deferred tax liabilities:
Mineral property basis	(122,870)	(127,337)
Unrealized foreign exchange gains	(1,097)	(1,273)
2019 Notes	(8,634)	(12,639)
Investment in the Peak Gold JV	(5,475)
Other	(595)	(124)
Total deferred tax liabilities	(138,671)	(141,373)
Total net deferred taxes	(106,574)	(120,787)
Net operating loss carry forwards	$ 32,100	59,500
Tax carryforward period	20 years
Reconciliation of beginning and ending amount of gross unrecognized tax benefits
Total gross unrecognized tax benefits at beginning of year	$ 26,960	26,120	23,956
Additions / Reductions for tax positions of current year	1,394	840	2,421
Additions / Reductions for tax positions of prior years	188
Reductions due to settlements with taxing authorities			(257)
Total amount of gross unrecognized tax benefits at end of year	28,542	26,960	26,120
Accrued income-tax-related interest and penalties	6,800	$ 5,700
Advanced deposits	$ 9,700
Canada
Differences between provision for income taxes and income tax expense computed by applying federal rates
Income tax rate adjustment/ reform			4,070
Chile
Differences between provision for income taxes and income tax expense computed by applying federal rates
Income tax rate adjustment/ reform			$ (2,481)

SUPPLEMENTAL CASH FLOW INFORM48

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Cash paid during the period for:
Interest	$ 18,999	$ 17,691	$ 10,638
Income taxes, net of refunds	26,835	76,072	20,272
Non-cash investing and financing activities:
Dividends declared	$ 62,066	$ 59,388	$ 56,715

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis $ in Thousands	Jun. 30, 2017USD ($)
Carrying Amount
Assets:
Warrants	$ 2,194
Liabilities:
Debt	421,749
Amount of equity component of convertible notes	77,000
Fair Value
Assets:
Warrants	2,194
Total assets	2,194
Liabilities:
Debt	400,029
Total liabilities	400,029
Level 1
Liabilities:
Debt	400,029
Total liabilities	400,029
Level 2
Assets:
Warrants	2,194
Total assets	$ 2,194

MAJOR SOURCES OF REVENUE (Detai

MAJOR SOURCES OF REVENUE (Details) - Sales Revenue - Customer Concentration Risk - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Centerra
Major sources of revenue
Revenue	$ 136,737	$ 125,438	$ 94,104
Percentage of total revenue	31.00%	34.90%	33.80%
Barrick
Major sources of revenue
Revenue	$ 104,009	$ 49,683	$ 24,849
Percentage of total revenue	23.60%	13.80%	8.90%
Teck
Major sources of revenue
Revenue	$ 60,251	$ 49,243	$ 38,033
Percentage of total revenue	13.70%	13.70%	13.70%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2017USD ($)
Ilovica
Commitments and Contingencies
Scheduled payment amount	$ 163,750
Voisey's Bay | Voisey's Bay Holding Corporation
Commitments and Contingencies
Ownership percentage held	90.00%
Voisey's Bay | Altius
Commitments and Contingencies
Ownership percentage held	10.00%

QUARTERLY RESULTS OF OPERATIO52

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
Revenue	$ 108,934	$ 106,972	$ 106,961	$ 117,947	$ 94,129	$ 93,487	$ 98,118	$ 74,056	$ 440,814	$ 359,790	$ 278,019
Operating income (loss)	34,619	35,951	34,481	40,891	28,516	(72,058)	27,173	21,185	145,942	4,816	87,235
Net (loss) income attributable to Royal Gold stockholders	$ 20,020	$ 23,661	$ 28,062	$ 29,787	$ 20,439	$ (67,656)	$ 15,114	$ (45,046)	$ 101,530	$ (77,149)	$ 51,965
Basic earnings (loss) per share (in dollars per share)	$ 0.31	$ 0.36	$ 0.43	$ 0.46	$ 0.32	$ (1.04)	$ 0.23	$ (0.69)	$ 1.55	$ (1.18)	$ 0.80
Diluted earnings (loss) per share (in dollars per share)	$ 0.31	$ 0.36	$ 0.43	$ 0.46	$ 0.32	$ (1.04)	$ 0.23	$ (0.69)	$ 1.55	$ (1.18)	$ 0.80