Royal Gold (RGLD) 10-Q 8 Feb 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2017	Feb. 01, 2018
Document and Entity Information
Entity Registrant Name	ROYAL GOLD INC
Entity Central Index Key	85,535
Document Type	10-Q
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shares Outstanding		65,455,293
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
ASSETS
Cash and equivalents	$ 98,132	$ 85,847
Royalty receivables	29,285	26,886
Income tax receivable	27,366	22,169
Stream inventory	7,359	7,883
Prepaid expenses and other	3,337	822
Total current assets	165,479	143,607
Value of interests	2,810,616	2,892,256
Other assets	53,305	58,202
Total assets	3,029,400	3,094,065
LIABILITIES
Accounts payable	2,251	3,908
Dividends payable	16,363	15,682
Income tax payable	15,097	5,651
Foreign withholding taxes payable	3,451	3,425
Other current liabilities	4,413	5,617
Total current liabilities	41,575	34,283
Debt (Note 3)	493,486	586,170
Deferred tax liabilities	147,548	121,330
Uncertain tax positions	30,187	25,627
Other long-term liabilities	16,787	6,391
Total liabilities	729,583	773,801
Commitments and contingencies (Note 10)
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,307,285 and 65,179,527 shares outstanding, respectively	653	652
Additional paid-in capital	2,186,648	2,185,796
Accumulated other comprehensive income	687	879
Accumulated earnings	69,842	88,050
Total Royal Gold stockholders’ equity	2,257,830	2,275,377
Non-controlling interests	41,987	44,887
Total equity	2,299,817	2,320,264
Total liabilities and equity	$ 3,029,400	$ 3,094,065

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Jun. 30, 2017
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	200,000,000
Common stock, shares outstanding	65,307,285	65,179,527

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Consolidated Statements of Operations and Comprehensive Income
Revenue	$ 114,348	$ 106,961	$ 226,824	$ 224,909
Costs and expenses
Cost of sales	19,863	22,502	40,282	45,163
General and administrative	9,555	7,538	16,455	18,045
Production taxes	602	445	1,145	942
Exploration costs	1,358	2,476	4,561	5,764
Depreciation, depletion and amortization	42,008	39,519	81,701	79,621
Total costs and expenses	73,386	72,480	144,144	149,535
Operating income	40,962	34,481	82,680	75,374
Interest and other income	645	7,488	1,634	9,045
Interest and other expense	(9,034)	(9,823)	(17,651)	(18,128)
Income before income taxes	32,573	32,146	66,663	66,291
Income tax expense	(48,360)	(5,044)	(55,904)	(12,232)
Net (loss) income	(15,787)	27,102	10,759	54,059
Net loss attributable to non-controlling interests	1,022	960	3,105	3,791
Net (loss) income attributable to Royal Gold common stockholders	(14,765)	28,062	13,864	57,850
Net (loss) income	(15,787)	27,102	10,759	54,059
Adjustments to comprehensive (loss) income, net of tax
Unrealized change in market value of available-for-sale securities	(390)	822	(193)	822
Comprehensive (loss) income	(16,177)	27,924	10,566	54,881
Comprehensive loss attributable to non-controlling interests	1,022	960	3,105	3,791
Comprehensive (loss) income attributable to Royal Gold stockholders	$ (15,155)	$ 28,884	$ 13,671	$ 58,672
Net (loss) income per share available to Royal Gold common stockholders:
Basic (loss) earnings per share (in dollars per share)	$ (0.23)	$ 0.43	$ 0.21	$ 0.89
Basic weighted average shares outstanding (in shares)	65,306,766	65,149,518	65,271,131	65,133,102
Diluted (loss) earnings per share (in dollars per share)	$ (0.23)	$ 0.43	$ 0.21	$ 0.88
Diluted weighted average shares outstanding (in shares)	65,306,766	65,253,209	65,460,430	65,264,137
Cash dividends declared per common share (in dollars per share)	$ 0.25	$ 0.24	$ 0.49	$ 0.47

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net (loss) income	$ 10,759	$ 54,059
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	81,701	79,621
Amortization of debt discount and issuance costs	7,413	6,751
Non-cash employee stock compensation expense	4,395	6,443
Deferred tax expense (benefit)	28,958	(3,211)
Other	(158)	(4,638)
Changes in assets and liabilities:
Royalty receivables	(2,399)	(7,135)
Stream inventory	524	(689)
Income tax receivable	(5,197)	(52)
Prepaid expenses and other assets	(328)	(835)
Accounts payable	(1,658)	(1,832)
Income tax payable	9,445	(12,120)
Foreign withholding taxes payable	26	1,636
Uncertain tax positions	4,560	6,052
Other liabilities	9,193	822
Net cash provided by operating activities	147,234	124,872
Cash flows from investing activities:
Acquisition of stream and royalty interests		(192,818)
Other	(94)	1,774
Net cash used in investing activities	(94)	(191,044)
Cash flows from financing activities:
Borrowings from revolving credit facility		70,000
Repayment of revolving credit facility	(100,000)
Net payments from issuance of common stock	(3,541)	(2,320)
Common stock dividends	(31,391)	(30,035)
Purchase of additional royalty interest from non-controlling interest		(1,438)
Other	77	(2,680)
Net cash (used in) provided by financing activities	(134,855)	33,527
Net increase (decrease) in cash and equivalents	12,285	(32,645)
Cash and equivalents at beginning of period	85,847	116,633
Cash and equivalents at end of period	$ 98,132	$ 83,988

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING STANDARDS	6 Months Ended
	Dec. 31, 2017
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING STANDARDS
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING STANDARDS	1. OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING STANDARDS Royal Gold, Inc. (“Royal Gold”, the “Company”, “we”, “us”, or “our”), together with its subsidiaries, is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any. Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended December 31, 2017, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2018. These interim unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017 filed with the Securities and Exchange Commission on August 10, 2017 (“Fiscal 2017 10-K”). Certain amounts in the prior period financial statements have been reclassified for comparative purposes to conform with the presentation in the current period financial statements. Reclassified amounts were not material to the financial statements. Recently Issued and Adopted Accounting Standards Recently Issued In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) guidance for the recognition of revenue from contracts with customers. This ASU superseded virtually all of the existing revenue recognition guidance under U.S. GAAP. 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. The standard 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 fiscal year 2018. Recently Adopted In March 2016, the FASB issued ASU guidance related to stock-based compensation. The new guidance simplifies the accounting for stock-based compensation transactions, including income tax consequences, statement of cash flows presentation, estimating forfeitures when calculating compensation expense, and classification of awards as either equity or liabilities. The new standard requires all excess tax benefits and tax deficiencies to be recognized as income tax benefit (expense) in the income statement. The new guidance also requires presentation of excess tax benefits as an operating activity on the statement of cash flows rather than a financing activity and requires presentation of cash paid to a tax authority when shares are withheld to satisfy the employer’s statutory income tax withholding obligation as a financing activity. The new guidance also provides for an election to account for forfeitures of stock-based compensation. The Company adopted the ASU guidance effective July 1, 2017. With respect to the forfeiture election, the Company will continue its current practice of estimating forfeitures when calculating compensation expense. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements or related disclosures.

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	6 Months Ended
	Dec. 31, 2017
STREAM AND ROYALTY INTERESTS, NET
STREAM AND ROYALTY INTERESTS, NET	2. STREAM AND ROYALTY INTERESTS, NET The following tables summarize the Company’s stream and royalty interests, net as of December 31, 2017 and June 30, 2017. As of December 31, 2017 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (129,652) $ 660,983 Pueblo Viejo 610,404 (93,202) 517,202 Andacollo 388,182 (51,328) 336,854 Wassa and Prestea 146,475 (34,446) 112,029 Rainy River 175,727 (581) 175,146 Total production stage stream interests 2,111,423 (309,209) 1,802,214 Production stage royalty interests: Voisey's Bay 205,724 (85,671) 120,053 Peñasquito 99,172 (36,730) 62,442 Holt 34,612 (20,490) 14,122 Cortez 20,878 (11,094) 9,784 Other 483,795 (350,690) 133,105 Total production stage royalty interests 844,181 (504,675) 339,506 Total production stage stream and royalty interests 2,955,604 (813,884) 2,141,720 Development stage stream interests: Other 12,031 — 12,031 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 516,302 — 516,302 Total exploration stage royalty interests 152,594 — 152,594 Total stream and royalty interests $ 3,624,500 $ (813,884) $ 2,810,616 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 $ (732,239) $ 2,892,256

DEBT

DEBT	6 Months Ended
	Dec. 31, 2017
DEBT
DEBT	3. DEBT The Company’s non-current debt as of December 31, 2017 and June 30, 2017 consists of the following: As of December 31, 2017 As of June 30, 2017 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 $ (19,110) $ (1,986) $ 348,904 $ 370,000 $ (25,251) $ (2,646) $ 342,103 Revolving credit facility 150,000 — (5,418) 144,582 250,000 — (5,933) 244,067 Total debt $ 520,000 $ (19,110) $ (7,404) $ 493,486 $ 620,000 $ (25,251) $ (8,579) $ 586,170 Convertible Senior Notes Due 2019 In June 2012, the Company completed an offering of $370 million aggregate principal amount of 2.875% convertible senior notes due 2019 (“2019 Notes”). The 2019 Notes bear interest at the rate of 2.875% per annum, and the Company is required to make semi-annual interest payments on the outstanding principal balance of the 2019 Notes on June 15 and December 15 of each year, beginning December 15, 2012. The 2019 Notes mature on June 15, 2019. Interest expense recognized on the 2019 Notes for the three and six months ended December 31, 2017, was $6.1 million and $12.1 million, respectively, compared to $5.9 million and $11.7 million, respectively, for the three and six months ended December 31, 2016, and included the contractual coupon interest, the accretion of the debt discount and amortization of the debt issuance costs. Revolving credit facility The Company maintains a $1 billion revolving credit facility. As of December 31, 2017, the Company had $150 million outstanding and $850 million available under the revolving credit facility with an interest rate on borrowings of LIBOR plus 1.75% for an all-in rate of 3.24%. During the three and six months ended December 31, 2017, the Company repaid $50 million, respectively, of the outstanding borrowings under the revolving credit facility. Royal Gold may repay borrowings under the revolving credit facility at any time without premium or penalty. Interest expense recognized on the revolving credit facility for the three and six months ended December 31, 2017 was $1.8 million and $3.6 million, respectively, and $2.3 million and $4.3 million for the three and six months ended December 31, 2016, and included interest on the outstanding borrowings and the amortization of the debt issuance costs. As discussed in Note 5 to the notes to consolidated financial statements in the Company’s Fiscal 2017 10-K, the Company has financial covenants associated with its revolving credit facility. As of December 31, 2017, the Company was in compliance with each financial covenant.

REVENUE

REVENUE	6 Months Ended
	Dec. 31, 2017
REVENUE
REVENUE	4. REVENUE Revenue is comprised of the following: Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 (Amounts in thousands) (Amounts in thousands) Stream interests $ 79,287 $ 74,007 $ 158,049 $ 159,511 Royalty interests 35,061 32,954 68,775 65,398 Total revenue $ 114,348 $ 106,961 $ 226,824 $ 224,909

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Dec. 31, 2017
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. STOCK-BASED COMPENSATION The Company recognized stock-based compensation expense as follows: Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 (Amounts in thousands) (Amounts in thousands) Stock options $ 79 $ 95 $ 170 $ 203 Stock appreciation rights 486 454 974 922 Restricted stock 888 829 2,314 2,203 Performance stock 568 921 937 3,115 Total stock-based compensation expense $ 2,021 $ 2,299 $ 4,395 $ 6,443 Stock-based compensation expense is included within General and administrative expense in the consolidated statements of operations and comprehensive (loss) income. During the three and six months ended December 31, 2017, the Company granted the following stock-based compensation awards: Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 (Number of shares) (Number of shares) Stock options - - 6,858 7,200 Stock appreciation rights - - 71,262 63,340 Restricted stock - - 50,380 44,890 Performance stock - - 34,010 29,830 Total equity awards granted - - 162,510 145,260 As of December 31, 2017, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows: Unrecognized Weighted- compensation average vesting expense period (years) Stock options $ 397 1.8 Stock appreciation rights 3,189 2.1 Restricted stock 6,939 3.2 Performance stock 2,424 2.0

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	6 Months Ended
	Dec. 31, 2017
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	6. EARNINGS PER SHARE (“EPS”) Basic earnings per common share were computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share pursuant to the two-class method. 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 used to determine basic (loss) earnings per common share are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted (loss) earnings per common share. The following tables summarize the effects of dilutive securities on diluted EPS for the period: Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 (in thousands, except per share data) (in thousands, except per share data) Net (loss) income available to Royal Gold common stockholders $ (14,765) $ 28,062 $ 13,864 $ 57,850 Weighted-average shares for basic EPS 65,306,766 65,149,518 65,271,131 65,133,102 Effect of other dilutive securities - 103,691 189,299 131,035 Weighted-average shares for diluted EPS 65,306,766 65,253,209 65,460,430 65,264,137 Basic (loss) earnings per share $ (0.23) $ 0.43 $ 0.21 $ 0.89 Diluted (loss) earnings per share $ (0.23) $ 0.43 $ 0.21 $ 0.88 The calculation of weighted average shares includes all of our outstanding common stock. The Company intends to settle the principal amount of the 2019 Notes in cash. As a result, there will be no impact to diluted earnings per share unless the share price of the Company’s common stock exceeds the conversion price of $102.79.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Dec. 31, 2017
INCOME TAXES
INCOME TAXES	7. INCOME TAXES Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 (Amounts in thousands, except rate) (Amounts in thousands, except rate) Income tax expense $ $ (5,044) $ $ (12,232) Effective tax rate The increase in the effective tax rate for the three and six months ended December 31, 2017 is primarily attributab On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act (the “Act”), was enacted and is effective for tax years including January 1, 2018. Certain other aspects of the Act are not effective for fiscal June 30 companies until July 1, 2018. The Act, among other things, reduced the U.S. corporate income tax rate to 21% starting January 1, 2018. As the Company is a fiscal year tax payer, we applied a blended U.S. federal income tax rate of approximately 28.1% for the fiscal year ending June 30, 2018. The blended percentage was calculated on a pro-rata percentage of the number of days before and after January 1, 2018. The Company’s U.S. federal corporate income tax rate will be 21% for the fiscal year commencing on July 1, 2018 and all future years. ASC 740, Income Taxes, requires recognition of the effects of tax law changes in the period of enactment. As a result, the Company recorded a net charge (expense) of $26.4 million during the three months ended December 31, 2017. This amount, which is included in Income tax expense on our consolidated statements of operations and comprehensive (loss) income, consists of three components: (i) a $11.5 million charge relating to the one-time mandatory tax on the net accumulated post-1986 untaxed earnings and profits of the Company’s foreign subsidiaries, which we will elect to pay over an eight-year period, (ii) a $2.3 million benefit resulting from the re-measurement of the Company’s net deferred tax assets and liabilities, and (iii) a $17.2 million charge related to re-measurement of the U.S. income tax impacts resulting from foreign uncertain tax positions. The net $26.4 million charge represents what the Company believes is a reasonable estimate of the impact of the Act. As the net charge is based on currently available information and interpretations, which are continuing to evolve, all amounts should be considered provisional. The Company will continue to analyze additional information and guidance related to the Act as supplemental legislation, regulatory guidance, or evolving technical interpretations become available. The final impacts may differ from the recorded amounts as of December 31, 2017 and the Company will continue to refine such amounts within the measurement period provided by Staff Accounting Bulletin No. 118. The Company expects to complete its analysis no later than the second quarter of fiscal year 2019.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Dec. 31, 2017
SEGMENT INFORMATION
SEGMENT INFORMATION	8. SEGMENT 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) are geographically distributed as shown in the following table: As of December 31, 2017 As of June 30, 2017 Stream interest Royalty interest Total stream Stream interest Royalty Total stream Canada $ 836,129 $ 218,683 $ 1,054,812 $ 852,035 $ 221,618 $ 1,073,653 Dominican Republic 517,203 — 517,203 543,256 — 543,256 Chile 336,854 453,369 790,223 348,778 453,369 802,147 Africa 112,029 525 112,554 123,760 572 124,332 Mexico — 99,769 99,769 — 105,889 105,889 United States — 166,115 166,115 — 168,378 168,378 Australia — 35,780 35,780 — 37,409 37,409 Other 12,030 22,130 34,160 12,030 25,162 37,192 Total $ 1,814,245 $ 996,371 $ 2,810,616 $ 1,879,859 $ 1,012,397 $ 2,892,256 The Company’s revenue, cost of sales and net revenue by reportable segment for the three and six months ended December 31, 2017 and 2016, is geographically distributed as shown in the following table: Three Months Ended December 31, 2017 Three Months Ended December 31, 2016 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ 22,702 $ $ 16,078 $ 31,664 $ 11,181 $ 20,483 Dominican Republic 26,355 8,198 18,157 26,437 8,547 17,890 Chile 21,601 3,297 18,304 10,985 1,746 9,239 Africa 8,629 1,744 6,885 4,921 1,028 3,893 Total streams $ 79,287 $ 19,863 $ 59,424 $ 74,007 $ $ 51,505 Royalties: Mexico $ 10,854 $ — $ 10,854 $ 11,530 $ — $ 11,530 United States 12,298 — 12,298 9,407 — 9,407 Canada 5,396 — 5,396 5,682 — 5,682 Australia 3,227 — 3,227 3,230 — 3,230 Africa 585 — 585 764 — 764 Other 2,701 — 2,701 2,341 — 2,341 Total royalties $ 35,061 $ — $ 35,061 $ 32,954 $ — $ 32,954 Total streams and royalties $ 114,348 $ $ 94,485 $ 106,961 $ $ 84,459 Six Months Ended December 31, 2017 Six Months Ended December 31, 2016 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ 54,654 $ 15,847 $ 38,807 $ 70,050 $ 23,758 $ 46,292 Dominican Republic 51,758 15,785 35,973 47,387 14,443 32,944 Chile 33,938 5,109 28,829 31,154 4,744 26,410 Africa 17,699 3,541 14,158 10,920 2,218 8,702 Total streams $ 158,049 $ 40,282 $ 117,767 $ 159,511 $ 45,163 $ 114,348 Royalties: Mexico $ 21,751 $ — $ 21,751 $ 21,127 $ — $ 21,127 United States 22,727 — 22,727 19,113 — 19,113 Canada 11,488 — 11,488 11,870 — 11,870 Australia 6,548 — 6,548 6,692 — 6,692 Africa 1,047 — 1,047 1,588 — 1,588 Chile — — — 950 — 950 Other 5,214 — 5,214 4,058 — 4,058 Total royalties $ 68,775 $ — $ 68,775 $ 65,398 $ — $ 65,398 Total streams and royalties $ 226,824 $ 40,282 $ 186,542 $ 224,909 $ 45,163 $ 179,746

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2017
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	9. FAIR VALUE MEASUREMENTS FASB Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (“ASC 820”) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: Level 1: Quoted prices for identical instruments in active markets; Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The following table sets forth the Company’s financial assets measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. As of December 31, 2017 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Marketable equity securities (1) $ 3,450 $ 3,450 $ 3,450 $ — $ — Total assets $ 3,450 $ 3,450 $ — $ — Liabilities (In thousands): Debt (2) $ 427,890 $ 401,309 $ 401,309 $ — $ — Total liabilities $ 401,309 $ 401,309 $ — $ — (1) Included in Other assets on the Company’s consolidated balance sheets. (2) Included in the carrying amount is the equity component of our 2019 Notes in the amount of $77 million, which is included within Additional paid-in capital on the Company’s consolidated balance sheets. The Company’s marketable equity securities classified within Level 1 of the fair value hierarchy are valued using quoted market prices in active markets. The fair value of the Level 1 marketable equity securities is calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. The warrants that were part of the term loan funded to a subsidiary of Golden Star Resources Ltd. (“Golden Star”) in July 2015 were exercised during the quarter ended September 30, 2017. The warrants had been classified within Level 2 of the fair value hierarchy as of June 30, 2017. The fair value of the Golden Star common shares received by the Company upon exercise of the warrants are classified within Level 1 of the fair value hierarchy as of September 30, 2017. The Company sold all of the common shares of Golden Star received upon exercise of the warrants in October 2017. 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 3) approximates fair value as of December 31, 2017. As of December 31, 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2017
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Ilovica Gold Stream Acquisition As of December 31, 2017, the Company’s conditional funding schedule for $163.75 million related to its Ilovica gold stream acquisition made 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 October 6, 2017, LNRLP filed a Fresh as Amended Statement of Claim, amending the original October 16, 2009 Statement of Claim and amendments thereto made in December 2014, in the Supreme Court of Newfoundland and Labrador Trial Division against Vale Inco Limited, now known as Vale Canada Limited, 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, and since defendants began processing Voisey’s Bay concentrates at the new Long Harbour processing facility, and that the defendants have breached their contractual duties of good faith 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Dec. 31, 2017
SUBSEQUENT EVENTS
SUBSEQUENT EVENT	11. SUBSEQUENT EVENT On January 18, 2018 Barrick reported that it is analyzing a revised sanction related to the Pascua-Lama project issued by Chile’s Superintendencia del Medio Ambiente (“SMA”) on January 17, 2018. The sanction is part of a re-evaluation process ordered by Chile’s Environmental Court in 2014 and relates to historical compliance matters at the Pascua-Lama project. According to Barrick, the SMA has not revoked Pascua-Lama’s environmental permit, but has ordered the closure of existing facilities on the Chilean side of the project, in addition to certain monitoring activities. Barrick also reported that closure of existing surface facilities in Chile is consistent with its plan to advance a prefeasibility study for underground mining operations at Pascua-Lama, which would address a number of community concerns by reducing the overall environmental impact of the project. Barrick reported that it is currently undertaking a number of optimization studies in order to complete the prefeasibility study. On February 6, 2018, in light of the SMA order to close surface facilities in Chile, and current plans to evaluate an underground mine, Barrick announced it is reclassifying Pascua-Lama’s proven and probable gold reserves of approximately 14 million ounces, which are based on an open pit mine plan, as mineralized material. Barrick reported that it will include further details in its year-end results release on February 14, 2018 and an update on the Pascua-Lama project at its February 22, 2018 Investor Day. The Company owns a 0.78% to 5.45% sliding-scale net smelter return (“NSR”) gold royalty and a 1.09% NSR copper royalty on the Pascua-Lama project. Our royalty interests are applicable to all gold and copper production from the portion of the Pascua-Lama project lying on the Chilean side of the border. The Company’s carrying value for its royalty interests at Pascua-Lama is approximately $416.8 million as of December 31, 2017. The Company routinely assesses whether impairment indicators are present for its long-lived assets. A significant reduction in reserves or mineralized material is an indicator of potential impairment. As part of our fiscal 2018 third quarter procedures, we will be evaluating Barrick’s reserves reclassification to assess the recoverability of our carrying value at Pascua-Lama. The Company will also consider further updates from Barrick, including those expected on February 14 and February 22, 2018, as part of our recoverability analysis. Upon completion of our process, the Company may determine an impairment is necessary.

OPERATIONS, SUMMARY OF SIGNIF17

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING STANDARDS (Policies)	6 Months Ended
	Dec. 31, 2017
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING STANDARDS
Recently Issued and Recently Adopted Accounting Standards	Recently Issued and Adopted Accounting Standards Recently Issued In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) guidance for the recognition of revenue from contracts with customers. This ASU superseded virtually all of the existing revenue recognition guidance under U.S. GAAP. 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. The standard 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 fiscal year 2018. Recently Adopted In March 2016, the FASB issued ASU guidance related to stock-based compensation. The new guidance simplifies the accounting for stock-based compensation transactions, including income tax consequences, statement of cash flows presentation, estimating forfeitures when calculating compensation expense, and classification of awards as either equity or liabilities. The new standard requires all excess tax benefits and tax deficiencies to be recognized as income tax benefit (expense) in the income statement. The new guidance also requires presentation of excess tax benefits as an operating activity on the statement of cash flows rather than a financing activity and requires presentation of cash paid to a tax authority when shares are withheld to satisfy the employer’s statutory income tax withholding obligation as a financing activity. The new guidance also provides for an election to account for forfeitures of stock-based compensation. The Company adopted the ASU guidance effective July 1, 2017. With respect to the forfeiture election, the Company will continue its current practice of estimating forfeitures when calculating compensation expense. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements or related disclosures.

STREAM AND ROYALTY INTERESTS,18

STREAM AND ROYALTY INTERESTS, NET (Tables)	6 Months Ended
	Dec. 31, 2017
STREAM AND ROYALTY INTERESTS, NET
Schedule of royalty and stream interests	As of December 31, 2017 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (129,652) $ 660,983 Pueblo Viejo 610,404 (93,202) 517,202 Andacollo 388,182 (51,328) 336,854 Wassa and Prestea 146,475 (34,446) 112,029 Rainy River 175,727 (581) 175,146 Total production stage stream interests 2,111,423 (309,209) 1,802,214 Production stage royalty interests: Voisey's Bay 205,724 (85,671) 120,053 Peñasquito 99,172 (36,730) 62,442 Holt 34,612 (20,490) 14,122 Cortez 20,878 (11,094) 9,784 Other 483,795 (350,690) 133,105 Total production stage royalty interests 844,181 (504,675) 339,506 Total production stage stream and royalty interests 2,955,604 (813,884) 2,141,720 Development stage stream interests: Other 12,031 — 12,031 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 516,302 — 516,302 Total exploration stage royalty interests 152,594 — 152,594 Total stream and royalty interests $ 3,624,500 $ (813,884) $ 2,810,616 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 $ (732,239) $ 2,892,256

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Dec. 31, 2017
DEBT
Schedule of non-current debt	As of December 31, 2017 As of June 30, 2017 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 $ (19,110) $ (1,986) $ 348,904 $ 370,000 $ (25,251) $ (2,646) $ 342,103 Revolving credit facility 150,000 — (5,418) 144,582 250,000 — (5,933) 244,067 Total debt $ 520,000 $ (19,110) $ (7,404) $ 493,486 $ 620,000 $ (25,251) $ (8,579) $ 586,170

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Dec. 31, 2017
REVENUE
Schedule of revenue	Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 (Amounts in thousands) (Amounts in thousands) Stream interests $ 79,287 $ 74,007 $ 158,049 $ 159,511 Royalty interests 35,061 32,954 68,775 65,398 Total revenue $ 114,348 $ 106,961 $ 226,824 $ 224,909

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Dec. 31, 2017
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 (Amounts in thousands) (Amounts in thousands) Stock options $ 79 $ 95 $ 170 $ 203 Stock appreciation rights 486 454 974 922 Restricted stock 888 829 2,314 2,203 Performance stock 568 921 937 3,115 Total stock-based compensation expense $ 2,021 $ 2,299 $ 4,395 $ 6,443
Schedule of stock-based compensation awards	Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 (Number of shares) (Number of shares) Stock options - - 6,858 7,200 Stock appreciation rights - - 71,262 63,340 Restricted stock - - 50,380 44,890 Performance stock - - 34,010 29,830 Total equity awards granted - - 162,510 145,260
Schedule of unrecognized compensation expense and weighted-average vesting period for each of the stock-based compensation awards	As of December 31, 2017, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows: Unrecognized Weighted- compensation average vesting expense period (years) Stock options $ 397 1.8 Stock appreciation rights 3,189 2.1 Restricted stock 6,939 3.2 Performance stock 2,424 2.0

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	6 Months Ended
	Dec. 31, 2017
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 (in thousands, except per share data) (in thousands, except per share data) Net (loss) income available to Royal Gold common stockholders $ (14,765) $ 28,062 $ 13,864 $ 57,850 Weighted-average shares for basic EPS 65,306,766 65,149,518 65,271,131 65,133,102 Effect of other dilutive securities - 103,691 189,299 131,035 Weighted-average shares for diluted EPS 65,306,766 65,253,209 65,460,430 65,264,137 Basic (loss) earnings per share $ (0.23) $ 0.43 $ 0.21 $ 0.89 Diluted (loss) earnings per share $ (0.23) $ 0.43 $ 0.21 $ 0.88

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Dec. 31, 2017
INCOME TAXES
Schedule of income tax expense and effective tax rate	Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 (Amounts in thousands, except rate) (Amounts in thousands, except rate) Income tax expense $ $ (5,044) $ $ (12,232) Effective tax rate

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2017
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	As of December 31, 2017 As of June 30, 2017 Stream interest Royalty interest Total stream Stream interest Royalty Total stream Canada $ 836,129 $ 218,683 $ 1,054,812 $ 852,035 $ 221,618 $ 1,073,653 Dominican Republic 517,203 — 517,203 543,256 — 543,256 Chile 336,854 453,369 790,223 348,778 453,369 802,147 Africa 112,029 525 112,554 123,760 572 124,332 Mexico — 99,769 99,769 — 105,889 105,889 United States — 166,115 166,115 — 168,378 168,378 Australia — 35,780 35,780 — 37,409 37,409 Other 12,030 22,130 34,160 12,030 25,162 37,192 Total $ 1,814,245 $ 996,371 $ 2,810,616 $ 1,879,859 $ 1,012,397 $ 2,892,256
Schedule of revenue, cost of sales and net revenue by reportable segment	Three Months Ended December 31, 2017 Three Months Ended December 31, 2016 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ 22,702 $ $ 16,078 $ 31,664 $ 11,181 $ 20,483 Dominican Republic 26,355 8,198 18,157 26,437 8,547 17,890 Chile 21,601 3,297 18,304 10,985 1,746 9,239 Africa 8,629 1,744 6,885 4,921 1,028 3,893 Total streams $ 79,287 $ 19,863 $ 59,424 $ 74,007 $ $ 51,505 Royalties: Mexico $ 10,854 $ — $ 10,854 $ 11,530 $ — $ 11,530 United States 12,298 — 12,298 9,407 — 9,407 Canada 5,396 — 5,396 5,682 — 5,682 Australia 3,227 — 3,227 3,230 — 3,230 Africa 585 — 585 764 — 764 Other 2,701 — 2,701 2,341 — 2,341 Total royalties $ 35,061 $ — $ 35,061 $ 32,954 $ — $ 32,954 Total streams and royalties $ 114,348 $ $ 94,485 $ 106,961 $ $ 84,459 Six Months Ended December 31, 2017 Six Months Ended December 31, 2016 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Canada $ 54,654 $ 15,847 $ 38,807 $ 70,050 $ 23,758 $ 46,292 Dominican Republic 51,758 15,785 35,973 47,387 14,443 32,944 Chile 33,938 5,109 28,829 31,154 4,744 26,410 Africa 17,699 3,541 14,158 10,920 2,218 8,702 Total streams $ 158,049 $ 40,282 $ 117,767 $ 159,511 $ 45,163 $ 114,348 Royalties: Mexico $ 21,751 $ — $ 21,751 $ 21,127 $ — $ 21,127 United States 22,727 — 22,727 19,113 — 19,113 Canada 11,488 — 11,488 11,870 — 11,870 Australia 6,548 — 6,548 6,692 — 6,692 Africa 1,047 — 1,047 1,588 — 1,588 Chile — — — 950 — 950 Other 5,214 — 5,214 4,058 — 4,058 Total royalties $ 68,775 $ — $ 68,775 $ 65,398 $ — $ 65,398 Total streams and royalties $ 226,824 $ 40,282 $ 186,542 $ 224,909 $ 45,163 $ 179,746

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2017
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	As of December 31, 2017 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Marketable equity securities (1) $ 3,450 $ 3,450 $ 3,450 $ — $ — Total assets $ 3,450 $ 3,450 $ — $ — Liabilities (In thousands): Debt (2) $ 427,890 $ 401,309 $ 401,309 $ — $ — Total liabilities $ 401,309 $ 401,309 $ — $ — (1) Included in Other assets on the Company’s consolidated balance sheets. (2) Included in the carrying amount is the equity component of our 2019 Notes in the amount of $77 million, which is included within Additional paid-in capital on the Company’s consolidated balance sheets.

OPERATIONS, SUMMARY OF SIGNIF26

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING STANDARDS (Details)	6 Months Ended
	Dec. 31, 2017item
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED AND RECENTLY ADOPTED ACCOUNTING STANDARDS
Minimum number of metals produced from a mine of which right to purchase all or a portion available in exchange for upfront deposit	1

STREAM AND ROYALTY INTERESTS,27

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Cost	$ 3,624,500	$ 3,624,495
Accumulated Depletion	(813,884)	(732,239)
Net	2,810,616	2,892,256
Pascua-Lama
Net	416,800
Production stage stream interests
Cost	2,111,423	1,935,696
Accumulated Depletion	(309,209)	(243,595)
Net	1,802,214	1,692,101
Production stage stream interests | Mount Milligan
Cost	790,635	790,635
Accumulated Depletion	(129,652)	(114,327)
Net	660,983	676,308
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(93,202)	(67,149)
Net	517,202	543,255
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(51,328)	(39,404)
Net	336,854	348,778
Production stage stream interests | Wassa and Prestea
Cost	146,475	146,475
Accumulated Depletion	(34,446)	(22,715)
Net	112,029	123,760
Production stage stream interests | Rainy River
Cost	175,727
Accumulated Depletion	(581)
Net	175,146
Production stage royalty interests
Cost	844,181	844,024
Accumulated Depletion	(504,675)	(488,644)
Net	339,506	355,380
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	(36,730)	(34,713)
Net	62,442	64,459
Production stage royalty interests | Holt
Cost	34,612	34,612
Accumulated Depletion	(20,490)	(19,669)
Net	14,122	14,943
Production stage royalty interests | Cortez
Cost	20,878	20,873
Accumulated Depletion	(11,094)	(10,633)
Net	9,784	10,240
Production stage royalty interests | Other
Cost	483,795	483,643
Accumulated Depletion	(350,690)	(337,958)
Net	133,105	145,685
Total production stage stream and royalty interests
Cost	2,955,604	2,779,720
Accumulated Depletion	(813,884)	(732,239)
Net	2,141,720	2,047,481
Development stage stream interests
Cost		187,758
Net		187,758
Development stage stream interests | Rainy River
Cost		175,727
Net		175,727
Development stage stream interests | Other
Cost	12,031	12,031
Net	12,031	12,031
Development stage royalty interests
Cost	504,271	504,271
Net	504,271	504,271
Development stage royalty interests | Cortez
Cost	59,803	59,803
Net	59,803	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	63,811
Net	63,811	63,811
Total development stage stream and royalty interests
Cost	516,302	692,029
Net	516,302	692,029
Exploration stage royalty interests
Cost	152,594	152,746
Net	$ 152,594	$ 152,746

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2012
Long-term debt disclosure
Principal	$ 520,000		$ 520,000		$ 620,000
Unamortized Discount	(19,110)		(19,110)		(25,251)
Debt Issuance Costs	(7,404)		(7,404)		(8,579)
Total debt	493,486		493,486		586,170
Repayment of revolving credit facility			100,000
2019 Notes
Long-term debt disclosure
Principal	370,000		370,000		370,000
Unamortized Discount	(19,110)		(19,110)		(25,251)
Debt Issuance Costs	(1,986)		(1,986)		(2,646)
Total debt	348,904		348,904		342,103
Principal amount of debt issued						$ 370,000
Interest rate on convertible senior notes (as a percent)						2.875%
Interest expense recognized	6,100	$ 5,900	12,100	$ 11,700
Credit Facility
Long-term debt disclosure
Principal	150,000		150,000		250,000
Debt Issuance Costs	(5,418)		(5,418)		(5,933)
Total debt	144,582		144,582		$ 244,067
Interest expense recognized	1,800	$ 2,300	3,600	$ 4,300
Maximum availability under the revolving credit facility	1,000,000		1,000,000
Outstanding amount under credit facility	150,000		150,000
Available under the revolving credit facility	$ 850,000		$ 850,000
Effective interest rate (as percent)	3.24%		3.24%
Repayment of revolving credit facility	$ 50,000		$ 50,000
LIBOR | 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		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
REVENUE
Stream interests	$ 79,287	$ 74,007	$ 158,049	$ 159,511
Royalty interests	35,061	32,954	68,775	65,398
Total revenue	$ 114,348	$ 106,961	$ 226,824	$ 224,909

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Stock-based compensation
Stock-based compensation expense	$ 2,021	$ 2,299	$ 4,395	$ 6,443
Stock-based compensation awards granted (in shares)			162,510	145,260
Stock options
Stock-based compensation
Stock-based compensation expense	79	95	$ 170	$ 203
Stock options granted (in shares)			6,858	7,200
Unrecognized compensation expense	397		$ 397
Weighted-average vesting period (years)			1 year 9 months 18 days
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	486	454	$ 974	$ 922
Other than options granted (in shares)			71,262	63,340
Unrecognized compensation expense	3,189		$ 3,189
Weighted-average vesting period (years)			2 years 1 month 6 days
Restricted stock
Stock-based compensation
Stock-based compensation expense	888	829	$ 2,314	$ 2,203
Other than options granted (in shares)			50,380	44,890
Unrecognized compensation expense	6,939		$ 6,939
Weighted-average vesting period (years)			3 years 2 months 12 days
Performance stock
Stock-based compensation
Stock-based compensation expense	568	$ 921	$ 937	$ 3,115
Other than options granted (in shares)			34,010	29,830
Unrecognized compensation expense	$ 2,424		$ 2,424
Weighted-average vesting period (years)			2 years

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
EARNINGS PER SHARE ("EPS")
Net (loss) income attributable to Royal Gold stockholders	$ (14,765)	$ 28,062	$ 13,864	$ 57,850
Weighted-average shares for basic EPS	65,306,766	65,149,518	65,271,131	65,133,102
Effect of other dilutive securities (in shares)		103,691	189,299	131,035
Weighted-average shares for diluted EPS	65,306,766	65,253,209	65,460,430	65,264,137
Basic (loss) earnings per share (in dollars per share)	$ (0.23)	$ 0.43	$ 0.21	$ 0.89
Diluted (loss) earnings per share (in dollars per share)	(0.23)	$ 0.43	0.21	$ 0.88
Initial conversion price (in dollars per share)	$ 102.79		$ 102.79

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Income tax expense		$ (48,360)	$ (5,044)		$ (55,904)	$ (12,232)
Effective tax rate (as a percent)		148.50%	15.70%		83.90%	18.50%
Non-cash functional currency election		$ 15,900
Net reduction in income tax expense due to Tax Cuts and Jobs Act		26,400
Mandatory transition tax due to tax legislation		$ 11,500
Mandatory transition tax payment period		8 years
Re-measurement of net deferred tax assets and liabilities due to tax legislation		$ (2,300)
Re-measurement of foreign uncertain tax positions due to tax legislation		$ 17,200
Forecast
Effective tax rate (as a percent)				28.10%
US corporate income tax rate (as a percent)	21.00%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)	Jun. 30, 2017USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment			2
Value of stream and royalty interests, net	$ 2,810,616		$ 2,810,616		$ 2,892,256
Revenue	114,348	$ 106,961	226,824	$ 224,909
Cost of sales	19,863	22,502	40,282	45,163
Net revenue	94,485	84,459	186,542	179,746
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	1,054,812		1,054,812		1,073,653
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	517,203		517,203		543,256
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	790,223		790,223		802,147
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	112,554		112,554		124,332
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	99,769		99,769		105,889
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	166,115		166,115		168,378
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	35,780		35,780		37,409
Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	34,160		34,160		37,192
Stream interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	1,814,245		1,814,245		1,879,859
Revenue	79,287	74,007	158,049	159,511
Cost of sales	19,863	22,502	40,282	45,163
Net revenue	59,424	51,505	117,767	114,348
Stream interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	836,129		836,129		852,035
Revenue	22,702	31,664	54,654	70,050
Cost of sales	6,624	11,181	15,847	23,758
Net revenue	16,078	20,483	38,807	46,292
Stream interest | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	517,203		517,203		543,256
Revenue	26,355	26,437	51,758	47,387
Cost of sales	8,198	8,547	15,785	14,443
Net revenue	18,157	17,890	35,973	32,944
Stream interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	336,854		336,854		348,778
Revenue	21,601	10,985	33,938	31,154
Cost of sales	3,297	1,746	5,109	4,744
Net revenue	18,304	9,239	28,829	26,410
Stream interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	112,029		112,029		123,760
Revenue	8,629	4,921	17,699	10,920
Cost of sales	1,744	1,028	3,541	2,218
Net revenue	6,885	3,893	14,158	8,702
Stream interest | Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	12,030		12,030		12,030
Royalty interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	996,371		996,371		1,012,397
Revenue	35,061	32,954	68,775	65,398
Net revenue	35,061	32,954	68,775	65,398
Royalty interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	218,683		218,683		221,618
Revenue	5,396	5,682	11,488	11,870
Net revenue	5,396	5,682	11,488	11,870
Royalty interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	453,369		453,369		453,369
Revenue				950
Net revenue				950
Royalty interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	525		525		572
Revenue	585	764	1,047	1,588
Net revenue	585	764	1,047	1,588
Royalty interest | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	99,769		99,769		105,889
Revenue	10,854	11,530	21,751	21,127
Net revenue	10,854	11,530	21,751	21,127
Royalty interest | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	166,115		166,115		168,378
Revenue	12,298	9,407	22,727	19,113
Net revenue	12,298	9,407	22,727	19,113
Royalty interest | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	35,780		35,780		37,409
Revenue	3,227	3,230	6,548	6,692
Net revenue	3,227	3,230	6,548	6,692
Royalty interest | Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Value of stream and royalty interests, net	22,130		22,130		$ 25,162
Revenue	2,701	2,341	5,214	4,058
Net revenue	$ 2,701	$ 2,341	$ 5,214	$ 4,058

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis $ in Thousands	Dec. 31, 2017USD ($)
Carrying Amount
Assets:
Marketable equity securities	$ 3,450
Liabilities:
Debt	427,890
Amount of equity component of convertible notes	77,000
Fair Value
Assets:
Marketable equity securities	3,450
Total assets	3,450
Liabilities:
Debt	401,309
Total liabilities	401,309
Level 1
Assets:
Marketable equity securities	3,450
Total assets	3,450
Liabilities:
Debt	401,309
Total liabilities	$ 401,309

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2017USD ($)
Ilovica
Commitments and Contingencies
Scheduled payment amount	$ 163,750
Voisey's Bay | LNRLP
Commitments and Contingencies
Ownership percentage held	90.00%
Voisey's Bay | Altius | LNRLP
Commitments and Contingencies
Ownership percentage held	10.00%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands, oz in Millions	Feb. 06, 2018oz	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)
Subsequent events
Value of interests		$ 2,810,616	$ 2,892,256
Pascua-Lama
Subsequent events
Value of interests		$ 416,800
Subsequent Event | Pascua-Lama
Subsequent events
Amount of gold reserves | oz	14
Copper NSR (as a percent)	1.09%
Minimum | Subsequent Event | Pascua-Lama
Subsequent events
Gold net smelter return (NSR) (as a percent)	0.78%
Maximum | Subsequent Event | Pascua-Lama
Subsequent events
Gold net smelter return (NSR) (as a percent)	5.45%