Royal Gold (RGLD) 10-Q 1 Nov 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2018	Oct. 25, 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	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shares Outstanding		65,509,128
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
ASSETS
Cash and equivalents	$ 117,078	$ 88,750
Royalty receivables	25,106	26,356
Income tax receivable	6,381	40
Stream inventory	10,011	9,311
Prepaid expenses and other	854	1,350
Total current assets	159,430	125,807
Stream and royalty interests, net	2,458,615	2,501,117
Other assets	54,821	55,092
Total assets	2,672,866	2,682,016
LIABILITIES
Accounts payable	5,055	9,090
Dividends payable	16,376	16,375
Income tax payable	8,012	18,253
Withholding taxes payable	2,551	3,254
Other current liabilities	5,377	4,411
Total current liabilities	37,371	51,383
Debt	354,939	351,027
Deferred tax liabilities	91,356	91,147
Uncertain tax positions	36,659	33,394
Other long-term liabilities	13,275	13,796
Total liabilities	533,600	540,747
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 65,394,898 and 65,360,041 shares outstanding, respectively	654	654
Additional paid-in capital	2,195,034	2,192,612
Accumulated other comprehensive loss		(1,201)
Accumulated losses	(92,467)	(89,898)
Total Royal Gold stockholders’ equity	2,103,221	2,102,167
Non-controlling interests	36,045	39,102
Total equity	2,139,266	2,141,269
Total liabilities and equity	$ 2,672,866	$ 2,682,016

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Jun. 30, 2018
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	65,394,898	65,360,041

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Consolidated Statements of Operations and Comprehensive Income
Revenue	$ 99,992	$ 112,476
Costs and expenses
Cost of sales	16,527	20,419
General and administrative	9,927	6,899
Production taxes	1,292	543
Exploration costs	4,362	3,203
Depreciation, depletion and amortization	42,551	39,692
Total costs and expenses	74,659	70,756
Operating income	25,333	41,720
Fair value changes in equity securities	(1,468)
Interest and other income	103	989
Interest and other expense	(7,877)	(8,617)
Income before income taxes	16,091	34,092
Income tax expense	(4,115)	(7,544)
Net income	11,976	26,548
Net loss attributable to non-controlling interests	3,032	2,083
Net income attributable to Royal Gold common stockholders	15,008	28,631
Net income	11,976	26,548
Adjustments to comprehensive income, net of tax
Unrealized change in market value of available-for-sale securities		197
Comprehensive income	11,976	26,745
Comprehensive loss attributable to non-controlling interests	3,032	2,083
Comprehensive income attributable to Royal Gold stockholders	$ 15,008	$ 28,828
Net income per share available to Royal Gold common stockholders:
Basic earnings per share (in dollars per share)	$ 0.23	$ 0.44
Basic weighted average shares outstanding (in shares)	65,374,866	65,235,496
Diluted earnings per share (in dollars per share)	$ 0.23	$ 0.44
Diluted weighted average shares outstanding (in shares)	65,497,159	65,404,680
Cash dividends declared per common share (in dollars per share)	$ 0.25	$ 0.24

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 11,976	$ 26,548
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	42,551	39,692
Amortization of debt discount and issuance costs	3,903	3,679
Non-cash employee stock compensation expense	2,444	2,373
Fair value changes in equity securities	1,468
Deferred tax benefit	(1,681)	(727)
Other		(223)
Changes in assets and liabilities:
Royalty receivables	1,250	(2,193)
Stream inventory	(701)	89
Income tax receivable	(6,341)	(3,854)
Prepaid expenses and other assets	1,061	(1,654)
Accounts payable	(4,060)	(985)
Income tax payable	(10,241)	6,035
Withholding taxes payable	(703)	37
Uncertain tax positions	3,266	2,493
Other liabilities	445	299
Net cash provided by operating activities	44,637	71,609
Cash flows from investing activities:
Acquisition of stream and royalty interests	(3)	(5)
Other	(121)	100
Net cash (used in) provided by investing activities	(124)	95
Cash flows from financing activities:
Repayment of revolving credit facility		(50,000)
Net payments from issuance of common stock	(1,972)	(3,529)
Common stock dividends	(16,376)	(15,682)
Other	2,163	55
Net cash used in financing activities	(16,185)	(69,156)
Net increase in cash and equivalents	28,328	2,548
Cash and equivalents at beginning of period	88,750	85,847
Cash and equivalents at end of period	$ 117,078	$ 88,395

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	3 Months Ended
	Sep. 30, 2018
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	1. OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS Royal Gold, Inc. (“Royal Gold”, the “Company”, “we”, “us”, or “our”), together with its subsidiaries, is engaged in the business of acquiring and managing metal streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance mining 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. A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting contractually specified costs, if any. Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended September 30, 2018, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2019. 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, 2018 filed with the Securities and Exchange Commission on August 9, 2018 (“Fiscal 2018 10-K”). Recently Adopted Accounting Standards Revenue Recognition On July 1, 2018, we adopted Accounting Standards Codification 606 - Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method of transition. Under this transition approach, we applied ASC 606 to all existing contracts for which all (or substantially all) of the revenue attributable to a contract had not been recognized under legacy revenue guidance. The guidance of ASC 606 will also be applied to any new contracts entered into on or after July 1, 2018. ASC 606 supersedes nearly all of the existing revenue recognition guidance under U.S. GAAP and sets out a five-step revenue recognition framework to recognize revenue upon the transfer of control of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. For the three months ended September 30, 2018, there was no impact to our reported revenue, operating costs and expenses or net income attributable to Royal Gold common stockholders as a result of adopting ASC 606, as compared to legacy revenue guidance under U.S. GAAP. In addition, no cumulative catch-up adjustment to accumulated losses was required on July 1, 2018 as a result of adopting ASC 606. Please refer to Note 4 for additional discussion. Recognition and Measurement of Financial Instruments On July 1, 2018, we adopted Accounting Standards Update (“ASU”) 2016-01 – Financial Instrument , which is guidance on the recognition and measurement of financial instruments. The amended guidance requires, among other things, that equity securities previously classified as available-for-sale be measured at fair value with changes in fair value recognized in net income rather than other comprehensive income (loss) as required under previous guidance. Upon adoption, the Company recorded a cumulative-effect adjustment in Accumulated losses of $1.2 million. The change in fair value of our equity securities was approximately $1.5 million for the three months ended September 30, 2018 and is included in Fair value change of marketable equity securities on our consolidated statements of operations and comprehensive income. The carrying value of the Company’s equity securities as of September 30, 2018 and June 30, 2018 was $17.8 million and $19.2 million, respectively, and is included in Other assets on the Company’s consolidated balance sheets. As of September 30, 2018, the Company owns 682,556 common shares of Contango Ore, Inc. (“CORE”) and 3,379,913 common shares of Rubicon Minerals Corporation. Recently Issued Accounting Standards Leases In February 2016, the Financial Accounting Standards Board issued ASU 2016-02, Leases (Topic 842) which requires recognition of right-of-use assets and lease payment liabilities on the balance sheet by lessees for virtually all leases currently classified as operating leases . Under ASU 2016-02, companies are permitted to make a policy election to not recognize lease assets or liabilities when the term of the lease is less than twelve months. The new guidance is effective for the Company’s fiscal year beginning July 1, 2019, and early adoption is permitted. We are currently evaluating the transition effort and impact, if any, this guidance will have on our consolidated financial statements and footnote disclosures.

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	3 Months Ended
	Sep. 30, 2018
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 September 30, 2018 and June 30, 2018. As of September 30, 2018 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (155,695) $ 634,940 Pueblo Viejo 610,404 (125,261) 485,143 Andacollo 388,182 (70,747) 317,435 Wassa and Prestea 146,475 (46,711) 99,764 Rainy River 175,727 (6,939) 168,788 Total production stage stream interests 2,111,423 (405,353) 1,706,070 Production stage royalty interests: Voisey's Bay 205,724 (90,006) 115,718 Peñasquito 99,172 (39,054) 60,118 Holt 34,612 (21,569) 13,043 Cortez 20,878 (11,275) 9,603 Other 483,795 (371,074) 112,721 Total production stage royalty interests 844,181 (532,978) 311,203 Total production stage stream and royalty interests 2,955,604 (938,331) 2,017,273 Development stage stream interests: Other 12,038 — 12,038 Development stage royalty interests: Cortez 59,803 — 59,803 Other 74,329 — 74,329 Total development stage royalty interests 134,132 — 134,132 Total development stage stream and royalty interests 146,170 — 146,170 Exploration stage royalty interests: Pascua-Lama 177,690 — 177,690 Other 117,482 — 117,482 Total exploration stage royalty interests 295,172 — 295,172 Total stream and royalty interests, net $ 3,396,946 $ (938,331) $ 2,458,615 As of June 30, 2018 (Amounts in thousands): Cost Accumulated Depletion Impairments Net Production stage stream interests: Mount Milligan $ 790,635 $ (152,833) $ — $ 637,802 Pueblo Viejo 610,404 (114,944) — 495,460 Andacollo 388,182 (59,851) — 328,331 Wassa and Prestea 146,475 (41,601) — 104,874 Rainy River 175,727 (4,028) — 171,699 Total production stage stream interests 2,111,423 (373,257) — 1,738,166 Total production stage stream and royalty interests Production stage royalty interests: Voisey's Bay 205,724 (86,933) — 118,791 Peñasquito 99,172 (38,426) — 60,746 Holt 34,612 (21,173) — 13,439 Cortez 20,878 (11,241) — 9,637 Other 483,795 (364,795) — 119,000 Total production stage royalty interests 844,181 (522,568) — 321,613 Total production stage stream and royalty interests 2,955,604 (895,825) — 2,059,779 Development stage stream interests: Other 12,038 — — 12,038 Development stage royalty interests: Cortez 59,803 — — 59,803 Other 74,610 — (284) 74,326 Total development stage royalty interests 134,413 — (284) 134,129 Total development stage stream and royalty interests 146,451 — (284) 146,167 Exploration stage royalty interests: Pascua-Lama 416,770 — (239,080) 177,690 Other 117,481 — — 117,481 Total exploration stage royalty interests 534,251 — (239,080) 295,171 Total stream and royalty interests, net $ 3,636,306 $ (895,825) $ (239,364) $ 2,501,117 Voisey’s Bay The royalty on production of nickel, copper, cobalt and other minerals from the Voisey’s Bay mine in Newfoundland and Labrador, Canada is directly owned by the Labrador Nickel Royalty Limited Partnership (“LNRLP”), in which the Company’s wholly-owned indirect subsidiary is the general partner and 90% owner. The remaining 10% interest in LNRLP is owned by a subsidiary of Altius Minerals Corporation (“Altius”). On September 13, 2018, LNRLP entered into an agreement with Vale Canada Limited and certain of its subsidiaries (collectively, the “Parties”) to comprehensively settle their long-standing litigation related to calculation of the royalty on the sale of all concentrates produced from the Voisey’s Bay mine. Refer to Note 14 of our Fiscal 2018 10-K for further discussion on the claims previously asserted by LNRLP. The Parties agreed to a new method for calculating the royalty in respect of concentrates processed at Vale’s Long Harbour Processing Plant, which will be effective for all Voisey’s Bay mine production after April 1, 2018. Under the terms of the settlement, Royal Gold expects the 3% royalty rate will apply to approximately 50% of the gross metal value in the concentrates at the nickel, copper and cobalt prices prevailing at the time of settlement. As those metal prices rise or fall, the percentage of gross metal value in the concentrates applicable to the royalty would correspondingly increase or decrease. During the three months ended September 30, 2018, the Company recognized approximately $4.9 million in royalty revenue attributable to Voisey’s Bay metal production from the June 30 and September 30, 2018 quarters. Royalty payments for each quarter are due 45 days after quarter-end. Refer to Note 4 for further discussion on our revenue recognition.

DEBT

DEBT	3 Months Ended
	Sep. 30, 2018
DEBT
DEBT	3. DEBT The Company’s non-current debt as of September 30, 2018 and June 30, 2018 consists of the following: As of September 30, 2018 As of June 30, 2018 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 $ (9,512) $ (976) $ 359,512 $ 370,000 $ (12,764) $ (1,316) $ 355,920 Revolving credit facility — — (4,573) — — (4,893) Total debt $ 370,000 $ (9,512) $ (5,549) $ 354,939 $ 370,000 $ (12,764) $ (6,209) $ 351,027 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. Generally, we classify debt that is maturing within one year as a current liability. However, the Company has the intent and ability to settle the principal amount of the 2019 Notes in cash primarily from its available revolving credit facility, a non-current liability, as of September 30 and June 30, 2018. Interest expense recognized on the 2019 Notes for the three months ended September 30, 2018, was $6.3 million compared to $6.0 million for the three months ended September 30, 2017, 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 September 30, 2018, the Company had no amounts outstanding and $1 billion available under the revolving credit facility. Interest expense recognized on the revolving credit facility for the three months ended September 30, 2018 was $0.3 million (amortization of debt issuance costs only) and $1.8 million, for the three months ended September 30, 2017, which included interest on the outstanding borrowings and the amortization of the debt issuance costs. Royal Gold may repay any borrowings under the revolving credit facility at any time without premium or penalty. As discussed in Note 5 to the notes to consolidated financial statements in the Company’s Fiscal 2018 10-K, the Company has financial covenants associated with its revolving credit facility. As of September 30, 2018, the Company was in compliance with each financial covenant.

REVENUE

REVENUE	3 Months Ended
	Sep. 30, 2018
REVENUE
REVENUE	4. REVENUE Revenue Recognition Under current ASC 606 guidance, a performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below. Stream 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 of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. 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 ten 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. We settle our forward sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our forward sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser. Royalty Interests Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (monthly or quarterly average spot price) for the period in which metal production occurred. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production, comprising our royalty interest, to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, mining costs. Royalty Revenue Estimates For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, the Company will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our Fiscal 2018 10-K. For the period ended September 30, 2018, royalty revenue that was estimated or was attributable to metal production for a period prior to September 30, 2018, was not material. Disaggregation of Revenue We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 8. Revenue by metal type attributable to each of our revenue sources is disaggregated as follows: Three Months Ended September 30, 2018 Stream revenue: Gold $ 59,114 Silver 8,720 Copper 2,203 Total stream revenue $ 70,037 Royalty revenue: Gold $ 18,554 Silver 1,352 Copper 3,615 Other 6,434 Total royalty revenue $ 29,955 Total revenue $ 99,992 Revenue attributable to our principal stream and royalty interests is disaggregated as follows: Three Months Ended Metal(s) September 30, 2018 Stream revenue: Andacollo Gold $ 27,743 Pueblo Viejo Gold & Silver 19,486 Mount Milligan Gold & Copper 8,847 Wassa and Prestea Gold 8,061 Other Gold & Silver 5,900 Total stream revenue $ 70,037 Royalty revenue: Peñasquito Gold, Silver, Lead & Zinc $ 3,637 Cortez Gold 603 Other Various 25,715 Total royalty revenue $ 29,955 Total revenue $ 99,992 Please refer to Note 8 for the geographical distribution of our revenue by reportable segment. Contract Receivables Under our forward sales contracts related to our metal streaming arrangements, payment is due from the purchaser on the day of settlement. Accordingly, our metal stream sales contracts do not give rise to a receivable under ASC 606. Under our royalty arrangements, payment is typically due by the royalty payor either (i) monthly, typically thirty days after month-end or (ii) quarterly, typically thirty to sixty days after the respective quarter-end. Revenue related to production that has occurred as of the reporting date but for which payment has not been received represents a receivable (rather than a contract asset) under ASC 606, as payment by the operator is unconditional upon the production of metal. As of September 30, 2018, and June 30, 2018, our royalty receivables were $25.1 million and $26.4 million, respectively. Practical Expedients Utilized Our forward sales contracts related to our metal streaming arrangements are short-term in nature with a term of one year or less. For these contracts, we have utilized the practical expedient allowed in ASC 606 that exempts us from presenting the transaction price allocated to remaining performance obligations (i.e. forecasts of unearned revenue) for contracts with an original expected term of one year or less. Our royalty arrangements generally cover metal production over the life of a mine and, thus, have a contract term that is greater than one year. Under these contracts, variability related to future production volumes and market pricing is allocated entirely to those future production volumes from the mining operation. Consequently, we have utilized an alternative practical expedient allowed in ASC 606 that exempts us from presenting the transaction price allocated to remaining performance obligations (i.e. forecasts of unearned revenue) if the variable consideration in a contract is allocated entirely to a wholly unsatisfied performance obligation.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Sep. 30, 2018
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. STOCK-BASED COMPENSATION The Company recognized stock-based compensation expense as follows: Three Months Ended September 30, September 30, 2018 2017 (Amounts in thousands) Stock options $ 120 $ 91 Stock appreciation rights 766 488 Restricted stock 1,280 1,426 Performance stock 278 368 Total stock-based compensation expense $ 2,444 $ 2,373 Stock-based compensation expense is included within General and administrative expense in the consolidated statements of operations and comprehensive income. During the three months ended September 30, 2018, the Company granted the following stock-based compensation awards: Three Months Ended September 30, September 30, 2018 2017 (Number of shares) Stock options 6,430 6,858 Stock appreciation rights 69,360 71,262 Restricted stock 42,260 50,380 Performance stock (at maximum 200% attainment) 57,420 68,020 Total equity awards granted 175,470 196,520 As of September 30, 2018, 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 $ 227 2.2 Stock appreciation rights 2,949 2.2 Restricted stock 6,307 3.4 Performance stock 1,736 2.1

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	3 Months Ended
	Sep. 30, 2018
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 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 earnings per common share. The following tables summarize the effects of dilutive securities on diluted EPS for the period: Three Months Ended September 30, September 30, 2018 2017 (in thousands, except per share data) Net income available to Royal Gold common stockholders $ 15,008 $ 28,631 Weighted-average shares for basic EPS 65,374,866 65,235,496 Effect of other dilutive securities 122,293 169,184 Weighted-average shares for diluted EPS 65,497,159 65,404,680 Basic earnings per share $ 0.23 $ 0.44 Diluted earnings per share $ 0.23 $ 0.44 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 from amounts available under our revolving credit facility. 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 $102.43.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Sep. 30, 2018
INCOME TAXES
INCOME TAXES	7. INCOME TAXES Three Months Ended September 30, September 30, 2018 2017 (Amounts in thousands, except rate) Income tax expense $ $ 7,544 Effective tax rate The increase in the effective tax rate for the three months ended September 30, 2018 was primarily related to fewer discrete tax benefits attributable to equity award vesting and exercises in the current quarter as compared to the quarter ending September 30, 2017. The Company will continue to analyze H.R. 1, originally known as the Tax Cuts and Jobs Act (the “Act”), for additional information and guidance including supplemental legislation, regulatory guidance, or evolving technical interpretations as they become available. The final Act impacts may differ from the recorded amounts as of September 30, 2018 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 during the second quarter of fiscal year 2019.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Sep. 30, 2018
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 September 30, 2018 As of June 30, 2018 Total stream Total stream Stream Royalty and royalty Stream Royalty and royalty interest interest interests, net interest interest Impairments interests, net Canada $ 803,727 $ 209,725 $ 1,013,452 $ 809,500 $ 214,562 $ (284) $ 1,023,778 Dominican Republic 485,143 — 485,143 495,460 — — 495,460 Chile 317,434 214,226 531,660 328,331 453,306 (239,080) 542,557 Africa 99,764 495 100,259 104,874 502 — 105,376 Mexico — 90,243 90,243 — 93,277 — 93,277 United States — 164,987 164,987 — 165,543 — 165,543 Australia — 33,622 33,622 — 34,254 — 34,254 Other 12,039 27,210 39,249 12,039 28,833 — 40,872 Total $ 1,718,107 $ 740,508 $ 2,458,615 $ 1,750,204 $ 990,277 $ (239,364) $ 2,501,117 The Company’s revenue, cost of sales and net revenue by reportable segment for the three months ended September 30, 2018 and 2017, is geographically distributed as shown in the following table: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Chile $ 27,742 $ 4,278 $ 23,464 $ 12,337 $ 1,812 $ 10,525 Dominican Republic 19,486 6,324 13,162 25,403 7,588 17,815 Canada 14,747 10,482 31,952 9,223 22,729 Africa 8,062 1,660 6,402 9,070 1,796 7,274 Total streams $ 70,037 $ 16,527 $ 53,510 $ 78,762 $ 20,419 $ 58,343 Royalties: Canada $ 10,181 $ — $ 10,181 $ 6,092 $ — $ 6,092 Mexico 7,996 — 7,996 10,897 — 10,897 United States 6,056 — 6,056 10,429 — 10,429 Australia 3,060 — 3,060 3,320 — 3,320 Africa 492 — 492 462 — 462 Chile - — - — — - Other 2,170 — 2,170 2,514 — 2,514 Total royalties $ 29,955 $ — $ 29,955 $ 33,714 $ — $ 33,714 Total streams and royalties $ 99,992 $ 16,527 $ 83,465 $ 112,476 $ 20,419 $ 92,057

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2018
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	9. FAIR VALUE MEASUREMENTS 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 September 30, 2018 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Marketable equity securities (1) $ 17,771 $ 17,771 $ 17,771 $ — $ — Total assets $ 17,771 $ 17,771 $ 17,771 $ — $ — Liabilities (In thousands): Debt (2) $ 437,488 $ 373,393 $ 373,393 $ — $ — Total liabilities $ 437,488 $ 373,393 $ 373,393 $ — $ — (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 Company’s debt classified within Level 1 of the fair value hierarchy is valued using quoted prices in an active market. As of September 30, 2018, the Company also had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with stream and royalty interests, intangible assets and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired. If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Ilovica Gold Stream Acquisition As of September 30, 2018, 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Sep. 30, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENT	11. SUBSEQUENT EVENT On October 3, 2018, the Company purchased the second and final tranche of CORE common stock (127,188 shares) for $26 per share. Upon this acquisition, the Company owns 809,744 shares of CORE common stock.

OPERATIONS, SUMMARY OF SIGNIF_2

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Sep. 30, 2018
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
Basis of Consolidation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended September 30, 2018, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2019. 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, 2018 filed with the Securities and Exchange Commission on August 9, 2018 (“Fiscal 2018 10-K”).
Recently Issued and Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Revenue Recognition On July 1, 2018, we adopted Accounting Standards Codification 606 - Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method of transition. Under this transition approach, we applied ASC 606 to all existing contracts for which all (or substantially all) of the revenue attributable to a contract had not been recognized under legacy revenue guidance. The guidance of ASC 606 will also be applied to any new contracts entered into on or after July 1, 2018. ASC 606 supersedes nearly all of the existing revenue recognition guidance under U.S. GAAP and sets out a five-step revenue recognition framework to recognize revenue upon the transfer of control of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. For the three months ended September 30, 2018, there was no impact to our reported revenue, operating costs and expenses or net income attributable to Royal Gold common stockholders as a result of adopting ASC 606, as compared to legacy revenue guidance under U.S. GAAP. In addition, no cumulative catch-up adjustment to accumulated losses was required on July 1, 2018 as a result of adopting ASC 606. Please refer to Note 4 for additional discussion. Recognition and Measurement of Financial Instruments On July 1, 2018, we adopted Accounting Standards Update (“ASU”) 2016-01 – Financial Instrument , which is guidance on the recognition and measurement of financial instruments. The amended guidance requires, among other things, that equity securities previously classified as available-for-sale be measured at fair value with changes in fair value recognized in net income rather than other comprehensive income (loss) as required under previous guidance. Upon adoption, the Company recorded a cumulative-effect adjustment in Accumulated losses of $1.2 million. The change in fair value of our equity securities was approximately $1.5 million for the three months ended September 30, 2018 and is included in Fair value change of marketable equity securities on our consolidated statements of operations and comprehensive income. The carrying value of the Company’s equity securities as of September 30, 2018 and June 30, 2018 was $17.8 million and $19.2 million, respectively, and is included in Other assets on the Company’s consolidated balance sheets. As of September 30, 2018, the Company owns 682,556 common shares of Contango Ore, Inc. (“CORE”) and 3,379,913 common shares of Rubicon Minerals Corporation. Recently Issued Accounting Standards Leases In February 2016, the Financial Accounting Standards Board issued ASU 2016-02, Leases (Topic 842) which requires recognition of right-of-use assets and lease payment liabilities on the balance sheet by lessees for virtually all leases currently classified as operating leases . Under ASU 2016-02, companies are permitted to make a policy election to not recognize lease assets or liabilities when the term of the lease is less than twelve months. The new guidance is effective for the Company’s fiscal year beginning July 1, 2019, and early adoption is permitted. We are currently evaluating the transition effort and impact, if any, this guidance will have on our consolidated financial statements and footnote disclosures.

STREAM AND ROYALTY INTERESTS,_2

STREAM AND ROYALTY INTERESTS, NET (Tables)	3 Months Ended
	Sep. 30, 2018
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	As of September 30, 2018 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (155,695) $ 634,940 Pueblo Viejo 610,404 (125,261) 485,143 Andacollo 388,182 (70,747) 317,435 Wassa and Prestea 146,475 (46,711) 99,764 Rainy River 175,727 (6,939) 168,788 Total production stage stream interests 2,111,423 (405,353) 1,706,070 Production stage royalty interests: Voisey's Bay 205,724 (90,006) 115,718 Peñasquito 99,172 (39,054) 60,118 Holt 34,612 (21,569) 13,043 Cortez 20,878 (11,275) 9,603 Other 483,795 (371,074) 112,721 Total production stage royalty interests 844,181 (532,978) 311,203 Total production stage stream and royalty interests 2,955,604 (938,331) 2,017,273 Development stage stream interests: Other 12,038 — 12,038 Development stage royalty interests: Cortez 59,803 — 59,803 Other 74,329 — 74,329 Total development stage royalty interests 134,132 — 134,132 Total development stage stream and royalty interests 146,170 — 146,170 Exploration stage royalty interests: Pascua-Lama 177,690 — 177,690 Other 117,482 — 117,482 Total exploration stage royalty interests 295,172 — 295,172 Total stream and royalty interests, net $ 3,396,946 $ (938,331) $ 2,458,615 As of June 30, 2018 (Amounts in thousands): Cost Accumulated Depletion Impairments Net Production stage stream interests: Mount Milligan $ 790,635 $ (152,833) $ — $ 637,802 Pueblo Viejo 610,404 (114,944) — 495,460 Andacollo 388,182 (59,851) — 328,331 Wassa and Prestea 146,475 (41,601) — 104,874 Rainy River 175,727 (4,028) — 171,699 Total production stage stream interests 2,111,423 (373,257) — 1,738,166 Total production stage stream and royalty interests Production stage royalty interests: Voisey's Bay 205,724 (86,933) — 118,791 Peñasquito 99,172 (38,426) — 60,746 Holt 34,612 (21,173) — 13,439 Cortez 20,878 (11,241) — 9,637 Other 483,795 (364,795) — 119,000 Total production stage royalty interests 844,181 (522,568) — 321,613 Total production stage stream and royalty interests 2,955,604 (895,825) — 2,059,779 Development stage stream interests: Other 12,038 — — 12,038 Development stage royalty interests: Cortez 59,803 — — 59,803 Other 74,610 — (284) 74,326 Total development stage royalty interests 134,413 — (284) 134,129 Total development stage stream and royalty interests 146,451 — (284) 146,167 Exploration stage royalty interests: Pascua-Lama 416,770 — (239,080) 177,690 Other 117,481 — — 117,481 Total exploration stage royalty interests 534,251 — (239,080) 295,171 Total stream and royalty interests, net $ 3,636,306 $ (895,825) $ (239,364) $ 2,501,117

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Sep. 30, 2018
DEBT
Schedule of non-current debt	As of September 30, 2018 As of June 30, 2018 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 $ (9,512) $ (976) $ 359,512 $ 370,000 $ (12,764) $ (1,316) $ 355,920 Revolving credit facility — — (4,573) — — (4,893) Total debt $ 370,000 $ (9,512) $ (5,549) $ 354,939 $ 370,000 $ (12,764) $ (6,209) $ 351,027

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Sep. 30, 2018
REVENUE
Summary of disaggregated revenue	Revenue by metal type attributable to each of our revenue sources is disaggregated as follows: Three Months Ended September 30, 2018 Stream revenue: Gold $ 59,114 Silver 8,720 Copper 2,203 Total stream revenue $ 70,037 Royalty revenue: Gold $ 18,554 Silver 1,352 Copper 3,615 Other 6,434 Total royalty revenue $ 29,955 Total revenue $ 99,992 Revenue attributable to our principal stream and royalty interests is disaggregated as follows: Three Months Ended Metal(s) September 30, 2018 Stream revenue: Andacollo Gold $ 27,743 Pueblo Viejo Gold & Silver 19,486 Mount Milligan Gold & Copper 8,847 Wassa and Prestea Gold 8,061 Other Gold & Silver 5,900 Total stream revenue $ 70,037 Royalty revenue: Peñasquito Gold, Silver, Lead & Zinc $ 3,637 Cortez Gold 603 Other Various 25,715 Total royalty revenue $ 29,955 Total revenue $ 99,992

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Sep. 30, 2018
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	Three Months Ended September 30, September 30, 2018 2017 (Amounts in thousands) Stock options $ 120 $ 91 Stock appreciation rights 766 488 Restricted stock 1,280 1,426 Performance stock 278 368 Total stock-based compensation expense $ 2,444 $ 2,373
Schedule of stock-based compensation awards	Three Months Ended September 30, September 30, 2018 2017 (Number of shares) Stock options 6,430 6,858 Stock appreciation rights 69,360 71,262 Restricted stock 42,260 50,380 Performance stock (at maximum 200% attainment) 57,420 68,020 Total equity awards granted 175,470 196,520
Schedule of unrecognized compensation expense	As of September 30, 2018, 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 $ 227 2.2 Stock appreciation rights 2,949 2.2 Restricted stock 6,307 3.4 Performance stock 1,736 2.1

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	3 Months Ended
	Sep. 30, 2018
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	Three Months Ended September 30, September 30, 2018 2017 (in thousands, except per share data) Net income available to Royal Gold common stockholders $ 15,008 $ 28,631 Weighted-average shares for basic EPS 65,374,866 65,235,496 Effect of other dilutive securities 122,293 169,184 Weighted-average shares for diluted EPS 65,497,159 65,404,680 Basic earnings per share $ 0.23 $ 0.44 Diluted earnings per share $ 0.23 $ 0.44

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Sep. 30, 2018
INCOME TAXES
Schedule of income tax expense and effective tax rate	Three Months Ended September 30, September 30, 2018 2017 (Amounts in thousands, except rate) Income tax expense $ $ 7,544 Effective tax rate

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Sep. 30, 2018
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	As of September 30, 2018 As of June 30, 2018 Total stream Total stream Stream Royalty and royalty Stream Royalty and royalty interest interest interests, net interest interest Impairments interests, net Canada $ 803,727 $ 209,725 $ 1,013,452 $ 809,500 $ 214,562 $ (284) $ 1,023,778 Dominican Republic 485,143 — 485,143 495,460 — — 495,460 Chile 317,434 214,226 531,660 328,331 453,306 (239,080) 542,557 Africa 99,764 495 100,259 104,874 502 — 105,376 Mexico — 90,243 90,243 — 93,277 — 93,277 United States — 164,987 164,987 — 165,543 — 165,543 Australia — 33,622 33,622 — 34,254 — 34,254 Other 12,039 27,210 39,249 12,039 28,833 — 40,872 Total $ 1,718,107 $ 740,508 $ 2,458,615 $ 1,750,204 $ 990,277 $ (239,364) $ 2,501,117
Schedule of revenue, cost of sales and net revenue by reportable segment	Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Revenue Cost of sales Net revenue Revenue Cost of sales Net revenue Streams: Chile $ 27,742 $ 4,278 $ 23,464 $ 12,337 $ 1,812 $ 10,525 Dominican Republic 19,486 6,324 13,162 25,403 7,588 17,815 Canada 14,747 10,482 31,952 9,223 22,729 Africa 8,062 1,660 6,402 9,070 1,796 7,274 Total streams $ 70,037 $ 16,527 $ 53,510 $ 78,762 $ 20,419 $ 58,343 Royalties: Canada $ 10,181 $ — $ 10,181 $ 6,092 $ — $ 6,092 Mexico 7,996 — 7,996 10,897 — 10,897 United States 6,056 — 6,056 10,429 — 10,429 Australia 3,060 — 3,060 3,320 — 3,320 Africa 492 — 492 462 — 462 Chile - — - — — - Other 2,170 — 2,170 2,514 — 2,514 Total royalties $ 29,955 $ — $ 29,955 $ 33,714 $ — $ 33,714 Total streams and royalties $ 99,992 $ 16,527 $ 83,465 $ 112,476 $ 20,419 $ 92,057

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2018
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	As of September 30, 2018 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Marketable equity securities (1) $ 17,771 $ 17,771 $ 17,771 $ — $ — Total assets $ 17,771 $ 17,771 $ 17,771 $ — $ — Liabilities (In thousands): Debt (2) $ 437,488 $ 373,393 $ 373,393 $ — $ — Total liabilities $ 437,488 $ 373,393 $ 373,393 $ — $ — (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 SIGNIF_3

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS (Details)	3 Months Ended
	Sep. 30, 2018item
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
Minimum number of metals produced from a mine	1

OPERATIONS, SUMMARY OF SIGNIF_4

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS - Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Jul. 01, 2018	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated (losses) earnings	$ (92,467)		$ (89,898)
Change in fair value of equity securities	(1,468)
Carrying value of equity securities	$ 17,800		$ 19,200
Contango
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment shares owned (in shares)	682,556
Rubicon
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment shares owned (in shares)	3,379,913
ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated (losses) earnings		$ 1,200

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Cost	$ 3,396,946	$ 3,636,306
Accumulated Depletion	(938,331)	(895,825)
Impairments		(239,364)
Net	2,458,615	2,501,117
Total production stage stream and royalty interests
Cost	2,955,604	2,955,604
Accumulated Depletion	(938,331)	(895,825)
Net	2,017,273	2,059,779
Production stage stream interests
Cost	2,111,423	2,111,423
Accumulated Depletion	(405,353)	(373,257)
Net	1,706,070	1,738,166
Production stage stream interests | Mount Milligan
Cost	790,635	790,635
Accumulated Depletion	(155,695)	(152,833)
Net	634,940	637,802
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(125,261)	(114,944)
Net	485,143	495,460
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(70,747)	(59,851)
Net	317,435	328,331
Production stage stream interests | Wassa and Prestea
Cost	146,475	146,475
Accumulated Depletion	(46,711)	(41,601)
Net	99,764	104,874
Production stage stream interests | Rainy River
Cost	175,727	175,727
Accumulated Depletion	(6,939)	(4,028)
Net	168,788	171,699
Production stage royalty interests
Cost	844,181	844,181
Accumulated Depletion	(532,978)	(522,568)
Net	311,203	321,613
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(90,006)	(86,933)
Net	115,718	118,791
Production stage royalty interests | Penasquito
Cost	99,172	99,172
Accumulated Depletion	(39,054)	(38,426)
Net	60,118	60,746
Production stage royalty interests | Holt
Cost	34,612	34,612
Accumulated Depletion	(21,569)	(21,173)
Net	13,043	13,439
Production stage royalty interests | Cortez
Cost	20,878	20,878
Accumulated Depletion	(11,275)	(11,241)
Net	9,603	9,637
Production stage royalty interests | Other
Cost	483,795	483,795
Accumulated Depletion	(371,074)	(364,795)
Net	112,721	119,000
Total development stage stream and royalty interests
Cost	146,170	146,451
Impairments		(284)
Net	146,170	146,167
Development stage stream interests | Other
Cost	12,038	12,038
Net	12,038	12,038
Development stage royalty interests
Cost	134,132	134,413
Impairments		(284)
Net	134,132	134,129
Development stage royalty interests | Cortez
Cost	59,803	59,803
Net	59,803	59,803
Development stage royalty interests | Other
Cost	74,329	74,610
Impairments		(284)
Net	74,329	74,326
Exploration stage royalty interests
Cost	295,172	534,251
Impairments		(239,080)
Net	295,172	295,171
Exploration stage royalty interests | Pascua-Lama
Cost	177,690	416,770
Impairments		(239,080)
Net	177,690	177,690
Exploration stage royalty interests | Other
Cost	117,482	117,481
Net	$ 117,482	$ 117,481

STREAM AND ROYALTY INTERESTS,_4

STREAM AND ROYALTY INTERESTS, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Royalty Revenue	$ 99,992	$ 112,476
Royalty payments quarterly due period	45 days
Royalty interest
Royalty Revenue	$ 29,955	$ 33,714
Voisey's Bay
Net smelter return (NSR) (as a percent)	3.00%
Gross metal value (as a percent)	50.00%
Voisey's Bay | LNRLP
Ownership percentage held	90.00%
Voisey's Bay | LNRLP | Altius
Ownership percentage held	10.00%
Voisey's Bay | Royalty interest
Royalty Revenue	$ 4,900

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Jun. 30, 2012
Long-term debt disclosure
Principal	$ 370,000		$ 370,000
Unamortized Discount	(9,512)		(12,764)
Debt Issuance Costs	(5,549)		(6,209)
Total debt	354,939		351,027
2019 Notes
Long-term debt disclosure
Principal	370,000		370,000
Unamortized Discount	(9,512)		(12,764)
Debt Issuance Costs	(976)		(1,316)
Total debt	359,512		355,920
Principal amount of debt issued				$ 370,000
Interest rate on convertible senior notes (as a percent)				2.875%
Interest expense recognized	6,300	$ 6,000
Credit Facility
Long-term debt disclosure
Debt Issuance Costs	(4,573)		$ (4,893)
Interest expense recognized	300	$ 1,800
Maximum availability under the revolving credit facility	1,000,000
Outstanding amount under credit facility	0
Available under the revolving credit facility	$ 1,000,000

REVENUE (Details)

REVENUE (Details)	3 Months Ended
	Sep. 30, 2018
Minimum
Average sale price determination period	10 days
Maximum
Average sale price determination period	3 months

REVENUE - Disaggregation (Detai

REVENUE - Disaggregation (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2018USD ($)item	Sep. 30, 2017USD ($)
Disaggregation of Revenue
Number of revenue sources | item	2
Royalty Revenue	$ 99,992	$ 112,476
Stream interest
Disaggregation of Revenue
Royalty Revenue	70,037	78,762
Stream interest | Andacollo
Disaggregation of Revenue
Royalty Revenue	27,743
Stream interest | Pueblo Viejo
Disaggregation of Revenue
Royalty Revenue	19,486
Stream interest | Mount Milligan
Disaggregation of Revenue
Royalty Revenue	8,847
Stream interest | Wassa and Prestea
Disaggregation of Revenue
Royalty Revenue	8,061
Stream interest | Other
Disaggregation of Revenue
Royalty Revenue	5,900
Stream interest | Gold
Disaggregation of Revenue
Royalty Revenue	59,114
Stream interest | Silver
Disaggregation of Revenue
Royalty Revenue	8,720
Stream interest | Copper
Disaggregation of Revenue
Royalty Revenue	2,203
Royalty interest
Disaggregation of Revenue
Royalty Revenue	29,955	$ 33,714
Royalty interest | Penasquito
Disaggregation of Revenue
Royalty Revenue	3,637
Royalty interest | Cortez
Disaggregation of Revenue
Royalty Revenue	603
Royalty interest | Other
Disaggregation of Revenue
Royalty Revenue	25,715
Royalty interest | Gold
Disaggregation of Revenue
Royalty Revenue	18,554
Royalty interest | Silver
Disaggregation of Revenue
Royalty Revenue	1,352
Royalty interest | Copper
Disaggregation of Revenue
Royalty Revenue	3,615
Royalty interest | Other Metals
Disaggregation of Revenue
Royalty Revenue	$ 6,434

REVENUE - Contract Receivables

REVENUE - Contract Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018
Contract Receivables
Royalty payments monthly due period	30 days
Royalty payments quarterly due period	45 days
Royalty receivables	$ 25,106	$ 26,356
Minimum
Contract Receivables
Royalty payments quarterly due period	30 days
Maximum
Contract Receivables
Royalty payments quarterly due period	60 days

REVENUE - Practical expedients

REVENUE - Practical expedients (Details)	3 Months Ended
	Sep. 30, 2018
Practical Expedients
Obligation period practical expedient	true
Transaction price allocated to remaining performance obligations	true

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Stock-based compensation
Stock-based compensation expense	$ 2,444	$ 2,373
Stock-based compensation awards granted (in shares)	175,470	196,520
Stock options
Stock-based compensation
Stock-based compensation expense	$ 120	$ 91
Stock options granted (in shares)	6,430	6,858
Unrecognized compensation expense	$ 227
Weighted-average vesting period (years)	2 years 2 months 12 days
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 766	$ 488
Other than options granted (in shares)	69,360	71,262
Unrecognized compensation expense	$ 2,949
Weighted-average vesting period (years)	2 years 2 months 12 days
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 1,280	$ 1,426
Other than options granted (in shares)	42,260	50,380
Unrecognized compensation expense	$ 6,307
Weighted-average vesting period (years)	3 years 4 months 24 days
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 278	$ 368
Other than options granted (in shares)	57,420	68,020
Unrecognized compensation expense	$ 1,736
Weighted-average vesting period (years)	2 years 1 month 6 days
Performance stock | Maximum
Stock-based compensation
Earn out basis if all goals are met (as a percent)	200.00%	200.00%

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
EARNINGS PER SHARE ("EPS")
Net income available to Royal Gold common stockholders	$ 15,008	$ 28,631
Weighted-average shares for basic EPS	65,374,866	65,235,496
Effect of other dilutive securities (in shares)	122,293	169,184
Weighted-average shares for diluted EPS	65,497,159	65,404,680
Basic earnings per share (in dollars per share)	$ 0.23	$ 0.44
Diluted earnings per share (in dollars per share)	0.23	$ 0.44
Initial conversion price (in dollars per share)	$ 102.43

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
INCOME TAXES
Income tax expense	$ 4,115	$ 7,544
Effective tax rate (as a percent)	25.60%	22.10%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2018USD ($)segment	Sep. 30, 2017USD ($)	Jun. 30, 2018USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment	2
Cost	$ 3,396,946		$ 3,636,306
Impairments			(239,364)
Stream and royalty interests, net	2,458,615		2,501,117
Revenue	99,992	$ 112,476
Cost of sales	16,527	20,419
Net revenue	83,465	92,057
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Impairments			(239,080)
Stream and royalty interests, net	531,660		542,557
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	485,143		495,460
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Impairments			(284)
Stream and royalty interests, net	1,013,452		1,023,778
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	100,259		105,376
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	90,243		93,277
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	164,987		165,543
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	33,622		34,254
Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	39,249		40,872
Stream interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	1,718,107		1,750,204
Revenue	70,037	78,762
Cost of sales	16,527	20,419
Net revenue	53,510	58,343
Stream interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	317,434		328,331
Revenue	27,742	12,337
Cost of sales	4,278	1,812
Net revenue	23,464	10,525
Stream interest | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	485,143		495,460
Revenue	19,486	25,403
Cost of sales	6,324	7,588
Net revenue	13,162	17,815
Stream interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	803,727		809,500
Revenue	14,747	31,952
Cost of sales	4,265	9,223
Net revenue	10,482	22,729
Stream interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	99,764		104,874
Revenue	8,062	9,070
Cost of sales	1,660	1,796
Net revenue	6,402	7,274
Stream interest | Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	12,039		12,039
Royalty interest
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	740,508		990,277
Revenue	29,955	33,714
Net revenue	29,955	33,714
Royalty interest | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	214,226		453,306
Royalty interest | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	209,725		214,562
Revenue	10,181	6,092
Net revenue	10,181	6,092
Royalty interest | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	495		502
Revenue	492	462
Net revenue	492	462
Royalty interest | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	90,243		93,277
Revenue	7,996	10,897
Net revenue	7,996	10,897
Royalty interest | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	164,987		165,543
Revenue	6,056	10,429
Net revenue	6,056	10,429
Royalty interest | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	33,622		34,254
Revenue	3,060	3,320
Net revenue	3,060	3,320
Royalty interest | Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	27,210		$ 28,833
Revenue	2,170	2,514
Net revenue	$ 2,170	$ 2,514

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis $ in Thousands	Sep. 30, 2018USD ($)
Carrying Amount
Assets:
Marketable equity securities	$ 17,771
Total assets	17,771
Liabilities:
Debt	437,488
Total liabilities	437,488
Amount of equity component of convertible notes	77,000
Fair Value
Assets:
Marketable equity securities	17,771
Total assets	17,771
Liabilities:
Debt	373,393
Total liabilities	373,393
Level 1
Assets:
Marketable equity securities	17,771
Total assets	17,771
Liabilities:
Debt	373,393
Total liabilities	$ 373,393

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2018USD ($)
Ilovica
Commitments and Contingencies
Scheduled payment amount	$ 163,750

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Contango - $ / shares	Oct. 03, 2018	Sep. 30, 2018
Subsequent events
Investment shares owned (in shares)		682,556
Subsequent Event
Subsequent events
Shares purchased (in shares)	127,188
Price per purchased share (in dollars per share)	$ 26
Investment shares owned (in shares)	809,744