Royal Gold (RGLD) 10-K 8 Aug 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2019	Jul. 31, 2019	Dec. 31, 2018
Document and Entity Information
Document Type	10-K
Entity Registrant Name	ROYAL GOLD INC
Document Period End Date	Jun. 30, 2019
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 5,576,392,624
Entity Shares Outstanding		65,559,787
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2019
Amendment Flag	false
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
ASSETS
Cash and equivalents	$ 119,475	$ 88,750
Royalty receivables	20,733	26,356
Income tax receivable	2,702	40
Stream inventory	11,380	9,311
Prepaid expenses and other	389	1,350
Total current assets	154,679	125,807
Stream and royalty interests, net (Note 4)	2,339,316	2,501,117
Other assets	50,156	55,092
Total assets	2,544,151	2,682,016
LIABILITIES
Accounts payable	2,890	9,090
Dividends payable	17,372	16,375
Income tax payable	6,974	18,253
Withholding taxes payable	1,094	3,254
Other current liabilities	5,280	4,411
Total current liabilities	33,610	51,383
Debt (Note 5)	214,554	351,027
Deferred tax liabilities	88,961	91,147
Uncertain tax positions	36,573	33,394
Other long-term liabilities		13,796
Total liabilities	373,698	540,747
Commitments and contingencies (Note 14)
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 65,440,492 and 65,360,041 shares outstanding, respectively	655	654
Additional paid-in capital	2,201,773	2,192,612
Accumulated other comprehensive loss		(1,201)
Accumulated losses	(65,747)	(89,898)
Total Royal Gold stockholders’ equity	2,136,681	2,102,167
Non-controlling interests	33,772	39,102
Total equity	2,170,453	2,141,269
Total liabilities and equity	$ 2,544,151	$ 2,682,016

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	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	65,440,492	65,360,041

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Consolidated Statements of Operations and Comprehensive (Loss) Income
Revenue	$ 423,056	$ 459,042	$ 440,814
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	77,535	83,839	87,265
General and administrative	30,488	35,464	33,350
Production taxes	4,112	2,268	1,760
Exploration costs	7,158	8,946	12,861
Depreciation, depletion and amortization	163,056	163,696	159,636
Impairment of royalty interests		239,364
Total costs and expenses	282,349	533,577	294,872
Operating income (loss)	140,707	(74,535)	145,942
Fair value changes in equity securities	(6,800)
Interest and other income	2,320	4,170	9,302
Interest and other expense	(29,650)	(34,214)	(36,378)
Income (loss) before income taxes	106,577	(104,579)	118,866
Income tax expense	(17,498)	(14,772)	(26,441)
Net income (loss)	89,079	(119,351)	92,425
Net loss attributable to non-controlling interests	4,746	6,217	9,105
Net income (loss) attributable to Royal Gold common stockholders	93,825	(113,134)	101,530
Net income (loss)	89,079	(119,351)	92,425
Adjustments to comprehensive income (loss), net of tax
Unrealized change in market value of available-for-sale securities		(2,080)	879
Comprehensive income (loss)	89,079	(121,431)	93,304
Comprehensive loss attributable to non-controlling interests	4,746	6,217	9,105
Comprehensive income (loss) attributable to Royal Gold stockholders	$ 93,825	$ (115,214)	$ 102,409
Net income (loss) per share available to Royal Gold common stockholders:
Basic earnings (loss) per share (in dollars per share)	$ 1.43	$ (1.73)	$ 1.55
Basic weighted average shares outstanding (in shares)	65,394,627	65,291,855	65,152,782
Diluted earnings (loss) per share (in dollars per share)	$ 1.43	$ (1.73)	$ 1.55
Diluted weighted average shares outstanding (in shares)	65,505,535	65,291,855	65,277,953
Cash dividends declared per common share (in dollars per share)	$ 1.05	$ 0.99	$ 0.95

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated (Losses) Earnings	Noncontrolling Interests	Total
Balance at Jun. 30, 2016	$ 651	$ 2,179,781		$ 48,584	$ 56,869	$ 2,285,885
Balance (in shares) at Jun. 30, 2016	65,093,950
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances	$ 1	8,533				8,534
Stock-based compensation and related share issuances (in shares)	85,577
Non-controlling interest assignment		(2,518)				(2,518)
Net income (loss)				101,530	(9,105)	92,425
Other comprehensive income (loss)			$ 879			879
Distributions to non-controlling interests					(2,877)	(2,877)
Dividends declared				(62,064)		(62,064)
Balance at Jun. 30, 2017	$ 652	2,185,796	879	88,050	44,887	2,320,264
Balance (in shares) at Jun. 30, 2017	65,179,527
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances	$ 2	4,236				4,238
Stock-based compensation and related share issuances (in shares)	180,514
Distributions from (to) non-controlling interests		2,580			432	3,012
Net income (loss)				(113,134)	(6,217)	(119,351)
Other comprehensive income (loss)			(2,080)			(2,080)
Dividends declared				(64,814)		(64,814)
Balance at Jun. 30, 2018	$ 654	2,192,612	(1,201)	(89,898)	39,102	2,141,269
Balance (in shares) at Jun. 30, 2018	65,360,041
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances	$ 1	5,021				5,022
Stock-based compensation and related share issuances (in shares)	80,451
Distributions from (to) non-controlling interests		4,140			(584)	3,556
Net income (loss)				93,825	(4,746)	89,079
Other comprehensive income (loss)			$ 1,201	(1,201)
Dividends declared				(68,473)		(68,473)
Balance at Jun. 30, 2019	$ 655	$ 2,201,773		$ (65,747)	$ 33,772	$ 2,170,453
Balance (in shares) at Jun. 30, 2019	65,440,492

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income (loss)	$ 89,079	$ (119,351)	$ 92,425
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	163,056	163,696	159,636
Amortization of debt discount and issuance costs	15,288	15,046	13,825
Non-cash employee stock compensation expense	6,617	8,279	9,983
Fair value changes in equity securities	6,800
Deferred tax benefit	(1,745)	(32,843)	1,556
Impairment of royalty interests		239,364
Other	(2)	(197)	(4,874)
Changes in assets and liabilities:
Royalty receivables	5,623	530	(6,883)
Stream inventory	(2,069)	(1,428)	1,606
Income tax receivable	(2,663)	22,130	(13,056)
Prepaid expenses and other assets	2,793	2,813	(1,691)
Accounts payable	(6,426)	5,173	(206)
Income tax payable	(11,281)	12,601	2,475
Withholding taxes payable	(2,160)	(171)	1,411
Uncertain tax positions	3,180	7,767	8,631
Other liabilities	(12,924)	5,415	2,015
Net cash provided by operating activities	253,166	328,824	266,853
Cash flows from investing activities:
Acquisition of stream and royalty interests	(1,055)	(11,812)	(203,721)
Repayment of Golden Star term loan		20,000
Purchase of equity securities	(3,573)	(17,869)
Other	(967)	(909)	3,605
Net cash used in investing activities	(5,595)	(10,590)	(200,116)
Cash flows from financing activities:
Repayment of debt	(370,000)	(250,000)	(95,000)
Borrowings from revolving credit facility	220,000		70,000
Net payments from issuance of common stock	(1,595)	(4,042)	(2,426)
Common stock dividends	(67,477)	(64,118)	(61,396)
Debt issuance costs	(1,761)	(180)	(3,340)
Contributions from non-controlling interest	4,140
Purchase of additional royalty interest from non-controlling interest			(2,518)
Other	(153)	3,009	(2,843)
Net cash used in financing activities	(216,846)	(315,331)	(97,523)
Net increase (decrease) in cash and equivalents	30,725	2,903	(30,786)
Cash and equivalents at beginning of period	88,750	85,847	116,633
Cash and equivalents at end of period	$ 119,475	$ 88,750	$ 85,847

THE COMPANY

THE COMPANY	12 Months Ended
	Jun. 30, 2019
THE COMPANY
THE COMPANY	1. THE COMPANY Royal Gold, Inc. (“Royal Gold”, the “Company”, “we”, “us”, or “our”), together with its subsidiaries, is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	12 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Summary of Significant Accounting Policies Use of Estimates The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. We rely on reserve estimates reported by the operators of properties on which we hold stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long‑lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. Basis of Consolidation The consolidated financial statements include the accounts of Royal Gold, Inc., its wholly‑owned subsidiaries and an entity over which control is achieved through means other than voting rights. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation. The Company follows the Accounting Standards Codification (“ASC”) guidance for identification and reporting for entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities (“VIEs”). Peak Gold JV Royal Gold, through its wholly‑owned subsidiary, Royal Alaska, LLC (“Royal Alaska”), and Contango ORE, Inc., through its wholly‑owned subsidiary CORE Alaska, LLC, entered into a limited liability company agreement for the Peak Gold JV, a joint venture for exploration and advancement of the Peak Gold Project located near Tok, Alaska. The Company has identified the Peak Gold JV as a VIE, with Royal Alaska as the primary beneficiary, due to the legal structure and certain related factors of the limited liability company agreement for the Peak Gold JV. The Company determined that the Peak Gold JV should be fully consolidated at fair value initially. The fair value of the Company’s non‑controlling interest is $45.7 million and is based on the underlying value of the mineral property assigned to the Peak Gold JV, which is recorded as an exploration stage property within Stream and royalty interests, net on our consolidated balance sheets. As of June 30, 2019, and 2018, Royal Alaska held a 40% membership interest in the Peak Gold JV. Royal Alaska acts as the manager of the Peak Gold JV and will be responsible for managing, directing and controlling the overall operations unless Royal Alaska is unanimously removed or resigns that position in the manner provided in the Peak Gold JV limited liability company agreement. Cash and Equivalents Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of June 30, 2019 and 2018. Stream and Royalty Interests in Mineral Properties and Related Depletion Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset under the ASC guidance. Production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable reserves, are not depleted. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, the mineral property is depleted over its life, using proven and probable reserves. Exploration costs are expensed when incurred. Asset Impairment We evaluate long‑lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable. The recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable reserves and other relevant information received from the operators. We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows. Estimates of gold, silver, copper, and other metal prices, and operators’ estimates of proven and probable reserves or mineralized material related to our stream or royalty properties are subject to certain risks and uncertainties which may affect the recoverability of our investment in these stream and royalty interests in mineral properties. It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests. Refer to Note 4 for discussion and the results of our impairment assessments for the fiscal years ended June 30, 2019, 2018 and 2017. Revenue Revenue is recognized pursuant to current guidance in ASC 606 – Revenue from Contracts with Customers (“ASC 606”). 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 in Note 6. Metal Sales Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between 10 days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales activity in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser. Cost of Sales Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery. Production Taxes Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in the Company’s consolidated statements of operations and comprehensive income (loss). Exploration Costs Exploration costs are specific to the Peak Gold JV for the exploration and advancement of the Peak Gold Project, as discussed further above under Basis of Consolidation . Costs associated with the Peak Gold JV for the exploration and advancement of the Peak Gold Project are expensed when incurred. Stock‑Based Compensation The Company accounts for stock‑based compensation in accordance with the guidance of ASC 718. The Company recognizes all share‑based payments to employees, including grants of employee stock options, stock‑settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in its financial statements based upon their fair values. Income Taxes The Company accounts for income taxes in accordance with the guidance of ASC 740. The Company’s annual tax rate is based on income, statutory tax rates in effect, and tax planning opportunities available to us in the various jurisdictions in which the Company operates. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities. The Company’s deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies. The Company’s operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Earnings per Share Basic earnings (loss) per share is computed by dividing net income (loss) available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings (loss) per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the diluted weighted average number of common shares outstanding during each fiscal year. Recently Adopted and Recently Issued Accounting Standards Recently Adopted Revenue Recognition On July 1, 2018, we adopted 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 was 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 fiscal year ended June 30, 2019, 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 6 for additional discussion. Recognition and Measurement of Financial Instruments On July 1, 2018, we adopted Accounting Standards Update (“ASU”) 2016-01 – Financial Instruments , 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 decrease in fair value of our equity securities was approximately $6.8 million for the fiscal year ended June 30, 2019 and is included in Fair value changes in equity securities on our consolidated statements of operations and comprehensive income (loss). The carrying value of the Company’s equity securities as of June 30, 2019 and June 30, 2018 was $16.0 million and $19.2 million, respectively, and is included in Other assets on the Company’s consolidated balance sheets. As of June 30, 2019, the Company owns 809,744 common shares of Contango Ore, Inc. (“CORE”) and 3,597,823 common shares of Rubicon Minerals Corporation. Definition of a Business In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU guidance clarifying the definition of a business and providing additional guidance for determining whether transactions should be accounted for as acquisitions of assets or businesses. The Company adopted the new guidance on July 1, 2018 on a prospective basis. There was no impact to the Company’s consolidated financial statements upon adoption. Recently Issued Leases In February 2016, the FASB 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 all leases with terms greater than twelve months. Classification of leases as either a finance or operating lease will determine the recognition, measurement and presentation of expenses. ASU 2016-02 also requires certain quantitative and qualitative disclosures about leasing arrangements. The Company is finalizing its evaluation of the impacts of ASU 2016-02, which includes an analysis of non-cancelable leases, joint venture agreements and other existing arrangements that may contain a lease component. The Company has completed the process of identifying contracts to which the new guidance applies and has substantially completed its evaluation of those identified contracts to determine the impacts of ASC 2016-02 at adoption. The Company has further enhanced its systems to track and calculate additional information required to comply with this standard on a go-forward basis. In addition, the Company is finalizing its evaluation of policies, internal controls, and processes that will be necessary to support the additional accounting and disclosure requirements. The Company will adopt ASU 2016-02 in the first quarter of our fiscal year 2020 using the modified retrospective approach. The Company expects to apply the following practical expedients: · an election to not apply the recognition requirements in the new standards update to short-term leases (a lease that, at commencement date, has a lease term of 12 months or less and does not contain a purchase option); and · a package of practical expedients to not reassess whether a contract contains a lease, lease classification and initial direct costs. Adoption of this guidance is anticipated to result in an insignificant increase in right-of-use assets and related liabilities on the Company’s consolidated balance sheets; however, the full impact to the Company’s financial statements and related footnote disclosures is still being finalized. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”). ASU 2018-11 provides an additional transition method for adopting ASU 2016-02, as well as provides lessors with a practical expedient when applying ASU 2016-02 to certain leases. The Company anticipates making a policy election in connection with adopting ASU 2018-11, which will eliminate the need for adjusting prior period comparable financial statements prepared under current lease accounting guidance. The Company will adopt ASU 2018-11 at the same time it adopts ASU 2016-02.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Jun. 30, 2019
ACQUISITIONS
ACQUISITIONS	3. ACQUISITIONS Acquisition of Silver Stream on Khoemac a u Copper Project On February 25, 2019, the Company announced that its wholly-owned subsidiary, RGLD Gold AG (“RGLD Gold”), entered into a life of mine purchase and sale agreement with Khoemac a u Copper Mining (Pty.) Limited (“KCM”), a majority-owned subsidiary of Cupric Canyon Capital LP (together with its subsidiaries including KCM, “Cupric”) for the purchase of silver produced from the Khoemac a u copper-silver project (“Khoemac a u” or the “Project”) located in Botswana and owned by KCM. Cupric Canyon Capital LP is a private company owned by management and funds advised by Global Natural Resource Investments. Under the purchase and sale agreement, subject to the satisfaction of certain conditions, RGLD Gold will make advance payments totaling $212 million toward the purchase of 80% of the silver produced from Khoemac a u until certain delivery thresholds are met (the “Base Silver Stream”). At Cupric’s option and subject to various conditions, RGLD Gold will make up to an additional $53 million in advance payments for up to the remaining 20% of the silver produced from Khoemac a u (the “Option Silver Stream”). The stream rate will drop to 40% of silver produced from Khoemac a u following delivery to RGLD Gold of 32 million silver ounces under the Base Silver Stream, or to 50% of the silver produced from Khoemac a u following delivery of 40 million silver ounces to RGLD Gold should Cupric exercise the entire Option Silver Stream. RGLD Gold will pay a cash price equal to 20% of the spot silver price for each ounce delivered under the Base Silver Stream and Option Silver Stream; however, if Cupric achieves mill expansion throughput levels above 13,000 tonnes per day (30% above current mill design capacity), RGLD Gold will pay a higher ongoing cash price under the Base Silver Stream and Option Silver Stream for silver ounces delivered in excess of specific annual thresholds. RGLD Gold’s first advance payment under the Base Silver Stream is expected to occur after $100 million of net new debt and equity funding is spent on Khoemac a u. The $212 million in advance payments to be made under the Base Silver Stream will be made in quarterly installments as project development advances according to the following approximate schedule: $60 million in the third and fourth quarters of calendar 2019, $125 million in calendar 2020, and the balance in calendar 2021. RGLD Gold will fund the advance payments through cash on hand or cash advances from Royal Gold. Royal Gold will fund any advances made to RGLD Gold out of cash flow from operations and amounts available under our revolving credit facility, as required. Separate from the Base Silver Stream and Option Silver Stream, and subject to various conditions, RGLD Gold will make up to $25 million available to Cupric toward the end of development of Khoemac a u under a subordinated debt facility. Any amounts drawn by Cupric under the debt facility will carry interest at LIBOR + 11% and have a term of seven years. RGLD Gold will have the right to force repayment of the debt facility upon certain events. The Company anticipates accounting for the Silver Stream and Option Stream (if exercised by Cupric) as an asset acquisition, consistent with the treatment of our other acquired streams. The $212 million in advance payments for the Base Silver Stream and $53 million in advance payments for the Option Silver Stream, plus direct transaction costs, will be recorded as a development stage stream interest within Stream and royalty interests, net on our consolidated balance sheets in the period advance payments occur. Acquisition of Additional Royalty Interest on Mara Rosa On June 29, 2018, Royal Gold, through its wholly-owned subsidiary RG Royalties, LLC, entered into an agreement to purchase a 1.75% Net Smelter Return (“NSR”) royalty on Amarillo Gold’s Mara Rosa gold project located in Goias State, Brazil for $10.8 million. The acquisition is in addition to the 1.00% NSR royalty on the Mara Rosa project previously acquired by International Royalty Corporation, another wholly-owned subsidiary of Royal Gold. The new Mara Rosa royalty agreement includes a right of first refusal on future financing opportunities based on production from the project. The acquisition of the additional royalty interest on Mara Rosa has been accounted for as an asset acquisition. The total purchase price of $10.8 million, plus direct transaction costs, has been recorded as an exploration stage royalty interest within Stream and royalty interests, net on our consolidated balance sheets. Acquisition of Contango ORE, Inc. Common Stock On June 28, 2018 and October 3, 2018, Royal Gold acquired 682,556 and 127,188 shares, respectively, of common stock of CORE for consideration of $26 per share pursuant to a Stock Purchase Agreement (“SPA”) entered into on April 5, 2018 between Royal Gold and certain individual stockholders of CORE.

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	12 Months Ended
	Jun. 30, 2019
STREAM AND ROYALTY INTERESTS, NET
STREAM AND ROYALTY INTERESTS, NET	4. STREAM AND ROYALTY INTERESTS, NET The following summarizes the Company’s stream and royalty interests as of June 30, 2019 and 2018: As of June 30, 2019 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (184,091) $ 606,544 Pueblo Viejo 610,404 (158,819) 451,585 Andacollo 388,182 (86,675) 301,507 Rainy River 175,727 (14,522) 161,205 Wassa and Prestea 146,475 (56,919) 89,556 Total production stage stream interests 2,111,423 (501,026) 1,610,397 Production stage royalty interests: Voisey's Bay 205,724 (95,564) 110,160 Peñasquito 99,172 (40,659) 58,513 Holt 34,612 (22,570) 12,042 Cortez 20,878 (12,362) 8,516 Other 487,224 (386,501) 100,723 Total production stage royalty interests 847,610 (557,656) 289,954 Total production stage stream and royalty interests 2,959,033 (1,058,682) 1,900,351 Development stage stream interests: Other 12,038 — 12,038 Development stage royalty interests: Cortez 59,803 — 59,803 Other 70,952 — 70,952 Total development stage royalty interests 130,755 — 130,755 Total development stage stream and royalty interests 142,793 — 142,793 Exploration stage royalty interests: Pascua-Lama 177,690 — 177,690 Other 118,482 — 118,482 Total exploration stage royalty interests 296,172 — 296,172 Total stream and royalty interests, net $ 3,397,998 $ (1,058,682) $ 2,339,316 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 Impairment of stream and royalty interests and royalty receivables In accordance with our impairment accounting policy discussed in Note 1, impairments in the carrying value of each stream or royalty interest are measured and recorded to the extent that the carrying value in each stream or royalty interest exceeds its estimated fair value, which is generally calculated using estimated future discounted cash‑flows. As part of the Company’s regular asset impairment analysis, the Company did not identify the presence of any impairment indicators and did not record any impairment charges for the fiscal year ended of June 30, 2019. The Company identified impairment indicators and recorded impairment charges for the fiscal year ended June 30, 2018 as summarized in the following table and discussed in detail below: Fiscal Year Ended June 30, 2019 2018 2017 (Amounts in thousands) Royalty: Pascua-Lama — 239,080 — Other — 284 — Total impairment of royalty interests $ — $ 239,364 $ — Pascua-Lama We own a 0.78% to 5.45% sliding‑scale NSR royalty on gold and silver production from the Chilean portion of the Pascua‑Lama project, which straddles the border between Argentina and Chile, and is owned by Barrick. The Company owns an additional royalty equivalent to 1.09% of proceeds from copper produced from the Chilean portion of the project, net of allowable deductions, sold on or after January 1, 2017. 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. On February 6, 2018, in light of the SMA order to close surface facilities in Chile, and earlier plans to evaluate an underground mine, Barrick announced it reclassified Pascua-Lama’s proven and probable reserves, which are based on an open pit mine plan, as mineralized material. Barrick reported further details in its year-end results on February 14, 2018 and an update on the Pascua-Lama project at its February 22, 2018 Investor Day. A significant reduction in reserves or mineralized material are indicators of impairment. On April 23, 2018, Barrick announced that work performed to-date on the prefeasibility study for a potential underground project has been suspended, and they will focus on adjusting the project closure plan for surface infrastructure on the Chilean side of the project. Barrick will continue to evaluate opportunities to de-risk the project while maintaining Pascua-Lama as an option for development in the future if economics improve and related risks can be mitigated. As part of the impairment determination, the fair value for Pascua-Lama was estimated by calculating the net present value of the estimated future cash-flows, subject to our royalty interest, expected to be generated by the mining of the Pascua-Lama deposits. The Company applied a probability factor to its fair value calculation that Barrick will either proceed with an open-pit mine or an underground mine at Pascua. The estimates of future cash flows were derived from open-pit and underground mine models developed by the Company using various information reported by Barrick. The metal price assumptions used in the Company’s model were supported by consensus price estimates obtained by a number of industry analysts. The future cash flows were discounted using a discount rate which reflects specific market risk factors the Company associates with the Pascua-Lama royalty interest. Following the impairment charge during the three months ended March 31, 2018, the Pascua-Lama royalty interest has a remaining carrying value of $177.7 million as of June 30, 2019. As a result of Barrick’s reclassification of Pascua-Lama’s reserves to mineralized material, our Pascua-Lama royalty interest was reclassified to exploration stage from development stage during our fiscal year ended June 30, 2018. Other During the fiscal year ended June 30, 2019, the Company was made aware of insolvency proceedings at one of our non-principal producing properties (El Toqui). The outcome of the insolvency proceedings may impact our royalty interest and the associated carrying value, which is approximately $1.4 million as of June 30, 2019. The Company continues to monitor the insolvency proceedings; however, the Company could determine that a write-down to zero in the near future is necessary.

DEBT

DEBT	12 Months Ended
	Jun. 30, 2019
DEBT
DEBT	5. DEBT The Company’s debt as of June 30, 2019 and 2018 consists of the following: As of June 30, 2019 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 $ (12,764) $ (1,316) $ 355,920 Revolving credit facility 220,000 — (5,446) 214,554 — — (4,893) Total debt $ 220,000 $ — $ (5,446) $ 214,554 $ 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 convertible senior notes due 2019 (“2019 Notes”). The 2019 Notes bearing interest at the rate of 2.875% per annum, matured on June 15, 2019. The Company settled the $370 million aggregate principal amount plus accrued and unpaid interest on June 17, 2019 in cash primarily from our available revolving credit facility. Interest expense recognized on the 2019 Notes for the fiscal years ended June 30, 2019, 2018 and 2017 was approximately $24.3 million, $24.5 million and $23.6 million, respectively. Interest expense recognized includes the contractual coupon interest, the accretion of the debt discount and amortization of the debt issuance costs and is recorded in Interest and other expense consolidated statements of operations and comprehensive income (loss). Revolving Credit Facility On June 3, 2019, the Company entered into a second amendment to our revolving credit facility dated as of June 2, 2017. The amendment extended the scheduled maturity date from June 2, 2022 to June 3, 2024 and reduced certain interest rates and fees to be paid by the Company. As of June 30, 2019, the Company had $780 million available and $220 million outstanding under its revolving credit facility. The Company had no amounts outstanding under the revolving credit facility as of June 30, 2018. Royal Gold may repay borrowings under the revolving credit facility at any time without premium or penalty. As of June 30, 2019, the interest rate on borrowings under the revolving credit facility was LIBOR plus 1.20% for all-in rate of 3.65%. The Company was in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of June 30, 2019. Interest expense recognized on the revolving credit facility for the fiscal years ended June 30, 2019, 2018 and 2017 was approximately $1.7 million, $5.7 million and $9.9 million, respectively, and included interest on the outstanding borrowings and the amortization of the debt issuance costs.

REVENUE

REVENUE	12 Months Ended
	Jun. 30, 2019
REVENUE
REVENUE	6. 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 (for example, a 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 Note 2. For the quarter ended June 30, 2019, royalty revenue that was estimated or was attributable to metal production for a period prior to June 30, 2019, 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 13. Revenue by metal type attributable to each of our revenue sources is disaggregated as follows: Fiscal Year Ended June 30, 2019 Stream revenue: Gold $ 249,496 Silver 33,282 Copper 23,046 Total stream revenue $ 305,824 Royalty revenue: Gold $ 78,570 Silver 5,497 Copper 13,808 Other 19,357 Total royalty revenue $ 117,232 Total revenue $ 423,056 Revenue by metal type attributable to each of our revenue sources is disaggregated as follows: Fiscal Year Ended Metal(s) June 30, 2019 Stream revenue: Mount Milligan Gold & Copper $ 101,010 Pueblo Viejo Gold & Silver 82,844 Andacollo Gold 69,264 Wassa Gold 22,098 Rainy River Gold & Silver 22,142 Other Gold & Silver 8,466 Total stream revenue $ 305,824 Royalty revenue: Peñasquito Gold, Silver, Lead & Zinc $ 13,865 Cortez Gold 11,383 Other Various 91,984 Total royalty revenue $ 117,232 Total revenue $ 423,056 Refer to Note 13 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Jun. 30, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	7. STOCK‑BASED COMPENSATION In November 2015, shareholders of the Company approved the 2015 Omnibus Long‑Term Incentive Plan (“2015 LTIP”). Under the 2015 LTIP, 2,500,000 shares of common stock have been authorized for future grants to officers, directors, key employees and other persons. The 2015 LTIP provides for the grant of stock options, unrestricted stock, restricted stock, dividend equivalent rights, SSARs and cash awards. Any of these awards may, but need not, be made as performance incentives. Stock options granted under the 2015 LTIP may be non‑qualified stock options or incentive stock options. The Company recognized stock‑based compensation expense as follows: Fiscal Year Ended June 30, 2019 2018 2017 (Amounts in thousands) Stock options $ 221 $ 318 $ 393 Stock appreciation rights 2,025 1,988 1,851 Restricted stock 3,336 4,487 3,840 Performance stock 1,035 1,486 3,899 Total stock-based compensation expense $ 6,617 $ 8,279 $ 9,983 Stock‑based compensation expense is included within General and administrative expense on the consolidated statements of operations and comprehensive income (loss). Stock Options and Stock Appreciation Rights Stock option and SSARs awards are granted with an exercise price equal to the closing market price of the Company’s stock at the date of grant. Stock option and SSARs awards granted to officers, key employees and other persons vest based on one to three years of continuous service. Stock option and SSARs awards have 10 year contractual terms. To determine stock‑based compensation expense for stock options and SSARs, the fair value of each stock option and SSAR is estimated on the date of grant using the Black‑Scholes‑Merton (“Black‑Scholes”) option pricing model for all periods presented. The Black‑Scholes model requires key assumptions in order to determine fair value. Those key assumptions during the fiscal year 2019, 2018 and 2017 grants are noted in the following table: Stock Options SSARs 2019 2018 2017 2019 2018 2017 Weighted-average expected volatility % % % % % % Weighted-average expected life in years Weighted-average dividend yield % % % % % % Weighted-average risk free interest rate % % % % % % The Company’s expected volatility is based on the historical volatility of the Company’s stock over the expected option term. The Company’s expected option term is determined by historical exercise patterns along with other known employee or company information at the time of grant. The risk free interest rate is based on the zero‑coupon U.S. Treasury bond at the time of grant with a term approximate to the expected option term. Stock Options A summary of stock option activity for the fiscal year ended June 30, 2019, is presented below. Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Value Shares Price Life (Years) (in thousands) Outstanding at July 1, 2018 66,227 $ 69.35 Granted 6,430 $ 77.73 Exercised (27,930) $ 68.19 Expired (2,429) $ 82.29 Outstanding at June 30, 2019 42,298 $ 70.65 5.9 $ 1,334 Exercisable at June 30, 2019 32,125 $ 67.30 5.2 $ 1,130 The weighted‑average grant date fair value of options granted during the fiscal years ended June 30, 2019, 2018 and 2017, was $24.12, $27.12 and $29.54, respectively. The total intrinsic value of options exercised during the fiscal years ended June 30, 2019, 2018 and 2017, were $0.7 million, $1.4 million, and $0.5 million, respectively. As of June 30, 2019, there was approximately $0.1 million of total unrecognized stock‑based compensation expense related to non‑vested stock options, which is expected to be recognized over a weighted‑average period of 1.7 years. SSARs A summary of SSARs activity for the fiscal year ended June 30, 2019, is presented below. Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Value Shares Price Life (Years) (in thousands) Outstanding at July 1, 2018 252,886 $ 75.60 Granted 72,860 $ 78.06 Exercised (144,360) $ 71.99 Expired (5,787) $ 87.42 Outstanding at June 30, 2019 175,599 $ 79.20 8.0 $ 4,090 Exercisable at June 30, 2019 53,886 $ 73.46 6.8 $ 1,565 The weighted‑average grant date fair value of SSARs granted during the fiscal years ended June 30, 2019, 2018 and 2017 was $26.37, $29.17 and $29.76, respectively. The total intrinsic value of SSARs exercised during the fiscal years ended June 30, 2019, 2018 and 2017, was $2.8 million, $6.4 million, and $0.2 million, respectively. As of June 30, 2019, there was approximately $1.9 million of total unrecognized stock‑based compensation expense related to non‑vested SSARs, which is expected to be recognized over a weighted‑average period of 1.7 years. Other Stock‑based Compensation Performance Shares During fiscal 2019, officers and certain employees were granted shares of restricted common stock that can be earned only upon the Company’s achievement of certain pre‑defined performance measures. Specifically, for performance shares granted in fiscal 2019, one‑half of the shares awarded may vest upon the Company’s achievement of annual growth in Net Gold Equivalent Ounces (“Net GEOs”) (“GEO Shares”). The second one‑half of performance shares granted in fiscal 2019 may vest based on the Company’s total shareholder return (“TSR”) compared to the TSRs of other members of the Market Vectors Gold Miners ETF (GDX) (“TSR Shares”). GEO Shares and TSR Shares may vest by linear interpolation in a range between zero shares if neither threshold Net GEO and TSR metric is met; to 100% of GEO Shares and TSR Shares awarded if both target Net GEO and TSR metrics are met; to 200% of the Net GEO and TSR shares awarded if both the maximum Net GEO and TSR metrics are met. The GEO Shares will expire in five years from the date of grant if the performance measure is not met, while the TSR Shares will expire in three years from the date of grant if the TSR market condition and three year service condition are not met. The Company measures the fair value of the GEO Shares based upon the market price of our common stock as of the date of grant. In accordance with ASC 718, the measurement date for the GEO Shares will be determined at such time that the performance goals are attained or that it is probable they will be attained. At such time that it is probable that a performance condition will be achieved, compensation expense will be measured by the number of shares that will ultimately be earned based on the grant date market price of our common stock. For shares that were previously estimated to be probable of vesting and are no longer deemed to be probable of vesting, compensation expense is reversed during the period in which it is determined they are no longer probable of vesting. Interim recognition of compensation expense will be made at such time as management can reasonably estimate the number of shares that will be earned. In accordance with ASC 718, provided the market condition within the TSR Shares, the Company measured the grant date fair value using a Monte Carlo valuation model. The fair value of the TSR Shares ($47.37 per share) is multiplied by the target number (100%) of TSR Shares granted to determine total stock‑based compensation expense. Total stock‑based compensation expense of the TSR Shares is amortized on a straight‑line basis over the requisite service period, or three years. Stock‑based compensation expense for the TSR Shares is recognized provided the requisite service period is rendered, regardless of when, if ever, the TSR market condition is satisfied. The Company will reverse previously recognized stock‑based compensation expense attributable to the TSR Shares only if the requisite service period is not met. A summary of the status of the Company’s non‑vested Performance Shares at maximum (200%) attainment for the fiscal year ended June 30, 2019, is presented below: Weighted- Average Number of Grant Date Shares Fair Value Outstanding at July 1, 2018 184,664 $ 61.75 Granted 59,820 $ 62.77 Vested (21,953) $ 38.12 Forfeited (7,716) $ 76.01 Non-attainment (59,793) $ 52.48 Outstanding at June 30, 2019 155,022 $ 68.35 As of June 30, 2019, total unrecognized stock‑based compensation expense related to Performance Shares was approximately $1.6 million, which is expected to be recognized over the average remaining vesting period of 1.9 years. Restricted Stock Officers, non‑executive directors and certain employees may be granted shares of restricted stock that vest on continued service alone (“Restricted Stock”). During fiscal 2019, officers and certain employees were granted 32,840 shares of Restricted Stock. Restricted Stock granted to officers and certain employees vest over three years beginning after a two‑year holding period from the date of grant with one‑third of the shares vesting in years three, four and five, respectively. Also, our non‑executive directors were granted 10,620 shares of Restricted Stock during fiscal year 2019. The non‑executive directors’ shares of Restricted Stock vest 50% immediately and 50% one year after the date of grant. The Company measures the fair value of the Restricted Stock based upon the market price of our common stock as of the date of grant. Restricted Stock is amortized over the applicable vesting period using the straight‑line method. Unvested shares of Restricted Stock are subject to forfeiture upon termination of employment or service with the Company. A summary of the status of the Company’s non‑vested Restricted Stock for the fiscal year ended June 30, 2019, is presented below: Weighted- Average Number of Grant Date Shares Fair Value Outstanding at July 1, 2018 144,783 $ 72.94 Granted 43,460 $ 77.96 Vested (39,297) $ 62.32 Forfeited (5,977) $ 78.95 Outstanding at June 30, 2019 142,969 $ 77.13 As of June 30, 2019, total unrecognized stock‑based compensation expense related to Restricted Stock was approximately $4.7 million, which is expected to be recognized over the weighted‑average vesting period of 3.0 years.

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	12 Months Ended
	Jun. 30, 2019
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	8. EARNINGS PER SHARE (“EPS”) Basic earnings (loss) per common share were computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock‑based compensation awards that contain non‑forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share pursuant to the two‑class method. The Company’s unvested restricted stock awards contain non‑forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. The Company’s unexercised stock options, unexercised SSARs and unvested performance stock do not contain rights to dividends. Under the two‑class method, the earnings (loss) used to determine basic earnings (loss) per common share are reduced by an amount allocated to participating securities. Use of the two‑class method has an immaterial impact on the calculation of basic and diluted earnings (loss) per common share. The following table summarizes the effects of dilutive securities on diluted EPS for the period: Fiscal Year Ended June 30, 2019 2018 2017 (in thousands, except per share data) Net income (loss) available to Royal Gold common stockholders $ 93,825 $ (113,134) $ 101,530 Weighted-average shares for basic EPS 65,394,627 65,291,855 65,152,782 Effect of other dilutive securities 110,908 — 125,171 Weighted-average shares for diluted EPS 65,505,535 65,291,855 65,277,953 Basic earnings (loss) per share $ 1.43 $ (1.73) $ 1.55 Diluted earnings (loss) per share $ 1.43 $ (1.73) $ 1.55

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2019
INCOME TAXES
INCOME TAXES	9. INCOME TAXES For financial reporting purposes, Income (loss) before income taxes includes the following components: Fiscal Year Ended June 30, 2019 2018 2017 (Amounts in thousands) United States $ (3,776) $ (39,662) $ 15,253 Foreign 110,353 (64,917) 103,613 $ 106,577 $ (104,579) $ 118,866 The Company’s Income tax expense consisted of: Fiscal Year Ended June 30, 2019 2018 2017 (Amounts in thousands) Current: Federal $ (6,974) $ 24,621 $ 13,975 State (13) 253 308 Foreign 26,230 22,741 10,602 $ 19,243 $ 47,615 $ 24,885 Deferred and others: Federal $ 916 $ (2,253) $ (1,443) State 17 (223) (18) Foreign (2,678) (30,367) 3,017 $ (1,745) $ (32,843) $ 1,556 Total income tax expense $ 17,498 $ 14,772 $ 26,441 The provision for income taxes for the fiscal years ended June 30, 2019, 2018 and 2017, differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre‑tax income (net of non‑controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences: Fiscal Year Ended June 30, 2019 2018 2017 (Amounts in thousands) Total expense computed by applying federal rates $ 22,381 $ (29,343) $ 41,603 State and provincial income taxes, net of federal benefit 135 (104) 78 Excess depletion (867) (1,440) (1,517) Estimates for uncertain tax positions 3,180 8,574 2,870 Statutory tax attributable to non-controlling interest 1,013 1,736 3,162 Effect of foreign earnings (6,921) 1,230 3,046 Effect of foreign earnings indefinitely reinvested — (19,004) (22,922) Realized foreign exchange gains — 18,330 — Unrealized foreign exchange gains (38) (1,610) (746) Effects of US income tax reform — 30,675 — Changes in estimates (1,538) (70) (3,676) Valuation allowance (47) 6,337 4,374 Other 200 (539) 169 $ 17,498 $ 14,772 $ 26,441 The current year effective tax rate includes the impact of changes in estimates primarily due to the Company’s analysis of the Tax Cuts and Jobs Act, partially offset by the effect of the newly enacted global intangible low-taxed income (“GILTI”) tax regime. The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities at June 30, 2019 and 2018, are as follows: 2019 2018 (Amounts in thousands) Deferred tax assets: Stock-based compensation $ 1,118 $ 805 Net operating losses 56 1,933 Foreign tax credits 11,125 11,172 Other 7,960 7,346 Total deferred tax assets 20,259 21,256 Valuation allowance (12,764) (12,811) Net deferred tax assets $ 7,495 $ 8,445 Deferred tax liabilities: Mineral property basis $ (74,360) $ (74,274) Unrealized foreign exchange gains (582) (664) 2019 Notes — (2,631) Investment in Peak Gold joint venture (4,353) (4,359) Other (150) (213) Total deferred tax liabilities (79,445) (82,141) Total net deferred taxes $ (71,950) $ (73,696) The Company reviews the measurement of its deferred tax assets at each balance sheet date. The Company’s analysis indicates a cumulative three-years of historical losses in the U.S., primarily as the result of fiscal year 2018 impairments of certain non-producing assets. Considering all available positive and negative evidence, including but not limited to recent earnings history and forecasted future results, the Company believes it is more likely-than-not that all net deferred tax assets not currently burdened with a valuation allowance will be fully realized. As of June 30, 2019, and 2018, the Company recorded a valuation allowance of $12.8 million. The valuation allowance remaining at June 30, 2019 is attributable to US foreign tax credits and capital loss carryforwards in non‑US subsidiaries. At June 30, 2019 and 2018, the Company had $0.2 million and $7.1 million of net operating loss carry forwards, respectively. The decrease in the net operating loss carry forwards is primarily attributable to the utilization of net operating losses by non‑U.S. subsidiaries. The majority of the tax loss carry forwards are in jurisdictions that allow a twenty-year carry forward period. As a result, these losses do not begin to expire until the 2038 tax year, and the Company anticipates the losses will be fully utilized. As of June 30, 2019, and 2018, the Company had $36.5 million and $36.3 million of unrecognized tax benefits, respectively. If recognized, these unrecognized tax benefits would positively impact the Company’s effective income tax rate. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: 2019 2018 2017 (Amounts in thousands) Total gross unrecognized tax benefits at beginning of year $ 36,346 $ 28,542 $ 26,960 Additions / Reductions for tax positions of current year 1,709 1,624 1,394 Additions / Reductions for tax positions of prior years (912) 6,180 188 Reductions due to settlements with taxing authorities (596) — — Reductions due to lapse of statute of limitations — — — Total amount of gross unrecognized tax benefits at end of year $ 36,547 $ 36,346 $ 28,542 The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non‑U.S. income tax examinations by tax authorities for fiscal years before 2014. As a result of (i) statutes of limitation that will begin to expire within the next 12 months in various jurisdictions, (ii) possible settlements of audit‑related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, and (iii) additional accrual of exposure and interest on existing items, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will not decrease in the next 12 months. The Company’s continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At June 30, 2019 and 2018, the amount of accrued income‑tax‑related interest and penalties was $12.6 million and $9.8 million, respectively. The gross unrecognized tax benefits reflected in the tabular reconciliation do not include interest and penalties and are not reduced by advanced deposits of $12.6 million made to taxing authorities.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Jun. 30, 2019
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	10. SUPPLEMENTAL CASH FLOW INFORMATION The Company’s supplemental cash flow information for the fiscal years ending June 30, 2019, 2018 and 2017 is as follows: 2019 2018 2017 (Amounts in thousands) Cash paid (received) during the period for: Interest $ 10,638 $ 16,049 $ 18,999 Income taxes, net of refunds $ 44,435 $ (3,058) $ 26,835 Non-cash investing and financing activities: Dividends declared $ 68,473 $ 64,814 $ 62,064

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Jun. 30, 2019
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: Level 1: Quoted prices for identical instruments in active markets; Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model‑derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The following table sets forth the Company’s financial assets measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. As of June 30, 2019 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Marketable equity securities (1) $ 15,984 $ 15,984 $ 15,984 $ — $ — Total assets $ 15,984 $ 15,984 $ 15,984 $ — $ — (1) Included in Other assets 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 carrying value of the Company’s revolving credit facility (Note 5) approximates fair value as of June 30, 2019. As of June 30, 2019, the Company also had assets that, under certain conditions, are subject to measurement at fair value on a non‑recurring basis like those associated with stream and royalty interests, intangible assets and other long‑lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired. If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs. Refer to Note 4 for discussion of inputs used to develop fair value for those stream and royalty interests that were determined to be impaired during the fiscal years ended June 30, 2019.

MAJOR SOURCES OF REVENUE

MAJOR SOURCES OF REVENUE	12 Months Ended
	Jun. 30, 2019
MAJOR SOURCES OF REVENUE
MAJOR SOURCES OF REVENUE	12. MAJOR SOURCES OF REVENUE Operators that contributed greater than 10% of the Company’s total revenue for any of fiscal years 2019, 2018 or 2017 were as follows (revenue amounts in thousands): Fiscal Year Ended June 30, 2019 Fiscal Year Ended June 30, 2018 Fiscal Year Ended June 30, 2017 Percentage of Percentage of Percentage of total total total Operator Revenue revenue Revenue revenue Revenue revenue Centerra $ 101,011 23.9 % $ 133,534 29.1 % $ 136,737 31.0 % Barrick 99,283 23.5 % 108,285 23.6 % 104,009 23.6 % Teck 69,264 16.4 % 57,413 12.5 % 60,251 13.7 %

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Jun. 30, 2019
SEGMENT INFORMATION
SEGMENT INFORMATION	13. 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) as of June 30, 2019 and 2018 are geographically distributed as shown in the following table (amounts in thousands): As of June 30, 2019 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 $ 767,749 $ 200,251 $ 968,000 $ 809,500 $ 214,562 $ (284) $ 1,023,778 Dominican Republic 451,585 — 451,585 495,460 — — 495,460 Chile 301,507 214,226 515,733 328,331 453,306 (239,080) 542,557 Africa 89,555 321 89,876 104,874 502 — 105,376 Mexico — 83,748 83,748 — 93,277 — 93,277 United States — 163,398 163,398 — 165,543 — 165,543 Australia — 31,944 31,944 — 34,254 — 34,254 Rest of world 12,039 22,993 35,032 12,039 28,833 — 40,872 Total $ 1,622,435 $ 716,881 $ 2,339,316 $ 1,750,204 $ 990,277 $ (239,364) $ 2,501,117 The Company’s reportable segments for purposes of assessing performance are shown below (amounts in thousands): Fiscal Year Ended June 30, 2019 Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests $ 305,824 $ 77,535 $ — $ 127,770 $ 100,519 Royalty interests 117,232 — 4,112 35,086 78,034 Total $ 423,056 $ 77,535 $ 4,112 $ 162,856 $ 178,553 Fiscal Year Ended June 30, 2018 Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests $ 324,516 $ 83,839 $ — $ 129,662 $ 111,015 Royalty interests 134,526 — 2,268 33,924 98,334 Total $ 459,042 $ 83,839 $ 2,268 $ 163,586 $ 209,349 Fiscal Year Ended June 30, 2017 Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests $ 314,011 $ 87,265 $ — $ 121,530 $ 105,216 Royalty interests 126,803 — 1,760 38,023 87,020 Total $ 440,814 $ 87,265 $ 1,760 $ 159,553 $ 192,236 A reconciliation of total segment gross profit to the consolidated Income (loss) before income taxes is shown below (amounts in thousands): Fiscal Year Ended June 30, 2019 2018 2017 Total segment gross profit $ 178,553 $ 209,349 $ 192,236 Costs and expenses General and administrative expenses 30,488 35,464 33,350 Exploration costs 7,158 8,946 12,861 Depreciation 200 110 83 Impairment of royalty interests — 239,364 — Operating income (loss) 140,707 145,942 Fair value changes in equity securities — — Interest and other income 2,320 4,170 9,302 Interest and other expense Income (loss) before income taxes $ 106,577 $ $ 118,866 The Company’s revenue by reportable segment for the fiscal year’s ended June 30, 2019, 2018 and 2017 is geographically distributed as shown in the following table (amounts in thousands): Fiscal Year Ended June 30, 2019 2018 2017 Stream interests: Canada $ 123,152 $ $ 136,736 Dominican Republic 82,844 95,055 91,589 Chile 69,264 57,413 60,251 Africa 30,564 29,804 25,435 Total stream interests $ 305,824 $ 324,516 $ 314,011 Royalty interests: United States $ 34,845 $ $ Canada 32,602 Mexico 27,224 Australia 12,806 Africa 1,416 Chile — Rest of world 8,339 Total royalty interests $ 117,232 $ 134,526 $ 126,803 Total revenue $ 423,056 $ 459,042 $ 440,814

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Khoemacau Silver Stream Acquisition As of June 30, 2019, the Company’s conditional funding schedule for $212 million related to the Base Silver Stream pursuant to its Khoemacau silver stream acquisition made in February 2019 (Note 3) remains subject to certain conditions. Ilovica Gold Stream Acquisition As of June 30, 2019, the Company’s conditional funding schedule, of $163.75 million as part of its Ilovica gold stream acquisition in October 2014 remains subject to certain conditions.

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	12 Months Ended
	Jun. 30, 2019
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	15. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following is a summary of selected quarterly financial information (unaudited). Some amounts in the below table may not sum‑up in total as a result of rounding. Net income (loss) Operating attributable to Basic earnings Diluted earnings income Royal Gold (loss) per (loss) per Revenue (loss) stockholders share share (Amounts in thousands except per share data) Fiscal year 2019 quarter-ended: September 30, $ 99,992 $ 25,333 $ 15,008 $ 0.23 $ 0.23 December 31, 97,592 31,449 23,586 0.36 0.36 March 31, 109,778 43,201 28,772 0.44 0.44 June 30, 115,694 40,724 26,459 0.40 0.40 $ 423,056 $ 140,707 $ 93,825 $ 1.43 $ 1.43 Fiscal year 2018 quarter-ended: (Amounts in thousands except per share data) September 30, $ 112,476 $ 41,720 $ 28,631 $ 0.44 $ 0.44 December 31, 114,348 40,962 (14,765) (0.23) (0.23) March 31, 115,983 (193,464) (153,650) (2.35) (2.35) June 30, 116,235 36,247 26,650 0.41 0.41 $ 459,042 $ (74,535) $ (113,134) $ (1.73) $ (1.73)

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
Use of Estimates	Use of Estimates The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. We rely on reserve estimates reported by the operators of properties on which we hold stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long‑lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Royal Gold, Inc., its wholly‑owned subsidiaries and an entity over which control is achieved through means other than voting rights. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation. The Company follows the Accounting Standards Codification (“ASC”) guidance for identification and reporting for entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities (“VIEs”). Peak Gold JV Royal Gold, through its wholly‑owned subsidiary, Royal Alaska, LLC (“Royal Alaska”), and Contango ORE, Inc., through its wholly‑owned subsidiary CORE Alaska, LLC, entered into a limited liability company agreement for the Peak Gold JV, a joint venture for exploration and advancement of the Peak Gold Project located near Tok, Alaska. The Company has identified the Peak Gold JV as a VIE, with Royal Alaska as the primary beneficiary, due to the legal structure and certain related factors of the limited liability company agreement for the Peak Gold JV. The Company determined that the Peak Gold JV should be fully consolidated at fair value initially. The fair value of the Company’s non‑controlling interest is $45.7 million and is based on the underlying value of the mineral property assigned to the Peak Gold JV, which is recorded as an exploration stage property within Stream and royalty interests, net on our consolidated balance sheets. As of June 30, 2019, and 2018, Royal Alaska held a 40% membership interest in the Peak Gold JV. Royal Alaska acts as the manager of the Peak Gold JV and will be responsible for managing, directing and controlling the overall operations unless Royal Alaska is unanimously removed or resigns that position in the manner provided in the Peak Gold JV limited liability company agreement.
Cash and Equivalents	Cash and Equivalents Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of June 30, 2019 and 2018.
Stream and Royalty Interests in Mineral Properties and Related Depletion	Stream and Royalty Interests in Mineral Properties and Related Depletion Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset under the ASC guidance. Production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable reserves, are not depleted. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, the mineral property is depleted over its life, using proven and probable reserves. Exploration costs are expensed when incurred.
Asset Impairment	Asset Impairment We evaluate long‑lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable. The recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable reserves and other relevant information received from the operators. We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows. Estimates of gold, silver, copper, and other metal prices, and operators’ estimates of proven and probable reserves or mineralized material related to our stream or royalty properties are subject to certain risks and uncertainties which may affect the recoverability of our investment in these stream and royalty interests in mineral properties. It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests. Refer to Note 4 for discussion and the results of our impairment assessments for the fiscal years ended June 30, 2019, 2018 and 2017.
Revenue and Metal Sales	Revenue Revenue is recognized pursuant to current guidance in ASC 606 – Revenue from Contracts with Customers (“ASC 606”). 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 in Note 6. Metal Sales Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between 10 days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales activity in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser.
Cost of Sales	Cost of Sales Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery.
Production Taxes	Production Taxes Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in the Company’s consolidated statements of operations and comprehensive income (loss).
Exploration Costs	Exploration Costs Exploration costs are specific to the Peak Gold JV for the exploration and advancement of the Peak Gold Project, as discussed further above under Basis of Consolidation . Costs associated with the Peak Gold JV for the exploration and advancement of the Peak Gold Project are expensed when incurred.
Stock-Based Compensation	Stock‑Based Compensation The Company accounts for stock‑based compensation in accordance with the guidance of ASC 718. The Company recognizes all share‑based payments to employees, including grants of employee stock options, stock‑settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in its financial statements based upon their fair values.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with the guidance of ASC 740. The Company’s annual tax rate is based on income, statutory tax rates in effect, and tax planning opportunities available to us in the various jurisdictions in which the Company operates. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities. The Company’s deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies. The Company’s operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Earnings per Share	Earnings per Share Basic earnings (loss) per share is computed by dividing net income (loss) available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings (loss) per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the diluted weighted average number of common shares outstanding during each fiscal year.
Recently Adopted and Recently Issued Accounting Standards	Recently Adopted and Recently Issued Accounting Standards Recently Adopted Revenue Recognition On July 1, 2018, we adopted 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 was 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 fiscal year ended June 30, 2019, 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 6 for additional discussion. Recognition and Measurement of Financial Instruments On July 1, 2018, we adopted Accounting Standards Update (“ASU”) 2016-01 – Financial Instruments , 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 decrease in fair value of our equity securities was approximately $6.8 million for the fiscal year ended June 30, 2019 and is included in Fair value changes in equity securities on our consolidated statements of operations and comprehensive income (loss). The carrying value of the Company’s equity securities as of June 30, 2019 and June 30, 2018 was $16.0 million and $19.2 million, respectively, and is included in Other assets on the Company’s consolidated balance sheets. As of June 30, 2019, the Company owns 809,744 common shares of Contango Ore, Inc. (“CORE”) and 3,597,823 common shares of Rubicon Minerals Corporation. Definition of a Business In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU guidance clarifying the definition of a business and providing additional guidance for determining whether transactions should be accounted for as acquisitions of assets or businesses. The Company adopted the new guidance on July 1, 2018 on a prospective basis. There was no impact to the Company’s consolidated financial statements upon adoption. Recently Issued Leases In February 2016, the FASB 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 all leases with terms greater than twelve months. Classification of leases as either a finance or operating lease will determine the recognition, measurement and presentation of expenses. ASU 2016-02 also requires certain quantitative and qualitative disclosures about leasing arrangements. The Company is finalizing its evaluation of the impacts of ASU 2016-02, which includes an analysis of non-cancelable leases, joint venture agreements and other existing arrangements that may contain a lease component. The Company has completed the process of identifying contracts to which the new guidance applies and has substantially completed its evaluation of those identified contracts to determine the impacts of ASC 2016-02 at adoption. The Company has further enhanced its systems to track and calculate additional information required to comply with this standard on a go-forward basis. In addition, the Company is finalizing its evaluation of policies, internal controls, and processes that will be necessary to support the additional accounting and disclosure requirements. The Company will adopt ASU 2016-02 in the first quarter of our fiscal year 2020 using the modified retrospective approach. The Company expects to apply the following practical expedients: · an election to not apply the recognition requirements in the new standards update to short-term leases (a lease that, at commencement date, has a lease term of 12 months or less and does not contain a purchase option); and · a package of practical expedients to not reassess whether a contract contains a lease, lease classification and initial direct costs. Adoption of this guidance is anticipated to result in an insignificant increase in right-of-use assets and related liabilities on the Company’s consolidated balance sheets; however, the full impact to the Company’s financial statements and related footnote disclosures is still being finalized. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”). ASU 2018-11 provides an additional transition method for adopting ASU 2016-02, as well as provides lessors with a practical expedient when applying ASU 2016-02 to certain leases. The Company anticipates making a policy election in connection with adopting ASU 2018-11, which will eliminate the need for adjusting prior period comparable financial statements prepared under current lease accounting guidance. The Company will adopt ASU 2018-11 at the same time it adopts ASU 2016-02.

STREAM AND ROYALTY INTERESTS,_2

STREAM AND ROYALTY INTERESTS, NET (Tables)	12 Months Ended
	Jun. 30, 2019
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	As of June 30, 2019 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (184,091) $ 606,544 Pueblo Viejo 610,404 (158,819) 451,585 Andacollo 388,182 (86,675) 301,507 Rainy River 175,727 (14,522) 161,205 Wassa and Prestea 146,475 (56,919) 89,556 Total production stage stream interests 2,111,423 (501,026) 1,610,397 Production stage royalty interests: Voisey's Bay 205,724 (95,564) 110,160 Peñasquito 99,172 (40,659) 58,513 Holt 34,612 (22,570) 12,042 Cortez 20,878 (12,362) 8,516 Other 487,224 (386,501) 100,723 Total production stage royalty interests 847,610 (557,656) 289,954 Total production stage stream and royalty interests 2,959,033 (1,058,682) 1,900,351 Development stage stream interests: Other 12,038 — 12,038 Development stage royalty interests: Cortez 59,803 — 59,803 Other 70,952 — 70,952 Total development stage royalty interests 130,755 — 130,755 Total development stage stream and royalty interests 142,793 — 142,793 Exploration stage royalty interests: Pascua-Lama 177,690 — 177,690 Other 118,482 — 118,482 Total exploration stage royalty interests 296,172 — 296,172 Total stream and royalty interests, net $ 3,397,998 $ (1,058,682) $ 2,339,316 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
Schedule of impairment charges	Fiscal Year Ended June 30, 2019 2018 2017 (Amounts in thousands) Royalty: Pascua-Lama — 239,080 — Other — 284 — Total impairment of royalty interests $ — $ 239,364 $ —

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Jun. 30, 2019
DEBT
Schedule of debt	As of June 30, 2019 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 $ (12,764) $ (1,316) $ 355,920 Revolving credit facility 220,000 — (5,446) 214,554 — — (4,893) Total debt $ 220,000 $ — $ (5,446) $ 214,554 $ 370,000 $ (12,764) $ (6,209) $ 351,027

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Jun. 30, 2019
REVENUE
Summary of disaggregated revenue	Revenue by metal type attributable to each of our revenue sources is disaggregated as follows: Fiscal Year Ended June 30, 2019 Stream revenue: Gold $ 249,496 Silver 33,282 Copper 23,046 Total stream revenue $ 305,824 Royalty revenue: Gold $ 78,570 Silver 5,497 Copper 13,808 Other 19,357 Total royalty revenue $ 117,232 Total revenue $ 423,056 Revenue by metal type attributable to each of our revenue sources is disaggregated as follows: Fiscal Year Ended Metal(s) June 30, 2019 Stream revenue: Mount Milligan Gold & Copper $ 101,010 Pueblo Viejo Gold & Silver 82,844 Andacollo Gold 69,264 Wassa Gold 22,098 Rainy River Gold & Silver 22,142 Other Gold & Silver 8,466 Total stream revenue $ 305,824 Royalty revenue: Peñasquito Gold, Silver, Lead & Zinc $ 13,865 Cortez Gold 11,383 Other Various 91,984 Total royalty revenue $ 117,232 Total revenue $ 423,056

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Jun. 30, 2019
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	Fiscal Year Ended June 30, 2019 2018 2017 (Amounts in thousands) Stock options $ 221 $ 318 $ 393 Stock appreciation rights 2,025 1,988 1,851 Restricted stock 3,336 4,487 3,840 Performance stock 1,035 1,486 3,899 Total stock-based compensation expense $ 6,617 $ 8,279 $ 9,983
Schedule of valuation assumptions	Stock Options SSARs 2019 2018 2017 2019 2018 2017 Weighted-average expected volatility % % % % % % Weighted-average expected life in years Weighted-average dividend yield % % % % % % Weighted-average risk free interest rate % % % % % %
Summary of stock options activity	Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Value Shares Price Life (Years) (in thousands) Outstanding at July 1, 2018 66,227 $ 69.35 Granted 6,430 $ 77.73 Exercised (27,930) $ 68.19 Expired (2,429) $ 82.29 Outstanding at June 30, 2019 42,298 $ 70.65 5.9 $ 1,334 Exercisable at June 30, 2019 32,125 $ 67.30 5.2 $ 1,130
Summary of SSARs activity	Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Value Shares Price Life (Years) (in thousands) Outstanding at July 1, 2018 252,886 $ 75.60 Granted 72,860 $ 78.06 Exercised (144,360) $ 71.99 Expired (5,787) $ 87.42 Outstanding at June 30, 2019 175,599 $ 79.20 8.0 $ 4,090 Exercisable at June 30, 2019 53,886 $ 73.46 6.8 $ 1,565
Summary of non-vested awards	Weighted- Average Number of Grant Date Shares Fair Value Outstanding at July 1, 2018 184,664 $ 61.75 Granted 59,820 $ 62.77 Vested (21,953) $ 38.12 Forfeited (7,716) $ 76.01 Non-attainment (59,793) $ 52.48 Outstanding at June 30, 2019 155,022 $ 68.35
Summary of the status of non-vested restricted stock	Weighted- Average Number of Grant Date Shares Fair Value Outstanding at July 1, 2018 144,783 $ 72.94 Granted 43,460 $ 77.96 Vested (39,297) $ 62.32 Forfeited (5,977) $ 78.95 Outstanding at June 30, 2019 142,969 $ 77.13

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	12 Months Ended
	Jun. 30, 2019
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	Fiscal Year Ended June 30, 2019 2018 2017 (in thousands, except per share data) Net income (loss) available to Royal Gold common stockholders $ 93,825 $ (113,134) $ 101,530 Weighted-average shares for basic EPS 65,394,627 65,291,855 65,152,782 Effect of other dilutive securities 110,908 — 125,171 Weighted-average shares for diluted EPS 65,505,535 65,291,855 65,277,953 Basic earnings (loss) per share $ 1.43 $ (1.73) $ 1.55 Diluted earnings (loss) per share $ 1.43 $ (1.73) $ 1.55

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2019
INCOME TAXES
Components of (loss) income before income taxes	Fiscal Year Ended June 30, 2019 2018 2017 (Amounts in thousands) United States $ (3,776) $ (39,662) $ 15,253 Foreign 110,353 (64,917) 103,613 $ 106,577 $ (104,579) $ 118,866
Components of income tax expense	Fiscal Year Ended June 30, 2019 2018 2017 (Amounts in thousands) Current: Federal $ (6,974) $ 24,621 $ 13,975 State (13) 253 308 Foreign 26,230 22,741 10,602 $ 19,243 $ 47,615 $ 24,885 Deferred and others: Federal $ 916 $ (2,253) $ (1,443) State 17 (223) (18) Foreign (2,678) (30,367) 3,017 $ (1,745) $ (32,843) $ 1,556 Total income tax expense $ 17,498 $ 14,772 $ 26,441
Schedule of income tax expense and effective tax rate	Fiscal Year Ended June 30, 2019 2018 2017 (Amounts in thousands) Total expense computed by applying federal rates $ 22,381 $ (29,343) $ 41,603 State and provincial income taxes, net of federal benefit 135 (104) 78 Excess depletion (867) (1,440) (1,517) Estimates for uncertain tax positions 3,180 8,574 2,870 Statutory tax attributable to non-controlling interest 1,013 1,736 3,162 Effect of foreign earnings (6,921) 1,230 3,046 Effect of foreign earnings indefinitely reinvested — (19,004) (22,922) Realized foreign exchange gains — 18,330 — Unrealized foreign exchange gains (38) (1,610) (746) Effects of US income tax reform — 30,675 — Changes in estimates (1,538) (70) (3,676) Valuation allowance (47) 6,337 4,374 Other 200 (539) 169 $ 17,498 $ 14,772 $ 26,441
Schedule of deferred tax assets and liabilities	2019 2018 (Amounts in thousands) Deferred tax assets: Stock-based compensation $ 1,118 $ 805 Net operating losses 56 1,933 Foreign tax credits 11,125 11,172 Other 7,960 7,346 Total deferred tax assets 20,259 21,256 Valuation allowance (12,764) (12,811) Net deferred tax assets $ 7,495 $ 8,445 Deferred tax liabilities: Mineral property basis $ (74,360) $ (74,274) Unrealized foreign exchange gains (582) (664) 2019 Notes — (2,631) Investment in Peak Gold joint venture (4,353) (4,359) Other (150) (213) Total deferred tax liabilities (79,445) (82,141) Total net deferred taxes $ (71,950) $ (73,696)
Reconciliation of beginning and ending amount of gross unrecognized tax benefit	2019 2018 2017 (Amounts in thousands) Total gross unrecognized tax benefits at beginning of year $ 36,346 $ 28,542 $ 26,960 Additions / Reductions for tax positions of current year 1,709 1,624 1,394 Additions / Reductions for tax positions of prior years (912) 6,180 188 Reductions due to settlements with taxing authorities (596) — — Reductions due to lapse of statute of limitations — — — Total amount of gross unrecognized tax benefits at end of year $ 36,547 $ 36,346 $ 28,542

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Jun. 30, 2019
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	2019 2018 2017 (Amounts in thousands) Cash paid (received) during the period for: Interest $ 10,638 $ 16,049 $ 18,999 Income taxes, net of refunds $ 44,435 $ (3,058) $ 26,835 Non-cash investing and financing activities: Dividends declared $ 68,473 $ 64,814 $ 62,064

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Jun. 30, 2019
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	As of June 30, 2019 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets (In thousands): Marketable equity securities (1) $ 15,984 $ 15,984 $ 15,984 $ — $ — Total assets $ 15,984 $ 15,984 $ 15,984 $ — $ — (1) Included in Other assets on the Company’s consolidated balance sheets.

MAJOR SOURCES OF REVENUE (Table

MAJOR SOURCES OF REVENUE (Tables)	12 Months Ended
	Jun. 30, 2019
MAJOR SOURCES OF REVENUE
Schedule of major sources of revenue	Operators that contributed greater than 10% of the Company’s total revenue for any of fiscal years 2019, 2018 or 2017 were as follows (revenue amounts in thousands): Fiscal Year Ended June 30, 2019 Fiscal Year Ended June 30, 2018 Fiscal Year Ended June 30, 2017 Percentage of Percentage of Percentage of total total total Operator Revenue revenue Revenue revenue Revenue revenue Centerra $ 101,011 23.9 % $ 133,534 29.1 % $ 136,737 31.0 % Barrick 99,283 23.5 % 108,285 23.6 % 104,009 23.6 % Teck 69,264 16.4 % 57,413 12.5 % 60,251 13.7 %

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Jun. 30, 2019
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	Royal Gold’s long‑lived assets (stream and royalty interests, net) as of June 30, 2019 and 2018 are geographically distributed as shown in the following table (amounts in thousands): As of June 30, 2019 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 $ 767,749 $ 200,251 $ 968,000 $ 809,500 $ 214,562 $ (284) $ 1,023,778 Dominican Republic 451,585 — 451,585 495,460 — — 495,460 Chile 301,507 214,226 515,733 328,331 453,306 (239,080) 542,557 Africa 89,555 321 89,876 104,874 502 — 105,376 Mexico — 83,748 83,748 — 93,277 — 93,277 United States — 163,398 163,398 — 165,543 — 165,543 Australia — 31,944 31,944 — 34,254 — 34,254 Rest of world 12,039 22,993 35,032 12,039 28,833 — 40,872 Total $ 1,622,435 $ 716,881 $ 2,339,316 $ 1,750,204 $ 990,277 $ (239,364) $ 2,501,117
Schedule of reportable segments for assessing performance	The Company’s reportable segments for purposes of assessing performance are shown below (amounts in thousands): Fiscal Year Ended June 30, 2019 Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests $ 305,824 $ 77,535 $ — $ 127,770 $ 100,519 Royalty interests 117,232 — 4,112 35,086 78,034 Total $ 423,056 $ 77,535 $ 4,112 $ 162,856 $ 178,553 Fiscal Year Ended June 30, 2018 Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests $ 324,516 $ 83,839 $ — $ 129,662 $ 111,015 Royalty interests 134,526 — 2,268 33,924 98,334 Total $ 459,042 $ 83,839 $ 2,268 $ 163,586 $ 209,349 Fiscal Year Ended June 30, 2017 Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests $ 314,011 $ 87,265 $ — $ 121,530 $ 105,216 Royalty interests 126,803 — 1,760 38,023 87,020 Total $ 440,814 $ 87,265 $ 1,760 $ 159,553 $ 192,236
Schedule of reconciliation of segment gross profit to consolidated income (loss)	A reconciliation of total segment gross profit to the consolidated Income (loss) before income taxes is shown below (amounts in thousands): Fiscal Year Ended June 30, 2019 2018 2017 Total segment gross profit $ 178,553 $ 209,349 $ 192,236 Costs and expenses General and administrative expenses 30,488 35,464 33,350 Exploration costs 7,158 8,946 12,861 Depreciation 200 110 83 Impairment of royalty interests — 239,364 — Operating income (loss) 140,707 145,942 Fair value changes in equity securities — — Interest and other income 2,320 4,170 9,302 Interest and other expense Income (loss) before income taxes $ 106,577 $ $ 118,866
Schedule of revenue by reportable segment	The Company’s revenue by reportable segment for the fiscal year’s ended June 30, 2019, 2018 and 2017 is geographically distributed as shown in the following table (amounts in thousands): Fiscal Year Ended June 30, 2019 2018 2017 Stream interests: Canada $ 123,152 $ $ 136,736 Dominican Republic 82,844 95,055 91,589 Chile 69,264 57,413 60,251 Africa 30,564 29,804 25,435 Total stream interests $ 305,824 $ 324,516 $ 314,011 Royalty interests: United States $ 34,845 $ $ Canada 32,602 Mexico 27,224 Australia 12,806 Africa 1,416 Chile — Rest of world 8,339 Total royalty interests $ 117,232 $ 134,526 $ 126,803 Total revenue $ 423,056 $ 459,042 $ 440,814

QUARTERLY RESULTS OF OPERATIO_2

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)	12 Months Ended
	Jun. 30, 2019
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
Summary of selected quarterly financial information (unaudited)	Net income (loss) Operating attributable to Basic earnings Diluted earnings income Royal Gold (loss) per (loss) per Revenue (loss) stockholders share share (Amounts in thousands except per share data) Fiscal year 2019 quarter-ended: September 30, $ 99,992 $ 25,333 $ 15,008 $ 0.23 $ 0.23 December 31, 97,592 31,449 23,586 0.36 0.36 March 31, 109,778 43,201 28,772 0.44 0.44 June 30, 115,694 40,724 26,459 0.40 0.40 $ 423,056 $ 140,707 $ 93,825 $ 1.43 $ 1.43 Fiscal year 2018 quarter-ended: (Amounts in thousands except per share data) September 30, $ 112,476 $ 41,720 $ 28,631 $ 0.44 $ 0.44 December 31, 114,348 40,962 (14,765) (0.23) (0.23) March 31, 115,983 (193,464) (153,650) (2.35) (2.35) June 30, 116,235 36,247 26,650 0.41 0.41 $ 459,042 $ (74,535) $ (113,134) $ (1.73) $ (1.73)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS (Details) $ in Millions	12 Months Ended
	Jun. 30, 2019USD ($)$ / oz	Jun. 30, 2018
Minimum
Term of the contract	10 days
Maximum
Term of the contract	3 months
Mount Milligan
Cash payment for each ounce of gold (in dollars per ounce) | $ / oz	435
Peak Gold
Fair value of the company | $	$ 45.7
Membership interest	40.00%	40.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS - Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated (losses) earnings	$ (65,747)		$ (89,898)
Increase (decrease) fair value of equity securities	(6,800)
Carrying value of equity securities	$ 16,000		$ 19,200
Contango
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment shares owned (in shares)	809,744
Rubicon
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment shares owned (in shares)	3,597,823
ASU 2016-01 | Retrospective Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated (losses) earnings		$ 1,200

ACQUISITIONS - Khoemacau (Detai

ACQUISITIONS - Khoemacau (Details) oz in Millions, $ in Millions	Feb. 25, 2019USD ($)toz	Jun. 30, 2019USD ($)
Acquisitions
Maximum future additional payments upon satisfaction of certain conditions	$ 212
Option contribution amount	$ 53
Throughput levels | t	13,000
Khoemacau
Acquisitions
Maximum future additional payments upon satisfaction of certain conditions	$ 212	$ 212
Silver production acquired (as a percent)	80.00%
Option contribution amount	$ 53
Silver production option (as a percent)	20.00%
Rate reduction (as a percent)	50.00%
Silver production after threshold (as a percent)	40.00%
Rate reduction threshold | oz	32
Rate reduction threshold with option | oz	40
Spot price paid (as a percent)	20.00%
Increased level of throughput (as a percent)	30.00%
Cupric required initial investment	$ 100
Contributions payable in 2019	60
Contributions payable in 2020	125
Loan receivable commitment	$ 25
Loan receivable term	7 years
Khoemacau | LIBOR
Acquisitions
Loans receivable variable interest rate (as a percent)	11.00%

ACQUISITIONS - Other (Details)

ACQUISITIONS - Other (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 03, 2018	Jun. 29, 2018	Jun. 28, 2018
Mara Rosa
Acquisitions
Net smelter return (NSR) (as a percent)		1.75%	1.00%
Consideration paid		$ 10.8	$ 10.8
CORE
Acquisitions
Shares acquired	127,188		682,556
Share price	$ 26		$ 26

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Cost	$ 3,397,998	$ 3,636,306
Accumulated Depletion	(1,058,682)	(895,825)
Impairments		(239,364)
Net	2,339,316	2,501,117
Pascua-Lama
Net	177,700
Total production stage stream and royalty interests
Cost	2,959,033	2,955,604
Accumulated Depletion	(1,058,682)	(895,825)
Net	1,900,351	2,059,779
Production stage stream interests
Cost	2,111,423	2,111,423
Accumulated Depletion	(501,026)	(373,257)
Net	1,610,397	1,738,166
Production stage stream interests | Mount Milligan
Cost	790,635	790,635
Accumulated Depletion	(184,091)	(152,833)
Net	606,544	637,802
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(158,819)	(114,944)
Net	451,585	495,460
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(86,675)	(59,851)
Net	301,507	328,331
Production stage stream interests | Rainy River
Cost	175,727	175,727
Accumulated Depletion	(14,522)	(4,028)
Net	161,205	171,699
Production stage stream interests | Wassa and Prestea
Cost	146,475	146,475
Accumulated Depletion	(56,919)	(41,601)
Net	89,556	104,874
Production stage royalty interests
Cost	847,610	844,181
Accumulated Depletion	(557,656)	(522,568)
Net	289,954	321,613
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(95,564)	(86,933)
Net	110,160	118,791
Production stage royalty interests | Penasquito
Cost	99,172	99,172
Accumulated Depletion	(40,659)	(38,426)
Net	58,513	60,746
Production stage royalty interests | Holt
Cost	34,612	34,612
Accumulated Depletion	(22,570)	(21,173)
Net	12,042	13,439
Production stage royalty interests | Cortez
Cost	20,878	20,878
Accumulated Depletion	(12,362)	(11,241)
Net	8,516	9,637
Production stage royalty interests | Other
Cost	487,224	483,795
Accumulated Depletion	(386,501)	(364,795)
Net	100,723	119,000
Total development stage stream and royalty interests
Cost	142,793	146,451
Impairments		(284)
Net	142,793	146,167
Development stage stream interests | Other
Cost	12,038	12,038
Net	12,038	12,038
Development stage royalty interests
Cost	130,755	134,413
Impairments		(284)
Net	130,755	134,129
Development stage royalty interests | Cortez
Cost	59,803	59,803
Net	59,803	59,803
Development stage royalty interests | Other
Cost	70,952	74,610
Impairments		(284)
Net	70,952	74,326
Exploration stage royalty interests
Cost	296,172	534,251
Impairments		(239,080)
Net	296,172	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	118,482	117,481
Net	$ 118,482	$ 117,481

STREAM AND ROYALTY INTERESTS,_4

STREAM AND ROYALTY INTERESTS, NET - Impairments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Impairments of royalty and stream interests		$ 239,364
Value of stream and royalty interests, net	$ 2,339,316	2,501,117
Royalty interests
Impairments of royalty and stream interests		239,364
Pascua-Lama
Copper NSR (as a percent)	1.09%
Value of stream and royalty interests, net	$ 177,700
Pascua-Lama | Minimum
Net smelter return (NSR) (as a percent)	0.78%
Pascua-Lama | Maximum
Net smelter return (NSR) (as a percent)	5.45%
Pascua-Lama | Royalty interests
Impairments of royalty and stream interests		239,080
Other | Royalty interests
Impairments of royalty and stream interests		$ 284
El Toqui
Value of stream and royalty interests, net	$ 1,400

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	Jun. 17, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2012
Long-term debt disclosure
Principal		$ 220,000	$ 370,000
Unamortized Discount			(12,764)
Debt Issuance Costs		(5,446)	(6,209)
Total debt		214,554	351,027
Repayment of debt		370,000	250,000	$ 95,000
2019 Notes
Long-term debt disclosure
Principal			370,000
Unamortized Discount			(12,764)
Debt Issuance Costs			(1,316)
Total debt			355,920
Principal amount of debt issued					$ 370,000
Interest rate on convertible senior notes (as a percent)					2.875%
Repayment of debt	$ 370,000
Interest expense recognized		24,300	24,500	23,600
Credit Facility
Long-term debt disclosure
Principal		220,000
Debt Issuance Costs		(5,446)	(4,893)
Total debt		214,554
Interest expense recognized		1,700	5,700	$ 9,900
Maximum availability under the revolving credit facility		780,000
Outstanding amount under credit facility		$ 220,000	$ 0
Effective interest rate (as percent)		3.65%
LIBOR | Credit Facility
Long-term debt disclosure
Effective interest rate (as percent)		1.20%

REVENUE (Details)

REVENUE (Details)	12 Months Ended
	Jun. 30, 2019
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								12 Months Ended
	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Disaggregation of Revenue
Number of revenue sources | item									2
Revenue	$ 115,694	$ 109,778	$ 97,592	$ 99,992	$ 116,235	$ 115,983	$ 114,348	$ 112,476	$ 423,056	$ 459,042	$ 440,814
Stream interests
Disaggregation of Revenue
Revenue									305,824	324,516	314,011
Stream interests | Mount Milligan
Disaggregation of Revenue
Revenue									101,010
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue									82,844
Stream interests | Andacollo
Disaggregation of Revenue
Revenue									69,264
Stream interests | Wassa and Prestea
Disaggregation of Revenue
Revenue									22,098
Stream interests | Rainy River
Disaggregation of Revenue
Revenue									22,142
Stream interests | Other
Disaggregation of Revenue
Revenue									8,466
Stream interests | Gold
Disaggregation of Revenue
Revenue									249,496
Stream interests | Silver
Disaggregation of Revenue
Revenue									33,282
Stream interests | Copper
Disaggregation of Revenue
Revenue									23,046
Royalty interests
Disaggregation of Revenue
Revenue									117,232	$ 134,526	$ 126,803
Royalty interests | Other
Disaggregation of Revenue
Revenue									91,984
Royalty interests | Penasquito
Disaggregation of Revenue
Revenue									13,865
Royalty interests | Cortez
Disaggregation of Revenue
Revenue									11,383
Royalty interests | Gold
Disaggregation of Revenue
Revenue									78,570
Royalty interests | Silver
Disaggregation of Revenue
Revenue									5,497
Royalty interests | Copper
Disaggregation of Revenue
Revenue									13,808
Royalty interests | Other
Disaggregation of Revenue
Revenue									$ 19,357

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Nov. 30, 2015
Stock-based compensation
Common stock authorized for future grants (in shares)				2,500,000
Stock-based compensation expense	$ 6,617	$ 8,279	$ 9,983
Contractual term of awards	10 years
Minimum
Stock-based compensation
Continuous service period for awards to vest	1 year
Maximum
Stock-based compensation
Continuous service period for awards to vest	3 years
Stock options
Stock-based compensation
Stock-based compensation expense	$ 221	$ 318	$ 393
Stock options granted (in shares)	6,430
Unrecognized compensation expense	$ 100
Weighted-average vesting period (years)	1 year 8 months 12 days
Key assumptions used in Black-Scholes model to determine the fair value of each stock option and SAR
Weighted-average expected volatility (as a percent)	36.50%	42.20%	41.70%
Weighted-average expected life (in years)	4 years 6 months	5 years 6 months	5 years 6 months
Weighted-average dividend yield (as a percent)	1.13%	1.10%	1.11%
Weighted-average risk free interest rate (as a percent)	2.70%	1.80%	1.20%
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 2,025	$ 1,988	$ 1,851
Other than options granted (in shares)	72,860
Unrecognized compensation expense	$ 1,900
Weighted-average vesting period (years)	1 year 8 months 12 days
Key assumptions used in Black-Scholes model to determine the fair value of each stock option and SAR
Weighted-average expected volatility (as a percent)	37.60%	42.40%	41.10%
Weighted-average expected life (in years)	5 years 2 months 12 days	5 years 4 months 24 days	5 years 9 months 18 days
Weighted-average dividend yield (as a percent)	1.13%	1.10%	1.11%
Weighted-average risk free interest rate (as a percent)	2.70%	1.80%	1.30%
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 3,336	$ 4,487	$ 3,840
Other than options granted (in shares)	43,460
Unrecognized compensation expense	$ 4,700
Weighted-average vesting period (years)	3 years
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 1,035	$ 1,486	$ 3,899
Other than options granted (in shares)	59,820
Earn out basis if all goals are met (as a percent)	200.00%
Unrecognized compensation expense	$ 1,600
Weighted-average vesting period (years)	1 year 10 months 24 days
Continuous service period for awards to vest	3 years

STOCK-BASED COMPENSATION - OPTI

STOCK-BASED COMPENSATION - OPTIONS (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Stock options, number of shares
Outstanding at the beginning of the period (in shares)	66,227
Granted (in shares)	6,430
Exercised (in shares)	(27,930)
Expired (in shares)	(2,429)
Outstanding at the end of the period (in shares)	42,298	66,227
Exercisable at the end of the period (in shares)	32,125
Stock options, weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 69.35
Granted (in dollars per share)	77.73
Exercised (in dollars per share)	68.19
Forfeited (in dollars per share)	82.29
Outstanding at the end of the period (in dollars per share)	70.65	$ 69.35
Exercisable at the end of the period (in dollars per share)	$ 67.30
Stock options, weighted-average remaining contractual life (in years)
Outstanding at the end of the period	5 years 10 months 24 days
Exercisable at the end of the period	5 years 2 months 12 days
Stock options, Aggregate Intrinsic Value
Outstanding at the end of the period	$ 1,334
Exercisable at the end of the period	$ 1,130
Other stock-based compensation
Granted (in dollars per share)	$ 24.12	$ 27.12	$ 29.54
Intrinsic value of options exercised	$ 700	$ 1,400	$ 500
Unrecognized compensation expense	$ 100
Weighted-average vesting period (years)	1 year 8 months 12 days

STOCK-BASED COMPENSATION - NON-

STOCK-BASED COMPENSATION - NON-OPTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Other stock-based compensation
Contractual term of awards	10 years
Minimum
Other stock-based compensation
Continuous service period for awards to vest	1 year
Maximum
Other stock-based compensation
Continuous service period for awards to vest	3 years
Stock appreciation rights
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	252,886
Granted (in shares)	72,860
Exercised (in shares)	(144,360)
Forfeited (in shares)	(5,787)
Outstanding at the end of the period (in shares)	175,599	252,886
Exercisable at the end of the period (in shares)	53,886
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 75.60
Granted (in dollars per share)	78.06
Exercised (in dollars per share)	71.99
Forfeited (in dollars per share)	87.42
Non-vested at the end of the period (in dollars per share)	79.20	$ 75.60
Exercisable at the end of the period (in dollars per share)	$ 73.46
Other than stock options, weighted-average remaining contractual life (in years)
Outstanding at the end of the period	8 years
Exercisable at the end of the period	6 years 9 months 18 days
Aggregate Intrinsic Value
Intrinsic value on outstanding shares	$ 4,090
Intrinsic value on exercisable shares	$ 1,565
Other stock-based compensation
Fair value granted (in dollars per share)	$ 26.37	$ 29.17	$ 29.76
Total intrinsic value	$ 2,800	$ 6,400	$ 200
Unrecognized compensation expense	$ 1,900
Weighted-average vesting period (years)	1 year 8 months 12 days
Restricted stock
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	144,783
Granted (in shares)	43,460
Vested (in shares)	(39,297)
Forfeited (in shares)	(5,977)
Outstanding at the end of the period (in shares)	142,969	144,783
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 72.94
Granted (in dollars per share)	77.96
Vested (in dollars per share)	62.32
Forfeited (in dollars per share)	78.95
Non-vested at the end of the period (in dollars per share)	$ 77.13	$ 72.94
Other stock-based compensation
Unrecognized compensation expense	$ 4,700
Weighted-average vesting period (years)	3 years
Restricted stock | Officers and Certain Employees
Non-vested other than stock options, number of shares
Granted (in shares)	32,840
Other stock-based compensation
Vesting period	3 years
Holding period of awards as a vesting condition	2 years
Vesting (as a percent)	33.00%
Restricted stock | Non Executive Directors
Non-vested other than stock options, number of shares
Granted (in shares)	10,620
Other stock-based compensation
Vesting period	1 year
Vesting (as a percent)	50.00%
Percentage of shares granted to non-executive directors, vesting one year after date of grant	50.00%
Performance stock
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	184,664
Granted (in shares)	59,820
Vested (in shares)	(21,953)
Forfeited (in shares)	(7,716)
Non-attainment (in shares)	(59,793)
Outstanding at the end of the period (in shares)	155,022	184,664
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 61.75
Granted (in dollars per share)	62.77
Vested (in dollars per share)	38.12
Forfeited (in dollars per share)	76.01
Non-attainment (in dollars per share)	52.48
Non-vested at the end of the period (in dollars per share)	$ 68.35	$ 61.75
Other stock-based compensation
Unrecognized compensation expense	$ 1,600
Weighted-average vesting period (years)	1 year 10 months 24 days
Continuous service period for awards to vest	3 years
Earn out basis if no goals are met (as a percent)	0.00%
Earn out basis if some goals are met (as a percent)	100.00%
Earn out basis if all goals are met (as a percent)	200.00%
Performance stock | Vesting upon achievement of annual growth in Net GEOs
Other stock-based compensation
Vesting (as a percent)	50.00%
Performance stock | Vesting upon achievement of annual growth in Net TSR
Other stock-based compensation
Vesting (as a percent)	50.00%
Gold Equivalent Ounces Shares
Other stock-based compensation
Contractual term of awards	5 years
Total Shareholder Return Shares
Other stock-based compensation
Fair value granted (in dollars per share)	$ 47.37
Contractual term of awards	3 years
Continuous service period for awards to vest	3 years

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
EARNINGS PER SHARE ("EPS")
Net income (loss) available to Royal Gold common stockholders	$ 26,459	$ 28,772	$ 23,586	$ 15,008	$ 26,650	$ (153,650)	$ (14,765)	$ 28,631	$ 93,825	$ (113,134)	$ 101,530
Weighted-average shares for basic EPS									65,394,627	65,291,855	65,152,782
Effect of other dilutive securities (in shares)									110,908		125,171
Weighted-average shares for diluted EPS									65,505,535	65,291,855	65,277,953
Basic earnings (loss) per share (in dollars per share)	$ 0.40	$ 0.44	$ 0.36	$ 0.23	$ 0.41	$ (2.35)	$ (0.23)	$ 0.44	$ 1.43	$ (1.73)	$ 1.55
Diluted earnings (loss) per share (in dollars per share)	$ 0.40	$ 0.44	$ 0.36	$ 0.23	$ 0.41	$ (2.35)	$ (0.23)	$ 0.44	$ 1.43	$ (1.73)	$ 1.55

INCOME TAXES - Expense (Details

INCOME TAXES - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Income before income taxes
United States	$ (3,776)	$ (39,662)	$ 15,253
Foreign	110,353	(64,917)	103,613
Income (loss) before income taxes	106,577	(104,579)	118,866
Current:
Federal	(6,974)	24,621	13,975
State	(13)	253	308
Foreign	26,230	22,741	10,602
Total current income tax expenses	19,243	47,615	24,885
Deferred and others:
Federal	916	(2,253)	(1,443)
State	17	(223)	(18)
Foreign	(2,678)	(30,367)	3,017
Total deferred and other income tax expenses	(1,745)	(32,843)	1,556
Total income tax expenses	$ 17,498	$ 14,772	$ 26,441

INCOME TAXES - Reconciliation (

INCOME TAXES - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Differences between provision for income taxes and income tax expense computed by applying federal rates
Total expense computed by applying federal rates	$ 22,381	$ (29,343)	$ 41,603
State and provincial income taxes, net of federal benefit	135	(104)	78
Excess depletion	(867)	(1,440)	(1,517)
Estimates for uncertain tax positions	3,180	8,574	2,870
Statutory tax attributable to non-controlling interest	1,013	1,736	3,162
Effect of foreign earnings	(6,921)	1,230	3,046
Effect of foreign earnings indefinitely reinvested		(19,004)	(22,922)
Realized foreign exchange gains		18,330
Unrealized foreign exchange gains	(38)	(1,610)	(746)
Effects of US income tax reform		30,675
Changes in estimates	(1,538)	(70)	(3,676)
Valuation allowance	(47)	6,337	4,374
Other	200	(539)	169
Total income tax expenses	$ 17,498	$ 14,772	$ 26,441

INCOME TAXES - Deferred (Detail

INCOME TAXES - Deferred (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Deferred tax assets:
Stock-based compensation	$ 1,118	$ 805
Net operating losses	56	1,933
Foreign tax credits	11,125	11,172
Other	7,960	7,346
Total deferred tax assets	20,259	21,256
Valuation allowance	(12,764)	(12,811)
Net deferred tax assets	7,495	8,445
Deferred tax liabilities:
Mineral property basis	(74,360)	(74,274)
Unrealized foreign exchange gains	(582)	(664)
2019 Notes		(2,631)
Investment in Peak Gold joint venture	(4,353)	(4,359)
Other	(150)	(213)
Total deferred tax liabilities	(79,445)	(82,141)
Total net deferred taxes	(71,950)	(73,696)
Net operating loss carry forwards	$ 200	$ 7,100
Tax carryforward period	20 years

INCOME TAXES - Unrecognized (De

INCOME TAXES - Unrecognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Reconciliation of beginning and ending amount of gross unrecognized tax benefits
Total gross unrecognized tax benefits at beginning of year	$ 36,346	$ 28,542	$ 26,960
Additions / Reductions for tax positions of current year	1,709	1,624	1,394
Reductions for tax positions of prior years	(912)
Additions for tax positions of prior years		6,180	188
Reductions due to settlements with taxing authorities	(596)
Total amount of gross unrecognized tax benefits at end of year	36,547	36,346	$ 28,542
Accrued income-tax-related interest and penalties	12,600	$ 9,800
Advanced deposits	$ 12,600

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Cash paid (received) during the period for:
Interest	$ 10,638	$ 16,049	$ 18,999
Income taxes, net of refunds	44,435	(3,058)	26,835
Non-cash investing and financing activities:
Dividends declared	$ 68,473	$ 64,814	$ 62,064

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis $ in Thousands	Jun. 30, 2019USD ($)
Carrying Amount
Assets:
Marketable equity securities	$ 15,984
Total assets	15,984
Fair Value
Assets:
Marketable equity securities	15,984
Total assets	15,984
Level 1
Assets:
Marketable equity securities	15,984
Total assets	$ 15,984

MAJOR SOURCES OF REVENUE (Detai

MAJOR SOURCES OF REVENUE (Details) - Sales Revenue - Customer Concentration Risk - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Centerra
Major sources of revenue
Revenue	$ 101,011	$ 133,534	$ 136,737
Percentage of total revenue	23.90%	29.10%	31.00%
Barrick
Major sources of revenue
Revenue	$ 99,283	$ 108,285	$ 104,009
Percentage of total revenue	23.50%	23.60%	23.60%
Teck
Major sources of revenue
Revenue	$ 69,264	$ 57,413	$ 60,251
Percentage of total revenue	16.40%	12.50%	13.70%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment									2
Cost	$ 3,397,998				$ 3,636,306				$ 3,397,998	$ 3,636,306
Impairments					(239,364)					(239,364)
Stream and royalty interests, net (Note 4)	2,339,316				2,501,117				2,339,316	2,501,117
Revenue	115,694	$ 109,778	$ 97,592	$ 99,992	116,235	$ 115,983	$ 114,348	$ 112,476	423,056	459,042	$ 440,814
Cost of sales									77,535	83,839	87,265
Production taxes									4,112	2,268	1,760
Depletion									162,856	163,586	159,553
Total segment gross profit									178,553	209,349	192,236
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Impairments					(284)					(284)
Stream and royalty interests, net (Note 4)	968,000				1,023,778				968,000	1,023,778
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	451,585				495,460				451,585	495,460
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Impairments					(239,080)					(239,080)
Stream and royalty interests, net (Note 4)	515,733				542,557				515,733	542,557
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	89,876				105,376				89,876	105,376
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	83,748				93,277				83,748	93,277
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	163,398				165,543				163,398	165,543
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	31,944				34,254				31,944	34,254
Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)	35,032				40,872				35,032	40,872
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	1,622,435				1,750,204				1,622,435	1,750,204
Revenue									305,824	324,516	314,011
Cost of sales									77,535	83,839	87,265
Depletion									127,770	129,662	121,530
Total segment gross profit									100,519	111,015	105,216
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	767,749				809,500				767,749	809,500
Revenue									123,152	142,244	136,736
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	451,585				495,460				451,585	495,460
Revenue									82,844	95,055	91,589
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	301,507				328,331				301,507	328,331
Revenue									69,264	57,413	60,251
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	89,555				104,874				89,555	104,874
Revenue									30,564	29,804	25,435
Stream interests | Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	12,039				12,039				12,039	12,039
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	716,881				990,277				716,881	990,277
Revenue									117,232	134,526	126,803
Production taxes									4,112	2,268	1,760
Depletion									35,086	33,924	38,023
Total segment gross profit									78,034	98,334	87,020
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	200,251				214,562				200,251	214,562
Revenue									32,602	24,254	23,208
Royalty interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	214,226				453,306				214,226	453,306
Revenue										473	1,648
Royalty interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	321				502				321	502
Revenue									1,416	2,098	3,131
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	83,748				93,277				83,748	93,277
Revenue									27,224	42,959	41,945
Royalty interests | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	163,398				165,543				163,398	165,543
Revenue									34,845	39,496	35,282
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	31,944				34,254				31,944	34,254
Revenue									12,806	13,710	12,943
Royalty interests | Other
Long Lived Assets and Pre-Tax Income by Geographical Information
Cost	$ 22,993				$ 28,833				22,993	28,833
Revenue									$ 8,339	$ 11,536	$ 8,646

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of total segment gross profit (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
SEGMENT INFORMATION
Total segment gross profit									$ 178,553	$ 209,349	$ 192,236
Costs and expenses
General and administrative expenses									30,488	35,464	33,350
Exploration costs									7,158	8,946	12,861
Depreciation									200	110	83
Impairment of royalty interests										239,364
Operating income (loss)	$ 40,724	$ 43,201	$ 31,449	$ 25,333	$ 36,247	$ (193,464)	$ 40,962	$ 41,720	140,707	(74,535)	145,942
Fair value changes in equity securities									(6,800)
Interest and other income									2,320	4,170	9,302
Interest and other expense									(29,650)	(34,214)	(36,378)
Income (loss) before income taxes									$ 106,577	$ (104,579)	$ 118,866

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Feb. 25, 2019
Commitments and Contingencies
Maximum future additional payments upon satisfaction of certain conditions		$ 212,000
Khoemacau
Commitments and Contingencies
Maximum future additional payments upon satisfaction of certain conditions	$ 212,000	$ 212,000
Ilovica
Commitments and Contingencies
Maximum future additional payments upon satisfaction of certain conditions	$ 163,750

QUARTERLY RESULTS OF OPERATIO_3

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
Revenue	$ 115,694	$ 109,778	$ 97,592	$ 99,992	$ 116,235	$ 115,983	$ 114,348	$ 112,476	$ 423,056	$ 459,042	$ 440,814
Operating income (loss)	40,724	43,201	31,449	25,333	36,247	(193,464)	40,962	41,720	140,707	(74,535)	145,942
Net income (loss) available to Royal Gold common stockholders	$ 26,459	$ 28,772	$ 23,586	$ 15,008	$ 26,650	$ (153,650)	$ (14,765)	$ 28,631	$ 93,825	$ (113,134)	$ 101,530
Basic earnings (loss) per share (in dollars per share)	$ 0.40	$ 0.44	$ 0.36	$ 0.23	$ 0.41	$ (2.35)	$ (0.23)	$ 0.44	$ 1.43	$ (1.73)	$ 1.55
Diluted earnings (loss) per share (in dollars per share)	$ 0.40	$ 0.44	$ 0.36	$ 0.23	$ 0.41	$ (2.35)	$ (0.23)	$ 0.44	$ 1.43	$ (1.73)	$ 1.55