Royal Gold (RGLD) 10-Q 7 Nov 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-13357
Entity Registrant Name	Royal Gold, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-0835164
Entity Address, Address Line One	1660 Wynkoop Street
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	573-1660
Title of 12(b) Security	Common Stock
Trading Symbol	RGLD
Security Exchange Name	NASDAQ
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 Shares Outstanding		65,591,907
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
ASSETS
Cash and equivalents	$ 121,970	$ 119,475
Royalty receivables	26,635	20,733
Income tax receivable	3,698	2,702
Stream inventory	10,772	11,380
Prepaid expenses and other	1,135	389
Total current assets	164,210	154,679
Stream and royalty interests, net	2,305,018	2,339,316
Other assets	78,683	50,156
Total assets	2,547,911	2,544,151
LIABILITIES
Accounts payable	3,496	2,890
Dividends payable	17,380	17,372
Income tax payable	5,548	6,974
Other current liabilities	5,949	6,374
Total current liabilities	32,373	33,610
Debt (Note 5)	164,595	214,554
Deferred tax liabilities	88,184	88,961
Uncertain tax positions	38,322	36,573
Other long-term liabilities	2,109
Total liabilities	325,583	373,698
Commitments and contingencies
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 65,495,797 and 65,440,492 shares outstanding, respectively	655	655
Additional paid-in capital	2,202,350	2,201,773
Accumulated losses	(12,676)	(65,747)
Total Royal Gold stockholders' equity	2,190,329	2,136,681
Non-controlling interests	31,999	33,772
Total equity	2,222,328	2,170,453
Total liabilities and equity	$ 2,547,911	$ 2,544,151

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Jun. 30, 2019
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	65,495,787	65,440,492

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Consolidated Statements of Operations and Comprehensive Income (Loss)
Revenue	$ 118,774	$ 99,992
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	20,111	16,527
General and administrative	7,443	9,927
Production taxes	1,099	1,292
Exploration costs	2,626	4,362
Depreciation, depletion and amortization	38,714	42,551
Total costs and expenses	69,993	74,659
Operating income (loss)	48,781	25,333
Fair value changes in equity securities	(1,375)	(1,468)
Interest and other income	775	103
Interest and other expense	(2,834)	(7,877)
Income before income taxes	45,347	16,091
Income tax benefit (expense)	23,525	(4,115)
Net income	68,872	11,976
Net loss attributable to non-controlling interests	1,581	3,032
Net income attributable to Royal Gold common stockholders	70,453	15,008
Net income	68,872	11,976
Comprehensive income	68,872	11,976
Comprehensive loss attributable to non-controlling interests	1,581	3,032
Comprehensive income attributable to Royal Gold stockholders	$ 70,453	$ 15,008
Net income per share available to Royal Gold common stockholders:
Basic earnings per share (in dollars per share)	$ 1.07	$ 0.23
Basic weighted average shares outstanding (in shares)	65,465,611	65,374,866
Diluted earnings per share (in dollars per share)	$ 1.07	$ 0.23
Diluted weighted average shares outstanding (in shares)	65,615,926	65,497,159
Cash dividends declared per common share (in dollars per share)	$ 0.265	$ 0.25

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholder's 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, 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		472				472
Stock-based compensation and related share issuances (in shares)	34,857
Distributions from (to) non-controlling interests		1,950			(25)	1,925
Net income				15,008	(3,032)	11,976
Other comprehensive loss			$ 1,201	(1,201)
Dividends declared				(16,376)		(16,376)
Balance at Sep. 30, 2018	$ 654	2,195,034		(92,467)	36,045	2,139,266
Balance (in shares) at Sep. 30, 2018	65,394,898
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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		(323)				(323)
Stock-based compensation and related share issuances (in shares)	55,295
Distributions from (to) non-controlling interests		900			(192)	708
Net income				70,453	(1,581)	68,872
Dividends declared				(17,382)		(17,382)
Balance at Sep. 30, 2019	$ 655	$ 2,202,350		$ (12,676)	$ 31,999	$ 2,222,328
Balance (in shares) at Sep. 30, 2019	65,495,787

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 68,872	$ 11,976
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	38,714	42,551
Amortization of debt discount and issuance costs	281	3,903
Non-cash employee stock compensation expense	2,101	2,444
Fair value changes in equity securities	1,375	1,468
Deferred tax benefit	(33,139)	(1,681)
Changes in assets and liabilities:
Royalty receivables	(5,902)	1,250
Stream inventory	608	(701)
Income tax receivable	(995)	(6,341)
Prepaid expenses and other assets	(3,197)	1,061
Accounts payable	517	(4,060)
Income tax payable	(1,426)	(10,241)
Uncertain tax positions	1,748	3,266
Other liabilities	1,682	(258)
Net cash provided by operating activities	71,239	44,637
Cash flows from investing activities:
Acquisition of royalty interests	(4,362)	(3)
Other	4,858	(121)
Net cash provided by (used in) investing activities	496	(124)
Cash flows from financing activities:
Repayment of debt	(50,000)
Net payments from issuance of common stock	(2,423)	(1,972)
Common stock dividends	(17,373)	(16,376)
Other	556	2,163
Net cash used in financing activities	(69,240)	(16,185)
Net increase in cash and equivalents	2,495	28,328
Cash and equivalents at beginning of period	119,475	88,750
Cash and equivalents at end of period	$ 121,970	$ 117,078

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS	3 Months Ended
	Sep. 30, 2019
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS	1. OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS ​ Royal Gold, Inc. (“Royal Gold”, the “Company”, “we”, “us”, or “our”), together with its subsidiaries, is engaged in the business of acquiring and managing metal streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance mining projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting contractually specified costs, if any. ​ Summary of Significant Accounting Policies ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. These interim unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 filed with the Securities and Exchange Commission on August 8, 2019 (“Fiscal 2019 10-K”). ​ Certain amounts in the prior period consolidated balance sheet have been reclassified for comparative purposes to conform with the presentation in the current period balance sheet. Reclassified amounts were not material. ​ Recently Adopted Accounting Standards ​ Leases ​ In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842 ​ Subsequently, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”). ASU 2018-11 provides an additional modified retrospective transition method for adopting ASU 2016-02, which eliminates the need for adjusting prior period comparable financial statements prepared under legacy lease accounting guidance. ​ ASU 2016-02, together with ASU 2018-11, is effective for the Company July 1, 2019. The Company adopted the new guidance using the modified retrospective approach set forth in ASU 2018-11, with the date of initial application on July 1, 2019. Comparative reporting periods were not adjusted upon adoption. ​ As permitted under the transition guidance, the Company has elected to use the following practical expedients at transition: ​ ● To not reassess whether any expired or existing contracts were or contained leases; and ● To not reassess the lease classification for any expired or existing leases. ​ In addition, the Company has elected to use the following practical expedients at and subsequent to adoption in accordance with ASU 2016-02: ​ ● Not to separate non-lease from lease components, and instead account for each lease component and any associated non-lease components as a single lease component; and ● Not to recognize right-of-use assets and associated liabilities for short-term contracts with lease terms of 12 months or less. ​ The Company’s significant lease arrangements relate to its office spaces. These arrangements are for leases of assets such as corporate office space and office equipment. Through the implementation process, the Company evaluated its lease arrangements, which included an analysis of contracts, and updated its internal controls and processes that are necessary to track and calculate the additional accounting and disclosure requirements as required upon adoption of ASU 2016-02. ​ Upon adoption, the new standard had an insignificant impact on the Company’s consolidated balance sheets as of September 30, 2019. Adoption of the new standard resulted in the recognition of $2.4 million of right-of-use assets on our consolidated balance sheets with an offsetting $2.4 million of lease liabilities for operating leases. The current portion of our right of use assets are included in Prepaid expenses and other Other assets Other current liabilities Other long-term liabilities ​

ACQUISITION

ACQUISITION	3 Months Ended
	Sep. 30, 2019
ACQUISITION
ACQUISITION	2. ACQUISITION ​ Castelo de Sonhos royalty acquisition ​ In August 2019, a subsidiary of the Company entered into an agreement with TriStar Gold Inc. and its subsidiaries (together “TriStar”) to acquire (i) up to a 1.5% net smelter return (“NSR”) royalty on the Castelo de Sonhos gold project (“CDS”), located in Brazil, and (ii) warrants to purchase up to 19,640,000 common shares of TriStar. Total consideration is $7.5 million and is payable over three payments, of which $4.5 million was paid in August 2019. The second and third payments of $1.5 million each are subject to satisfaction of certain conditions and are payable by November 30, 2019 and March 31, 2020. The NSR royalty is incrementally earned pro-rata with the funding schedule while the warrants to purchase TriStar common shares will be issued pro-rata with the funding schedule. ​ The CDS royalty acquisition has been accounted for as an asset acquisition. The $4.4 million paid as part of the aggregate funding schedule, plus direct acquisition costs, have been recorded as an exploration stage royalty interest within Stream and royalty interests, net ​ The warrants have been recorded within Other assets Interest and other income

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	3 Months Ended
	Sep. 30, 2019
STREAM AND ROYALTY INTERESTS, NET
STREAM AND ROYALTY INTERESTS, NET	3. STREAM AND ROYALTY INTERESTS, NET ​ The following tables summarize the Company’s stream and royalty interests, net as of September 30, 2019 and June 30, 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (192,726) ​ $ 597,909 Pueblo Viejo ​ ​ 610,404 ​ ​ (168,961) ​ ​ 441,443 Andacollo ​ ​ 388,182 ​ ​ (93,774) ​ ​ 294,408 Rainy River ​ ​ 175,727 ​ ​ (17,462) ​ ​ 158,265 Wassa and Prestea ​ ​ 146,475 ​ ​ (59,565) ​ ​ 86,910 Total production stage stream interests ​ ​ 2,111,423 ​ ​ (532,488) ​ ​ 1,578,935 Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (97,136) ​ ​ 108,588 Peñasquito ​ ​ 99,172 ​ ​ (41,414) ​ ​ 57,758 Holt ​ ​ 34,612 ​ ​ (22,936) ​ ​ 11,676 Cortez ​ ​ 80,681 ​ ​ (12,777) ​ ​ 67,904 Other ​ ​ 487,224 ​ ​ (390,591) ​ ​ 96,633 Total production stage royalty interests ​ ​ 907,413 ​ ​ (564,854) ​ ​ 342,559 Total production stage stream and royalty interests ​ ​ 3,018,836 ​ ​ (1,097,342) ​ ​ 1,921,494 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 70,952 ​ ​ — ​ ​ 70,952 Total development stage stream and royalty interests ​ ​ 82,990 ​ ​ — ​ ​ 82,990 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Other ​ ​ 122,844 ​ ​ — ​ ​ 122,844 Total exploration stage royalty interests ​ ​ 300,534 ​ ​ — ​ ​ 300,534 Total stream and royalty interests, net ​ $ 3,402,360 ​ $ (1,097,342) ​ $ 2,305,018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Total production stage stream and royalty interests ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Mount Milligan ​ The Company’s wholly-owned subsidiary, RGLD Gold AG (“RGLD Gold”), owns the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from the Mount Milligan copper-gold mine in British Columbia, Canada, which is operated by an indirect subsidiary of Centerra Gold Inc. (“Centerra”). The Company’s carrying value for its stream interest at Mount Milligan is $597.9 million as of September 30, 2019. ​ On October 30, 2019, Centerra reported that issues identified with decreasing long-term gold recoveries and increased costs in the short-to medium-term led them to record an impairment charge against their carrying value of the Mount Milligan mine under applicable accounting standards, and that it has begun a comprehensive technical review of the operation with the objective of publishing an updated 43-101 technical report in the coming months. According to Centerra, the updated 43-101 report will include studies to optimize the economics of the mine as well as incorporate results of exploration drilling through calendar 2019. While Centerra acknowledged that the extent of any changes in reserves and mineralized material cannot be precisely determined until all relevant studies and modeling have been completed, it expects that the mineral reserves and mineralized material at Mount Milligan will be materially reduced. ​ A significant reduction in reserves and mineralized material could be an indicator of potential impairment for Royal Gold. The financial impairment taken by Centerra does not impact the mine operating performance, and, further, a significant reduction in reserves and mineralized material at Mount Milligan may not result in an impairment given current high gold prices and our low depletion rates for the Mount Milligan stream interest. It is unclear at this point what impact, if any, the results of Centerra’s technical report work will have on the carrying value of our stream interest at Mount Milligan. The Company will continue to monitor these developments at Mount Milligan in subsequent quarterly reporting periods. ​ Other ​ During the quarter ended June 30, 2019, the Company was made aware of insolvency proceedings at one of our non-principal producing properties (El Toqui), and during the quarter ended September 30, 2019, the Company was made aware of insolvency proceedings at one of our evaluation stage properties. The outcome of these insolvency proceedings may impact our royalty interests and the associated carrying values, which are approximately $1.4 million (El Toqui) and $2.7 million (evaluation stage interest) as of September 30, 2019. The Company continues to monitor these insolvency proceedings as part of our regular asset impairment analysis. Based on the results of these insolvency proceedings, the Company could determine that a future write-down of either interest to an amount less than the current carrying value or to zero is necessary.

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES	3 Months Ended
	Sep. 30, 2019
MARKETABLE EQUITY SECURITIES
MARKETABLE EQUITY SECURITIES	4. MARKETABLE EQUITY SECURITIES ​ As of September 30, 2019, the Company’s marketable equity securities include 809,744 common shares of Contango Ore, Inc. (“CORE”), 3,949,575 common shares of Rubicon Minerals Corporation, and warrants to purchase up to 11,784,000 common shares of TriStar. Our marketable equity securities are measured at fair value (Note 11) each reporting period with any changes in fair value recognized in net income. ​ The decrease in fair value of our marketable equity securities was approximately $1.4 million and $1.5 million for the three months ended September 30, 2019 and 2018, respectively, and is included in Fair value changes in equity securities Other assets

DEBT

DEBT	3 Months Ended
	Sep. 30, 2019
DEBT
DEBT	5. DEBT ​ The Company’s debt as of September 30, 2019 and June 30, 2019 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 ​ As of June 30, 2019 ​ Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Revolving credit facility ​ $ 170,000 ​ $ (5,405) ​ $ 164,595 ​ $ 220,000 ​ $ (5,446) ​ $ 214,554 Total debt ​ $ 170,000 ​ $ (5,405) ​ $ 164,595 ​ $ 220,000 ​ $ (5,446) ​ $ 214,554 ​ Revolving credit facility ​ On September 20, 2019, the Company entered into a third amendment to our revolving credit facility dated as of June 2, 2017. Under the amendment, the Company’s Swiss subsidiary, RGLD Gold AG, was added as a co-borrower and joint and several obligor, certain of the Company’s Canadian subsidiaries were added as guarantors, and certain equity pledges that previously had been granted in favor of the lenders to support the facility were released, with the result that the facility is now unsecured. ​ As of September 30, 2019, the Company had $170 million outstanding and $830 million available under the revolving credit facility. Royal Gold may repay any borrowings under the revolving credit facility at any time without premium or penalty. ​ As of September 30, 2019, the interest rate on borrowings under the revolving credit facility was LIBOR plus 1.10% for an all-in rate of 3.24%. For the three months ended September 30, 2019 and 2018, interest expense, which includes interest on the outstanding borrowings and the amortization of the debt issuance costs, was $2.2 million and $0.3 million respectively. As discussed in Note 5 to the consolidated financial statements in the Company’s Fiscal 2019 10-K, the Company has financial covenants associated with its revolving credit facility. As of September 30, 2019, the Company was in compliance with each financial covenant.

REVENUE

REVENUE	3 Months Ended
	Sep. 30, 2019
REVENUE
REVENUE	6. REVENUE ​ Revenue Recognition ​ Under current ASC 606 – Revenue from Contracts with Customers ​ 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 occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, mining costs. ​ Royalty Revenue Estimates ​ For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, the Company will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our Fiscal 2019 10-K. For the quarter ended September 30, 2019, royalty revenue that was estimated or was attributable to metal production for a period prior to September 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 10. ​ Revenue by metal type attributable to each of our revenue sources is disaggregated as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ September 30, ​ September 30, ​ 2019 ​ 2018 Stream revenue: ​ ​ ​ ​ ​ Gold $ 72,224 ​ $ 59,114 Silver ​ 8,436 ​ ​ 8,720 Copper ​ 6,321 ​ ​ 2,203 Total stream revenue $ 86,981 ​ $ 70,037 Royalty revenue: ​ ​ ​ ​ ​ Gold $ 21,757 ​ $ 18,554 Silver ​ 1,829 ​ ​ 1,352 Copper ​ 2,980 ​ ​ 3,615 Other ​ 5,227 ​ ​ 6,434 Total royalty revenue $ 31,793 ​ $ 29,955 Total revenue $ 118,774 ​ $ 99,992 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ Metal(s) ​ 2019 ​ 2018 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 30,497 ​ $ 8,847 Pueblo Viejo ​ Gold & Silver ​ ​ 21,618 ​ ​ 19,486 Andacollo ​ Gold ​ ​ 20,604 ​ ​ 27,743 Wassa ​ Gold ​ ​ 5,319 ​ ​ 5,325 Rainy River ​ Gold & Silver ​ ​ 7,166 ​ ​ 5,900 Other ​ Gold & Silver ​ ​ 1,777 ​ ​ 2,736 Total stream revenue ​ ​ ​ $ 86,981 ​ $ 70,037 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 4,420 ​ $ 3,637 Cortez ​ Gold ​ ​ 4,417 ​ ​ 603 Other ​ Various ​ ​ 22,956 ​ ​ 25,715 Total royalty revenue ​ ​ ​ $ 31,793 ​ $ 29,955 Total revenue ​ ​ ​ $ 118,774 ​ $ 99,992 ​ Please refer to Note 10 for the geographical distribution of our revenue by reportable segment. ​ Contract Receivables ​ Under our forward sales contracts related to our metal streaming arrangements, payment is due from the purchaser on the day of settlement. Accordingly, our metal stream sales contracts do not give rise to a receivable under ASC 606. ​ Under our royalty arrangements, payment is typically due by the royalty payor either (i) monthly, typically thirty days after month-end or (ii) quarterly, typically thirty to sixty days after the respective quarter-end. Revenue related to production that has occurred as of the reporting date but for which payment has not been received represents a receivable (rather than a contract asset) under ASC 606 as payment by the operator is unconditional upon the production of metal. As of September 30, 2019, and June 30, 2019, our royalty receivables were $26.6 million and $20.7 million, respectively. ​ Practical Expedients Utilized ​ Our forward sales contracts related to our metal streaming arrangements are short-term in nature with a term of one year or less. For these contracts, we have utilized the practical expedient allowed in ASC 606 that exempts us from presenting the transaction price allocated to remaining performance obligations (i.e. forecasts of unearned revenue) for contracts with an original expected term of one year or less. ​ Our royalty arrangements generally cover metal production over the life of a mine and, thus, have a contract term that is greater than one year. Under these contracts, variability related to future production volumes and market pricing is allocated entirely to those future production volumes from the mining operation. Consequently, we have utilized an alternative practical expedient allowed in ASC 606 that exempts us from presenting the transaction price allocated to remaining performance obligations (i.e. forecasts of unearned revenue) if the variable consideration in a contract is allocated entirely to a wholly unsatisfied performance obligation.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Sep. 30, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION ​ The Company recognized stock-based compensation expense as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2019 2018 ​ ​ ​ (Amounts in thousands) ​ Stock options ​ $ 31 ​ $ 120 ​ Stock appreciation rights ​ ​ 442 ​ ​ 766 ​ Restricted stock ​ ​ 1,243 ​ ​ 1,280 ​ Performance stock ​ ​ 385 ​ ​ 278 ​ Total stock-based compensation expense ​ $ 2,101 ​ $ 2,444 ​ ​ Stock-based compensation expense is included within General and administrative ​ During the three months ended September 30, 2019 and 2018, the Company granted the following stock-based compensation awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ September 30, ​ ​ September 30, ​ ​ 2019 ​ 2018 ​ ​ ​ (Number of shares) Stock options ​ ​ 1,604 ​ ​ 6,430 Stock appreciation rights ​ ​ 46,726 ​ ​ 69,360 Restricted stock ​ ​ 23,976 ​ ​ 42,260 Performance stock (at maximum 200% attainment) ​ ​ 28,560 ​ ​ 57,420 Total equity awards granted ​ ​ 100,866 ​ ​ 175,470 ​ As of September 30, 2019, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized Weighted- ​ ​ compensation ​ average vesting ​ ​ expense period (years) Stock options ​ $ 160 ​ ​ 1.9 Stock appreciation rights ​ ​ 3,012 ​ ​ 2.2 Restricted stock ​ ​ 6,140 ​ ​ 3.3 Performance stock ​ ​ 2,522 ​ ​ 2.1 ​

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	3 Months Ended
	Sep. 30, 2019
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	8. EARNINGS PER SHARE (“EPS”) ​ Basic earnings per common share were computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Company’s unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. The Company’s unexercised stock options, unexercised SSARs and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic earnings per common share are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted earnings per common share. ​ The following tables summarize the effects of dilutive securities on diluted EPS for the period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2019 2018 ​ ​ ​ (in thousands, except per share data) ​ Net income available to Royal Gold common stockholders ​ $ 70,453 ​ $ 15,008 ​ Weighted-average shares for basic EPS ​ ​ 65,465,611 ​ ​ 65,374,866 ​ Effect of other dilutive securities ​ ​ 150,315 ​ ​ 122,293 ​ Weighted-average shares for diluted EPS ​ ​ 65,615,926 ​ ​ 65,497,159 ​ Basic earnings per share ​ $ 1.07 ​ $ 0.23 ​ Diluted earnings per share ​ $ 1.07 ​ $ 0.23 ​ ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Sep. 30, 2019
INCOME TAXES
INCOME TAXES	9. INCOME TAXES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2019 2018 ​ ​ (Amounts in thousands, except rate) ​ Income tax (benefit) expense ​ $ (23,525) ​ $ 4,115 ​ Effective tax rate ​ ​ (51.9%) ​ ​ 25.6% ​ ​ The decrease in the effective tax rate for the three months ended September 30, 2019, as compared to the three months ended September 30, 2018, was attributable to discrete tax benefits ($32.3 million) primarily related to the remeasurement of certain deferred tax assets and a net step-up in the basis of tax assets due to the enactment of the Federal Act on Tax Reform and AHV Financing in Zug, Switzerland on September 3, 2019.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Sep. 30, 2019
SEGMENT INFORMATION
SEGMENT INFORMATION	10. SEGMENT INFORMATION ​ The Company manages its business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Royal Gold’s long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 ​ As of June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ Stream ​ Royalty ​ and royalty ​ Stream ​ Royalty ​ and royalty ​ interest interest interests, net interest interest ​ interests, net Canada ​ $ 756,174 ​ $ 197,409 ​ $ 953,583 ​ $ 767,749 ​ $ 200,251 ​ $ 968,000 Dominican Republic ​ ​ 441,443 ​ ​ — ​ ​ 441,443 ​ ​ 451,585 ​ ​ — ​ ​ 451,585 Chile ​ ​ 294,408 ​ ​ 214,225 ​ ​ 508,633 ​ ​ 301,507 ​ ​ 214,226 ​ ​ 515,733 Africa ​ ​ 86,910 ​ ​ 321 ​ ​ 87,231 ​ ​ 89,555 ​ ​ 321 ​ ​ 89,876 Mexico ​ ​ — ​ ​ 81,920 ​ ​ 81,920 ​ ​ — ​ ​ 83,748 ​ ​ 83,748 United States ​ ​ — ​ ​ 162,412 ​ ​ 162,412 ​ ​ — ​ ​ 163,398 ​ ​ 163,398 Australia ​ ​ — ​ ​ 31,187 ​ ​ 31,187 ​ ​ — ​ ​ 31,944 ​ ​ 31,944 Rest of world ​ ​ 12,039 ​ ​ 26,570 ​ ​ 38,609 ​ ​ 12,039 ​ ​ 22,993 ​ ​ 35,032 Total ​ $ 1,590,974 ​ $ 714,044 ​ $ 2,305,018 ​ $ 1,622,435 ​ $ 716,881 ​ ​ 2,339,316 ​ The Company’s reportable segments for purposes of assessing performance are shown below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2019 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 86,981 ​ $ 20,111 ​ $ — ​ $ 31,462 ​ $ 35,408 Royalty interests ​ ​ 31,793 ​ ​ — ​ ​ 1,099 ​ ​ 7,199 ​ ​ 23,495 Total ​ $ 118,774 ​ $ 20,111 ​ $ 1,099 ​ $ 38,661 ​ $ 58,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2018 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 70,037 ​ $ 16,527 ​ $ — ​ $ 32,097 ​ $ 21,413 Royalty interests ​ ​ 29,955 ​ ​ — ​ ​ 1,292 ​ ​ 10,408 ​ ​ 18,255 Total ​ $ 99,992 ​ $ 16,527 ​ $ 1,292 ​ $ 42,505 ​ $ 39,668 (1) Excludes depreciation, depletion and amortization (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. ​ A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ ​ ​ 2019 ​ ​ 2018 Total segment gross profit ​ $ 58,903 ​ $ 39,668 ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 7,443 ​ ​ 9,927 Exploration costs ​ ​ 2,626 ​ ​ 4,362 Depreciation ​ ​ 53 ​ ​ 46 Operating income ​ ​ 48,781 ​ ​ 25,333 Fair value changes in equity securities ​ ​ (1,375) ​ ​ (1,468) Interest and other income ​ ​ 775 ​ ​ 103 Interest and other expense ​ ​ (2,834) ​ ​ (7,877) Income before income taxes ​ $ 45,347 ​ $ 16,091 ​ The Company’s revenue by reportable segment for the three months ended September 30, 2019 and 2018 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ 2019 2018 Stream interests: ​ ​ ​ ​ ​ ​ Canada ​ $ 37,663 ​ $ 14,747 Dominican Republic ​ ​ 21,618 ​ ​ 19,486 Chile ​ ​ 20,604 ​ ​ 27,742 Africa ​ ​ 7,096 ​ ​ 8,062 Total stream interests ​ $ 86,981 ​ $ 70,037 ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ United States ​ $ 10,602 ​ $ 6,056 Canada ​ ​ 8,921 ​ ​ 10,181 Mexico ​ ​ 6,387 ​ ​ 7,996 Australia ​ ​ 3,802 ​ ​ 3,060 Africa ​ ​ 470 ​ ​ 492 Rest of world ​ ​ 1,611 ​ ​ 2,170 Total royalty interests ​ $ 31,793 ​ $ 29,955 Total revenue ​ $ 118,774 ​ $ 99,992 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2019
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS ​ ASC 820, Fair Value Measurements and Disclosures ​ Level 1: Quoted prices for identical instruments in active markets; ​ Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and ​ Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). ​ The following table sets forth the Company’s financial assets measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 ​ ​ Carrying ​ Fair Value ​ Amount Total Level 1 Level 2 Level 3 Assets (In thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 14,970 ​ $ 14,970 ​ $ 14,200 ​ $ 770 ​ $ — (1) Other assets ​ The Company’s marketable equity securities classified within Level 1 of the fair value hierarchy are valued using quoted market prices in active markets multiplied by the quantity of shares held by the Company. The warrants classified within Level 2 of the fair value hierarchy are valued each period using the Black-Scholes model. The warrants are part of the TriStar transaction discussed further in Note 2 and have been classified as a financial asset instrument. The carrying value of the Company’s revolving credit facility (Note 5) approximates fair value as of September 30, 2019. ​ As of September 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES ​ Khoemac a u Silver Stream Acquisition ​ As of September 30, 2019, the Company’s conditional funding schedule for $212 million pursuant to its Khoemac a a a ​ Ilovica Gold Stream Acquisition ​ As of September 30, 2019, the Company’s conditional funding schedule for $163.75 million related to its Ilovica gold stream acquisition made in October 2014 remains subject to certain conditions.

OPERATIONS, SUMMARY OF SIGNIF_2

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Sep. 30, 2019
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS
Basis of Consolidation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. These interim unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 filed with the Securities and Exchange Commission on August 8, 2019 (“Fiscal 2019 10-K”). ​ Certain amounts in the prior period consolidated balance sheet have been reclassified for comparative purposes to conform with the presentation in the current period balance sheet. Reclassified amounts were not material.
Recently Adopted and Recently Issued Accounting Standards	Recently Adopted Accounting Standards ​ Leases ​ In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842 ​ Subsequently, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”). ASU 2018-11 provides an additional modified retrospective transition method for adopting ASU 2016-02, which eliminates the need for adjusting prior period comparable financial statements prepared under legacy lease accounting guidance. ​ ASU 2016-02, together with ASU 2018-11, is effective for the Company July 1, 2019. The Company adopted the new guidance using the modified retrospective approach set forth in ASU 2018-11, with the date of initial application on July 1, 2019. Comparative reporting periods were not adjusted upon adoption. ​ As permitted under the transition guidance, the Company has elected to use the following practical expedients at transition: ​ ● To not reassess whether any expired or existing contracts were or contained leases; and ● To not reassess the lease classification for any expired or existing leases. ​ In addition, the Company has elected to use the following practical expedients at and subsequent to adoption in accordance with ASU 2016-02: ​ ● Not to separate non-lease from lease components, and instead account for each lease component and any associated non-lease components as a single lease component; and ● Not to recognize right-of-use assets and associated liabilities for short-term contracts with lease terms of 12 months or less. ​ The Company’s significant lease arrangements relate to its office spaces. These arrangements are for leases of assets such as corporate office space and office equipment. Through the implementation process, the Company evaluated its lease arrangements, which included an analysis of contracts, and updated its internal controls and processes that are necessary to track and calculate the additional accounting and disclosure requirements as required upon adoption of ASU 2016-02. ​ Upon adoption, the new standard had an insignificant impact on the Company’s consolidated balance sheets as of September 30, 2019. Adoption of the new standard resulted in the recognition of $2.4 million of right-of-use assets on our consolidated balance sheets with an offsetting $2.4 million of lease liabilities for operating leases. The current portion of our right of use assets are included in Prepaid expenses and other Other assets Other current liabilities Other long-term liabilities

STREAM AND ROYALTY INTERESTS,_2

STREAM AND ROYALTY INTERESTS, NET (Tables)	3 Months Ended
	Sep. 30, 2019
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (192,726) ​ $ 597,909 Pueblo Viejo ​ ​ 610,404 ​ ​ (168,961) ​ ​ 441,443 Andacollo ​ ​ 388,182 ​ ​ (93,774) ​ ​ 294,408 Rainy River ​ ​ 175,727 ​ ​ (17,462) ​ ​ 158,265 Wassa and Prestea ​ ​ 146,475 ​ ​ (59,565) ​ ​ 86,910 Total production stage stream interests ​ ​ 2,111,423 ​ ​ (532,488) ​ ​ 1,578,935 Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (97,136) ​ ​ 108,588 Peñasquito ​ ​ 99,172 ​ ​ (41,414) ​ ​ 57,758 Holt ​ ​ 34,612 ​ ​ (22,936) ​ ​ 11,676 Cortez ​ ​ 80,681 ​ ​ (12,777) ​ ​ 67,904 Other ​ ​ 487,224 ​ ​ (390,591) ​ ​ 96,633 Total production stage royalty interests ​ ​ 907,413 ​ ​ (564,854) ​ ​ 342,559 Total production stage stream and royalty interests ​ ​ 3,018,836 ​ ​ (1,097,342) ​ ​ 1,921,494 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 70,952 ​ ​ — ​ ​ 70,952 Total development stage stream and royalty interests ​ ​ 82,990 ​ ​ — ​ ​ 82,990 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Other ​ ​ 122,844 ​ ​ — ​ ​ 122,844 Total exploration stage royalty interests ​ ​ 300,534 ​ ​ — ​ ​ 300,534 Total stream and royalty interests, net ​ $ 3,402,360 ​ $ (1,097,342) ​ $ 2,305,018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Total production stage stream and royalty interests ​ ​ ​ ​ ​ ​ ​ ​ ​ 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

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Sep. 30, 2019
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 ​ As of June 30, 2019 ​ Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Revolving credit facility ​ $ 170,000 ​ $ (5,405) ​ $ 164,595 ​ $ 220,000 ​ $ (5,446) ​ $ 214,554 Total debt ​ $ 170,000 ​ $ (5,405) ​ $ 164,595 ​ $ 220,000 ​ $ (5,446) ​ $ 214,554

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Sep. 30, 2019
REVENUE
Summary of disaggregated revenue	Revenue by metal type attributable to each of our revenue sources is disaggregated as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ September 30, ​ September 30, ​ 2019 ​ 2018 Stream revenue: ​ ​ ​ ​ ​ Gold $ 72,224 ​ $ 59,114 Silver ​ 8,436 ​ ​ 8,720 Copper ​ 6,321 ​ ​ 2,203 Total stream revenue $ 86,981 ​ $ 70,037 Royalty revenue: ​ ​ ​ ​ ​ Gold $ 21,757 ​ $ 18,554 Silver ​ 1,829 ​ ​ 1,352 Copper ​ 2,980 ​ ​ 3,615 Other ​ 5,227 ​ ​ 6,434 Total royalty revenue $ 31,793 ​ $ 29,955 Total revenue $ 118,774 ​ $ 99,992 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ Metal(s) ​ 2019 ​ 2018 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 30,497 ​ $ 8,847 Pueblo Viejo ​ Gold & Silver ​ ​ 21,618 ​ ​ 19,486 Andacollo ​ Gold ​ ​ 20,604 ​ ​ 27,743 Wassa ​ Gold ​ ​ 5,319 ​ ​ 5,325 Rainy River ​ Gold & Silver ​ ​ 7,166 ​ ​ 5,900 Other ​ Gold & Silver ​ ​ 1,777 ​ ​ 2,736 Total stream revenue ​ ​ ​ $ 86,981 ​ $ 70,037 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 4,420 ​ $ 3,637 Cortez ​ Gold ​ ​ 4,417 ​ ​ 603 Other ​ Various ​ ​ 22,956 ​ ​ 25,715 Total royalty revenue ​ ​ ​ $ 31,793 ​ $ 29,955 Total revenue ​ ​ ​ $ 118,774 ​ $ 99,992

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Sep. 30, 2019
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2019 2018 ​ ​ ​ (Amounts in thousands) ​ Stock options ​ $ 31 ​ $ 120 ​ Stock appreciation rights ​ ​ 442 ​ ​ 766 ​ Restricted stock ​ ​ 1,243 ​ ​ 1,280 ​ Performance stock ​ ​ 385 ​ ​ 278 ​ Total stock-based compensation expense ​ $ 2,101 ​ $ 2,444 ​
Schedule of stock-based compensation awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ September 30, ​ ​ September 30, ​ ​ 2019 ​ 2018 ​ ​ ​ (Number of shares) Stock options ​ ​ 1,604 ​ ​ 6,430 Stock appreciation rights ​ ​ 46,726 ​ ​ 69,360 Restricted stock ​ ​ 23,976 ​ ​ 42,260 Performance stock (at maximum 200% attainment) ​ ​ 28,560 ​ ​ 57,420 Total equity awards granted ​ ​ 100,866 ​ ​ 175,470
Schedule of unrecognized compensation expense	As of September 30, 2019, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized Weighted- ​ ​ compensation ​ average vesting ​ ​ expense period (years) Stock options ​ $ 160 ​ ​ 1.9 Stock appreciation rights ​ ​ 3,012 ​ ​ 2.2 Restricted stock ​ ​ 6,140 ​ ​ 3.3 Performance stock ​ ​ 2,522 ​ ​ 2.1

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	3 Months Ended
	Sep. 30, 2019
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2019 2018 ​ ​ ​ (in thousands, except per share data) ​ Net income available to Royal Gold common stockholders ​ $ 70,453 ​ $ 15,008 ​ Weighted-average shares for basic EPS ​ ​ 65,465,611 ​ ​ 65,374,866 ​ Effect of other dilutive securities ​ ​ 150,315 ​ ​ 122,293 ​ Weighted-average shares for diluted EPS ​ ​ 65,615,926 ​ ​ 65,497,159 ​ Basic earnings per share ​ $ 1.07 ​ $ 0.23 ​ Diluted earnings per share ​ $ 1.07 ​ $ 0.23 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Sep. 30, 2019
INCOME TAXES
Schedule of income tax expense and effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2019 2018 ​ ​ (Amounts in thousands, except rate) ​ Income tax (benefit) expense ​ $ (23,525) ​ $ 4,115 ​ Effective tax rate ​ ​ (51.9%) ​ ​ 25.6% ​

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Sep. 30, 2019
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 ​ As of June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ Stream ​ Royalty ​ and royalty ​ Stream ​ Royalty ​ and royalty ​ interest interest interests, net interest interest ​ interests, net Canada ​ $ 756,174 ​ $ 197,409 ​ $ 953,583 ​ $ 767,749 ​ $ 200,251 ​ $ 968,000 Dominican Republic ​ ​ 441,443 ​ ​ — ​ ​ 441,443 ​ ​ 451,585 ​ ​ — ​ ​ 451,585 Chile ​ ​ 294,408 ​ ​ 214,225 ​ ​ 508,633 ​ ​ 301,507 ​ ​ 214,226 ​ ​ 515,733 Africa ​ ​ 86,910 ​ ​ 321 ​ ​ 87,231 ​ ​ 89,555 ​ ​ 321 ​ ​ 89,876 Mexico ​ ​ — ​ ​ 81,920 ​ ​ 81,920 ​ ​ — ​ ​ 83,748 ​ ​ 83,748 United States ​ ​ — ​ ​ 162,412 ​ ​ 162,412 ​ ​ — ​ ​ 163,398 ​ ​ 163,398 Australia ​ ​ — ​ ​ 31,187 ​ ​ 31,187 ​ ​ — ​ ​ 31,944 ​ ​ 31,944 Rest of world ​ ​ 12,039 ​ ​ 26,570 ​ ​ 38,609 ​ ​ 12,039 ​ ​ 22,993 ​ ​ 35,032 Total ​ $ 1,590,974 ​ $ 714,044 ​ $ 2,305,018 ​ $ 1,622,435 ​ $ 716,881 ​ ​ 2,339,316
Schedule of reportable segments for assessing performance	The Company’s reportable segments for purposes of assessing performance are shown below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2019 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 86,981 ​ $ 20,111 ​ $ — ​ $ 31,462 ​ $ 35,408 Royalty interests ​ ​ 31,793 ​ ​ — ​ ​ 1,099 ​ ​ 7,199 ​ ​ 23,495 Total ​ $ 118,774 ​ $ 20,111 ​ $ 1,099 ​ $ 38,661 ​ $ 58,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2018 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 70,037 ​ $ 16,527 ​ $ — ​ $ 32,097 ​ $ 21,413 Royalty interests ​ ​ 29,955 ​ ​ — ​ ​ 1,292 ​ ​ 10,408 ​ ​ 18,255 Total ​ $ 99,992 ​ $ 16,527 ​ $ 1,292 ​ $ 42,505 ​ $ 39,668 (1) Excludes depreciation, depletion and amortization (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.
Schedule of reconciliation of segment gross profit to consolidated income (loss)	A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ ​ ​ 2019 ​ ​ 2018 Total segment gross profit ​ $ 58,903 ​ $ 39,668 ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 7,443 ​ ​ 9,927 Exploration costs ​ ​ 2,626 ​ ​ 4,362 Depreciation ​ ​ 53 ​ ​ 46 Operating income ​ ​ 48,781 ​ ​ 25,333 Fair value changes in equity securities ​ ​ (1,375) ​ ​ (1,468) Interest and other income ​ ​ 775 ​ ​ 103 Interest and other expense ​ ​ (2,834) ​ ​ (7,877) Income before income taxes ​ $ 45,347 ​ $ 16,091
Schedule of revenue by reportable segment geographically distributed	The Company’s revenue by reportable segment for the three months ended September 30, 2019 and 2018 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ 2019 2018 Stream interests: ​ ​ ​ ​ ​ ​ Canada ​ $ 37,663 ​ $ 14,747 Dominican Republic ​ ​ 21,618 ​ ​ 19,486 Chile ​ ​ 20,604 ​ ​ 27,742 Africa ​ ​ 7,096 ​ ​ 8,062 Total stream interests ​ $ 86,981 ​ $ 70,037 ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ United States ​ $ 10,602 ​ $ 6,056 Canada ​ ​ 8,921 ​ ​ 10,181 Mexico ​ ​ 6,387 ​ ​ 7,996 Australia ​ ​ 3,802 ​ ​ 3,060 Africa ​ ​ 470 ​ ​ 492 Rest of world ​ ​ 1,611 ​ ​ 2,170 Total royalty interests ​ $ 31,793 ​ $ 29,955 Total revenue ​ $ 118,774 ​ $ 99,992

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2019
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 ​ ​ Carrying ​ Fair Value ​ Amount Total Level 1 Level 2 Level 3 Assets (In thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 14,970 ​ $ 14,970 ​ $ 14,200 ​ $ 770 ​ $ — (1) Other assets ​

OPERATIONS, SUMMARY OF SIGNIF_3

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS (Details)	3 Months Ended
	Sep. 30, 2019item
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS
Minimum number of metals produced from a mine	1

OPERATIONS, SUMMARY OF SIGNIF_4

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS - Recently Adopted Accounting Standards (Details) $ in Millions	Sep. 30, 2019USD ($)
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS
Right-of-use assets	$ 2.4
Operating lease liabilities	$ 2.4

ACQUISITION (Details)

ACQUISITION (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2019USD ($)paymentshares	Sep. 30, 2019USD ($)shares	Sep. 30, 2018USD ($)	Aug. 31, 2019$ / shares	Jun. 30, 2019USD ($)
Acquisitions
Acquisition consideration paid		$ 4,362	$ 3
Investment value		$ 15,000			$ 16,000
TriStar
Acquisitions
Common stock that can be purchased by warrants (in shares) | shares		11,784,000
CDS
Acquisitions
Net smelter return (NSR) (as a percent)	1.50%
Acquisition consideration	$ 7,500
Number of installments | payment	3
Acquisition consideration paid	$ 4,500
First installment	1,500
Second installment	1,500
Acquisition payment, excluding associated costs	$ 4,400
CDS | TriStar
Acquisitions
Common stock that can be purchased by warrants (in shares) | shares	19,640,000	11,784,000
Investment value		$ 800
Exercise price of warrants | $ / shares				$ 0.25
Term of warrants	5 years

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Cost	$ 3,402,360	$ 3,397,998
Accumulated Depletion	(1,097,342)	(1,058,682)
Net	2,305,018	2,339,316
Mount Milligan
Net	597,900
Total production stage stream and royalty interests
Cost	3,018,836	2,959,033
Accumulated Depletion	(1,097,342)	(1,058,682)
Net	1,921,494	1,900,351
Production stage stream interests
Cost	2,111,423	2,111,423
Accumulated Depletion	(532,488)	(501,026)
Net	1,578,935	1,610,397
Production stage stream interests | Mount Milligan
Cost	790,635	790,635
Accumulated Depletion	(192,726)	(184,091)
Net	597,909	606,544
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(168,961)	(158,819)
Net	441,443	451,585
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(93,774)	(86,675)
Net	294,408	301,507
Production stage stream interests | Rainy River
Cost	175,727	175,727
Accumulated Depletion	(17,462)	(14,522)
Net	158,265	161,205
Production stage stream interests | Wassa and Prestea
Cost	146,475	146,475
Accumulated Depletion	(59,565)	(56,919)
Net	86,910	89,556
Production stage royalty interests
Cost	907,413	847,610
Accumulated Depletion	(564,854)	(557,656)
Net	342,559	289,954
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(97,136)	(95,564)
Net	108,588	110,160
Production stage royalty interests | Penasquito
Cost	99,172	99,172
Accumulated Depletion	(41,414)	(40,659)
Net	57,758	58,513
Production stage royalty interests | Holt
Cost	34,612	34,612
Accumulated Depletion	(22,936)	(22,570)
Net	11,676	12,042
Production stage royalty interests | Cortez
Cost	80,681	20,878
Accumulated Depletion	(12,777)	(12,362)
Net	67,904	8,516
Production stage royalty interests | Other
Cost	487,224	487,224
Accumulated Depletion	(390,591)	(386,501)
Net	96,633	100,723
Total development stage stream and royalty interests
Cost	82,990	142,793
Net	82,990	142,793
Development stage stream interests | Other
Cost	12,038	12,038
Net	12,038	12,038
Development stage royalty interests
Cost		130,755
Net		130,755
Development stage royalty interests | Cortez
Cost		59,803
Net		59,803
Development stage royalty interests | Other
Cost	70,952	70,952
Net	70,952	70,952
Exploration stage royalty interests
Cost	300,534	296,172
Net	300,534	296,172
Exploration stage royalty interests | Pascua-Lama
Cost	177,690	177,690
Net	177,690	177,690
Exploration stage royalty interests | Other
Cost	122,844	118,482
Net	$ 122,844	$ 118,482

STREAM AND ROYALTY INTERESTS,_4

STREAM AND ROYALTY INTERESTS, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Stream and royalty interests, net	$ 2,305,018	$ 2,339,316
Mount Milligan
Gold streaming interest (as a percent)	35.00%
Copper streaming interest (as a percent)	18.75%
Stream and royalty interests, net	$ 597,900
El Toqui
Stream and royalty interests, net	1,400
Evaluation stage property
Stream and royalty interests, net	$ 2,700

MARKETABLE EQUITY SECURITIES (D

MARKETABLE EQUITY SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019
Marketable Securities
Fair value changes in equity securities	$ (1,375)	$ (1,468)
Investment value	$ 15,000		$ 16,000
Contango
Marketable Securities
Investment shares owned (in shares)	809,744
Rubicon
Marketable Securities
Investment shares owned (in shares)	3,949,575
TriStar
Marketable Securities
Common stock that can be purchased by warrants (in shares)	11,784,000

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019
Long-term debt disclosure
Principal	$ 170,000		$ 220,000
Debt Issuance Costs	(5,405)		(5,446)
Total debt	164,595		214,554
Repayment of debt	50,000
Credit Facility
Long-term debt disclosure
Principal	170,000		220,000
Debt Issuance Costs	(5,405)		(5,446)
Total debt	164,595		$ 214,554
Outstanding amount under credit facility	170,000
Available under the revolving credit facility	$ 830,000
Effective interest rate (as percent)	3.24%
Interest expense recognized	$ 2,200	$ 300
LIBOR | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)	1.10%

REVENUE (Details)

REVENUE (Details)	3 Months Ended
	Sep. 30, 2019item
Number of revenue sources	2
Minimum
Average sale price determination period	10 days
Maximum
Average sale price determination period	3 months

REVENUE - Metal Disaggregation

REVENUE - Metal Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue
Revenue	$ 118,774	$ 99,992
Stream interests
Disaggregation of Revenue
Revenue	86,981	70,037
Stream interests | Gold
Disaggregation of Revenue
Revenue	72,224	59,114
Stream interests | Silver
Disaggregation of Revenue
Revenue	8,436	8,720
Stream interests | Copper
Disaggregation of Revenue
Revenue	6,321	2,203
Royalty interests
Disaggregation of Revenue
Revenue	31,793	29,955
Royalty interests | Gold
Disaggregation of Revenue
Revenue	21,757	18,554
Royalty interests | Silver
Disaggregation of Revenue
Revenue	1,829	1,352
Royalty interests | Copper
Disaggregation of Revenue
Revenue	2,980	3,615
Royalty interests | Other
Disaggregation of Revenue
Revenue	$ 5,227	$ 6,434

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue
Revenue	$ 118,774	$ 99,992
Stream interests
Disaggregation of Revenue
Revenue	86,981	70,037
Stream interests | Mount Milligan
Disaggregation of Revenue
Revenue	30,497	8,847
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue	21,618	19,486
Stream interests | Andacollo
Disaggregation of Revenue
Revenue	20,604	27,743
Stream interests | Wassa and Prestea
Disaggregation of Revenue
Revenue	5,319	5,325
Stream interests | Rainy River
Disaggregation of Revenue
Revenue	7,166	5,900
Stream interests | Other
Disaggregation of Revenue
Revenue	1,777	2,736
Royalty interests
Disaggregation of Revenue
Revenue	31,793	29,955
Royalty interests | Other
Disaggregation of Revenue
Revenue	22,956	25,715
Royalty interests | Penasquito
Disaggregation of Revenue
Revenue	4,420	3,637
Royalty interests | Cortez
Disaggregation of Revenue
Revenue	$ 4,417	$ 603

REVENUE - Contract Receivables

REVENUE - Contract Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Contract Receivables
Royalty payments monthly due period	30 days
Royalty receivables	$ 26,635	$ 20,733
Minimum
Contract Receivables
Royalty payments quarterly due period	30 days
Maximum
Contract Receivables
Royalty payments quarterly due period	60 days

REVENUE - Practical expedients

REVENUE - Practical expedients (Details)	3 Months Ended
	Sep. 30, 2019
Practical Expedients
Obligation period practical expedient	true
Transaction price allocated to remaining performance obligations	true

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Stock-based compensation
Stock-based compensation expense	$ 2,101	$ 2,444
Stock-based compensation awards granted (in shares)	100,866	175,470
Stock options
Stock-based compensation
Stock-based compensation expense	$ 31	$ 120
Stock options granted (in shares)	1,604	6,430
Unrecognized compensation expense	$ 160
Weighted-average vesting period (years)	1 year 10 months 24 days
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 442	$ 766
Other than options granted (in shares)	46,726	69,360
Unrecognized compensation expense	$ 3,012
Weighted-average vesting period (years)	2 years 2 months 12 days
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 1,243	$ 1,280
Other than options granted (in shares)	23,976	42,260
Unrecognized compensation expense	$ 6,140
Weighted-average vesting period (years)	3 years 3 months 18 days
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 385	$ 278
Other than options granted (in shares)	28,560	57,420
Unrecognized compensation expense	$ 2,522
Weighted-average vesting period (years)	2 years 1 month 6 days
Performance stock | Maximum
Stock-based compensation
Earn out basis if all goals are met (as a percent)	200.00%

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
EARNINGS PER SHARE ("EPS")
Net income (loss) available to Royal Gold common stockholders	$ 70,453	$ 15,008
Weighted-average shares for basic EPS	65,465,611	65,374,866
Effect of other dilutive securities (in shares)	150,315	122,293
Weighted-average shares for diluted EPS	65,615,926	65,497,159
Basic earnings per share (in dollars per share)	$ 1.07	$ 0.23
Diluted earnings per share (in dollars per share)	$ 1.07	$ 0.23

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
INCOME TAXES
Income tax benefit (expense)	$ 23,525	$ (4,115)
Effective tax rate (as a percent)	(51.90%)	25.60%
Re-measurement of net deferred tax assets and liabilities due to tax legislation	$ (32,300)

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)	Jun. 30, 2019USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment	2
Stream and royalty interests, net	$ 2,305,018		$ 2,339,316
Revenue	118,774	$ 99,992
Cost of sales	20,111	16,527
Production taxes	1,099	1,292
Depletion	38,661	42,505
Total segment gross profit	58,903	39,668
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	953,583		968,000
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	441,443		451,585
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	508,633		515,733
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	87,231		89,876
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	81,920		83,748
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	162,412		163,398
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	31,187		31,944
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	38,609		35,032
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	1,590,974		1,622,435
Revenue	86,981	70,037
Cost of sales	20,111	16,527
Depletion	31,462	32,097
Total segment gross profit	35,408	21,413
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	756,174		767,749
Revenue	37,663	14,747
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	441,443		451,585
Revenue	21,618	19,486
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	294,408		301,507
Revenue	20,604	27,742
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	86,910		89,555
Revenue	7,096	8,062
Stream interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	12,039		12,039
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	714,044		716,881
Revenue	31,793	29,955
Production taxes	1,099	1,292
Depletion	7,199	10,408
Total segment gross profit	23,495	18,255
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	197,409		200,251
Revenue	8,921	10,181
Royalty interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	214,225		214,226
Royalty interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	321		321
Revenue	470	492
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	81,920		83,748
Revenue	6,387	7,996
Royalty interests | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	162,412		163,398
Revenue	10,602	6,056
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	31,187		31,944
Revenue	3,802	3,060
Royalty interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	26,570		$ 22,993
Revenue	$ 1,611	$ 2,170

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of total segment gross profit (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
SEGMENT INFORMATION
Total segment gross profit	$ 58,903	$ 39,668
Costs and expenses
General and administrative expenses	7,443	9,927
Exploration costs	2,626	4,362
Depreciation	53	46
Operating income (loss)	48,781	25,333
Fair value changes in equity securities	(1,375)	(1,468)
Interest and other income	775	103
Interest and other expense	(2,834)	(7,877)
Income before income taxes	$ 45,347	$ 16,091

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis $ in Thousands	Sep. 30, 2019USD ($)
Carrying Amount
Assets:
Marketable equity securities	$ 14,970
Fair Value
Assets:
Marketable equity securities	14,970
Level 1
Assets:
Marketable equity securities	14,200
Level 2
Assets:
Marketable equity securities	$ 770

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Nov. 05, 2019	Sep. 30, 2019
Commitments and Contingencies
Commitment payment made	$ 65,800
Khoemacau
Commitments and Contingencies
Maximum contribution amount		$ 212,000
Ilovica
Commitments and Contingencies
Maximum future additional payments upon satisfaction of certain conditions		$ 163,750