Royal Gold (RGLD) 10-Q 6 Feb 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2019	Jan. 30, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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	1144 15th Street, Suite 2500
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		65,572,978
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
ASSETS
Cash and equivalents	$ 80,504	$ 119,475
Royalty receivables	28,446	20,733
Income tax receivable	9,671	2,702
Stream inventory	15,336	11,380
Prepaid expenses and other	2,485	389
Total current assets	136,442	154,679
Stream and royalty interests, net	2,333,091	2,339,316
Other assets	85,103	50,156
Total assets	2,554,636	2,544,151
LIABILITIES
Accounts payable	3,170	2,890
Dividends payable	18,354	17,372
Income tax payable	14,366	6,974
Other current liabilities	8,240	6,374
Total current liabilities	44,130	33,610
Debt (Note 5)	129,869	214,554
Deferred tax liabilities	87,352	88,961
Uncertain tax positions	39,804	36,573
Other long-term liabilities	6,267
Total liabilities	307,422	373,698
Commitments and contingencies (Note 12)
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 65,496,004 and 65,440,492 shares outstanding, respectively	655	655
Additional paid-in capital	2,205,364	2,201,773
Accumulated earnings (losses)	10,290	(65,747)
Total Royal Gold stockholders' equity	2,216,309	2,136,681
Non-controlling interests	30,905	33,772
Total equity	2,247,214	2,170,453
Total liabilities and equity	$ 2,554,636	$ 2,544,151

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	65,496,004	65,440,492

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Operations and Comprehensive Income
Revenue	$ 123,643	$ 97,592	$ 242,417	$ 197,585
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	21,077	18,162	41,188	34,689
General and administrative	6,665	7,423	14,108	17,349
Production taxes	984	909	2,083	2,201
Exploration costs	1,514	842	4,140	5,204
Depreciation, depletion and amortization	40,096	38,807	78,810	81,358
Total costs and expenses	70,336	66,143	140,329	140,801
Operating income	53,307	31,449	102,088	56,784
Fair value changes in equity securities	222	(3,631)	(1,153)	(5,099)
Interest and other income	226	487	1,001	590
Interest and other expense	(2,217)	(7,410)	(5,051)	(15,287)
Income before income taxes	51,538	20,895	96,885	36,988
Income tax (expense) benefit	(11,124)	2,148	12,401	(1,967)
Net income	40,414	23,043	109,286	35,021
Net comprehensive income	40,414	23,043	109,286	35,021
Net loss attributable to non-controlling interests	907	543	2,488	3,575
Net income attributable to Royal Gold common stockholders	41,321	23,586	111,774	38,596
Net comprehensive income available to Royal Gold common stockholders	$ 41,321	$ 23,586	$ 111,774	$ 38,596
Net income per share available to Royal Gold common stockholders:
Basic earnings per share (in dollars per share)	$ 0.63	$ 0.36	$ 1.70	$ 0.59
Basic weighted average shares outstanding (in shares)	65,495,907	65,395,457	65,480,759	65,385,161
Diluted earnings per share (in dollars per share)	$ 0.63	$ 0.36	$ 1.70	$ 0.59
Diluted weighted average shares outstanding (in shares)	65,611,567	65,473,400	65,613,406	65,485,423
Cash dividends declared per common share (in dollars per share)	$ 0.28	$ 0.265	$ 0.545	$ 0.515

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		1,852				1,852
Stock-based compensation and related share issuances (in shares)	36,298
Distributions from (to) non-controlling interests		2,790			(227)	2,563
Net income and comprehensive income				38,596	(3,575)	35,021
Other comprehensive loss			$ 1,201	(1,201)
Dividends declared				(33,735)		(33,735)
Balance at Dec. 31, 2018	$ 654	2,197,254		(86,238)	35,300	2,146,970
Balance (in shares) at Dec. 31, 2018	65,396,339
Balance at Sep. 30, 2018	$ 654	2,195,034		(92,465)	36,046	2,139,269
Balance (in shares) at Sep. 30, 2018	65,394,898
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		1,380				1,380
Stock-based compensation and related share issuances (in shares)	1,441
Distributions from (to) non-controlling interests		840			(203)	637
Net income and comprehensive income				23,586	(543)	23,043
Dividends declared				(17,359)		(17,359)
Balance at Dec. 31, 2018	$ 654	2,197,254		(86,238)	35,300	2,146,970
Balance (in shares) at Dec. 31, 2018	65,396,339
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		891				891
Stock-based compensation and related share issuances (in shares)	55,512
Distributions from (to) non-controlling interests		2,700			(379)	2,321
Net income and comprehensive income				111,774	(2,488)	109,286
Dividends declared				(35,737)		(35,737)
Balance at Dec. 31, 2019	$ 655	2,205,364		10,290	30,905	2,247,214
Balance (in shares) at Dec. 31, 2019	65,496,004
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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		1,214				1,214
Stock-based compensation and related share issuances (in shares)	217
Distributions from (to) non-controlling interests		1,800			(187)	1,613
Net income and comprehensive income				41,321	(907)	40,414
Dividends declared				(18,355)		(18,355)
Balance at Dec. 31, 2019	$ 655	$ 2,205,364		$ 10,290	$ 30,905	$ 2,247,214
Balance (in shares) at Dec. 31, 2019	65,496,004

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income and comprehensive income	$ 109,286	$ 35,021
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	78,810	81,358
Amortization of debt discount and issuance costs	566	7,864
Non-cash employee stock compensation expense	3,639	4,070
Fair value changes in equity securities	1,153	5,099
Deferred tax benefit	(36,126)	(307)
Changes in assets and liabilities:
Royalty receivables	(7,714)	697
Stream inventory	(3,956)	1,356
Income tax receivable	(6,968)	(12,753)
Prepaid expenses and other assets	(7,020)	2,305
Accounts payable	(929)	(7,026)
Income tax payable	7,392	(7,514)
Uncertain tax positions	3,230	2,197
Other liabilities	8,133	(8,899)
Net cash provided by operating activities	149,496	103,468
Cash flows from investing activities:
Acquisition of stream and royalty interests	(72,417)	(55)
Purchase of equity securities	(411)	(3,569)
Other	4,774	(87)
Net cash used in investing activities	(68,054)	(3,711)
Cash flows from financing activities:
Repayment of debt	(85,000)
Net payments from issuance of common stock	(2,747)	(2,217)
Common stock dividends	(34,755)	(32,754)
Contributions from non-controlling interest	2,700	2,790
Other	(611)	210
Net cash used in financing activities	(120,413)	(31,971)
Net (decrease) increase in cash and equivalents	(38,971)	67,786
Cash and equivalents at beginning of period	119,475	88,750
Cash and equivalents at end of period	$ 80,504	$ 156,536

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Dec. 31, 2019
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	1. OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS ​ Royal Gold, Inc. (“Royal Gold”, the “Company”, “we”, “us”, or “our”), together with its subsidiaries, is engaged in the business of acquiring and managing metal streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance mining projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting contractually specified costs, if any. ​ Summary of Significant Accounting Policies ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended December 31, 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 2016-02, together with ASU 2018-11, was 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 updating 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. ​ The Company leases office space and office equipment under operating leases expiring at various dates through the fiscal year ending June 30, 2030. The following amounts were recorded in the consolidated balance sheets at December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ December 31, 2019 Operating Leases ​ ​ ​ ​ ​ Right-of-use assets - current Prepaid expenses and other $ 568 Right-of-use assets - non-current ​ Other assets ​ ​ 5,052 Total right-of-use assets ​ ​ ​ $ 5,620 ​ ​ ​ ​ ​ ​ Lease liabilities - current ​ Other current liabilities ​ $ 412 Lease liabilities - non-current ​ Other long-term liabilities ​ ​ 6,267 Total operating lease liabilities ​ ​ ​ $ 6,679 ​ Maturities of operating lease liabilities at December 31, 2019 were as follows (amounts in thousands): ​ ​ ​ ​ ​ Fiscal Years: ​ Operating Leases 2020 ​ $ 194 2021 ​ ​ 804 2022 ​ ​ 802 2023 ​ ​ 789 2024 ​ ​ 790 Thereafter ​ ​ 4,190 Total lease payments ​ $ 7,569 Less imputed interest ​ ​ (890) Total ​ $ 6,679 ​ Other information pertaining to leases consist of the following: ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Operating Lease Term and Discount Rate ​ ​ ​ Weighted average remaining lease term in years ​ ​ 9 Weighted average discount rate ​ ​ 2.5% ​ The Company did not have any finance leases as of December 31, 2019. The adoption of ASU 2016-02 did not impact accumulated earnings (losses), our consolidated statements of operations and comprehensive income, or our consolidated statements of cash flows. ​ Recently Issued Accounting Standards ​ Current Expected Credit Loss ​ In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments

ACQUISITION

ACQUISITION	6 Months Ended
	Dec. 31, 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 and $1.5 million was paid in November 2019. The final payment of $1.5 million is subject to satisfaction of certain conditions and is payable by 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 $6.0 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 Fair value changes in equity securities

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	6 Months Ended
	Dec. 31, 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 December 31, 2019 and June 30, 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,636 ​ $ (201,382) ​ $ 589,254 Pueblo Viejo ​ ​ 610,404 ​ ​ (179,796) ​ ​ 430,608 Andacollo ​ ​ 388,182 ​ ​ (100,873) ​ ​ 287,309 Rainy River ​ ​ 175,727 ​ ​ (20,438) ​ ​ 155,289 Wassa and Prestea ​ ​ 146,475 ​ ​ (62,182) ​ ​ 84,293 Total production stage stream interests ​ ​ 2,111,424 ​ ​ (564,671) ​ ​ 1,546,753 Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (98,684) ​ ​ 107,040 Peñasquito ​ ​ 99,172 ​ ​ (42,451) ​ ​ 56,721 Holt ​ ​ 34,612 ​ ​ (23,273) ​ ​ 11,339 Cortez ​ ​ 80,681 ​ ​ (13,055) ​ ​ 67,626 Other ​ ​ 487,224 ​ ​ (395,171) ​ ​ 92,053 Total production stage royalty interests ​ ​ 907,413 ​ ​ (572,634) ​ ​ 334,779 Total production stage stream and royalty interests ​ ​ 3,018,837 ​ ​ (1,137,305) ​ ​ 1,881,532 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Khoemac a ​ ​ 66,605 ​ ​ — ​ ​ 66,605 Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 70,952 ​ ​ — ​ ​ 70,952 Total development stage stream and royalty interests ​ ​ 149,595 ​ ​ — ​ ​ 149,595 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Other ​ ​ 124,274 ​ ​ — ​ ​ 124,274 Total exploration stage royalty interests ​ ​ 301,964 ​ ​ — ​ ​ 301,964 Total stream and royalty interests, net ​ $ 3,470,396 ​ $ (1,137,305) ​ $ 2,333,091 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $589.3 million as of December 31, 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’s stream interest. 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 updated 43-101 technical report 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. ​ Rainy River ​ RGLD Gold owns the right to purchase 6.50% of the gold produced from the Rainy River project, which is located in northwestern Ontario, Canada and is operated by New Gold, Inc. (“New Gold”), until 230,000 gold ounces have been delivered, and 3.25% thereafter; and 60% of the silver produced from the Rainy River project until 3.1 million silver ounces have been delivered, and 30% thereafter. As of December 31, 2019, approximately 32,200 ounces of gold and approximately 332,300 ounces of silver have been delivered to RGLD Gold. The Company’s carrying value for its stream interest at Rainy River is $155.3 million as of December 31, 2019. ​ During the quarter ended December 31, 2019, New Gold reported that it continued to advance a comprehensive mine optimization study that includes a review of alternative open pit and underground mining scenarios, and it expects to release the results of this study on February 13, 2020. It is unclear at this point what impact, if any, the results of New Gold’s optimization study and any updates to the reserves and mineralized material at Rainy River will have on the carrying value of our stream interest. The Company will continue to monitor these developments 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. The outcome of these insolvency proceedings may impact our royalty interests and the associated carrying value, which is approximately $1.3 million as of December 31, 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 our interest to an amount less than the current carrying value or to zero is necessary.

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES	6 Months Ended
	Dec. 31, 2019
MARKETABLE EQUITY SECURITIES
MARKETABLE EQUITY SECURITIES	4. MARKETABLE EQUITY SECURITIES ​ As of December 31, 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 15,712,000 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 fair value of our marketable equity securities increased $0.2 million and decreased $1.2 million for the three and six months ended December 31, 2019, respectively, and decreased $3.6 million and $5.1 million for the three and six months ended December 31, 2018, respectively, and is included in Fair value changes in equity securities Other assets

DEBT

DEBT	6 Months Ended
	Dec. 31, 2019
DEBT
DEBT	5. DEBT ​ The Company’s debt as of December 31, 2019 and June 30, 2019 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 135,000 ​ $ (5,131) ​ $ 129,869 ​ $ 220,000 ​ $ (5,446) ​ $ 214,554 Total debt ​ $ 135,000 ​ $ (5,131) ​ $ 129,869 ​ $ 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 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 December 31, 2019, the Company had $135 million outstanding and $865 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 December 31, 2019, the interest rate on borrowings under the revolving credit facility was LIBOR plus 1.10% for an all-in rate of 2.99%. Interest expense, which includes interest on the outstanding borrowings under the revolving credit facility and the amortization of the debt issuance costs, was $1.6 million and $3.8 million for the three and six months ended December 31, 2019, respectively, and $0.3 million and $0.6 million for the three and six months ended December 31, 2018, 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 December 31, 2019, the Company was in compliance with each financial covenant.

REVENUE

REVENUE	6 Months Ended
	Dec. 31, 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 for that period. 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 three and six months ended December 31, 2019, royalty revenue that was estimated or was attributable to metal production for a period prior to December 31, 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 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2019 ​ 2018 ​ 2019 ​ 2018 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 69,111 ​ $ 53,179 ​ $ 141,335 ​ $ 112,293 Silver ​ 8,929 ​ ​ 7,884 ​ ​ 17,365 ​ ​ 16,604 Copper ​ 11,585 ​ ​ 6,616 ​ ​ 17,906 ​ ​ 8,819 Total stream revenue $ 89,625 ​ $ 67,679 ​ $ 176,606 ​ $ 137,716 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 22,068 ​ $ 19,656 ​ $ 43,825 ​ $ 38,210 Silver ​ 3,365 ​ ​ 1,567 ​ ​ 5,194 ​ ​ 2,919 Copper ​ 4,107 ​ ​ 4,359 ​ ​ 7,087 ​ ​ 7,974 Other ​ 4,478 ​ ​ 4,331 ​ ​ 9,705 ​ ​ 10,766 Total royalty revenue $ 34,018 ​ $ 29,913 ​ $ 65,811 ​ $ 59,869 Total revenue $ 123,643 ​ $ 97,592 ​ $ 242,417 ​ $ 197,585 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ Metal(s) ​ 2019 ​ 2018 ​ 2019 ​ 2018 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 30,629 ​ $ 28,169 ​ $ 61,126 ​ $ 37,015 Pueblo Viejo ​ Gold & Silver ​ ​ 23,614 ​ ​ 18,230 ​ ​ 45,232 ​ ​ 37,717 Andacollo ​ Gold ​ ​ 20,665 ​ ​ 7,635 ​ ​ 41,269 ​ ​ 35,378 Wassa ​ Gold ​ ​ 4,794 ​ ​ 6,459 ​ ​ 10,113 ​ ​ 11,784 Rainy River ​ Gold & Silver ​ ​ 7,562 ​ ​ 4,095 ​ ​ 14,728 ​ ​ 9,995 Other ​ Gold ​ ​ 2,361 ​ ​ 3,091 ​ ​ 4,138 ​ ​ 5,827 Total stream revenue ​ ​ ​ $ 89,625 ​ $ 67,679 ​ $ 176,606 ​ $ 137,716 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 7,577 ​ $ 4,660 ​ $ 11,997 ​ $ 8,297 Cortez ​ Gold ​ ​ 3,292 ​ ​ 2,335 ​ ​ 7,709 ​ ​ 2,939 Other ​ Various ​ ​ 23,149 ​ ​ 22,918 ​ ​ 46,105 ​ ​ 48,633 Total royalty revenue ​ ​ ​ $ 34,018 ​ $ 29,913 ​ $ 65,811 ​ $ 59,869 Total revenue ​ ​ ​ $ 123,643 ​ $ 97,592 ​ $ 242,417 ​ $ 197,585 ​ 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 ​ 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	6 Months Ended
	Dec. 31, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION ​ The Company recognized stock-based compensation expense as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2019 2018 2019 2018 ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) ​ Stock options ​ $ 26 ​ $ 33 ​ $ 57 ​ $ 154 ​ Stock appreciation rights ​ ​ 430 ​ ​ 408 ​ ​ 872 ​ ​ 1,175 ​ Restricted stock ​ ​ 697 ​ ​ 677 ​ ​ 1,940 ​ ​ 1,956 ​ Performance stock ​ ​ 385 ​ ​ 507 ​ ​ 770 ​ ​ 785 ​ Total stock-based compensation expense ​ $ 1,538 ​ $ 1,625 ​ $ 3,639 ​ $ 4,070 ​ ​ Stock-based compensation expense is included within General and administrative ​ During the three and six months ended December 31, 2019, the Company granted the following stock-based compensation awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Six Months Ended ​ ​ ​ December 31, ​ ​ December 31, ​ ​ December 31, ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ ​ ​ (Number of shares) ​ ​ (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 December 31, 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 ​ ​ ​ ​ ​ ​ ​ $ 136 ​ ​ 1.8 Stock appreciation rights ​ ​ ​ ​ ​ ​ ​ ​ 2,624 ​ ​ 2.0 Restricted stock ​ ​ ​ ​ ​ ​ ​ ​ 5,555 ​ ​ 3.1 Performance stock ​ ​ ​ ​ ​ ​ ​ ​ 2,191 ​ ​ 1.9 ​

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	6 Months Ended
	Dec. 31, 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 option awards and 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 (amounts in thousands, except share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2019 2018 2019 2018 Net income and comprehensive income available to Royal Gold common stockholders ​ $ 41,321 ​ $ 23,586 ​ $ 111,774 ​ $ 38,596 ​ Weighted-average shares for basic EPS ​ ​ 65,495,907 ​ ​ 65,395,457 ​ ​ 65,480,759 ​ ​ 65,385,161 ​ Effect of other dilutive securities ​ ​ 115,660 ​ ​ 77,943 ​ ​ 132,647 ​ ​ 100,262 ​ Weighted-average shares for diluted EPS ​ ​ 65,611,567 ​ ​ 65,473,400 ​ ​ 65,613,406 ​ ​ 65,485,423 ​ Basic earnings per share ​ $ 0.63 ​ $ 0.36 ​ $ 1.70 ​ $ 0.59 ​ Diluted earnings per share ​ $ 0.63 ​ $ 0.36 ​ $ 1.70 ​ $ 0.59 ​ ​

INCOME TAXES

INCOME TAXES	6 Months Ended
	Dec. 31, 2019
INCOME TAXES
INCOME TAXES	9. INCOME TAXES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2019 2018 2019 2018 ​ ​ (Amounts in thousands, except rate) ​ (Amounts in thousands, except rate) Income tax (expense) benefit ​ $ (11,124) ​ $ 2,148 ​ $ 12,401 ​ $ (1,967) Effective tax rate ​ ​ 21.6% ​ ​ (10.3%) ​ ​ (12.8%) ​ ​ 5.3% ​ The effective tax rate for the six months ended December 31, 2019, included discrete tax benefits attributable 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 (Swiss Tax Reform). The effective tax rate for the three and six months ended December 31, 2018 included benefits related to the transition tax as part of H.R. 1, originally known as the Tax Cuts and Jobs Act, which was due to consideration of new U.S. Treasury regulations and IRS guidance released during the period.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Dec. 31, 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 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 744,543 ​ $ 194,676 ​ $ 939,219 ​ $ 767,749 ​ $ 200,251 ​ $ 968,000 Dominican Republic ​ ​ 430,609 ​ ​ — ​ ​ 430,609 ​ ​ 451,585 ​ ​ — ​ ​ 451,585 Chile ​ ​ 287,309 ​ ​ 214,171 ​ ​ 501,480 ​ ​ 301,507 ​ ​ 214,226 ​ ​ 515,733 Africa ​ ​ 150,898 ​ ​ 321 ​ ​ 151,219 ​ ​ 89,555 ​ ​ 321 ​ ​ 89,876 Mexico ​ ​ — ​ ​ 79,891 ​ ​ 79,891 ​ ​ — ​ ​ 83,748 ​ ​ 83,748 United States ​ ​ — ​ ​ 161,391 ​ ​ 161,391 ​ ​ — ​ ​ 163,398 ​ ​ 163,398 Australia ​ ​ — ​ ​ 30,677 ​ ​ 30,677 ​ ​ — ​ ​ 31,944 ​ ​ 31,944 Rest of world ​ ​ 12,038 ​ ​ 26,567 ​ ​ 38,605 ​ ​ 12,039 ​ ​ 22,993 ​ ​ 35,032 Total ​ $ 1,625,397 ​ $ 707,694 ​ $ 2,333,091 ​ $ 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 December 31, 2019 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 89,625 ​ $ 21,077 ​ $ — ​ $ 32,181 ​ $ 36,367 Royalty interests ​ ​ 34,018 ​ ​ — ​ ​ 984 ​ ​ 7,801 ​ ​ 25,233 Total ​ $ 123,643 ​ $ 21,077 ​ $ 984 ​ $ 39,982 ​ $ 61,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2018 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 67,679 ​ $ 18,162 ​ $ — ​ $ 28,636 ​ $ 20,881 Royalty interests ​ ​ 29,913 ​ ​ — ​ ​ 909 ​ ​ 10,123 ​ ​ 18,881 Total ​ $ 97,592 ​ $ 18,162 ​ $ 909 ​ $ 38,759 ​ $ 39,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended December 31, 2019 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 176,606 ​ $ 41,188 ​ $ — ​ $ 63,643 ​ $ 71,775 Royalty interests ​ ​ 65,811 ​ ​ — ​ ​ 2,083 ​ ​ 15,000 ​ ​ 48,728 Total ​ $ 242,417 ​ $ 41,188 ​ $ 2,083 ​ $ 78,643 ​ $ 120,503 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended December 31, 2018 ​ Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests ​ $ 137,716 ​ $ 34,689 ​ $ — ​ $ 60,733 ​ $ 42,294 Royalty interests ​ ​ 59,869 ​ ​ — ​ ​ 2,201 ​ ​ 20,531 ​ ​ 37,137 Total ​ $ 197,585 ​ $ 34,689 ​ $ 2,201 ​ $ 81,264 ​ $ 79,431 (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 ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ ​ 2019 ​ ​ 2018 ​ ​ 2019 ​ ​ 2018 Total segment gross profit ​ $ 61,600 ​ $ 39,762 ​ $ 120,503 ​ $ 79,431 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 6,665 ​ ​ 7,423 ​ ​ 14,108 ​ ​ 17,349 Exploration costs ​ ​ 1,514 ​ ​ 842 ​ ​ 4,140 ​ ​ 5,204 Depreciation ​ ​ 114 ​ ​ 48 ​ ​ 167 ​ ​ 94 Operating income ​ ​ 53,307 ​ ​ 31,449 ​ ​ 102,088 ​ ​ 56,784 Fair value changes in equity securities ​ ​ 222 ​ ​ (3,631) ​ ​ (1,153) ​ ​ (5,099) Interest and other income ​ ​ 226 ​ ​ 487 ​ ​ 1,001 ​ ​ 590 Interest and other expense ​ ​ (2,217) ​ ​ (7,410) ​ ​ (5,051) ​ ​ (15,287) Income before income taxes ​ $ 51,538 ​ $ 20,895 ​ $ 96,885 ​ $ 36,988 ​ The Company’s revenue by reportable segment for the three and six months ended December 31, 2019 and 2018 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2019 2018 ​ 2019 2018 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 38,191 ​ $ 32,264 ​ $ 75,854 ​ $ 47,010 Dominican Republic ​ ​ 23,614 ​ ​ 18,230 ​ ​ 45,232 ​ ​ 37,717 Chile ​ ​ 20,665 ​ ​ 7,635 ​ ​ 41,269 ​ ​ 35,378 Africa ​ ​ 7,155 ​ ​ 9,550 ​ ​ 14,251 ​ ​ 17,611 Total stream interests ​ $ 89,625 ​ $ 67,679 ​ $ 176,606 ​ $ 137,716 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 10,012 ​ $ 8,284 ​ $ 20,614 ​ $ 14,340 Canada ​ ​ 8,037 ​ ​ 7,536 ​ ​ 16,958 ​ ​ 17,717 Mexico ​ ​ 9,376 ​ ​ 7,837 ​ ​ 15,763 ​ ​ 15,833 Australia ​ ​ 3,546 ​ ​ 3,157 ​ ​ 7,348 ​ ​ 6,217 Africa ​ ​ 911 ​ ​ 532 ​ ​ 1,606 ​ ​ 1,024 Rest of world ​ ​ 2,136 ​ ​ 2,567 ​ ​ 3,522 ​ ​ 4,738 Total royalty interests ​ $ 34,018 ​ $ 29,913 ​ $ 65,811 ​ $ 59,869 Total revenue ​ $ 123,643 ​ $ 97,592 ​ $ 242,417 ​ $ 197,585 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 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 December 31, 2019 ​ ​ ​ ​ Fair Value ​ Carrying Amount Total Level 1 Level 2 Level 3 Assets (Amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 15,242 ​ $ 15,242 ​ $ 15,003 ​ $ 239 ​ $ — (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 December 31, 2019. ​ As of December 31, 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	6 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES ​ Khoemac a u Silver Stream Acquisition ​ On November 5, 2019, RGLD Gold made its first advance payment ($65.8 million) pursuant to the Khoemac a a a a ​ Ilovica Gold Stream Acquisition ​ As of December 31, 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.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Dec. 31, 2019
SUBSEQUENT EVENT.
SUBSEQUENT EVENT	13. SUBSEQUENT EVENT ​ Alturas royalty acquisition ​ On January 29, 2020, a wholly-owned subsidiary of the Company entered into an agreement with various private individuals for the acquisition of a NSR royalty of up to 1.06% (gold) and up to 1.59% (copper) on mining concessions as part of the Alturas project, which is located within the Coquimbo Region of Chile and held by a subsidiary of Barrick Gold Corporation (“Barrick”), Compañia Minera Salitrales Limitada (“CMSL”). Total consideration for the royalty is up to $41 million, of which $11 million was paid on January 29, 2020. A future payment of up to $20 million is conditional based on a project construction decision by Barrick and the size of the minable mineralized material on the date of the construction decision. A further future payment of $10 million will be made to the private individuals upon first production from the mining concessions. ​

OPERATIONS, SUMMARY OF SIGNIF_2

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS (Policies)	6 Months Ended
	Dec. 31, 2019
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
Basis of Consolidation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended December 31, 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 2016-02, together with ASU 2018-11, was 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 updating 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. ​ The Company leases office space and office equipment under operating leases expiring at various dates through the fiscal year ending June 30, 2030. The following amounts were recorded in the consolidated balance sheets at December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ December 31, 2019 Operating Leases ​ ​ ​ ​ ​ Right-of-use assets - current Prepaid expenses and other $ 568 Right-of-use assets - non-current ​ Other assets ​ ​ 5,052 Total right-of-use assets ​ ​ ​ $ 5,620 ​ ​ ​ ​ ​ ​ Lease liabilities - current ​ Other current liabilities ​ $ 412 Lease liabilities - non-current ​ Other long-term liabilities ​ ​ 6,267 Total operating lease liabilities ​ ​ ​ $ 6,679 ​ Maturities of operating lease liabilities at December 31, 2019 were as follows (amounts in thousands): ​ ​ ​ ​ ​ Fiscal Years: ​ Operating Leases 2020 ​ $ 194 2021 ​ ​ 804 2022 ​ ​ 802 2023 ​ ​ 789 2024 ​ ​ 790 Thereafter ​ ​ 4,190 Total lease payments ​ $ 7,569 Less imputed interest ​ ​ (890) Total ​ $ 6,679 ​ Other information pertaining to leases consist of the following: ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Operating Lease Term and Discount Rate ​ ​ ​ Weighted average remaining lease term in years ​ ​ 9 Weighted average discount rate ​ ​ 2.5% ​ The Company did not have any finance leases as of December 31, 2019. The adoption of ASU 2016-02 did not impact accumulated earnings (losses), our consolidated statements of operations and comprehensive income, or our consolidated statements of cash flows. ​ Recently Issued Accounting Standards ​ Current Expected Credit Loss ​ In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments

OPERATIONS, SUMMARY OF SIGNIF_3

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS (Tables)	6 Months Ended
	Dec. 31, 2019
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
Schedule of lease balance sheet locations	​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ December 31, 2019 Operating Leases ​ ​ ​ ​ ​ Right-of-use assets - current Prepaid expenses and other $ 568 Right-of-use assets - non-current ​ Other assets ​ ​ 5,052 Total right-of-use assets ​ ​ ​ $ 5,620 ​ ​ ​ ​ ​ ​ Lease liabilities - current ​ Other current liabilities ​ $ 412 Lease liabilities - non-current ​ Other long-term liabilities ​ ​ 6,267 Total operating lease liabilities ​ ​ ​ $ 6,679
Schedule of lease maturities	Maturities of operating lease liabilities at December 31, 2019 were as follows (amounts in thousands): ​ ​ ​ ​ ​ Fiscal Years: ​ Operating Leases 2020 ​ $ 194 2021 ​ ​ 804 2022 ​ ​ 802 2023 ​ ​ 789 2024 ​ ​ 790 Thereafter ​ ​ 4,190 Total lease payments ​ $ 7,569 Less imputed interest ​ ​ (890) Total ​ $ 6,679
Schedule of other lease information	​ ​ ​ ​ ​ ​ ​ December 31, 2019 Operating Lease Term and Discount Rate ​ ​ ​ Weighted average remaining lease term in years ​ ​ 9 Weighted average discount rate ​ ​ 2.5%

STREAM AND ROYALTY INTERESTS,_2

STREAM AND ROYALTY INTERESTS, NET (Tables)	6 Months Ended
	Dec. 31, 2019
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,636 ​ $ (201,382) ​ $ 589,254 Pueblo Viejo ​ ​ 610,404 ​ ​ (179,796) ​ ​ 430,608 Andacollo ​ ​ 388,182 ​ ​ (100,873) ​ ​ 287,309 Rainy River ​ ​ 175,727 ​ ​ (20,438) ​ ​ 155,289 Wassa and Prestea ​ ​ 146,475 ​ ​ (62,182) ​ ​ 84,293 Total production stage stream interests ​ ​ 2,111,424 ​ ​ (564,671) ​ ​ 1,546,753 Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (98,684) ​ ​ 107,040 Peñasquito ​ ​ 99,172 ​ ​ (42,451) ​ ​ 56,721 Holt ​ ​ 34,612 ​ ​ (23,273) ​ ​ 11,339 Cortez ​ ​ 80,681 ​ ​ (13,055) ​ ​ 67,626 Other ​ ​ 487,224 ​ ​ (395,171) ​ ​ 92,053 Total production stage royalty interests ​ ​ 907,413 ​ ​ (572,634) ​ ​ 334,779 Total production stage stream and royalty interests ​ ​ 3,018,837 ​ ​ (1,137,305) ​ ​ 1,881,532 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Khoemac a ​ ​ 66,605 ​ ​ — ​ ​ 66,605 Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 70,952 ​ ​ — ​ ​ 70,952 Total development stage stream and royalty interests ​ ​ 149,595 ​ ​ — ​ ​ 149,595 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Other ​ ​ 124,274 ​ ​ — ​ ​ 124,274 Total exploration stage royalty interests ​ ​ 301,964 ​ ​ — ​ ​ 301,964 Total stream and royalty interests, net ​ $ 3,470,396 ​ $ (1,137,305) ​ $ 2,333,091 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	6 Months Ended
	Dec. 31, 2019
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 135,000 ​ $ (5,131) ​ $ 129,869 ​ $ 220,000 ​ $ (5,446) ​ $ 214,554 Total debt ​ $ 135,000 ​ $ (5,131) ​ $ 129,869 ​ $ 220,000 ​ $ (5,446) ​ $ 214,554

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Dec. 31, 2019
REVENUE
Summary of disaggregated revenue	Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2019 ​ 2018 ​ 2019 ​ 2018 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 69,111 ​ $ 53,179 ​ $ 141,335 ​ $ 112,293 Silver ​ 8,929 ​ ​ 7,884 ​ ​ 17,365 ​ ​ 16,604 Copper ​ 11,585 ​ ​ 6,616 ​ ​ 17,906 ​ ​ 8,819 Total stream revenue $ 89,625 ​ $ 67,679 ​ $ 176,606 ​ $ 137,716 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 22,068 ​ $ 19,656 ​ $ 43,825 ​ $ 38,210 Silver ​ 3,365 ​ ​ 1,567 ​ ​ 5,194 ​ ​ 2,919 Copper ​ 4,107 ​ ​ 4,359 ​ ​ 7,087 ​ ​ 7,974 Other ​ 4,478 ​ ​ 4,331 ​ ​ 9,705 ​ ​ 10,766 Total royalty revenue $ 34,018 ​ $ 29,913 ​ $ 65,811 ​ $ 59,869 Total revenue $ 123,643 ​ $ 97,592 ​ $ 242,417 ​ $ 197,585 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ Metal(s) ​ 2019 ​ 2018 ​ 2019 ​ 2018 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 30,629 ​ $ 28,169 ​ $ 61,126 ​ $ 37,015 Pueblo Viejo ​ Gold & Silver ​ ​ 23,614 ​ ​ 18,230 ​ ​ 45,232 ​ ​ 37,717 Andacollo ​ Gold ​ ​ 20,665 ​ ​ 7,635 ​ ​ 41,269 ​ ​ 35,378 Wassa ​ Gold ​ ​ 4,794 ​ ​ 6,459 ​ ​ 10,113 ​ ​ 11,784 Rainy River ​ Gold & Silver ​ ​ 7,562 ​ ​ 4,095 ​ ​ 14,728 ​ ​ 9,995 Other ​ Gold ​ ​ 2,361 ​ ​ 3,091 ​ ​ 4,138 ​ ​ 5,827 Total stream revenue ​ ​ ​ $ 89,625 ​ $ 67,679 ​ $ 176,606 ​ $ 137,716 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 7,577 ​ $ 4,660 ​ $ 11,997 ​ $ 8,297 Cortez ​ Gold ​ ​ 3,292 ​ ​ 2,335 ​ ​ 7,709 ​ ​ 2,939 Other ​ Various ​ ​ 23,149 ​ ​ 22,918 ​ ​ 46,105 ​ ​ 48,633 Total royalty revenue ​ ​ ​ $ 34,018 ​ $ 29,913 ​ $ 65,811 ​ $ 59,869 Total revenue ​ ​ ​ $ 123,643 ​ $ 97,592 ​ $ 242,417 ​ $ 197,585

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Dec. 31, 2019
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2019 2018 2019 2018 ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) ​ Stock options ​ $ 26 ​ $ 33 ​ $ 57 ​ $ 154 ​ Stock appreciation rights ​ ​ 430 ​ ​ 408 ​ ​ 872 ​ ​ 1,175 ​ Restricted stock ​ ​ 697 ​ ​ 677 ​ ​ 1,940 ​ ​ 1,956 ​ Performance stock ​ ​ 385 ​ ​ 507 ​ ​ 770 ​ ​ 785 ​ Total stock-based compensation expense ​ $ 1,538 ​ $ 1,625 ​ $ 3,639 ​ $ 4,070 ​
Schedule of stock-based compensation awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Six Months Ended ​ ​ ​ December 31, ​ ​ December 31, ​ ​ December 31, ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ ​ ​ (Number of shares) ​ ​ (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 December 31, 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 ​ ​ ​ ​ ​ ​ ​ $ 136 ​ ​ 1.8 Stock appreciation rights ​ ​ ​ ​ ​ ​ ​ ​ 2,624 ​ ​ 2.0 Restricted stock ​ ​ ​ ​ ​ ​ ​ ​ 5,555 ​ ​ 3.1 Performance stock ​ ​ ​ ​ ​ ​ ​ ​ 2,191 ​ ​ 1.9

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	6 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2019 2018 2019 2018 Net income and comprehensive income available to Royal Gold common stockholders ​ $ 41,321 ​ $ 23,586 ​ $ 111,774 ​ $ 38,596 ​ Weighted-average shares for basic EPS ​ ​ 65,495,907 ​ ​ 65,395,457 ​ ​ 65,480,759 ​ ​ 65,385,161 ​ Effect of other dilutive securities ​ ​ 115,660 ​ ​ 77,943 ​ ​ 132,647 ​ ​ 100,262 ​ Weighted-average shares for diluted EPS ​ ​ 65,611,567 ​ ​ 65,473,400 ​ ​ 65,613,406 ​ ​ 65,485,423 ​ Basic earnings per share ​ $ 0.63 ​ $ 0.36 ​ $ 1.70 ​ $ 0.59 ​ Diluted earnings per share ​ $ 0.63 ​ $ 0.36 ​ $ 1.70 ​ $ 0.59 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Dec. 31, 2019
INCOME TAXES
Schedule of income tax expense and effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2019 2018 2019 2018 ​ ​ (Amounts in thousands, except rate) ​ (Amounts in thousands, except rate) Income tax (expense) benefit ​ $ (11,124) ​ $ 2,148 ​ $ 12,401 ​ $ (1,967) Effective tax rate ​ ​ 21.6% ​ ​ (10.3%) ​ ​ (12.8%) ​ ​ 5.3%

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2019
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 744,543 ​ $ 194,676 ​ $ 939,219 ​ $ 767,749 ​ $ 200,251 ​ $ 968,000 Dominican Republic ​ ​ 430,609 ​ ​ — ​ ​ 430,609 ​ ​ 451,585 ​ ​ — ​ ​ 451,585 Chile ​ ​ 287,309 ​ ​ 214,171 ​ ​ 501,480 ​ ​ 301,507 ​ ​ 214,226 ​ ​ 515,733 Africa ​ ​ 150,898 ​ ​ 321 ​ ​ 151,219 ​ ​ 89,555 ​ ​ 321 ​ ​ 89,876 Mexico ​ ​ — ​ ​ 79,891 ​ ​ 79,891 ​ ​ — ​ ​ 83,748 ​ ​ 83,748 United States ​ ​ — ​ ​ 161,391 ​ ​ 161,391 ​ ​ — ​ ​ 163,398 ​ ​ 163,398 Australia ​ ​ — ​ ​ 30,677 ​ ​ 30,677 ​ ​ — ​ ​ 31,944 ​ ​ 31,944 Rest of world ​ ​ 12,038 ​ ​ 26,567 ​ ​ 38,605 ​ ​ 12,039 ​ ​ 22,993 ​ ​ 35,032 Total ​ $ 1,625,397 ​ $ 707,694 ​ $ 2,333,091 ​ $ 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 December 31, 2019 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 89,625 ​ $ 21,077 ​ $ — ​ $ 32,181 ​ $ 36,367 Royalty interests ​ ​ 34,018 ​ ​ — ​ ​ 984 ​ ​ 7,801 ​ ​ 25,233 Total ​ $ 123,643 ​ $ 21,077 ​ $ 984 ​ $ 39,982 ​ $ 61,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2018 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 67,679 ​ $ 18,162 ​ $ — ​ $ 28,636 ​ $ 20,881 Royalty interests ​ ​ 29,913 ​ ​ — ​ ​ 909 ​ ​ 10,123 ​ ​ 18,881 Total ​ $ 97,592 ​ $ 18,162 ​ $ 909 ​ $ 38,759 ​ $ 39,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended December 31, 2019 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 176,606 ​ $ 41,188 ​ $ — ​ $ 63,643 ​ $ 71,775 Royalty interests ​ ​ 65,811 ​ ​ — ​ ​ 2,083 ​ ​ 15,000 ​ ​ 48,728 Total ​ $ 242,417 ​ $ 41,188 ​ $ 2,083 ​ $ 78,643 ​ $ 120,503 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended December 31, 2018 ​ Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests ​ $ 137,716 ​ $ 34,689 ​ $ — ​ $ 60,733 ​ $ 42,294 Royalty interests ​ ​ 59,869 ​ ​ — ​ ​ 2,201 ​ ​ 20,531 ​ ​ 37,137 Total ​ $ 197,585 ​ $ 34,689 ​ $ 2,201 ​ $ 81,264 ​ $ 79,431 (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 ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ ​ 2019 ​ ​ 2018 ​ ​ 2019 ​ ​ 2018 Total segment gross profit ​ $ 61,600 ​ $ 39,762 ​ $ 120,503 ​ $ 79,431 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 6,665 ​ ​ 7,423 ​ ​ 14,108 ​ ​ 17,349 Exploration costs ​ ​ 1,514 ​ ​ 842 ​ ​ 4,140 ​ ​ 5,204 Depreciation ​ ​ 114 ​ ​ 48 ​ ​ 167 ​ ​ 94 Operating income ​ ​ 53,307 ​ ​ 31,449 ​ ​ 102,088 ​ ​ 56,784 Fair value changes in equity securities ​ ​ 222 ​ ​ (3,631) ​ ​ (1,153) ​ ​ (5,099) Interest and other income ​ ​ 226 ​ ​ 487 ​ ​ 1,001 ​ ​ 590 Interest and other expense ​ ​ (2,217) ​ ​ (7,410) ​ ​ (5,051) ​ ​ (15,287) Income before income taxes ​ $ 51,538 ​ $ 20,895 ​ $ 96,885 ​ $ 36,988
Schedule of revenue by reportable segment geographically distributed	The Company’s revenue by reportable segment for the three and six months ended December 31, 2019 and 2018 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2019 2018 ​ 2019 2018 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 38,191 ​ $ 32,264 ​ $ 75,854 ​ $ 47,010 Dominican Republic ​ ​ 23,614 ​ ​ 18,230 ​ ​ 45,232 ​ ​ 37,717 Chile ​ ​ 20,665 ​ ​ 7,635 ​ ​ 41,269 ​ ​ 35,378 Africa ​ ​ 7,155 ​ ​ 9,550 ​ ​ 14,251 ​ ​ 17,611 Total stream interests ​ $ 89,625 ​ $ 67,679 ​ $ 176,606 ​ $ 137,716 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 10,012 ​ $ 8,284 ​ $ 20,614 ​ $ 14,340 Canada ​ ​ 8,037 ​ ​ 7,536 ​ ​ 16,958 ​ ​ 17,717 Mexico ​ ​ 9,376 ​ ​ 7,837 ​ ​ 15,763 ​ ​ 15,833 Australia ​ ​ 3,546 ​ ​ 3,157 ​ ​ 7,348 ​ ​ 6,217 Africa ​ ​ 911 ​ ​ 532 ​ ​ 1,606 ​ ​ 1,024 Rest of world ​ ​ 2,136 ​ ​ 2,567 ​ ​ 3,522 ​ ​ 4,738 Total royalty interests ​ $ 34,018 ​ $ 29,913 ​ $ 65,811 ​ $ 59,869 Total revenue ​ $ 123,643 ​ $ 97,592 ​ $ 242,417 ​ $ 197,585

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 ​ ​ ​ ​ Fair Value ​ Carrying Amount Total Level 1 Level 2 Level 3 Assets (Amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 15,242 ​ $ 15,242 ​ $ 15,003 ​ $ 239 ​ $ — (1) Other assets ​

OPERATIONS, SUMMARY OF SIGNIF_4

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS (Details)	6 Months Ended
	Dec. 31, 2019item
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
Minimum number of metals produced from a mine	1

OPERATIONS, SUMMARY OF SIGNIF_5

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS - Lease balance sheet (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2019USD ($)
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
Right-of-use assets - current	$ 568
Operating Lease, Right-of-Use Asset, Current, Statement of Financial Position [Extensible List]	us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Right-of-use assets - non-current	$ 5,052
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent
Total right-of-use assets	$ 5,620
Lease liabilities - current	$ 412
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Lease liabilities - non-current	$ 6,267
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 6,679

OPERATIONS, SUMMARY OF SIGNIF_6

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS - Lease maturities (Details) $ in Thousands	Dec. 31, 2019USD ($)
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
2020	$ 194
2021	804
2022	802
2023	789
2024	790
Thereafter	4,190
Total lease payments	7,569
Less imputed interest	(890)
Total	$ 6,679

OPERATIONS, SUMMARY OF SIGNIF_7

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS - Lease other (Details)	Dec. 31, 2019
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
Weighted average remaining lease term in years	9 years
Weighted average discount rate	2.50%

ACQUISITION (Details)

ACQUISITION (Details) $ in Thousands	1 Months Ended		6 Months Ended
	Nov. 30, 2019USD ($)	Aug. 31, 2019USD ($)paymentshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Aug. 31, 2019$ / shares	Jun. 30, 2019USD ($)
Acquisitions
Acquisition consideration paid			$ 72,417	$ 55
Investment value			$ 15,200			$ 16,000
TriStar
Acquisitions
Common stock that can be purchased by warrants (in shares) | shares			15,712,000
CDS
Acquisitions
Net smelter return (NSR) (as a percent)		1.50%
Acquisition consideration		$ 7,500
Number of installments | payment		3
Acquisition consideration paid	$ 1,500	$ 4,500
Second installment		1,500
Acquisition payment, excluding associated costs		$ 6,000
CDS | TriStar
Acquisitions
Common stock that can be purchased by warrants (in shares) | shares		19,640,000	15,712,000
Investment value			$ 200
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	Dec. 31, 2019	Jun. 30, 2019
Cost	$ 3,470,396	$ 3,397,998
Accumulated Depletion	(1,137,305)	(1,058,682)
Net	2,333,091	2,339,316
Mount Milligan
Net	589,300
Rainy River
Net	155,300
Total production stage stream and royalty interests
Cost	3,018,837	2,959,033
Accumulated Depletion	(1,137,305)	(1,058,682)
Net	1,881,532	1,900,351
Production stage stream interests
Cost	2,111,424	2,111,423
Accumulated Depletion	(564,671)	(501,026)
Net	1,546,753	1,610,397
Production stage stream interests | Mount Milligan
Cost	790,636	790,635
Accumulated Depletion	(201,382)	(184,091)
Net	589,254	606,544
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(179,796)	(158,819)
Net	430,608	451,585
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(100,873)	(86,675)
Net	287,309	301,507
Production stage stream interests | Rainy River
Cost	175,727	175,727
Accumulated Depletion	(20,438)	(14,522)
Net	155,289	161,205
Production stage stream interests | Wassa and Prestea
Cost	146,475	146,475
Accumulated Depletion	(62,182)	(56,919)
Net	84,293	89,556
Production stage royalty interests
Cost	907,413	847,610
Accumulated Depletion	(572,634)	(557,656)
Net	334,779	289,954
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(98,684)	(95,564)
Net	107,040	110,160
Production stage royalty interests | Penasquito
Cost	99,172	99,172
Accumulated Depletion	(42,451)	(40,659)
Net	56,721	58,513
Production stage royalty interests | Holt
Cost	34,612	34,612
Accumulated Depletion	(23,273)	(22,570)
Net	11,339	12,042
Production stage royalty interests | Cortez
Cost	80,681	20,878
Accumulated Depletion	(13,055)	(12,362)
Net	67,626	8,516
Production stage royalty interests | Other
Cost	487,224	487,224
Accumulated Depletion	(395,171)	(386,501)
Net	92,053	100,723
Total development stage stream and royalty interests
Cost	149,595	142,793
Net	149,595	142,793
Development stage stream interests | Khoemacau
Cost	66,605
Net	66,605
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	301,964	296,172
Net	301,964	296,172
Exploration stage royalty interests | Pascua-Lama
Cost	177,690	177,690
Net	177,690	177,690
Exploration stage royalty interests | Other
Cost	124,274	118,482
Net	$ 124,274	$ 118,482

STREAM AND ROYALTY INTERESTS,_4

STREAM AND ROYALTY INTERESTS, NET (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2019USD ($)oz	Jun. 30, 2019USD ($)
Stream and royalty interests, net | $	$ 2,333,091	$ 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 | $	$ 589,300
Rainy River
Stream and royalty interests, net | $	$ 155,300
Gold delivered (in ounces) | oz	32,200
Silver delivered (in ounces) | oz	332,300
Rainy River | Initial Royalty
Gold streaming interest (as a percent)	6.50%
Silver production acquired (as a percent)	60.00%
Gold delivered (in ounces) | oz	230,000
Silver delivered (in ounces) | oz	3,100,000
Rainy River | Subsequent Royalty
Gold streaming interest (as a percent)	3.25%
Silver production acquired (as a percent)	30.00%
El Toqui
Stream and royalty interests, net | $	$ 1,300

MARKETABLE EQUITY SECURITIES (D

MARKETABLE EQUITY SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019
Marketable Securities
Fair value changes in equity securities	$ 222	$ (3,631)	$ (1,153)	$ (5,099)
Investment value	$ 15,200		$ 15,200		$ 16,000
Contango
Marketable Securities
Investment shares owned (in shares)	809,744		809,744
Rubicon
Marketable Securities
Investment shares owned (in shares)	3,949,575		3,949,575
TriStar
Marketable Securities
Common stock that can be purchased by warrants (in shares)	15,712,000		15,712,000

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019
Long-term debt disclosure
Principal	$ 135,000		$ 135,000		$ 220,000
Debt Issuance Costs	(5,131)		(5,131)		(5,446)
Total debt	129,869		129,869		214,554
Interest expense recognized		$ 300		$ 600
Repayment of debt			85,000
Credit Facility
Long-term debt disclosure
Principal	135,000		135,000		220,000
Debt Issuance Costs	(5,131)		(5,131)		(5,446)
Total debt	129,869		129,869		$ 214,554
Outstanding amount under credit facility	135,000		135,000
Available under the revolving credit facility	$ 865,000		$ 865,000
Effective interest rate (as percent)	2.99%		2.99%
Interest expense recognized	$ 1,600		$ 3,800
LIBOR | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)			1.10%

REVENUE (Details)

REVENUE (Details)	6 Months Ended
	Dec. 31, 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		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue
Revenue	$ 123,643	$ 97,592	$ 242,417	$ 197,585
Stream interests
Disaggregation of Revenue
Revenue	89,625	67,679	176,606	137,716
Stream interests | Gold
Disaggregation of Revenue
Revenue	69,111	53,179	141,335	112,293
Stream interests | Silver
Disaggregation of Revenue
Revenue	8,929	7,884	17,365	16,604
Stream interests | Copper
Disaggregation of Revenue
Revenue	11,585	6,616	17,906	8,819
Royalty interests
Disaggregation of Revenue
Revenue	34,018	29,913	65,811	59,869
Royalty interests | Gold
Disaggregation of Revenue
Revenue	22,068	19,656	43,825	38,210
Royalty interests | Silver
Disaggregation of Revenue
Revenue	3,365	1,567	5,194	2,919
Royalty interests | Copper
Disaggregation of Revenue
Revenue	4,107	4,359	7,087	7,974
Royalty interests | Other
Disaggregation of Revenue
Revenue	$ 4,478	$ 4,331	$ 9,705	$ 10,766

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue
Revenue	$ 123,643	$ 97,592	$ 242,417	$ 197,585
Stream interests
Disaggregation of Revenue
Revenue	89,625	67,679	176,606	137,716
Stream interests | Mount Milligan
Disaggregation of Revenue
Revenue	30,629	28,169	61,126	37,015
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue	23,614	18,230	45,232	37,717
Stream interests | Andacollo
Disaggregation of Revenue
Revenue	20,665	7,635	41,269	35,378
Stream interests | Wassa and Prestea
Disaggregation of Revenue
Revenue	4,794	6,459	10,113	11,784
Stream interests | Rainy River
Disaggregation of Revenue
Revenue	7,562	4,095	14,728	9,995
Stream interests | Other
Disaggregation of Revenue
Revenue	2,361	3,091	4,138	5,827
Royalty interests
Disaggregation of Revenue
Revenue	34,018	29,913	65,811	59,869
Royalty interests | Other
Disaggregation of Revenue
Revenue	23,149	22,918	46,105	48,633
Royalty interests | Penasquito
Disaggregation of Revenue
Revenue	7,577	4,660	11,997	8,297
Royalty interests | Cortez
Disaggregation of Revenue
Revenue	$ 3,292	$ 2,335	$ 7,709	$ 2,939

REVENUE - Contract Receivables

REVENUE - Contract Receivables (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Contract Receivables
Royalty payments monthly due period	30 days
Royalty receivables	$ 28,446	$ 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)	6 Months Ended
	Dec. 31, 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		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation
Stock-based compensation expense	$ 1,538	$ 1,625	$ 3,639	$ 4,070
Stock-based compensation awards granted (in shares)			100,866	175,470
Stock options
Stock-based compensation
Stock-based compensation expense	26	33	$ 57	$ 154
Stock options granted (in shares)			1,604	6,430
Unrecognized compensation expense	136		$ 136
Weighted-average vesting period (years)			1 year 9 months 18 days
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	430	408	$ 872	$ 1,175
Other than options granted (in shares)			46,726	69,360
Unrecognized compensation expense	2,624		$ 2,624
Weighted-average vesting period (years)			2 years
Restricted stock
Stock-based compensation
Stock-based compensation expense	697	677	$ 1,940	$ 1,956
Other than options granted (in shares)			23,976	42,260
Unrecognized compensation expense	5,555		$ 5,555
Weighted-average vesting period (years)			3 years 1 month 6 days
Performance stock
Stock-based compensation
Stock-based compensation expense	385	$ 507	$ 770	$ 785
Other than options granted (in shares)			28,560	57,420
Unrecognized compensation expense	$ 2,191		$ 2,191
Weighted-average vesting period (years)			1 year 10 months 24 days
Performance stock | Maximum
Stock-based compensation
Earn out basis if all goals are met (as a percent)	200.00%		200.00%

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
EARNINGS PER SHARE ("EPS")
Net income (loss) available to Royal Gold common stockholders	$ 41,321	$ 23,586	$ 111,774	$ 38,596
Net income and comprehensive income available to Royal Gold common stockholders	$ 41,321	$ 23,586	$ 111,774	$ 38,596
Weighted-average shares for basic EPS	65,495,907	65,395,457	65,480,759	65,385,161
Effect of other dilutive securities (in shares)	115,660	77,943	132,647	100,262
Weighted-average shares for diluted EPS	65,611,567	65,473,400	65,613,406	65,485,423
Basic earnings per share (in dollars per share)	$ 0.63	$ 0.36	$ 1.70	$ 0.59
Diluted earnings per share (in dollars per share)	$ 0.63	$ 0.36	$ 1.70	$ 0.59

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Income tax (expense) benefit	$ (11,124)	$ 2,148	$ 12,401	$ (1,967)
Effective tax rate (as a percent)	21.60%	(10.30%)	(12.80%)	5.30%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Jun. 30, 2019USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment			2
Stream and royalty interests, net	$ 2,333,091		$ 2,333,091		$ 2,339,316
Revenue	123,643	$ 97,592	242,417	$ 197,585
Cost of sales	21,077	18,162	41,188	34,689
Production taxes	984	909	2,083	2,201
Depletion	39,982	38,759	78,643	81,264
Total segment gross profit	61,600	39,762	120,503	79,431
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	939,219		939,219		968,000
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	430,609		430,609		451,585
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	501,480		501,480		515,733
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	151,219		151,219		89,876
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	79,891		79,891		83,748
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	161,391		161,391		163,398
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	30,677		30,677		31,944
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	38,605		38,605		35,032
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	1,625,397		1,625,397		1,622,435
Revenue	89,625	67,679	176,606	137,716
Cost of sales	21,077	18,162	41,188	34,689
Depletion	32,181	28,636	63,643	60,733
Total segment gross profit	36,367	20,881	71,775	42,294
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	744,543		744,543		767,749
Revenue	38,191	32,264	75,854	47,010
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	430,609		430,609		451,585
Revenue	23,614	18,230	45,232	37,717
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	287,309		287,309		301,507
Revenue	20,665	7,635	41,269	35,378
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	150,898		150,898		89,555
Revenue	7,155	9,550	14,251	17,611
Stream interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	12,038		12,038		12,039
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	707,694		707,694		716,881
Revenue	34,018	29,913	65,811	59,869
Production taxes	984	909	2,083	2,201
Depletion	7,801	10,123	15,000	20,531
Total segment gross profit	25,233	18,881	48,728	37,137
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	194,676		194,676		200,251
Revenue	8,037	7,536	16,958	17,717
Royalty interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	214,171		214,171		214,226
Royalty interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	321		321		321
Revenue	911	532	1,606	1,024
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	79,891		79,891		83,748
Revenue	9,376	7,837	15,763	15,833
Royalty interests | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	161,391		161,391		163,398
Revenue	10,012	8,284	20,614	14,340
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	30,677		30,677		31,944
Revenue	3,546	3,157	7,348	6,217
Royalty interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	26,567		26,567		$ 22,993
Revenue	$ 2,136	$ 2,567	$ 3,522	$ 4,738

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of total segment gross profit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
SEGMENT INFORMATION
Total segment gross profit	$ 61,600	$ 39,762	$ 120,503	$ 79,431
Costs and expenses
General and administrative expenses	6,665	7,423	14,108	17,349
Exploration costs	1,514	842	4,140	5,204
Depreciation	114	48	167	94
Operating income	53,307	31,449	102,088	56,784
Fair value changes in equity securities	222	(3,631)	(1,153)	(5,099)
Interest and other income	226	487	1,001	590
Interest and other expense	(2,217)	(7,410)	(5,051)	(15,287)
Income before income taxes	$ 51,538	$ 20,895	$ 96,885	$ 36,988

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis $ in Thousands	Dec. 31, 2019USD ($)
Carrying Amount
Assets:
Marketable equity securities	$ 15,242
Fair Value
Assets:
Marketable equity securities	15,242
Level 1
Assets:
Marketable equity securities	15,003
Level 2
Assets:
Marketable equity securities	$ 239

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Feb. 05, 2020	Nov. 05, 2019	Dec. 31, 2019
Khoemacau
Commitments and Contingencies
Commitment payment made	$ 22,000	$ 65,800
Minimum future contingent payments			$ 146,200
Maximum future contingent payments			199,200
Ilovica
Commitments and Contingencies
Maximum future contingent payments			$ 163,750

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands	Jan. 29, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent events
Acquisition consideration paid		$ 72,417	$ 55
Subsequent Event | Alturas
Subsequent events
Acquisition consideration paid	$ 11,000
Future payment based on project decisions	20,000
Future payment to private individuals upon first production	10,000
Subsequent Event | Alturas | Maximum
Subsequent events
Acquisition consideration	$ 41,000
Subsequent Event | Alturas | Gold
Subsequent events
Net smelter return (NSR) (as a percent)	1.06%
Subsequent Event | Alturas | Copper
Subsequent events
Net smelter return (NSR) (as a percent)	1.59%