Royal Gold (RGLD) 10-Q 5 Nov 20 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2020	Oct. 29, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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		65,604,624
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
ASSETS
Cash and equivalents	$ 413,116	$ 319,128
Royalty receivables	33,573	27,689
Income tax receivable	4,298	2,435
Stream inventory	17,159	11,671
Prepaid expenses and other	1,679	1,227
Total current assets	469,825	362,150
Stream and royalty interests, net (Note 3)	2,242,314	2,318,913
Other assets	85,048	85,224
Total assets	2,797,187	2,766,287
LIABILITIES
Accounts payable	2,901	2,484
Dividends payable	18,368	18,364
Income tax payable	25,730	13,323
Other current liabilities	9,140	9,384
Total current liabilities	56,139	43,555
Debt (Note 5)	270,696	300,439
Deferred tax liabilities	85,784	86,439
Uncertain tax positions	13,230	25,427
Other long-term liabilities	8,117	8,308
Total liabilities	433,966	464,168
Commitments and contingencies (Note 13)
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 65,545,606 and 65,531,288 shares outstanding, respectively	656	655
Additional paid-in capital	2,199,705	2,210,429
Accumulated earnings	149,702	61,133
Total Royal Gold stockholders' equity	2,350,063	2,272,217
Non-controlling interests	13,158	29,902
Total equity	2,363,221	2,302,119
Total liabilities and equity	$ 2,797,187	$ 2,766,287

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Jun. 30, 2020
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	65,545,606	65,531,288

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Consolidated Statements of Operations and Comprehensive Income
Revenue (Note 7)	$ 146,880	$ 118,774
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	21,902	20,111
General and administrative	7,454	7,443
Production taxes	1,355	1,099
Exploration costs	563	2,626
Depreciation, depletion and amortization	46,300	38,714
Total costs and expenses	77,574	69,993
Gain on sale of Peak Gold JV interest	33,906
Operating income	103,212	48,781
Fair value changes in equity securities	2,539	(1,375)
Interest and other income	421	775
Interest and other expense	(1,875)	(2,834)
Income before income taxes	104,297	45,347
Income tax benefit	2,377	23,525
Net income and comprehensive income	106,674	68,872
Net loss and comprehensive loss attributable to non-controlling interests	265	1,581
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 106,939	$ 70,453
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share (in dollars per share)	$ 1.63	$ 1.07
Basic weighted average shares outstanding (in shares)	65,537,714	65,465,611
Diluted earnings per share (in dollars per share)	$ 1.63	$ 1.07
Diluted weighted average shares outstanding (in shares)	65,632,689	65,615,926
Cash dividends declared per common share (in dollars per share)	$ 0.280	$ 0.265

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholder's Equity - USD ($) $ in Thousands	Common Shares	Additional Paid-In Capital	Accumulated (Losses) Earnings	Noncontrolling Interests	Total
Balance at Jun. 30, 2019	$ 655	$ 2,201,773	$ (65,747)	$ 33,772	$ 2,170,453
Balance (in shares) at Jun. 30, 2019	65,440,492
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		(323)			(323)
Stock-based compensation and related share issuances (in shares)	55,295
Distributions from (to) non-controlling interests		900		(192)	708
Net income (loss) and comprehensive income (loss)			70,453	(1,581)	68,872
Dividends declared			(17,382)		(17,382)
Balance at Sep. 30, 2019	$ 655	2,202,350	(12,676)	31,999	2,222,328
Balance (in shares) at Sep. 30, 2019	65,495,787
Balance at Jun. 30, 2020	$ 655	2,210,429	61,133	29,902	2,302,119
Balance (in shares) at Jun. 30, 2020	65,531,288
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances	$ 1	105			106
Stock-based compensation and related share issuances (in shares)	14,318
Sale of Peak Gold JV interest		(10,829)		(16,218)	(27,047)
Net income (loss) and comprehensive income (loss)			106,939	(265)	106,674
Distributions to non-controlling interests				(261)	(261)
Dividends declared			(18,370)		(18,370)
Balance at Sep. 30, 2020	$ 656	$ 2,199,705	$ 149,702	$ 13,158	$ 2,363,221
Balance (in shares) at Sep. 30, 2020	65,545,606

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income and comprehensive income	$ 106,674	$ 68,872
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	46,300	38,714
Gain on sale of Peak Gold JV interest	(33,906)
Non-cash employee stock compensation expense	1,493	2,101
Fair value changes in equity securities	(2,539)	1,375
Deferred tax benefit	(10,545)	(33,139)
Other	111	281
Changes in assets and liabilities:
Royalty receivables	(5,884)	(5,902)
Stream inventory	(5,488)	608
Income tax receivable	(1,864)	(995)
Prepaid expenses and other assets	260	(3,197)
Accounts payable	(235)	517
Income tax payable	12,408	(1,426)
Uncertain tax positions	(12,196)	1,748
Other liabilities	(437)	1,682
Net cash provided by operating activities	94,152	71,239
Cash flows from investing activities:
Acquisition of stream and royalty interests	(11,304)	(4,362)
Proceeds from sale of Peak Gold JV interest	49,154
Proceeds from sale of Contango shares	12,146
Other	(339)	4,858
Net cash provided by investing activities	49,657	496
Cash flows from financing activities:
Repayment of debt	(30,000)	(50,000)
Net payments from issuance of common stock	(1,389)	(2,423)
Common stock dividends	(18,365)	(17,373)
Other	(67)	556
Net cash used in financing activities	(49,821)	(69,240)
Net increase in cash and equivalents	93,988	2,495
Cash and equivalents at beginning of period	319,128	119,475
Cash and equivalents at end of period	$ 413,116	$ 121,970

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	3 Months Ended
	Sep. 30, 2020
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 ACCOUNTING STANDARDS ​ Royal Gold is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in a mining project that provide the right to revenue or metals produced from the project after deducting contractually specified costs, if any. ​ Summary of Significant Accounting Policies ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. These interim unaudited financial statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed with the Securities and Exchange Commission on August 6, 2020 (“Fiscal 2020 10-K”). ​ Recently Adopted Accounting Standards ​ Current Expected Credit Loss ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments ​

SALE OF PEAK GOLD JV INTEREST

SALE OF PEAK GOLD JV INTEREST	3 Months Ended
	Sep. 30, 2020
SALE OF PEAK GOLD JV INTEREST
SALE OF PEAK GOLD JV INTEREST	2. SALE OF PEAK GOLD JV INTEREST ​ On September 30, 2020, we entered into an agreement with an affiliate of Kinross Gold Corporation to sell our 40% membership interest in the Peak Gold Project for cash consideration of $49.2 million and to sell our 809,744 common shares in Contango Ore, Inc. (“Contango”), our partner in Peak Gold, LLC, for cash consideration of $12.1 million. ​ In addition to the total cash consideration of $61.3 million, we received the following royalty interests: ​ ● An incremental 28% net smelter royalty on silver produced from an area of interest which includes the current Peak Gold Project resource area, in respect of which Peak Gold, LLC retains the right to acquire 50% of this royalty; and ● An incremental 1% net smelter return royalty on certain State of Alaska mining claims, increasing our royalty on this area from 2% to 3%. ​ The royalties are recorded as exploration stage royalty interests in Stream and royalty interests, net Fair value changes in equity securities ​

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	3 Months Ended
	Sep. 30, 2020
STREAM AND ROYALTY INTERESTS, NET
STREAM AND ROYALTY INTERESTS, NET	3. STREAM AND ROYALTY INTERESTS, NET ​ The following tables summarize our stream and royalty interests, net as of September 30, 2020 and June 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (251,423) ​ $ 539,212 Pueblo Viejo ​ ​ 610,404 ​ ​ (215,824) ​ ​ 394,580 Andacollo ​ ​ 388,182 ​ ​ (116,328) ​ ​ 271,854 Rainy River ​ ​ 175,727 ​ ​ (30,480) ​ ​ 145,247 Wassa ​ ​ 146,475 ​ ​ (70,677) ​ ​ 75,798 Total production stage stream interests ​ ​ 2,111,423 ​ ​ (684,732) ​ ​ 1,426,691 Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (103,271) ​ ​ 102,453 Peñasquito ​ ​ 99,172 ​ ​ (45,741) ​ ​ 53,431 Holt ​ ​ 34,612 ​ ​ (23,867) ​ ​ 10,745 Cortez ​ ​ 80,681 ​ ​ (15,657) ​ ​ 65,024 Other ​ ​ 485,504 ​ ​ (406,226) ​ ​ 79,278 Total production stage royalty interests ​ ​ 905,693 ​ ​ (594,762) ​ ​ 310,931 Total production stage stream and royalty interests ​ ​ 3,017,116 ​ ​ (1,279,494) ​ ​ 1,737,622 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Khoemac a ​ ​ 147,718 ​ ​ — ​ ​ 147,718 Other ​ ​ 12,037 ​ ​ — ​ ​ 12,037 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 70,952 ​ ​ — ​ ​ 70,952 Total development stage stream and royalty interests ​ ​ 230,707 ​ ​ — ​ ​ 230,707 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Other ​ ​ 96,295 ​ ​ — ​ ​ 96,295 Total exploration stage royalty interests ​ ​ 273,985 ​ ​ — ​ ​ 273,985 Total stream and royalty interests, net ​ $ 3,521,808 ​ $ (1,279,494) ​ $ 2,242,314 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2020 (Amounts in thousands): Cost Accumulated Depletion Impairments ​ Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (236,352) ​ $ — ​ $ 554,283 Pueblo Viejo ​ ​ 610,404 ​ ​ (203,935) ​ ​ — ​ ​ 406,469 Andacollo ​ ​ 388,182 ​ ​ (110,521) ​ ​ — ​ ​ 277,661 Rainy River ​ ​ 175,727 ​ ​ (27,278) ​ ​ — ​ ​ 148,449 Wassa ​ ​ 146,475 ​ ​ (67,619) ​ ​ — ​ ​ 78,856 Total production stage stream interests ​ ​ 2,111,423 ​ ​ (645,705) ​ ​ — ​ ​ 1,465,718 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (101,381) ​ ​ — ​ ​ 104,343 Peñasquito ​ ​ 99,172 ​ ​ (44,614) ​ ​ — ​ ​ 54,558 Holt ​ ​ 34,612 ​ ​ (23,851) ​ ​ — ​ ​ 10,761 Cortez ​ ​ 80,681 ​ ​ (15,065) ​ ​ — ​ ​ 65,616 Other ​ ​ 487,225 ​ ​ (403,080) ​ ​ (1,341) ​ ​ 82,804 Total production stage royalty interests ​ ​ 907,414 ​ ​ (587,991) ​ ​ (1,341) ​ ​ 318,082 Total production stage stream and royalty interests ​ ​ 3,018,837 ​ ​ (1,233,696) ​ ​ (1,341) ​ ​ 1,783,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Khoemac a ​ ​ 136,608 ​ ​ — ​ ​ — ​ ​ 136,608 Other ​ ​ 12,037 ​ ​ — ​ ​ — ​ ​ 12,037 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 70,952 ​ ​ — ​ ​ — ​ ​ 70,952 Total development stage royalty interests ​ ​ 70,952 ​ ​ — ​ ​ — ​ ​ 70,952 Total development stage stream and royalty interests ​ ​ 219,597 ​ ​ — ​ ​ — ​ ​ 219,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ — ​ ​ 177,690 Other ​ ​ 137,826 ​ ​ — ​ ​ — ​ ​ 137,826 Total exploration stage royalty interests ​ ​ 315,516 ​ ​ — ​ ​ — ​ ​ 315,516 Total stream and royalty interests, net ​ $ 3,553,950 ​ $ (1,233,696) ​ $ (1,341) ​ $ 2,318,913 ​ Separation of the Wassa and Prestea and Bogoso Stream Agreement ​ On October 1, 2020, we announced the separation of the Wassa, and Prestea and Bogoso gold stream agreements into separate stream agreements effective September 30, 2020. This separation was completed to facilitate the sale by Golden Star Resources Ltd. (“Golden Star”) of the Prestea and Bogoso mines to Future Global Resources (“FGR”). ​ The Wassa stream agreement, which remains with Golden Star, provides us the right to purchase 10.5% of the gold produced from the Wassa mine until the delivery of 240,000 ounces, after which the stream percentage will decrease to 5.5%. The cash purchase price for gold is 20% of the spot price per ounce delivered until the delivery of 240,000 ounces, and 30% of the spot price per ounce delivered thereafter. ​ The Prestea and Bogoso stream agreement with FGR provides us the right to purchase 5.5% of the gold produced from the Prestea and Bogoso mines in return for a cash purchase price of 30% of the spot price per ounce delivered. ​ The material terms of both the Wassa stream agreement and the Prestea/Bogoso stream agreement, including security and the rights and obligations of both Royal Gold and Golden Star, remain substantially consistent with those terms in the original agreement. The Wassa, and Prestea and Bogoso streams are recorded as a production stage stream interest within Stream and royalty interests, net ​ COVID-19 and current economic environment ​ Earlier in calendar 2020, several of our operating counterparties announced temporary operational curtailments or the withdrawal or review of disclosed guidance due to the ongoing COVID-19 pandemic. The economic and societal impacts associated with COVID-19 remain fluid and continue to change rapidly. We continue to monitor any developments that the COVID-19 pandemic may have on our stream or royalty interests as part of our regular asset impairment analysis.

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES	3 Months Ended
	Sep. 30, 2020
MARKETABLE EQUITY SECURITIES
MARKETABLE EQUITY SECURITIES	​ 4. MARKETABLE EQUITY SECURITIES ​ As of September 30, 2020, our marketable equity securities include 3,949,575 common shares of Battle North Gold Corporation, and warrants to purchase up to 19,640,000 common shares of TriStar Gold Inc. (“TriStar”). Our marketable equity securities are measured at fair value (Note 12) each reporting period with any changes in fair value recognized in net income. ​ As discussed in Note 2, on September 30, 2020, we sold 809,744 common shares of Contango for total consideration of $12.1 million and recorded a mark-to-market increase of $3.6 million on the sale, which is included in Fair value changes in equity securities ​ The fair value of our marketable equity securities increased $2.5 million and decreased $1.4 million for the three months ended September 30, 2020 and 2019, respectively, and are included in Fair value changes in equity securities Other assets ​

DEBT

DEBT	3 Months Ended
	Sep. 30, 2020
DEBT
DEBT	5. DEBT ​ Our debt as of September 30, 2020 and June 30, 2020 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 ​ As of June 30, 2020 ​ Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Revolving credit facility ​ $ 275,000 ​ $ (4,304) ​ $ 270,696 ​ $ 305,000 ​ $ (4,561) ​ $ 300,439 Total debt ​ $ 275,000 ​ $ (4,304) ​ $ 270,696 ​ $ 305,000 ​ $ (4,561) ​ $ 300,439 ​ Revolving credit facility ​ As of September 30, 2020, we had $275 million outstanding and $725 million available under our revolving credit facility. As of September 30, 2020, the interest rate on borrowings under our revolving credit facility was LIBOR plus 1.10% for an all-in rate of 1.40%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $1.3 million and $2.2 million for the three months ended September 30, 2020, and 2019, respectively. As discussed in Note 6 to the consolidated financial statements in our Fiscal 2020 10-K, we have financial covenants associated with our revolving credit facility. As of September 30, 2020, we were in compliance with each financial covenant. ​ On October 2, 2020, we repaid $75 million of the outstanding borrowings under our revolving credit facility. This increased the amount available under our revolving credit facility to $800 million and decreased the amount outstanding to $200 million. ​ Royal Gold may repay any borrowings under our revolving credit facility at any time without premium or penalty. Our revolving credit facility matures on June 3, 2024.

LEASES

LEASES	3 Months Ended
	Sep. 30, 2020
LEASES
LEASES	6. LEASES ​ Our significant lease arrangements relate to our office spaces. These arrangements are for leases of assets such as corporate office space and office equipment. We lease 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 September 30, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ September 30, 2020 Operating Leases ​ ​ ​ ​ ​ Right-of-use assets - current Prepaid expenses and other $ 829 Right-of-use assets - non-current ​ Other assets ​ ​ 6,878 Total right-of-use assets ​ ​ ​ $ 7,707 ​ ​ ​ ​ ​ ​ Lease liabilities - current ​ Other current liabilities ​ $ 918 Lease liabilities - non-current ​ Other long-term liabilities ​ ​ 8,118 Total operating lease liabilities ​ ​ ​ $ 9,036 ​ Maturities of operating lease liabilities at September 30, 2020 were as follows (amounts in thousands): ​ ​ ​ ​ ​ Fiscal Years: ​ Operating Leases 2021 ​ $ 847 2022 ​ ​ 1,127 2023 ​ ​ 1,114 2024 ​ ​ 1,125 2025 ​ ​ 1,097 Thereafter ​ ​ 4,815 Total lease payments ​ $ 10,125 Less imputed interest ​ ​ (1,089) Total ​ $ 9,036 ​ Other information pertaining to leases consist of the following: ​ ​ ​ ​ ​ ​ ​ September 30, 2020 Operating Lease Term and Discount Rate ​ ​ ​ Weighted average remaining lease term in years ​ ​ 9 Weighted average discount rate ​ ​ 2.5% ​ We did not have any finance leases as of September 30, 2020.

REVENUE

REVENUE	3 Months Ended
	Sep. 30, 2020
REVENUE
REVENUE	7. REVENUE ​ Revenue Recognition ​ Under U.S. GAAP guidance, a performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below. ​ Stream Interests ​ A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time) commencing shortly after receipt and purchase of the metal. We settle our forward sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our forward sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser. ​ Royalty Interests ​ Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production 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, we 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 2020 10-K. For the three months ended September 30, 2020, royalty revenue that was estimated or was attributable to metal production for a period prior to September 30, 2020, 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 11. ​ Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ September 30, ​ September 30, ​ 2020 ​ 2019 Stream revenue: ​ ​ ​ ​ ​ Gold $ 83,597 ​ $ 72,224 Silver ​ 10,898 ​ ​ 8,436 Copper ​ 12,008 ​ ​ 6,321 Total stream revenue $ 106,503 ​ $ 86,981 Royalty revenue: ​ ​ ​ ​ ​ Gold $ 26,904 ​ $ 21,757 Silver ​ 3,441 ​ ​ 1,829 Copper ​ 4,060 ​ ​ 2,980 Other ​ 5,972 ​ ​ 5,227 Total royalty revenue $ 40,377 ​ $ 31,793 Total revenue $ 146,880 ​ $ 118,774 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ Metal(s) ​ 2020 ​ 2019 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 34,620 ​ $ 30,497 Pueblo Viejo ​ Gold & Silver ​ ​ 31,270 ​ ​ 21,618 Andacollo ​ Gold ​ ​ 23,509 ​ ​ 20,604 Wassa ​ Gold ​ ​ 9,108 ​ ​ 5,319 Other ​ Gold & Silver ​ ​ 7,996 ​ ​ 8,943 Total stream revenue ​ ​ ​ $ 106,503 ​ $ 86,981 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 10,209 ​ $ 4,420 Cortez ​ Gold ​ ​ 5,684 ​ ​ 4,417 Other ​ Various ​ ​ 24,484 ​ ​ 22,956 Total royalty revenue ​ ​ ​ $ 40,377 ​ $ 31,793 Total revenue ​ ​ ​ $ 146,880 ​ $ 118,774 ​ Please refer to Note 11 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Sep. 30, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	8. STOCK-BASED COMPENSATION ​ We recognized stock-based compensation expense as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 ​ ​ ​ (Amounts in thousands) Stock options ​ $ 15 ​ $ 31 Stock appreciation rights ​ ​ 371 ​ ​ 442 Restricted stock ​ ​ 997 ​ ​ 1,243 Performance stock ​ ​ 110 ​ ​ 385 Total stock-based compensation expense ​ $ 1,493 ​ $ 2,101 ​ Stock-based compensation expense is included within General and administrative ​ During the three months ended September 30, 2020 and 2019, we granted the following stock-based compensation awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ September 30, ​ ​ September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ (Number of shares) Stock options ​ ​ 2,860 ​ ​ 1,604 Stock appreciation rights ​ ​ 64,100 ​ ​ 46,726 Restricted stock ​ ​ 26,104 ​ ​ 23,976 Performance stock (at maximum 200% attainment) ​ ​ 35,380 ​ ​ 28,560 Total equity awards granted ​ ​ 128,444 ​ ​ 100,866 ​ As of September 30, 2020, 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 ​ $ 138 ​ ​ 2.5 Stock appreciation rights ​ ​ 3,552 ​ ​ 2.5 Restricted stock ​ ​ 5,499 ​ ​ 3.6 Performance stock ​ ​ 2,120 ​ ​ 2.6 ​

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	3 Months Ended
	Sep. 30, 2020
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	9. 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. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock option awards, unexercised stock-settled stock appreciation rights 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 ​ ​ September 30, ​ September 30, ​ 2020 2019 Net income attributable to Royal Gold common stockholders ​ $ 106,939 ​ $ 70,453 Weighted-average shares for basic EPS ​ ​ 65,537,714 ​ ​ 65,465,611 Effect of other dilutive securities ​ ​ 94,975 ​ ​ 150,315 Weighted-average shares for diluted EPS ​ ​ 65,632,689 ​ ​ 65,615,926 Basic earnings per share ​ $ 1.63 ​ $ 1.07 Diluted earnings per share ​ $ 1.63 ​ $ 1.07 ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Sep. 30, 2020
INCOME TAXES
INCOME TAXES	10. INCOME TAXES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 ​ ​ (Amounts in thousands, except rate) Income tax benefit ​ $ (2,377) ​ $ (23,525) Effective tax rate ​ ​ (2.3%) ​ ​ (51.9%) ​ The effective tax rate for the three months ended September 30, 2020, included discrete tax benefits ($24.5 million) attributable to the settlement of an uncertain tax position with a foreign jurisdiction and the release of a valuation allowance related to deferred tax assets. The effective tax rate for the three months September 30, 2019 included a discrete tax benefit ($32.3 million) primarily related to the remeasurement of certain deferred tax assets and a net step-up in the basis of tax assets due to the enactment of Swiss Tax Reform.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Sep. 30, 2020
SEGMENT INFORMATION
SEGMENT INFORMATION	11. SEGMENT INFORMATION ​ We manage our 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 September 30, 2020 ​ As of June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ Stream ​ Royalty ​ and royalty ​ Stream ​ Royalty ​ and royalty ​ interest interest interests, net interest interest ​ interests, net Canada ​ $ 684,459 ​ $ 186,958 ​ $ 871,417 ​ $ 702,732 ​ $ 189,855 ​ $ 892,587 Dominican Republic ​ ​ 394,580 ​ ​ — ​ ​ 394,580 ​ ​ 406,469 ​ ​ — ​ ​ 406,469 Chile ​ ​ 271,854 ​ ​ 224,116 ​ ​ 495,970 ​ ​ 277,661 ​ ​ 223,922 ​ ​ 501,583 Africa ​ ​ 223,515 ​ ​ 321 ​ ​ 223,836 ​ ​ 215,463 ​ ​ 321 ​ ​ 215,784 Mexico ​ ​ — ​ ​ 74,273 ​ ​ 74,273 ​ ​ — ​ ​ 75,951 ​ ​ 75,951 United States ​ ​ — ​ ​ 116,723 ​ ​ 116,723 ​ ​ — ​ ​ 159,445 ​ ​ 159,445 Australia ​ ​ — ​ ​ 29,649 ​ ​ 29,649 ​ ​ — ​ ​ 30,006 ​ ​ 30,006 Rest of world ​ ​ 12,038 ​ ​ 23,828 ​ ​ 35,866 ​ ​ 12,038 ​ ​ 25,050 ​ ​ 37,088 Total ​ $ 1,586,446 ​ $ 655,868 ​ $ 2,242,314 ​ $ 1,614,363 ​ $ 704,550 ​ $ 2,318,913 ​ Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 106,503 ​ $ 21,902 ​ $ — ​ $ 39,027 ​ $ 45,574 Royalty interests ​ ​ 40,377 ​ ​ — ​ ​ 1,355 ​ ​ 7,187 ​ ​ 31,835 Total ​ $ 146,880 ​ $ 21,902 ​ $ 1,355 ​ $ 46,214 ​ $ 77,409 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2019 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 86,981 ​ $ 20,111 ​ $ — ​ $ 31,462 ​ $ 35,408 Royalty interests ​ ​ 31,793 ​ ​ — ​ ​ 1,099 ​ ​ 7,199 ​ ​ 23,495 Total ​ $ 118,774 ​ $ 20,111 ​ $ 1,099 ​ $ 38,661 ​ $ 58,903 ​ (1) Excludes depreciation, depletion and amortization (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. ​ A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 ​ ​ 2019 Total segment gross profit ​ $ 77,409 ​ $ 58,903 ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 7,454 ​ ​ 7,443 Exploration costs ​ ​ 563 ​ ​ 2,626 Depreciation and amortization ​ ​ 86 ​ ​ 53 Gain on sale of Peak Gold member interest ​ ​ 33,906 ​ ​ — Operating income ​ ​ 103,212 ​ ​ 48,781 Fair value changes in equity securities ​ ​ 2,539 ​ ​ (1,375) Interest and other income ​ ​ 421 ​ ​ 775 Interest and other expense ​ ​ (1,875) ​ ​ (2,834) Income before income taxes ​ $ 104,297 ​ $ 45,347 ​ Our revenue by reportable segment for the three months ended September 30, 2020 and 2019 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 Stream interests: ​ ​ ​ ​ ​ ​ Canada ​ $ 41,586 ​ $ 37,663 Dominican Republic ​ ​ 31,270 ​ ​ 21,618 Chile ​ ​ 23,509 ​ ​ 20,604 Africa ​ ​ 10,138 ​ ​ 7,096 Total stream interests ​ $ 106,503 ​ $ 86,981 ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ United States ​ $ 13,698 ​ $ 10,602 Mexico ​ ​ 11,577 ​ ​ 6,387 Canada ​ ​ 7,410 ​ ​ 8,921 Australia ​ ​ 4,542 ​ ​ 3,802 Africa ​ ​ 750 ​ ​ 470 Rest of world ​ ​ 2,400 ​ ​ 1,611 Total royalty interests ​ $ 40,377 ​ $ 31,793 Total revenue ​ $ 146,880 ​ $ 118,774 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	12. FAIR VALUE MEASUREMENTS ​ Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: ​ 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 our financial assets measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 ​ ​ ​ ​ Fair Value ​ Carrying Amount Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 8,256 ​ $ 8,256 ​ $ 5,274 ​ $ 2,982 ​ $ — (1) Other assets ​ Our 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. The carrying value of our revolving credit facility (Note 5) approximates fair value as of September 30, 2020. The TriStar Gold warrants classified within Level 2 of the fair value hierarchy are model-derived (Black-Scholes) valuations in which the significant inputs are observable in active markets. ​ As of September 30, 2020, we had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with stream and royalty interests, intangible assets and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired. If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES ​ Khoemac a u Silver Stream Acquisition ​ Pursuant to our Khoemac a ​ ● $65.8 million – November 5, 2019 ● $22.0 million – February 2, 2020 ● $47.9 million – April 3, 2020 ● $11.1 million – July 5, 2020 ● $32.5 million – October 5, 2020 ​ Including the fifth advance payment made on October 5, 2020, we have made total contributions of $179.3 million. We expect to commit the remaining $32.7 million in calendar year 2021 for the Base Silver Stream and $85.7 million should Khoemacau Copper Mining (Pty.) Limited elect to fully exercise the Option Silver Stream. Further payments are subject to certain conditions and are scheduled to be made on a quarterly basis using an agreed formula and certification process as project spending progresses. Refer to our Fiscal 2020 10-K for further details on the Khoemac a ​ Ilovica Gold Stream Acquisition ​ As of September 30, 2020, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition in October 2014, remains subject to certain conditions. ​

OPERATIONS, SUMMARY OF SIGNIF_2

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Sep. 30, 2020
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
Basis of Consolidation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. These interim unaudited financial statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed with the Securities and Exchange Commission on August 6, 2020 (“Fiscal 2020 10-K”).
Recently Adopted and Recently Issued Accounting Standards	Recently Adopted Accounting Standards ​ Current Expected Credit Loss ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments

STREAM AND ROYALTY INTERESTS,_2

STREAM AND ROYALTY INTERESTS, NET (Tables)	3 Months Ended
	Sep. 30, 2020
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (251,423) ​ $ 539,212 Pueblo Viejo ​ ​ 610,404 ​ ​ (215,824) ​ ​ 394,580 Andacollo ​ ​ 388,182 ​ ​ (116,328) ​ ​ 271,854 Rainy River ​ ​ 175,727 ​ ​ (30,480) ​ ​ 145,247 Wassa ​ ​ 146,475 ​ ​ (70,677) ​ ​ 75,798 Total production stage stream interests ​ ​ 2,111,423 ​ ​ (684,732) ​ ​ 1,426,691 Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (103,271) ​ ​ 102,453 Peñasquito ​ ​ 99,172 ​ ​ (45,741) ​ ​ 53,431 Holt ​ ​ 34,612 ​ ​ (23,867) ​ ​ 10,745 Cortez ​ ​ 80,681 ​ ​ (15,657) ​ ​ 65,024 Other ​ ​ 485,504 ​ ​ (406,226) ​ ​ 79,278 Total production stage royalty interests ​ ​ 905,693 ​ ​ (594,762) ​ ​ 310,931 Total production stage stream and royalty interests ​ ​ 3,017,116 ​ ​ (1,279,494) ​ ​ 1,737,622 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Khoemac a ​ ​ 147,718 ​ ​ — ​ ​ 147,718 Other ​ ​ 12,037 ​ ​ — ​ ​ 12,037 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 70,952 ​ ​ — ​ ​ 70,952 Total development stage stream and royalty interests ​ ​ 230,707 ​ ​ — ​ ​ 230,707 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Other ​ ​ 96,295 ​ ​ — ​ ​ 96,295 Total exploration stage royalty interests ​ ​ 273,985 ​ ​ — ​ ​ 273,985 Total stream and royalty interests, net ​ $ 3,521,808 ​ $ (1,279,494) ​ $ 2,242,314 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2020 (Amounts in thousands): Cost Accumulated Depletion Impairments ​ Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (236,352) ​ $ — ​ $ 554,283 Pueblo Viejo ​ ​ 610,404 ​ ​ (203,935) ​ ​ — ​ ​ 406,469 Andacollo ​ ​ 388,182 ​ ​ (110,521) ​ ​ — ​ ​ 277,661 Rainy River ​ ​ 175,727 ​ ​ (27,278) ​ ​ — ​ ​ 148,449 Wassa ​ ​ 146,475 ​ ​ (67,619) ​ ​ — ​ ​ 78,856 Total production stage stream interests ​ ​ 2,111,423 ​ ​ (645,705) ​ ​ — ​ ​ 1,465,718 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (101,381) ​ ​ — ​ ​ 104,343 Peñasquito ​ ​ 99,172 ​ ​ (44,614) ​ ​ — ​ ​ 54,558 Holt ​ ​ 34,612 ​ ​ (23,851) ​ ​ — ​ ​ 10,761 Cortez ​ ​ 80,681 ​ ​ (15,065) ​ ​ — ​ ​ 65,616 Other ​ ​ 487,225 ​ ​ (403,080) ​ ​ (1,341) ​ ​ 82,804 Total production stage royalty interests ​ ​ 907,414 ​ ​ (587,991) ​ ​ (1,341) ​ ​ 318,082 Total production stage stream and royalty interests ​ ​ 3,018,837 ​ ​ (1,233,696) ​ ​ (1,341) ​ ​ 1,783,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Khoemac a ​ ​ 136,608 ​ ​ — ​ ​ — ​ ​ 136,608 Other ​ ​ 12,037 ​ ​ — ​ ​ — ​ ​ 12,037 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 70,952 ​ ​ — ​ ​ — ​ ​ 70,952 Total development stage royalty interests ​ ​ 70,952 ​ ​ — ​ ​ — ​ ​ 70,952 Total development stage stream and royalty interests ​ ​ 219,597 ​ ​ — ​ ​ — ​ ​ 219,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ — ​ ​ 177,690 Other ​ ​ 137,826 ​ ​ — ​ ​ — ​ ​ 137,826 Total exploration stage royalty interests ​ ​ 315,516 ​ ​ — ​ ​ — ​ ​ 315,516 Total stream and royalty interests, net ​ $ 3,553,950 ​ $ (1,233,696) ​ $ (1,341) ​ $ 2,318,913

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Sep. 30, 2020
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 ​ As of June 30, 2020 ​ Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Revolving credit facility ​ $ 275,000 ​ $ (4,304) ​ $ 270,696 ​ $ 305,000 ​ $ (4,561) ​ $ 300,439 Total debt ​ $ 275,000 ​ $ (4,304) ​ $ 270,696 ​ $ 305,000 ​ $ (4,561) ​ $ 300,439

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Sep. 30, 2020
LEASES
Schedule of lease balance sheet locations	​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ September 30, 2020 Operating Leases ​ ​ ​ ​ ​ Right-of-use assets - current Prepaid expenses and other $ 829 Right-of-use assets - non-current ​ Other assets ​ ​ 6,878 Total right-of-use assets ​ ​ ​ $ 7,707 ​ ​ ​ ​ ​ ​ Lease liabilities - current ​ Other current liabilities ​ $ 918 Lease liabilities - non-current ​ Other long-term liabilities ​ ​ 8,118 Total operating lease liabilities ​ ​ ​ $ 9,036
Schedule of lease maturities	Maturities of operating lease liabilities at September 30, 2020 were as follows (amounts in thousands): ​ ​ ​ ​ ​ Fiscal Years: ​ Operating Leases 2021 ​ $ 847 2022 ​ ​ 1,127 2023 ​ ​ 1,114 2024 ​ ​ 1,125 2025 ​ ​ 1,097 Thereafter ​ ​ 4,815 Total lease payments ​ $ 10,125 Less imputed interest ​ ​ (1,089) Total ​ $ 9,036
Schedule of other lease information	Other information pertaining to leases consist of the following: ​ ​ ​ ​ ​ ​ ​ September 30, 2020 Operating Lease Term and Discount Rate ​ ​ ​ Weighted average remaining lease term in years ​ ​ 9 Weighted average discount rate ​ ​ 2.5%

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Sep. 30, 2020
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 ​ September 30, ​ September 30, ​ 2020 ​ 2019 Stream revenue: ​ ​ ​ ​ ​ Gold $ 83,597 ​ $ 72,224 Silver ​ 10,898 ​ ​ 8,436 Copper ​ 12,008 ​ ​ 6,321 Total stream revenue $ 106,503 ​ $ 86,981 Royalty revenue: ​ ​ ​ ​ ​ Gold $ 26,904 ​ $ 21,757 Silver ​ 3,441 ​ ​ 1,829 Copper ​ 4,060 ​ ​ 2,980 Other ​ 5,972 ​ ​ 5,227 Total royalty revenue $ 40,377 ​ $ 31,793 Total revenue $ 146,880 ​ $ 118,774 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ Metal(s) ​ 2020 ​ 2019 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 34,620 ​ $ 30,497 Pueblo Viejo ​ Gold & Silver ​ ​ 31,270 ​ ​ 21,618 Andacollo ​ Gold ​ ​ 23,509 ​ ​ 20,604 Wassa ​ Gold ​ ​ 9,108 ​ ​ 5,319 Other ​ Gold & Silver ​ ​ 7,996 ​ ​ 8,943 Total stream revenue ​ ​ ​ $ 106,503 ​ $ 86,981 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 10,209 ​ $ 4,420 Cortez ​ Gold ​ ​ 5,684 ​ ​ 4,417 Other ​ Various ​ ​ 24,484 ​ ​ 22,956 Total royalty revenue ​ ​ ​ $ 40,377 ​ $ 31,793 Total revenue ​ ​ ​ $ 146,880 ​ $ 118,774

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Sep. 30, 2020
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 ​ ​ ​ (Amounts in thousands) Stock options ​ $ 15 ​ $ 31 Stock appreciation rights ​ ​ 371 ​ ​ 442 Restricted stock ​ ​ 997 ​ ​ 1,243 Performance stock ​ ​ 110 ​ ​ 385 Total stock-based compensation expense ​ $ 1,493 ​ $ 2,101
Schedule of stock-based compensation awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ September 30, ​ ​ September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ (Number of shares) Stock options ​ ​ 2,860 ​ ​ 1,604 Stock appreciation rights ​ ​ 64,100 ​ ​ 46,726 Restricted stock ​ ​ 26,104 ​ ​ 23,976 Performance stock (at maximum 200% attainment) ​ ​ 35,380 ​ ​ 28,560 Total equity awards granted ​ ​ 128,444 ​ ​ 100,866
Schedule of unrecognized compensation expense	As of September 30, 2020, 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 ​ $ 138 ​ ​ 2.5 Stock appreciation rights ​ ​ 3,552 ​ ​ 2.5 Restricted stock ​ ​ 5,499 ​ ​ 3.6 Performance stock ​ ​ 2,120 ​ ​ 2.6

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	3 Months Ended
	Sep. 30, 2020
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	The following tables summarize the effects of dilutive securities on diluted EPS for the period (amounts in thousands, except share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 Net income attributable to Royal Gold common stockholders ​ $ 106,939 ​ $ 70,453 Weighted-average shares for basic EPS ​ ​ 65,537,714 ​ ​ 65,465,611 Effect of other dilutive securities ​ ​ 94,975 ​ ​ 150,315 Weighted-average shares for diluted EPS ​ ​ 65,632,689 ​ ​ 65,615,926 Basic earnings per share ​ $ 1.63 ​ $ 1.07 Diluted earnings per share ​ $ 1.63 ​ $ 1.07

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Sep. 30, 2020
INCOME TAXES
Schedule of income tax expense and effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 ​ ​ (Amounts in thousands, except rate) Income tax benefit ​ $ (2,377) ​ $ (23,525) Effective tax rate ​ ​ (2.3%) ​ ​ (51.9%)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Sep. 30, 2020
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 ​ As of June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ Stream ​ Royalty ​ and royalty ​ Stream ​ Royalty ​ and royalty ​ interest interest interests, net interest interest ​ interests, net Canada ​ $ 684,459 ​ $ 186,958 ​ $ 871,417 ​ $ 702,732 ​ $ 189,855 ​ $ 892,587 Dominican Republic ​ ​ 394,580 ​ ​ — ​ ​ 394,580 ​ ​ 406,469 ​ ​ — ​ ​ 406,469 Chile ​ ​ 271,854 ​ ​ 224,116 ​ ​ 495,970 ​ ​ 277,661 ​ ​ 223,922 ​ ​ 501,583 Africa ​ ​ 223,515 ​ ​ 321 ​ ​ 223,836 ​ ​ 215,463 ​ ​ 321 ​ ​ 215,784 Mexico ​ ​ — ​ ​ 74,273 ​ ​ 74,273 ​ ​ — ​ ​ 75,951 ​ ​ 75,951 United States ​ ​ — ​ ​ 116,723 ​ ​ 116,723 ​ ​ — ​ ​ 159,445 ​ ​ 159,445 Australia ​ ​ — ​ ​ 29,649 ​ ​ 29,649 ​ ​ — ​ ​ 30,006 ​ ​ 30,006 Rest of world ​ ​ 12,038 ​ ​ 23,828 ​ ​ 35,866 ​ ​ 12,038 ​ ​ 25,050 ​ ​ 37,088 Total ​ $ 1,586,446 ​ $ 655,868 ​ $ 2,242,314 ​ $ 1,614,363 ​ $ 704,550 ​ $ 2,318,913
Schedule of reportable segments for assessing performance	Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 106,503 ​ $ 21,902 ​ $ — ​ $ 39,027 ​ $ 45,574 Royalty interests ​ ​ 40,377 ​ ​ — ​ ​ 1,355 ​ ​ 7,187 ​ ​ 31,835 Total ​ $ 146,880 ​ $ 21,902 ​ $ 1,355 ​ $ 46,214 ​ $ 77,409 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2019 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 86,981 ​ $ 20,111 ​ $ — ​ $ 31,462 ​ $ 35,408 Royalty interests ​ ​ 31,793 ​ ​ — ​ ​ 1,099 ​ ​ 7,199 ​ ​ 23,495 Total ​ $ 118,774 ​ $ 20,111 ​ $ 1,099 ​ $ 38,661 ​ $ 58,903 ​ (1) Excludes depreciation, depletion and amortization (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.
Schedule of reconciliation of segment gross profit to consolidated income (loss)	A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 ​ ​ 2019 Total segment gross profit ​ $ 77,409 ​ $ 58,903 ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 7,454 ​ ​ 7,443 Exploration costs ​ ​ 563 ​ ​ 2,626 Depreciation and amortization ​ ​ 86 ​ ​ 53 Gain on sale of Peak Gold member interest ​ ​ 33,906 ​ ​ — Operating income ​ ​ 103,212 ​ ​ 48,781 Fair value changes in equity securities ​ ​ 2,539 ​ ​ (1,375) Interest and other income ​ ​ 421 ​ ​ 775 Interest and other expense ​ ​ (1,875) ​ ​ (2,834) Income before income taxes ​ $ 104,297 ​ $ 45,347
Schedule of revenue by reportable segment geographically distributed	Our revenue by reportable segment for the three months ended September 30, 2020 and 2019 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 Stream interests: ​ ​ ​ ​ ​ ​ Canada ​ $ 41,586 ​ $ 37,663 Dominican Republic ​ ​ 31,270 ​ ​ 21,618 Chile ​ ​ 23,509 ​ ​ 20,604 Africa ​ ​ 10,138 ​ ​ 7,096 Total stream interests ​ $ 106,503 ​ $ 86,981 ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ United States ​ $ 13,698 ​ $ 10,602 Mexico ​ ​ 11,577 ​ ​ 6,387 Canada ​ ​ 7,410 ​ ​ 8,921 Australia ​ ​ 4,542 ​ ​ 3,802 Africa ​ ​ 750 ​ ​ 470 Rest of world ​ ​ 2,400 ​ ​ 1,611 Total royalty interests ​ $ 40,377 ​ $ 31,793 Total revenue ​ $ 146,880 ​ $ 118,774

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2020
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 ​ ​ ​ ​ Fair Value ​ Carrying Amount Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 8,256 ​ $ 8,256 ​ $ 5,274 ​ $ 2,982 ​ $ — (1) Other assets ​

SALE OF PEAK GOLD JV INTEREST (

SALE OF PEAK GOLD JV INTEREST (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 29, 2020	Sep. 30, 2020	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of Peak Gold JV interest			$ 49,154
Proceeds from sale of Contango shares			12,146
Stream and royalty interests, net	$ 2,242,314		2,242,314	$ 2,318,913
Gain on sale of Peak Gold JV interest			33,906
Peak Gold LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of royalty that can be acquired	50.00%
Peak Gold LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total cash consideration	$ 61,300
Net smelter return (NSR) (as a percent)	28.00%
Stream and royalty interests, net	$ 4,400		$ 4,400
Alaska mining claims
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net smelter return (NSR) (as a percent)	3.00%	2.00%
Percentage of royalty that can be acquired	1.00%
Peak Gold LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership interest	40.00%		40.00%
Proceeds from sale of Peak Gold JV interest	$ 49,200
Gain on sale of Peak Gold JV interest			$ 33,900
Contango
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares sold	809,744
Proceeds from sale of Contango shares			12,100
Mark-to-market increase on sale			$ 3,600

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Cost	$ 3,521,808	$ 3,553,950
Accumulated Depletion	(1,279,494)	(1,233,696)
Impairments		(1,341)
Net	2,242,314	2,318,913
Wassa and Prestea
Net	75,900
Total production stage stream and royalty interests
Cost	3,017,116	3,018,837
Accumulated Depletion	(1,279,494)	(1,233,696)
Impairments		(1,341)
Net	1,737,622	1,783,800
Production stage stream interests
Cost	2,111,423	2,111,423
Accumulated Depletion	(684,732)	(645,705)
Net	1,426,691	1,465,718
Production stage stream interests | Mount Milligan
Cost	790,635	790,635
Accumulated Depletion	(251,423)	(236,352)
Net	539,212	554,283
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(215,824)	(203,935)
Net	394,580	406,469
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(116,328)	(110,521)
Net	271,854	277,661
Production stage stream interests | Rainy River
Cost	175,727	175,727
Accumulated Depletion	(30,480)	(27,278)
Net	145,247	148,449
Production stage stream interests | Wassa and Prestea
Cost	146,475	146,475
Accumulated Depletion	(70,677)	(67,619)
Net	75,798	78,856
Production stage royalty interests
Cost	905,693	907,414
Accumulated Depletion	(594,762)	(587,991)
Impairments		(1,341)
Net	310,931	318,082
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(103,271)	(101,381)
Net	102,453	104,343
Production stage royalty interests | Penasquito
Cost	99,172	99,172
Accumulated Depletion	(45,741)	(44,614)
Net	53,431	54,558
Production stage royalty interests | Holt
Cost	34,612	34,612
Accumulated Depletion	(23,867)	(23,851)
Net	10,745	10,761
Production stage royalty interests | Cortez
Cost	80,681	80,681
Accumulated Depletion	(15,657)	(15,065)
Net	65,024	65,616
Production stage royalty interests | Other
Cost	485,504	487,225
Accumulated Depletion	(406,226)	(403,080)
Impairments		(1,341)
Net	79,278	82,804
Total development stage stream and royalty interests
Cost	230,707	219,597
Net	230,707	219,597
Total development stage stream and royalty interests | Other
Cost		70,952
Net		70,952
Development stage stream interests | Khoemacau
Cost	147,718	136,608
Net	147,718	136,608
Development stage stream interests | Other
Cost	12,037	12,037
Net	12,037	12,037
Development stage royalty interests
Cost		70,952
Net		70,952
Development stage royalty interests | Other
Cost	70,952
Net	70,952
Exploration stage royalty interests
Cost	273,985	315,516
Net	273,985	315,516
Exploration stage royalty interests | Pascua-Lama
Cost	177,690	177,690
Net	177,690	177,690
Exploration stage royalty interests | Other
Cost	96,295	137,826
Net	$ 96,295	$ 137,826

STREAM AND ROYALTY INTERESTS,_4

STREAM AND ROYALTY INTERESTS, NET (Details) $ in Thousands	Oct. 01, 2020oz	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)
Stream and royalty interests, net		$ 2,242,314	$ 2,318,913
Wassa and Prestea
Stream and royalty interests, net		$ 75,900
Wassa | Initial Royalty
Gold streaming interest (as a percent)	10.50%
Gold delivered (in ounces) | oz	240,000
Spot price paid (as a percent)	20.00%
Wassa | Subsequent Royalty
Gold streaming interest (as a percent)	5.50%
Spot price paid (as a percent)	30.00%
Prestea and Bogoso
Gold streaming interest (as a percent)	5.50%
Spot price paid (as a percent)	30.00%

MARKETABLE EQUITY SECURITIES (D

MARKETABLE EQUITY SECURITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Marketable Securities
Proceeds from sale of Contango shares		$ 12,146
Fair value changes in equity securities		2,539	$ (1,375)
Investment value	$ 8,300	8,300		$ 17,900
Contango
Marketable Securities
Number of shares sold	809,744
Proceeds from sale of Contango shares		12,100
Mark-to-market increase on sale		$ 3,600
Battle North Gold Corporation
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)	19,640,000	19,640,000

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	Oct. 02, 2020	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Long-term debt disclosure
Principal		$ 275,000		$ 305,000
Debt Issuance Costs		(4,304)		(4,561)
Total debt		270,696		300,439
Repayment of debt		30,000	$ 50,000
Credit Facility
Long-term debt disclosure
Principal		275,000		305,000
Debt Issuance Costs		(4,304)		(4,561)
Total debt		270,696		$ 300,439
Outstanding amount under credit facility	$ 200,000	275,000
Available under the revolving credit facility	800,000	$ 725,000
Effective interest rate (as percent)		1.40%
Interest expense recognized		$ 1,300	$ 2,200
Repayment of debt	$ 75,000
LIBOR | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)		1.10%

LEASES - Lease balance sheet (D

LEASES - Lease balance sheet (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2020USD ($)
LEASES
Right-of-use assets - current	$ 829
Operating Lease, Right-of-Use Asset, Current, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseRightOfUseAssetCurrent
Right-of-use assets - non-current	$ 6,878
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseRightOfUseAssetNoncurrent
Total right-of-use assets	$ 7,707
Lease liabilities - current	$ 918
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Lease liabilities - current
Lease liabilities - non-current	$ 8,118
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease liabilities - non-current
Total operating lease liabilities	$ 9,036

LEASES - Lease maturities (Deta

LEASES - Lease maturities (Details) $ in Thousands	Sep. 30, 2020USD ($)
LEASES
2021	$ 847
2022	1,127
2023	1,114
2024	1,125
2025	1,097
Thereafter	4,815
Total lease payments	10,125
Less imputed interest	(1,089)
Total	$ 9,036

LEASES - Lease other (Details)

LEASES - Lease other (Details)	Sep. 30, 2020
LEASES
Weighted average remaining lease term	9 years
Weighted average discount rate	2.50%

REVENUE (Details)

REVENUE (Details)	3 Months Ended
	Sep. 30, 2020item
Number of revenue sources	2
Minimum
Average sale price determination period	10 days
Maximum
Average sale price determination period	3 months

REVENUE - Metal Disaggregation

REVENUE - Metal Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue
Revenue	$ 146,880	$ 118,774
Stream interests
Disaggregation of Revenue
Revenue	106,503	86,981
Stream interests | Gold
Disaggregation of Revenue
Revenue	83,597	72,224
Stream interests | Silver
Disaggregation of Revenue
Revenue	10,898	8,436
Stream interests | Copper
Disaggregation of Revenue
Revenue	12,008	6,321
Royalty interests
Disaggregation of Revenue
Revenue	40,377	31,793
Royalty interests | Gold
Disaggregation of Revenue
Revenue	26,904	21,757
Royalty interests | Silver
Disaggregation of Revenue
Revenue	3,441	1,829
Royalty interests | Copper
Disaggregation of Revenue
Revenue	4,060	2,980
Royalty interests | Other
Disaggregation of Revenue
Revenue	$ 5,972	$ 5,227

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue
Revenue	$ 146,880	$ 118,774
Stream interests
Disaggregation of Revenue
Revenue	106,503	86,981
Stream interests | Mount Milligan
Disaggregation of Revenue
Revenue	34,620	30,497
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue	31,270	21,618
Stream interests | Andacollo
Disaggregation of Revenue
Revenue	23,509	20,604
Stream interests | Wassa and Prestea
Disaggregation of Revenue
Revenue	9,108	5,319
Stream interests | Other
Disaggregation of Revenue
Revenue	7,996	8,943
Royalty interests
Disaggregation of Revenue
Revenue	40,377	31,793
Royalty interests | Other
Disaggregation of Revenue
Revenue	24,484	22,956
Royalty interests | Penasquito
Disaggregation of Revenue
Revenue	10,209	4,420
Royalty interests | Cortez
Disaggregation of Revenue
Revenue	$ 5,684	$ 4,417

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Stock-based compensation
Stock-based compensation expense	$ 1,493	$ 2,101
Stock-based compensation awards granted (in shares)	128,444	100,866
Stock options
Stock-based compensation
Stock-based compensation expense	$ 15	$ 31
Stock options granted (in shares)	2,860	1,604
Unrecognized compensation expense	$ 138
Weighted-average recognition period	2 years 6 months
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 371	$ 442
Other than options granted (in shares)	64,100	46,726
Unrecognized compensation expense	$ 3,552
Weighted-average recognition period	2 years 6 months
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 997	$ 1,243
Other than options granted (in shares)	26,104	23,976
Unrecognized compensation expense	$ 5,499
Weighted-average recognition period	3 years 7 months 6 days
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 110	$ 385
Other than options granted (in shares)	35,380	28,560
Unrecognized compensation expense	$ 2,120
Weighted-average recognition period	2 years 7 months 6 days
Performance stock | Maximum
Stock-based compensation
Earn out basis if all goals are met (as a percent)	200.00%

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
EARNINGS PER SHARE ("EPS")
Net income attributable to Royal Gold common stockholders	$ 106,939	$ 70,453
Weighted-average shares for basic EPS	65,537,714	65,465,611
Effect of other dilutive securities (in shares)	94,975	150,315
Weighted-average shares for diluted EPS	65,632,689	65,615,926
Basic earnings per share (in dollars per share)	$ 1.63	$ 1.07
Diluted earnings per share (in dollars per share)	$ 1.63	$ 1.07

INCOME TAXES - Quarterly (Detai

INCOME TAXES - Quarterly (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
INCOME TAXES
Income tax benefit	$ (2,377)	$ (23,525)
Effective tax rate (as a percent)	(2.30%)	(51.90%)
Estimates for uncertain tax positions	$ (24,500)	$ (32,300)

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)	Jun. 30, 2020USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment	2
Stream and royalty interests, net	$ 2,242,314		$ 2,318,913
Revenue	146,880	$ 118,774
Cost of sales	21,902	20,111
Production taxes	1,355	1,099
Depletion	46,214	38,661
Total segment gross profit	77,409	58,903
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	871,417		892,587
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	394,580		406,469
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	495,970		501,583
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	223,836		215,784
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	74,273		75,951
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	116,723		159,445
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	29,649		30,006
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	35,866		37,088
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	1,586,446		1,614,363
Revenue	106,503	86,981
Cost of sales	21,902	20,111
Depletion	39,027	31,462
Total segment gross profit	45,574	35,408
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	684,459		702,732
Revenue	41,586	37,663
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	394,580		406,469
Revenue	31,270	21,618
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	271,854		277,661
Revenue	23,509	20,604
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	223,515		215,463
Revenue	10,138	7,096
Stream interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	12,038		12,038
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	655,868		704,550
Revenue	40,377	31,793
Production taxes	1,355	1,099
Depletion	7,187	7,199
Total segment gross profit	31,835	23,495
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	186,958		189,855
Revenue	7,410	8,921
Royalty interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	224,116		223,922
Royalty interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	321		321
Revenue	750	470
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	74,273		75,951
Revenue	11,577	6,387
Royalty interests | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	116,723		159,445
Revenue	13,698	10,602
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	29,649		30,006
Revenue	4,542	3,802
Royalty interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	23,828		$ 25,050
Revenue	$ 2,400	$ 1,611

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of total segment gross profit (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
SEGMENT INFORMATION
Total segment gross profit	$ 77,409	$ 58,903
Costs and expenses
General and administrative expenses	7,454	7,443
Exploration costs	563	2,626
Depreciation and amortization	86	53
Gain on sale of Peak Gold JV interest	33,906
Operating income	103,212	48,781
Fair value changes in equity securities	2,539	(1,375)
Interest and other income	421	775
Interest and other expense	(1,875)	(2,834)
Income before income taxes	$ 104,297	$ 45,347

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis $ in Thousands	Sep. 30, 2020USD ($)
Carrying Amount
Assets:
Marketable equity securities	$ 8,256
Fair Value
Assets:
Marketable equity securities	8,256
Level 1
Assets:
Marketable equity securities	5,274
Level 2
Assets:
Marketable equity securities	$ 2,982

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Oct. 05, 2020	Jul. 05, 2020	Apr. 03, 2020	Feb. 02, 2020	Nov. 05, 2019	Sep. 30, 2020	Sep. 30, 2019	Oct. 05, 2020
Commitments and Contingencies
Acquisition consideration paid						$ 11,304	$ 4,362
Khoemacau
Commitments and Contingencies
Acquisition consideration paid	$ 32,500	$ 11,100	$ 47,900	$ 22,000	$ 65,800			$ 179,300
Other Commitment						32,700
Maximum future contingent payments						85,700
Ilovica
Commitments and Contingencies
Maximum future contingent payments						$ 163,750