Royal Gold (RGLD) 10-Q 4 Feb 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2020	Jan. 28, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		65,606,496
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
ASSETS
Cash and equivalents	$ 381,859	$ 319,128
Royalty receivables	44,316	27,689
Income tax receivable	8,939	2,435
Stream inventory	13,900	11,671
Prepaid expenses and other	1,477	1,227
Total current assets	450,491	362,150
Stream and royalty interests, net (Note 3)	2,231,980	2,318,913
Other assets	81,263	85,224
Total assets	2,763,734	2,766,287
LIABILITIES
Accounts payable	2,587	2,484
Dividends payable	19,680	18,364
Income tax payable	23,318	13,323
Other current liabilities	11,569	9,384
Total current liabilities	57,154	43,555
Debt (Note 5)	195,983	300,439
Deferred tax liabilities	85,017	86,439
Uncertain tax positions	13,267	25,427
Other liabilities	7,634	8,308
Total liabilities	359,055	464,168
EQUITY
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,548,415 and 65,531,288 shares outstanding, respectively	656	655
Additional paid-in capital	2,201,076	2,210,429
Accumulated earnings	189,910	61,133
Total Royal Gold stockholders' equity	2,391,642	2,272,217
Non-controlling interests	13,037	29,902
Total equity	2,404,679	2,302,119
Total liabilities and equity	$ 2,763,734	$ 2,766,287

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	65,548,415	65,531,288

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Operations and Comprehensive Income
Revenue (Note 7)	$ 158,360	$ 123,643	$ 305,240	$ 242,417
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	24,859	21,077	46,760	41,188
General and administrative	6,789	6,665	14,244	14,108
Production taxes	1,401	984	2,756	2,083
Exploration costs		1,514	563	4,140
Depreciation, depletion and amortization	47,945	40,096	94,245	78,810
Total costs and expenses	80,994	70,336	158,568	140,329
Gain on sale of Peak Gold JV interest			33,906
Operating income	77,366	53,307	180,578	102,088
Fair value changes in equity securities	(382)	222	2,158	(1,153)
Interest and other income	613	226	1,034	1,001
Interest and other expense	(1,578)	(2,217)	(3,454)	(5,051)
Income before income taxes	76,019	51,538	180,316	96,885
Income tax (expense) benefit	(16,031)	(11,124)	(13,654)	12,401
Net income and comprehensive income	59,988	40,414	166,662	109,286
Net (income) loss and comprehensive (income) loss attributable to non-controlling interests	(99)	907	166	2,488
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 59,889	$ 41,321	$ 166,828	$ 111,774
Net income per share attributable to Royal Gold common stockholders:
Basic EPS (in dollars per share)	$ 0.91	$ 0.63	$ 2.55	$ 1.70
Basic weighted average shares outstanding (in shares)	65,546,938	65,495,907	65,542,326	65,480,759
Diluted EPS (in dollars per share)	$ 0.91	$ 0.63	$ 2.54	$ 1.70
Diluted weighted average shares outstanding (in shares)	65,619,241	65,611,567	65,625,965	65,613,406
Cash dividends declared per common share (in dollars per share)	$ 0.300	$ 0.280	$ 0.580	$ 0.545

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		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 (loss) and comprehensive income (loss)			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 (loss) and comprehensive income (loss)			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
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	1,476			1,477
Stock-based compensation and related share issuances (in shares)	17,127
Sale of Peak Gold JV interest		(10,829)		(16,218)	(27,047)
Distributions to non-controlling interests				(481)	(481)
Net income (loss) and comprehensive income (loss)			166,828	(166)	166,662
Dividends declared			(38,051)		(38,051)
Balance at Dec. 31, 2020	$ 656	2,201,076	189,910	13,037	2,404,679
Balance (in shares) at Dec. 31, 2020	65,548,415
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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		1,371			1,371
Stock-based compensation and related share issuances (in shares)	2,809
Distributions to non-controlling interests				(220)	(220)
Net income (loss) and comprehensive income (loss)			59,889	99	59,988
Dividends declared			(19,681)		(19,681)
Balance at Dec. 31, 2020	$ 656	$ 2,201,076	$ 189,910	$ 13,037	$ 2,404,679
Balance (in shares) at Dec. 31, 2020	65,548,415

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income and comprehensive income	$ 166,662	$ 109,286
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	94,245	78,810
Gain on sale of Peak Gold JV interest	(33,906)
Non-cash employee stock compensation expense	2,892	3,639
Fair value changes in equity securities	(2,158)	1,153
Deferred tax benefit	(8,405)	(36,126)
Other	398	566
Changes in assets and liabilities:
Royalty receivables	(16,627)	(7,714)
Stream inventory	(2,229)	(3,956)
Income tax receivable	(6,504)	(6,968)
Prepaid expenses and other assets	900	(7,020)
Accounts payable	(549)	(929)
Income tax payable	9,995	7,392
Uncertain tax positions	(12,160)	3,230
Other liabilities	1,510	8,133
Net cash provided by operating activities	194,064	149,496
Cash flows from investing activities:
Acquisition of stream and royalty interests	(48,832)	(72,417)
Proceeds from sale of Peak Gold JV interest	49,154
Proceeds from sale of Contango shares	12,146
Other	(364)	4,363
Net cash provided by (used in) investing activities	12,104	(68,054)
Cash flows from financing activities:
Repayment of debt	(105,000)	(85,000)
Net payments from issuance of common stock	(1,415)	(2,747)
Common stock dividends	(36,735)	(34,755)
Other	(287)	2,089
Net cash used in financing activities	(143,437)	(120,413)
Net increase (decrease) in cash and equivalents	62,731	(38,971)
Cash and equivalents at beginning of period	319,128	119,475
Cash and equivalents at end of period	$ 381,859	$ 80,504

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS	6 Months Ended
	Dec. 31, 2020
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS	1. OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS ​ Royal Gold 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 and six months ended December 31, 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 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	6 Months Ended
	Dec. 31, 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 return royalty on silver produced from an area of interest which includes the current Peak Gold Project resource area. Peak Gold, LLC retains the right to acquire 50% of this royalty for consideration of $4.0 million; and ● An incremental 1% net smelter return royalty on certain State of Alaska mining claims acquired by a wholly owned subsidiary of Contango in the transaction, increasing our royalty on this area from 2% to 3%. ​ The royalties were 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	6 Months Ended
	Dec. 31, 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 December 31, 2020 and June 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (270,370) ​ $ 520,265 Pueblo Viejo ​ ​ 610,405 ​ ​ (226,083) ​ ​ 384,322 Andacollo ​ ​ 388,182 ​ ​ (120,847) ​ ​ 267,335 Rainy River ​ ​ 175,727 ​ ​ (34,820) ​ ​ 140,907 Wassa ​ ​ 146,475 ​ ​ (72,839) ​ ​ 73,636 Total production stage stream interests ​ ​ 2,111,424 ​ ​ (724,959) ​ ​ 1,386,465 Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (104,850) ​ ​ 100,874 Peñasquito ​ ​ 99,172 ​ ​ (47,263) ​ ​ 51,909 Cortez ​ ​ 80,681 ​ ​ (16,418) ​ ​ 64,263 Other ​ ​ 521,289 ​ ​ (433,800) ​ ​ 87,489 Total production stage royalty interests ​ ​ 906,866 ​ ​ (602,331) ​ ​ 304,535 Total production stage stream and royalty interests ​ ​ 3,018,290 ​ ​ (1,327,290) ​ ​ 1,691,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Khoemac a ​ ​ 180,220 ​ ​ — ​ ​ 180,220 Other ​ ​ 12,037 ​ ​ — ​ ​ 12,037 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 69,780 ​ ​ — ​ ​ 69,780 Total development stage stream and royalty interests ​ ​ 262,037 ​ ​ — ​ ​ 262,037 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Other ​ ​ 101,253 ​ ​ — ​ ​ 101,253 Total exploration stage royalty interests ​ ​ 278,943 ​ ​ — ​ ​ 278,943 Total stream and royalty interests, net ​ $ 3,559,270 ​ $ (1,327,290) ​ $ 2,231,980 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Cortez ​ ​ 80,681 ​ ​ (15,065) ​ ​ — ​ ​ 65,616 Other ​ ​ 521,837 ​ ​ (426,931) ​ ​ (1,341) ​ ​ 93,565 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/Bogoso Stream Agreement ​ On October 1, 2020, we announced the separation of the Wassa and Prestea/Bogoso gold stream agreement 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/Bogoso mines to Future Global Resources (“FGR”). ​ The Wassa stream agreement, which remains with Golden Star, continues to provide 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 remains at 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. As of December 31, 2020, approximately 110,200 ounces remain to be delivered from the Wassa mine until the 240,000 ounce delivery threshold is reached. ​ The Prestea/Bogoso stream agreement with FGR provides us the right to purchase 5.5% of the gold produced from the Prestea/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 stream is recorded as a production stage stream interest within Stream and royalty interests, net ​ COVID-19 and current economic environment ​ Throughout 2020 and into 2021, several of our operating counterparties have instituted temporary operational curtailments due to the ongoing COVID-19 pandemic. In addition, the pandemic and resulting economic and societal impacts have made it difficult for operators to forecast expected production amounts and, at times, operators have had to withdraw or revise previously disclosed guidance. For the most part, our results of operations and financial condition have not been materially impacted by these measures to date. However, the effects of the pandemic are fluid and changing rapidly, including with respect to vaccine and treatment developments and deployment and potential mutations of COVID-19. As a result, we are currently unable to predict the nature or extent of any future impact on our results of operations and financial condition. We continue to monitor the impact of developments associated with the pandemic on stream and royalty interests as part of our regular asset impairment analysis.

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES	6 Months Ended
	Dec. 31, 2020
MARKETABLE EQUITY SECURITIES
MARKETABLE EQUITY SECURITIES	​ 4. MARKETABLE EQUITY SECURITIES ​ As of December 31, 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. 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 decreased $0.4 million and increased $2.2 million for the three and six months ended December 31, 2020, respectively, and are included in Fair value changes in equity securities Other assets ​

DEBT

DEBT	6 Months Ended
	Dec. 31, 2020
DEBT
DEBT	5. DEBT ​ Our debt as of December 31, 2020 and June 30, 2020 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 200,000 ​ $ (4,017) ​ $ 195,983 ​ $ 305,000 ​ $ (4,561) ​ $ 300,439 Total debt ​ $ 200,000 ​ $ (4,017) ​ $ 195,983 ​ $ 305,000 ​ $ (4,561) ​ $ 300,439 ​ Revolving credit facility ​ As of December 31, 2020, we had $200 million outstanding and $800 million available under our revolving credit facility. The interest rate on borrowings under our revolving credit facility as of December 31, 2020 was LIBOR plus 1.10% for an all-in rate of 1.33%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $1.0 million and $2.2 million for the three and six months ended December 31, 2020, respectively, and $1.6 million and $3.8 million for the three and six months ended December 31, 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 December 31, 2020, we were in compliance with each financial covenant. ​ On January 4, 2021, we repaid $50 million of the outstanding borrowings under our revolving credit facility. This increased the amount available under our revolving credit facility to $850 million and decreased the amount outstanding to $150 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	6 Months Ended
	Dec. 31, 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 December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ December 31, 2020 Operating Leases ​ ​ ​ ​ ​ Right-of-use assets - current Prepaid expenses and other $ 806 Right-of-use assets - non-current ​ Other assets ​ ​ 6,404 Total right-of-use assets ​ ​ ​ $ 7,210 ​ ​ ​ ​ ​ ​ Lease liabilities - current ​ Other current liabilities ​ $ 951 Lease liabilities - non-current ​ Other long-term liabilities ​ ​ 7,634 Total operating lease liabilities ​ ​ ​ $ 8,585 ​ Maturities of operating lease liabilities at December 31, 2020 were as follows (amounts in thousands): ​ ​ ​ ​ ​ Fiscal Years: ​ Operating Leases 2021 ​ $ 574 2022 ​ ​ 1,145 2023 ​ ​ 1,121 2024 ​ ​ 1,121 2025 ​ ​ 1,082 Thereafter ​ ​ 4,524 Total lease payments ​ $ 9,567 Less imputed interest ​ ​ (982) Total ​ $ 8,585 ​ Other information pertaining to leases consist of the following: ​ ​ ​ ​ ​ ​ ​ December 31, 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 December 31, 2020.

REVENUE

REVENUE	6 Months Ended
	Dec. 31, 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 and six months ended December 31, 2020, royalty revenue that was estimated or was attributable to metal production for a period prior to December 31, 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 ​ Six Months Ended ​ December 31, December 31, December 31, December 31, ​ 2020 ​ 2019 ​ 2020 ​ 2019 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 83,685 ​ $ 69,111 ​ $ 167,282 ​ $ 141,335 Silver ​ 11,128 ​ ​ 8,929 ​ ​ 22,026 ​ ​ 17,365 Copper ​ 12,906 ​ ​ 11,585 ​ ​ 24,914 ​ ​ 17,906 Total stream revenue $ 107,719 ​ $ 89,625 ​ $ 214,222 ​ $ 176,606 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 36,471 ​ $ 22,068 ​ $ 63,375 ​ $ 43,825 Silver ​ 4,193 ​ ​ 3,365 ​ ​ 7,634 ​ ​ 5,194 Copper ​ 4,395 ​ ​ 4,107 ​ ​ 8,456 ​ ​ 7,087 Other ​ 5,582 ​ ​ 4,478 ​ ​ 11,553 ​ ​ 9,705 Total royalty revenue $ 50,641 ​ $ 34,018 ​ $ 91,018 ​ $ 65,811 Total revenue $ 158,360 ​ $ 123,643 ​ $ 305,240 ​ $ 242,417 ​ 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) ​ 2020 ​ 2019 ​ 2020 ​ 2019 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 44,713 ​ $ 30,629 ​ $ 79,332 ​ $ 61,126 Pueblo Viejo ​ Gold & Silver ​ ​ 27,554 ​ ​ 23,614 ​ ​ 58,824 ​ ​ 45,232 Andacollo ​ Gold ​ ​ 17,766 ​ ​ 20,665 ​ ​ 41,275 ​ ​ 41,269 Wassa ​ Gold ​ ​ 6,761 ​ ​ 4,794 ​ ​ 15,870 ​ ​ 10,113 Other ​ Gold & Silver ​ ​ 10,925 ​ ​ 9,923 ​ ​ 18,921 ​ ​ 18,866 Total stream revenue ​ ​ ​ $ 107,719 ​ $ 89,625 ​ $ 214,222 ​ $ 176,606 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 12,952 ​ $ 7,577 ​ $ 23,161 ​ $ 11,997 Cortez ​ Gold ​ ​ 8,128 ​ ​ 3,292 ​ ​ 13,812 ​ ​ 7,709 Other ​ Various ​ ​ 29,561 ​ ​ 23,149 ​ ​ 54,045 ​ ​ 46,105 Total royalty revenue ​ ​ ​ $ 50,641 ​ $ 34,018 ​ $ 91,018 ​ $ 65,811 Total revenue ​ ​ ​ $ 158,360 ​ $ 123,643 ​ $ 305,240 ​ $ 242,417 ​ Please refer to Note 11 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Dec. 31, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	8. STOCK-BASED COMPENSATION ​ We recognized stock-based compensation expense as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2020 2019 2020 2019 ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Stock options ​ $ 17 ​ $ 26 ​ $ 33 ​ $ 57 Stock appreciation rights ​ ​ 430 ​ ​ 430 ​ ​ 801 ​ ​ 872 Restricted stock ​ ​ 588 ​ ​ 697 ​ ​ 1,585 ​ ​ 1,940 Performance stock ​ ​ 363 ​ ​ 385 ​ ​ 473 ​ ​ 770 Total stock-based compensation expense ​ $ 1,398 ​ $ 1,538 ​ $ 2,892 ​ $ 3,639 ​ Stock-based compensation expense is included within General and administrative ​ During the six months ended December 31, 2020 and 2019, we granted the following stock-based compensation awards (note that no awards were granted during the three months ended December 31, 2020 and 2019): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ December 31, ​ ​ December 31, ​ ​ 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 December 31, 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 ​ ​ ​ ​ ​ ​ ​ $ 123 ​ ​ 2.3 Stock appreciation rights ​ ​ ​ ​ ​ ​ ​ ​ 3,172 ​ ​ 2.2 Restricted stock ​ ​ ​ ​ ​ ​ ​ ​ 4,993 ​ ​ 3.5 Performance stock ​ ​ ​ ​ ​ ​ ​ ​ 2,367 ​ ​ 1.9 ​

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	6 Months Ended
	Dec. 31, 2020
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	9. EARNINGS PER SHARE (“EPS”) ​ Basic EPS 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 EPS 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 EPS 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 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 ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2020 2019 2020 2019 Net income attributable to Royal Gold common stockholders ​ $ 59,889 ​ $ 41,321 ​ $ 166,828 ​ $ 111,774 Weighted-average shares for basic EPS ​ ​ 65,546,938 ​ ​ 65,495,907 ​ ​ 65,542,326 ​ ​ 65,480,759 Effect of other dilutive securities ​ ​ 72,303 ​ ​ 115,660 ​ ​ 83,639 ​ ​ 132,647 Weighted-average shares for diluted EPS ​ ​ 65,619,241 ​ ​ 65,611,567 ​ ​ 65,625,965 ​ ​ 65,613,406 Basic EPS ​ $ 0.91 ​ $ 0.63 ​ $ 2.55 ​ $ 1.70 Diluted EPS ​ $ 0.91 ​ $ 0.63 ​ $ 2.54 ​ $ 1.70 ​

INCOME TAXES

INCOME TAXES	6 Months Ended
	Dec. 31, 2020
INCOME TAXES
INCOME TAXES	10. INCOME TAXES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2020 2019 2020 2019 ​ ​ (Amounts in thousands, except rate) ​ (Amounts in thousands, except rate) Income tax expense (benefit) ​ $ 16,031 ​ $ 11,124 ​ $ 13,654 ​ $ (12,401) Effective tax rate ​ ​ 21.1% ​ ​ 21.6% ​ ​ 7.6% ​ ​ (12.8%) ​ The effective tax rate for the six months ended December 31, 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, both of which were recorded during the three months ended September 30, 2020. The effective tax rate for the six months ended December 31, 2019, included discrete benefits ($32.3 million) 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).

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Dec. 31, 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 December 31, 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 ​ $ 661,172 ​ $ 184,601 ​ $ 845,773 ​ $ 702,732 ​ $ 189,855 ​ $ 892,587 Dominican Republic ​ ​ 384,322 ​ ​ — ​ ​ 384,322 ​ ​ 406,469 ​ ​ — ​ ​ 406,469 Chile ​ ​ 267,334 ​ ​ 224,116 ​ ​ 491,450 ​ ​ 277,661 ​ ​ 223,922 ​ ​ 501,583 Africa ​ ​ 253,856 ​ ​ 321 ​ ​ 254,177 ​ ​ 215,463 ​ ​ 321 ​ ​ 215,784 Mexico ​ ​ — ​ ​ 71,843 ​ ​ 71,843 ​ ​ — ​ ​ 75,951 ​ ​ 75,951 United States ​ ​ — ​ ​ 115,427 ​ ​ 115,427 ​ ​ — ​ ​ 159,445 ​ ​ 159,445 Australia ​ ​ — ​ ​ 29,161 ​ ​ 29,161 ​ ​ — ​ ​ 30,006 ​ ​ 30,006 Rest of world ​ ​ 12,038 ​ ​ 27,789 ​ ​ 39,827 ​ ​ 12,038 ​ ​ 25,050 ​ ​ 37,088 Total ​ $ 1,578,722 ​ $ 653,258 ​ $ 2,231,980 ​ $ 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 December 31, 2020 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 107,719 ​ $ 24,859 ​ $ — ​ $ 40,226 ​ $ 42,634 Royalty interests ​ ​ 50,641 ​ ​ — ​ ​ 1,401 ​ ​ 7,635 ​ ​ 41,605 Total ​ $ 158,360 ​ $ 24,859 ​ $ 1,401 ​ $ 47,861 ​ $ 84,239 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended December 31, 2020 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 214,222 ​ $ 46,760 ​ $ — ​ $ 79,253 ​ $ 88,209 Royalty interests ​ ​ 91,018 ​ ​ — ​ ​ 2,756 ​ ​ 14,822 ​ ​ 73,440 Total ​ $ 305,240 ​ $ 46,760 ​ $ 2,756 ​ $ 94,075 ​ $ 161,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ (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, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Total segment gross profit ​ $ 84,239 ​ $ 61,600 ​ $ 161,649 ​ $ 120,503 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 6,789 ​ ​ 6,665 ​ ​ 14,244 ​ ​ 14,108 Exploration costs ​ ​ — ​ ​ 1,514 ​ ​ 563 ​ ​ 4,140 Depreciation and amortization ​ ​ 84 ​ ​ 114 ​ ​ 170 ​ ​ 167 Gain on sale of Peak Gold JV interest ​ ​ — ​ ​ — ​ ​ (33,906) ​ ​ — Operating income ​ ​ 77,366 ​ ​ 53,307 ​ ​ 180,578 ​ ​ 102,088 Fair value changes in equity securities ​ ​ (382) ​ ​ 222 ​ ​ 2,158 ​ ​ (1,153) Interest and other income ​ ​ 613 ​ ​ 226 ​ ​ 1,034 ​ ​ 1,001 Interest and other expense ​ ​ (1,578) ​ ​ (2,217) ​ ​ (3,454) ​ ​ (5,051) Income before income taxes ​ $ 76,019 ​ $ 51,538 ​ $ 180,316 ​ $ 96,885 ​ Our revenue by reportable segment for the three and six months ended December 31, 2020 and 2019 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, ​ 2020 2019 2020 2019 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 54,302 ​ $ 38,191 ​ $ 95,888 ​ $ 75,854 Dominican Republic ​ ​ 27,554 ​ ​ 23,614 ​ ​ 58,824 ​ ​ 45,232 Chile ​ ​ 17,766 ​ ​ 20,665 ​ ​ 41,275 ​ ​ 41,269 Africa ​ ​ 8,097 ​ ​ 7,155 ​ ​ 18,235 ​ ​ 14,251 Total stream interests ​ $ 107,719 ​ $ 89,625 ​ $ 214,222 ​ $ 176,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 17,090 ​ $ 10,012 ​ $ 30,788 ​ $ 20,614 Mexico ​ ​ 15,174 ​ ​ 9,376 ​ ​ 26,751 ​ ​ 15,763 Australia ​ ​ 8,314 ​ ​ 3,546 ​ ​ 12,856 ​ ​ 7,348 Canada ​ ​ 6,047 ​ ​ 8,037 ​ ​ 13,458 ​ ​ 16,958 Africa ​ ​ 744 ​ ​ 911 ​ ​ 1,494 ​ ​ 1,606 Rest of world ​ ​ 3,272 ​ ​ 2,136 ​ ​ 5,671 ​ ​ 3,522 Total royalty interests ​ $ 50,641 ​ $ 34,018 ​ $ 91,018 ​ $ 65,811 Total revenue ​ $ 158,360 ​ $ 123,643 ​ $ 305,240 ​ $ 242,417 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 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 December 31, 2020 ​ ​ ​ ​ Fair Value ​ Carrying Amount Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 7,874 ​ $ 7,874 ​ $ 6,447 ​ $ 1,427 ​ $ — (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 December 31, 2020. The TriStar Gold Inc. 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 December 31, 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	6 Months Ended
	Dec. 31, 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 ● $32.6 million – January 6, 2021 ​ Including the sixth advance payment made on January 6, 2021, we have made total contributions of $212 million which completes the advance payments for the Base Silver Stream. We are further committed to up to $53.0 million in additional contributions should Khoemacau Copper Mining (Pty.) Limited elect to fully exercise the Option Silver Stream. Any further payments under the Option Silver Stream are subject to certain conditions and are scheduled to be made 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 December 31, 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 ACCOUNTING STANDARDS (Policies)	6 Months Ended
	Dec. 31, 2020
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS
Basis of Consolidation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended December 31, 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	Recently Adopted Accounting Standards ​ Current Expected Credit Loss ​ In June 2016, the Financial Accounting Standards Board 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)	6 Months Ended
	Dec. 31, 2020
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (270,370) ​ $ 520,265 Pueblo Viejo ​ ​ 610,405 ​ ​ (226,083) ​ ​ 384,322 Andacollo ​ ​ 388,182 ​ ​ (120,847) ​ ​ 267,335 Rainy River ​ ​ 175,727 ​ ​ (34,820) ​ ​ 140,907 Wassa ​ ​ 146,475 ​ ​ (72,839) ​ ​ 73,636 Total production stage stream interests ​ ​ 2,111,424 ​ ​ (724,959) ​ ​ 1,386,465 Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (104,850) ​ ​ 100,874 Peñasquito ​ ​ 99,172 ​ ​ (47,263) ​ ​ 51,909 Cortez ​ ​ 80,681 ​ ​ (16,418) ​ ​ 64,263 Other ​ ​ 521,289 ​ ​ (433,800) ​ ​ 87,489 Total production stage royalty interests ​ ​ 906,866 ​ ​ (602,331) ​ ​ 304,535 Total production stage stream and royalty interests ​ ​ 3,018,290 ​ ​ (1,327,290) ​ ​ 1,691,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Khoemac a ​ ​ 180,220 ​ ​ — ​ ​ 180,220 Other ​ ​ 12,037 ​ ​ — ​ ​ 12,037 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 69,780 ​ ​ — ​ ​ 69,780 Total development stage stream and royalty interests ​ ​ 262,037 ​ ​ — ​ ​ 262,037 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Other ​ ​ 101,253 ​ ​ — ​ ​ 101,253 Total exploration stage royalty interests ​ ​ 278,943 ​ ​ — ​ ​ 278,943 Total stream and royalty interests, net ​ $ 3,559,270 ​ $ (1,327,290) ​ $ 2,231,980 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Cortez ​ ​ 80,681 ​ ​ (15,065) ​ ​ — ​ ​ 65,616 Other ​ ​ 521,837 ​ ​ (426,931) ​ ​ (1,341) ​ ​ 93,565 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)	6 Months Ended
	Dec. 31, 2020
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 200,000 ​ $ (4,017) ​ $ 195,983 ​ $ 305,000 ​ $ (4,561) ​ $ 300,439 Total debt ​ $ 200,000 ​ $ (4,017) ​ $ 195,983 ​ $ 305,000 ​ $ (4,561) ​ $ 300,439

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Dec. 31, 2020
LEASES
Schedule of lease balance sheet locations	​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ December 31, 2020 Operating Leases ​ ​ ​ ​ ​ Right-of-use assets - current Prepaid expenses and other $ 806 Right-of-use assets - non-current ​ Other assets ​ ​ 6,404 Total right-of-use assets ​ ​ ​ $ 7,210 ​ ​ ​ ​ ​ ​ Lease liabilities - current ​ Other current liabilities ​ $ 951 Lease liabilities - non-current ​ Other long-term liabilities ​ ​ 7,634 Total operating lease liabilities ​ ​ ​ $ 8,585
Schedule of lease maturities	Maturities of operating lease liabilities at December 31, 2020 were as follows (amounts in thousands): ​ ​ ​ ​ ​ Fiscal Years: ​ Operating Leases 2021 ​ $ 574 2022 ​ ​ 1,145 2023 ​ ​ 1,121 2024 ​ ​ 1,121 2025 ​ ​ 1,082 Thereafter ​ ​ 4,524 Total lease payments ​ $ 9,567 Less imputed interest ​ ​ (982) Total ​ $ 8,585
Schedule of other lease information	Other information pertaining to leases consist of the following: ​ ​ ​ ​ ​ ​ ​ December 31, 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)	6 Months Ended
	Dec. 31, 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 ​ Six Months Ended ​ December 31, December 31, December 31, December 31, ​ 2020 ​ 2019 ​ 2020 ​ 2019 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 83,685 ​ $ 69,111 ​ $ 167,282 ​ $ 141,335 Silver ​ 11,128 ​ ​ 8,929 ​ ​ 22,026 ​ ​ 17,365 Copper ​ 12,906 ​ ​ 11,585 ​ ​ 24,914 ​ ​ 17,906 Total stream revenue $ 107,719 ​ $ 89,625 ​ $ 214,222 ​ $ 176,606 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 36,471 ​ $ 22,068 ​ $ 63,375 ​ $ 43,825 Silver ​ 4,193 ​ ​ 3,365 ​ ​ 7,634 ​ ​ 5,194 Copper ​ 4,395 ​ ​ 4,107 ​ ​ 8,456 ​ ​ 7,087 Other ​ 5,582 ​ ​ 4,478 ​ ​ 11,553 ​ ​ 9,705 Total royalty revenue $ 50,641 ​ $ 34,018 ​ $ 91,018 ​ $ 65,811 Total revenue $ 158,360 ​ $ 123,643 ​ $ 305,240 ​ $ 242,417 ​ 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) ​ 2020 ​ 2019 ​ 2020 ​ 2019 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 44,713 ​ $ 30,629 ​ $ 79,332 ​ $ 61,126 Pueblo Viejo ​ Gold & Silver ​ ​ 27,554 ​ ​ 23,614 ​ ​ 58,824 ​ ​ 45,232 Andacollo ​ Gold ​ ​ 17,766 ​ ​ 20,665 ​ ​ 41,275 ​ ​ 41,269 Wassa ​ Gold ​ ​ 6,761 ​ ​ 4,794 ​ ​ 15,870 ​ ​ 10,113 Other ​ Gold & Silver ​ ​ 10,925 ​ ​ 9,923 ​ ​ 18,921 ​ ​ 18,866 Total stream revenue ​ ​ ​ $ 107,719 ​ $ 89,625 ​ $ 214,222 ​ $ 176,606 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 12,952 ​ $ 7,577 ​ $ 23,161 ​ $ 11,997 Cortez ​ Gold ​ ​ 8,128 ​ ​ 3,292 ​ ​ 13,812 ​ ​ 7,709 Other ​ Various ​ ​ 29,561 ​ ​ 23,149 ​ ​ 54,045 ​ ​ 46,105 Total royalty revenue ​ ​ ​ $ 50,641 ​ $ 34,018 ​ $ 91,018 ​ $ 65,811 Total revenue ​ ​ ​ $ 158,360 ​ $ 123,643 ​ $ 305,240 ​ $ 242,417

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Dec. 31, 2020
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2020 2019 2020 2019 ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Stock options ​ $ 17 ​ $ 26 ​ $ 33 ​ $ 57 Stock appreciation rights ​ ​ 430 ​ ​ 430 ​ ​ 801 ​ ​ 872 Restricted stock ​ ​ 588 ​ ​ 697 ​ ​ 1,585 ​ ​ 1,940 Performance stock ​ ​ 363 ​ ​ 385 ​ ​ 473 ​ ​ 770 Total stock-based compensation expense ​ $ 1,398 ​ $ 1,538 ​ $ 2,892 ​ $ 3,639
Schedule of stock-based compensation awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ December 31, ​ ​ December 31, ​ ​ 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 December 31, 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 ​ ​ ​ ​ ​ ​ ​ $ 123 ​ ​ 2.3 Stock appreciation rights ​ ​ ​ ​ ​ ​ ​ ​ 3,172 ​ ​ 2.2 Restricted stock ​ ​ ​ ​ ​ ​ ​ ​ 4,993 ​ ​ 3.5 Performance stock ​ ​ ​ ​ ​ ​ ​ ​ 2,367 ​ ​ 1.9

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	6 Months Ended
	Dec. 31, 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 ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2020 2019 2020 2019 Net income attributable to Royal Gold common stockholders ​ $ 59,889 ​ $ 41,321 ​ $ 166,828 ​ $ 111,774 Weighted-average shares for basic EPS ​ ​ 65,546,938 ​ ​ 65,495,907 ​ ​ 65,542,326 ​ ​ 65,480,759 Effect of other dilutive securities ​ ​ 72,303 ​ ​ 115,660 ​ ​ 83,639 ​ ​ 132,647 Weighted-average shares for diluted EPS ​ ​ 65,619,241 ​ ​ 65,611,567 ​ ​ 65,625,965 ​ ​ 65,613,406 Basic EPS ​ $ 0.91 ​ $ 0.63 ​ $ 2.55 ​ $ 1.70 Diluted EPS ​ $ 0.91 ​ $ 0.63 ​ $ 2.54 ​ $ 1.70

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Dec. 31, 2020
INCOME TAXES
Components of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2020 2019 2020 2019 ​ ​ (Amounts in thousands, except rate) ​ (Amounts in thousands, except rate) Income tax expense (benefit) ​ $ 16,031 ​ $ 11,124 ​ $ 13,654 ​ $ (12,401) Effective tax rate ​ ​ 21.1% ​ ​ 21.6% ​ ​ 7.6% ​ ​ (12.8%)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2020
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 661,172 ​ $ 184,601 ​ $ 845,773 ​ $ 702,732 ​ $ 189,855 ​ $ 892,587 Dominican Republic ​ ​ 384,322 ​ ​ — ​ ​ 384,322 ​ ​ 406,469 ​ ​ — ​ ​ 406,469 Chile ​ ​ 267,334 ​ ​ 224,116 ​ ​ 491,450 ​ ​ 277,661 ​ ​ 223,922 ​ ​ 501,583 Africa ​ ​ 253,856 ​ ​ 321 ​ ​ 254,177 ​ ​ 215,463 ​ ​ 321 ​ ​ 215,784 Mexico ​ ​ — ​ ​ 71,843 ​ ​ 71,843 ​ ​ — ​ ​ 75,951 ​ ​ 75,951 United States ​ ​ — ​ ​ 115,427 ​ ​ 115,427 ​ ​ — ​ ​ 159,445 ​ ​ 159,445 Australia ​ ​ — ​ ​ 29,161 ​ ​ 29,161 ​ ​ — ​ ​ 30,006 ​ ​ 30,006 Rest of world ​ ​ 12,038 ​ ​ 27,789 ​ ​ 39,827 ​ ​ 12,038 ​ ​ 25,050 ​ ​ 37,088 Total ​ $ 1,578,722 ​ $ 653,258 ​ $ 2,231,980 ​ $ 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 December 31, 2020 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 107,719 ​ $ 24,859 ​ $ — ​ $ 40,226 ​ $ 42,634 Royalty interests ​ ​ 50,641 ​ ​ — ​ ​ 1,401 ​ ​ 7,635 ​ ​ 41,605 Total ​ $ 158,360 ​ $ 24,859 ​ $ 1,401 ​ $ 47,861 ​ $ 84,239 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended December 31, 2020 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 214,222 ​ $ 46,760 ​ $ — ​ $ 79,253 ​ $ 88,209 Royalty interests ​ ​ 91,018 ​ ​ — ​ ​ 2,756 ​ ​ 14,822 ​ ​ 73,440 Total ​ $ 305,240 ​ $ 46,760 ​ $ 2,756 ​ $ 94,075 ​ $ 161,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ (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, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Total segment gross profit ​ $ 84,239 ​ $ 61,600 ​ $ 161,649 ​ $ 120,503 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 6,789 ​ ​ 6,665 ​ ​ 14,244 ​ ​ 14,108 Exploration costs ​ ​ — ​ ​ 1,514 ​ ​ 563 ​ ​ 4,140 Depreciation and amortization ​ ​ 84 ​ ​ 114 ​ ​ 170 ​ ​ 167 Gain on sale of Peak Gold JV interest ​ ​ — ​ ​ — ​ ​ (33,906) ​ ​ — Operating income ​ ​ 77,366 ​ ​ 53,307 ​ ​ 180,578 ​ ​ 102,088 Fair value changes in equity securities ​ ​ (382) ​ ​ 222 ​ ​ 2,158 ​ ​ (1,153) Interest and other income ​ ​ 613 ​ ​ 226 ​ ​ 1,034 ​ ​ 1,001 Interest and other expense ​ ​ (1,578) ​ ​ (2,217) ​ ​ (3,454) ​ ​ (5,051) Income before income taxes ​ $ 76,019 ​ $ 51,538 ​ $ 180,316 ​ $ 96,885
Schedule of revenue by reportable segment geographically distributed	Our revenue by reportable segment for the three and six months ended December 31, 2020 and 2019 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, ​ 2020 2019 2020 2019 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 54,302 ​ $ 38,191 ​ $ 95,888 ​ $ 75,854 Dominican Republic ​ ​ 27,554 ​ ​ 23,614 ​ ​ 58,824 ​ ​ 45,232 Chile ​ ​ 17,766 ​ ​ 20,665 ​ ​ 41,275 ​ ​ 41,269 Africa ​ ​ 8,097 ​ ​ 7,155 ​ ​ 18,235 ​ ​ 14,251 Total stream interests ​ $ 107,719 ​ $ 89,625 ​ $ 214,222 ​ $ 176,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 17,090 ​ $ 10,012 ​ $ 30,788 ​ $ 20,614 Mexico ​ ​ 15,174 ​ ​ 9,376 ​ ​ 26,751 ​ ​ 15,763 Australia ​ ​ 8,314 ​ ​ 3,546 ​ ​ 12,856 ​ ​ 7,348 Canada ​ ​ 6,047 ​ ​ 8,037 ​ ​ 13,458 ​ ​ 16,958 Africa ​ ​ 744 ​ ​ 911 ​ ​ 1,494 ​ ​ 1,606 Rest of world ​ ​ 3,272 ​ ​ 2,136 ​ ​ 5,671 ​ ​ 3,522 Total royalty interests ​ $ 50,641 ​ $ 34,018 ​ $ 91,018 ​ $ 65,811 Total revenue ​ $ 158,360 ​ $ 123,643 ​ $ 305,240 ​ $ 242,417

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ ​ Fair Value ​ Carrying Amount Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 7,874 ​ $ 7,874 ​ $ 6,447 ​ $ 1,427 ​ $ — (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	Dec. 31, 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
Total cash consideration	$ 61,300
Stream and royalty interests, net				2,231,980	$ 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]
Total cash consideration	$ 4,000
Percentage of royalty that can be acquired	50.00%
Peak Gold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net smelter return (NSR) (as a percent)	28.00%
Stream and royalty interests, net				$ 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
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		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	Dec. 31, 2020	Jun. 30, 2020
Cost	$ 3,559,270	$ 3,553,950
Accumulated Depletion	(1,327,290)	(1,233,696)
Impairments		(1,341)
Net	2,231,980	2,318,913
Other
Cost		137,826
Net		137,826
Total production stage stream and royalty interests
Cost	3,018,290	3,018,837
Accumulated Depletion	(1,327,290)	(1,233,696)
Impairments		(1,341)
Net	1,691,000	1,783,800
Production stage stream interests
Cost	2,111,424	2,111,423
Accumulated Depletion	(724,959)	(645,705)
Net	1,386,465	1,465,718
Production stage stream interests | Mount Milligan
Cost	790,635	790,635
Accumulated Depletion	(270,370)	(236,352)
Net	520,265	554,283
Production stage stream interests | Pueblo Viejo
Cost	610,405	610,404
Accumulated Depletion	(226,083)	(203,935)
Net	384,322	406,469
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(120,847)	(110,521)
Net	267,335	277,661
Production stage stream interests | Rainy River
Cost	175,727	175,727
Accumulated Depletion	(34,820)	(27,278)
Net	140,907	148,449
Production stage stream interests | Wassa
Cost	146,475	146,475
Accumulated Depletion	(72,839)	(67,619)
Net	73,636	78,856
Production stage royalty interests
Cost	906,866	907,414
Accumulated Depletion	(602,331)	(587,991)
Impairments		(1,341)
Net	304,535	318,082
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(104,850)	(101,381)
Net	100,874	104,343
Production stage royalty interests | Penasquito
Cost	99,172	99,172
Accumulated Depletion	(47,263)	(44,614)
Net	51,909	54,558
Production stage royalty interests | Cortez
Cost	80,681	80,681
Accumulated Depletion	(16,418)	(15,065)
Net	64,263	65,616
Production stage royalty interests | Other
Cost	521,289	521,837
Accumulated Depletion	(433,800)	(426,931)
Impairments		(1,341)
Net	87,489	93,565
Total development stage stream and royalty interests
Cost	262,037	219,597
Net	262,037	219,597
Development stage stream interests | Khoemacau
Cost	180,220	136,608
Net	180,220	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	69,780	70,952
Net	69,780	70,952
Exploration stage royalty interests
Cost	278,943	315,516
Net	278,943	315,516
Exploration stage royalty interests | Pascua-Lama
Cost	177,690	177,690
Net	177,690	$ 177,690
Exploration stage royalty interests | Other
Cost	101,253
Net	$ 101,253

STREAM AND ROYALTY INTERESTS,_4

STREAM AND ROYALTY INTERESTS, NET (Details) $ in Thousands	Oct. 01, 2020oz	Dec. 31, 2020USD ($)oz	Jun. 30, 2020USD ($)
Stream and royalty interests, net | $		$ 2,231,980	$ 2,318,913
Wassa and Prestea
Stream and royalty interests, net | $		$ 73,600
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%
Remaining gold to be delivered (in ounces) | oz		110,200
Wassa | Subsequent Royalty
Gold streaming interest (as a percent)	5.50%
Spot price paid (as a percent)	30.00%
Prestea/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	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2020
Marketable Securities
Proceeds from sale of Contango shares				$ 12,146
Fair value changes in equity securities		$ (400)		2,200
Investment value		$ 7,900		$ 7,900	$ 17,900
Contango
Marketable Securities
Number of shares sold	809,744		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	Jan. 04, 2021	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Long-term debt disclosure
Principal		$ 200,000	$ 200,000		$ 200,000		$ 305,000
Debt Issuance Costs		(4,017)	(4,017)		(4,017)		(4,561)
Total debt		195,983	195,983		195,983		300,439
Repayment of debt					105,000	$ 85,000
Credit Facility
Long-term debt disclosure
Principal		200,000	200,000		200,000		305,000
Debt Issuance Costs		(4,017)	(4,017)		(4,017)		(4,561)
Total debt		195,983	195,983		195,983		$ 300,439
Outstanding amount under credit facility	$ 150,000	200,000	200,000		200,000
Available under the revolving credit facility	850,000	$ 800,000	$ 800,000		$ 800,000
Effective interest rate (as percent)		1.33%	1.33%		1.33%
Interest expense recognized			$ 1,000	$ 1,600	$ 2,200	$ 3,800
Repayment of debt	$ 50,000
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	6 Months Ended
	Dec. 31, 2020USD ($)
LEASES
Right-of-use assets - current	$ 806
Operating Lease, Right-of-Use Asset, Current, Statement of Financial Position [Extensible List]	us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Right-of-use assets - non-current	$ 6,404
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent
Total right-of-use assets	$ 7,210
Lease liabilities - current	$ 951
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Lease liabilities - non-current	$ 7,634
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 8,585

LEASES - Lease maturities (Deta

LEASES - Lease maturities (Details) $ in Thousands	Dec. 31, 2020USD ($)
LEASES
2021	$ 574
2022	1,145
2023	1,121
2024	1,121
2025	1,082
Thereafter	4,524
Total lease payments	9,567
Less imputed interest	(982)
Total	$ 8,585

LEASES - Lease other (Details)

LEASES - Lease other (Details)	Dec. 31, 2020
LEASES
Weighted average remaining lease term in years	9 years
Weighted average discount rate	2.50%

REVENUE (Details)

REVENUE (Details)	6 Months Ended
	Dec. 31, 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		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue
Revenue	$ 158,360	$ 123,643	$ 305,240	$ 242,417
Stream interests
Disaggregation of Revenue
Revenue	107,719	89,625	214,222	176,606
Stream interests | Gold
Disaggregation of Revenue
Revenue	83,685	69,111	167,282	141,335
Stream interests | Silver
Disaggregation of Revenue
Revenue	11,128	8,929	22,026	17,365
Stream interests | Copper
Disaggregation of Revenue
Revenue	12,906	11,585	24,914	17,906
Royalty interests
Disaggregation of Revenue
Revenue	50,641	34,018	91,018	65,811
Royalty interests | Gold
Disaggregation of Revenue
Revenue	36,471	22,068	63,375	43,825
Royalty interests | Silver
Disaggregation of Revenue
Revenue	4,193	3,365	7,634	5,194
Royalty interests | Copper
Disaggregation of Revenue
Revenue	4,395	4,107	8,456	7,087
Royalty interests | Other
Disaggregation of Revenue
Revenue	$ 5,582	$ 4,478	$ 11,553	$ 9,705

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue
Revenue	$ 158,360	$ 123,643	$ 305,240	$ 242,417
Stream interests
Disaggregation of Revenue
Revenue	107,719	89,625	214,222	176,606
Stream interests | Mount Milligan
Disaggregation of Revenue
Revenue	44,713	30,629	79,332	61,126
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue	27,554	23,614	58,824	45,232
Stream interests | Andacollo
Disaggregation of Revenue
Revenue	17,766	20,665	41,275	41,269
Stream interests | Wassa and Prestea
Disaggregation of Revenue
Revenue	6,761	4,794	15,870	10,113
Stream interests | Other
Disaggregation of Revenue
Revenue	10,925	9,923	18,921	18,866
Royalty interests
Disaggregation of Revenue
Revenue	50,641	34,018	91,018	65,811
Royalty interests | Other
Disaggregation of Revenue
Revenue	29,561	23,149	54,045	46,105
Royalty interests | Penasquito
Disaggregation of Revenue
Revenue	12,952	7,577	23,161	11,997
Royalty interests | Cortez
Disaggregation of Revenue
Revenue	$ 8,128	$ 3,292	$ 13,812	$ 7,709

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation
Stock-based compensation expense	$ 1,398	$ 1,538	$ 2,892	$ 3,639
Stock options granted (in shares)	0	0
Stock-based compensation awards granted (in shares)			128,444	100,866
Stock options
Stock-based compensation
Stock-based compensation expense	$ 17	$ 26	$ 33	$ 57
Stock options granted (in shares)			2,860	1,604
Unrecognized compensation expense	123		$ 123
Weighted-average recognition period			2 years 3 months 18 days
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	430	430	$ 801	$ 872
Other than options granted (in shares)			64,100	46,726
Unrecognized compensation expense	3,172		$ 3,172
Weighted-average recognition period			2 years 2 months 12 days
Restricted stock
Stock-based compensation
Stock-based compensation expense	588	697	$ 1,585	$ 1,940
Other than options granted (in shares)			26,104	23,976
Unrecognized compensation expense	4,993		$ 4,993
Weighted-average recognition period			3 years 6 months
Performance stock
Stock-based compensation
Stock-based compensation expense	363	$ 385	$ 473	$ 770
Other than options granted (in shares)			35,380	28,560
Unrecognized compensation expense	$ 2,367		$ 2,367
Weighted-average recognition period			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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
EARNINGS PER SHARE ("EPS")
Net income attributable to Royal Gold common stockholders	$ 59,889	$ 41,321	$ 166,828	$ 111,774
Weighted-average shares for basic EPS	65,546,938	65,495,907	65,542,326	65,480,759
Effect of other dilutive securities (in shares)	72,303	115,660	83,639	132,647
Weighted-average shares for diluted EPS	65,619,241	65,611,567	65,625,965	65,613,406
Basic EPS (in dollars per share)	$ 0.91	$ 0.63	$ 2.55	$ 1.70
Diluted EPS (in dollars per share)	$ 0.91	$ 0.63	$ 2.54	$ 1.70

INCOME TAXES - Quarterly (Detai

INCOME TAXES - Quarterly (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Income tax expense (benefit)	$ 16,031	$ 11,124	$ 13,654	$ (12,401)
Effective tax rate (as a percent)	21.10%	21.60%	7.60%	(12.80%)
Estimates for uncertain tax positions			$ (24,500)	$ (32,300)

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment			2
Stream and royalty interests, net	$ 2,231,980		$ 2,231,980		$ 2,318,913
Revenue	158,360	$ 123,643	305,240	$ 242,417
Cost of sales	24,859	21,077	46,760	41,188
Production taxes	1,401	984	2,756	2,083
Depletion	47,861	39,982	94,075	78,643
Total segment gross profit	84,239	61,600	161,649	120,503
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	845,773		845,773		892,587
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	384,322		384,322		406,469
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	491,450		491,450		501,583
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	254,177		254,177		215,784
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	71,843		71,843		75,951
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	115,427		115,427		159,445
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	29,161		29,161		30,006
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	39,827		39,827		37,088
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	1,578,722		1,578,722		1,614,363
Revenue	107,719	89,625	214,222	176,606
Cost of sales	24,859	21,077	46,760	41,188
Depletion	40,226	32,181	79,253	63,643
Total segment gross profit	42,634	36,367	88,209	71,775
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	661,172		661,172		702,732
Revenue	54,302	38,191	95,888	75,854
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	384,322		384,322		406,469
Revenue	27,554	23,614	58,824	45,232
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	267,334		267,334		277,661
Revenue	17,766	20,665	41,275	41,269
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	253,856		253,856		215,463
Revenue	8,097	7,155	18,235	14,251
Stream interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	12,038		12,038		12,038
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	653,258		653,258		704,550
Revenue	50,641	34,018	91,018	65,811
Production taxes	1,401	984	2,756	2,083
Depletion	7,635	7,801	14,822	15,000
Total segment gross profit	41,605	25,233	73,440	48,728
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	184,601		184,601		189,855
Revenue	6,047	8,037	13,458	16,958
Royalty interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	224,116		224,116		223,922
Royalty interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	321		321		321
Revenue	744	911	1,494	1,606
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	71,843		71,843		75,951
Revenue	15,174	9,376	26,751	15,763
Royalty interests | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	115,427		115,427		159,445
Revenue	17,090	10,012	30,788	20,614
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	29,161		29,161		30,006
Revenue	8,314	3,546	12,856	7,348
Royalty interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	27,789		27,789		$ 25,050
Revenue	$ 3,272	$ 2,136	$ 5,671	$ 3,522

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation gross profit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
SEGMENT INFORMATION
Total segment gross profit	$ 84,239	$ 61,600	$ 161,649	$ 120,503
Costs and expenses
General and administrative expenses	6,789	6,665	14,244	14,108
Exploration costs		1,514	563	4,140
Depreciation and amortization	84	114	170	167
Gain on sale of Peak Gold JV interest			(33,906)
Operating income	77,366	53,307	180,578	102,088
Fair value changes in equity securities	(382)	222	2,158	(1,153)
Interest and other income	613	226	1,034	1,001
Interest and other expense	(1,578)	(2,217)	(3,454)	(5,051)
Income before income taxes	$ 76,019	$ 51,538	$ 180,316	$ 96,885

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis $ in Thousands	Dec. 31, 2020USD ($)
Carrying Amount
Assets:
Marketable equity securities	$ 7,874
Fair Value
Assets:
Marketable equity securities	7,874
Level 1
Assets:
Marketable equity securities	6,447
Level 2
Assets:
Marketable equity securities	$ 1,427

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Jan. 06, 2021	Oct. 05, 2020	Jul. 05, 2020	Apr. 03, 2020	Feb. 02, 2020	Nov. 05, 2019	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies
Acquisition consideration paid							$ 48,832	$ 72,417
Khoemacau
Commitments and Contingencies
Acquisition consideration paid	$ 32,600	$ 32,500	$ 11,100	$ 47,900	$ 22,000	$ 65,800
Total contributions							212,000
Maximum future contingent payments							53,000
Ilovica
Commitments and Contingencies
Maximum future contingent payments							$ 163,750