Royal Gold (RGLD) 10-Q6 May 212021 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 29, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
ASSETS
Cash and equivalents	$ 370,260	$ 319,128
Royalty receivables	45,427	27,689
Income tax receivable	14,669	2,435
Stream inventory	14,491	11,671
Prepaid expenses and other	1,475	1,227
Total current assets	446,322	362,150
Stream and royalty interests, net (Note 3)	2,224,435	2,318,913
Other assets	82,769	85,224
Total assets	2,753,526	2,766,287
LIABILITIES
Accounts payable	4,380	2,484
Dividends payable	19,680	18,364
Income tax payable	25,660	13,323
Other current liabilities	12,971	9,384
Total current liabilities	62,691	43,555
Debt (Note 5)	146,270	300,439
Deferred tax liabilities	84,079	86,439
Uncertain tax positions	12,957	25,427
Other liabilities	7,404	8,308
Total liabilities	313,401	464,168
EQUITY
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,550,445 and 65,531,288 shares outstanding, respectively	656	655
Additional paid-in capital	2,202,410	2,210,429
Accumulated earnings	224,254	61,133
Total Royal Gold stockholders' equity	2,427,320	2,272,217
Non-controlling interests	12,805	29,902
Total equity	2,440,125	2,302,119
Total liabilities and equity	$ 2,753,526	$ 2,766,287

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	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	65,550,445	65,531,288

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements of Operations and Comprehensive Income
Revenue (Note 7)	$ 142,589	$ 136,437	$ 447,829	$ 378,853
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	21,469	21,961	68,230	63,149
General and administrative	6,932	9,551	21,175	23,658
Production taxes	1,835	851	4,591	2,934
Exploration costs		565	563	4,705
Depreciation, depletion and amortization	41,296	51,228	135,541	130,038
Total costs and expenses	71,532	84,156	230,100	224,484
Gain on sale of Peak Gold JV interest			33,906
Operating income	71,057	52,281	251,635	154,369
Fair value changes in equity securities	1,902	(3,819)	4,060	(4,972)
Interest and other income	733	620	1,767	1,621
Interest and other expense	(1,820)	(2,088)	(5,274)	(7,139)
Income before income taxes	71,872	46,994	252,188	143,879
Income tax (expense) benefit	(17,679)	(8,702)	(31,332)	3,700
Net income and comprehensive income	54,193	38,292	220,856	147,579
Net (income) loss and comprehensive (income) loss attributable to non-controlling interests	(167)	262	(1)	2,750
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 54,026	$ 38,554	$ 220,855	$ 150,329
Net income per share attributable to Royal Gold common stockholders:
Basic EPS (in dollars per share)	$ 0.82	$ 0.59	$ 3.36	$ 2.30
Basic weighted average shares outstanding (in shares)	65,550,400	65,511,878	65,544,978	65,501,678
Diluted EPS (in dollars per share)	$ 0.82	$ 0.59	$ 3.36	$ 2.29
Diluted weighted average shares outstanding (in shares)	65,621,603	65,600,770	65,624,472	65,626,400
Cash dividends declared per common share (in dollars per share)	$ 0.300	$ 0.280	$ 0.880	$ 0.825

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		4,025			4,025
Stock-based compensation and related share issuances (in shares)	71,756
Distributions from (to) non-controlling interests		3,300		(723)	2,577
Net income (loss) and comprehensive income (loss)			150,329	(2,750)	147,579
Dividends declared			(54,099)		(54,099)
Balance at Mar. 31, 2020	$ 655	2,209,098	30,483	30,299	2,270,535
Balance (in shares) at Mar. 31, 2020	65,512,248
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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		3,134			3,134
Stock-based compensation and related share issuances (in shares)	16,244
Distributions from (to) non-controlling interests		600		(344)	256
Net income (loss) and comprehensive income (loss)			38,554	(262)	38,292
Dividends declared			(18,361)		(18,361)
Balance at Mar. 31, 2020	$ 655	2,209,098	30,483	30,299	2,270,535
Balance (in shares) at Mar. 31, 2020	65,512,248
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	2,810			2,811
Stock-based compensation and related share issuances (in shares)	19,157
Sale of Peak Gold JV interest		(10,829)		(16,218)	(27,047)
Distributions to non-controlling interests				(880)	(880)
Net income (loss) and comprehensive income (loss)			220,855	1	220,856
Dividends declared			(57,734)		(57,734)
Balance at Mar. 31, 2021	$ 656	2,202,410	224,254	12,805	2,440,125
Balance (in shares) at Mar. 31, 2021	65,550,445
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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		1,334			1,334
Stock-based compensation and related share issuances (in shares)	2,030
Distributions to non-controlling interests				(399)	(399)
Net income (loss) and comprehensive income (loss)			54,026	167	54,193
Dividends declared			(19,682)		(19,682)
Balance at Mar. 31, 2021	$ 656	$ 2,202,410	$ 224,254	$ 12,805	$ 2,440,125
Balance (in shares) at Mar. 31, 2021	65,550,445

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income and comprehensive income	$ 220,856	$ 147,579
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization	135,541	130,038
Gain on sale of Peak Gold JV interest	(33,906)
Non-cash employee stock compensation expense	4,236	8,283
Fair value changes in equity securities	(4,060)	4,972
Deferred tax benefit	(9,050)	(37,117)
Other	684	703
Changes in assets and liabilities:
Royalty receivables	(17,738)	(11,589)
Stream inventory	(2,820)	(567)
Income tax receivable	(12,235)	(8,658)
Prepaid expenses and other assets	998	(5,771)
Accounts payable	1,244	(1,295)
Income tax payable	12,337	14,054
Uncertain tax positions	(12,470)	(132)
Other liabilities	2,681	8,695
Net cash provided by operating activities	286,298	249,195
Cash flows from investing activities:
Acquisition of stream and royalty interests	(82,488)	(107,855)
Proceeds from sale of Peak Gold JV interest	49,154
Proceeds from sale of Contango shares	12,146
Other	(451)	2,766
Net cash used in investing activities	(21,639)	(105,089)
Cash flows from financing activities:
Repayment of debt	(155,000)	(115,000)
Net payments from issuance of common stock	(1,425)	(4,257)
Common stock dividends	(56,417)	(53,111)
Other	(685)	2,502
Net cash used in financing activities	(213,527)	(169,866)
Net increase (decrease) in cash and equivalents	51,132	(25,760)
Cash and equivalents at beginning of period	319,128	119,475
Cash and equivalents at end of period	$ 370,260	$ 93,715

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS	9 Months Ended
	Mar. 31, 2021
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 nine months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. These interim unaudited consolidated 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	9 Months Ended
SALE OF PEAK GOLD JV INTEREST	Mar. 31, 2021
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 Manh Choh Project (formerly known as 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, the owner of the Manh Choh Project, 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 Manh Choh 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 are recorded as exploration stage royalty interests in Stream and royalty interests, net common shares in Contango is included in Fair value changes in equity securities

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	9 Months Ended
STREAM AND ROYALTY INTERESTS, NET	Mar. 31, 2021
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 March 31, 2021 and June 30, 2020. As of March 31, 2021 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (283,660) $ 506,975 Pueblo Viejo 610,404 (235,169) 375,235 Andacollo 388,182 (124,225) 263,957 Rainy River 175,727 (38,368) 137,359 Wassa 146,475 (76,131) 70,344 Total production stage stream interests 2,111,423 (757,553) 1,353,870 Production stage royalty interests: Voisey's Bay 205,724 (107,225) 98,499 Peñasquito 99,172 (48,765) 50,407 Cortez 80,681 (17,584) 63,097 Other 442,891 (377,642) 65,249 Total production stage royalty interests 828,468 (551,216) 277,252 Total production stage stream and royalty interests 2,939,891 (1,308,769) 1,631,122 Development stage stream interests: Khoemacau 212,877 — 212,877 Other 12,037 — 12,037 Development stage royalty interests: Other 73,416 — 73,416 Total development stage stream and royalty interests 298,330 — 298,330 Exploration stage royalty interests: Pascua-Lama 177,690 — 177,690 Other 117,293 — 117,293 Total exploration stage royalty interests 294,983 — 294,983 Total stream and royalty interests, net $ 3,533,204 $ (1,308,769) $ 2,224,435 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 and Bogoso Stream Agreement On October 1, 2020, we announced the separation of the Wassa gold stream and the Prestea and Bogoso gold streams into two 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, continues to provide us the right to purchase 10.5% of the gold payable 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 March 31, 2021, approximately 115,700 ounces remain to be delivered from the Wassa mine until the 240,000 ounce delivery threshold is reached. The Prestea and Bogoso stream agreement with FGR provides us the right to purchase 5.5% of the gold payable 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 and 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 Pandemic Throughout calendar 2020 and into calendar 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 will ultimately depend on many factors that are outside of our control, including the severity and duration of the pandemic, government and operator actions in response to the pandemic, and the development, availability, and public acceptance of effective treatments and vaccines. 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	9 Months Ended
MARKETABLE EQUITY SECURITIES	Mar. 31, 2021
MARKETABLE EQUITY SECURITIES
MARKETABLE EQUITY SECURITIES	4. MARKETABLE EQUITY SECURITIES As of March 31, 2021, our marketable equity securities include 3,949,575 common shares of Battle North Gold Corporation (“Battle North Gold”), 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. On March 15, 2021, Evolution Mining Limited announced it had entered into a definitive arrangement with Battle North Gold to acquire all of the issued and outstanding shares of Battle North Gold at a price of $2.65 Canadian dollars per common share, payable in cash. The transaction remains subject to the affirmative vote of Battle North Gold’s shareholders, which is expected to be held in May 2021, and is expected to close during the quarter ending June 30, 2021. 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 $1.9 million and $4.0 million for the three and nine months ended March 31, 2021, respectively, and are included in Fair value changes in equity securities Other assets

DEBT

DEBT	9 Months Ended
DEBT	Mar. 31, 2021
DEBT
DEBT	5. DEBT Our debt as of March 31, 2021 and June 30, 2020 consists of the following: As of March 31, 2021 As of June 30, 2020 Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total (Amounts in thousands) (Amounts in thousands) Revolving credit facility $ 150,000 $ (3,730) $ 146,270 $ 305,000 $ (4,561) $ 300,439 Total debt $ 150,000 $ (3,730) $ 146,270 $ 305,000 $ (4,561) $ 300,439 Revolving credit facility As of March 31, 2021, we had $150 million outstanding and $850 million available under our revolving credit facility. The interest rate on borrowings under our revolving credit facility as of March 31, 2021 was LIBOR plus 1.10% for an all-in rate of 1.34%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $0.8 million and $3.0 million for the three and nine months ended March 31, 2021, respectively, and $1.2 million and $5.0 million for the three and nine months ended March 31, 2020, 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 March 31, 2021, we were in compliance with each financial covenant. On April 1, 2021, we repaid the remaining outstanding borrowings ($150 million) under our revolving credit facility. This increased the amount available under our revolving credit facility to $1 billion and decreased the amount outstanding to zero. 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	9 Months Ended
LEASES	Mar. 31, 2021
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 March 31, 2021 (amounts in thousands): Classification March 31, 2021 Operating Leases Right-of-use assets - current Prepaid expenses and other $ 805 Right-of-use assets - non-current Other assets 6,206 Total right-of-use assets $ 7,011 Lease liabilities - current Other current liabilities $ 952 Lease liabilities - non-current Other long-term liabilities 7,403 Total operating lease liabilities $ 8,355 Maturities of operating lease liabilities at March 31, 2021 were as follows (amounts in thousands): Fiscal Years: Operating Leases 2021 $ 287 2022 1,143 2023 1,120 2024 1,120 2025 1,083 Thereafter 4,533 Total lease payments $ 9,286 Less imputed interest (931) Total $ 8,355 Other information pertaining to leases consists of the following: March 31, 2021 Operating Lease Term and Discount Rate Weighted average remaining lease term in years 8.5 Weighted average discount rate 2.5% We did not have any finance leases as of March 31, 2021.

REVENUE

REVENUE	9 Months Ended
REVENUE	Mar. 31, 2021
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 nine months ended March 31, 2021, royalty revenue that was estimated or was attributable to metal production for a period prior to March 31, 2021, 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 Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 Stream revenue: Gold $ 65,511 $ 78,503 $ 232,793 $ 219,838 Silver 12,805 8,284 34,832 25,648 Copper 17,030 10,673 41,943 28,579 Total stream revenue $ 95,346 $ 97,460 $ 309,568 $ 274,065 Royalty revenue: Gold $ 31,245 $ 28,792 $ 94,620 $ 72,617 Silver 4,208 2,666 11,842 7,860 Copper 4,015 3,340 12,471 10,427 Other 7,775 4,179 19,328 13,884 Total royalty revenue $ 47,243 $ 38,977 $ 138,261 $ 104,788 Total revenue $ 142,589 $ 136,437 $ 447,829 $ 378,853 Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, Metal(s) 2021 2020 2021 2020 Stream revenue: Mount Milligan Gold & Copper $ 33,803 $ 32,298 $ 113,135 $ 93,423 Pueblo Viejo Gold & Silver 30,173 28,302 88,998 73,534 Andacollo Gold 13,022 22,055 54,297 63,324 Wassa Gold 8,774 8,647 24,644 18,760 Other Gold & Silver 9,574 6,158 28,494 25,024 Total stream revenue $ 95,346 $ 97,460 $ 309,568 $ 274,065 Royalty revenue: Peñasquito Gold, Silver, Lead & Zinc $ 13,128 $ 7,425 $ 36,289 $ 19,422 Cortez Gold 8,609 6,400 22,421 14,109 Other Various 25,506 25,152 79,551 71,257 Total royalty revenue $ 47,243 $ 38,977 $ 138,261 $ 104,788 Total revenue $ 142,589 $ 136,437 $ 447,829 $ 378,853 Please refer to Note 11 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	8. STOCK-BASED COMPENSATION We recognized stock-based compensation expense as follows: Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 (Amounts in thousands) (Amounts in thousands) Stock options $ 17 $ 94 $ 50 $ 151 Stock appreciation rights 430 1,365 1,231 2,237 Restricted stock 533 2,659 2,118 4,599 Performance stock 364 526 837 1,296 Total stock-based compensation expense $ 1,344 $ 4,644 $ 4,236 $ 8,283 Stock-based compensation expense is included within General and administrative During the three and nine months ended March 31, 2021 and 2020, we granted the following stock-based compensation awards: Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 (Number of shares) (Number of shares) Stock options — — 2,860 1,604 Stock appreciation rights — 6,890 64,100 53,616 Restricted stock — 2,050 26,104 26,026 Performance stock (at maximum 200% attainment) — 4,280 35,380 32,840 Total equity awards granted — 13,220 128,444 114,086 As of March 31, 2021, 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 $ 108 2.1 Stock appreciation rights 2,790 2.0 Restricted stock 4,551 3.3 Performance stock 2,050 1.7

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	9 Months Ended
EARNINGS PER SHARE ("EPS")	Mar. 31, 2021
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 Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 Net income attributable to Royal Gold common stockholders $ 54,026 $ 38,554 $ 220,855 $ 150,329 Weighted-average shares for basic EPS 65,550,400 65,511,878 65,544,978 65,501,678 Effect of other dilutive securities 71,203 88,892 79,494 124,722 Weighted-average shares for diluted EPS 65,621,603 65,600,770 65,624,472 65,626,400 Basic EPS $ 0.82 $ 0.59 $ 3.36 $ 2.30 Diluted EPS $ 0.82 $ 0.59 $ 3.36 $ 2.29

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Mar. 31, 2021
INCOME TAXES
INCOME TAXES	10. INCOME TAXES Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 (Amounts in thousands, except rate) (Amounts in thousands, except rate) Income tax expense (benefit) $ 17,679 $ 8,702 $ 31,332 $ (3,700) Effective tax rate 24.6% 18.5% 12.4% (2.6)% The effective tax rate for the three months ended March 31, 2021, included an income tax expense attributable to an increase in valuation allowance on certain deferred tax assets. The effective tax rate for the three months ended March 31, 2020, included income tax benefits resulting from foreign exchange rate movements compared to the U.S. dollar. The effective tax rate for the nine months ended March 31, 2021, included discrete tax benefits ($21.8 million) primarily 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 nine months ended March 31, 2020, 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	9 Months Ended
SEGMENT INFORMATION	Mar. 31, 2021
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 March 31, 2021 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 $ 644,334 $ 181,382 $ 825,716 $ 702,732 $ 189,855 $ 892,587 Dominican Republic 375,235 — 375,235 406,469 — 406,469 Chile 263,957 224,116 488,073 277,661 223,922 501,583 Africa 283,221 321 283,542 215,463 321 215,784 Mexico — 69,440 69,440 — 75,951 75,951 United States — 114,776 114,776 — 159,445 159,445 Australia — 28,484 28,484 — 30,006 30,006 Rest of world 12,037 27,132 39,169 12,038 25,050 37,088 Total $ 1,578,784 $ 645,651 $ 2,224,435 $ 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 March 31, 2021 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 95,346 $ 21,469 $ — $ 32,595 $ 41,282 Royalty interests 47,243 — 1,835 8,607 36,801 Total $ 142,589 $ 21,469 $ 1,835 $ 41,202 $ 78,083 Three Months Ended March 31, 2020 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 97,460 $ 21,961 $ — $ 43,240 $ 32,259 Royalty interests 38,977 — 851 7,875 30,251 Total $ 136,437 $ 21,961 $ 851 $ 51,115 $ 62,510 Nine Months Ended March 31, 2021 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 309,568 $ 68,230 $ — $ 111,848 $ 129,490 Royalty interests 138,261 — 4,591 23,428 110,242 Total $ 447,829 $ 68,230 $ 4,591 $ 135,276 $ 239,732 Nine Months Ended March 31, 2020 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 274,065 $ 63,149 $ — $ 106,883 $ 104,033 Royalty interests 104,788 — 2,934 22,875 78,979 Total $ 378,853 $ 63,149 $ 2,934 $ 129,758 $ 183,012 (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 Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 Total segment gross profit $ 78,083 $ 62,510 $ 239,732 $ 183,012 Costs and expenses General and administrative expenses 6,932 9,551 21,175 23,658 Exploration costs — 565 563 4,705 Depreciation and amortization 94 113 265 280 Gain on sale of Peak Gold JV interest — — (33,906) — Operating income 71,057 52,281 251,635 154,369 Fair value changes in equity securities 1,902 (3,819) 4,060 (4,972) Interest and other income 733 620 1,767 1,621 Interest and other expense (1,820) (2,088) (5,274) (7,139) Income before income taxes $ 71,872 $ 46,994 $ 252,188 $ 143,879 Our revenue by reportable segment for the three and nine months ended March 31, 2021 and 2020 is geographically distributed as shown in the following table (amounts in thousands): Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 Stream interests: Canada $ 42,609 $ 37,136 $ 138,497 $ 112,990 Dominican Republic 30,173 28,302 88,998 73,534 Chile 13,022 22,055 54,296 63,323 Africa 9,542 9,967 27,777 24,218 Total stream interests $ 95,346 $ 97,460 $ 309,568 $ 274,065 Royalty interests: United States $ 16,474 $ 13,199 $ 47,262 $ 33,813 Mexico 15,270 9,126 42,021 26,084 Australia 4,360 9,160 17,217 24,923 Canada 8,612 3,714 22,069 11,062 Africa 748 925 2,241 2,531 Rest of world 1,779 2,853 7,451 6,375 Total royalty interests $ 47,243 $ 38,977 $ 138,261 $ 104,788 Total revenue $ 142,589 $ 136,437 $ 447,829 $ 378,853

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2021
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 March 31, 2021 Fair Value Carrying Amount Total Level 1 Level 2 Level 3 Assets (amounts in thousands): Marketable equity securities (1) $ 9,777 $ 9,777 $ 8,155 $ 1,622 $ — (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 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. The carrying value of our revolving credit facility (Note 5) approximates fair value as of March 31, 2021. As of March 31, 2021, 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	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Khoemac a u Silver Stream Acquisition 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 On April 7, 2021, we made a seventh advance payment of $10.6 million toward the option silver stream which increased our right to receive payable silver produced from Khoemac a a Royal Gold has remaining committed funding of $49.4 million to KCM in the form of $42.4 million of additional stream financing and $7.0 million of debt, both of which may be drawn at the election of KCM prior to the completion of construction. Refer to our Fiscal 2020 10-K for further details on the Khoemac a Ilovica Gold Stream Acquisition As of March 31, 2021, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into 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)	9 Months Ended
	Mar. 31, 2021
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 nine months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. These interim unaudited consolidated 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)	9 Months Ended
STREAM AND ROYALTY INTERESTS, NET (Tables)	Mar. 31, 2021
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	As of March 31, 2021 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: Mount Milligan $ 790,635 $ (283,660) $ 506,975 Pueblo Viejo 610,404 (235,169) 375,235 Andacollo 388,182 (124,225) 263,957 Rainy River 175,727 (38,368) 137,359 Wassa 146,475 (76,131) 70,344 Total production stage stream interests 2,111,423 (757,553) 1,353,870 Production stage royalty interests: Voisey's Bay 205,724 (107,225) 98,499 Peñasquito 99,172 (48,765) 50,407 Cortez 80,681 (17,584) 63,097 Other 442,891 (377,642) 65,249 Total production stage royalty interests 828,468 (551,216) 277,252 Total production stage stream and royalty interests 2,939,891 (1,308,769) 1,631,122 Development stage stream interests: Khoemacau 212,877 — 212,877 Other 12,037 — 12,037 Development stage royalty interests: Other 73,416 — 73,416 Total development stage stream and royalty interests 298,330 — 298,330 Exploration stage royalty interests: Pascua-Lama 177,690 — 177,690 Other 117,293 — 117,293 Total exploration stage royalty interests 294,983 — 294,983 Total stream and royalty interests, net $ 3,533,204 $ (1,308,769) $ 2,224,435 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)	9 Months Ended
DEBT (Tables)	Mar. 31, 2021
DEBT
Schedule of debt	As of March 31, 2021 As of June 30, 2020 Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total (Amounts in thousands) (Amounts in thousands) Revolving credit facility $ 150,000 $ (3,730) $ 146,270 $ 305,000 $ (4,561) $ 300,439 Total debt $ 150,000 $ (3,730) $ 146,270 $ 305,000 $ (4,561) $ 300,439

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Mar. 31, 2021
LEASES
Schedule of lease balance sheet locations	Classification March 31, 2021 Operating Leases Right-of-use assets - current Prepaid expenses and other $ 805 Right-of-use assets - non-current Other assets 6,206 Total right-of-use assets $ 7,011 Lease liabilities - current Other current liabilities $ 952 Lease liabilities - non-current Other long-term liabilities 7,403 Total operating lease liabilities $ 8,355
Schedule of lease maturities	Maturities of operating lease liabilities at March 31, 2021 were as follows (amounts in thousands): Fiscal Years: Operating Leases 2021 $ 287 2022 1,143 2023 1,120 2024 1,120 2025 1,083 Thereafter 4,533 Total lease payments $ 9,286 Less imputed interest (931) Total $ 8,355
Schedule of other lease information	Other information pertaining to leases consists of the following: March 31, 2021 Operating Lease Term and Discount Rate Weighted average remaining lease term in years 8.5 Weighted average discount rate 2.5%

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
REVENUE (Tables)	Mar. 31, 2021
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 Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 Stream revenue: Gold $ 65,511 $ 78,503 $ 232,793 $ 219,838 Silver 12,805 8,284 34,832 25,648 Copper 17,030 10,673 41,943 28,579 Total stream revenue $ 95,346 $ 97,460 $ 309,568 $ 274,065 Royalty revenue: Gold $ 31,245 $ 28,792 $ 94,620 $ 72,617 Silver 4,208 2,666 11,842 7,860 Copper 4,015 3,340 12,471 10,427 Other 7,775 4,179 19,328 13,884 Total royalty revenue $ 47,243 $ 38,977 $ 138,261 $ 104,788 Total revenue $ 142,589 $ 136,437 $ 447,829 $ 378,853 Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, Metal(s) 2021 2020 2021 2020 Stream revenue: Mount Milligan Gold & Copper $ 33,803 $ 32,298 $ 113,135 $ 93,423 Pueblo Viejo Gold & Silver 30,173 28,302 88,998 73,534 Andacollo Gold 13,022 22,055 54,297 63,324 Wassa Gold 8,774 8,647 24,644 18,760 Other Gold & Silver 9,574 6,158 28,494 25,024 Total stream revenue $ 95,346 $ 97,460 $ 309,568 $ 274,065 Royalty revenue: Peñasquito Gold, Silver, Lead & Zinc $ 13,128 $ 7,425 $ 36,289 $ 19,422 Cortez Gold 8,609 6,400 22,421 14,109 Other Various 25,506 25,152 79,551 71,257 Total royalty revenue $ 47,243 $ 38,977 $ 138,261 $ 104,788 Total revenue $ 142,589 $ 136,437 $ 447,829 $ 378,853

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2021
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 (Amounts in thousands) (Amounts in thousands) Stock options $ 17 $ 94 $ 50 $ 151 Stock appreciation rights 430 1,365 1,231 2,237 Restricted stock 533 2,659 2,118 4,599 Performance stock 364 526 837 1,296 Total stock-based compensation expense $ 1,344 $ 4,644 $ 4,236 $ 8,283
Schedule of stock-based compensation awards	Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 (Number of shares) (Number of shares) Stock options — — 2,860 1,604 Stock appreciation rights — 6,890 64,100 53,616 Restricted stock — 2,050 26,104 26,026 Performance stock (at maximum 200% attainment) — 4,280 35,380 32,840 Total equity awards granted — 13,220 128,444 114,086
Schedule of unrecognized compensation expense	As of March 31, 2021, 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 $ 108 2.1 Stock appreciation rights 2,790 2.0 Restricted stock 4,551 3.3 Performance stock 2,050 1.7

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	9 Months Ended
EARNINGS PER SHARE ("EPS") (Tables)	Mar. 31, 2021
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 Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 Net income attributable to Royal Gold common stockholders $ 54,026 $ 38,554 $ 220,855 $ 150,329 Weighted-average shares for basic EPS 65,550,400 65,511,878 65,544,978 65,501,678 Effect of other dilutive securities 71,203 88,892 79,494 124,722 Weighted-average shares for diluted EPS 65,621,603 65,600,770 65,624,472 65,626,400 Basic EPS $ 0.82 $ 0.59 $ 3.36 $ 2.30 Diluted EPS $ 0.82 $ 0.59 $ 3.36 $ 2.29

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
INCOME TAXES (Tables)	Mar. 31, 2021
INCOME TAXES
Components of income tax expense	Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 (Amounts in thousands, except rate) (Amounts in thousands, except rate) Income tax expense (benefit) $ 17,679 $ 8,702 $ 31,332 $ (3,700) Effective tax rate 24.6% 18.5% 12.4% (2.6)%

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
SEGMENT INFORMATION (Tables)	Mar. 31, 2021
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	As of March 31, 2021 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 $ 644,334 $ 181,382 $ 825,716 $ 702,732 $ 189,855 $ 892,587 Dominican Republic 375,235 — 375,235 406,469 — 406,469 Chile 263,957 224,116 488,073 277,661 223,922 501,583 Africa 283,221 321 283,542 215,463 321 215,784 Mexico — 69,440 69,440 — 75,951 75,951 United States — 114,776 114,776 — 159,445 159,445 Australia — 28,484 28,484 — 30,006 30,006 Rest of world 12,037 27,132 39,169 12,038 25,050 37,088 Total $ 1,578,784 $ 645,651 $ 2,224,435 $ 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 March 31, 2021 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 95,346 $ 21,469 $ — $ 32,595 $ 41,282 Royalty interests 47,243 — 1,835 8,607 36,801 Total $ 142,589 $ 21,469 $ 1,835 $ 41,202 $ 78,083 Three Months Ended March 31, 2020 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 97,460 $ 21,961 $ — $ 43,240 $ 32,259 Royalty interests 38,977 — 851 7,875 30,251 Total $ 136,437 $ 21,961 $ 851 $ 51,115 $ 62,510 Nine Months Ended March 31, 2021 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 309,568 $ 68,230 $ — $ 111,848 $ 129,490 Royalty interests 138,261 — 4,591 23,428 110,242 Total $ 447,829 $ 68,230 $ 4,591 $ 135,276 $ 239,732 Nine Months Ended March 31, 2020 Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests $ 274,065 $ 63,149 $ — $ 106,883 $ 104,033 Royalty interests 104,788 — 2,934 22,875 78,979 Total $ 378,853 $ 63,149 $ 2,934 $ 129,758 $ 183,012 (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 Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 Total segment gross profit $ 78,083 $ 62,510 $ 239,732 $ 183,012 Costs and expenses General and administrative expenses 6,932 9,551 21,175 23,658 Exploration costs — 565 563 4,705 Depreciation and amortization 94 113 265 280 Gain on sale of Peak Gold JV interest — — (33,906) — Operating income 71,057 52,281 251,635 154,369 Fair value changes in equity securities 1,902 (3,819) 4,060 (4,972) Interest and other income 733 620 1,767 1,621 Interest and other expense (1,820) (2,088) (5,274) (7,139) Income before income taxes $ 71,872 $ 46,994 $ 252,188 $ 143,879
Schedule of revenue by reportable segment geographically distributed	Our revenue by reportable segment for the three and nine months ended March 31, 2021 and 2020 is geographically distributed as shown in the following table (amounts in thousands): Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, 2021 2020 2021 2020 Stream interests: Canada $ 42,609 $ 37,136 $ 138,497 $ 112,990 Dominican Republic 30,173 28,302 88,998 73,534 Chile 13,022 22,055 54,296 63,323 Africa 9,542 9,967 27,777 24,218 Total stream interests $ 95,346 $ 97,460 $ 309,568 $ 274,065 Royalty interests: United States $ 16,474 $ 13,199 $ 47,262 $ 33,813 Mexico 15,270 9,126 42,021 26,084 Australia 4,360 9,160 17,217 24,923 Canada 8,612 3,714 22,069 11,062 Africa 748 925 2,241 2,531 Rest of world 1,779 2,853 7,451 6,375 Total royalty interests $ 47,243 $ 38,977 $ 138,261 $ 104,788 Total revenue $ 142,589 $ 136,437 $ 447,829 $ 378,853

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2021
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	As of March 31, 2021 Fair Value Carrying Amount Total Level 1 Level 2 Level 3 Assets (amounts in thousands): Marketable equity securities (1) $ 9,777 $ 9,777 $ 8,155 $ 1,622 $ — (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	Mar. 31, 2021	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				2,224,435	$ 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%
Manh Choh
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%
Manh Choh
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	$ 3,600

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Cost	$ 3,533,204	$ 3,553,950
Accumulated Depletion	(1,308,769)	(1,233,696)
Impairments		(1,341)
Net	2,224,435	2,318,913
Other
Cost		137,826
Net		137,826
Total production stage stream and royalty interests
Cost	2,939,891	3,018,837
Accumulated Depletion	(1,308,769)	(1,233,696)
Impairments		(1,341)
Net	1,631,122	1,783,800
Production stage stream interests
Cost	2,111,423	2,111,423
Accumulated Depletion	(757,553)	(645,705)
Net	1,353,870	1,465,718
Production stage stream interests \| Mount Milligan
Cost	790,635	790,635
Accumulated Depletion	(283,660)	(236,352)
Net	506,975	554,283
Production stage stream interests \| Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(235,169)	(203,935)
Net	375,235	406,469
Production stage stream interests \| Andacollo
Cost	388,182	388,182
Accumulated Depletion	(124,225)	(110,521)
Net	263,957	277,661
Production stage stream interests \| Rainy River
Cost	175,727	175,727
Accumulated Depletion	(38,368)	(27,278)
Net	137,359	148,449
Production stage stream interests \| Wassa
Cost	146,475	146,475
Accumulated Depletion	(76,131)	(67,619)
Net	70,344	78,856
Production stage royalty interests
Cost	828,468	907,414
Accumulated Depletion	(551,216)	(587,991)
Impairments		(1,341)
Net	277,252	318,082
Production stage royalty interests \| Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(107,225)	(101,381)
Net	98,499	104,343
Production stage royalty interests \| Penasquito
Cost	99,172	99,172
Accumulated Depletion	(48,765)	(44,614)
Net	50,407	54,558
Production stage royalty interests \| Cortez
Cost	80,681	80,681
Accumulated Depletion	(17,584)	(15,065)
Net	63,097	65,616
Production stage royalty interests \| Other
Cost	442,891	521,837
Accumulated Depletion	(377,642)	(426,931)
Impairments		(1,341)
Net	65,249	93,565
Total development stage stream and royalty interests
Cost	298,330	219,597
Net	298,330	219,597
Development stage stream interests \| Khoemacau
Cost	212,877	136,608
Net	212,877	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	73,416	70,952
Net	73,416	70,952
Exploration stage royalty interests
Cost	294,983	315,516
Net	294,983	315,516
Exploration stage royalty interests \| Pascua-Lama
Cost	177,690	177,690
Net	177,690	$ 177,690
Exploration stage royalty interests \| Other
Cost	117,293
Net	$ 117,293

STREAM AND ROYALTY INTERESTS,_4

STREAM AND ROYALTY INTERESTS, NET (Details) $ in Thousands	Oct. 01, 2020oz	Mar. 31, 2021USD ($)oz	Jun. 30, 2020USD ($)
Stream and royalty interests, net \| $		$ 2,224,435	$ 2,318,913
Wassa and Prestea
Stream and royalty interests, net \| $		$ 70,300
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		115,700
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) $ in Thousands	Sep. 30, 2020USD ($)shares	Mar. 31, 2021USD ($)shares	Sep. 30, 2020USD ($)shares	Mar. 31, 2021USD ($)shares	Mar. 15, 2021$ / shares	Jun. 30, 2020USD ($)
Marketable Securities
Proceeds from sale of Contango shares				$ 12,146
Fair value changes in equity securities		$ 1,900		4,000
Investment value		$ 9,800		9,800		$ 17,900
Contango
Marketable Securities
Number of shares sold \| shares	809,744		809,744
Proceeds from sale of Contango shares	$ 12,100
Mark-to-market increase on sale			$ 3,600	$ 3,600
Battle North Gold
Marketable Securities
Investment shares owned (in shares) \| shares		3,949,575		3,949,575
Battle North Gold \| Evolution Mining Limited
Marketable Securities
Investment shares (price per shares) \| $ / shares					$ 2.65
TriStar
Marketable Securities
Common stock that can be purchased by warrants (in shares) \| shares		19,640,000		19,640,000

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	Apr. 01, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Long-term debt disclosure
Principal		$ 150,000		$ 150,000		$ 305,000
Debt Issuance Costs		(3,730)		(3,730)		(4,561)
Total debt		146,270		146,270		300,439
Repayment of debt				155,000	$ 115,000
Credit Facility
Long-term debt disclosure
Principal		150,000		150,000		305,000
Debt Issuance Costs		(3,730)		(3,730)		(4,561)
Total debt		146,270		146,270		$ 300,439
Outstanding amount under credit facility	$ 0	150,000		150,000
Available under the revolving credit facility	1,000	$ 850,000		$ 850,000
Effective interest rate (as percent)		1.34%		1.34%
Interest expense recognized		$ 800	$ 1,200	$ 3,000	$ 5,000
Repayment of debt	$ 150,000
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	9 Months Ended
LEASES - Lease balance sheet (Details) $ in Thousands	Mar. 31, 2021USD ($)
LEASES
Right-of-use assets - current	$ 805
Operating Lease, Right-of-Use Asset, Current, Statement of Financial Position [Extensible List]	Prepaid Expense and Other Assets, Current
Right-of-use assets - non-current	$ 6,206
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent
Total right-of-use assets	$ 7,011
Lease liabilities - current	$ 952
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Lease liabilities - non-current	$ 7,403
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 8,355

LEASES - Lease maturities (Deta

LEASES - Lease maturities (Details) $ in Thousands	Mar. 31, 2021USD ($)
LEASES
2021	$ 287
2022	1,143
2023	1,120
2024	1,120
2025	1,083
Thereafter	4,533
Total lease payments	9,286
Less imputed interest	(931)
Total	$ 8,355

LEASES - Lease other (Details)

LEASES - Lease other (Details)	Mar. 31, 2021
LEASES
Weighted average remaining lease term in years	8 years 6 months
Weighted average discount rate	2.50%

REVENUE (Details)

REVENUE (Details)	9 Months Ended
REVENUE (Details)	Mar. 31, 2021item
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		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue
Revenue	$ 142,589	$ 136,437	$ 447,829	$ 378,853
Stream interests
Disaggregation of Revenue
Revenue	95,346	97,460	309,568	274,065
Stream interests \| Gold
Disaggregation of Revenue
Revenue	65,511	78,503	232,793	219,838
Stream interests \| Silver
Disaggregation of Revenue
Revenue	12,805	8,284	34,832	25,648
Stream interests \| Copper
Disaggregation of Revenue
Revenue	17,030	10,673	41,943	28,579
Royalty interests
Disaggregation of Revenue
Revenue	47,243	38,977	138,261	104,788
Royalty interests \| Gold
Disaggregation of Revenue
Revenue	31,245	28,792	94,620	72,617
Royalty interests \| Silver
Disaggregation of Revenue
Revenue	4,208	2,666	11,842	7,860
Royalty interests \| Copper
Disaggregation of Revenue
Revenue	4,015	3,340	12,471	10,427
Royalty interests \| Other
Disaggregation of Revenue
Revenue	$ 7,775	$ 4,179	$ 19,328	$ 13,884

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue
Revenue	$ 142,589	$ 136,437	$ 447,829	$ 378,853
Stream interests
Disaggregation of Revenue
Revenue	95,346	97,460	309,568	274,065
Stream interests \| Mount Milligan
Disaggregation of Revenue
Revenue	33,803	32,298	113,135	93,423
Stream interests \| Pueblo Viejo
Disaggregation of Revenue
Revenue	30,173	28,302	88,998	73,534
Stream interests \| Andacollo
Disaggregation of Revenue
Revenue	13,022	22,055	54,297	63,324
Stream interests \| Wassa and Prestea
Disaggregation of Revenue
Revenue	8,774	8,647	24,644	18,760
Stream interests \| Other
Disaggregation of Revenue
Revenue	9,574	6,158	28,494	25,024
Royalty interests
Disaggregation of Revenue
Revenue	47,243	38,977	138,261	104,788
Royalty interests \| Other
Disaggregation of Revenue
Revenue	25,506	25,152	79,551	71,257
Royalty interests \| Penasquito
Disaggregation of Revenue
Revenue	13,128	7,425	36,289	19,422
Royalty interests \| Cortez
Disaggregation of Revenue
Revenue	$ 8,609	$ 6,400	$ 22,421	$ 14,109

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation
Stock-based compensation expense	$ 1,344	$ 4,644	$ 4,236	$ 8,283
Stock-based compensation awards granted (in shares)		13,220	128,444	114,086
Stock options
Stock-based compensation
Stock-based compensation expense	17	$ 94	$ 50	$ 151
Stock options granted (in shares)			2,860	1,604
Unrecognized compensation expense	108		$ 108
Weighted-average recognition period			2 years 1 month 6 days
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	430	$ 1,365	$ 1,231	$ 2,237
Other than options granted (in shares)		6,890	64,100	53,616
Unrecognized compensation expense	2,790		$ 2,790
Weighted-average recognition period			2 years
Restricted stock
Stock-based compensation
Stock-based compensation expense	533	$ 2,659	$ 2,118	$ 4,599
Other than options granted (in shares)		2,050	26,104	26,026
Unrecognized compensation expense	4,551		$ 4,551
Weighted-average recognition period			3 years 3 months 18 days
Performance stock
Stock-based compensation
Stock-based compensation expense	364	$ 526	$ 837	$ 1,296
Other than options granted (in shares)		4,280	35,380	32,840
Unrecognized compensation expense	$ 2,050		$ 2,050
Weighted-average recognition period			1 year 8 months 12 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		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
EARNINGS PER SHARE ("EPS")
Net income attributable to Royal Gold common stockholders	$ 54,026	$ 38,554	$ 220,855	$ 150,329
Weighted-average shares for basic EPS	65,550,400	65,511,878	65,544,978	65,501,678
Effect of other dilutive securities (in shares)	71,203	88,892	79,494	124,722
Weighted-average shares for diluted EPS	65,621,603	65,600,770	65,624,472	65,626,400
Basic EPS (in dollars per share)	$ 0.82	$ 0.59	$ 3.36	$ 2.30
Diluted EPS (in dollars per share)	$ 0.82	$ 0.59	$ 3.36	$ 2.29

INCOME TAXES - Quarterly (Detai

INCOME TAXES - Quarterly (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES - Quarterly (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
INCOME TAXES
Income tax expense (benefit)	$ 17,679	$ 8,702	$ 31,332	$ (3,700)
Effective tax rate (as a percent)	24.60%	18.50%	12.40%	(2.60%)
Discrete tax benefit			$ 21,800	$ 32,300

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments \| segment			2
Stream and royalty interests, net	$ 2,224,435		$ 2,224,435		$ 2,318,913
Revenue	142,589	$ 136,437	447,829	$ 378,853
Cost of sales	21,469	21,961	68,230	63,149
Production taxes	1,835	851	4,591	2,934
Depletion	41,202	51,115	135,276	129,758
Total segment gross profit	78,083	62,510	239,732	183,012
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	825,716		825,716		892,587
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	375,235		375,235		406,469
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	488,073		488,073		501,583
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	283,542		283,542		215,784
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	69,440		69,440		75,951
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	114,776		114,776		159,445
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	28,484		28,484		30,006
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	39,169		39,169		37,088
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	1,578,784		1,578,784		1,614,363
Revenue	95,346	97,460	309,568	274,065
Cost of sales	21,469	21,961	68,230	63,149
Depletion	32,595	43,240	111,848	106,883
Total segment gross profit	41,282	32,259	129,490	104,033
Stream interests \| Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	644,334		644,334		702,732
Revenue	42,609	37,136	138,497	112,990
Stream interests \| Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	375,235		375,235		406,469
Revenue	30,173	28,302	88,998	73,534
Stream interests \| Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	263,957		263,957		277,661
Revenue	13,022	22,055	54,296	63,323
Stream interests \| Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	283,221		283,221		215,463
Revenue	9,542	9,967	27,777	24,218
Stream interests \| Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	12,037		12,037		12,038
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	645,651		645,651		704,550
Revenue	47,243	38,977	138,261	104,788
Production taxes	1,835	851	4,591	2,934
Depletion	8,607	7,875	23,428	22,875
Total segment gross profit	36,801	30,251	110,242	78,979
Royalty interests \| Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	181,382		181,382		189,855
Revenue	8,612	3,714	22,069	11,062
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	748	925	2,241	2,531
Royalty interests \| Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	69,440		69,440		75,951
Revenue	15,270	9,126	42,021	26,084
Royalty interests \| United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	114,776		114,776		159,445
Revenue	16,474	13,199	47,262	33,813
Royalty interests \| Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	28,484		28,484		30,006
Revenue	4,360	9,160	17,217	24,923
Royalty interests \| Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net	27,132		27,132		$ 25,050
Revenue	$ 1,779	$ 2,853	$ 7,451	$ 6,375

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation gross profit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
SEGMENT INFORMATION
Total segment gross profit	$ 78,083	$ 62,510	$ 239,732	$ 183,012
Costs and expenses
General and administrative expenses	6,932	9,551	21,175	23,658
Exploration costs		565	563	4,705
Depreciation and amortization	94	113	265	280
Gain on sale of Peak Gold JV interest			(33,906)
Operating income	71,057	52,281	251,635	154,369
Fair value changes in equity securities	1,902	(3,819)	4,060	(4,972)
Interest and other income	733	620	1,767	1,621
Interest and other expense	(1,820)	(2,088)	(5,274)	(7,139)
Income before income taxes	$ 71,872	$ 46,994	$ 252,188	$ 143,879

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis $ in Thousands	Mar. 31, 2021USD ($)
Carrying Amount
Assets:
Marketable equity securities	$ 9,777
Fair Value
Assets:
Marketable equity securities	9,777
Level 1
Assets:
Marketable equity securities	8,155
Level 2
Assets:
Marketable equity securities	$ 1,622

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands, oz in Millions	Apr. 07, 2021USD ($)oz	Apr. 06, 2021USD ($)	Jan. 06, 2021USD ($)	Oct. 05, 2020USD ($)	Jul. 05, 2020USD ($)	Apr. 03, 2020USD ($)	Feb. 02, 2020USD ($)	Nov. 05, 2019USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Jan. 31, 2021USD ($)
Commitments and Contingencies
Acquisition consideration paid									$ 82,488	$ 107,855
Ilovica
Commitments and Contingencies
Maximum future contingent payments									$ 163,750
Khoemacau
Commitments and Contingencies
Acquisition consideration paid			$ 32,600	$ 32,500	$ 11,100	$ 47,900	$ 22,000	$ 65,800			$ 212,000
Silver production acquired (as a percent)	80.00%										80.00%
Silver production after threshold (as a percent)	40.00%
Future commitment	$ 49,400
Khoemacau Option Silver Stream
Commitments and Contingencies
Acquisition consideration paid	$ 10,600
Silver production acquired (as a percent)	84.00%
Rate reduction threshold \| oz	33.6
Silver production after threshold (as a percent)	42.00%
Future commitment	$ 42,400
Khoemacau Facility
Commitments and Contingencies
Cash outflow on loan	18,000
Loan receivable commitment	$ 7,000	$ 25,000
Loan receivable term	7 years
Khoemacau Facility \| LIBOR
Commitments and Contingencies
Loans receivable variable interest rate (as a percent)	11.00%