Royal Gold (RGLD) 10-K 12 Aug 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Jun. 30, 2021	Aug. 05, 2021	Dec. 31, 2020
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 7
Entity Shares Outstanding		65,607,112
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
ASSETS
Cash and equivalents	$ 225,916	$ 319,128
Royalty receivables	47,242	27,689
Income tax receivable	4,520	2,435
Stream inventory	17,684	11,671
Prepaid expenses and other	1,773	1,227
Total current assets	297,135	362,150
Stream and royalty interests, net (Note 4)	2,262,158	2,318,913
Other assets	92,312	85,224
Total assets	2,651,605	2,766,287
LIABILITIES
Accounts payable	6,398	2,484
Dividends payable	19,681	18,364
Income tax payable	14,479	13,323
Other current liabilities	11,525	9,384
Total current liabilities	52,083	43,555
Debt (Note 6)		300,439
Deferred tax liabilities	88,000	86,439
Uncertain tax positions	910	25,427
Other liabilities	7,197	8,308
Total liabilities	148,190	464,168
Commitments and contingencies (Note 16)
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,551,061 and 65,531,288 shares outstanding, respectively	656	655
Additional paid-in capital	2,203,863	2,210,429
Accumulated earnings	286,249	61,133
Total Royal Gold stockholders' equity	2,490,768	2,272,217
Non-controlling interests	12,647	29,902
Total equity	2,503,415	2,302,119
Total liabilities and equity	$ 2,651,605	$ 2,766,287

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	65,551,061	65,531,288

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statements of Operations and Comprehensive Income
Revenue (Note 8)	$ 615,856	$ 498,819	$ 423,056
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	92,898	83,890	77,535
General and administrative	28,387	30,195	30,488
Production taxes	6,743	3,824	4,112
Exploration costs	563	5,190	7,158
Depreciation, depletion and amortization	183,569	175,434	163,056
Impairment of royalty interests		1,341
Total costs and expenses	312,160	299,874	282,349
Gain on sale of Peak Gold JV interest	33,906
Operating income	337,602	198,945	140,707
Fair value changes in equity securities	6,017	1,418	(6,800)
Interest and other income	2,443	2,046	2,320
Interest and other expense	(6,419)	(9,813)	(29,650)
Income before income taxes	339,643	192,596	106,577
Income tax (expense) benefit	(36,867)	3,654	(17,498)
Net income and comprehensive income	302,776	196,250	89,079
Net (income) loss and comprehensive (income) loss attributable to non-controlling interests	(244)	3,093	4,746
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 302,532	$ 199,343	$ 93,825
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share	$ 4.61	$ 3.04	$ 1.43
Basic weighted average shares outstanding	65,546,400	65,523,024	65,394,627
Diluted earnings per share	$ 4.60	$ 3.03	$ 1.43
Diluted weighted average shares outstanding	65,627,591	65,643,390	65,505,535
Cash dividends declared per common share	$ 1.18	$ 1.11	$ 1.05

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholder's Equity - USD ($) $ in Thousands	Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated (Losses) Earnings	Noncontrolling Interests	Total
Balance at Jun. 30, 2018	$ 654	$ 2,192,612	$ (1,201)	$ (89,898)	$ 39,102	$ 2,141,269
Balance (in shares) at Jun. 30, 2018	65,360,041
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances	$ 1	5,021				5,022
Stock-based compensation and related share issuances (in shares)	80,451
Distributions from (to) non-controlling interests		4,140			(584)	3,556
Net income (loss)				93,825	(4,746)	89,079
Other comprehensive income (loss)			$ 1,201	(1,201)
Dividends declared				(68,473)		(68,473)
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		4,936				4,936
Stock-based compensation and related share issuances (in shares)	90,796
Distributions from (to) non-controlling interests		3,720			(777)	2,943
Net income (loss)				199,343	(3,093)	196,250
Dividends declared				(72,463)		(72,463)
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	4,263				4,264
Stock-based compensation and related share issuances (in shares)	19,773
Sale of Peak Gold JV interest		(10,829)			(16,218)	(27,047)
Distributions from (to) non-controlling interests (in shares)					(1,281)	(1,281)
Net income (loss)				302,532	244	302,776
Dividends declared				(77,416)		(77,416)
Balance at Jun. 30, 2021	$ 656	$ 2,203,863		$ 286,249	$ 12,647	$ 2,503,415
Balance (in shares) at Jun. 30, 2021	65,551,061

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income and comprehensive income	$ 302,776	$ 196,250	$ 89,079
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization	183,569	175,434	163,056
Amortization of debt issuance costs	1,148	1,136	15,288
Gain on sale of Peak Gold JV interest	(33,906)
Non-cash employee stock compensation expense	5,730	9,116	6,617
Fair value changes in equity securities	(6,017)	(1,418)	6,800
Deferred tax expense (benefit)	456	(32,399)	(1,745)
Impairment of royalty interests		1,341
Other	(177)	(148)	(2)
Changes in assets and liabilities:
Royalty receivables	(19,552)	(6,957)	5,623
Stream inventory	(6,014)	(291)	(2,069)
Income tax receivable	(2,085)	268	(2,663)
Prepaid expenses and other assets	318	(7,828)	2,793
Accounts payable	3,237	(275)	(6,426)
Income tax payable	1,156	6,349	(11,281)
Uncertain tax positions	(24,518)	(11,146)	3,180
Other liabilities	1,030	11,320	(15,084)
Net cash provided by operating activities	407,151	340,752	253,166
Cash flows from investing activities:
Acquisition of stream and royalty interests	(168,147)	(155,985)	(1,055)
Khoemacau subordinated credit facility	(18,000)
Proceeds from sale of Peak Gold JV interest	49,154
Proceeds from sale of Contango shares	12,146
Proceeds from sale of equity securities	8,651
Other	(541)	3,126	(4,540)
Net cash used in investing activities	(116,737)	(152,859)	(5,595)
Cash flows from financing activities:
Repayment of debt	(305,000)	(115,000)	(370,000)
Borrowings from revolving credit facility		200,000	220,000
Net payments from issuance of common stock	(1,465)	(4,180)	(1,595)
Common stock dividends	(76,099)	(71,471)	(67,477)
Other	(1,062)	2,411	2,226
Net cash (used in) provided by financing activities	(383,626)	11,760	(216,846)
Net (decrease) increase in cash and equivalents	(93,212)	199,653	30,725
Cash and equivalents at beginning of period	319,128	119,475	88,750
Cash and equivalents at end of period	$ 225,916	$ 319,128	$ 119,475

THE COMPANY

THE COMPANY	12 Months Ended
	Jun. 30, 2021
THE COMPANY
THE COMPANY	1. THE COMPANY Royal Gold, Inc. (“Royal Gold”, the “Company”, “we”, “us”, or “our”), together with its subsidiaries, 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 mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Summary of Significant Accounting Policies Use of Estimates The preparation of our financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. We rely on reserve estimates reported by the operators of properties on which we hold stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long-lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. Basis of Consolidation The consolidated financial statements include the accounts of Royal Gold, Inc., its wholly owned subsidiaries. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation. Peak Gold JV Royal Gold, through its wholly owned subsidiary, Royal Alaska, LLC (“Royal Alaska”), and Contango ORE, Inc., through its wholly owned subsidiary CORE Alaska, LLC, entered into a limited liability company agreement for the Peak Gold JV, a joint venture for exploration and advancement of the Manh Choh Project (formerly known as the Peak Gold Project) located near Tok, Alaska. We previously identified the Peak Gold JV as a Variable Interest Entity, with Royal Alaska as the primary beneficiary, due to the legal structure and certain related factors of the limited liability company agreement for the Peak Gold JV. We determined that the Peak Gold JV should be fully consolidated at fair value initially. As of June 30, 2020, Royal Alaska held a 40% membership interest in the Peak Gold JV. The fair value of our non-controlling interest was $45.7 million and was based on the underlying value of the mineral property assigned to the Peak Gold JV, which was recorded as an exploration stage property within Stream and royalty interests, net On September 30, 2020, we sold our Peak Gold JV interest which is discussed in Note 3 of our notes to consolidated financial statements. Cash and Equivalents Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of June 30, 2021, and 2020. Stream and Royalty Interests in Mineral Properties and Related Depletion Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset. Production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable reserves, are not depleted. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, the mineral property is depleted over its life, using proven and probable reserves. Exploration costs are expensed when incurred. Asset Impairment We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable. When impairment indicators are identified, the recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable reserves and other relevant information received from the operators. We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows. Estimates of gold, silver, copper, and other metal prices, and operators’ estimates of proven and probable reserves or mineralized material related to our stream or royalty properties are subject to certain risks and uncertainties which may affect the recoverability of our investment in these stream and royalty interests in mineral properties. It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests. Refer to Note 4 for discussion and the results of our impairment assessments for the fiscal years ended June 30, 2021, 2020 and 2019. Revenue 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 in Note 8. ​ Metal Sales 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 10 days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales activity in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser. Cost of Sales Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery. Production Taxes Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in our consolidated statements of operations and comprehensive income. Stock-Based Compensation We recognize all share-based payments to employees, including grants of employee stock options, stock-settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in our financial statements based upon their fair values. Income Taxes Our annual tax rate is based on income, statutory tax rates in effect, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities. We treat global intangible low-taxed income (“GILTI”) as a period cost and therefore do not record deferred tax impacts of GILTI in our consolidated financial statements. Our deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies. Our operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. We recognize potential liabilities and records tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Earnings per Share Basic earnings per share is computed by dividing net income available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings per share is computed by dividing net income available to common stockholders by the diluted weighted average number of common shares outstanding during each fiscal year. ​ Recently Adopted Accounting Standards Recently Adopted ​ In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Jun. 30, 2021
ACQUISITIONS AND DISPOSITIONS.
ACQUISITIONS AND DISPOSITIONS	3. ACQUISITIONS AND DISPOSITIONS Côté Royalty Acquisition On June 7, 2021, we acquired a 1.0% net smelter return royalty (“NSR”) on certain claims covering the Côté Gold Project in Northern Ontario, Canada. The Côté Gold Project is owned 92.5% by the Côté Gold Joint Venture (a joint venture owned 70% by IAMGOLD Corporation and 30% by Sumitomo Metal Mining Co., Ltd.), and 7.5% by a third party. The royalty covers the Chester 3 claims, which in turn cover approximately 70% of the current reserves of the Côté Gold Project, as well as other areas outside the current project area. We acquired the royalty from a third-party royalty holder for $75 million in cash consideration. ​ The Côté royalty acquisition has been accounted for as an asset acquisition. The $75 million paid, plus direct acquisition costs, have been recorded and allocated between development and exploration stage royalty interest (Note 4) within Stream and royalty interest, net ​ 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% NSR 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% NSR 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 Fair value changes in equity securities Alturas Royalty Acquisition ​ On January 29, 2020, we entered into an agreement with various private individuals for the acquisition of a NSR royalty of up to 1.06% (gold) and up to 1.59% (copper) on mining concessions included as part of the Alturas project, which is located within the Coquimbo Region of Chile and held by Compañia Minera Salitrales Limitada, a subsidiary of Barrick Gold Corporation (“Barrick”). Total consideration for the royalty is up to $41 million, of which $11 million was paid on January 29, 2020. The $11 million paid as part of the funding schedule, plus direct acquisition costs, have been recorded as an exploration stage royalty interest within Stream and royalty interests, net ​ Castelo de Sonhos Royalty Acquisition ​ In August 2019, we entered into an agreement with TriStar Gold Inc. and its subsidiaries (together “TriStar”) to acquire (i) up to a 1.5% NSR royalty on the Castelo de Sonhos gold project (“CDS”), located in Brazil, and (ii) warrants to purchase up to 19,640,000 common shares of TriStar. Total consideration is $7.5 million and is payable over three payments, of which $4.5 million was paid in August 2019, $1.5 million was paid in November 2019, and the final payment of $1.5 million was paid on March 30, 2020. ​ The CDS royalty acquisition has been accounted for as an asset acquisition. The $7.5 million paid as part of the aggregate funding schedule, plus direct acquisition costs, have been recorded as an exploration stage royalty interest within Stream and royalty interests, net ​ The warrants have been recorded within Other assets ​ Acquisition of Silver Stream on Khoemac a u Copper Project ​ On February 25, 2019, we entered into a silver stream with Khoemac a a a a a approximately 33.6 million silver ounces, and 42% thereafter. We will pay a cash price equal to 20% of the spot silver price for each ounce delivered; however, if KCM achieves mill expansion throughput levels above 13,000 tonnes per day (30% above current mill design capacity), we will pay a higher ongoing cash price for silver ounces delivered in excess of specific annual thresholds. ​ We have accounted for the base Silver Stream and initial funding towards the Option Stream as an asset acquisition, consistent with the treatment of our other acquired streams. The $212 million in advance payments for the base Silver Stream made during our fiscal year 2021 and 2020 and the $10.6 million toward the Option Stream, plus direct transaction costs, have been recorded as a development stage stream interest within Stream and royalty interests, net Stream and royalty interests, net ​ Separate from the Silver Stream and Option Stream, and subject to various conditions, we will make up to $25 million available to KCM toward the end of development of Khoemac a Other Assets ​ As of June 30, 2021, we had remaining committed funding of $49.4 million to KCM in the form of $42.4 million of additional advance payments under the Option Stream and $7.0 million of debt, both of which may be drawn at the election of KCM prior to completion of construction. On July 7, 2021, KCM drew the remaining $7.0 million amount on the subordinated debt facility, reducing our remaining committed funding to $42.4 million of additional advance payments under the Option Stream. KCM has indicated that it does not expect to draw any material amounts from the remaining committed funding as part of the Option Stream. ​

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	12 Months Ended
	Jun. 30, 2021
STREAM AND ROYALTY INTERESTS, NET
STREAM AND ROYALTY INTERESTS, NET	4. STREAM AND ROYALTY INTERESTS, NET The following summarizes our stream and royalty interests as of June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (300,378) ​ $ 490,257 Pueblo Viejo ​ ​ 610,404 ​ ​ (243,706) ​ ​ 366,698 Andacollo ​ ​ 388,182 ​ ​ (131,578) ​ ​ 256,604 Rainy River ​ ​ 175,727 ​ ​ (41,772) ​ ​ 133,955 Wassa ​ ​ 146,475 ​ ​ (78,865) ​ ​ 67,610 Total production stage stream interests ​ ​ 2,111,423 ​ ​ (796,299) ​ ​ 1,315,124 Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (109,850) ​ ​ 95,874 Peñasquito ​ ​ 99,172 ​ ​ (50,176) ​ ​ 48,996 Cortez ​ ​ 80,681 ​ ​ (19,128) ​ ​ 61,553 Other ​ ​ 442,871 ​ ​ (381,191) ​ ​ 61,680 Total production stage royalty interests ​ ​ 828,448 ​ ​ (560,345) ​ ​ 268,103 Total production stage stream and royalty interests ​ ​ 2,939,871 ​ ​ (1,356,644) ​ ​ 1,583,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Khoemac a ​ ​ 223,502 ​ ​ — ​ ​ 223,502 Other ​ ​ 12,037 ​ ​ — ​ ​ 12,037 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,423 ​ ​ ​ ​ ​ 45,423 Other ​ ​ 54,755 ​ ​ — ​ ​ 54,755 Total development stage stream and royalty interests ​ ​ 335,717 ​ ​ — ​ ​ 335,717 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Côté ​ ​ 29,610 ​ ​ ​ ​ ​ 29,610 Other ​ ​ 135,914 ​ ​ — ​ ​ 135,914 Total exploration stage royalty interests ​ ​ 343,214 ​ ​ — ​ ​ 343,214 Total stream and royalty interests, net ​ $ 3,618,802 ​ $ (1,356,644) ​ $ 2,262,158 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 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 June 30, 2021, approximately 112,000 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 ​ Mount Milligan ​ We own the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from the Mount Milligan copper-gold mine in British Columbia, Canada, which is operated by an indirect subsidiary of Centerra Gold Inc. (“Centerra”). Our carrying value for the stream interest at Mount Milligan is $490.3 million as of June 30, 2021. ​ On October 30, 2019, Centerra reported that issues identified with decreasing long-term gold recoveries and increased costs in the short-to medium-term led them to record an impairment charge against their carrying value of the Mount Milligan mine under applicable accounting standards, and that it had begun a comprehensive technical review of the operation with the objective of publishing an updated National Instrument 43-101 (“NI 43-101”) technical report. ​ On March 26, 2020, Centerra published an updated NI 43-101 technical report for Mount Milligan which provided, among other things, a detailed update to the life of mine plan and reductions to the proven and probable reserves due to increased costs, lower expected productivities and lower process plant throughput. ​ Significant reductions in proven and probable reserves or mineralized material are indicators of potential impairment for our stream and royalty interests. As part of our regular asset impairment analysis during the quarter ended March 31, 2020, we determined that an impairment of our stream interest at Mount Milligan was not necessary as (i) the financial impairment taken by Centerra does not impact the mine operating performance, and (ii) the reduction in reserves and mineralized material at Mount Milligan resulted in updated gold and copper depletion rates that remain well below current and long-term consensus gold and copper prices. As of June 30, 2021, the gold and copper depletion rates at our Mount Milligan stream interest are $712 per ounce of gold and $1.53 per pound of copper. Depletion rates well below current and long-term consensus metal prices are a strong indicator the carrying value of our stream or royalty interests are recoverable and thus we concluded no impairment indicators were present as of June 30, 2021. ​ Rainy River ​ We own the right to purchase 6.50% of the gold produced from the Rainy River mine, which is located in northwestern Ontario, Canada and is operated by New Gold, Inc. (“New Gold”), until 230,000 gold ounces have been delivered, and 3.25% thereafter; and 60% of the silver produced from the Rainy River mine until 3.1 million silver ounces have been delivered, and 30% thereafter. As of June 30, 2021, approximately 54,000 ounces of gold and approximately 699,400 ounces of silver have been delivered to us. Our carrying value for the stream interest at Rainy River is $134.0 million as of June 30, 2021. ​ During the quarter ended December 31, 2019, New Gold reported that it continued to advance a comprehensive mine optimization study that would include a review of alternative open pit and underground mining scenarios at Rainy River On February 13, 2020, New Gold reported the results of the comprehensive optimization study that included an updated mine plan, which resulted in, among other things, a reduction in gold and silver reserves and the potential to extend the underground mine life beyond calendar year 2028. New Gold published an updated NI 43-101 technical report for Rainy River on March 27, 2020, reflecting the updated mine plan and reserves. ​ Significant reductions in proven and probable reserves or mineralized material are indicators of potential impairment for our stream and royalty interests. As a result of the new information from New Gold, and as part of our regular asset impairment analysis, we determined that an impairment on our Rainy River stream interest was not necessary as of March 31, 2020 as the reduction in gold and silver reserves resulted in updated depletion rates that remain well below current and long-term consensus gold and silver prices. As of June 30, 2021, the gold and silver depletion rates at our Rainy River stream interest are $779 per ounce of gold and $9.07 per ounce of silver. Depletion rates well below current and long-term metal prices are a strong indicator the carrying value of our stream or royalty interests are recoverable. ​ COVID-19 Pandemic ​ Throughout calendar year 2020 and into calendar year 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. ​ Impairment of Royalty Interests In accordance with our impairment accounting policy discussed in Note 2, impairments in the carrying value of each royalty interests are measured and recorded to the extent that the carrying value in each royalty interest exceeds its estimated fair value, which is generally calculated using estimated future discounted cash-flows. ​ During the quarter ended June 30, 2019, we were made aware of insolvency proceedings at one of our non-principal producing properties (El Toqui). During the quarter ended June 30, 2020, we obtained new information regarding the insolvency proceedings and determined our carrying value for El Toqui was not recoverable and an impairment of $1.3 million was necessary. At June 30, 2020 and 2021, our carrying value for El Toqui was zero.

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES	12 Months Ended
	Jun. 30, 2021
MARKETABLE EQUITY SECURITIES
MARKETABLE EQUITY SECURITIES	5. MARKETABLE EQUITY SECURITIES ​ As of June 30, 2021, our marketable equity securities include warrants to purchase up to 19,640,000 common shares of TriStar Gold Inc. Our marketable equity securities are measured at fair value (Note 13) each reporting period with any changes in fair value recognized in net income. ​ As a result of the announcement on March 15, 2021, by Evolution Mining Limited to acquire all of the issued and outstanding shares of Battle North Gold Corporation (“Battle North Gold”) at a price of $2.65 Canadian dollars per share, we voted all 3,949,575 of our Battle North Gold common shares in favor of the transaction that completed on May 20, 2021, and received cash consideration of $8.6 million. ​ As discussed in Note 3, 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 $6.0 million and $1.4 million for the years ended June 30, 2021, and 2020, respectively, and these changes are included in Fair value changes in equity securities Other assets ​

DEBT

DEBT	12 Months Ended
	Jun. 30, 2021
DEBT
DEBT	6. DEBT The Company’s debt as of June 30, 2021 and 2020 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ As of June 30, 2020 ​ Principal Debt Issuance Costs 1 Total Principal Debt Issuance Costs Total ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Revolving credit facility ​ $ — ​ $ (3,443) ​ $ (3,443) ​ $ 305,000 ​ $ (4,561) ​ $ 300,439 Total debt ​ $ — ​ $ (3,443) ​ $ (3,443) ​ $ 305,000 ​ $ (4,561) ​ $ 300,439 (1) Included in Other assets on our consolidated balance sheets. Revolving Credit Facility As of June 30, 2021, we had no amounts outstanding under our revolving credit facility and $1 billion available. Interest expense recognized on the revolving credit facility for the fiscal years ended June 30, 2021, 2020 and 2019 was approximately $3.3 million, $7.0 million and $1.7 million, respectively, and included interest on the outstanding borrowings and the amortization of the debt issuance costs. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of June 30, 2021. ​ On July 7, 2021, we entered into a fourth amendment to our revolving credit facility dated as of June 2, 2017. The amendment extends the maturity date from June 3, 2024, to July 7, 2026, adds provisions to provide for the eventual replacement of LIBOR and makes certain changes to the lenders under the agreement. ​ In August 2021, we borrowed $100 million under our revolving credit facility for business development activities and have $900 million available. ​ Royal Gold may repay any borrowings under the revolving credit facility at any time without premium or penalty.

LEASES

LEASES	12 Months Ended
	Jun. 30, 2021
LEASES
LEASES	7. 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 June 30, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ June 30, 2021 Operating Leases ​ ​ ​ ​ ​ Right-of-use assets - current ​ Prepaid expenses and other ​ $ 801 Right-of-use assets - non-current ​ Other assets ​ ​ 6,009 Total right-of-use assets ​ ​ ​ $ 6,810 ​ ​ ​ ​ ​ ​ Lease liabilities - current ​ Other current liabilities ​ $ 957 Lease liabilities - non-current ​ Other long-term liabilities ​ ​ 7,197 Total operating lease liabilities ​ ​ ​ $ 8,154 ​ Maturities of operating lease liabilities at June 30, 2021 were as follows (amounts in thousands): ​ ​ ​ ​ ​ Fiscal Years: ​ Operating Leases 2022 ​ $ 1,149 2023 ​ ​ 1,126 2024 ​ ​ 1,126 2025 ​ ​ 1,088 2026 ​ ​ 1,051 Thereafter ​ ​ 3,495 Total lease payments ​ $ 9,035 Less imputed interest ​ ​ (881) Total ​ $ 8,154 ​ Other information pertaining to leases consists of the following: ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Operating Lease Term and Discount Rate ​ ​ ​ Weighted average remaining lease term in years ​ ​ 8.3 Weighted average discount rate ​ ​ 2.5% ​ We did not have any finance leases as of June 30, 2021.

REVENUE

REVENUE	12 Months Ended
	Jun. 30, 2021
REVENUE
REVENUE	8. REVENUE Revenue Recognition ​ 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 occurred. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production, comprising our royalty interest, to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, mining costs. ​ Royalty Revenue Estimates ​ For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, 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 Note 2. For the quarter ended June 30, 2021, royalty revenue that was estimated or was attributable to metal production for a period prior to June 30, 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 15. ​ Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ 2021 2020 2019 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ $ 323,980 ​ $ 294,490 ​ $ 249,496 Silver ​ ​ 43,281 ​ ​ 32,744 ​ ​ 33,282 Copper ​ ​ 56,728 ​ ​ 32,634 ​ ​ 23,046 Total stream revenue ​ $ 423,989 ​ $ 359,868 ​ $ 305,824 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ $ 131,784 ​ $ 98,153 ​ $ 78,570 Silver ​ ​ 16,198 ​ ​ 9,996 ​ ​ 5,497 Copper ​ ​ 16,448 ​ ​ 13,528 ​ ​ 13,808 Other ​ ​ 27,437 ​ ​ 17,274 ​ ​ 19,357 Total royalty revenue ​ $ 191,867 ​ $ 138,951 ​ $ 117,232 Total revenue ​ $ 615,856 ​ $ 498,819 ​ $ 423,056 ​ Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ ​ June 30, June 30, ​ June 30, ​ ​ Metal(s) ​ 2021 ​ 2020 ​ 2019 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 156,938 ​ $ 131,425 ​ $ 101,010 Pueblo Viejo ​ Gold & Silver ​ ​ 115,583 ​ ​ 96,978 ​ ​ 82,844 Andacollo ​ Gold ​ ​ 82,164 ​ ​ 74,219 ​ ​ 69,264 Wassa ​ Gold ​ ​ 31,772 ​ ​ 23,203 ​ ​ 22,098 Other ​ Gold & Silver ​ ​ 37,532 ​ ​ 34,043 ​ ​ 30,608 Total stream revenue ​ ​ ​ $ 423,989 ​ $ 359,868 ​ $ 305,824 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 49,688 ​ $ 25,498 ​ $ 13,865 Cortez ​ Gold ​ ​ 36,160 ​ ​ 22,342 ​ ​ 11,383 Other ​ Various ​ ​ 106,019 ​ ​ 91,111 ​ ​ 91,984 Total royalty revenue ​ ​ ​ $ 191,867 ​ $ 138,951 ​ $ 117,232 Total revenue ​ ​ ​ $ 615,856 ​ $ 498,819 ​ $ 423,056 ​ Refer to Note 15 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Jun. 30, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	9. STOCK-BASED COMPENSATION In November 2015, our stockholders approved the 2015 Omnibus Long-Term Incentive Plan (“2015 LTIP”). Under the 2015 LTIP, 2,500,000 shares of common stock have been authorized for future grants to officers, directors, key employees and other persons. The 2015 LTIP provides for the grant of stock options, unrestricted stock, restricted stock, dividend equivalent rights, SSARs and cash awards. Any of these awards may, but need not, be made as performance incentives. Stock options granted under the 2015 LTIP may be non-qualified stock options or incentive stock options. We recognized stock-based compensation expense as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ (Amounts in thousands) Stock options ​ $ 68 ​ $ 163 ​ $ 221 Stock appreciation rights ​ ​ 1,677 ​ ​ 2,545 ​ ​ 2,025 Restricted stock ​ ​ 2,668 ​ ​ 5,117 ​ ​ 3,336 Performance stock ​ ​ 1,317 ​ ​ 1,291 ​ ​ 1,035 Total stock-based compensation expense ​ $ 5,730 ​ $ 9,116 ​ $ 6,617 ​ Stock-based compensation expense is included within General and administrative expense Stock Options and Stock Appreciation Rights Stock option and SSARs awards are granted with an exercise price equal to the closing market price of our stock at the date of grant. Stock option and SSARs awards granted to officers, key employees and other persons vest based on one To determine stock-based compensation expense for stock options and SSARs, the fair value of each stock option and SSAR is estimated on the date of grant using the Black-Scholes-Merton (“Black-Scholes”) option pricing model for all periods presented. The Black-Scholes model requires key assumptions to determine fair value. Those key assumptions during the fiscal year 2021, 2020 and 2019 grants are noted in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Options ​ SSARs ​ ​ 2021 ​ 2020 ​ 2019 ​ 2021 ​ 2020 ​ 2019 Weighted-average expected volatility ​ 39.4 % 34.4 % 36.5 % 39.2 % 34.6 % 37.6 % Weighted-average expected life in years 4.4 4.5 4.5 4.2 4.7 5.2 ​ Weighted-average dividend yield 0.9 % 1.0 % 1.1 % 0.9 % 1.0 % 1.1 % Weighted-average risk free interest rate 0.2 % 1.6 % 2.7 % 0.2 % 1.6 % 2.7 % ​ Our expected volatility is based on the historical volatility of our stock over the expected option term. Our expected option term is determined by historical exercise patterns along with other known employee or company information at the time of grant. The risk-free interest rate is based on the zero-coupon U.S. Treasury bond at the time of grant with a term approximate to the expected option term. Stock Options A summary of stock option activity for the fiscal year ended June 30, 2021, is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic Value ​ ​ Shares ​ Price ​ Life (Years) ​ (in thousands) Outstanding at July 1, 2020 18,901 ​ $ 70.38 ​ ​ ​ Granted 2,860 ​ $ 139.84 ​ ​ ​ Exercised — ​ $ — ​ ​ ​ Forfeited — ​ $ — ​ ​ ​ Outstanding at June 30, 2021 21,761 ​ $ 79.51 5.5 ​ $ 835 Exercisable at June 30, 2021 17,510 ​ $ 68.36 4.8 ​ $ 804 ​ The weighted-average grant date fair value of options granted during the fiscal years ended June 30, 2021, 2020 and 2019, was $41.92, $17.42 and $24.12, respectively. The total intrinsic value of options exercised during the fiscal years ended June 30, 2021, 2020 and 2019, was $0, $1.3 million, and $0.7 million, respectively. As of June 30, 2021, there was approximately $0.1 million of total unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.0 years. SSARs A summary of SSARs activity for the fiscal year ended June 30, 2021, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic Value ​ ​ Shares ​ Price ​ Life (Years) ​ (in thousands) Outstanding at July 1, 2020 122,604 ​ $ 95.57 ​ ​ ​ Granted 64,100 ​ $ 139.84 ​ ​ ​ Exercised (2,567) ​ $ 83.45 ​ ​ ​ Forfeited — ​ $ — ​ ​ ​ Outstanding at June 30, 2021 184,137 ​ $ 111.15 7.7 ​ $ 2,682 Exercisable at June 30, 2021 76,287 ​ $ 86.32 6.3 ​ $ 2,283 ​ The weighted-average grant date fair value of SSARs granted during the fiscal years ended June 30, 2021, 2020 and 2019 was $40.92, $32.33 and $26.37, respectively. The total intrinsic value of SSARs exercised during the fiscal years ended June 30, 2021, 2020 and 2019, was $0.1 million, $4.6 million, and $2.8 million, respectively. As of June 30, 2021, there was approximately $2.4 million of total unrecognized stock-based compensation expense related to unvested SSARs, which is expected to be recognized over a weighted-average period of 1.8 years. Other Stock-based Compensation Performance Shares During fiscal year 2021, officers and certain employees were granted shares of restricted common stock that can only be earned upon the achievement of certain pre-defined performance measures. Specifically, for performance shares granted in fiscal year 2021, one-half one-half We measure the fair value of the GEO Shares based upon the market price of our common stock as of the date of grant. The measurement date for the GEO Shares will be determined at such time that the performance goals are attained or that it is probable they will be attained. At such time that it is probable that a performance condition will be achieved, compensation expense will be measured by the number of shares that will ultimately be earned based on the grant date market price of our common stock. For shares that were previously estimated to be probable of vesting and are no longer deemed to be probable of vesting, compensation expense is reversed during the period in which it is determined they are no longer probable of vesting. Interim recognition of compensation expense will be made at such time as management can reasonably estimate the number of shares that will be earned. We measured the grant date fair value of the TSR Shares using a Monte Carlo valuation model. The fair value of the TSR Shares ($82.30 per share) is multiplied by the target number (100%) of TSR Shares granted to determine total stock-based compensation expense. Total stock-based compensation expense of the TSR Shares is amortized on a straight-line basis over the requisite service period, or three years. Stock-based compensation expense for the TSR Shares is recognized provided the requisite service period is rendered, regardless of when, if ever, the TSR market condition is satisfied. We will reverse previously recognized stock-based compensation expense attributable to the TSR Shares only if the requisite service period is not met. A summary of the status of our unvested Performance Shares at maximum (200%) attainment for the fiscal year ended June 30, 2021, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value Outstanding at July 1, 2020 144,912 ​ $ 80.59 Granted 35,380 ​ $ 111.07 Vested (4,850) ​ $ 74.97 Forfeited — ​ $ — Non-attainment (21,040) ​ $ 71.44 Outstanding at June 30, 2021 154,402 ​ $ 88.99 ​ As of June 30, 2021, total unrecognized stock-based compensation expense related to Performance Shares was approximately $2.1 million, which is expected to be recognized over the average remaining vesting period of 2.1 years. Restricted Stock Officers, non-executive directors and certain employees may be granted shares of restricted stock that vest on continued service alone (“Restricted Stock”). During fiscal year 2021, officers and certain employees were granted 19,630 shares of Restricted Stock. Restricted Stock granted to officers and certain employees vest over three years beginning after a two-year holding period from the date of grant with one We measure the fair value of the Restricted Stock based upon the market price of our common stock as of the date of grant. Restricted Stock is amortized over the applicable vesting period using the straight-line method. Unvested shares of Restricted Stock are subject to forfeiture upon termination of employment or service. A summary of the status of our unvested Restricted Stock for the fiscal year ended June 30, 2021, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value Outstanding at July 1, 2020 96,047 ​ $ 90.40 Granted 26,104 ​ $ 138.67 Vested (25,621) ​ $ 80.85 Forfeited — ​ $ — Outstanding at June 30, 2021 96,530 ​ $ 105.99 ​ As of June 30, 2021, total unrecognized stock-based compensation expense related to Restricted Stock was approximately $4.1 million, which is expected to be recognized over the weighted-average vesting period of 3.2 years.

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	12 Months Ended
	Jun. 30, 2021
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	10. EARNINGS PER SHARE (“EPS”) Basic earnings per common share were computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share pursuant to the two-class method. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock options, unexercised SSARs and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic earnings per common share are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted earnings per common share. The following table summarizes the effects of dilutive securities on diluted EPS for the period (amounts in thousands, except share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ ​ 2021 ​ 2020 ​ 2019 Net income attributable to Royal Gold common stockholders ​ $ 302,532 ​ $ 199,343 ​ $ 93,825 Weighted-average shares for basic EPS ​ ​ 65,546,400 ​ ​ 65,523,024 ​ ​ 65,394,627 Effect of other dilutive securities ​ ​ 81,191 ​ ​ 120,366 ​ ​ 110,908 Weighted-average shares for diluted EPS ​ ​ 65,627,591 ​ ​ 65,643,390 ​ ​ 65,505,535 Basic EPS ​ $ 4.61 ​ $ 3.04 ​ $ 1.43 Diluted EPS ​ $ 4.60 ​ $ 3.03 ​ $ 1.43 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2021
INCOME TAXES
INCOME TAXES	11. INCOME TAXES For financial reporting purposes, Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Amounts in thousands) United States ​ $ 130,175 ​ $ 35,446 ​ $ (3,776) Foreign ​ 209,468 ​ 157,150 ​ 110,353 ​ ​ $ 339,643 ​ $ 192,596 ​ $ 106,577 ​ Our Income tax expense (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Amounts in thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 38,146 ​ $ 18,320 ​ $ (6,974) State ​ 867 ​ 347 ​ (13) Foreign ​ (2,602) ​ 10,078 ​ 26,230 ​ ​ $ 36,411 ​ $ 28,745 ​ $ 19,243 Deferred and others: ​ ​ ​ ​ ​ ​ Federal ​ $ 376 ​ $ (1,047) ​ $ 916 State ​ (2) ​ (19) ​ 17 Foreign ​ 82 ​ (31,333) ​ (2,678) ​ ​ $ 456 ​ $ (32,399) ​ $ (1,745) Total income tax expense (benefit) ​ $ 36,867 ​ $ (3,654) ​ $ 17,498 ​ The provision for income taxes for the fiscal years ended June 30, 2021, 2020 and 2019, differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non-controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Amounts in thousands) Total expense (benefit) computed by applying federal rates $ 71,325 $ 40,445 $ 22,381 State and provincial income taxes, net of federal benefit ​ 874 ​ 304 ​ 135 Excess depletion ​ (1,812) ​ (1,291) ​ (867) Estimates for uncertain tax positions ​ (26,179) ​ (11,146) ​ 3,180 Statutory tax attributable to non-controlling interest ​ (72) ​ 654 ​ 1,013 Effect of foreign earnings ​ (7,659) ​ (8,249) ​ (6,921) Unrealized foreign exchange gains ​ (616) ​ (286) ​ (38) Effects of Swiss income tax reform ​ ​ — ​ ​ (72,669) ​ ​ — Changes in estimates ​ (858) ​ 24 ​ (1,538) Valuation allowance ​ ​ 1,284 ​ ​ 47,840 ​ ​ (47) Other ​ 580 ​ 720 ​ 200 Total income tax expense (benefit) ​ $ 36,867 ​ $ (3,654) ​ $ 17,498 ​ The effective tax rate for the fiscal year ended June 30, 2021, includes the release of uncertain tax positions resulting from settlement agreements with foreign tax authorities. The effective tax rate for the fiscal year ended June 30, 2020, was primarily impacted by the Federal Act on Tax Reform and AHV Financing in Switzerland and the release of an uncertain tax position resulting from a settlement agreement with a foreign tax authority. ​ The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities at June 30, 2021 and 2020, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ (Amounts in thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ Stock-based compensation ​ $ 1,500 ​ $ 1,313 Net operating losses ​ 74 ​ 104 Foreign tax credits ​ ​ 24,615 ​ ​ 17,159 Amortizable tax goodwill ​ ​ 62,191 ​ ​ 67,287 Other ​ 4,608 ​ 7,713 Total deferred tax assets ​ 92,988 ​ 93,576 Valuation allowance ​ (61,888) ​ (60,604) Net deferred tax assets ​ $ 31,100 ​ $ 32,972 Deferred tax liabilities: ​ ​ ​ ​ Mineral property basis ​ $ (70,352) ​ $ (67,639) Unrealized foreign exchange gains ​ (582) ​ (582) Investment in Peak Gold joint venture ​ ​ — ​ ​ (3,955) Other ​ (172) ​ (346) Total deferred tax liabilities ​ (71,106) ​ (72,522) Total net deferred taxes ​ $ (40,006) ​ $ (39,550) ​ We review the measurement of our deferred tax assets at each balance sheet date. Considering all available positive and negative evidence, including but not limited to recent earnings history and forecasted future results, the Company believes it is more likely-than-not that all net deferred tax assets not currently burdened with a valuation allowance will be fully realized. As of June 30, 2021, and 2020, we recorded a valuation allowance of $61.9 million and $ 60.6 million, respectively. The valuation allowance remaining at June 30, 2021 is attributable to US foreign tax credits, Swiss amortizable tax goodwill, and capital loss and other tax attribute carryforwards in non-US subsidiaries. At June 30, 2021 and 2020, we had $0.1 million of net operating loss carry forwards. The majority of the tax loss carry forwards are in jurisdictions that allow a twenty-year carry forward period. As a result, these losses do not begin to expire until the 2038 tax year, and the Company anticipates the losses will be fully utilized. As of June 30, 2021, and 2020, we had $0.7 million and $25.4 million of unrecognized tax benefits, respectively. If recognized, these unrecognized tax benefits would positively impact our effective income tax rate. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the fiscal years ended June 30, 2021, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Amounts in thousands) Total gross unrecognized tax benefits at beginning of year ​ $ 25,389 ​ $ 36,547 ​ $ 36,346 Additions / Reductions for tax positions of current year ​ — ​ 537 ​ 1,709 Additions / Reductions for tax positions of prior years ​ ​ (812) ​ ​ (694) ​ ​ (912) Reductions due to settlements with taxing authorities ​ (23,925) ​ (11,001) ​ (596) Total amount of gross unrecognized tax benefits at end of year ​ $ 652 ​ $ 25,389 ​ $ 36,547 ​ We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-U.S. income tax examinations by tax authorities for fiscal years before 2017. As a result of possible settlements with taxing authorities in various jurisdictions, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits may decrease to $0 in the next 12 months. Our continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of our income tax expense. At June 30, 2021 and 2020, the amount of accrued income-tax-related interest and penalties was $0.3 million and $12.6 million, respectively. The gross unrecognized tax benefits reflected in the tabular reconciliation do not include interest and penalties.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Jun. 30, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	12. SUPPLEMENTAL CASH FLOW INFORMATION Our supplemental cash flow information for the fiscal years ended June 30, 2021, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Amounts in thousands) Cash paid during the period for: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 3,510 ​ $ 4,900 ​ $ 10,638 Income taxes, net of refunds ​ $ 58,970 ​ $ 31,555 ​ $ 44,435 Non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Dividends declared ​ $ 77,416 ​ $ 72,463 ​ $ 68,473 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Jun. 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	13. 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 June 30, 2021 ​ ​ ​ ​ Fair Value ​ ​ Carrying Amount ​ Total ​ Level 1 ​ Level 2 ​ Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 3,082 ​ $ 3,082 ​ $ — ​ $ 3,082 ​ $ — (2) Included in Other assets on our consolidated balance sheets . The carrying value of our revolving credit facility (Note 6) approximates fair value as of June 30, 2021. The warrants issued by TriStar (Note 5) 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 June 30, 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.

MAJOR SOURCES OF REVENUE

MAJOR SOURCES OF REVENUE	12 Months Ended
	Jun. 30, 2021
MAJOR SOURCES OF REVENUE
MAJOR SOURCES OF REVENUE	14. MAJOR SOURCES OF REVENUE Operators that contributed greater than 10% of our total revenue for any of fiscal years ended June 30 2021, 2020 or 2019 were as follows (revenue amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ Percentage of ​ ​ ​ ​ Percentage of ​ ​ ​ ​ Percentage of ​ ​ ​ ​ ​ total ​ ​ ​ ​ total ​ ​ ​ ​ total Operator ​ Revenue ​ revenue ​ Revenue ​ revenue ​ Revenue ​ revenue Barrick ​ $ 157,972 25.7 % $ 125,458 25.2 % $ 99,283 23.5 % Centerra ​ 156,938 25.5 % ​ 131,425 26.3 % ​ 101,011 23.9 % Teck ​ 82,164 13.3 % 74,219 14.9 % 69,264 16.4 % ​

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Jun. 30, 2021
SEGMENT INFORMATION
SEGMENT INFORMATION	15. 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) as of June 30, 2021 and 2020 are geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 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 ​ $ 624,212 ​ $ 252,547 ​ $ 876,759 ​ $ 702,732 ​ $ 189,855 ​ $ 892,587 Dominican Republic ​ ​ 366,698 ​ ​ — ​ ​ 366,698 ​ ​ 406,469 ​ ​ — ​ ​ 406,469 Chile ​ ​ 256,604 ​ ​ 224,116 ​ ​ 480,720 ​ ​ 277,661 ​ ​ 223,922 ​ ​ 501,583 Africa ​ ​ 291,112 ​ ​ 321 ​ ​ 291,433 ​ ​ 215,463 ​ ​ 321 ​ ​ 215,784 Mexico ​ ​ — ​ ​ 66,867 ​ ​ 66,867 ​ ​ — ​ ​ 75,951 ​ ​ 75,951 United States ​ ​ — ​ ​ 112,817 ​ ​ 112,817 ​ ​ — ​ ​ 159,445 ​ ​ 159,445 Australia ​ ​ — ​ ​ 28,117 ​ ​ 28,117 ​ ​ — ​ ​ 30,006 ​ ​ 30,006 Rest of world ​ ​ 12,038 ​ ​ 26,709 ​ ​ 38,747 ​ ​ 12,038 ​ ​ 25,050 ​ ​ 37,088 Total ​ $ 1,550,664 ​ $ 711,494 ​ $ 2,262,158 ​ $ 1,614,363 ​ $ 704,550 ​ $ 2,318,913 ​ Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, 2021 ​ Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests ​ $ 423,989 ​ $ 92,898 ​ $ — ​ $ 150,594 ​ $ 180,497 Royalty interests ​ ​ 191,867 ​ ​ — ​ ​ 6,743 ​ ​ 32,619 ​ ​ 152,505 Total ​ $ 615,856 ​ $ 92,898 ​ $ 6,743 ​ $ 183,213 ​ $ 333,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, 2020 ​ Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests ​ $ 359,868 ​ $ 83,890 ​ $ — ​ $ 144,678 ​ $ 131,300 Royalty interests ​ ​ 138,951 ​ ​ — ​ ​ 3,824 ​ ​ 30,369 ​ ​ 104,758 Total ​ $ 498,819 ​ $ 83,890 ​ $ 3,824 ​ $ 175,047 ​ $ 236,058 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, 2019 ​ Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests ​ $ 305,824 ​ $ 77,535 ​ $ — ​ $ 127,770 ​ $ 100,519 Royalty interests ​ ​ 117,232 ​ ​ — ​ ​ 4,112 ​ ​ 35,086 ​ ​ 78,034 Total ​ $ 423,056 ​ $ 77,535 ​ $ 4,112 ​ $ 162,856 ​ $ 178,553 ​ A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30 ​ ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Total segment gross profit ​ $ 333,002 ​ $ 236,058 ​ $ 178,553 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 28,387 ​ ​ 30,195 ​ ​ 30,488 Exploration costs ​ ​ 563 ​ ​ 5,190 ​ ​ 7,158 Depreciation ​ ​ 356 ​ ​ 387 ​ ​ 200 Impairment of royalty interests ​ ​ — ​ ​ 1,341 ​ ​ — Total costs and expenses ​ ​ 29,306 ​ ​ 37,113 ​ ​ 37,846 Gain on sale of Peak Gold JV interest ​ ​ 33,906 ​ ​ — ​ ​ — Operating income ​ ​ 337,602 ​ ​ 198,945 ​ ​ 140,707 Fair value changes in equity securities ​ ​ 6,017 ​ ​ 1,418 ​ ​ (6,800) Interest and other income ​ ​ 2,443 ​ ​ 2,046 ​ ​ 2,320 Interest and other expense ​ ​ (6,419) ​ ​ (9,813) ​ ​ (29,650) Income before income taxes ​ $ 339,643 ​ $ 192,596 ​ $ 106,577 ​ Our revenue by reportable segment for the fiscal year’s ended June 30, 2021, 2020, and 2019 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, ​ 2021 2020 2019 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 190,537 ​ $ 158,736 ​ $ 123,152 Dominican Republic ​ ​ 115,583 ​ ​ 96,978 ​ ​ 82,844 Chile ​ ​ 82,164 ​ ​ 74,219 ​ ​ 69,264 Africa ​ ​ 35,705 ​ ​ 29,935 ​ ​ 30,564 Total stream interests ​ $ 423,989 ​ $ 359,868 ​ $ 305,824 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 68,611 ​ $ 48,692 ​ $ 34,845 Canada ​ ​ 31,671 ​ ​ 30,524 ​ ​ 32,602 Mexico ​ ​ 58,212 ​ ​ 32,731 ​ ​ 27,224 Australia ​ ​ 21,466 ​ ​ 15,252 ​ ​ 12,806 Africa ​ ​ 2,801 ​ ​ 2,575 ​ ​ 1,416 Chile ​ ​ — ​ ​ — ​ ​ — Rest of world ​ ​ 9,106 ​ ​ 9,177 ​ ​ 8,339 Total royalty interests ​ $ 191,867 ​ $ 138,951 ​ $ 117,232 Total revenue ​ $ 615,856 ​ $ 498,819 ​ $ 423,056 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES Khoemac a u Silver Stream Acquisition ​ Our Khoemac a u silver stream transaction closed in February 2019. Between November 2019 and January 2021, we completed a total of $212 million in advanced payments required to earn the base silver stream of 80% of payable silver under our conditional funding schedule: ​ ● $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 u from a rate of 80% to 84% until the delivery of approximately 33.6 million silver ounces, and 42% (from 40% ) thereafter. Additionally, on April 7, 2021, KCM drew $18.0 million on a $25.0 million subordinated debt facility we provided. The subordinated debt facility has a term of seven years , carries interest at a rate of LIBOR + 11% and requires mandatory repayment upon certain events. As of June 30, 2021, we have 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. On July 7, 2021, KCM drew the remaining $7.0 million amount on the subordinated debt facility, reducing our remaining committed funding to $42.4 million of additional advance payments. KCM has indicated that it does not expect to draw any material amounts from this remaining committed funding. Ilovica Gold Stream Acquisition As of June 30, 2021, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition in October 2014, remains subject to certain conditions. ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2021
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS NX Gold Mine Gold Stream Acquisition On June 30, 2021, we announced that we entered into a precious metals purchase agreement for gold produced from the NX Gold Mine in Brazil (“NX Gold Stream”) with Ero Gold Corporation, a wholly-owned subsidiary of Ero Copper Corporation, and certain of its affiliates (together, “Ero”). ​ On August 6, 2021, we made an advance payment of $100 million upon closing of the transaction. We will make up to an additional $10 million of further payments from the beginning of calendar year 2022 through the end of calendar year 2024 depending on meeting success-based targets related to regional exploration and resource additions. In return, we will receive 25% of the gold produced from the NX Gold Mine until the delivery of 93,000 ounces, and 10% thereafter. We will pay 20% of the spot gold price for each ounce delivered until the delivery of 49,000 ounces, and 40% of the spot gold price thereafter. ​ A delivery of approximately 2,500 ounces of gold based on mine production through to closing is expected to be received from Ero within five business days of closing the transaction. ​ Red Chris Royalty Acquisition ​ On August 11, 2021, we acquired a 1.0% net smelter return royalty covering approximately 5,100 hectares which include the currently known mineralization and prospective exploration areas of the Red Chris Mine in British Columbia, Canada. We paid $165 million in cash consideration for the royalty to Glencore Canada Corporation, a wholly owned subsidiary of Glencore International AG. ​ The Red Chris Mine is an operating open pit mine producing gold, copper and silver, and is located on the northern edge of the Skeena Mountains. The mine is owned and operated by the Red Chris JV, which is owned 70% by Newcrest Mining Ltd. ( “ ” ​ Fiscal year end change ​ On August 9, 2021, our board of directors approved a change in our fiscal year end from June 30 to December 31 effective as of December 31, 2021. As a result, we expect to file a Transitional Report on Form 10-KT in early 2022 for the six-month stub period from July 1, 2021, to December 31, 2021. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Use of Estimates	Use of Estimates The preparation of our financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. We rely on reserve estimates reported by the operators of properties on which we hold stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long-lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Royal Gold, Inc., its wholly owned subsidiaries. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation. Peak Gold JV Royal Gold, through its wholly owned subsidiary, Royal Alaska, LLC (“Royal Alaska”), and Contango ORE, Inc., through its wholly owned subsidiary CORE Alaska, LLC, entered into a limited liability company agreement for the Peak Gold JV, a joint venture for exploration and advancement of the Manh Choh Project (formerly known as the Peak Gold Project) located near Tok, Alaska. We previously identified the Peak Gold JV as a Variable Interest Entity, with Royal Alaska as the primary beneficiary, due to the legal structure and certain related factors of the limited liability company agreement for the Peak Gold JV. We determined that the Peak Gold JV should be fully consolidated at fair value initially. As of June 30, 2020, Royal Alaska held a 40% membership interest in the Peak Gold JV. The fair value of our non-controlling interest was $45.7 million and was based on the underlying value of the mineral property assigned to the Peak Gold JV, which was recorded as an exploration stage property within Stream and royalty interests, net On September 30, 2020, we sold our Peak Gold JV interest which is discussed in Note 3 of our notes to consolidated financial statements.
Cash and Equivalents	Cash and Equivalents Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of June 30, 2021, and 2020.
Stream and Royalty Interests in Mineral Properties and Related Depletion	Stream and Royalty Interests in Mineral Properties and Related Depletion Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset. Production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable reserves, are not depleted. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, the mineral property is depleted over its life, using proven and probable reserves. Exploration costs are expensed when incurred.
Asset Impairment	Asset Impairment We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable. When impairment indicators are identified, the recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable reserves and other relevant information received from the operators. We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows. Estimates of gold, silver, copper, and other metal prices, and operators’ estimates of proven and probable reserves or mineralized material related to our stream or royalty properties are subject to certain risks and uncertainties which may affect the recoverability of our investment in these stream and royalty interests in mineral properties. It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests. Refer to Note 4 for discussion and the results of our impairment assessments for the fiscal years ended June 30, 2021, 2020 and 2019.
Revenue	Revenue 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 in Note 8. ​ Metal Sales 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 10 days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales activity in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser.
Cost of Sales	Cost of Sales Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery.
Production Taxes	Production Taxes Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in our consolidated statements of operations and comprehensive income.
Stock-Based Compensation	Stock-Based Compensation We recognize all share-based payments to employees, including grants of employee stock options, stock-settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in our financial statements based upon their fair values.
Income Taxes	Income Taxes Our annual tax rate is based on income, statutory tax rates in effect, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities. We treat global intangible low-taxed income (“GILTI”) as a period cost and therefore do not record deferred tax impacts of GILTI in our consolidated financial statements. Our deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies. Our operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. We recognize potential liabilities and records tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Earnings per Share	Earnings per Share Basic earnings per share is computed by dividing net income available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings per share is computed by dividing net income available to common stockholders by the diluted weighted average number of common shares outstanding during each fiscal year. ​
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Recently Adopted ​ In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments

STREAM AND ROYALTY INTERESTS,_2

STREAM AND ROYALTY INTERESTS, NET (Tables)	12 Months Ended
	Jun. 30, 2021
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (300,378) ​ $ 490,257 Pueblo Viejo ​ ​ 610,404 ​ ​ (243,706) ​ ​ 366,698 Andacollo ​ ​ 388,182 ​ ​ (131,578) ​ ​ 256,604 Rainy River ​ ​ 175,727 ​ ​ (41,772) ​ ​ 133,955 Wassa ​ ​ 146,475 ​ ​ (78,865) ​ ​ 67,610 Total production stage stream interests ​ ​ 2,111,423 ​ ​ (796,299) ​ ​ 1,315,124 Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (109,850) ​ ​ 95,874 Peñasquito ​ ​ 99,172 ​ ​ (50,176) ​ ​ 48,996 Cortez ​ ​ 80,681 ​ ​ (19,128) ​ ​ 61,553 Other ​ ​ 442,871 ​ ​ (381,191) ​ ​ 61,680 Total production stage royalty interests ​ ​ 828,448 ​ ​ (560,345) ​ ​ 268,103 Total production stage stream and royalty interests ​ ​ 2,939,871 ​ ​ (1,356,644) ​ ​ 1,583,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Khoemac a ​ ​ 223,502 ​ ​ — ​ ​ 223,502 Other ​ ​ 12,037 ​ ​ — ​ ​ 12,037 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,423 ​ ​ ​ ​ ​ 45,423 Other ​ ​ 54,755 ​ ​ — ​ ​ 54,755 Total development stage stream and royalty interests ​ ​ 335,717 ​ ​ — ​ ​ 335,717 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Côté ​ ​ 29,610 ​ ​ ​ ​ ​ 29,610 Other ​ ​ 135,914 ​ ​ — ​ ​ 135,914 Total exploration stage royalty interests ​ ​ 343,214 ​ ​ — ​ ​ 343,214 Total stream and royalty interests, net ​ $ 3,618,802 ​ $ (1,356,644) ​ $ 2,262,158 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 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)	12 Months Ended
	Jun. 30, 2021
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ As of June 30, 2020 ​ Principal Debt Issuance Costs 1 Total Principal Debt Issuance Costs Total ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Revolving credit facility ​ $ — ​ $ (3,443) ​ $ (3,443) ​ $ 305,000 ​ $ (4,561) ​ $ 300,439 Total debt ​ $ — ​ $ (3,443) ​ $ (3,443) ​ $ 305,000 ​ $ (4,561) ​ $ 300,439 (1) Included in Other assets on our consolidated balance sheets.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Jun. 30, 2021
LEASES
Schedule of lease balance sheet locations	​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ June 30, 2021 Operating Leases ​ ​ ​ ​ ​ Right-of-use assets - current ​ Prepaid expenses and other ​ $ 801 Right-of-use assets - non-current ​ Other assets ​ ​ 6,009 Total right-of-use assets ​ ​ ​ $ 6,810 ​ ​ ​ ​ ​ ​ Lease liabilities - current ​ Other current liabilities ​ $ 957 Lease liabilities - non-current ​ Other long-term liabilities ​ ​ 7,197 Total operating lease liabilities ​ ​ ​ $ 8,154
Schedule of lease maturities	​ Maturities of operating lease liabilities at June 30, 2021 were as follows (amounts in thousands): ​ ​ ​ ​ ​ Fiscal Years: ​ Operating Leases 2022 ​ $ 1,149 2023 ​ ​ 1,126 2024 ​ ​ 1,126 2025 ​ ​ 1,088 2026 ​ ​ 1,051 Thereafter ​ ​ 3,495 Total lease payments ​ $ 9,035 Less imputed interest ​ ​ (881) Total ​ $ 8,154
Schedule of other lease information	Other information pertaining to leases consists of the following: ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Operating Lease Term and Discount Rate ​ ​ ​ Weighted average remaining lease term in years ​ ​ 8.3 Weighted average discount rate ​ ​ 2.5%

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Jun. 30, 2021
REVENUE
Summary of disaggregated revenue	Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ 2021 2020 2019 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ $ 323,980 ​ $ 294,490 ​ $ 249,496 Silver ​ ​ 43,281 ​ ​ 32,744 ​ ​ 33,282 Copper ​ ​ 56,728 ​ ​ 32,634 ​ ​ 23,046 Total stream revenue ​ $ 423,989 ​ $ 359,868 ​ $ 305,824 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ $ 131,784 ​ $ 98,153 ​ $ 78,570 Silver ​ ​ 16,198 ​ ​ 9,996 ​ ​ 5,497 Copper ​ ​ 16,448 ​ ​ 13,528 ​ ​ 13,808 Other ​ ​ 27,437 ​ ​ 17,274 ​ ​ 19,357 Total royalty revenue ​ $ 191,867 ​ $ 138,951 ​ $ 117,232 Total revenue ​ $ 615,856 ​ $ 498,819 ​ $ 423,056 ​ Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ ​ June 30, June 30, ​ June 30, ​ ​ Metal(s) ​ 2021 ​ 2020 ​ 2019 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 156,938 ​ $ 131,425 ​ $ 101,010 Pueblo Viejo ​ Gold & Silver ​ ​ 115,583 ​ ​ 96,978 ​ ​ 82,844 Andacollo ​ Gold ​ ​ 82,164 ​ ​ 74,219 ​ ​ 69,264 Wassa ​ Gold ​ ​ 31,772 ​ ​ 23,203 ​ ​ 22,098 Other ​ Gold & Silver ​ ​ 37,532 ​ ​ 34,043 ​ ​ 30,608 Total stream revenue ​ ​ ​ $ 423,989 ​ $ 359,868 ​ $ 305,824 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 49,688 ​ $ 25,498 ​ $ 13,865 Cortez ​ Gold ​ ​ 36,160 ​ ​ 22,342 ​ ​ 11,383 Other ​ Various ​ ​ 106,019 ​ ​ 91,111 ​ ​ 91,984 Total royalty revenue ​ ​ ​ $ 191,867 ​ $ 138,951 ​ $ 117,232 Total revenue ​ ​ ​ $ 615,856 ​ $ 498,819 ​ $ 423,056

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Jun. 30, 2021
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ (Amounts in thousands) Stock options ​ $ 68 ​ $ 163 ​ $ 221 Stock appreciation rights ​ ​ 1,677 ​ ​ 2,545 ​ ​ 2,025 Restricted stock ​ ​ 2,668 ​ ​ 5,117 ​ ​ 3,336 Performance stock ​ ​ 1,317 ​ ​ 1,291 ​ ​ 1,035 Total stock-based compensation expense ​ $ 5,730 ​ $ 9,116 ​ $ 6,617
Schedule of valuation assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Options ​ SSARs ​ ​ 2021 ​ 2020 ​ 2019 ​ 2021 ​ 2020 ​ 2019 Weighted-average expected volatility ​ 39.4 % 34.4 % 36.5 % 39.2 % 34.6 % 37.6 % Weighted-average expected life in years 4.4 4.5 4.5 4.2 4.7 5.2 ​ Weighted-average dividend yield 0.9 % 1.0 % 1.1 % 0.9 % 1.0 % 1.1 % Weighted-average risk free interest rate 0.2 % 1.6 % 2.7 % 0.2 % 1.6 % 2.7 %
Summary of stock options activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic Value ​ ​ Shares ​ Price ​ Life (Years) ​ (in thousands) Outstanding at July 1, 2020 18,901 ​ $ 70.38 ​ ​ ​ Granted 2,860 ​ $ 139.84 ​ ​ ​ Exercised — ​ $ — ​ ​ ​ Forfeited — ​ $ — ​ ​ ​ Outstanding at June 30, 2021 21,761 ​ $ 79.51 5.5 ​ $ 835 Exercisable at June 30, 2021 17,510 ​ $ 68.36 4.8 ​ $ 804
Summary of SSARs activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic Value ​ ​ Shares ​ Price ​ Life (Years) ​ (in thousands) Outstanding at July 1, 2020 122,604 ​ $ 95.57 ​ ​ ​ Granted 64,100 ​ $ 139.84 ​ ​ ​ Exercised (2,567) ​ $ 83.45 ​ ​ ​ Forfeited — ​ $ — ​ ​ ​ Outstanding at June 30, 2021 184,137 ​ $ 111.15 7.7 ​ $ 2,682 Exercisable at June 30, 2021 76,287 ​ $ 86.32 6.3 ​ $ 2,283
Summary of non-vested awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value Outstanding at July 1, 2020 144,912 ​ $ 80.59 Granted 35,380 ​ $ 111.07 Vested (4,850) ​ $ 74.97 Forfeited — ​ $ — Non-attainment (21,040) ​ $ 71.44 Outstanding at June 30, 2021 154,402 ​ $ 88.99
Summary of the status of non-vested restricted stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value Outstanding at July 1, 2020 96,047 ​ $ 90.40 Granted 26,104 ​ $ 138.67 Vested (25,621) ​ $ 80.85 Forfeited — ​ $ — Outstanding at June 30, 2021 96,530 ​ $ 105.99

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	12 Months Ended
	Jun. 30, 2021
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ ​ 2021 ​ 2020 ​ 2019 Net income attributable to Royal Gold common stockholders ​ $ 302,532 ​ $ 199,343 ​ $ 93,825 Weighted-average shares for basic EPS ​ ​ 65,546,400 ​ ​ 65,523,024 ​ ​ 65,394,627 Effect of other dilutive securities ​ ​ 81,191 ​ ​ 120,366 ​ ​ 110,908 Weighted-average shares for diluted EPS ​ ​ 65,627,591 ​ ​ 65,643,390 ​ ​ 65,505,535 Basic EPS ​ $ 4.61 ​ $ 3.04 ​ $ 1.43 Diluted EPS ​ $ 4.60 ​ $ 3.03 ​ $ 1.43

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2021
INCOME TAXES
Components of income before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Amounts in thousands) United States ​ $ 130,175 ​ $ 35,446 ​ $ (3,776) Foreign ​ 209,468 ​ 157,150 ​ 110,353 ​ ​ $ 339,643 ​ $ 192,596 ​ $ 106,577
Components of income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Amounts in thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 38,146 ​ $ 18,320 ​ $ (6,974) State ​ 867 ​ 347 ​ (13) Foreign ​ (2,602) ​ 10,078 ​ 26,230 ​ ​ $ 36,411 ​ $ 28,745 ​ $ 19,243 Deferred and others: ​ ​ ​ ​ ​ ​ Federal ​ $ 376 ​ $ (1,047) ​ $ 916 State ​ (2) ​ (19) ​ 17 Foreign ​ 82 ​ (31,333) ​ (2,678) ​ ​ $ 456 ​ $ (32,399) ​ $ (1,745) Total income tax expense (benefit) ​ $ 36,867 ​ $ (3,654) ​ $ 17,498
Schedule of income tax expense (benefit) and effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Amounts in thousands) Total expense (benefit) computed by applying federal rates $ 71,325 $ 40,445 $ 22,381 State and provincial income taxes, net of federal benefit ​ 874 ​ 304 ​ 135 Excess depletion ​ (1,812) ​ (1,291) ​ (867) Estimates for uncertain tax positions ​ (26,179) ​ (11,146) ​ 3,180 Statutory tax attributable to non-controlling interest ​ (72) ​ 654 ​ 1,013 Effect of foreign earnings ​ (7,659) ​ (8,249) ​ (6,921) Unrealized foreign exchange gains ​ (616) ​ (286) ​ (38) Effects of Swiss income tax reform ​ ​ — ​ ​ (72,669) ​ ​ — Changes in estimates ​ (858) ​ 24 ​ (1,538) Valuation allowance ​ ​ 1,284 ​ ​ 47,840 ​ ​ (47) Other ​ 580 ​ 720 ​ 200 Total income tax expense (benefit) ​ $ 36,867 ​ $ (3,654) ​ $ 17,498
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ (Amounts in thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ Stock-based compensation ​ $ 1,500 ​ $ 1,313 Net operating losses ​ 74 ​ 104 Foreign tax credits ​ ​ 24,615 ​ ​ 17,159 Amortizable tax goodwill ​ ​ 62,191 ​ ​ 67,287 Other ​ 4,608 ​ 7,713 Total deferred tax assets ​ 92,988 ​ 93,576 Valuation allowance ​ (61,888) ​ (60,604) Net deferred tax assets ​ $ 31,100 ​ $ 32,972 Deferred tax liabilities: ​ ​ ​ ​ Mineral property basis ​ $ (70,352) ​ $ (67,639) Unrealized foreign exchange gains ​ (582) ​ (582) Investment in Peak Gold joint venture ​ ​ — ​ ​ (3,955) Other ​ (172) ​ (346) Total deferred tax liabilities ​ (71,106) ​ (72,522) Total net deferred taxes ​ $ (40,006) ​ $ (39,550)
Reconciliation of beginning and ending amount of gross unrecognized tax benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Amounts in thousands) Total gross unrecognized tax benefits at beginning of year ​ $ 25,389 ​ $ 36,547 ​ $ 36,346 Additions / Reductions for tax positions of current year ​ — ​ 537 ​ 1,709 Additions / Reductions for tax positions of prior years ​ ​ (812) ​ ​ (694) ​ ​ (912) Reductions due to settlements with taxing authorities ​ (23,925) ​ (11,001) ​ (596) Total amount of gross unrecognized tax benefits at end of year ​ $ 652 ​ $ 25,389 ​ $ 36,547

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Jun. 30, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Amounts in thousands) Cash paid during the period for: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 3,510 ​ $ 4,900 ​ $ 10,638 Income taxes, net of refunds ​ $ 58,970 ​ $ 31,555 ​ $ 44,435 Non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Dividends declared ​ $ 77,416 ​ $ 72,463 ​ $ 68,473

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Jun. 30, 2021
FAIR VALUE MEASUREMENTS
Schedule of financial assets measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ ​ ​ ​ Fair Value ​ ​ Carrying Amount ​ Total ​ Level 1 ​ Level 2 ​ Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 3,082 ​ $ 3,082 ​ $ — ​ $ 3,082 ​ $ — (2) Included in Other assets on our consolidated balance sheets .

MAJOR SOURCES OF REVENUE (Table

MAJOR SOURCES OF REVENUE (Tables)	12 Months Ended
	Jun. 30, 2021
MAJOR SOURCES OF REVENUE
Schedule of major sources of revenue	Operators that contributed greater than 10% of our total revenue for any of fiscal years ended June 30 2021, 2020 or 2019 were as follows (revenue amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ Percentage of ​ ​ ​ ​ Percentage of ​ ​ ​ ​ Percentage of ​ ​ ​ ​ ​ total ​ ​ ​ ​ total ​ ​ ​ ​ total Operator ​ Revenue ​ revenue ​ Revenue ​ revenue ​ Revenue ​ revenue Barrick ​ $ 157,972 25.7 % $ 125,458 25.2 % $ 99,283 23.5 % Centerra ​ 156,938 25.5 % ​ 131,425 26.3 % ​ 101,011 23.9 % Teck ​ 82,164 13.3 % 74,219 14.9 % 69,264 16.4 %

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Jun. 30, 2021
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 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 ​ $ 624,212 ​ $ 252,547 ​ $ 876,759 ​ $ 702,732 ​ $ 189,855 ​ $ 892,587 Dominican Republic ​ ​ 366,698 ​ ​ — ​ ​ 366,698 ​ ​ 406,469 ​ ​ — ​ ​ 406,469 Chile ​ ​ 256,604 ​ ​ 224,116 ​ ​ 480,720 ​ ​ 277,661 ​ ​ 223,922 ​ ​ 501,583 Africa ​ ​ 291,112 ​ ​ 321 ​ ​ 291,433 ​ ​ 215,463 ​ ​ 321 ​ ​ 215,784 Mexico ​ ​ — ​ ​ 66,867 ​ ​ 66,867 ​ ​ — ​ ​ 75,951 ​ ​ 75,951 United States ​ ​ — ​ ​ 112,817 ​ ​ 112,817 ​ ​ — ​ ​ 159,445 ​ ​ 159,445 Australia ​ ​ — ​ ​ 28,117 ​ ​ 28,117 ​ ​ — ​ ​ 30,006 ​ ​ 30,006 Rest of world ​ ​ 12,038 ​ ​ 26,709 ​ ​ 38,747 ​ ​ 12,038 ​ ​ 25,050 ​ ​ 37,088 Total ​ $ 1,550,664 ​ $ 711,494 ​ $ 2,262,158 ​ $ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, 2021 ​ Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests ​ $ 423,989 ​ $ 92,898 ​ $ — ​ $ 150,594 ​ $ 180,497 Royalty interests ​ ​ 191,867 ​ ​ — ​ ​ 6,743 ​ ​ 32,619 ​ ​ 152,505 Total ​ $ 615,856 ​ $ 92,898 ​ $ 6,743 ​ $ 183,213 ​ $ 333,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, 2020 ​ Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests ​ $ 359,868 ​ $ 83,890 ​ $ — ​ $ 144,678 ​ $ 131,300 Royalty interests ​ ​ 138,951 ​ ​ — ​ ​ 3,824 ​ ​ 30,369 ​ ​ 104,758 Total ​ $ 498,819 ​ $ 83,890 ​ $ 3,824 ​ $ 175,047 ​ $ 236,058 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, 2019 ​ Revenue Cost of sales Production taxes Depletion Segment gross profit Stream interests ​ $ 305,824 ​ $ 77,535 ​ $ — ​ $ 127,770 ​ $ 100,519 Royalty interests ​ ​ 117,232 ​ ​ — ​ ​ 4,112 ​ ​ 35,086 ​ ​ 78,034 Total ​ $ 423,056 ​ $ 77,535 ​ $ 4,112 ​ $ 162,856 ​ $ 178,553
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30 ​ ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Total segment gross profit ​ $ 333,002 ​ $ 236,058 ​ $ 178,553 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 28,387 ​ ​ 30,195 ​ ​ 30,488 Exploration costs ​ ​ 563 ​ ​ 5,190 ​ ​ 7,158 Depreciation ​ ​ 356 ​ ​ 387 ​ ​ 200 Impairment of royalty interests ​ ​ — ​ ​ 1,341 ​ ​ — Total costs and expenses ​ ​ 29,306 ​ ​ 37,113 ​ ​ 37,846 Gain on sale of Peak Gold JV interest ​ ​ 33,906 ​ ​ — ​ ​ — Operating income ​ ​ 337,602 ​ ​ 198,945 ​ ​ 140,707 Fair value changes in equity securities ​ ​ 6,017 ​ ​ 1,418 ​ ​ (6,800) Interest and other income ​ ​ 2,443 ​ ​ 2,046 ​ ​ 2,320 Interest and other expense ​ ​ (6,419) ​ ​ (9,813) ​ ​ (29,650) Income before income taxes ​ $ 339,643 ​ $ 192,596 ​ $ 106,577
Schedule of revenue by reportable segment geographically distributed	Our revenue by reportable segment for the fiscal year’s ended June 30, 2021, 2020, and 2019 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, ​ 2021 2020 2019 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 190,537 ​ $ 158,736 ​ $ 123,152 Dominican Republic ​ ​ 115,583 ​ ​ 96,978 ​ ​ 82,844 Chile ​ ​ 82,164 ​ ​ 74,219 ​ ​ 69,264 Africa ​ ​ 35,705 ​ ​ 29,935 ​ ​ 30,564 Total stream interests ​ $ 423,989 ​ $ 359,868 ​ $ 305,824 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 68,611 ​ $ 48,692 ​ $ 34,845 Canada ​ ​ 31,671 ​ ​ 30,524 ​ ​ 32,602 Mexico ​ ​ 58,212 ​ ​ 32,731 ​ ​ 27,224 Australia ​ ​ 21,466 ​ ​ 15,252 ​ ​ 12,806 Africa ​ ​ 2,801 ​ ​ 2,575 ​ ​ 1,416 Chile ​ ​ — ​ ​ — ​ ​ — Rest of world ​ ​ 9,106 ​ ​ 9,177 ​ ​ 8,339 Total royalty interests ​ $ 191,867 ​ $ 138,951 ​ $ 117,232 Total revenue ​ $ 615,856 ​ $ 498,819 ​ $ 423,056

THE COMPANY (Details)

THE COMPANY (Details)	12 Months Ended
	Jun. 30, 2021item
THE COMPANY
Minimum number of metals produced from a mine	1

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) $ in Millions	12 Months Ended
	Jun. 30, 2021$ / oz	Sep. 30, 2020	Jun. 30, 2020USD ($)
Mount Milligan
Cash payment for each ounce of gold (in dollars per ounce) | $ / oz	435
Minimum
Term of the contract	10 days
Maximum
Term of the contract	3 months
Peak Gold/Manh Choh
Investment fair value | $			$ 45.7
Equity ownership interest (as a percent)		40.00%	40.00%

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Cote (Details) - USD ($) $ in Thousands	Jun. 07, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Significant Acquisitions and Disposals [Line Items]
Payment to acquire interest		$ 168,147	$ 155,985	$ 1,055
Stream and royalty interest		$ 2,262,158	$ 2,318,913
Cote Gold Project
Significant Acquisitions and Disposals [Line Items]
Net smelter return (NSR) (as a percent)	1.00%
Royalty covering current reserves (as a percent)	70.00%
Payment to acquire interest	$ 75,000
Stream and royalty interest	$ 75,000
Cote Gold Project | Cote Gold Joint Venture | Cote Gold Project
Significant Acquisitions and Disposals [Line Items]
Joint venture ownership interest (as a percent)	92.50%
Cote Gold Project | IAMGOLD Corporation | Cote Gold Joint Venture
Significant Acquisitions and Disposals [Line Items]
Joint venture ownership interest (as a percent)	70.00%
Cote Gold Project | Sumitomo Metal Mining | Cote Gold Joint Venture
Significant Acquisitions and Disposals [Line Items]
Joint venture ownership interest (as a percent)	30.00%
Cote Gold Project | Third Party | Cote Gold Project
Significant Acquisitions and Disposals [Line Items]
Joint venture ownership interest (as a percent)	7.50%

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Peak Gold (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 29, 2020	Sep. 30, 2020	Jun. 30, 2021	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
Stream and royalty interest				2,262,158		$ 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/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 interest					$ 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/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%			40.00%
Proceeds from sale of Peak Gold JV interest	$ 49,200
Total cash consideration	$ 61,300
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

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands, oz in Millions	Jul. 07, 2021USD ($)	Jun. 30, 2021USD ($)shares	Apr. 07, 2021USD ($)ozt	Jan. 06, 2021USD ($)	Oct. 05, 2020USD ($)	Jul. 05, 2020USD ($)	Apr. 03, 2020USD ($)	Mar. 30, 2020USD ($)	Feb. 02, 2020USD ($)	Jan. 29, 2020USD ($)	Nov. 05, 2019USD ($)	Feb. 25, 2019oz	Nov. 30, 2019USD ($)	Aug. 31, 2019USD ($)paymentshares	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jan. 31, 2021USD ($)	Jun. 30, 2021$ / shares
Acquisitions
Acquisition consideration paid															$ 168,147	$ 155,985	$ 1,055
Investment value		$ 3,100													3,100	17,900
Cash outflow on loan															$ 18,000
TriStar
Acquisitions
Common stock that can be purchased by warrants (in shares) | shares		19,640,000													19,640,000
Alturas
Acquisitions
Acquisition consideration paid										$ 11,000
Future payment based on project decisions										20,000
Alturas | Maximum
Acquisitions
Acquisition consideration										41,000
Future payment to private individuals upon first production										$ 10,000
Alturas | Gold
Acquisitions
Net smelter return (NSR) (as a percent)										1.06%
Alturas | Copper
Acquisitions
Net smelter return (NSR) (as a percent)										1.59%
CDS
Acquisitions
Net smelter return (NSR) (as a percent)														1.50%
Acquisition consideration														$ 7,500
Acquisition consideration paid								$ 1,500					$ 1,500	$ 4,500
Number of installments | payment														3
CDS | TriStar
Acquisitions
Common stock that can be purchased by warrants (in shares) | shares		19,640,000												19,640,000	19,640,000
Investment value																$ 3,100
Exercise price of warrants | $ / shares																			$ 0.25
Term of warrants															3 years
Khoemacau
Acquisitions
Acquisition consideration paid			$ 10,600	$ 32,600	$ 32,500	$ 11,100	$ 47,900		$ 22,000		$ 65,800							$ 212,000
Other Commitment	$ 42,400	$ 42,400													$ 42,400
Silver production acquired (as a percent)			84.00%									80.00%						80.00%
Silver production after threshold (as a percent)			42.00%									40.00%
Rate reduction threshold | oz			33.6									32
Spot price paid (as a percent)			20.00%
Increased level of throughput (as a percent)			30.00%
Throughput levels | t			13,000
Loan receivable commitment		7,000	$ 25,000
Loan receivable term			7 years
Cash outflow on loan	$ 7,000		$ 18,000
Total commitments		$ 49,400													$ 49,400
Khoemacau | LIBOR
Acquisitions
Loans receivable variable interest rate (as a percent)			11.00%

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Cost	$ 3,618,802	$ 3,553,950
Accumulated Depletion	(1,356,644)	(1,233,696)
Impairments		(1,341)
Net	2,262,158	2,318,913
Mount Milligan
Net	490,300
Rainy River
Net	134,000
Wassa
Net	67,600
Total production stage stream and royalty interests
Cost	2,939,871	3,018,837
Accumulated Depletion	(1,356,644)	(1,233,696)
Impairments		(1,341)
Net	1,583,227	1,783,800
Production stage stream interests
Cost	2,111,423	2,111,423
Accumulated Depletion	(796,299)	(645,705)
Net	1,315,124	1,465,718
Production stage stream interests | Mount Milligan
Cost	790,635	790,635
Accumulated Depletion	(300,378)	(236,352)
Net	490,257	554,283
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(243,706)	(203,935)
Net	366,698	406,469
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(131,578)	(110,521)
Net	256,604	277,661
Production stage stream interests | Rainy River
Cost	175,727	175,727
Accumulated Depletion	(41,772)	(27,278)
Net	133,955	148,449
Production stage stream interests | Wassa
Cost	146,475	146,475
Accumulated Depletion	(78,865)	(67,619)
Net	67,610	78,856
Production stage royalty interests
Cost	828,448	907,414
Accumulated Depletion	(560,345)	(587,991)
Impairments		(1,341)
Net	268,103	318,082
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(109,850)	(101,381)
Net	95,874	104,343
Production stage royalty interests | Penasquito
Cost	99,172	99,172
Accumulated Depletion	(50,176)	(44,614)
Net	48,996	54,558
Production stage royalty interests | Cortez
Cost	80,681	80,681
Accumulated Depletion	(19,128)	(15,065)
Net	61,553	65,616
Production stage royalty interests | Other
Cost	442,871	521,837
Accumulated Depletion	(381,191)	(426,931)
Impairments		(1,341)
Net	61,680	93,565
Total development stage stream and royalty interests
Cost	335,717	219,597
Net	335,717	219,597
Development stage stream interests | Khoemacau
Cost	223,502	136,608
Net	223,502	136,608
Development stage stream interests | Other
Cost	12,037	12,037
Net	12,037	12,037
Development stage royalty interests | Ct
Cost	45,423
Net	45,423
Development stage royalty interests | Other
Cost	54,755	70,952
Net	54,755	70,952
Exploration stage royalty interests
Cost	343,214	315,516
Net	343,214	315,516
Exploration stage royalty interests | Ct
Cost	29,610
Net	29,610
Exploration stage royalty interests | Pascua-Lama
Cost	177,690	177,690
Net	177,690	177,690
Exploration stage royalty interests | Other
Cost	135,914	137,826
Net	$ 135,914	$ 137,826

STREAM AND ROYALTY INTERESTS,_4

STREAM AND ROYALTY INTERESTS, NET (Details) $ in Thousands	Oct. 01, 2020oz	Jun. 30, 2021USD ($)oz$ / oz$ / lb	Jun. 30, 2020USD ($)
Stream and royalty interest | $		$ 2,262,158	$ 2,318,913
Wassa
Stream and royalty interest | $		$ 67,600
Wassa | Initial Royalty
Gold interest (as a percent)	10.50%
Gold delivered (in ounces)	240,000
Spot price paid (as a percent)	20.00%
Remaining gold to be delivered (in ounces)		112,000
Wassa | Subsequent Royalty
Gold interest (as a percent)	5.50%
Spot price paid (as a percent)	30.00%
Prestea and Bogoso
Gold interest (as a percent)	5.50%
Spot price paid (as a percent)	30.00%
Stream and royalty interest | $		$ 0
Mount Milligan
Gold interest (as a percent)		35.00%
Stream and royalty interest | $		$ 490,300
Copper streaming interest (as a percent)		18.75%
Mount Milligan | Gold
Depletion rate | $ / oz		712
Mount Milligan | Copper
Depletion rate | $ / lb		1.53
Rainy River
Gold delivered (in ounces)		54,000
Stream and royalty interest | $		$ 134,000
Silver delivered (in ounces)		699,400
Rainy River | Gold
Depletion rate | $ / oz		779
Rainy River | Silver
Depletion rate | $ / oz		9.07
Rainy River | Initial Royalty
Gold interest (as a percent)		6.50%
Silver production acquired (as a percent)		60.00%
Gold delivered (in ounces)		230,000
Silver delivered (in ounces)		3,100,000
Rainy River | Subsequent Royalty
Gold interest (as a percent)		3.25%
Silver production acquired (as a percent)		30.00%

STREAM AND ROYALTY INTERESTS,_5

STREAM AND ROYALTY INTERESTS, NET - Impairments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021
Impairments of royalty and stream interests		$ 1,341
Stream and royalty interest	$ 2,318,913	2,318,913	$ 2,262,158
Royalty interests
Stream and royalty interest	704,550	704,550	711,494
El Toqui
Impairments of royalty and stream interests	1,300
Stream and royalty interest	$ 0	$ 0	$ 0

MARKETABLE EQUITY SECURITIES (D

MARKETABLE EQUITY SECURITIES (Details) - USD ($) $ / shares in Units, $ in Thousands	May 20, 2021	Sep. 30, 2020	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 15, 2021
Marketable Securities
Proceeds from sale of equity securities				$ 8,651
Proceeds from sale of Contango shares				12,146
Fair value changes in equity securities				6,000	$ 1,400
Investment value				3,100	$ 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	$ 3,600
Battle North Gold
Marketable Securities
Investment shares (price per shares)						$ 2.65
Number of shares sold	3,949,575
Proceeds from sale of equity securities	$ 8,600
TriStar
Marketable Securities
Common stock that can be purchased by warrants (in shares)				19,640,000

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Aug. 31, 2021
Long-term debt disclosure
Principal		$ 305,000
Debt Issuance Costs	$ (3,443)	(4,561)
Total debt		300,439
Credit Facility
Long-term debt disclosure
Principal		305,000
Debt Issuance Costs	(3,443)	(4,561)
Total debt		300,439
Outstanding amount under credit facility	0			$ 100,000
Available under the revolving credit facility	1,000,000			$ 900,000
Interest expense recognized	$ 3,300	$ 7,000	$ 1,700

LEASES - Lease balance sheet (D

LEASES - Lease balance sheet (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2021USD ($)
LEASES
Right-of-use assets - current	$ 801
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	$ 6,009
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent
Total right-of-use assets	$ 6,810
Lease liabilities - current	$ 957
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Lease liabilities - non-current	$ 7,197
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 8,154

LEASES - Lease maturities (Deta

LEASES - Lease maturities (Details) $ in Thousands	Jun. 30, 2021USD ($)
LEASES
2022	$ 1,149
2023	1,126
2024	1,126
2025	1,088
2026	1,051
Thereafter	3,495
Total lease payments	9,035
Less imputed interest	(881)
Total	$ 8,154

LEASES - Lease other (Details)

LEASES - Lease other (Details)	Jun. 30, 2021
LEASES
Weighted average remaining lease term in years	8 years 3 months 18 days
Weighted average discount rate	2.50%

REVENUE (Details)

REVENUE (Details)	12 Months Ended
	Jun. 30, 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	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue
Revenue	$ 615,856	$ 498,819	$ 423,056
Stream interests
Disaggregation of Revenue
Revenue	423,989	359,868	305,824
Stream interests | Gold
Disaggregation of Revenue
Revenue	323,980	294,490	249,496
Stream interests | Silver
Disaggregation of Revenue
Revenue	43,281	32,744	33,282
Stream interests | Copper
Disaggregation of Revenue
Revenue	56,728	32,634	23,046
Royalty interests
Disaggregation of Revenue
Revenue	191,867	138,951	117,232
Royalty interests | Gold
Disaggregation of Revenue
Revenue	131,784	98,153	78,570
Royalty interests | Silver
Disaggregation of Revenue
Revenue	16,198	9,996	5,497
Royalty interests | Copper
Disaggregation of Revenue
Revenue	16,448	13,528	13,808
Royalty interests | Other
Disaggregation of Revenue
Revenue	$ 27,437	$ 17,274	$ 19,357

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue
Revenue	$ 615,856	$ 498,819	$ 423,056
Stream interests
Disaggregation of Revenue
Revenue	423,989	359,868	305,824
Stream interests | Mount Milligan
Disaggregation of Revenue
Revenue	156,938	131,425	101,010
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue	115,583	96,978	82,844
Stream interests | Andacollo
Disaggregation of Revenue
Revenue	82,164	74,219	69,264
Stream interests | Wassa
Disaggregation of Revenue
Revenue	31,772	23,203	22,098
Stream interests | Other
Disaggregation of Revenue
Revenue	37,532	34,043	30,608
Royalty interests
Disaggregation of Revenue
Revenue	191,867	138,951	117,232
Royalty interests | Other
Disaggregation of Revenue
Revenue	106,019	91,111	91,984
Royalty interests | Penasquito
Disaggregation of Revenue
Revenue	49,688	25,498	13,865
Royalty interests | Cortez
Disaggregation of Revenue
Revenue	$ 36,160	$ 22,342	$ 11,383

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Nov. 30, 2015
Stock-based compensation
Common stock authorized for future grants (in shares)				2,500,000
Stock-based compensation expense	$ 5,730	$ 9,116	$ 6,617
Contractual term of awards	10 years
Minimum
Stock-based compensation
Continuous service period for awards to vest	1 year
Maximum
Stock-based compensation
Continuous service period for awards to vest	3 years
Stock options
Stock-based compensation
Stock-based compensation expense	$ 68	$ 163	$ 221
Stock options granted (in shares)	2,860
Unrecognized compensation expense	$ 100
Weighted-average recognition period	2 years
Key assumptions used in Black-Scholes model to determine the fair value of each stock option and SAR
Weighted-average expected volatility (as a percent)	39.40%	34.40%	36.50%
Weighted-average expected life (in years)	4 years 4 months 24 days	4 years 6 months	4 years 6 months
Weighted-average dividend yield (as a percent)	0.90%	1.00%	1.10%
Weighted-average risk free interest rate (as a percent)	0.20%	1.60%	2.70%
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 1,677	$ 2,545	$ 2,025
Other than options granted (in shares)	64,100
Unrecognized compensation expense	$ 2,400
Weighted-average recognition period	1 year 9 months 18 days
Key assumptions used in Black-Scholes model to determine the fair value of each stock option and SAR
Weighted-average expected volatility (as a percent)	39.20%	34.60%	37.60%
Weighted-average expected life (in years)	4 years 2 months 12 days	4 years 8 months 12 days	5 years 2 months 12 days
Weighted-average dividend yield (as a percent)	0.90%	1.00%	1.10%
Weighted-average risk free interest rate (as a percent)	0.20%	1.60%	2.70%
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 2,668	$ 5,117	$ 3,336
Other than options granted (in shares)	26,104
Unrecognized compensation expense	$ 4,100
Weighted-average recognition period	3 years 2 months 12 days
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 1,317	$ 1,291	$ 1,035
Other than options granted (in shares)	35,380
Earn out basis if all goals are met (as a percent)	200.00%
Unrecognized compensation expense	$ 2,100
Weighted-average recognition period	2 years 1 month 6 days
Continuous service period for awards to vest	3 years

STOCK-BASED COMPENSATION - OPTI

STOCK-BASED COMPENSATION - OPTIONS (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Stock options, number of shares
Outstanding at the beginning of the period (in shares)	18,901
Granted (in shares)	2,860
Outstanding at the end of the period (in shares)	21,761	18,901
Exercisable at the end of the period (in shares)	17,510
Stock options, weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 70.38
Granted (in dollars per share)	139.84
Outstanding at the end of the period (in dollars per share)	79.51	$ 70.38
Exercisable at the end of the period (in dollars per share)	$ 68.36
Stock options, weighted-average remaining contractual life (in years)
Outstanding at the end of the period	5 years 6 months
Exercisable at the end of the period	4 years 9 months 18 days
Stock options, Aggregate Intrinsic Value
Outstanding at the end of the period	$ 835
Exercisable at the end of the period	$ 804
Other stock-based compensation
Granted (in dollars per share)	$ 41.92	$ 17.42	$ 24.12
Intrinsic value of options exercised	$ 0	$ 1,300	$ 700
Unrecognized compensation expense	$ 100
Weighted-average recognition period	2 years

STOCK-BASED COMPENSATION - NON-

STOCK-BASED COMPENSATION - NON-OPTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Other stock-based compensation
Contractual term of awards	10 years
Minimum
Other stock-based compensation
Continuous service period for awards to vest	1 year
Maximum
Other stock-based compensation
Continuous service period for awards to vest	3 years
Stock appreciation rights
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	122,604
Granted (in shares)	64,100
Exercised (in shares)	(2,567)
Outstanding at the end of the period (in shares)	184,137	122,604
Exercisable at the end of the period (in shares)	76,287
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 95.57
Granted (in dollars per share)	139.84
Exercised (in dollars per share)	83.45
Non-vested at the end of the period (in dollars per share)	111.15	$ 95.57
Exercisable at the end of the period (in dollars per share)	$ 86.32
Other than stock options, weighted-average remaining contractual life (in years)
Outstanding at the end of the period	7 years 8 months 12 days
Exercisable at the end of the period	6 years 3 months 18 days
Aggregate Intrinsic Value
Intrinsic value on outstanding shares	$ 2,682
Intrinsic value on exercisable shares	$ 2,283
Other stock-based compensation
Fair value granted (in dollars per share)	$ 40.92	$ 32.33	$ 26.37
Total intrinsic value	$ 100	$ 4,600	$ 2,800
Unrecognized compensation expense	$ 2,400
Weighted-average recognition period	1 year 9 months 18 days
Restricted stock
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	96,047
Granted (in shares)	26,104
Vested (in shares)	(25,621)
Outstanding at the end of the period (in shares)	96,530	96,047
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 90.40
Granted (in dollars per share)	138.67
Vested (in dollars per share)	80.85
Non-vested at the end of the period (in dollars per share)	$ 105.99	$ 90.40
Other stock-based compensation
Unrecognized compensation expense	$ 4,100
Weighted-average recognition period	3 years 2 months 12 days
Restricted stock | Officers and Certain Employees
Non-vested other than stock options, number of shares
Granted (in shares)	19,630
Other stock-based compensation
Vesting period	3 years
Holding period of awards as a vesting condition	2 years
Vesting (as a percent)	33.00%
Restricted stock | Non Executive Directors
Non-vested other than stock options, number of shares
Granted (in shares)	6,744
Other stock-based compensation
Vesting period	1 year
Vesting (as a percent)	50.00%
Percentage of shares granted to non-executive directors, vesting one year after date of grant	50.00%
Performance stock
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)	144,912
Granted (in shares)	35,380
Vested (in shares)	(4,850)
Non-attainment (in shares)	(21,040)
Outstanding at the end of the period (in shares)	154,402	144,912
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)	$ 80.59
Granted (in dollars per share)	111.07
Vested (in dollars per share)	74.97
Non-attainment (in dollars per share)	71.44
Non-vested at the end of the period (in dollars per share)	$ 88.99	$ 80.59
Other stock-based compensation
Unrecognized compensation expense	$ 2,100
Weighted-average recognition period	2 years 1 month 6 days
Continuous service period for awards to vest	3 years
Earn out basis if no goals are met (as a percent)	0.00%
Earn out basis if some goals are met (as a percent)	100.00%
Earn out basis if all goals are met (as a percent)	200.00%
Performance stock | Vesting upon achievement of annual growth in Net GEOs
Other stock-based compensation
Vesting (as a percent)	50.00%
Performance stock | Vesting upon achievement of annual growth in Net TSR
Other stock-based compensation
Vesting (as a percent)	50.00%
Gold Equivalent Ounces Shares
Other stock-based compensation
Contractual term of awards	5 years
Total Shareholder Return Shares
Other stock-based compensation
Fair value granted (in dollars per share)	$ 82.30
Contractual term of awards	3 years
Continuous service period for awards to vest	3 years

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
EARNINGS PER SHARE ("EPS")
Net income attributable to Royal Gold common stockholders	$ 302,532	$ 199,343	$ 93,825
Weighted-average shares for basic EPS	65,546,400	65,523,024	65,394,627
Effect of other dilutive securities	81,191	120,366	110,908
Weighted-average shares for diluted EPS	65,627,591	65,643,390	65,505,535
Basic EPS	$ 4.61	$ 3.04	$ 1.43
Diluted EPS	$ 4.60	$ 3.03	$ 1.43

INCOME TAXES - Expense (Benefit

INCOME TAXES - Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income before income taxes
United States	$ 130,175	$ 35,446	$ (3,776)
Foreign	209,468	157,150	110,353
Income before income taxes	339,643	192,596	106,577
Current:
Federal	38,146	18,320	(6,974)
State	867	347	(13)
Foreign	(2,602)	10,078	26,230
Total current income tax expense	36,411	28,745	19,243
Deferred and others:
Federal	376	(1,047)	916
State	(2)	(19)	17
Foreign	82	(31,333)	(2,678)
Total deferred and other income tax expense (benefit)	456	(32,399)	(1,745)
Total income tax expense (benefit)	$ 36,867	$ (3,654)	$ 17,498

INCOME TAXES - Reconciliation (

INCOME TAXES - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Total expense (benefit) reconciliation
Total expense (benefit) computed by applying federal rates	$ 71,325	$ 40,445	$ 22,381
State and provincial income taxes, net of federal benefit	874	304	135
Excess depletion	(1,812)	(1,291)	(867)
Estimates for uncertain tax positions	(26,179)	(11,146)	3,180
Statutory tax attributable to non-controlling interest	(72)	654	1,013
Effect of foreign earnings	(7,659)	(8,249)	(6,921)
Unrealized foreign exchange gains	(616)	(286)	(38)
Effects of Swiss income tax reform		(72,669)
Changes in estimates	(858)	24	(1,538)
Valuation allowance	1,284	47,840	(47)
Other	580	720	200
Total income tax expense (benefit)	$ 36,867	$ (3,654)	$ 17,498

INCOME TAXES - Deferred (Detail

INCOME TAXES - Deferred (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Deferred tax assets:
Stock-based compensation	$ 1,500	$ 1,313
Net operating losses	74	104
Foreign tax credits	24,615	17,159
Amortizable tax goodwill	62,191	67,287
Other	4,608	7,713
Total deferred tax assets	92,988	93,576
Valuation allowance	(61,888)	(60,604)
Net deferred tax assets	31,100	32,972
Deferred tax liabilities:
Mineral property basis	(70,352)	(67,639)
Unrealized foreign exchange gains	(582)	(582)
Investment in Peak Gold joint venture		(3,955)
Other	(172)	(346)
Total deferred tax liabilities	(71,106)	(72,522)
Total net deferred taxes	(40,006)	(39,550)
Net operating loss carry forwards	$ 100	$ 100

INCOME TAXES - Unrecognized (De

INCOME TAXES - Unrecognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Reconciliation of beginning and ending amount of gross unrecognized tax benefits
Total gross unrecognized tax benefits at beginning of year	$ 25,389	$ 36,547	$ 36,346
Additions / Reductions for tax positions of current year		537	1,709
Additions / Reductions for tax positions of prior years	812
Reductions due to settlements with taxing authorities	(23,925)	(11,001)	(596)
Total amount of gross unrecognized tax benefits at end of year	652	25,389	36,547
Reductions for tax positions of prior years		(694)	$ (912)
Accrued income-tax-related interest and penalties	300	$ 12,600
Future estimate
Reconciliation of beginning and ending amount of gross unrecognized tax benefits
Total amount of gross unrecognized tax benefits at end of year	$ 0

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Cash paid during the period for:
Interest	$ 3,510	$ 4,900	$ 10,638
Income taxes, net of refunds	58,970	31,555	44,435
Non-cash investing and financing activities:
Dividends declared	$ 77,416	$ 72,463	$ 68,473

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis $ in Thousands	Jun. 30, 2021USD ($)
Carrying Amount
Assets:
Marketable equity securities	$ 3,082
Fair Value
Assets:
Marketable equity securities	3,082
Level 2
Assets:
Marketable equity securities	$ 3,082

MAJOR SOURCES OF REVENUE (Detai

MAJOR SOURCES OF REVENUE (Details) - Sales Revenue - Customer Concentration Risk - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Barrick
Major sources of revenue
Revenue	$ 157,972	$ 125,458	$ 99,283
Percentage of total revenue	25.70%	25.20%	23.50%
Centerra
Major sources of revenue
Revenue	$ 156,938	$ 131,425	$ 101,011
Percentage of total revenue	25.50%	26.30%	23.90%
Teck
Major sources of revenue
Revenue	$ 82,164	$ 74,219	$ 69,264
Percentage of total revenue	13.30%	14.90%	16.40%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment	2
Stream and royalty interest	$ 2,262,158	$ 2,318,913
Revenue	615,856	498,819	$ 423,056
Cost of sales	92,898	83,890	77,535
Production taxes	6,743	3,824	4,112
Depletion	183,213	175,047	162,856
Total segment gross profit	333,002	236,058	178,553
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	876,759	892,587
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	366,698	406,469
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	480,720	501,583
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	291,433	215,784
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	66,867	75,951
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	112,817	159,445
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	28,117	30,006
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	38,747	37,088
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,550,664	1,614,363
Revenue	423,989	359,868	305,824
Cost of sales	92,898	83,890	77,535
Depletion	150,594	144,678	127,770
Total segment gross profit	180,497	131,300	100,519
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	624,212	702,732
Revenue	190,537	158,736	123,152
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	366,698	406,469
Revenue	115,583	96,978	82,844
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	256,604	277,661
Revenue	82,164	74,219	69,264
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	291,112	215,463
Revenue	35,705	29,935	30,564
Stream interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	12,038	12,038
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	711,494	704,550
Revenue	191,867	138,951	117,232
Production taxes	6,743	3,824	4,112
Depletion	32,619	30,369	35,086
Total segment gross profit	152,505	104,758	78,034
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	252,547	189,855
Revenue	31,671	30,524	32,602
Royalty interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	224,116	223,922
Royalty interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	321	321
Revenue	2,801	2,575	1,416
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	66,867	75,951
Revenue	58,212	32,731	27,224
Royalty interests | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	112,817	159,445
Revenue	68,611	48,692	34,845
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	28,117	30,006
Revenue	21,466	15,252	12,806
Royalty interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	26,709	25,050
Revenue	$ 9,106	$ 9,177	$ 8,339

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
SEGMENT INFORMATION
Total segment gross profit	$ 333,002	$ 236,058	$ 178,553
Costs and expenses
General and administrative expenses	28,387	30,195	30,488
Exploration costs	563	5,190	7,158
Depreciation	356	387	200
Impairment of royalty interests		1,341
Total costs and expenses	29,306	37,113	37,846
Gain on sale of Peak Gold JV interest	33,906
Operating income	337,602	198,945	140,707
Fair value changes in equity securities	6,017	1,418	(6,800)
Interest and other income	2,443	2,046	2,320
Interest and other expense	(6,419)	(9,813)	(29,650)
Income before income taxes	$ 339,643	$ 192,596	$ 106,577

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands, oz in Millions	Jul. 07, 2021USD ($)	Jun. 30, 2021USD ($)	Apr. 07, 2021USD ($)oz	Jan. 06, 2021USD ($)	Oct. 05, 2020USD ($)	Jul. 05, 2020USD ($)	Apr. 03, 2020USD ($)	Feb. 02, 2020USD ($)	Nov. 05, 2019USD ($)	Feb. 25, 2019oz	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jan. 31, 2021USD ($)
Commitments and Contingencies
Acquisition consideration paid											$ 168,147	$ 155,985	$ 1,055
Cash outflow on loan											18,000
Ilovica
Commitments and Contingencies
Maximum future contingent payments		$ 163,750									163,750
Khoemacau
Commitments and Contingencies
Acquisition consideration paid			$ 10,600	$ 32,600	$ 32,500	$ 11,100	$ 47,900	$ 22,000	$ 65,800					$ 212,000
Silver production acquired (as a percent)			84.00%							80.00%				80.00%
Rate reduction threshold | oz			33.6							32
Silver production after threshold (as a percent)			42.00%							40.00%
Cash outflow on loan	$ 7,000		$ 18,000
Loan receivable commitment		7,000	$ 25,000
Loan receivable term			7 years
Total commitments		49,400									49,400
Future commitment	$ 42,400	$ 42,400									$ 42,400
Khoemacau | LIBOR
Commitments and Contingencies
Loans receivable variable interest rate (as a percent)			11.00%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands	Aug. 11, 2021USD ($)ha	Aug. 06, 2021USD ($)oz	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Subsequent events
Payment to acquire interest			$ 168,147	$ 155,985	$ 1,055
Subsequent Events | Newcrest Mining [Member] | Red Chris Mine
Subsequent events
Percentage of ownership interest	70.00%
Subsequent Events | Imperial Metals Corporation [Member] | Red Chris Mine
Subsequent events
Percentage of ownership interest	30.00%
Subsequent Events | NX Gold Mine
Subsequent events
Payment to acquire interest		$ 100,000
Future payment based on project decisions		$ 10,000
Gold delivery received within 5 days of close | oz		2,500
Subsequent Events | NX Gold Mine | Initial Royalty
Subsequent events
Gold interest (as a percent)		25.00%
Gold delivered (in ounces) | oz		93,000
Spot price paid (as a percent)		20.00%
Gold produced delivery for spot gold price threshold | oz		49,000
Subsequent Events | NX Gold Mine | Subsequent Royalty
Subsequent events
Gold interest (as a percent)		10.00%
Spot price paid (as a percent)		40.00%
Subsequent Events | Red Chris Mine
Subsequent events
Payment to acquire interest	$ 165,000
Net Smelter Return ("NSR") (as a percent)	1.00%
Area of mining to be eligible for concessions | ha	5,100