Royal Gold (RGLD) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-13357
Entity Registrant Name	Royal Gold, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-0835164
Entity Address, Address Line One	1144 15th Street, Suite 2500
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	573-1660
Title of 12(b) Security	Common Stock
Trading Symbol	RGLD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Shares Outstanding		65,639,022
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and equivalents	$ 183,707	$ 143,551
Royalty receivables	53,518	54,088
Income tax receivable	4,397	4,915
Stream inventory	8,490	11,607
Prepaid expenses and other	8,533	1,835
Total current assets	258,645	215,996
Stream and royalty interests, net (Note 3)	2,433,689	2,443,752
Other assets	97,518	97,284
Total assets	2,789,852	2,757,032
LIABILITIES
Accounts payable	6,267	6,475
Dividends payable	22,984	22,966
Income tax payable	8,160	19,070
Other current liabilities	12,132	12,917
Total current liabilities	49,543	61,428
Deferred tax liabilities	87,760	87,705
Other liabilities	6,435	6,688
Total liabilities	143,738	155,821
Commitments and contingencies (Note 12)
EQUITY
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,568,799 and 65,564,364 shares outstanding, respectively	656	656
Additional paid-in capital	2,208,425	2,206,159
Accumulated earnings	424,608	381,929
Total Royal Gold stockholders' equity	2,633,689	2,588,744
Non-controlling interests	12,425	12,467
Total equity	2,646,114	2,601,211
Total liabilities and equity	$ 2,789,852	$ 2,757,032

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	65,568,799	65,564,364

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Operations and Comprehensive Income
Revenue (Note 6)	$ 162,355	$ 142,589
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	22,639	21,469
General and administrative	8,931	6,932
Production taxes	2,221	1,835
Depreciation, depletion and amortization	47,988	41,296
Total costs and expenses	81,779	71,532
Operating income	80,576	71,057
Fair value changes in equity securities	613	1,902
Interest and other income	975	733
Interest and other expense	(898)	(1,820)
Income before income taxes	81,266	71,872
Income tax expense	(15,304)	(17,679)
Net income and comprehensive income	65,962	54,193
Net income and comprehensive income attributable to non-controlling interests	(287)	(167)
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 65,675	$ 54,026
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share	$ 1	$ 0.82
Basic weighted average shares outstanding	65,565,735	65,550,400
Diluted earnings per share	$ 1	$ 0.82
Diluted weighted average shares outstanding	65,644,668	65,621,603
Cash dividends declared per common share	$ 0.35	$ 0.30

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Shares	Additional Paid-in Capital	Accumulated Earnings	Non-controlling Interests	Total
Balance at Dec. 31, 2020	$ 656	$ 2,201,076	$ 189,910	$ 13,037	$ 2,404,679
Balance (in shares) at Dec. 31, 2020	65,548,415
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		1,334			1,334
Stock-based compensation and related share issuances (in shares)	2,030
Distributions to non-controlling interests				(399)	(399)
Net income and comprehensive income			54,026	167	54,193
Dividends declared			(19,682)		(19,682)
Balance at Mar. 31, 2021	$ 656	2,202,410	224,254	12,805	2,440,125
Balance (in shares) at Mar. 31, 2021	65,550,445
Balance at Dec. 31, 2021	$ 656	2,206,159	381,929	12,467	2,601,211
Balance (in shares) at Dec. 31, 2021	65,564,364
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		2,266			2,266
Stock-based compensation and related share issuances (in shares)	4,435
Distributions to non-controlling interests				(329)	(329)
Net income and comprehensive income			65,675	287	65,962
Dividends declared			(22,996)		(22,996)
Balance at Mar. 31, 2022	$ 656	$ 2,208,425	$ 424,608	$ 12,425	$ 2,646,114
Balance (in shares) at Mar. 31, 2022	65,568,799

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income and comprehensive income	$ 65,962	$ 54,193
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization	47,988	41,296
Non-cash employee stock compensation expense	2,124	1,344
Fair value changes in equity securities	(613)	(1,902)
Deferred tax expense (benefit)	688	(645)
Other	245	286
Changes in assets and liabilities:
Royalty receivables	569	(1,111)
Stream inventory	3,118	(591)
Income tax receivable	518	(5,731)
Prepaid expenses and other assets	(7,309)	98
Accounts payable	(208)	1,793
Income tax payable	(10,910)	2,342
Uncertain tax positions		(310)
Other liabilities	(1,039)	1,171
Net cash provided by operating activities	101,133	92,233
Cash flows from investing activities:
Acquisition of stream and royalty interests	(37,800)	(33,656)
Other	(11)	(87)
Net cash used in investing activities	(37,811)	(33,743)
Cash flows from financing activities:
Repayment of debt		(50,000)
Net payments from issuance of common stock	141	(10)
Common stock dividends	(22,978)	(19,682)
Other	(329)	(397)
Net cash used in financing activities	(23,166)	(70,089)
Net increase (decrease) in cash and equivalents	40,156	(11,599)
Cash and equivalents at beginning of period	143,551	381,859
Cash and equivalents at end of period	$ 183,707	$ 370,260

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2022
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	1. OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS ​ Royal Gold Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in a mining project that provide the right to revenue or metals produced from the project after deducting contractually specified costs, if any. ​ Summary of Significant Accounting Policies ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2022. These interim unaudited consolidated financial statements should be read in conjunction with our Transition Report on Form 10-K for the six months ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on February 17, 2022 (“Transition Report”). ​ Recent Accounting Standards ​ We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements. ​

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2022
ACQUISITIONS
ACQUISITIONS	2. ACQUISITIONS ​ Lawyers Royalty Acquisition ​ On March 24, 2022, we acquired a 0.5% net smelter returns royalty (“NSR”) on production from the Lawyers Project, currently operated by Benchmark Metals Inc., which is located in British Columbia, Canada. As part of this transaction, we also acquired a right of first offer (“ROFO”) for an existing 2.0% NSR royalty over the Ranch Project that is located adjacent to the Lawyers Project. We paid $8.0 million in cash consideration for the royalty and ROFO to Guardsmen Resources Inc. The Lawyers Project acquisition has been accounted for as an asset acquisition. The $8.0 million cash consideration, plus direct acquisition costs, have been recorded as an exploration stage royalty interest (Note 3) within Stream and royalty interests, net ​ Khoemac a u Silver Stream ​ On February 23, 2022, we made an advance payment of $10.0 million toward the option stream which increased our right to receive payable silver produced from Khoemac a Stream and royalty interests, net ​ As of March 31, 2022, $25.0 million of the subordinated debt facility, and $2.6 million of accrued interest remains outstanding on the Khoemac a Other assets consolidated balance sheets. Refer to our Transition Report for further details on the Khoemac a ​

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	3 Months Ended
	Mar. 31, 2022
STREAM AND ROYALTY INTERESTS, NET
STREAM AND ROYALTY INTERESTS, NET	Click or tap here to enter text. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (352,165) ​ $ 438,470 Pueblo Viejo ​ ​ 610,405 ​ ​ (267,872) ​ ​ 342,533 Andacollo ​ ​ 388,182 ​ ​ (143,144) ​ ​ 245,038 Khoemac a ​ ​ 265,911 ​ ​ (4,963) ​ ​ 260,948 Rainy River ​ ​ 175,727 ​ ​ (53,285) ​ ​ 122,442 Wassa ​ ​ 146,475 ​ ​ (87,597) ​ ​ 58,878 Other ​ ​ 69,100 ​ ​ (6,254) ​ ​ 62,846 Total production stage stream interests ​ ​ 2,446,435 ​ ​ (915,280) ​ ​ 1,531,155 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (115,738) ​ ​ 89,986 Red Chris ​ ​ 116,187 ​ ​ (1,797) ​ ​ 114,390 Peñasquito ​ ​ 99,172 ​ ​ (54,243) ​ ​ 44,929 Cortez ​ ​ 80,681 ​ ​ (26,693) ​ ​ 53,988 Other ​ ​ 447,014 ​ ​ (390,227) ​ ​ 56,787 Total production stage royalty interests ​ ​ 948,778 ​ ​ (588,698) ​ ​ 360,080 Total production stage stream and royalty interests ​ ​ 3,395,213 ​ ​ (1,503,978) ​ ​ 1,891,235 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 62,797 ​ ​ — ​ ​ 62,797 Total development stage stream and royalty interests ​ ​ 120,256 ​ ​ — ​ ​ 120,256 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ NX Gold ​ ​ 34,213 ​ ​ — ​ ​ 34,213 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ ​ ​ ​ 29,610 Other ​ ​ 131,790 ​ ​ — ​ ​ 131,790 Total exploration stage stream and royalty interests ​ ​ 422,198 ​ ​ — ​ ​ 422,198 Total stream and royalty interests, net ​ $ 3,937,667 ​ $ (1,503,978) ​ $ 2,433,689

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES	3 Months Ended
	Mar. 31, 2022
MARKETABLE EQUITY SECURITIES
MARKETABLE EQUITY SECURITIES	​ 4. MARKETABLE EQUITY SECURITIES ​ As of March 31, 2022, 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 11) each reporting period with any changes in fair value recognized in net income. ​ The fair value of our marketable equity securities increased $0.6 million and $1.9 million for the three months ended March 31, 2022, and 2021, respectively, and these changes are included in Fair value changes in equity securities Other assets ​ ​

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
DEBT
DEBT	5. DEBT ​ Revolving credit facility ​ As of March 31, 2022, we had no amounts outstanding under our revolving credit facility dated June 2, 2017, and as amended. Interest expense recognized on the revolving credit facility for the three months ended March 31, 2022, and 2021, was approximately $0.2 million and $0.8 million, respectively, and included the amortization of the debt issuance costs and interest on the outstanding borrowings. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of March 31, 2022. ​ We may repay any borrowings under the revolving credit facility at any time without premium or penalty.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2022
REVENUE
REVENUE	6. 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 occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs. ​ Royalty Revenue Estimates ​ For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our Transition Report. For the three months ended March 31, 2022, royalty revenue that was estimated or was attributable to metal production for a period prior to March 31, 2022, was not material. ​ Disaggregation of Revenue ​ We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 10. ​ Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, March 31, ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ Gold $ 77,502 ​ $ 65,511 Silver ​ 11,439 ​ ​ 12,805 Copper ​ 16,310 ​ ​ 17,030 Total stream revenue $ 105,251 ​ $ 95,346 Royalty revenue: ​ ​ ​ ​ ​ Gold $ 37,917 ​ $ 31,245 Silver ​ 4,317 ​ ​ 4,208 Copper ​ 6,705 ​ ​ 4,015 Other ​ 8,165 ​ ​ 7,775 Total royalty revenue $ 57,104 ​ $ 47,243 Total revenue $ 162,355 ​ $ 142,589 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, March 31, ​ ​ Metal(s) ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 42,416 ​ $ 33,803 Pueblo Viejo ​ Gold & Silver ​ ​ 23,264 ​ ​ 30,173 Andacollo ​ Gold ​ ​ 15,674 ​ ​ 13,022 Wassa ​ Gold ​ ​ 7,202 ​ ​ 8,774 Khoemac a ​ Silver ​ ​ 2,389 ​ ​ — Other ​ Gold & Silver ​ ​ 14,306 ​ ​ 9,574 Total stream revenue ​ ​ ​ $ 105,251 ​ $ 95,346 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ Cortez ​ Gold ​ $ 16,714 ​ $ 8,609 Peñasquito ​ Gold, Silver, Lead & Zinc ​ ​ 13,094 ​ ​ 13,128 Other ​ Various ​ ​ 27,296 ​ ​ 25,506 Total royalty revenue ​ ​ ​ $ 57,104 ​ $ 47,243 Total revenue ​ ​ ​ $ 162,355 ​ $ 142,589 ​ Please refer to Note 10 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION ​ We recognized stock-based compensation expense as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ March 31, ​ ​ 2022 2021 Restricted stock ​ $ 1,155 ​ $ 533 ​ Performance stock ​ ​ 631 ​ ​ 364 ​ Stock appreciation rights ​ ​ 332 ​ ​ 430 ​ Stock options ​ ​ 6 ​ ​ 17 ​ Total stock-based compensation expense ​ $ 2,124 ​ $ 1,344 ​ ​ Stock-based compensation expense is included within General and administrative ​ During the three months ended March 31, 2022 and 2021, we granted the following stock-based compensation awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ March 31, ​ 2022 2021 ​ ​ ​ (Number of shares) Performance stock (at maximum 200% attainment) ​ ​ 39,380 ​ ​ — Restricted stock ​ ​ 28,220 ​ ​ — Total equity awards granted ​ ​ 67,600 ​ ​ — ​ As of March 31, 2022, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized Weighted- ​ ​ compensation ​ average vesting ​ ​ expense period (years) Restricted stock ​ $ 9,377 ​ ​ 2.6 Performance stock ​ ​ 6,760 ​ ​ 2.5 Stock appreciation rights ​ ​ 1,296 ​ ​ 1.2 Stock options ​ ​ 43 ​ ​ 1.3 ​

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	3 Months Ended
	Mar. 31, 2022
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	8. EARNINGS PER SHARE (“EPS”) ​ Basic EPS were computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock option awards, unexercised stock-settled stock appreciation rights and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic EPS are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted EPS. ​ The following tables summarize the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ March 31, ​ 2022 2021 Net income attributable to Royal Gold common stockholders $ 65,675 ​ $ 54,026 Weighted-average shares for basic EPS ​ 65,565,735 ​ ​ 65,550,400 Effect of other dilutive securities ​ 78,933 ​ ​ 71,203 Weighted-average shares for diluted EPS ​ 65,644,668 ​ ​ 65,621,603 Basic EPS $ 1.00 ​ $ 0.82 Diluted EPS $ 1.00 ​ $ 0.82 ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
INCOME TAXES
INCOME TAXES	9. INCOME TAXES ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ March 31, ​ 2022 2021 Income tax expense $ 15,304 ​ $ 17,679 Effective tax rate ​ 18.8% ​ ​ 24.6% ​ The effective tax rate for the three months ended March 31, 2021, included an income tax expense attributable to an increase in valuation allowance on certain deferred tax assets.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	10. 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. Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ Stream ​ Royalty ​ and royalty ​ Stream ​ Royalty ​ and royalty ​ interest interest interests, net interest interest interests, net Canada ​ $ 560,911 ​ $ 415,905 ​ $ 976,816 ​ $ 579,326 ​ $ 412,419 ​ $ 991,745 Chile ​ ​ 245,038 ​ ​ 224,116 ​ ​ 469,154 ​ ​ 249,147 ​ ​ 224,116 ​ ​ 473,263 Dominican Republic ​ ​ 342,532 ​ ​ — ​ ​ 342,532 ​ ​ 350,083 ​ ​ — ​ ​ 350,083 Africa ​ ​ 319,827 ​ ​ 321 ​ ​ 320,148 ​ ​ 297,569 ​ ​ 321 ​ ​ 297,890 United States ​ ​ — ​ ​ 103,855 ​ ​ 103,855 ​ ​ — ​ ​ 107,761 ​ ​ 107,761 Mexico ​ ​ — ​ ​ 58,276 ​ ​ 58,276 ​ ​ — ​ ​ 60,977 ​ ​ 60,977 Australia ​ ​ — ​ ​ 27,193 ​ ​ 27,193 ​ ​ — ​ ​ 27,496 ​ ​ 27,496 Rest of world ​ ​ 109,098 ​ ​ 26,617 ​ ​ 135,715 ​ ​ 107,920 ​ ​ 26,617 ​ ​ 134,537 Total ​ $ 1,577,406 ​ $ 856,283 ​ $ 2,433,689 ​ $ 1,584,045 ​ $ 859,707 ​ $ 2,443,752 ​ Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 105,251 ​ $ 22,639 ​ $ — ​ $ 36,378 ​ $ 46,234 Royalty interests ​ ​ 57,104 ​ ​ — ​ ​ 2,221 ​ ​ 11,485 ​ ​ 43,398 Total ​ $ 162,355 ​ $ 22,639 ​ $ 2,221 ​ $ 47,863 ​ $ 89,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 95,346 ​ $ 21,469 ​ $ — ​ $ 32,595 ​ $ 41,282 Royalty interests ​ ​ 47,243 ​ ​ — ​ ​ 1,835 ​ ​ 8,607 ​ ​ 36,801 Total ​ $ 142,589 ​ $ 21,469 ​ $ 1,835 ​ $ 41,202 ​ $ 78,083 (1) Excludes depreciation, depletion and amortization ​ (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. ​ A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ ​ 2022 ​ 2021 Total segment gross profit ​ $ 89,632 ​ $ 78,083 ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 8,931 ​ ​ 6,932 Depreciation and amortization ​ ​ 125 ​ ​ 94 Operating income ​ ​ 80,576 ​ ​ 71,057 Fair value changes in equity securities ​ ​ 613 ​ ​ 1,902 Interest and other income ​ ​ 975 ​ ​ 733 Interest and other expense ​ ​ (898) ​ ​ (1,820) Income before income taxes ​ $ 81,266 ​ $ 71,872 ​ Our revenue by reportable segment for the three months ended March 31, 2022 and 2021 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2022 2021 Stream interests: ​ ​ ​ ​ ​ ​ Canada ​ $ 51,485 ​ $ 42,609 Dominican Republic ​ ​ 23,264 ​ ​ 30,173 Chile ​ ​ 15,674 ​ ​ 13,022 Africa ​ ​ 8,446 ​ ​ 9,542 Rest of world ​ ​ 6,382 ​ ​ — Total stream interests ​ $ 105,251 ​ $ 95,346 ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ United States ​ $ 24,358 ​ $ 16,474 Mexico ​ ​ 15,881 ​ ​ 15,270 Canada ​ ​ 10,778 ​ ​ 8,612 Australia ​ ​ 4,046 ​ ​ 4,360 Africa ​ ​ 316 ​ ​ 748 Rest of world ​ ​ 1,725 ​ ​ 1,779 Total royalty interests ​ $ 57,104 ​ $ 47,243 Total revenue ​ $ 162,355 ​ $ 142,589 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS ​ Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: ​ Level 1: Quoted prices for identical instruments in active markets; ​ Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and ​ Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). ​ The following table sets forth our financial assets measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 2,346 ​ $ 2,346 ​ $ — ​ $ 2,346 ​ $ — (1) Other assets ​ The TriStar Gold Inc. warrants (Note 4) classified within Level 2 of the fair value hierarchy are model-derived (Black-Scholes) valuations in which the significant inputs are observable in active markets. The carrying value of our revolving credit facility (Note 5) approximates fair value as of March 31, 2022. ​ As of March 31, 2022, we had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with stream and royalty interests, intangible assets and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired. If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES ​ NX Gold Exploration Payment ​ On March 22, 2022, we made a payment of $3.2 million to a subsidiary of Ero Copper Corporation (“Ero”) as part of our commitment to support the achievement of success-based targets related to regional exploration and mineral resource additions. This payment has been recorded to exploration stage stream interests (Note 3) within Stream and royalty interests, net ​ Ilovica Gold Stream Acquisition ​ As of March 31, 2022, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions. ​

OPERATIONS, SUMMARY OF SIGNIF_2

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Mar. 31, 2022
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
Basis of Consolidation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2022. These interim unaudited consolidated financial statements should be read in conjunction with our Transition Report on Form 10-K for the six months ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on February 17, 2022 (“Transition Report”).
Recently Accounting Standards	Recent Accounting Standards ​ We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.

STREAM AND ROYALTY INTERESTS,_2

STREAM AND ROYALTY INTERESTS, NET (Tables)	3 Months Ended
	Mar. 31, 2022
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	​ Click or tap here to enter text. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (352,165) ​ $ 438,470 Pueblo Viejo ​ ​ 610,405 ​ ​ (267,872) ​ ​ 342,533 Andacollo ​ ​ 388,182 ​ ​ (143,144) ​ ​ 245,038 Khoemac a ​ ​ 265,911 ​ ​ (4,963) ​ ​ 260,948 Rainy River ​ ​ 175,727 ​ ​ (53,285) ​ ​ 122,442 Wassa ​ ​ 146,475 ​ ​ (87,597) ​ ​ 58,878 Other ​ ​ 69,100 ​ ​ (6,254) ​ ​ 62,846 Total production stage stream interests ​ ​ 2,446,435 ​ ​ (915,280) ​ ​ 1,531,155 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (115,738) ​ ​ 89,986 Red Chris ​ ​ 116,187 ​ ​ (1,797) ​ ​ 114,390 Peñasquito ​ ​ 99,172 ​ ​ (54,243) ​ ​ 44,929 Cortez ​ ​ 80,681 ​ ​ (26,693) ​ ​ 53,988 Other ​ ​ 447,014 ​ ​ (390,227) ​ ​ 56,787 Total production stage royalty interests ​ ​ 948,778 ​ ​ (588,698) ​ ​ 360,080 Total production stage stream and royalty interests ​ ​ 3,395,213 ​ ​ (1,503,978) ​ ​ 1,891,235 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 62,797 ​ ​ — ​ ​ 62,797 Total development stage stream and royalty interests ​ ​ 120,256 ​ ​ — ​ ​ 120,256 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ NX Gold ​ ​ 34,213 ​ ​ — ​ ​ 34,213 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ ​ ​ ​ 29,610 Other ​ ​ 131,790 ​ ​ — ​ ​ 131,790 Total exploration stage stream and royalty interests ​ ​ 422,198 ​ ​ — ​ ​ 422,198 Total stream and royalty interests, net ​ $ 3,937,667 ​ $ (1,503,978) ​ $ 2,433,689 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 (Amounts in thousands): Cost Accumulated Depletion ​ Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (336,921) ​ $ 453,714 Pueblo Viejo ​ ​ 610,405 ​ ​ (260,321) ​ ​ 350,084 Andacollo ​ ​ 388,182 ​ ​ (139,035) ​ ​ 249,147 Khoemac a ​ ​ 239,411 ​ ​ (3,402) ​ ​ 236,009 Rainy River ​ ​ 175,727 ​ ​ (50,115) ​ ​ 125,612 Wassa ​ ​ 146,475 ​ ​ (84,915) ​ ​ 61,560 Other ​ ​ 69,101 ​ ​ (4,193) ​ ​ 64,908 Total production stage stream interests ​ ​ 2,419,936 ​ ​ (878,902) ​ ​ 1,541,034 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (113,602) ​ ​ 92,122 Red Chris ​ ​ 116,187 ​ ​ — ​ ​ 116,187 Peñasquito ​ ​ 99,172 ​ ​ (53,022) ​ ​ 46,150 Cortez ​ ​ 80,681 ​ ​ (23,225) ​ ​ 57,456 Other ​ ​ 447,799 ​ ​ (387,364) ​ ​ 60,435 Total production stage royalty interests ​ ​ 949,563 ​ ​ (577,213) ​ ​ 372,350 Total production stage stream and royalty interests ​ ​ 3,369,499 ​ ​ (1,456,115) ​ ​ 1,913,384 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,037 ​ ​ — ​ ​ 12,037 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 54,755 ​ ​ — ​ ​ 54,755 Total development stage stream and royalty interests ​ ​ 112,213 ​ ​ — ​ ​ 112,213 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ NX Gold ​ ​ 30,974 ​ ​ — ​ ​ 30,974 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ — ​ ​ 29,610 Other ​ ​ 130,986 ​ ​ — ​ ​ 130,986 Total exploration stage royalty interests ​ ​ 418,155 ​ ​ — ​ ​ 418,155 Total stream and royalty interests, net ​ $ 3,899,867 ​ $ (1,456,115) ​ $ 2,443,752

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2022
REVENUE
Summary of disaggregated revenue	Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, March 31, ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ Gold $ 77,502 ​ $ 65,511 Silver ​ 11,439 ​ ​ 12,805 Copper ​ 16,310 ​ ​ 17,030 Total stream revenue $ 105,251 ​ $ 95,346 Royalty revenue: ​ ​ ​ ​ ​ Gold $ 37,917 ​ $ 31,245 Silver ​ 4,317 ​ ​ 4,208 Copper ​ 6,705 ​ ​ 4,015 Other ​ 8,165 ​ ​ 7,775 Total royalty revenue $ 57,104 ​ $ 47,243 Total revenue $ 162,355 ​ $ 142,589 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, March 31, ​ ​ Metal(s) ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 42,416 ​ $ 33,803 Pueblo Viejo ​ Gold & Silver ​ ​ 23,264 ​ ​ 30,173 Andacollo ​ Gold ​ ​ 15,674 ​ ​ 13,022 Wassa ​ Gold ​ ​ 7,202 ​ ​ 8,774 Khoemac a ​ Silver ​ ​ 2,389 ​ ​ — Other ​ Gold & Silver ​ ​ 14,306 ​ ​ 9,574 Total stream revenue ​ ​ ​ $ 105,251 ​ $ 95,346 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ Cortez ​ Gold ​ $ 16,714 ​ $ 8,609 Peñasquito ​ Gold, Silver, Lead & Zinc ​ ​ 13,094 ​ ​ 13,128 Other ​ Various ​ ​ 27,296 ​ ​ 25,506 Total royalty revenue ​ ​ ​ $ 57,104 ​ $ 47,243 Total revenue ​ ​ ​ $ 162,355 ​ $ 142,589

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ March 31, ​ ​ 2022 2021 Restricted stock ​ $ 1,155 ​ $ 533 ​ Performance stock ​ ​ 631 ​ ​ 364 ​ Stock appreciation rights ​ ​ 332 ​ ​ 430 ​ Stock options ​ ​ 6 ​ ​ 17 ​ Total stock-based compensation expense ​ $ 2,124 ​ $ 1,344 ​
Schedule of stock-based compensation awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ March 31, ​ 2022 2021 ​ ​ ​ (Number of shares) Performance stock (at maximum 200% attainment) ​ ​ 39,380 ​ ​ — Restricted stock ​ ​ 28,220 ​ ​ — Total equity awards granted ​ ​ 67,600 ​ ​ —
Schedule of unrecognized compensation expense	As of March 31, 2022, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized Weighted- ​ ​ compensation ​ average vesting ​ ​ expense period (years) Restricted stock ​ $ 9,377 ​ ​ 2.6 Performance stock ​ ​ 6,760 ​ ​ 2.5 Stock appreciation rights ​ ​ 1,296 ​ ​ 1.2 Stock options ​ ​ 43 ​ ​ 1.3

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2022
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	The following tables summarize the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ March 31, ​ 2022 2021 Net income attributable to Royal Gold common stockholders $ 65,675 ​ $ 54,026 Weighted-average shares for basic EPS ​ 65,565,735 ​ ​ 65,550,400 Effect of other dilutive securities ​ 78,933 ​ ​ 71,203 Weighted-average shares for diluted EPS ​ 65,644,668 ​ ​ 65,621,603 Basic EPS $ 1.00 ​ $ 0.82 Diluted EPS $ 1.00 ​ $ 0.82

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2022
INCOME TAXES
Components of income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ March 31, ​ 2022 2021 Income tax expense $ 15,304 ​ $ 17,679 Effective tax rate ​ 18.8% ​ ​ 24.6%

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ Stream ​ Royalty ​ and royalty ​ Stream ​ Royalty ​ and royalty ​ interest interest interests, net interest interest interests, net Canada ​ $ 560,911 ​ $ 415,905 ​ $ 976,816 ​ $ 579,326 ​ $ 412,419 ​ $ 991,745 Chile ​ ​ 245,038 ​ ​ 224,116 ​ ​ 469,154 ​ ​ 249,147 ​ ​ 224,116 ​ ​ 473,263 Dominican Republic ​ ​ 342,532 ​ ​ — ​ ​ 342,532 ​ ​ 350,083 ​ ​ — ​ ​ 350,083 Africa ​ ​ 319,827 ​ ​ 321 ​ ​ 320,148 ​ ​ 297,569 ​ ​ 321 ​ ​ 297,890 United States ​ ​ — ​ ​ 103,855 ​ ​ 103,855 ​ ​ — ​ ​ 107,761 ​ ​ 107,761 Mexico ​ ​ — ​ ​ 58,276 ​ ​ 58,276 ​ ​ — ​ ​ 60,977 ​ ​ 60,977 Australia ​ ​ — ​ ​ 27,193 ​ ​ 27,193 ​ ​ — ​ ​ 27,496 ​ ​ 27,496 Rest of world ​ ​ 109,098 ​ ​ 26,617 ​ ​ 135,715 ​ ​ 107,920 ​ ​ 26,617 ​ ​ 134,537 Total ​ $ 1,577,406 ​ $ 856,283 ​ $ 2,433,689 ​ $ 1,584,045 ​ $ 859,707 ​ $ 2,443,752
Schedule of reportable segments for assessing performance	Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 105,251 ​ $ 22,639 ​ $ — ​ $ 36,378 ​ $ 46,234 Royalty interests ​ ​ 57,104 ​ ​ — ​ ​ 2,221 ​ ​ 11,485 ​ ​ 43,398 Total ​ $ 162,355 ​ $ 22,639 ​ $ 2,221 ​ $ 47,863 ​ $ 89,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 95,346 ​ $ 21,469 ​ $ — ​ $ 32,595 ​ $ 41,282 Royalty interests ​ ​ 47,243 ​ ​ — ​ ​ 1,835 ​ ​ 8,607 ​ ​ 36,801 Total ​ $ 142,589 ​ $ 21,469 ​ $ 1,835 ​ $ 41,202 ​ $ 78,083 (1) Excludes depreciation, depletion and amortization ​ (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.
Schedule of reconciliation of segment gross profit to consolidated income (loss)	A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ ​ 2022 ​ 2021 Total segment gross profit ​ $ 89,632 ​ $ 78,083 ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 8,931 ​ ​ 6,932 Depreciation and amortization ​ ​ 125 ​ ​ 94 Operating income ​ ​ 80,576 ​ ​ 71,057 Fair value changes in equity securities ​ ​ 613 ​ ​ 1,902 Interest and other income ​ ​ 975 ​ ​ 733 Interest and other expense ​ ​ (898) ​ ​ (1,820) Income before income taxes ​ $ 81,266 ​ $ 71,872
Schedule of revenue by reportable segment geographically distributed	Our revenue by reportable segment for the three months ended March 31, 2022 and 2021 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2022 2021 Stream interests: ​ ​ ​ ​ ​ ​ Canada ​ $ 51,485 ​ $ 42,609 Dominican Republic ​ ​ 23,264 ​ ​ 30,173 Chile ​ ​ 15,674 ​ ​ 13,022 Africa ​ ​ 8,446 ​ ​ 9,542 Rest of world ​ ​ 6,382 ​ ​ — Total stream interests ​ $ 105,251 ​ $ 95,346 ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ United States ​ $ 24,358 ​ $ 16,474 Mexico ​ ​ 15,881 ​ ​ 15,270 Canada ​ ​ 10,778 ​ ​ 8,612 Australia ​ ​ 4,046 ​ ​ 4,360 Africa ​ ​ 316 ​ ​ 748 Rest of world ​ ​ 1,725 ​ ​ 1,779 Total royalty interests ​ $ 57,104 ​ $ 47,243 Total revenue ​ $ 162,355 ​ $ 142,589

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 2,346 ​ $ 2,346 ​ $ — ​ $ 2,346 ​ $ — (1) Other assets ​

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	Mar. 24, 2022	Mar. 14, 2022	Feb. 23, 2022	Mar. 31, 2022	Mar. 31, 2021	Feb. 22, 2022	Dec. 31, 2021
Acquisitions
Acquisition consideration paid				$ 37,800	$ 33,656
Cost				3,937,667			$ 3,899,867
Production stage stream interests
Acquisitions
Cost				2,446,435			2,419,936
Lawyers Project [Member]
Acquisitions
Net smelter return (NSR) (as a percent)	0.50%
Acquisition consideration paid	$ 8,000
Lawyers Project [Member] | Exploration stage royalty interest
Acquisitions
Cost	$ 8,000
Ranch Project [Member]
Acquisitions
Royalty that can be acquired (as a percent)	2.00%
Khoemacau
Acquisitions
Acquisition consideration paid		$ 16,500	$ 10,000
Variable loan receivable				25,000
Interest receivable				2,600
Silver production acquired (as a percent)		100.00%	93.00%			90.00%
Khoemacau | Production stage stream interests
Acquisitions
Cost		$ 265,000		$ 265,911			$ 239,411

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 14, 2022	Dec. 31, 2021
Cost	$ 3,937,667		$ 3,899,867
Accumulated Depletion	(1,503,978)		(1,456,115)
Net	2,433,689		2,443,752
Production stage royalty and stream interests
Cost	3,395,213		3,369,499
Accumulated Depletion	(1,503,978)		(1,456,115)
Net	1,891,235		1,913,384
Production stage stream interests
Cost	2,446,435		2,419,936
Accumulated Depletion	(915,280)		(878,902)
Net	1,531,155		1,541,034
Production stage stream interests | Mt. Milligan
Cost	790,635		790,635
Accumulated Depletion	(352,165)		(336,921)
Net	438,470		453,714
Production stage stream interests | Pueblo Viejo
Cost	610,405		610,405
Accumulated Depletion	(267,872)		(260,321)
Net	342,533		350,084
Production stage stream interests | Andacollo
Cost	388,182		388,182
Accumulated Depletion	(143,144)		(139,035)
Net	245,038		249,147
Production stage stream interests | Khoemacau
Cost	265,911	$ 265,000	239,411
Accumulated Depletion	(4,963)		(3,402)
Net	260,948		236,009
Production stage stream interests | Rainy River
Cost	175,727		175,727
Accumulated Depletion	(53,285)		(50,115)
Net	122,442		125,612
Production stage stream interests | Wassa
Cost	146,475		146,475
Accumulated Depletion	(87,597)		(84,915)
Net	58,878		61,560
Production stage stream interests | Other Mines
Cost	69,100		69,101
Accumulated Depletion	(6,254)		(4,193)
Net	62,846		64,908
Production stage royalty interest
Cost	948,778		949,563
Accumulated Depletion	(588,698)		(577,213)
Net	360,080		372,350
Production stage royalty interest | Voiseys Bay
Cost	205,724		205,724
Accumulated Depletion	(115,738)		(113,602)
Net	89,986		92,122
Production stage royalty interest | Red Chris
Cost	116,187		116,187
Accumulated Depletion	(1,797)
Net	114,390		116,187
Production stage royalty interest | Penasquito
Cost	99,172		99,172
Accumulated Depletion	(54,243)		(53,022)
Net	44,929		46,150
Production stage royalty interest | Cortez
Cost	80,681		80,681
Accumulated Depletion	(26,693)		(23,225)
Net	53,988		57,456
Production stage royalty interest | Other Mines
Cost	447,014		447,799
Accumulated Depletion	(390,227)		(387,364)
Net	56,787		60,435
Development stage royalty and stream interest
Cost	120,256		112,213
Net	120,256		112,213
Development stage stream interest | Other Mines
Cost	12,038		12,037
Net	12,038		12,037
Development stage royalty interest | Cote
Cost	45,421		45,421
Net	45,421		45,421
Development stage royalty interest | Other Mines
Cost	62,797		54,755
Net	62,797		54,755
Exploration stage stream and royalty interests
Cost	422,198		418,155
Net	422,198		418,155
Exploration stage stream interests | NX Gold
Cost	34,213		30,974
Net	34,213		30,974
Exploration stage royalty interest | Red Chris
Cost	48,895		48,895
Net	48,895		48,895
Exploration stage royalty interest | Cote
Cost	29,610		29,610
Net	29,610		29,610
Exploration stage royalty interest | Pascua Lama
Cost	177,690		177,690
Net	177,690		177,690
Exploration stage royalty interest | Other Mines
Cost	131,790		130,986
Net	$ 131,790		$ 130,986

MARKETABLE EQUITY SECURITIES (D

MARKETABLE EQUITY SECURITIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Marketable Securities
Increase (decrease) in fair value of equity securities	$ 0.6	$ 1.9
Investment value	$ 2.3		$ 1.7
TriStar
Marketable Securities
Stock that can be purchased by warrants (in shares)	19,640,000

DEBT (Details)

DEBT (Details) - Credit Facility - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Long-term debt disclosure
Outstanding amount under credit facility		$ 0
Interest expense recognized	$ 0.2	$ 0.8

REVENUE (Details)

REVENUE (Details) - 3 months ended Mar. 31, 2022	Total	item	segment
Number of reportable segments		2	2
Minimum
Average sale price determination period	10 days
Maximum
Average sale price determination period	3 months

REVENUE - Metal Disaggregation

REVENUE - Metal Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue
Revenue	$ 162,355	$ 142,589
Stream interests
Disaggregation of Revenue
Revenue	105,251	95,346
Stream interests | Gold
Disaggregation of Revenue
Revenue	77,502	65,511
Stream interests | Silver
Disaggregation of Revenue
Revenue	11,439	12,805
Stream interests | Copper
Disaggregation of Revenue
Revenue	16,310	17,030
Royalty interests
Disaggregation of Revenue
Revenue	57,104	47,243
Royalty interests | Gold
Disaggregation of Revenue
Revenue	37,917	31,245
Royalty interests | Silver
Disaggregation of Revenue
Revenue	4,317	4,208
Royalty interests | Copper
Disaggregation of Revenue
Revenue	6,705	4,015
Royalty interests | Other
Disaggregation of Revenue
Revenue	$ 8,165	$ 7,775

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue
Revenue	$ 162,355	$ 142,589
Stream interests
Disaggregation of Revenue
Revenue	105,251	95,346
Stream interests | Mt. Milligan
Disaggregation of Revenue
Revenue	42,416	33,803
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue	23,264	30,173
Stream interests | Andacollo
Disaggregation of Revenue
Revenue	15,674	13,022
Stream interests | Wassa
Disaggregation of Revenue
Revenue	7,202	8,774
Stream interests | Khoemacau
Disaggregation of Revenue
Revenue	2,389
Stream interests | Other Mines
Disaggregation of Revenue
Revenue	14,306	9,574
Royalty interests
Disaggregation of Revenue
Revenue	57,104	47,243
Royalty interests | Cortez
Disaggregation of Revenue
Revenue	16,714	8,609
Royalty interests | Penasquito
Disaggregation of Revenue
Revenue	13,094	13,128
Royalty interests | Other Mines
Disaggregation of Revenue
Revenue	$ 27,296	$ 25,506

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation
Stock-based compensation expense	$ 2,124	$ 1,344
Other than options granted (in shares)	67,600
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 1,155	533
Other than options granted (in shares)	28,220
Unrecognized compensation expense	$ 9,377
Weighted-average recognition period	2 years 7 months 6 days
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 631	364
Other than options granted (in shares)	39,380
Earn out basis if all goals are met (as a percent)	200.00%
Unrecognized compensation expense	$ 6,760
Weighted-average recognition period	2 years 6 months
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 332	430
Unrecognized compensation expense	$ 1,296
Weighted-average recognition period	1 year 2 months 12 days
Stock options
Stock-based compensation
Stock-based compensation expense	$ 6	$ 17
Unrecognized compensation expense	$ 43
Weighted-average recognition period	1 year 3 months 18 days

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
EARNINGS PER SHARE ("EPS")
Net income attributable to Royal Gold common stockholders	$ 65,675	$ 54,026
Weighted-average shares for basic EPS	65,565,735	65,550,400
Effect of other dilutive securities	78,933	71,203
Weighted-average shares for diluted EPS	65,644,668	65,621,603
Basic EPS	$ 1	$ 0.82
Diluted EPS	$ 1	$ 0.82

INCOME TAXES - Quarterly (Detai

INCOME TAXES - Quarterly (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INCOME TAXES
Income tax expense	$ 15,304	$ 17,679
Effective tax rate (as a percent)	18.80%	24.60%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2022USD ($)item	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments		2	2
Stream and royalty interest	$ 2,433,689	$ 2,433,689	$ 2,433,689		$ 2,443,752
Revenue	162,355			$ 142,589
Cost of sales	22,639			21,469
Production taxes	2,221			1,835
Depletion	47,863			41,202
Total segment gross profit	89,632			78,083
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	976,816	976,816	976,816		991,745
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	469,154	469,154	469,154		473,263
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	342,532	342,532	342,532		350,083
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	320,148	320,148	320,148		297,890
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	103,855	103,855	103,855		107,761
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	58,276	58,276	58,276		60,977
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	27,193	27,193	27,193		27,496
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	135,715	135,715	135,715		134,537
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,577,406	1,577,406	1,577,406		1,584,045
Revenue	105,251			95,346
Cost of sales	22,639			21,469
Depletion	36,378			32,595
Total segment gross profit	46,234			41,282
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	560,911	560,911	560,911		579,326
Revenue	51,485			42,609
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	245,038	245,038	245,038		249,147
Revenue	15,674			13,022
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	342,532	342,532	342,532		350,083
Revenue	23,264			30,173
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	319,827	319,827	319,827		297,569
Revenue	8,446			9,542
Stream interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	109,098	109,098	109,098		107,920
Revenue	6,382
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	856,283	856,283	856,283		859,707
Revenue	57,104			47,243
Production taxes	2,221			1,835
Depletion	11,485			8,607
Total segment gross profit	43,398			36,801
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	415,905	415,905	415,905		412,419
Revenue	10,778			8,612
Royalty interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	224,116	224,116	224,116		224,116
Royalty interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	321	321	321		321
Revenue	316			748
Royalty interests | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	103,855	103,855	103,855		107,761
Revenue	24,358			16,474
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	58,276	58,276	58,276		60,977
Revenue	15,881			15,270
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	27,193	27,193	27,193		27,496
Revenue	4,046			4,360
Royalty interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	26,617	$ 26,617	$ 26,617		$ 26,617
Revenue	$ 1,725			$ 1,779

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
SEGMENT INFORMATION
Total segment gross profit	$ 89,632	$ 78,083
Costs and expenses
General and administrative expenses	8,931	6,932
Depreciation and amortization	125	94
Operating income	80,576	71,057
Fair value changes in equity securities	613	1,902
Interest and other income	975	733
Interest and other expense	(898)	(1,820)
Income before income taxes	$ 81,266	$ 71,872

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] $ in Thousands	Mar. 31, 2022USD ($)
Reported Value Measurement [Member]
Assets:
Marketable equity securities	$ 2,346
Estimate of Fair Value Measurement [Member]
Assets:
Marketable equity securities	2,346
Level 2
Assets:
Marketable equity securities	$ 2,346

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Mar. 22, 2022	Mar. 14, 2022	Feb. 23, 2022	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies
Payment to acquire interest				$ 37,800	$ 33,656
Ilovica
Commitments and Contingencies
Conditional funding from acquisition				163,750
NX Gold
Commitments and Contingencies
Payment to acquire interest	$ 3,200
Future commitment				$ 6,800
Khoemacau
Commitments and Contingencies
Payment to acquire interest		$ 16,500	$ 10,000