Royal Gold (RGLD) 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 28, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 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		65,639,660
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and equivalents	$ 280,617	$ 143,551
Royalty receivables	36,868	54,088
Income tax receivable	7,712	4,915
Stream inventory	13,172	11,607
Prepaid expenses and other	1,971	1,835
Total current assets	340,340	215,996
Stream and royalty interests, net (Note 3)	2,389,864	2,443,752
Other assets	122,842	97,284
Total assets	2,853,046	2,757,032
LIABILITIES
Accounts payable	7,067	6,475
Dividends payable	22,984	22,966
Income tax payable	24,047	19,070
Other current liabilities	9,915	12,917
Total current liabilities	64,013	61,428
Deferred tax liabilities	86,206	87,705
Other liabilities	6,169	6,688
Total liabilities	156,388	155,821
Commitments and contingencies (Note 12)
EQUITY
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,569,687 and 65,564,364 shares outstanding, respectively	656	656
Additional paid-in capital	2,210,809	2,206,159
Accumulated earnings	472,764	381,929
Total Royal Gold stockholders' equity	2,684,229	2,588,744
Non-controlling interests	12,429	12,467
Total equity	2,696,658	2,601,211
Total liabilities and equity	$ 2,853,046	$ 2,757,032

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	65,569,687	65,564,364

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Consolidated Statements of Operations and Comprehensive Income
Revenue (Note 6)	$ 146,441	$ 168,027	$ 308,796	$ 310,616
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	23,810	24,668	46,450	46,137
General and administrative	9,312	7,212	18,243	14,143
Production taxes	1,425	2,152	3,646	3,987
Depreciation, depletion and amortization	43,989	48,028	91,976	89,324
Total costs and expenses	78,536	82,060	160,315	153,591
Operating income	67,905	85,967	148,481	157,025
Fair value changes in equity securities	(2,191)	1,957	(1,577)	3,859
Interest and other income	1,118	676	2,093	1,409
Interest and other expense	(1,398)	(1,145)	(2,296)	(2,965)
Income before income taxes	65,434	87,455	146,701	159,328
Income tax benefit (expense)	5,911	(5,536)	(9,393)	(23,214)
Net income and comprehensive income	71,345	81,919	137,308	136,114
Net income and comprehensive income attributable to non-controlling interests	(205)	(242)	(492)	(409)
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 71,140	$ 81,677	$ 136,816	$ 135,705
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share	$ 1.08	$ 1.24	$ 2.08	$ 2.07
Basic weighted average shares outstanding	65,569,190	65,550,682	65,567,621	65,550,542
Diluted earnings per share	$ 1.08	$ 1.24	$ 2.08	$ 2.07
Diluted weighted average shares outstanding	65,678,320	65,636,964	65,661,653	65,629,284
Cash dividends declared per common share	$ 0.35	$ 0.30	$ 0.70	$ 0.60

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' 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		2,787			2,787
Stock-based compensation and related share issuances (in shares)	2,646
Distributions to non-controlling interests				(799)	(799)
Net income and comprehensive income			135,705	409	136,114
Dividends declared			(39,366)		(39,366)
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
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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		1,453			1,453
Stock-based compensation and related share issuances (in shares)	616
Distributions to non-controlling interests				(400)	(400)
Net income and comprehensive income			81,677	242	81,919
Dividends declared			(19,682)		(19,682)
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
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		4,650			4,650
Stock-based compensation and related share issuances (in shares)	5,323
Distributions to non-controlling interests				(530)	(530)
Net income and comprehensive income			136,816	492	137,308
Dividends declared			(45,981)		(45,981)
Balance at Jun. 30, 2022	$ 656	2,210,809	472,764	12,429	2,696,658
Balance (in shares) at Jun. 30, 2022	65,569,687
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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		2,384			2,384
Stock-based compensation and related share issuances (in shares)	888
Distributions to non-controlling interests				(201)	(201)
Net income and comprehensive income			71,140	205	71,345
Dividends declared			(22,984)		(22,984)
Balance at Jun. 30, 2022	$ 656	$ 2,210,809	$ 472,764	$ 12,429	$ 2,696,658
Balance (in shares) at Jun. 30, 2022	65,569,687

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income and comprehensive income	$ 137,308	$ 136,114
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization	91,976	89,324
Non-cash employee stock compensation expense	4,542	2,837
Fair value changes in equity securities	1,577	(3,859)
Deferred tax (benefit) expense	(28,114)	8,861
Other	491	572
Changes in assets and liabilities:
Royalty receivables	17,220	(2,925)
Stream inventory	(1,564)	(3,785)
Income tax receivable	(2,797)	4,419
Prepaid expenses and other assets	(1,359)	(582)
Accounts payable	592	3,786
Income tax payable	4,976	(8,839)
Uncertain tax positions		(12,358)
Other liabilities	(3,519)	(479)
Net cash provided by operating activities	221,329	213,086
Cash flows from investing activities:
Acquisition of stream and royalty interests	(37,841)	(119,315)
Khoemacau subordinated debt facility		(18,000)
Proceeds from sale of equity securities		8,651
Other	(36)	(177)
Net cash used in investing activities	(37,877)	(128,841)
Cash flows from financing activities:
Repayment of debt		(200,000)
Net payments from issuance of common stock	108	(50)
Common stock dividends	(45,953)	(39,364)
Other	(541)	(774)
Net cash used in financing activities	(46,386)	(240,188)
Net increase (decrease) in cash and equivalents	137,066	(155,943)
Cash and equivalents at beginning of period	143,551	381,859
Cash and equivalents at end of period	$ 280,617	$ 225,916

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 owned by Thesis Gold, Inc. 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 June 30, 2022, $25.0 million of the subordinated debt facility, and $3.5 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	6 Months Ended
	Jun. 30, 2022
STREAM AND ROYALTY INTERESTS, NET
STREAM AND ROYALTY INTERESTS, NET	3. STREAM AND ROYALTY INTERESTS, NET The following tables summarize our stream and royalty interests, net as of June 30, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (369,245) ​ $ 421,390 Pueblo Viejo ​ ​ 610,404 ​ ​ (274,189) ​ ​ 336,215 Andacollo ​ ​ 388,182 ​ ​ (146,235) ​ ​ 241,947 Khoemac a ​ ​ 265,911 ​ ​ (8,055) ​ ​ 257,856 Rainy River ​ ​ 175,727 ​ ​ (56,351) ​ ​ 119,376 Wassa ​ ​ 146,475 ​ ​ (90,625) ​ ​ 55,850 Other ​ ​ 69,101 ​ ​ (8,371) ​ ​ 60,730 Total production stage stream interests ​ ​ 2,446,435 ​ ​ (953,071) ​ ​ 1,493,364 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (116,383) ​ ​ 89,341 Red Chris ​ ​ 116,187 ​ ​ (1,797) ​ ​ 114,390 Peñasquito ​ ​ 99,172 ​ ​ (55,399) ​ ​ 43,773 Cortez ​ ​ 80,681 ​ ​ (28,232) ​ ​ 52,449 Other ​ ​ 447,251 ​ ​ (392,962) ​ ​ 54,289 Total production stage royalty interests ​ ​ 949,015 ​ ​ (594,773) ​ ​ 354,242 Total production stage stream and royalty interests ​ ​ 3,395,450 ​ ​ (1,547,844) ​ ​ 1,847,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 62,796 ​ ​ — ​ ​ 62,796 Total development stage stream and royalty interests ​ ​ 120,255 ​ ​ — ​ ​ 120,255 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ NX Gold ​ ​ 34,253 ​ ​ — ​ ​ 34,253 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ — ​ ​ 29,610 Other ​ ​ 131,555 ​ ​ — ​ ​ 131,555 Total exploration stage stream and royalty interests ​ ​ 422,003 ​ ​ — ​ ​ 422,003 Total stream and royalty interests, net ​ $ 3,937,708 ​ $ (1,547,844) ​ $ 2,389,864 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 stream and royalty interests ​ ​ 418,155 ​ ​ — ​ ​ 418,155 Total stream and royalty interests, net ​ $ 3,899,867 ​ $ (1,456,115) ​ $ 2,443,752 ​

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES	6 Months Ended
	Jun. 30, 2022
MARKETABLE EQUITY SECURITIES
MARKETABLE EQUITY SECURITIES	4. MARKETABLE EQUITY SECURITIES ​ As of June 30, 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 decreased $2.2 million and $1.6 million for the three and six months ended June 30, 2022, respectively, and increased $2.0 million and $3.9 million for the three and six months ended June 30, 2021, respectively. These changes are included in Fair value changes in equity securities Other assets ​ ​

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
DEBT
DEBT	5. DEBT ​ Revolving credit facility ​ As of June 30, 2022, we had no amounts outstanding under our revolving credit facility dated June 2, 2017, and as amended. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $0.2 million and $0.5 million for the three and six months ended June 30, 2022, respectively, and $0.3 million and $1.1 million for the three and six months ended June 30, 2021, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of June 30, 2022. ​ We may repay any borrowings under the revolving credit facility at any time without premium or penalty.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 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 June 30, 2022, royalty revenue that was estimated or was attributable to metal production for a period prior to June 30, 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 ​ Six Months Ended ​ June 30, June 30, June 30, June 30, ​ 2022 ​ 2021 ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 75,325 ​ $ 91,187 ​ $ 152,827 ​ $ 156,698 Silver ​ 12,892 ​ ​ 8,449 ​ ​ 24,331 ​ ​ 21,255 Copper ​ 16,662 ​ ​ 14,785 ​ ​ 32,972 ​ ​ 31,814 Total stream revenue $ 104,879 ​ $ 114,421 ​ $ 210,130 ​ $ 209,767 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 28,974 ​ $ 37,164 ​ $ 66,890 ​ $ 68,409 Silver ​ 3,512 ​ ​ 4,356 ​ ​ 7,829 ​ ​ 8,564 Copper ​ 3,281 ​ ​ 3,977 ​ ​ 9,986 ​ ​ 7,993 Other ​ 5,795 ​ ​ 8,109 ​ ​ 13,961 ​ ​ 15,883 Total royalty revenue $ 41,562 ​ $ 53,606 ​ $ 98,666 ​ $ 100,849 Total revenue $ 146,441 ​ $ 168,027 ​ $ 308,796 ​ $ 310,616 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 30, June 30, June 30, June 30, ​ ​ Metal(s) ​ 2022 ​ 2021 ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 45,627 ​ $ 43,802 ​ $ 88,043 ​ $ 77,606 Pueblo Viejo ​ Gold & Silver ​ ​ 19,812 ​ ​ 26,585 ​ ​ 43,076 ​ ​ 56,759 Andacollo ​ Gold ​ ​ 11,721 ​ ​ 27,868 ​ ​ 27,395 ​ ​ 40,889 Wassa ​ Gold ​ ​ 8,248 ​ ​ 7,129 ​ ​ 15,451 ​ ​ 15,902 Khoemac a ​ Silver ​ ​ 5,203 ​ ​ — ​ ​ 7,591 ​ ​ — Other ​ Gold & Silver ​ ​ 14,268 ​ ​ 9,037 ​ ​ 28,574 ​ ​ 18,611 Total stream revenue ​ ​ ​ $ 104,879 ​ $ 114,421 ​ $ 210,130 ​ $ 209,767 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 9,664 ​ $ 13,399 ​ $ 22,758 ​ $ 26,527 Cortez ​ Gold ​ ​ 8,138 ​ ​ 13,739 ​ ​ 24,852 ​ ​ 22,348 Other ​ Various ​ ​ 23,760 ​ ​ 26,468 ​ ​ 51,056 ​ ​ 51,974 Total royalty revenue ​ ​ ​ $ 41,562 ​ $ 53,606 ​ $ 98,666 ​ $ 100,849 Total revenue ​ ​ ​ $ 146,441 ​ $ 168,027 ​ $ 308,796 ​ $ 310,616 ​ Please refer to Note 10 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Restricted stock ​ $ 1,201 ​ $ 550 ​ $ 2,356 ​ $ 1,082 Performance stock ​ ​ 847 ​ ​ 479 ​ ​ 1,478 ​ ​ 844 Stock appreciation rights ​ ​ 360 ​ ​ 446 ​ ​ 692 ​ ​ 876 Stock options ​ ​ 10 ​ ​ 18 ​ ​ 16 ​ ​ 35 Total stock-based compensation expense ​ $ 2,418 ​ $ 1,493 ​ $ 4,542 ​ $ 2,837 ​ Stock-based compensation expense is included within General and administrative ​ There were no awards granted during the three months ended June 30, 2022 and 2021. During the six months ended June 30, 2022 and 2021, we granted the following stock-based compensation awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ June 30, ​ ​ June 30, ​ 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 June 30, 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 ​ ​ ​ ​ ​ ​ ​ $ 8,347 ​ ​ 2.4 Performance stock ​ ​ ​ ​ ​ ​ ​ ​ 6,039 ​ ​ 2.2 Stock appreciation rights ​ ​ ​ ​ ​ ​ ​ ​ 964 ​ ​ 1.1 Stock options ​ ​ ​ ​ ​ ​ ​ ​ 33 ​ ​ 1.1 ​

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	6 Months Ended
	Jun. 30, 2022
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	8. EARNINGS PER SHARE (“EPS”) ​ Basic EPS was 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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Net income attributable to Royal Gold common stockholders ​ $ 71,140 ​ $ 81,677 ​ $ 136,816 ​ $ 135,705 Weighted-average shares for basic EPS ​ ​ 65,569,190 ​ ​ 65,550,682 ​ ​ 65,567,621 ​ ​ 65,550,542 Effect of other dilutive securities ​ ​ 109,130 ​ ​ 86,282 ​ ​ 94,032 ​ ​ 78,742 Weighted-average shares for diluted EPS ​ ​ 65,678,320 ​ ​ 65,636,964 ​ ​ 65,661,653 ​ ​ 65,629,284 Basic EPS ​ $ 1.08 ​ $ 1.24 ​ $ 2.08 ​ $ 2.07 Diluted EPS ​ $ 1.08 ​ $ 1.24 ​ $ 2.08 ​ $ 2.07 ​

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	9. INCOME TAXES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Income tax benefit (expense) ​ $ 5,911 ​ $ (5,536) ​ $ (9,393) ​ $ (23,214) Effective tax rate ​ ​ 9.0% ​ ​ (6.3%) ​ ​ (6.4%) ​ ​ (14.6%) ​ The effective tax rate for the three and six months ended June 30, 2022, included a discrete income tax benefit of $18.8 million attributable to the release of a valuation allowance on certain deferred tax assets. The effective tax rate for the three and six months ended June 30, 2021, included a discrete tax benefit of $11.5 million attributable to the settlement of an uncertain tax position with a foreign jurisdiction.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 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 June 30, 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 ​ $ 540,766 ​ $ 414,496 ​ $ 955,262 ​ $ 579,326 ​ $ 412,419 ​ $ 991,745 Chile ​ ​ 241,947 ​ ​ 224,116 ​ ​ 466,063 ​ ​ 249,147 ​ ​ 224,116 ​ ​ 473,263 Dominican Republic ​ ​ 336,215 ​ ​ — ​ ​ 336,215 ​ ​ 350,083 ​ ​ — ​ ​ 350,083 Africa ​ ​ 313,707 ​ ​ 321 ​ ​ 314,028 ​ ​ 297,569 ​ ​ 321 ​ ​ 297,890 United States ​ ​ — ​ ​ 101,921 ​ ​ 101,921 ​ ​ — ​ ​ 107,761 ​ ​ 107,761 Mexico ​ ​ — ​ ​ 55,877 ​ ​ 55,877 ​ ​ — ​ ​ 60,977 ​ ​ 60,977 Australia ​ ​ — ​ ​ 26,861 ​ ​ 26,861 ​ ​ — ​ ​ 27,496 ​ ​ 27,496 Rest of world ​ ​ 107,020 ​ ​ 26,617 ​ ​ 133,637 ​ ​ 107,920 ​ ​ 26,617 ​ ​ 134,537 Total ​ $ 1,539,655 ​ $ 850,209 ​ $ 2,389,864 ​ $ 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 June 30, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 104,879 ​ $ 23,810 ​ $ — ​ $ 37,790 ​ $ 43,279 Royalty interests ​ ​ 41,562 ​ ​ — ​ ​ 1,425 ​ ​ 6,075 ​ ​ 34,062 Total ​ $ 146,441 ​ $ 23,810 ​ $ 1,425 ​ $ 43,865 ​ $ 77,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 114,421 ​ $ 24,668 ​ $ — ​ $ 38,746 ​ $ 51,007 Royalty interests ​ ​ 53,606 ​ ​ — ​ ​ 2,152 ​ ​ 9,190 ​ ​ 42,264 Total ​ $ 168,027 ​ $ 24,668 ​ $ 2,152 ​ $ 47,936 ​ $ 93,271 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 210,130 ​ $ 46,450 ​ $ — ​ $ 74,169 ​ $ 89,511 Royalty interests ​ ​ 98,666 ​ ​ — ​ ​ 3,646 ​ ​ 17,561 ​ ​ 77,459 Total ​ $ 308,796 ​ $ 46,450 ​ $ 3,646 ​ $ 91,730 ​ $ 166,970 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 209,767 ​ $ 46,137 ​ $ — ​ $ 71,341 ​ $ 92,289 Royalty interests ​ ​ 100,849 ​ ​ — ​ ​ 3,987 ​ ​ 17,797 ​ ​ 79,065 Total ​ $ 310,616 ​ $ 46,137 ​ $ 3,987 ​ $ 89,138 ​ $ 171,354 (1) Excludes depreciation, depletion and amortization ​ (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. ​ A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Total segment gross profit ​ $ 77,341 ​ $ 93,271 ​ $ 166,970 ​ $ 171,354 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 9,312 ​ ​ 7,212 ​ ​ 18,243 ​ ​ 14,143 Depreciation and amortization ​ ​ 124 ​ ​ 92 ​ ​ 246 ​ ​ 186 Operating income ​ ​ 67,905 ​ ​ 85,967 ​ ​ 148,481 ​ ​ 157,025 Fair value changes in equity securities ​ ​ (2,191) ​ ​ 1,957 ​ ​ (1,577) ​ ​ 3,859 Interest and other income ​ ​ 1,118 ​ ​ 676 ​ ​ 2,093 ​ ​ 1,409 Interest and other expense ​ ​ (1,398) ​ ​ (1,145) ​ ​ (2,296) ​ ​ (2,965) Income before income taxes ​ $ 65,434 ​ $ 87,455 ​ $ 146,701 ​ $ 159,328 ​ Our revenue by reportable segment for the three and six months ended June 30, 2022 and 2021 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 54,591 ​ $ 52,040 ​ $ 106,077 ​ $ 94,649 Dominican Republic ​ ​ 19,812 ​ ​ 26,585 ​ ​ 43,076 ​ ​ 56,759 Africa ​ ​ 14,540 ​ ​ 7,928 ​ ​ 25,375 ​ ​ 17,470 Chile ​ ​ 11,721 ​ ​ 27,868 ​ ​ 27,395 ​ ​ 40,889 Rest of world ​ ​ 4,215 ​ ​ — ​ ​ 8,207 ​ ​ — Total stream interests ​ $ 104,879 ​ $ 114,421 ​ $ 210,130 ​ $ 209,767 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 16,845 ​ $ 21,349 ​ $ 41,202 ​ $ 37,823 Mexico ​ ​ 11,940 ​ ​ 16,191 ​ ​ 27,821 ​ ​ 31,461 Canada ​ ​ 5,773 ​ ​ 9,601 ​ ​ 16,551 ​ ​ 18,213 Australia ​ ​ 4,040 ​ ​ 4,249 ​ ​ 8,086 ​ ​ 8,610 Africa ​ ​ 114 ​ ​ 559 ​ ​ 430 ​ ​ 1,307 Rest of world ​ ​ 2,850 ​ ​ 1,657 ​ ​ 4,576 ​ ​ 3,435 Total royalty interests ​ $ 41,562 ​ $ 53,606 ​ $ 98,666 ​ $ 100,849 Total revenue ​ $ 146,441 ​ $ 168,027 ​ $ 308,796 ​ $ 310,616 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 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 June 30, 2022 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 155 ​ $ 155 ​ $ — ​ $ 155 ​ $ — (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 June 30, 2022. ​ As of June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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. ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS ​ Acquisition of Additional Royalty Interest on Cortez Complex ​ On August 2, 2022, we announced that we acquired a sliding-scale gross royalty (the “Cortez Royalty”) on an area including the Cortez mine operational area and the Fourmile development project in Nevada (the “Cortez Complex”). We paid $525 million in cash consideration for the Cortez Royalty to Kennecott Royalty Company, a wholly owned subsidiary of Rio Tinto European Holdings Limited. The area within the Cortez Complex is owned or controlled by Nevada Gold Mines LLC (“NGM”), a joint venture between Barrick Gold Corporation (“Barrick”) (61.5% owner and operator) and Newmont Corporation (38.5% owner), with the exception of the Fourmile project which is 100% owned and operated by Barrick. ​ The Cortez Royalty is a life of mine sliding scale gross royalty payable at a rate of 0% at a gold price less than $400 per ounce, increasing to 3% at a gold price above $900 per ounce, and is payable on 40% of all production from the Cortez Complex. The Cortez Royalty does not cover the existing deposits within the Robertson property. At current gold prices the Cortez Royalty is an effective 1.2% gross royalty on the Cortez Complex and is not subject to any stepdowns or caps. ​ The Cortez Royalty is payable after cumulative production from the Cortez Complex of 15 million gold equivalent ounces from January 1, 2008 onwards. According to Barrick public disclosure, cumulative production from January 1, 2008, was approximately 14.8 million ounces as of June 30, 2022. ​ The purchase price was funded with debt and available cash on hand. In anticipation of this acquisition, we borrowed $500 million under our revolving credit facility in July 2022, leaving $500 million available. Per our credit facility dated June 2, 2017, as amended, the borrowing was under a Base Rate loan option with an all-in interest rate of approximately 5.6%. We anticipate converting the Base Rate loan into a LIBOR loan on or around August 5, 2022. ​ Agreement to Acquire Great Bear Royalties Corporation ​ On July 11, 2022, we announced that we had entered into a definitive agreement with Great Bear Royalties Corporation (“GBR”) to acquire all of the issued and outstanding common shares of GBR for cash consideration of C $6.65 per common share, which values GBR at approximately C $199.5 million (approximately US $155 million) on a fully diluted basis. GBR’s sole material asset is a 2.0% NSR royalty (the “Royalty”) that includes the entire 9,140 hectares of the Great Bear Project in the Red Lake district of Ontario, Canada, indirectly owned and operated by Kinross Gold Corporation (“Kinross”). ​ As part of our due diligence, we entered into a co-operation agreement with Kinross to obtain access to Kinross personnel and certain information pertaining to the Great Bear Project. In exchange, we agreed to amend certain terms of the royalty agreement upon closing of the acquisition, including providing an option to Kinross to purchase a 25% interest in the Royalty for an amount equal to 25% of our purchase price of GBR, adjusted for inflation, at any time from the transaction closing date until the earlier of a construction decision for the Great Bear Project and 10 years after the transaction closing date. ​ The acquisition has been unanimously approved by the boards of directors of both Royal Gold and GBR, and the board of directors of GBR has resolved to recommend that the shareholders of GBR approve the acquisition. All directors and officers of GBR have entered into support agreements to vote their shares in support of the acquisition representing, in aggregate, approximately 10.5% of the outstanding common shares of GBR. The arrangement agreement provides us a customary right to match any superior proposal and includes customary non-solicitation covenants. In addition, the arrangement agreement requires GBR to pay a termination fee of C $7.0 million (approximately US $6 million) to us if GBR terminates the arrangement agreement in certain circumstances. ​ The transaction is subject to approval by the shareholders of GBR, and regulatory and court approvals. GBR expects to hold a special meeting of shareholders to approve the transaction on August 31, 2022, and subject to approval by shareholders, GBR will shortly thereafter seek approval by the Supreme Court of British Columbia of a plan of arrangement under the provisions of the Business Corporations Act (British Columbia). We expect the transaction to close during the quarter ending September 30, 2022. ​ ​

OPERATIONS, SUMMARY OF SIGNIF_2

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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)	6 Months Ended
	Jun. 30, 2022
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (369,245) ​ $ 421,390 Pueblo Viejo ​ ​ 610,404 ​ ​ (274,189) ​ ​ 336,215 Andacollo ​ ​ 388,182 ​ ​ (146,235) ​ ​ 241,947 Khoemac a ​ ​ 265,911 ​ ​ (8,055) ​ ​ 257,856 Rainy River ​ ​ 175,727 ​ ​ (56,351) ​ ​ 119,376 Wassa ​ ​ 146,475 ​ ​ (90,625) ​ ​ 55,850 Other ​ ​ 69,101 ​ ​ (8,371) ​ ​ 60,730 Total production stage stream interests ​ ​ 2,446,435 ​ ​ (953,071) ​ ​ 1,493,364 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Voisey's Bay ​ ​ 205,724 ​ ​ (116,383) ​ ​ 89,341 Red Chris ​ ​ 116,187 ​ ​ (1,797) ​ ​ 114,390 Peñasquito ​ ​ 99,172 ​ ​ (55,399) ​ ​ 43,773 Cortez ​ ​ 80,681 ​ ​ (28,232) ​ ​ 52,449 Other ​ ​ 447,251 ​ ​ (392,962) ​ ​ 54,289 Total production stage royalty interests ​ ​ 949,015 ​ ​ (594,773) ​ ​ 354,242 Total production stage stream and royalty interests ​ ​ 3,395,450 ​ ​ (1,547,844) ​ ​ 1,847,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 62,796 ​ ​ — ​ ​ 62,796 Total development stage stream and royalty interests ​ ​ 120,255 ​ ​ — ​ ​ 120,255 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ NX Gold ​ ​ 34,253 ​ ​ — ​ ​ 34,253 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ — ​ ​ 29,610 Other ​ ​ 131,555 ​ ​ — ​ ​ 131,555 Total exploration stage stream and royalty interests ​ ​ 422,003 ​ ​ — ​ ​ 422,003 Total stream and royalty interests, net ​ $ 3,937,708 ​ $ (1,547,844) ​ $ 2,389,864 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 stream and 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)	6 Months Ended
	Jun. 30, 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 ​ Six Months Ended ​ June 30, June 30, June 30, June 30, ​ 2022 ​ 2021 ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 75,325 ​ $ 91,187 ​ $ 152,827 ​ $ 156,698 Silver ​ 12,892 ​ ​ 8,449 ​ ​ 24,331 ​ ​ 21,255 Copper ​ 16,662 ​ ​ 14,785 ​ ​ 32,972 ​ ​ 31,814 Total stream revenue $ 104,879 ​ $ 114,421 ​ $ 210,130 ​ $ 209,767 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 28,974 ​ $ 37,164 ​ $ 66,890 ​ $ 68,409 Silver ​ 3,512 ​ ​ 4,356 ​ ​ 7,829 ​ ​ 8,564 Copper ​ 3,281 ​ ​ 3,977 ​ ​ 9,986 ​ ​ 7,993 Other ​ 5,795 ​ ​ 8,109 ​ ​ 13,961 ​ ​ 15,883 Total royalty revenue $ 41,562 ​ $ 53,606 ​ $ 98,666 ​ $ 100,849 Total revenue $ 146,441 ​ $ 168,027 ​ $ 308,796 ​ $ 310,616 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 30, June 30, June 30, June 30, ​ ​ Metal(s) ​ 2022 ​ 2021 ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 45,627 ​ $ 43,802 ​ $ 88,043 ​ $ 77,606 Pueblo Viejo ​ Gold & Silver ​ ​ 19,812 ​ ​ 26,585 ​ ​ 43,076 ​ ​ 56,759 Andacollo ​ Gold ​ ​ 11,721 ​ ​ 27,868 ​ ​ 27,395 ​ ​ 40,889 Wassa ​ Gold ​ ​ 8,248 ​ ​ 7,129 ​ ​ 15,451 ​ ​ 15,902 Khoemac a ​ Silver ​ ​ 5,203 ​ ​ — ​ ​ 7,591 ​ ​ — Other ​ Gold & Silver ​ ​ 14,268 ​ ​ 9,037 ​ ​ 28,574 ​ ​ 18,611 Total stream revenue ​ ​ ​ $ 104,879 ​ $ 114,421 ​ $ 210,130 ​ $ 209,767 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 9,664 ​ $ 13,399 ​ $ 22,758 ​ $ 26,527 Cortez ​ Gold ​ ​ 8,138 ​ ​ 13,739 ​ ​ 24,852 ​ ​ 22,348 Other ​ Various ​ ​ 23,760 ​ ​ 26,468 ​ ​ 51,056 ​ ​ 51,974 Total royalty revenue ​ ​ ​ $ 41,562 ​ $ 53,606 ​ $ 98,666 ​ $ 100,849 Total revenue ​ ​ ​ $ 146,441 ​ $ 168,027 ​ $ 308,796 ​ $ 310,616

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2022
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Restricted stock ​ $ 1,201 ​ $ 550 ​ $ 2,356 ​ $ 1,082 Performance stock ​ ​ 847 ​ ​ 479 ​ ​ 1,478 ​ ​ 844 Stock appreciation rights ​ ​ 360 ​ ​ 446 ​ ​ 692 ​ ​ 876 Stock options ​ ​ 10 ​ ​ 18 ​ ​ 16 ​ ​ 35 Total stock-based compensation expense ​ $ 2,418 ​ $ 1,493 ​ $ 4,542 ​ $ 2,837
Schedule of stock-based compensation awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ June 30, ​ ​ June 30, ​ 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 June 30, 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 ​ ​ ​ ​ ​ ​ ​ $ 8,347 ​ ​ 2.4 Performance stock ​ ​ ​ ​ ​ ​ ​ ​ 6,039 ​ ​ 2.2 Stock appreciation rights ​ ​ ​ ​ ​ ​ ​ ​ 964 ​ ​ 1.1 Stock options ​ ​ ​ ​ ​ ​ ​ ​ 33 ​ ​ 1.1

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	6 Months Ended
	Jun. 30, 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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Net income attributable to Royal Gold common stockholders ​ $ 71,140 ​ $ 81,677 ​ $ 136,816 ​ $ 135,705 Weighted-average shares for basic EPS ​ ​ 65,569,190 ​ ​ 65,550,682 ​ ​ 65,567,621 ​ ​ 65,550,542 Effect of other dilutive securities ​ ​ 109,130 ​ ​ 86,282 ​ ​ 94,032 ​ ​ 78,742 Weighted-average shares for diluted EPS ​ ​ 65,678,320 ​ ​ 65,636,964 ​ ​ 65,661,653 ​ ​ 65,629,284 Basic EPS ​ $ 1.08 ​ $ 1.24 ​ $ 2.08 ​ $ 2.07 Diluted EPS ​ $ 1.08 ​ $ 1.24 ​ $ 2.08 ​ $ 2.07

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2022
INCOME TAXES
Components of income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Income tax benefit (expense) ​ $ 5,911 ​ $ (5,536) ​ $ (9,393) ​ $ (23,214) Effective tax rate ​ ​ 9.0% ​ ​ (6.3%) ​ ​ (6.4%) ​ ​ (14.6%)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 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 ​ $ 540,766 ​ $ 414,496 ​ $ 955,262 ​ $ 579,326 ​ $ 412,419 ​ $ 991,745 Chile ​ ​ 241,947 ​ ​ 224,116 ​ ​ 466,063 ​ ​ 249,147 ​ ​ 224,116 ​ ​ 473,263 Dominican Republic ​ ​ 336,215 ​ ​ — ​ ​ 336,215 ​ ​ 350,083 ​ ​ — ​ ​ 350,083 Africa ​ ​ 313,707 ​ ​ 321 ​ ​ 314,028 ​ ​ 297,569 ​ ​ 321 ​ ​ 297,890 United States ​ ​ — ​ ​ 101,921 ​ ​ 101,921 ​ ​ — ​ ​ 107,761 ​ ​ 107,761 Mexico ​ ​ — ​ ​ 55,877 ​ ​ 55,877 ​ ​ — ​ ​ 60,977 ​ ​ 60,977 Australia ​ ​ — ​ ​ 26,861 ​ ​ 26,861 ​ ​ — ​ ​ 27,496 ​ ​ 27,496 Rest of world ​ ​ 107,020 ​ ​ 26,617 ​ ​ 133,637 ​ ​ 107,920 ​ ​ 26,617 ​ ​ 134,537 Total ​ $ 1,539,655 ​ $ 850,209 ​ $ 2,389,864 ​ $ 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 June 30, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 104,879 ​ $ 23,810 ​ $ — ​ $ 37,790 ​ $ 43,279 Royalty interests ​ ​ 41,562 ​ ​ — ​ ​ 1,425 ​ ​ 6,075 ​ ​ 34,062 Total ​ $ 146,441 ​ $ 23,810 ​ $ 1,425 ​ $ 43,865 ​ $ 77,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 114,421 ​ $ 24,668 ​ $ — ​ $ 38,746 ​ $ 51,007 Royalty interests ​ ​ 53,606 ​ ​ — ​ ​ 2,152 ​ ​ 9,190 ​ ​ 42,264 Total ​ $ 168,027 ​ $ 24,668 ​ $ 2,152 ​ $ 47,936 ​ $ 93,271 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 210,130 ​ $ 46,450 ​ $ — ​ $ 74,169 ​ $ 89,511 Royalty interests ​ ​ 98,666 ​ ​ — ​ ​ 3,646 ​ ​ 17,561 ​ ​ 77,459 Total ​ $ 308,796 ​ $ 46,450 ​ $ 3,646 ​ $ 91,730 ​ $ 166,970 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 209,767 ​ $ 46,137 ​ $ — ​ $ 71,341 ​ $ 92,289 Royalty interests ​ ​ 100,849 ​ ​ — ​ ​ 3,987 ​ ​ 17,797 ​ ​ 79,065 Total ​ $ 310,616 ​ $ 46,137 ​ $ 3,987 ​ $ 89,138 ​ $ 171,354 (1) Excludes depreciation, depletion and amortization ​ (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.
Schedule of reconciliation of segment gross profit to consolidated income (loss)	A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Total segment gross profit ​ $ 77,341 ​ $ 93,271 ​ $ 166,970 ​ $ 171,354 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 9,312 ​ ​ 7,212 ​ ​ 18,243 ​ ​ 14,143 Depreciation and amortization ​ ​ 124 ​ ​ 92 ​ ​ 246 ​ ​ 186 Operating income ​ ​ 67,905 ​ ​ 85,967 ​ ​ 148,481 ​ ​ 157,025 Fair value changes in equity securities ​ ​ (2,191) ​ ​ 1,957 ​ ​ (1,577) ​ ​ 3,859 Interest and other income ​ ​ 1,118 ​ ​ 676 ​ ​ 2,093 ​ ​ 1,409 Interest and other expense ​ ​ (1,398) ​ ​ (1,145) ​ ​ (2,296) ​ ​ (2,965) Income before income taxes ​ $ 65,434 ​ $ 87,455 ​ $ 146,701 ​ $ 159,328
Schedule of revenue by reportable segment geographically distributed	Our revenue by reportable segment for the three and six months ended June 30, 2022 and 2021 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 54,591 ​ $ 52,040 ​ $ 106,077 ​ $ 94,649 Dominican Republic ​ ​ 19,812 ​ ​ 26,585 ​ ​ 43,076 ​ ​ 56,759 Africa ​ ​ 14,540 ​ ​ 7,928 ​ ​ 25,375 ​ ​ 17,470 Chile ​ ​ 11,721 ​ ​ 27,868 ​ ​ 27,395 ​ ​ 40,889 Rest of world ​ ​ 4,215 ​ ​ — ​ ​ 8,207 ​ ​ — Total stream interests ​ $ 104,879 ​ $ 114,421 ​ $ 210,130 ​ $ 209,767 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 16,845 ​ $ 21,349 ​ $ 41,202 ​ $ 37,823 Mexico ​ ​ 11,940 ​ ​ 16,191 ​ ​ 27,821 ​ ​ 31,461 Canada ​ ​ 5,773 ​ ​ 9,601 ​ ​ 16,551 ​ ​ 18,213 Australia ​ ​ 4,040 ​ ​ 4,249 ​ ​ 8,086 ​ ​ 8,610 Africa ​ ​ 114 ​ ​ 559 ​ ​ 430 ​ ​ 1,307 Rest of world ​ ​ 2,850 ​ ​ 1,657 ​ ​ 4,576 ​ ​ 3,435 Total royalty interests ​ $ 41,562 ​ $ 53,606 ​ $ 98,666 ​ $ 100,849 Total revenue ​ $ 146,441 ​ $ 168,027 ​ $ 308,796 ​ $ 310,616

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 155 ​ $ 155 ​ $ — ​ $ 155 ​ $ — (1) Other assets ​

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands				6 Months Ended
	Mar. 24, 2022	Mar. 14, 2022	Feb. 23, 2022	Jun. 30, 2022	Jun. 30, 2021	Feb. 22, 2022	Dec. 31, 2021
Acquisitions
Acquisition consideration paid				$ 37,841	$ 119,315
Cost				3,937,708			$ 3,899,867
Production stage stream interests
Acquisitions
Cost				2,446,435			2,419,936
Lawyers Project
Acquisitions
Net smelter return (NSR) (as a percent)	0.50%
Acquisition consideration paid	$ 8,000
Lawyers Project | Exploration stage royalty interests
Acquisitions
Cost	$ 8,000
Ranch Project
Acquisitions
Royalty that can be acquired (as a percent)	2%
Khoemacau
Acquisitions
Acquisition consideration paid		$ 16,500	$ 10,000
Variable loan receivable				25,000
Interest receivable				3,500
Silver production acquired (as a percent)		100%	93%			90%
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	Jun. 30, 2022	Mar. 14, 2022	Dec. 31, 2021
Cost	$ 3,937,708		$ 3,899,867
Accumulated Depletion	(1,547,844)		(1,456,115)
Net	2,389,864		2,443,752
Production stage stream and royalty interests
Cost	3,395,450		3,369,499
Accumulated Depletion	(1,547,844)		(1,456,115)
Net	1,847,606		1,913,384
Production stage stream interests
Cost	2,446,435		2,419,936
Accumulated Depletion	(953,071)		(878,902)
Net	1,493,364		1,541,034
Production stage stream interests | Mt. Milligan
Cost	790,635		790,635
Accumulated Depletion	(369,245)		(336,921)
Net	421,390		453,714
Production stage stream interests | Pueblo Viejo
Cost	610,404		610,405
Accumulated Depletion	(274,189)		(260,321)
Net	336,215		350,084
Production stage stream interests | Andacollo
Cost	388,182		388,182
Accumulated Depletion	(146,235)		(139,035)
Net	241,947		249,147
Production stage stream interests | Khoemacau
Cost	265,911	$ 265,000	239,411
Accumulated Depletion	(8,055)		(3,402)
Net	257,856		236,009
Production stage stream interests | Rainy River
Cost	175,727		175,727
Accumulated Depletion	(56,351)		(50,115)
Net	119,376		125,612
Production stage stream interests | Wassa
Cost	146,475		146,475
Accumulated Depletion	(90,625)		(84,915)
Net	55,850		61,560
Production stage stream interests | Other.
Cost	69,101		69,101
Accumulated Depletion	(8,371)		(4,193)
Net	60,730		64,908
Production stage royalty interests
Cost	949,015		949,563
Accumulated Depletion	(594,773)		(577,213)
Net	354,242		372,350
Production stage royalty interests | Voisey's Bay
Cost	205,724		205,724
Accumulated Depletion	(116,383)		(113,602)
Net	89,341		92,122
Production stage royalty interests | Red Chris
Cost	116,187		116,187
Accumulated Depletion	(1,797)
Net	114,390		116,187
Production stage royalty interests | Penasquito
Cost	99,172		99,172
Accumulated Depletion	(55,399)		(53,022)
Net	43,773		46,150
Production stage royalty interests | Cortez
Cost	80,681		80,681
Accumulated Depletion	(28,232)		(23,225)
Net	52,449		57,456
Production stage royalty interests | Other.
Cost	447,251		447,799
Accumulated Depletion	(392,962)		(387,364)
Net	54,289		60,435
Development stage stream and royalty interests
Cost	120,255		112,213
Net	120,255		112,213
Development stage stream interests | Other.
Cost	12,038		12,037
Net	12,038		12,037
Development stage royalty interests | Cote
Cost	45,421		45,421
Net	45,421		45,421
Development stage royalty interests | Other.
Cost	62,796		54,755
Net	62,796		54,755
Exploration stage stream and royalty interests
Cost	422,003		418,155
Net	422,003		418,155
Exploration stage stream interests | NX Gold
Cost			30,974
Net			30,974
Exploration stage royalty interests | Pascua - Lama
Cost	177,690		177,690
Net	177,690		177,690
Exploration stage royalty interests | Red Chris
Cost	48,895		48,895
Net	48,895		48,895
Exploration stage royalty interests | Cote
Cost	29,610		29,610
Net	29,610		29,610
Exploration stage royalty interests | NX Gold
Cost	34,253
Net	34,253
Exploration stage royalty interests | Other.
Cost	131,555		130,986
Net	$ 131,555		$ 130,986

MARKETABLE EQUITY SECURITIES (D

MARKETABLE EQUITY SECURITIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Marketable Securities
Increase (decrease) in fair value of equity securities	$ (2.2)	$ 2	$ (1.6)	$ 3.9
Investment value	$ 0.2		$ 0.2		$ 1.7
TriStar
Marketable Securities
Stock that can be purchased by warrants (in shares)	19,640,000		19,640,000

DEBT (Details)

DEBT (Details) - Credit Facility - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Long-term debt disclosure
Outstanding amount under credit facility	$ 0		$ 0
Interest expense recognized	$ 0.2	$ 0.3	$ 0.5	$ 1.1

REVENUE (Details)

REVENUE (Details)	6 Months Ended
	Jun. 30, 2022 segment
Number of reportable segments	2
Minimum
Average sale price determination period	10 days
Maximum
Average sale price determination period	3 months

REVENUE - Metal Disaggregation

REVENUE - Metal Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue
Revenue	$ 146,441	$ 168,027	$ 308,796	$ 310,616
Stream interests
Disaggregation of Revenue
Revenue	104,879	114,421	210,130	209,767
Stream interests | Gold
Disaggregation of Revenue
Revenue	75,325	91,187	152,827	156,698
Stream interests | Silver
Disaggregation of Revenue
Revenue	12,892	8,449	24,331	21,255
Stream interests | Copper
Disaggregation of Revenue
Revenue	16,662	14,785	32,972	31,814
Royalty interests
Disaggregation of Revenue
Revenue	41,562	53,606	98,666	100,849
Royalty interests | Gold
Disaggregation of Revenue
Revenue	28,974	37,164	66,890	68,409
Royalty interests | Silver
Disaggregation of Revenue
Revenue	3,512	4,356	7,829	8,564
Royalty interests | Copper
Disaggregation of Revenue
Revenue	3,281	3,977	9,986	7,993
Royalty interests | Other
Disaggregation of Revenue
Revenue	$ 5,795	$ 8,109	$ 13,961	$ 15,883

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue
Revenue	$ 146,441	$ 168,027	$ 308,796	$ 310,616
Stream interests
Disaggregation of Revenue
Revenue	104,879	114,421	210,130	209,767
Stream interests | Mt. Milligan
Disaggregation of Revenue
Revenue	45,627	43,802	88,043	77,606
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue	19,812	26,585	43,076	56,759
Stream interests | Andacollo
Disaggregation of Revenue
Revenue	11,721	27,868	27,395	40,889
Stream interests | Wassa
Disaggregation of Revenue
Revenue	8,248	7,129	15,451	15,902
Stream interests | Khoemacau
Disaggregation of Revenue
Revenue	5,203		7,591
Stream interests | Other.
Disaggregation of Revenue
Revenue	14,268	9,037	28,574	18,611
Royalty interests
Disaggregation of Revenue
Revenue	41,562	53,606	98,666	100,849
Royalty interests | Penasquito
Disaggregation of Revenue
Revenue	9,664	13,399	22,758	26,527
Royalty interests | Cortez
Disaggregation of Revenue
Revenue	8,138	13,739	24,852	22,348
Royalty interests | Other.
Disaggregation of Revenue
Revenue	$ 23,760	$ 26,468	$ 51,056	$ 51,974

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-based compensation
Stock-based compensation expense	$ 2,418	$ 1,493	$ 4,542	$ 2,837
Other than options granted (in shares)	0	0	67,600
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 1,201	$ 550	$ 2,356	1,082
Other than options granted (in shares)			28,220
Unrecognized compensation expense	8,347		$ 8,347
Weighted-average recognition period			2 years 4 months 24 days
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 847	479	$ 1,478	844
Other than options granted (in shares)			39,380
Earn out basis if all goals are met (as a percent)	200%		200%
Unrecognized compensation expense	$ 6,039		$ 6,039
Weighted-average recognition period			2 years 2 months 12 days
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	360	446	$ 692	876
Unrecognized compensation expense	964		$ 964
Weighted-average recognition period			1 year 1 month 6 days
Stock options
Stock-based compensation
Stock-based compensation expense	10	$ 18	$ 16	$ 35
Unrecognized compensation expense	$ 33		$ 33
Weighted-average recognition period			1 year 1 month 6 days

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
EARNINGS PER SHARE ("EPS")
Net income attributable to Royal Gold common stockholders	$ 71,140	$ 81,677	$ 136,816	$ 135,705
Weighted-average shares for basic EPS	65,569,190	65,550,682	65,567,621	65,550,542
Effect of other dilutive securities	109,130	86,282	94,032	78,742
Weighted-average shares for diluted EPS	65,678,320	65,636,964	65,661,653	65,629,284
Basic EPS	$ 1.08	$ 1.24	$ 2.08	$ 2.07
Diluted EPS	$ 1.08	$ 1.24	$ 2.08	$ 2.07

INCOME TAXES - Quarterly (Detai

INCOME TAXES - Quarterly (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
INCOME TAXES
Income tax benefit (expense)	$ 5,911	$ (5,536)	$ (9,393)	$ (23,214)
Effective tax rate (as a percent)	9%	(6.30%)	(6.40%)	(14.60%)
Discrete tax benefit	$ 18,800	$ 11,500	$ 18,800	$ 11,500

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment			2
Stream and royalty interest	$ 2,389,864		$ 2,389,864		$ 2,443,752
Revenue	146,441	$ 168,027	308,796	$ 310,616
Cost of sales	23,810	24,668	46,450	46,137
Production taxes	1,425	2,152	3,646	3,987
Depletion	43,865	47,936	91,730	89,138
Total segment gross profit	77,341	93,271	166,970	171,354
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	955,262		955,262		991,745
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	466,063		466,063		473,263
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	336,215		336,215		350,083
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	314,028		314,028		297,890
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	101,921		101,921		107,761
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	55,877		55,877		60,977
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	26,861		26,861		27,496
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	133,637		133,637		134,537
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,539,655		1,539,655		1,584,045
Revenue	104,879	114,421	210,130	209,767
Cost of sales	23,810	24,668	46,450	46,137
Depletion	37,790	38,746	74,169	71,341
Total segment gross profit	43,279	51,007	89,511	92,289
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	540,766		540,766		579,326
Revenue	54,591	52,040	106,077	94,649
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	241,947		241,947		249,147
Revenue	11,721	27,868	27,395	40,889
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	336,215		336,215		350,083
Revenue	19,812	26,585	43,076	56,759
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	313,707		313,707		297,569
Revenue	14,540	7,928	25,375	17,470
Stream interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	107,020		107,020		107,920
Revenue	4,215		8,207
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	850,209		850,209		859,707
Revenue	41,562	53,606	98,666	100,849
Production taxes	1,425	2,152	3,646	3,987
Depletion	6,075	9,190	17,561	17,797
Total segment gross profit	34,062	42,264	77,459	79,065
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	414,496		414,496		412,419
Revenue	5,773	9,601	16,551	18,213
Royalty interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	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
Revenue	114	559	430	1,307
Royalty interests | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	101,921		101,921		107,761
Revenue	16,845	21,349	41,202	37,823
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	55,877		55,877		60,977
Revenue	11,940	16,191	27,821	31,461
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	26,861		26,861		27,496
Revenue	4,040	4,249	8,086	8,610
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
Revenue	$ 2,850	$ 1,657	$ 4,576	$ 3,435

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
SEGMENT INFORMATION
Total segment gross profit	$ 77,341	$ 93,271	$ 166,970	$ 171,354
Costs and expenses
General and administrative expenses	9,312	7,212	18,243	14,143
Depreciation and amortization	124	92	246	186
Operating income	67,905	85,967	148,481	157,025
Fair value changes in equity securities	(2,191)	1,957	(1,577)	3,859
Interest and other income	1,118	676	2,093	1,409
Interest and other expense	(1,398)	(1,145)	(2,296)	(2,965)
Income before income taxes	$ 65,434	$ 87,455	$ 146,701	$ 159,328

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring $ in Thousands	Jun. 30, 2022 USD ($)
Reported value
Assets:
Marketable equity securities	$ 155
Fair value
Assets:
Marketable equity securities	155
Level 2
Assets:
Marketable equity securities	$ 155

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		6 Months Ended
	Mar. 22, 2022	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies
Payment to acquire interest		$ 37,841	$ 119,315
Ilovica
Commitments and Contingencies
Conditional funding from acquisition		163,750
NX Gold
Commitments and Contingencies
Payment to acquire interest	$ 3,200
Advance payments		$ 6,800

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, oz in Millions, $ in Millions, $ in Millions	Aug. 02, 2022 USD ($) oz	Jul. 11, 2022 USD ($)	Jul. 11, 2022 CAD ($) $ / shares	Jul. 31, 2022 USD ($)	Jun. 30, 2022 oz
Cortez Royalty
Subsequent events
Gold delivered (in ounces) | oz					14.8
Subsequent Event | GBR
Subsequent events
Consideration (in dollars per share) | $ / shares			$ 6.65
Cash consideration		$ 155	$ 199.5
Net smelter return (NSR) (as a percent)		2%	2%
Option to purchase royalty interest (as a percent)		25%	25%
Option purchase price based on original price (as a percent)		25%	25%
Threshold period for option purchase		10 years	10 years
Shareholders supporting acquisition (as a percent)		10.50%	10.50%
Termination fee		$ 6	$ 7
Subsequent Event | Cortez Royalty
Subsequent events
Cash paid for acquisition of royalty interests	$ 525
GSR royalty (as a percent)	1.20%
Production payable (as a percent)	40%
Subsequent Event | Cortez Royalty | Credit Facility
Subsequent events
Principal amount of debt issued				$ 500
Available under the revolving credit facility				$ 500
Effective interest rate (as percent)				5.60%
Subsequent Event | Cortez Royalty | Minimum
Subsequent events
GSR royalty (as a percent)	0%
Purchase price per ounce of gold (as a percent)	400%
Gold delivered (in ounces) | oz	15
Subsequent Event | Cortez Royalty | Maximum
Subsequent events
GSR royalty (as a percent)	3%
Purchase price per ounce of gold (as a percent)	900%
Subsequent Event | Cortez Royalty | Barrick | Nevada Gold Mines
Subsequent events
Ownership percentage held	61.50%
Subsequent Event | Cortez Royalty | Barrick | Fourmile
Subsequent events
Ownership percentage held	100%
Subsequent Event | Cortez Royalty | Newmont | Nevada Gold Mines
Subsequent events
Ownership percentage held	38.50%