Royal Gold (RGLD) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 27, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 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		65,643,710
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and equivalents	$ 122,238	$ 143,551
Royalty receivables	28,476	54,088
Income tax receivable	15,056	4,915
Stream inventory	13,691	11,607
Prepaid expenses and other	2,322	1,835
Total current assets	181,783	215,996
Stream and royalty interests, net (Note 3)	3,084,380	2,443,752
Other assets	110,630	97,284
Total assets	3,376,793	2,757,032
LIABILITIES
Accounts payable	7,332	6,475
Dividends payable	22,985	22,966
Income tax payable	21,716	19,070
Other current liabilities	12,443	12,917
Total current liabilities	64,476	61,428
Debt (Note 5)	446,327
Deferred tax liabilities	140,197	87,705
Other liabilities	5,854	6,688
Total liabilities	656,854	155,821
Commitments and contingencies (Note 12)
EQUITY
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,592,597 and 65,564,364 shares outstanding, respectively	656	656
Additional paid-in capital	2,211,353	2,206,159
Accumulated earnings	495,570	381,929
Total Royal Gold stockholders' equity	2,707,579	2,588,744
Non-controlling interests	12,360	12,467
Total equity	2,719,939	2,601,211
Total liabilities and equity	$ 3,376,793	$ 2,757,032

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	65,592,597	65,564,364

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Consolidated Statements of Operations and Comprehensive Income
Revenue (Note 6)	$ 131,429	$ 174,431	$ 440,226	$ 485,047
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	23,221	27,230	69,670	73,367
General and administrative	7,554	7,129	25,797	21,272
Production taxes	1,119	2,054	4,765	6,042
Depreciation, depletion and amortization	37,761	50,611	129,739	139,935
Total costs and expenses	69,655	87,024	229,971	240,616
Operating income	61,774	87,407	210,255	244,431
Fair value changes in equity securities	356	176	(1,221)	4,035
Interest and other income	3,571	819	5,665	2,227
Interest and other expense	(8,814)	(1,908)	(11,110)	(4,873)
Income before income taxes	56,887	86,494	203,589	245,820
Income tax expense	(10,954)	(16,028)	(20,347)	(39,242)
Net income and comprehensive income	45,933	70,466	183,242	206,578
Net income and comprehensive income attributable to non-controlling interests	(141)	(290)	(633)	(699)
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 45,792	$ 70,176	$ 182,609	$ 205,879
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share	$ 0.70	$ 1.07	$ 2.78	$ 3.14
Basic weighted average shares outstanding	65,579,834	65,556,608	65,571,737	65,552,586
Diluted earnings per share	$ 0.70	$ 1.07	$ 2.78	$ 3.13
Diluted weighted average shares outstanding	65,660,152	65,627,845	65,661,197	65,628,827
Cash dividends declared per common share	$ 0.35	$ 0.30	$ 1.05	$ 0.90

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		3,381			3,381
Stock-based compensation and related share issuances (in shares)	15,387
Distributions to non-controlling interests				(1,070)	(1,070)
Net income and comprehensive income			205,879	699	206,578
Dividends declared			(59,055)		(59,055)
Balance at Sep. 30, 2021	$ 656	2,204,457	336,734	12,666	2,554,513
Balance (in shares) at Sep. 30, 2021	65,563,802
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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		594			594
Stock-based compensation and related share issuances (in shares)	12,741
Distributions to non-controlling interests				(271)	(271)
Net income and comprehensive income			70,176	290	70,466
Dividends declared			(19,691)		(19,691)
Balance at Sep. 30, 2021	$ 656	2,204,457	336,734	12,666	2,554,513
Balance (in shares) at Sep. 30, 2021	65,563,802
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		5,194			5,194
Stock-based compensation and related share issuances (in shares)	28,233
Distributions to non-controlling interests				(740)	(740)
Net income and comprehensive income			182,609	633	183,242
Dividends declared			(68,968)		(68,968)
Balance at Sep. 30, 2022	$ 656	2,211,353	495,570	12,360	2,719,939
Balance (in shares) at Sep. 30, 2022	65,592,597
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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		544			544
Stock-based compensation and related share issuances (in shares)	22,910
Distributions to non-controlling interests				(210)	(210)
Net income and comprehensive income			45,792	141	45,933
Dividends declared			(22,986)		(22,986)
Balance at Sep. 30, 2022	$ 656	$ 2,211,353	$ 495,570	$ 12,360	$ 2,719,939
Balance (in shares) at Sep. 30, 2022	65,592,597

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income and comprehensive income	$ 183,242	$ 206,578
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization	129,739	139,935
Non-cash employee stock compensation expense	6,632	4,340
Fair value changes in equity securities	1,221	(4,035)
Deferred tax (benefit) expense	(17,757)	8,465
Other	734	1,418
Changes in assets and liabilities:
Royalty receivables	25,612	(8,643)
Stream inventory	(2,083)	1,678
Income tax receivable	(10,141)	4,858
Prepaid expenses and other assets	(3,073)	(1,608)
Accounts payable	857	2,859
Income tax payable	2,646	615
Uncertain tax positions		(12,378)
Other liabilities	(1,310)	(1,111)
Net cash provided by operating activities	316,319	342,971
Cash flows from investing activities:
Acquisition of stream and royalty interests	(715,829)	(384,315)
Khoemacau subordinated debt facility		(25,000)
Proceeds from sale of equity securities		8,651
Other	(676)	(910)
Net cash used in investing activities	(716,505)	(401,574)
Cash flows from financing activities:
Repayment of debt	(50,000)	(200,000)
Borrowings from revolving credit facility	500,000	100,000
Net payments from issuance of common stock	(1,438)	(959)
Common stock dividends	(68,938)	(59,046)
Other	(751)	(3,043)
Net cash provided by (used in) financing activities	378,873	(163,048)
Net decrease in cash and equivalents	(21,313)	(221,651)
Cash and equivalents at beginning of period	143,551	381,859
Cash and equivalents at end of period	$ 122,238	$ 160,208

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	9 Months Ended
	Sep. 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 nine months ended September 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	9 Months Ended
	Sep. 30, 2022
ACQUISITIONS
ACQUISITIONS	2. ACQUISITIONS ​ Acquisition of Great Bear Royalties Corporation ​ On September 9, 2022, we completed the previously announced acquisition of all of the issued and outstanding shares of Great Bear Royalties Corporation (“GBR”) for cash consideration of approximately C$199.6 million (US$151.7 million) (“the Acquisition Price”). GBR’s sole material asset is a 2.0% net smelter return royalty (“Great Bear Royalty”) that covers the entirety of the Great Bear Project in the Red Lake district of Ontario, Canada, owned and operated by a subsidiary of Kinross Gold Corporation (“Kinross”). The Great Bear Royalty includes all metals produced from contiguous claims covering 9,140 hectares and will be registered on title to the relevant claims. Royalty payments will be made quarterly with applicable standard deductions. The purchase price was funded with available cash on hand. ​ As part of the acquisition and in exchange for information and access to the project provided by Kinross, we granted an option to Kinross to purchase a 25% interest in the Great Bear Royalty (0.5% of the 2.0% royalty rate) for an amount equal to 25% of the Acquisition Price, 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 Great Bear Royalty is the sole material asset of GBR and represents substantially all the fair value of GBR’s gross assets. As a result, the GBR acquisition has been accounted for as an asset acquisition and the fair values of the GBR assets acquired are shown below: ​ ​ ​ ​ ​ ​ ​ (in thousands) Purchase Price ​ $ 151,679 Cash ​ ​ 315 Other assets ​ ​ 293 Royalty interests in mineral property (Great Bear royalty) ​ ​ 151,071 Total allocated purchase price ​ $ 151,679 ​ The $151.1 million allocated fair value of the Great Bear Royalty, plus $2.3 million of direct transaction costs and deferred tax of $53.6 million have been capitalized with the Great Bear Royalty interest and allocated to exploration stage royalty interests within Stream and royalty interests, net ​ Acquisition of Additional Royalty Interest on Cortez Complex ​ On August 2, 2022, we acquired a sliding scale gross royalty (“Cortez Complex Royalty”) on production from an area including the Cortez mine operational area and the Fourmile development project (the “Cortez Complex”) for cash consideration of $525 million. The area within the Cortez Complex is owned or controlled by Nevada Gold Mines LLC (“NGM”), a joint venture between Barrick Gold Corporation (“Barrick”) and Newmont Corporation, with the exception of the Fourmile development project which is 100% owned and operated by Barrick. The 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. Based on information available, the royalty would not cover the existing deposits within the Robertson property. At current gold prices the Cortez Complex Royalty is an effective 1.2% gross royalty on the Cortez Complex and is not subject to any stepdowns or caps. Deductions from the Cortez Complex Royalty payments are limited to third-party royalties that existed prior to the creation of the royalty in 2008, which include the existing Crossroads and Pipeline royalties owned by Royal Gold. ​ The acquisition has been accounted for as an asset acquisition and the $525 million cash consideration, plus direct acquisition costs, have been recorded and allocated between production and exploration stage royalty interests (Note 3) within Stream and royalty interests, net ​ The royalty is payable after cumulative production from the Cortez Complex of 15 million gold equivalent ounces from January 1, 2008 onwards. During the quarter ended September 30, 2022, the production threshold was reached and approximately 3,300 ounces of gold production was attributable to the royalty. We expect all production from the Cortez Complex in the fourth quarter of 2022 to be subject to the royalty. The royalty is payable within forty-five days after the end of each calendar quarter. ​ 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 to 100%. Cumulative advance payments of $265 million, plus direct acquisition costs, have been recorded as a production stage stream interest within Stream and royalty interests, net ​ As of September 30, 2022, $25.0 million of the subordinated debt facility, and $4.4 million of accrued interest remains outstanding on the Khoemac a Other assets a

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (379,708) ​ $ 410,927 Pueblo Viejo ​ ​ 610,404 ​ ​ (281,730) ​ ​ 328,674 Andacollo ​ ​ 388,182 ​ ​ (149,586) ​ ​ 238,596 Khoemac a ​ ​ 265,911 ​ ​ (11,621) ​ ​ 254,290 Rainy River ​ ​ 175,727 ​ ​ (58,328) ​ ​ 117,399 Wassa ​ ​ 146,475 ​ ​ (93,474) ​ ​ 53,001 Other ​ ​ 69,100 ​ ​ (11,200) ​ ​ 57,900 Total production stage stream interests ​ ​ 2,446,434 ​ ​ (985,647) ​ ​ 1,460,787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez ​ ​ 280,219 ​ ​ (28,352) ​ ​ 251,867 Voisey's Bay ​ ​ 205,724 ​ ​ (117,228) ​ ​ 88,496 Red Chris ​ ​ 116,187 ​ ​ (1,797) ​ ​ 114,390 Peñasquito ​ ​ 99,172 ​ ​ (56,529) ​ ​ 42,643 Other ​ ​ 447,246 ​ ​ (395,641) ​ ​ 51,605 Total production stage royalty interests ​ ​ 1,148,548 ​ ​ (599,547) ​ ​ 549,001 Total production stage stream and royalty interests ​ ​ 3,594,982 ​ ​ (1,585,194) ​ ​ 2,009,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 73,233 ​ ​ ​ ​ ​ 73,233 Total development stage stream and royalty interests ​ ​ 130,692 ​ ​ — ​ ​ 130,692 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ NX Gold ​ ​ 34,253 ​ ​ — ​ ​ 34,253 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez ​ ​ 325,654 ​ ​ — ​ ​ 325,654 Great Bear ​ ​ 206,965 ​ ​ — ​ ​ 206,965 Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ — ​ ​ 29,610 Other ​ ​ 120,833 ​ ​ — ​ ​ 120,833 Total exploration stage stream and royalty interests ​ ​ 943,900 ​ ​ — ​ ​ 943,900 Total stream and royalty interests, net ​ $ 4,669,574 ​ $ (1,585,194) ​ $ 3,084,380 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Mount Milligan ​ On October 4, 2022, Centerra Gold, Inc. (“Centerra”) announced the highlights of an updated life of mine plan for Mount Milligan which provided, among other things, a four-year extension of the mine life to 2033 and increases to the proven and probable reserves. As a result of the increase in proven and probable reserves, the gold and copper depletion rates on our Mount Milligan stream decreased to $416 per ounce of gold and $1.06 per pound of copper as of September 30, 2022 from $703 per ounce of gold and $1.53 per pound of copper. Centerra reported that it expects to file a new technical report detailing the life of mine plan within 45 days of October 4, 2022.

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES	9 Months Ended
	Sep. 30, 2022
MARKETABLE EQUITY SECURITIES
MARKETABLE EQUITY SECURITIES	4. MARKETABLE EQUITY SECURITIES ​ As of September 30, 2022, our marketable equity securities include warrants to purchase up to 19,640,000 common shares of TriStar Gold Inc, 250,000 common shares of Goldon Resources Ltd. and 1,242,500 common shares of Mountain Boy Minerals Ltd. The common shares of Goldon Resources Ltd. and Mountain Boy Minerals Ltd. were acquired as part of the GBR acquisition. 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 $0.4 million for the three months ended September 30, 2022, and decreased $1.2 million for nine months ended September 30, 2022, and increased $0.2 million and $4.0 million for the three and nine months ended September 30, 2021, respectively. These changes are included in Fair value changes in equity securities Other assets ​

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
DEBT
DEBT	5. DEBT ​ Our debt as of September 30, 2022 and December 31, 2021 consists of the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ As of December 31, 2021 ​ Principal Debt Issuance Costs Total Principal Debt Issuance Costs 1 Total ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Revolving credit facility ​ $ 450,000 ​ $ (3,673) ​ $ 446,327 ​ $ — ​ $ (4,408) ​ $ (4,408) Total debt ​ $ 450,000 ​ $ (3,673) ​ $ 446,327 ​ $ — ​ $ (4,408) ​ $ (4,408) (1) Other assets ​ Revolving credit facility ​ On July 2, 2022, we borrowed $500 million under our revolving credit facility for the acquisition of the Cortez Complex Royalty, and on September 6, 2022, we repaid $50 million of the outstanding borrowings. Refer to Note 2 of our notes to consolidated financial statements for further discussion on the Cortez Complex Royalty acquisition. ​ As of September 30, 2022, we had $450 million outstanding and $550 million available under our revolving credit facility dated June 2, 2017, and as amended. The interest rate on borrowings under our revolving credit facility as of September 30, 2022, was LIBOR plus 1.10% for an all-in rate of 4.2%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $3.9 million and $4.4 million for the three and nine months ended September 30, 2022, respectively, and $1.0 million and $2.1 million for the three and nine months ended September 30, 2021, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of September 30, 2022. ​ We may repay any borrowings under the revolving credit facility at any time without premium or penalty.

REVENUE

REVENUE	9 Months Ended
	Sep. 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 September 30, 2022, royalty revenue that was estimated or was attributable to metal production for a period prior to September 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 ​ Nine Months Ended ​ September 30, September 30, September 30, September 30, ​ 2022 ​ 2021 ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 76,833 ​ $ 83,318 ​ $ 229,661 ​ $ 240,016 Silver ​ 12,063 ​ ​ 13,877 ​ ​ 36,393 ​ ​ 35,132 Copper ​ 9,836 ​ ​ 18,726 ​ ​ 42,809 ​ ​ 50,540 Total stream revenue $ 98,732 ​ $ 115,921 ​ $ 308,863 ​ $ 325,688 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 23,163 ​ $ 43,417 ​ $ 90,054 ​ $ 111,826 Silver ​ 2,648 ​ ​ 3,952 ​ ​ 10,477 ​ ​ 12,517 Copper ​ 1,285 ​ ​ 4,967 ​ ​ 11,271 ​ ​ 12,960 Other ​ 5,601 ​ ​ 6,174 ​ ​ 19,561 ​ ​ 22,056 Total royalty revenue $ 32,697 ​ $ 58,510 ​ $ 131,363 ​ $ 159,359 Total revenue $ 131,429 ​ $ 174,431 ​ $ 440,226 ​ $ 485,047 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ ​ September 30, September 30, September 30, September 30, ​ ​ Metal(s) ​ 2022 ​ 2021 ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 41,553 ​ $ 53,455 ​ $ 129,596 ​ $ 131,061 Pueblo Viejo ​ Gold & Silver ​ ​ 21,156 ​ ​ 27,198 ​ ​ 64,232 ​ ​ 83,957 Andacollo ​ Gold ​ ​ 12,170 ​ ​ 11,601 ​ ​ 39,565 ​ ​ 52,491 Wassa ​ Gold ​ ​ 7,390 ​ ​ 8,033 ​ ​ 22,840 ​ ​ 23,935 Khoemac a ​ Silver ​ ​ 5,050 ​ ​ 107 ​ ​ 12,641 ​ ​ 107 Other ​ Gold & Silver ​ ​ 11,413 ​ ​ 15,527 ​ ​ 39,989 ​ ​ 34,137 Total stream revenue ​ ​ ​ $ 98,732 ​ $ 115,921 ​ $ 308,863 ​ $ 325,688 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 9,010 ​ $ 12,212 ​ $ 31,768 ​ $ 38,739 Cortez ​ Gold ​ ​ 4,562 ​ ​ 17,126 ​ ​ 29,413 ​ ​ 39,475 Other ​ Various ​ ​ 19,125 ​ ​ 29,172 ​ ​ 70,182 ​ ​ 81,145 Total royalty revenue ​ ​ ​ $ 32,697 ​ $ 58,510 ​ $ 131,363 ​ $ 159,359 Total revenue ​ ​ ​ $ 131,429 ​ $ 174,431 ​ $ 440,226 ​ $ 485,047 ​ Please refer to Note 10 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 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 ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ 2022 2021 2022 2021 Restricted stock ​ $ 1,140 ​ $ 1,116 ​ $ 3,496 ​ $ 2,198 ​ Performance stock ​ ​ 658 ​ ​ (43) ​ ​ 2,136 ​ ​ 801 ​ Stock appreciation rights ​ ​ 283 ​ ​ 414 ​ ​ 975 ​ ​ 1,290 ​ Stock options ​ ​ 9 ​ ​ 16 ​ ​ 25 ​ ​ 51 ​ Total stock-based compensation expense ​ $ 2,090 ​ $ 1,503 ​ $ 6,632 ​ $ 4,340 ​ ​ Stock-based compensation expense is included within General and administrative ​ During the three and nine months ended September 30, 2022 and 2021, we granted the following stock-based compensation awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ ​ ​ September 30, ​ ​ September 30, ​ ​ September 30, ​ ​ September 30, ​ ​ 2022 2021 ​ 2022 2021 ​ ​ ​ (Number of shares) ​ ​ (Number of shares) Performance stock (at maximum 200% attainment) ​ ​ — ​ ​ 73,200 ​ ​ 39,380 ​ ​ 73,200 Restricted Stock ​ ​ — ​ ​ 50,604 ​ ​ 28,220 ​ ​ 50,604 Total equity awards granted ​ ​ — ​ ​ 123,804 ​ ​ 67,600 ​ ​ 123,804 ​ As of September 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 ​ ​ ​ ​ ​ ​ ​ $ 7,361 ​ ​ 2.2 Performance stock ​ ​ ​ ​ ​ ​ ​ ​ 5,265 ​ ​ 2.0 Stock appreciation rights ​ ​ ​ ​ ​ ​ ​ ​ 701 ​ ​ 0.9 Stock options ​ ​ ​ ​ ​ ​ ​ ​ 25 ​ ​ 0.9 ​

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	9 Months Ended
	Sep. 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Net income attributable to Royal Gold common stockholders ​ $ 45,792 ​ $ 70,176 ​ $ 182,609 ​ $ 205,879 Weighted-average shares for basic EPS ​ ​ 65,579,834 ​ ​ 65,556,608 ​ ​ 65,571,737 ​ ​ 65,552,586 Effect of other dilutive securities ​ ​ 80,318 ​ ​ 71,237 ​ ​ 89,460 ​ ​ 76,241 Weighted-average shares for diluted EPS ​ ​ 65,660,152 ​ ​ 65,627,845 ​ ​ 65,661,197 ​ ​ 65,628,827 Basic EPS ​ $ 0.70 ​ $ 1.07 ​ $ 2.78 ​ $ 3.14 Diluted EPS ​ $ 0.70 ​ $ 1.07 ​ $ 2.78 ​ $ 3.13 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
INCOME TAXES
INCOME TAXES	9. INCOME TAXES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Income tax expense ​ $ 10,954 ​ $ 16,028 ​ $ 20,347 ​ $ 39,242 Effective tax rate ​ ​ 19.3% ​ ​ 18.5% ​ ​ 10.0% ​ ​ 16.0% ​ The effective tax rate for the nine months ended September 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 nine months ended September 30, 2021, included a discrete tax benefit of $12.0 million attributable to the settlement of an uncertain tax position with a foreign jurisdiction.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 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 September 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 ​ $ 528,325 ​ $ 620,035 ​ $ 1,148,360 ​ $ 579,326 ​ $ 412,419 ​ $ 991,745 Dominican Republic ​ ​ 328,674 ​ ​ — ​ ​ 328,674 ​ ​ 350,083 ​ ​ — ​ ​ 350,083 Africa ​ ​ 307,291 ​ ​ 321 ​ ​ 307,612 ​ ​ 297,569 ​ ​ 321 ​ ​ 297,890 Chile ​ ​ 238,596 ​ ​ 224,116 ​ ​ 462,712 ​ ​ 249,147 ​ ​ 224,116 ​ ​ 473,263 United States ​ ​ — ​ ​ 626,525 ​ ​ 626,525 ​ ​ — ​ ​ 107,761 ​ ​ 107,761 Mexico ​ ​ — ​ ​ 53,046 ​ ​ 53,046 ​ ​ — ​ ​ 60,977 ​ ​ 60,977 Australia ​ ​ — ​ ​ 26,642 ​ ​ 26,642 ​ ​ — ​ ​ 27,496 ​ ​ 27,496 Rest of world ​ ​ 104,192 ​ ​ 26,617 ​ ​ 130,809 ​ ​ 107,920 ​ ​ 26,617 ​ ​ 134,537 Total ​ $ 1,507,078 ​ $ 1,577,302 ​ $ 3,084,380 ​ $ 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 September 30, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 98,732 ​ $ 23,221 ​ $ — ​ $ 32,576 ​ $ 42,935 Royalty interests ​ ​ 32,697 ​ ​ — ​ ​ 1,119 ​ ​ 5,063 ​ ​ 26,515 Total ​ $ 131,429 ​ $ 23,221 ​ $ 1,119 ​ $ 37,639 ​ $ 69,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 115,921 ​ $ 27,230 ​ $ — ​ $ 41,922 ​ $ 46,769 Royalty interests ​ ​ 58,510 ​ ​ — ​ ​ 2,054 ​ ​ 8,596 ​ ​ 47,860 Total ​ $ 174,431 ​ $ 27,230 ​ $ 2,054 ​ $ 50,518 ​ $ 94,629 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 308,863 ​ $ 69,670 ​ $ — ​ $ 106,745 ​ $ 132,448 Royalty interests ​ ​ 131,363 ​ ​ — ​ ​ 4,765 ​ ​ 22,623 ​ ​ 103,975 Total ​ $ 440,226 ​ $ 69,670 ​ $ 4,765 ​ $ 129,368 ​ $ 236,423 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 325,688 ​ $ 73,367 ​ $ — ​ $ 113,263 ​ $ 139,058 Royalty interests ​ ​ 159,359 ​ ​ — ​ ​ 6,042 ​ ​ 26,394 ​ ​ 126,923 Total ​ $ 485,047 ​ $ 73,367 ​ $ 6,042 ​ $ 139,657 ​ $ 265,981 (1) Excludes depreciation, depletion and amortization ​ (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. ​ A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Total segment gross profit ​ $ 69,450 ​ $ 94,629 ​ $ 236,423 ​ $ 265,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 7,554 ​ ​ 7,129 ​ ​ 25,797 ​ ​ 21,272 Depreciation and amortization ​ ​ 122 ​ ​ 93 ​ ​ 371 ​ ​ 278 Operating income ​ ​ 61,774 ​ ​ 87,407 ​ ​ 210,255 ​ ​ 244,431 Fair value changes in equity securities ​ ​ 356 ​ ​ 176 ​ ​ (1,221) ​ ​ 4,035 Interest and other income ​ ​ 3,571 ​ ​ 819 ​ ​ 5,665 ​ ​ 2,227 Interest and other expense ​ ​ (8,814) ​ ​ (1,908) ​ ​ (11,110) ​ ​ (4,873) Income before income taxes ​ $ 56,887 ​ $ 86,494 ​ $ 203,589 ​ $ 245,820 ​ Our revenue by reportable segment for the three and nine months ended September 30, 2022 and 2021 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 46,861 ​ $ 64,031 ​ $ 152,938 ​ $ 158,679 Dominican Republic ​ ​ 21,156 ​ ​ 27,198 ​ ​ 64,232 ​ ​ 83,957 Chile ​ ​ 12,170 ​ ​ 11,601 ​ ​ 39,566 ​ ​ 52,491 Africa ​ ​ 13,257 ​ ​ 8,679 ​ ​ 38,633 ​ ​ 26,149 Rest of world ​ ​ 5,288 ​ ​ 4,412 ​ ​ 13,494 ​ ​ 4,412 Total stream interests ​ $ 98,732 ​ $ 115,921 ​ $ 308,863 ​ $ 325,688 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 11,413 ​ $ 27,080 ​ $ 52,616 ​ $ 64,903 Mexico ​ ​ 11,095 ​ ​ 15,427 ​ ​ 38,915 ​ ​ 46,888 Canada ​ ​ 4,826 ​ ​ 6,402 ​ ​ 21,377 ​ ​ 24,616 Australia ​ ​ 3,446 ​ ​ 6,917 ​ ​ 11,533 ​ ​ 15,526 Africa ​ ​ — ​ ​ 602 ​ ​ 430 ​ ​ 1,909 Rest of world ​ ​ 1,917 ​ ​ 2,082 ​ ​ 6,492 ​ ​ 5,517 Total royalty interests ​ $ 32,697 ​ $ 58,510 ​ $ 131,363 ​ $ 159,359 Total revenue ​ $ 131,429 ​ $ 174,431 ​ $ 440,226 ​ $ 485,047 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 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 September 30, 2022 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 655 ​ $ 655 ​ $ 117 ​ $ 538 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 1,733 ​ $ 1,733 ​ $ — ​ $ 1,733 ​ $ — ​ (1) Other assets ​ Our marketable securities classified within Level 1 of the fair value hierarchy are valued using quoted market prices in active markets multiplied by the quantity of shares held. The TriStar Gold Inc. warrants (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 September 30, 2022. ​ As of September 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	9 Months Ended
	Sep. 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 September 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. ​

OPERATIONS, SUMMARY OF SIGNIF_2

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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	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 (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2022
ACQUISITIONS
Schedule of asset acquisition	​ ​ ​ ​ ​ ​ ​ (in thousands) Purchase Price ​ $ 151,679 Cash ​ ​ 315 Other assets ​ ​ 293 Royalty interests in mineral property (Great Bear royalty) ​ ​ 151,071 Total allocated purchase price ​ $ 151,679

STREAM AND ROYALTY INTERESTS,_2

STREAM AND ROYALTY INTERESTS, NET (Tables)	9 Months Ended
	Sep. 30, 2022
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (379,708) ​ $ 410,927 Pueblo Viejo ​ ​ 610,404 ​ ​ (281,730) ​ ​ 328,674 Andacollo ​ ​ 388,182 ​ ​ (149,586) ​ ​ 238,596 Khoemac a ​ ​ 265,911 ​ ​ (11,621) ​ ​ 254,290 Rainy River ​ ​ 175,727 ​ ​ (58,328) ​ ​ 117,399 Wassa ​ ​ 146,475 ​ ​ (93,474) ​ ​ 53,001 Other ​ ​ 69,100 ​ ​ (11,200) ​ ​ 57,900 Total production stage stream interests ​ ​ 2,446,434 ​ ​ (985,647) ​ ​ 1,460,787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez ​ ​ 280,219 ​ ​ (28,352) ​ ​ 251,867 Voisey's Bay ​ ​ 205,724 ​ ​ (117,228) ​ ​ 88,496 Red Chris ​ ​ 116,187 ​ ​ (1,797) ​ ​ 114,390 Peñasquito ​ ​ 99,172 ​ ​ (56,529) ​ ​ 42,643 Other ​ ​ 447,246 ​ ​ (395,641) ​ ​ 51,605 Total production stage royalty interests ​ ​ 1,148,548 ​ ​ (599,547) ​ ​ 549,001 Total production stage stream and royalty interests ​ ​ 3,594,982 ​ ​ (1,585,194) ​ ​ 2,009,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 73,233 ​ ​ ​ ​ ​ 73,233 Total development stage stream and royalty interests ​ ​ 130,692 ​ ​ — ​ ​ 130,692 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ NX Gold ​ ​ 34,253 ​ ​ — ​ ​ 34,253 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez ​ ​ 325,654 ​ ​ — ​ ​ 325,654 Great Bear ​ ​ 206,965 ​ ​ — ​ ​ 206,965 Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ — ​ ​ 29,610 Other ​ ​ 120,833 ​ ​ — ​ ​ 120,833 Total exploration stage stream and royalty interests ​ ​ 943,900 ​ ​ — ​ ​ 943,900 Total stream and royalty interests, net ​ $ 4,669,574 ​ $ (1,585,194) ​ $ 3,084,380 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
DEBT
Schedule of debt	Our debt as of September 30, 2022 and December 31, 2021 consists of the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ As of December 31, 2021 ​ Principal Debt Issuance Costs Total Principal Debt Issuance Costs 1 Total ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Revolving credit facility ​ $ 450,000 ​ $ (3,673) ​ $ 446,327 ​ $ — ​ $ (4,408) ​ $ (4,408) Total debt ​ $ 450,000 ​ $ (3,673) ​ $ 446,327 ​ $ — ​ $ (4,408) ​ $ (4,408) (1) Other assets

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 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 ​ Nine Months Ended ​ September 30, September 30, September 30, September 30, ​ 2022 ​ 2021 ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 76,833 ​ $ 83,318 ​ $ 229,661 ​ $ 240,016 Silver ​ 12,063 ​ ​ 13,877 ​ ​ 36,393 ​ ​ 35,132 Copper ​ 9,836 ​ ​ 18,726 ​ ​ 42,809 ​ ​ 50,540 Total stream revenue $ 98,732 ​ $ 115,921 ​ $ 308,863 ​ $ 325,688 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 23,163 ​ $ 43,417 ​ $ 90,054 ​ $ 111,826 Silver ​ 2,648 ​ ​ 3,952 ​ ​ 10,477 ​ ​ 12,517 Copper ​ 1,285 ​ ​ 4,967 ​ ​ 11,271 ​ ​ 12,960 Other ​ 5,601 ​ ​ 6,174 ​ ​ 19,561 ​ ​ 22,056 Total royalty revenue $ 32,697 ​ $ 58,510 ​ $ 131,363 ​ $ 159,359 Total revenue $ 131,429 ​ $ 174,431 ​ $ 440,226 ​ $ 485,047 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ ​ September 30, September 30, September 30, September 30, ​ ​ Metal(s) ​ 2022 ​ 2021 ​ 2022 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 41,553 ​ $ 53,455 ​ $ 129,596 ​ $ 131,061 Pueblo Viejo ​ Gold & Silver ​ ​ 21,156 ​ ​ 27,198 ​ ​ 64,232 ​ ​ 83,957 Andacollo ​ Gold ​ ​ 12,170 ​ ​ 11,601 ​ ​ 39,565 ​ ​ 52,491 Wassa ​ Gold ​ ​ 7,390 ​ ​ 8,033 ​ ​ 22,840 ​ ​ 23,935 Khoemac a ​ Silver ​ ​ 5,050 ​ ​ 107 ​ ​ 12,641 ​ ​ 107 Other ​ Gold & Silver ​ ​ 11,413 ​ ​ 15,527 ​ ​ 39,989 ​ ​ 34,137 Total stream revenue ​ ​ ​ $ 98,732 ​ $ 115,921 ​ $ 308,863 ​ $ 325,688 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peñasquito ​ Gold, Silver, Lead & Zinc ​ $ 9,010 ​ $ 12,212 ​ $ 31,768 ​ $ 38,739 Cortez ​ Gold ​ ​ 4,562 ​ ​ 17,126 ​ ​ 29,413 ​ ​ 39,475 Other ​ Various ​ ​ 19,125 ​ ​ 29,172 ​ ​ 70,182 ​ ​ 81,145 Total royalty revenue ​ ​ ​ $ 32,697 ​ $ 58,510 ​ $ 131,363 ​ $ 159,359 Total revenue ​ ​ ​ $ 131,429 ​ $ 174,431 ​ $ 440,226 ​ $ 485,047

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ 2022 2021 2022 2021 Restricted stock ​ $ 1,140 ​ $ 1,116 ​ $ 3,496 ​ $ 2,198 ​ Performance stock ​ ​ 658 ​ ​ (43) ​ ​ 2,136 ​ ​ 801 ​ Stock appreciation rights ​ ​ 283 ​ ​ 414 ​ ​ 975 ​ ​ 1,290 ​ Stock options ​ ​ 9 ​ ​ 16 ​ ​ 25 ​ ​ 51 ​ Total stock-based compensation expense ​ $ 2,090 ​ $ 1,503 ​ $ 6,632 ​ $ 4,340 ​
Schedule of stock-based compensation awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ ​ ​ September 30, ​ ​ September 30, ​ ​ September 30, ​ ​ September 30, ​ ​ 2022 2021 ​ 2022 2021 ​ ​ ​ (Number of shares) ​ ​ (Number of shares) Performance stock (at maximum 200% attainment) ​ ​ — ​ ​ 73,200 ​ ​ 39,380 ​ ​ 73,200 Restricted Stock ​ ​ — ​ ​ 50,604 ​ ​ 28,220 ​ ​ 50,604 Total equity awards granted ​ ​ — ​ ​ 123,804 ​ ​ 67,600 ​ ​ 123,804
Schedule of unrecognized compensation expense	As of September 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 ​ ​ ​ ​ ​ ​ ​ $ 7,361 ​ ​ 2.2 Performance stock ​ ​ ​ ​ ​ ​ ​ ​ 5,265 ​ ​ 2.0 Stock appreciation rights ​ ​ ​ ​ ​ ​ ​ ​ 701 ​ ​ 0.9 Stock options ​ ​ ​ ​ ​ ​ ​ ​ 25 ​ ​ 0.9

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	9 Months Ended
	Sep. 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Net income attributable to Royal Gold common stockholders ​ $ 45,792 ​ $ 70,176 ​ $ 182,609 ​ $ 205,879 Weighted-average shares for basic EPS ​ ​ 65,579,834 ​ ​ 65,556,608 ​ ​ 65,571,737 ​ ​ 65,552,586 Effect of other dilutive securities ​ ​ 80,318 ​ ​ 71,237 ​ ​ 89,460 ​ ​ 76,241 Weighted-average shares for diluted EPS ​ ​ 65,660,152 ​ ​ 65,627,845 ​ ​ 65,661,197 ​ ​ 65,628,827 Basic EPS ​ $ 0.70 ​ $ 1.07 ​ $ 2.78 ​ $ 3.14 Diluted EPS ​ $ 0.70 ​ $ 1.07 ​ $ 2.78 ​ $ 3.13

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2022
INCOME TAXES
Components of income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Income tax expense ​ $ 10,954 ​ $ 16,028 ​ $ 20,347 ​ $ 39,242 Effective tax rate ​ ​ 19.3% ​ ​ 18.5% ​ ​ 10.0% ​ ​ 16.0%

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 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 ​ $ 528,325 ​ $ 620,035 ​ $ 1,148,360 ​ $ 579,326 ​ $ 412,419 ​ $ 991,745 Dominican Republic ​ ​ 328,674 ​ ​ — ​ ​ 328,674 ​ ​ 350,083 ​ ​ — ​ ​ 350,083 Africa ​ ​ 307,291 ​ ​ 321 ​ ​ 307,612 ​ ​ 297,569 ​ ​ 321 ​ ​ 297,890 Chile ​ ​ 238,596 ​ ​ 224,116 ​ ​ 462,712 ​ ​ 249,147 ​ ​ 224,116 ​ ​ 473,263 United States ​ ​ — ​ ​ 626,525 ​ ​ 626,525 ​ ​ — ​ ​ 107,761 ​ ​ 107,761 Mexico ​ ​ — ​ ​ 53,046 ​ ​ 53,046 ​ ​ — ​ ​ 60,977 ​ ​ 60,977 Australia ​ ​ — ​ ​ 26,642 ​ ​ 26,642 ​ ​ — ​ ​ 27,496 ​ ​ 27,496 Rest of world ​ ​ 104,192 ​ ​ 26,617 ​ ​ 130,809 ​ ​ 107,920 ​ ​ 26,617 ​ ​ 134,537 Total ​ $ 1,507,078 ​ $ 1,577,302 ​ $ 3,084,380 ​ $ 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 September 30, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 98,732 ​ $ 23,221 ​ $ — ​ $ 32,576 ​ $ 42,935 Royalty interests ​ ​ 32,697 ​ ​ — ​ ​ 1,119 ​ ​ 5,063 ​ ​ 26,515 Total ​ $ 131,429 ​ $ 23,221 ​ $ 1,119 ​ $ 37,639 ​ $ 69,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 115,921 ​ $ 27,230 ​ $ — ​ $ 41,922 ​ $ 46,769 Royalty interests ​ ​ 58,510 ​ ​ — ​ ​ 2,054 ​ ​ 8,596 ​ ​ 47,860 Total ​ $ 174,431 ​ $ 27,230 ​ $ 2,054 ​ $ 50,518 ​ $ 94,629 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 308,863 ​ $ 69,670 ​ $ — ​ $ 106,745 ​ $ 132,448 Royalty interests ​ ​ 131,363 ​ ​ — ​ ​ 4,765 ​ ​ 22,623 ​ ​ 103,975 Total ​ $ 440,226 ​ $ 69,670 ​ $ 4,765 ​ $ 129,368 ​ $ 236,423 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 325,688 ​ $ 73,367 ​ $ — ​ $ 113,263 ​ $ 139,058 Royalty interests ​ ​ 159,359 ​ ​ — ​ ​ 6,042 ​ ​ 26,394 ​ ​ 126,923 Total ​ $ 485,047 ​ $ 73,367 ​ $ 6,042 ​ $ 139,657 ​ $ 265,981 (1) Excludes depreciation, depletion and amortization ​ (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.
Schedule of reconciliation of segment gross profit to consolidated income (loss)	A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Total segment gross profit ​ $ 69,450 ​ $ 94,629 ​ $ 236,423 ​ $ 265,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 7,554 ​ ​ 7,129 ​ ​ 25,797 ​ ​ 21,272 Depreciation and amortization ​ ​ 122 ​ ​ 93 ​ ​ 371 ​ ​ 278 Operating income ​ ​ 61,774 ​ ​ 87,407 ​ ​ 210,255 ​ ​ 244,431 Fair value changes in equity securities ​ ​ 356 ​ ​ 176 ​ ​ (1,221) ​ ​ 4,035 Interest and other income ​ ​ 3,571 ​ ​ 819 ​ ​ 5,665 ​ ​ 2,227 Interest and other expense ​ ​ (8,814) ​ ​ (1,908) ​ ​ (11,110) ​ ​ (4,873) Income before income taxes ​ $ 56,887 ​ $ 86,494 ​ $ 203,589 ​ $ 245,820
Schedule of revenue by reportable segment geographically distributed	Our revenue by reportable segment for the three and nine months ended September 30, 2022 and 2021 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 46,861 ​ $ 64,031 ​ $ 152,938 ​ $ 158,679 Dominican Republic ​ ​ 21,156 ​ ​ 27,198 ​ ​ 64,232 ​ ​ 83,957 Chile ​ ​ 12,170 ​ ​ 11,601 ​ ​ 39,566 ​ ​ 52,491 Africa ​ ​ 13,257 ​ ​ 8,679 ​ ​ 38,633 ​ ​ 26,149 Rest of world ​ ​ 5,288 ​ ​ 4,412 ​ ​ 13,494 ​ ​ 4,412 Total stream interests ​ $ 98,732 ​ $ 115,921 ​ $ 308,863 ​ $ 325,688 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 11,413 ​ $ 27,080 ​ $ 52,616 ​ $ 64,903 Mexico ​ ​ 11,095 ​ ​ 15,427 ​ ​ 38,915 ​ ​ 46,888 Canada ​ ​ 4,826 ​ ​ 6,402 ​ ​ 21,377 ​ ​ 24,616 Australia ​ ​ 3,446 ​ ​ 6,917 ​ ​ 11,533 ​ ​ 15,526 Africa ​ ​ — ​ ​ 602 ​ ​ 430 ​ ​ 1,909 Rest of world ​ ​ 1,917 ​ ​ 2,082 ​ ​ 6,492 ​ ​ 5,517 Total royalty interests ​ $ 32,697 ​ $ 58,510 ​ $ 131,363 ​ $ 159,359 Total revenue ​ $ 131,429 ​ $ 174,431 ​ $ 440,226 ​ $ 485,047

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 655 ​ $ 655 ​ $ 117 ​ $ 538 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 1,733 ​ $ 1,733 ​ $ — ​ $ 1,733 ​ $ — ​ (1) Other assets ​

ACQUISITIONS - Great Bear (Deta

ACQUISITIONS - Great Bear (Details) $ in Thousands, $ in Millions			9 Months Ended
	Sep. 09, 2022 USD ($) area	Sep. 09, 2022 CAD ($) area	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Acquisitions
Acquisition consideration paid | $			$ 715,829	$ 384,315
GBR
Acquisitions
Acquisition consideration paid	$ 151,679	$ 199.6
Net smelter return (NSR) (as a percent)	2%	2%
Area of mining | area	9,140	9,140
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
GBR | Kinross
Acquisitions
Net smelter return (NSR) (as a percent)	0.50%	0.50%

ACQUISITIONS - GBR Allocation (

ACQUISITIONS - GBR Allocation (Details) $ in Thousands, $ in Millions			9 Months Ended
	Sep. 09, 2022 USD ($)	Sep. 09, 2022 CAD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Acquisitions
Acquisition consideration paid			$ 715,829	$ 384,315
Cash and equivalents			122,238		$ 143,551
Other assets			110,630		97,284
Stream and royalty interest			$ 3,084,380		$ 2,443,752
GBR
Acquisitions
Acquisition consideration paid	$ 151,679	$ 199.6
Cash and equivalents	315
Other assets	293
Stream and royalty interest	151,071
Total allocated purchase price	151,679
Acquisition consideration paid	151,100
Asset acquisition transaction costs	2,300
Deferred tax capitalized	$ 53,600

ACQUISITIONS - Asset acquisitio

ACQUISITIONS - Asset acquisitions (Details) $ in Thousands							9 Months Ended
	Aug. 02, 2022 USD ($) oz	Mar. 24, 2022 USD ($)	Mar. 22, 2022 USD ($)	Mar. 14, 2022 USD ($)	Feb. 23, 2022 USD ($)	Feb. 22, 2022	Sep. 30, 2022 USD ($) oz	Sep. 30, 2021 USD ($)
Acquisitions
Payment to acquire interest							$ 715,829	$ 384,315
NX Gold
Acquisitions
Payment to acquire interest			$ 3,200
Cortez
Acquisitions
Payment to acquire interest	$ 525,000
GSR royalty (as a percent)	1.20%
Gold delivered (in ounces) | oz	15,000,000
Quantity of gold attributable to royalty | oz							3,300
Royalty payable term	45 days
Production payable (as a percent)	40%
Cortez | Minimum
Acquisitions
GSR royalty (as a percent)	0%
Spot price adjustment threshold | oz	400
Cortez | Maximum
Acquisitions
GSR royalty (as a percent)	3%
Spot price adjustment threshold | oz	900
Cortez | Production stage royalty interests
Acquisitions
Payment to acquire interest	$ 199,000
Cortez | Exploration stage royalty interests
Acquisitions
Payment to acquire interest	$ 326,000
Cortez | Barrick | Fourmile
Acquisitions
Ownership percentage held	100%
Lawyers Project
Acquisitions
Payment to acquire interest		$ 8,000
Net smelter return (NSR) (as a percent)		0.50%
Lawyers Project | Exploration stage royalty interests
Acquisitions
Payment to acquire interest		$ 8,000
Khoemacau
Acquisitions
Payment to acquire interest				$ 16,500	$ 10,000
Production payable (as a percent)				100%	93%	90%
Variable loan receivable							$ 25,000
Interest receivable							$ 4,400
Ranch Project
Acquisitions
Royalty that can be acquired (as a percent)		2%

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 14, 2022	Dec. 31, 2021
Cost	$ 4,669,574		$ 3,899,867
Accumulated Depletion	(1,585,194)		(1,456,115)
Net	3,084,380		2,443,752
Rainy River
Cost			175,727
Accumulated Depletion			(50,115)
Net			125,612
Production stage stream and royalty interests
Cost	3,594,982		3,369,499
Accumulated Depletion	(1,585,194)		(1,456,115)
Net	2,009,788		1,913,384
Production stage stream interests
Cost	2,446,434		2,419,936
Accumulated Depletion	(985,647)		(878,902)
Net	1,460,787		1,541,034
Production stage stream interests | Mt. Milligan
Cost	790,635		790,635
Accumulated Depletion	(379,708)		(336,921)
Net	410,927		453,714
Production stage stream interests | Pueblo Viejo
Cost	610,404		610,405
Accumulated Depletion	(281,730)		(260,321)
Net	328,674		350,084
Production stage stream interests | Andacollo
Cost	388,182		388,182
Accumulated Depletion	(149,586)		(139,035)
Net	238,596		249,147
Production stage stream interests | Khoemacau
Cost	265,911	$ 265,000	239,411
Accumulated Depletion	(11,621)		(3,402)
Net	254,290		236,009
Production stage stream interests | Rainy River
Cost	175,727
Accumulated Depletion	(58,328)
Net	117,399
Production stage stream interests | Wassa
Cost	146,475		146,475
Accumulated Depletion	(93,474)		(84,915)
Net	53,001		61,560
Production stage stream interests | Other.
Cost	69,100		69,101
Accumulated Depletion	(11,200)		(4,193)
Net	57,900		64,908
Production stage royalty interests
Cost	1,148,548		949,563
Accumulated Depletion	(599,547)		(577,213)
Net	549,001		372,350
Production stage royalty interests | Voisey's Bay
Cost	205,724		205,724
Accumulated Depletion	(117,228)		(113,602)
Net	88,496		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
Accumulated Depletion	(56,529)
Net	42,643
Production stage royalty interests | Cortez
Cost	280,219		80,681
Accumulated Depletion	(28,352)		(23,225)
Net	251,867		57,456
Production stage royalty interests | Other.
Cost	447,246		447,799
Accumulated Depletion	(395,641)		(387,364)
Net	51,605		60,435
Development stage stream and royalty interests
Cost	130,692		112,213
Net	130,692		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 | Penasquito
Cost			99,172
Accumulated Depletion			(53,022)
Net			46,150
Development stage royalty interests | Other.
Cost	73,233		54,755
Net	73,233		54,755
Exploration stage stream and royalty interests
Cost	943,900		418,155
Net	943,900		418,155
Exploration stage stream interests | NX Gold
Cost	34,253		30,974
Net	34,253		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 | Cortez
Cost	325,654
Net	325,654
Exploration stage royalty interests | Great Bear
Cost	206,965
Net	206,965
Exploration stage royalty interests | Other.
Cost	120,833		130,986
Net	$ 120,833		$ 130,986

STREAM AND ROYALTY INTERESTS,_4

STREAM AND ROYALTY INTERESTS, NET (Details) - Mt. Milligan	Oct. 04, 2022	Sep. 30, 2022 $ / lb $ / oz	Sep. 29, 2022 $ / oz $ / lb
Extension of the mine life	4 years
Gold
Depletion Rate | $ / oz		416	703
Copper
Depletion Rate | $ / lb		1.06	1.53

MARKETABLE EQUITY SECURITIES (D

MARKETABLE EQUITY SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Marketable Securities
Increase (decrease) fair value of equity securities	$ 356	$ 176	$ (1,221)	$ 4,035
Investment value	$ 700		$ 700		$ 1,700
TriStar
Marketable Securities
Stock that can be purchased by warrants (in shares)	19,640,000		19,640,000
Goldon Resources Ltd
Marketable Securities
Investment shares owned (in shares)	250,000		250,000
Mountain Boy Minerals Ltd
Marketable Securities
Investment shares owned (in shares)	1,242,500		1,242,500

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 06, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jul. 02, 2022	Dec. 31, 2021
Long-term debt disclosure
Principal		$ 450,000		$ 450,000
Debt issuance costs		(3,673)		(3,673)			$ (4,408)
Total debt		446,327		446,327
Repayment of debt				50,000	$ 200,000
Credit Facility
Long-term debt disclosure
Principal		450,000		450,000
Debt issuance costs		(3,673)		(3,673)			$ (4,408)
Total debt		446,327		446,327
Principal amount of debt issued						$ 500,000
Repayment of debt	$ 50,000
Outstanding amount under credit facility		450,000		450,000
Available under the revolving credit facility		$ 550,000		$ 550,000
Effective interest rate (as percent)		4.20%		4.20%
Interest expense recognized		$ 3,900	$ 1,000	$ 4,400	$ 2,100
LIBOR | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)				1.10%

REVENUE (Details)

REVENUE (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue
Revenue	$ 131,429	$ 174,431	$ 440,226	$ 485,047
Stream interests
Disaggregation of Revenue
Revenue	98,732	115,921	308,863	325,688
Stream interests | Gold
Disaggregation of Revenue
Revenue	76,833	83,318	229,661	240,016
Stream interests | Silver
Disaggregation of Revenue
Revenue	12,063	13,877	36,393	35,132
Stream interests | Copper
Disaggregation of Revenue
Revenue	9,836	18,726	42,809	50,540
Royalty interests
Disaggregation of Revenue
Revenue	32,697	58,510	131,363	159,359
Royalty interests | Gold
Disaggregation of Revenue
Revenue	23,163	43,417	90,054	111,826
Royalty interests | Silver
Disaggregation of Revenue
Revenue	2,648	3,952	10,477	12,517
Royalty interests | Copper
Disaggregation of Revenue
Revenue	1,285	4,967	11,271	12,960
Royalty interests | Other
Disaggregation of Revenue
Revenue	$ 5,601	$ 6,174	$ 19,561	$ 22,056

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue
Revenue	$ 131,429	$ 174,431	$ 440,226	$ 485,047
Stream interests
Disaggregation of Revenue
Revenue	98,732	115,921	308,863	325,688
Stream interests | Mt. Milligan
Disaggregation of Revenue
Revenue	41,553	53,455	129,596	131,061
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue	21,156	27,198	64,232	83,957
Stream interests | Andacollo
Disaggregation of Revenue
Revenue	12,170	11,601	39,565	52,491
Stream interests | Wassa
Disaggregation of Revenue
Revenue	7,390	8,033	22,840	23,935
Stream interests | Other.
Disaggregation of Revenue
Revenue	11,413	15,527	39,989	34,137
Royalty interests
Disaggregation of Revenue
Revenue	32,697	58,510	131,363	159,359
Royalty interests | Other.
Disaggregation of Revenue
Revenue	$ 19,125	$ 29,172	$ 70,182	$ 81,145

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation
Stock-based compensation expense	$ 2,090	$ 1,503	$ 6,632	$ 4,340
Other than options granted (in shares)			67,600	123,804
Restricted stock
Stock-based compensation
Stock-based compensation expense	1,140	1,116	$ 3,496	$ 2,198
Other than options granted (in shares)			28,220	50,604
Unrecognized compensation expense	7,361		$ 7,361
Weighted-average recognition period			2 years 2 months 12 days
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 658	(43)	$ 2,136	$ 801
Other than options granted (in shares)			39,380	73,200
Earn out basis if all goals are met (as a percent)	200%		200%
Unrecognized compensation expense	$ 5,265		$ 5,265
Weighted-average recognition period			2 years
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	283	414	$ 975	$ 1,290
Unrecognized compensation expense	701		$ 701
Weighted-average recognition period			10 months 24 days
Stock options
Stock-based compensation
Stock-based compensation expense	9	$ 16	$ 25	$ 51
Unrecognized compensation expense	$ 25		$ 25
Weighted-average recognition period			10 months 24 days

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
EARNINGS PER SHARE ("EPS")
Net income attributable to Royal Gold common stockholders	$ 45,792	$ 70,176	$ 182,609	$ 205,879
Weighted-average shares for basic EPS	65,579,834	65,556,608	65,571,737	65,552,586
Effect of other dilutive securities	80,318	71,237	89,460	76,241
Weighted-average shares for diluted EPS	65,660,152	65,627,845	65,661,197	65,628,827
Basic EPS	$ 0.70	$ 1.07	$ 2.78	$ 3.14
Diluted EPS	$ 0.70	$ 1.07	$ 2.78	$ 3.13

INCOME TAXES - Quarterly (Detai

INCOME TAXES - Quarterly (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INCOME TAXES
Income tax expense	$ 10,954	$ 16,028	$ 20,347	$ 39,242
Effective tax rate (as a percent)	19.30%	18.50%	10%	16%
Discrete tax benefit			$ 18,800	$ 12,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment			2
Stream and royalty interest	$ 3,084,380		$ 3,084,380		$ 2,443,752
Revenue	131,429	$ 174,431	440,226	$ 485,047
Cost of sales	23,221	27,230	69,670	73,367
Production taxes	1,119	2,054	4,765	6,042
Depletion	37,639	50,518	129,368	139,657
Total segment gross profit	69,450	94,629	236,423	265,981
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,148,360		1,148,360		991,745
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	328,674		328,674		350,083
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	307,612		307,612		297,890
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	462,712		462,712		473,263
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	626,525		626,525		107,761
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	53,046		53,046		60,977
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	26,642		26,642		27,496
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	130,809		130,809		134,537
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,507,078		1,507,078		1,584,045
Revenue	98,732	115,921	308,863	325,688
Cost of sales	23,221	27,230	69,670	73,367
Depletion	32,576	41,922	106,745	113,263
Total segment gross profit	42,935	46,769	132,448	139,058
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	528,325		528,325		579,326
Revenue	46,861	64,031	152,938	158,679
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	328,674		328,674		350,083
Revenue	21,156	27,198	64,232	83,957
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	307,291		307,291		297,569
Revenue	13,257	8,679	38,633	26,149
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	238,596		238,596		249,147
Revenue	12,170	11,601	39,566	52,491
Stream interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	104,192		104,192		107,920
Revenue	5,288	4,412	13,494	4,412
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,577,302		1,577,302		859,707
Revenue	32,697	58,510	131,363	159,359
Production taxes	1,119	2,054	4,765	6,042
Depletion	5,063	8,596	22,623	26,394
Total segment gross profit	26,515	47,860	103,975	126,923
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	620,035		620,035		412,419
Revenue	4,826	6,402	21,377	24,616
Royalty interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	321		321		321
Revenue		602	430	1,909
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 | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	626,525		626,525		107,761
Revenue	11,413	27,080	52,616	64,903
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	53,046		53,046		60,977
Revenue	11,095	15,427	38,915	46,888
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	26,642		26,642		27,496
Revenue	3,446	6,917	11,533	15,526
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	$ 1,917	$ 2,082	$ 6,492	$ 5,517

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
SEGMENT INFORMATION
Total segment gross profit	$ 69,450	$ 94,629	$ 236,423	$ 265,981
Costs and expenses
General and administrative expenses	7,554	7,129	25,797	21,272
Depreciation and amortization	122	93	371	278
Operating income	61,774	87,407	210,255	244,431
Fair value changes in equity securities	356	176	(1,221)	4,035
Interest and other income	3,571	819	5,665	2,227
Interest and other expense	(8,814)	(1,908)	(11,110)	(4,873)
Income before income taxes	$ 56,887	$ 86,494	$ 203,589	$ 245,820

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Reported value
Assets:
Marketable equity securities	$ 655	$ 1,733
Fair value
Assets:
Marketable equity securities	655
Level 1
Assets:
Marketable equity securities	117
Level 2
Assets:
Marketable equity securities	$ 538	$ 1,733

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		9 Months Ended
	Mar. 22, 2022	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies
Payment to acquire interest		$ 715,829	$ 384,315
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