Royal Gold (RGLD) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
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, $0.01 par value
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		65,678,346
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and equivalents	$ 126,816	$ 118,586
Royalty receivables	46,934	49,405
Income tax receivable	1,724	3,066
Stream inventory	11,599	12,656
Prepaid expenses and other	2,091	2,120
Total current assets	189,164	185,833
Stream and royalty interests, net (Note 2)	3,191,385	3,237,402
Other assets	110,483	111,287
Total assets	3,491,032	3,534,522
LIABILITIES
Accounts payable	7,852	6,686
Dividends payable	24,642	24,627
Income tax payable	8,225	16,065
Other current liabilities	14,279	16,209
Total current liabilities	54,998	63,587
Debt (Note 4)	496,817	571,572
Deferred tax liabilities	136,784	138,156
Other liabilities	7,501	7,738
Total liabilities	696,100	781,053
Commitments and contingencies (Note 11)
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,599,348 and 65,592,597 shares outstanding, respectively	656	656
Additional paid-in capital	2,215,362	2,213,123
Accumulated earnings	566,545	527,314
Total Royal Gold stockholders' equity	2,782,563	2,741,093
Non-controlling interests	12,369	12,376
Total equity	2,794,932	2,753,469
Total liabilities and equity	$ 3,491,032	$ 3,534,522

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	65,599,348	65,592,597

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements of Operations and Comprehensive Income
Revenue (Note 5)	$ 170,392	$ 162,355
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	25,020	22,639
General and administrative	11,000	8,931
Production taxes	1,989	2,221
Depreciation, depletion and amortization	46,328	47,988
Total costs and expenses	84,337	81,779
Operating income	86,055	80,576
Fair value changes in equity securities	799	613
Interest and other income	2,263	975
Interest and other expense	(9,175)	(898)
Income before income taxes	79,942	81,266
Income tax expense	(15,871)	(15,304)
Net income and comprehensive income	64,071	65,962
Net income and comprehensive income attributable to non-controlling interests	(196)	(287)
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 63,875	$ 65,675
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share	$ 0.97	$ 1
Basic weighted average shares outstanding	65,594,977	65,565,735
Diluted earnings per share	$ 0.97	$ 1
Diluted weighted average shares outstanding	65,709,095	65,644,668
Cash dividends declared per common share	$ 0.375	$ 0.35

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Shares	Additional Paid-in Capital	Accumulated Earnings	Non-controlling Interests	Total
Balance at Dec. 31, 2021	$ 656	$ 2,206,159	$ 381,929	$ 12,467	$ 2,601,211
Balance (in shares) at Dec. 31, 2021	65,564,364
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		2,266			2,266
Stock-based compensation and related share issuances (in shares)	4,435
Distributions to non-controlling interests				(329)	(329)
Net income and comprehensive income			65,675	287	65,962
Dividends declared			(22,996)		(22,996)
Balance at Mar. 31, 2022	$ 656	2,208,425	424,608	12,425	2,646,114
Balance (in shares) at Mar. 31, 2022	65,568,799
Balance at Dec. 31, 2022	$ 656	2,213,123	527,314	12,376	2,753,469
Balance (in shares) at Dec. 31, 2022	65,592,597
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		2,239			2,239
Stock-based compensation and related share issuances (in shares)	6,751
Distributions to non-controlling interests				(203)	(203)
Net income and comprehensive income			63,875	196	64,071
Dividends declared			(24,644)		(24,644)
Balance at Mar. 31, 2023	$ 656	$ 2,215,362	$ 566,545	$ 12,369	$ 2,794,932
Balance (in shares) at Mar. 31, 2023	65,599,348

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net income and comprehensive income	$ 64,071	$ 65,962
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization	46,328	47,988
Non-cash employee stock compensation expense	2,636	2,124
Fair value changes in equity securities	(799)	(613)	$ 1,503
Deferred tax expense	1,092	688
Other	214	245
Changes in assets and liabilities:
Royalty receivables	2,471	569
Stream inventory	1,056	3,118
Income tax receivable	1,342	518
Prepaid expenses and other assets	(914)	(7,309)
Accounts payable	1,166	(208)
Income tax payable	(7,840)	(10,910)
Other liabilities	(2,168)	(1,039)
Net cash provided by operating activities	108,655	101,133
Cash flows from investing activities:
Acquisition of stream and royalty interests		(37,800)
Other	(197)	(11)
Net cash used in investing activities	(197)	(37,811)
Cash flows from financing activities:
Repayment of debt	(75,000)
Net payments from issuance of common stock	(397)	141
Common stock dividends	(24,629)	(22,978)
Other	(202)	(329)
Net cash used in financing activities	(100,228)	(23,166)
Net increase in cash and equivalents	8,230	40,156
Cash and equivalents at beginning of period	118,586	143,551	143,551
Cash and equivalents at end of period	$ 126,816	$ 183,707	$ 118,586

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2023
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	1. OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS ​ Royal Gold Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in a mining project that provide the right to revenue or metals produced from the project after deducting contractually specified costs, if any. ​ Summary of Significant Accounting Policies ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2023. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on February 16, 2023 (“2022 10-K”). ​ 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, N

STREAM AND ROYALTY INTERESTS, NET	3 Months Ended
	Mar. 31, 2023
STREAM AND ROYALTY INTERESTS, NET
STREAM AND ROYALTY INTERESTS, NET	2. STREAM AND ROYALTY INTERESTS, NET The following tables summarize our stream and royalty interests, net as of March 31, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (404,090) ​ $ 386,545 Pueblo Viejo ​ ​ 610,404 ​ ​ (292,501) ​ ​ 317,903 Andacollo ​ ​ 388,182 ​ ​ (155,619) ​ ​ 232,563 Khoemac a ​ ​ 265,911 ​ ​ (22,782) ​ ​ 243,129 Rainy River ​ ​ 175,727 ​ ​ (65,262) ​ ​ 110,465 Other ​ ​ 232,703 ​ ​ (115,926) ​ ​ 116,777 Total production stage stream interests ​ ​ 2,463,562 ​ ​ (1,056,180) ​ ​ 1,407,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 353,844 ​ ​ (41,853) ​ ​ 311,991 Voisey's Bay ​ ​ 205,724 ​ ​ (118,985) ​ ​ 86,739 Red Chris ​ ​ 116,187 ​ ​ (3,758) ​ ​ 112,429 Peñasquito ​ ​ 99,172 ​ ​ (58,620) ​ ​ 40,552 Other ​ ​ 447,688 ​ ​ (400,934) ​ ​ 46,754 Total production stage royalty interests ​ ​ 1,222,615 ​ ​ (624,150) ​ ​ 598,465 Total production stage stream and royalty interests ​ ​ 3,686,177 ​ ​ (1,680,330) ​ ​ 2,005,847 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 81,510 ​ ​ ​ ​ ​ 81,510 Total development stage stream and royalty interests ​ ​ 138,969 ​ ​ — ​ ​ 138,969 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Xavantina ​ ​ 17,126 ​ ​ — ​ ​ 17,126 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 456,444 ​ ​ — ​ ​ 456,444 Great Bear ​ ​ 209,106 ​ ​ — ​ ​ 209,106 Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ — ​ ​ 29,610 Other ​ ​ 107,698 ​ ​ — ​ ​ 107,698 Total exploration stage stream and royalty interests ​ ​ 1,046,569 ​ ​ — ​ ​ 1,046,569 Total stream and royalty interests, net ​ $ 4,871,715 ​ $ (1,680,330) ​ $ 3,191,385 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 (Amounts in thousands): Cost Accumulated Depletion Impairments ​ Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (392,804) ​ $ — ​ $ 397,831 Pueblo Viejo ​ ​ 610,404 ​ ​ (289,537) ​ ​ — ​ ​ 320,867 Andacollo ​ ​ 388,182 ​ ​ (151,870) ​ ​ — ​ ​ 236,312 Khoemac a ​ ​ 265,911 ​ ​ (15,905) ​ ​ — ​ ​ 250,006 Rainy River ​ ​ 175,727 ​ ​ (61,601) ​ ​ — ​ ​ 114,126 Other ​ ​ 215,576 ​ ​ (110,711) ​ ​ — ​ ​ 104,865 Total production stage stream interests ​ ​ 2,446,435 ​ ​ (1,022,428) ​ ​ — ​ ​ 1,424,007 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 353,772 ​ ​ (35,276) ​ ​ — ​ ​ 318,496 Voisey's Bay ​ ​ 205,724 ​ ​ (118,327) ​ ​ — ​ ​ 87,397 Red Chris ​ ​ 116,187 ​ ​ (1,797) ​ ​ — ​ ​ 114,390 Peñasquito ​ ​ 99,172 ​ ​ (57,772) ​ ​ — ​ ​ 41,400 Other ​ ​ 447,535 ​ ​ (398,513) ​ ​ — ​ ​ 49,022 Total production stage royalty interests ​ ​ 1,222,390 ​ ​ (611,685) ​ ​ — ​ ​ 610,705 Total production stage stream and royalty interests ​ ​ 3,668,825 ​ ​ (1,634,113) ​ ​ — ​ ​ 2,034,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ — ​ ​ 45,421 Other ​ ​ 74,225 ​ ​ — ​ ​ — ​ ​ 74,225 Total development stage stream and royalty interests ​ ​ 131,684 ​ ​ — ​ ​ — ​ ​ 131,684 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Xavantina ​ ​ 34,253 ​ ​ — ​ ​ — ​ ​ 34,253 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 456,318 ​ ​ — ​ ​ — ​ ​ 456,318 Great Bear ​ ​ 209,106 ​ ​ — ​ ​ — ​ ​ 209,106 Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ — ​ ​ — ​ ​ 29,610 Other ​ ​ 119,421 ​ ​ — ​ ​ (4,287) ​ ​ 115,134 Total exploration stage royalty interests ​ ​ 1,075,293 ​ ​ — ​ ​ (4,287) ​ ​ 1,071,006 Total stream and royalty interests, net ​ $ 4,875,802 ​ $ (1,634,113) ​ $ (4,287) ​ $ 3,237,402 ​

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES	3 Months Ended
	Mar. 31, 2023
MARKETABLE EQUITY SECURITIES
MARKETABLE EQUITY SECURITIES	3. MARKETABLE EQUITY SECURITIES ​ As of March 31, 2023, 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. Our marketable equity securities are measured at fair value (Note 10) each reporting period with any changes in fair value recognized in net income (amounts in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 ​ 2022 Carrying value of marketable securities (1) ​ $ 1,172 ​ $ 373 Change in fair value of marketable securities ​ $ 799 ​ $ (1,503) ​ (1) Other Assets ​

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
DEBT
DEBT	4. DEBT ​ Our debt as of March 31, 2023 and December 31, 2022 consists of the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ As of December 31, 2022 ​ Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Revolving credit facility ​ $ 500,000 ​ $ (3,183) ​ $ 496,817 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572 Total debt ​ $ 500,000 ​ $ (3,183) ​ $ 496,817 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572 ​ Revolving credit facility ​ On March 6, 2023, we repaid $75 million of outstanding borrowings on our revolving credit facility. ​ As of March 31, 2023, we had $500 million outstanding and $500 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 March 31, 2023, was LIBOR plus 1.20% for an all-in rate of 6.2%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $8.5 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of March 31, 2023. ​ We may repay any borrowings under our revolving credit facility at any time without premium or penalty.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2023
REVENUE
REVENUE	5. 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 2022 10-K. For the three months ended March 31, 2023, royalty revenue that was estimated or was attributable to metal production for a period prior to March 31, 2023, 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 9. ​ Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, March 31, ​ 2023 ​ 2022 Stream revenue: ​ ​ ​ ​ ​ Gold $ 78,629 ​ $ 77,502 Silver ​ 18,308 ​ ​ 11,439 Copper ​ 18,053 ​ ​ 16,310 Total stream revenue $ 114,990 ​ $ 105,251 Royalty revenue: ​ ​ ​ ​ ​ Gold $ 42,868 ​ $ 37,917 Silver ​ 2,946 ​ ​ 4,317 Copper ​ 5,058 ​ ​ 6,705 Other ​ 4,530 ​ ​ 8,165 Total royalty revenue $ 55,402 ​ $ 57,104 Total revenue $ 170,392 ​ $ 162,355 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, March 31, ​ ​ Metal(s) ​ 2023 ​ 2022 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 46,656 ​ $ 42,416 Pueblo Viejo ​ Gold & Silver ​ ​ 22,358 ​ ​ 23,264 Andacollo ​ Gold ​ ​ 12,934 ​ ​ 15,674 Khoemac a ​ Silver ​ ​ 9,153 ​ ​ 2,389 Other ​ Gold & Silver ​ ​ 23,889 ​ ​ 21,508 Total stream revenue ​ ​ ​ $ 114,990 ​ $ 105,251 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ Cortez Legacy Zone ​ Gold ​ $ 23,087 ​ $ 16,714 Cortez CC Zone ​ Gold ​ ​ 3,206 ​ ​ N/A Peñasquito ​ Gold, Silver, Lead & Zinc ​ ​ 7,433 ​ ​ 13,094 Other ​ Various ​ ​ 21,676 ​ ​ 27,296 Total royalty revenue ​ ​ ​ $ 55,402 ​ $ 57,104 Total revenue ​ ​ ​ $ 170,392 ​ $ 162,355 ​ Please refer to Note 9 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	6. STOCK-BASED COMPENSATION ​ We recognized stock-based compensation expense as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2023 2022 Restricted stock ​ $ 1,614 ​ $ 1,155 Performance stock ​ ​ 810 ​ ​ 631 Stock appreciation rights ​ ​ 205 ​ ​ 332 Stock options ​ ​ 7 ​ ​ 6 Total stock-based compensation expense ​ $ 2,636 ​ $ 2,124 ​ Stock-based compensation expense is included within General and administrative ​ During the three months ended March 31, 2023 and 2022, we granted the following stock-based compensation awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ March 31, ​ ​ 2023 2022 ​ ​ ​ (Number of shares) Performance stock (at maximum 200% attainment) ​ ​ 82,360 ​ ​ 39,380 Restricted stock ​ ​ 56,530 ​ ​ 28,220 Total equity awards granted ​ ​ 138,890 ​ ​ 67,600 ​ As of March 31, 2023, 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 ​ $ 11,230 ​ ​ 2.3 Performance stock ​ ​ 8,893 ​ ​ 2.3 Stock appreciation rights ​ ​ 312 ​ ​ 0.4 Stock options ​ ​ 11 ​ ​ 0.4 ​

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	3 Months Ended
	Mar. 31, 2023
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	7. 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 table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2023 2022 Net income attributable to Royal Gold common stockholders ​ $ 63,875 ​ $ 65,675 Weighted-average shares for basic EPS ​ ​ 65,594,977 ​ ​ 65,565,735 Effect of other dilutive securities ​ ​ 114,118 ​ ​ 78,933 Weighted-average shares for diluted EPS ​ ​ 65,709,095 ​ ​ 65,644,668 Basic EPS ​ $ 0.97 ​ $ 1.00 Diluted EPS ​ $ 0.97 ​ $ 1.00 ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
INCOME TAXES
INCOME TAXES	8. INCOME TAXES ​ The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ March 31, ​ 2023 2022 Income tax expense $ 15,871 ​ $ 15,304 Effective tax rate ​ 19.9% ​ ​ 18.8% ​

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	9. SEGMENT INFORMATION ​ We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ Stream ​ Royalty ​ and royalty ​ Stream ​ Royalty ​ and royalty ​ interest interest interests, net interest interest interests, net Canada ​ $ 497,010 ​ $ 617,542 ​ $ 1,114,552 ​ $ 511,957 ​ $ 620,549 ​ $ 1,132,506 Dominican Republic ​ ​ 317,903 ​ ​ — ​ ​ 317,903 ​ ​ 320,867 ​ ​ — ​ ​ 320,867 Africa ​ ​ 290,125 ​ ​ 321 ​ ​ 290,446 ​ ​ 299,722 ​ ​ 321 ​ ​ 300,043 Chile ​ ​ 232,563 ​ ​ 224,116 ​ ​ 456,679 ​ ​ 236,312 ​ ​ 224,116 ​ ​ 460,428 United States ​ ​ — ​ ​ 816,336 ​ ​ 816,336 ​ ​ — ​ ​ 823,203 ​ ​ 823,203 Mexico ​ ​ — ​ ​ 47,936 ​ ​ 47,936 ​ ​ — ​ ​ 50,156 ​ ​ 50,156 Australia ​ ​ — ​ ​ 21,949 ​ ​ 21,949 ​ ​ — ​ ​ 22,120 ​ ​ 22,120 Rest of world ​ ​ 98,945 ​ ​ 26,639 ​ ​ 125,584 ​ ​ 101,440 ​ ​ 26,639 ​ ​ 128,079 Total ​ $ 1,436,546 ​ $ 1,754,839 ​ $ 3,191,385 ​ $ 1,470,298 ​ $ 1,767,104 ​ $ 3,237,402 ​ Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 114,990 ​ $ 25,020 ​ $ — ​ $ 33,752 ​ $ 56,218 Royalty interests ​ ​ 55,402 ​ ​ — ​ ​ 1,989 ​ ​ 12,462 ​ ​ 40,951 Total ​ $ 170,392 ​ $ 25,020 ​ $ 1,989 ​ $ 46,214 ​ $ 97,169 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 105,251 ​ $ 22,639 ​ $ — ​ $ 36,378 ​ $ 46,234 Royalty interests ​ ​ 57,104 ​ ​ — ​ ​ 2,221 ​ ​ 11,485 ​ ​ 43,398 Total ​ $ 162,355 ​ $ 22,639 ​ $ 2,221 ​ $ 47,863 ​ $ 89,632 ​ (1) Excludes depreciation, depletion and amortization. ​ (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. ​ A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ ​ 2023 ​ 2022 Total segment gross profit ​ $ 97,169 ​ $ 89,632 ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 11,000 ​ ​ 8,931 Depreciation and amortization ​ ​ 114 ​ ​ 125 Operating income ​ ​ 86,055 ​ ​ 80,576 Fair value changes in equity securities ​ ​ 799 ​ ​ 613 Interest and other income ​ ​ 2,263 ​ ​ 975 Interest and other expense ​ ​ (9,175) ​ ​ (898) Income before income taxes ​ $ 79,942 ​ $ 81,266 ​ Our revenue by reportable segment for the three months ended March 31, 2023 and 2022 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2023 2022 Stream interests: ​ ​ ​ ​ ​ ​ Canada ​ $ 56,981 ​ $ 51,485 Dominican Republic ​ ​ 22,358 ​ ​ 23,264 Chile ​ ​ 12,934 ​ ​ 15,674 Africa ​ ​ 17,539 ​ ​ 8,446 Rest of world ​ ​ 5,178 ​ ​ 6,382 Total stream interests ​ $ 114,990 ​ $ 105,251 ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ United States ​ $ 33,581 ​ $ 24,358 Mexico ​ ​ 9,295 ​ ​ 15,881 Canada ​ ​ 6,591 ​ ​ 10,778 Australia ​ ​ 4,099 ​ ​ 4,046 Africa ​ ​ — ​ ​ 316 Rest of world ​ ​ 1,836 ​ ​ 1,725 Total royalty interests ​ $ 55,402 ​ $ 57,104 Total revenue ​ $ 170,392 ​ $ 162,355 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	10. FAIR VALUE MEASUREMENTS ​ Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: ​ Level 1: Quoted prices for identical instruments in active markets; ​ Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and ​ Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). ​ The following table sets forth our financial assets measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 1,172 ​ $ 1,172 ​ $ 149 ​ $ 1,023 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 373 ​ $ 373 ​ $ 121 ​ $ 252 ​ $ — ​ (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 3) 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 4) approximates fair value as of March 31, 2023. ​ As of March 31, 2023, we had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with stream and royalty interests, intangible assets and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired. If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES ​ Xavantina Exploration Payment ​ On April 20, 2023, we made a $2.4 million advance payment to a subsidiary of Ero Gold Corporation as part of our commitment to support the achievement of success-based targets related to regional exploration and mineral resource additions. This payment will be recorded to exploration stage stream interests within Stream and royalty interests, net ​ Ilovica Gold Stream Acquisition ​ As of March 31, 2023, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions. ​

OPERATIONS, SUMMARY OF SIGNIF_2

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Mar. 31, 2023
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
Basis of Consolidation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2023. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on February 16, 2023 (“2022 10-K”).
Recently Adopted Accounting Standards	Recent Accounting Standards ​ We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.

STREAM AND ROYALTY INTERESTS,_2

STREAM AND ROYALTY INTERESTS, NET (Tables)	3 Months Ended
	Mar. 31, 2023
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (404,090) ​ $ 386,545 Pueblo Viejo ​ ​ 610,404 ​ ​ (292,501) ​ ​ 317,903 Andacollo ​ ​ 388,182 ​ ​ (155,619) ​ ​ 232,563 Khoemac a ​ ​ 265,911 ​ ​ (22,782) ​ ​ 243,129 Rainy River ​ ​ 175,727 ​ ​ (65,262) ​ ​ 110,465 Other ​ ​ 232,703 ​ ​ (115,926) ​ ​ 116,777 Total production stage stream interests ​ ​ 2,463,562 ​ ​ (1,056,180) ​ ​ 1,407,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 353,844 ​ ​ (41,853) ​ ​ 311,991 Voisey's Bay ​ ​ 205,724 ​ ​ (118,985) ​ ​ 86,739 Red Chris ​ ​ 116,187 ​ ​ (3,758) ​ ​ 112,429 Peñasquito ​ ​ 99,172 ​ ​ (58,620) ​ ​ 40,552 Other ​ ​ 447,688 ​ ​ (400,934) ​ ​ 46,754 Total production stage royalty interests ​ ​ 1,222,615 ​ ​ (624,150) ​ ​ 598,465 Total production stage stream and royalty interests ​ ​ 3,686,177 ​ ​ (1,680,330) ​ ​ 2,005,847 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 81,510 ​ ​ ​ ​ ​ 81,510 Total development stage stream and royalty interests ​ ​ 138,969 ​ ​ — ​ ​ 138,969 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Xavantina ​ ​ 17,126 ​ ​ — ​ ​ 17,126 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 456,444 ​ ​ — ​ ​ 456,444 Great Bear ​ ​ 209,106 ​ ​ — ​ ​ 209,106 Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ — ​ ​ 29,610 Other ​ ​ 107,698 ​ ​ — ​ ​ 107,698 Total exploration stage stream and royalty interests ​ ​ 1,046,569 ​ ​ — ​ ​ 1,046,569 Total stream and royalty interests, net ​ $ 4,871,715 ​ $ (1,680,330) ​ $ 3,191,385 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 (Amounts in thousands): Cost Accumulated Depletion Impairments ​ Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (392,804) ​ $ — ​ $ 397,831 Pueblo Viejo ​ ​ 610,404 ​ ​ (289,537) ​ ​ — ​ ​ 320,867 Andacollo ​ ​ 388,182 ​ ​ (151,870) ​ ​ — ​ ​ 236,312 Khoemac a ​ ​ 265,911 ​ ​ (15,905) ​ ​ — ​ ​ 250,006 Rainy River ​ ​ 175,727 ​ ​ (61,601) ​ ​ — ​ ​ 114,126 Other ​ ​ 215,576 ​ ​ (110,711) ​ ​ — ​ ​ 104,865 Total production stage stream interests ​ ​ 2,446,435 ​ ​ (1,022,428) ​ ​ — ​ ​ 1,424,007 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 353,772 ​ ​ (35,276) ​ ​ — ​ ​ 318,496 Voisey's Bay ​ ​ 205,724 ​ ​ (118,327) ​ ​ — ​ ​ 87,397 Red Chris ​ ​ 116,187 ​ ​ (1,797) ​ ​ — ​ ​ 114,390 Peñasquito ​ ​ 99,172 ​ ​ (57,772) ​ ​ — ​ ​ 41,400 Other ​ ​ 447,535 ​ ​ (398,513) ​ ​ — ​ ​ 49,022 Total production stage royalty interests ​ ​ 1,222,390 ​ ​ (611,685) ​ ​ — ​ ​ 610,705 Total production stage stream and royalty interests ​ ​ 3,668,825 ​ ​ (1,634,113) ​ ​ — ​ ​ 2,034,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ — ​ ​ 45,421 Other ​ ​ 74,225 ​ ​ — ​ ​ — ​ ​ 74,225 Total development stage stream and royalty interests ​ ​ 131,684 ​ ​ — ​ ​ — ​ ​ 131,684 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Xavantina ​ ​ 34,253 ​ ​ — ​ ​ — ​ ​ 34,253 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 456,318 ​ ​ — ​ ​ — ​ ​ 456,318 Great Bear ​ ​ 209,106 ​ ​ — ​ ​ — ​ ​ 209,106 Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ — ​ ​ — ​ ​ 29,610 Other ​ ​ 119,421 ​ ​ — ​ ​ (4,287) ​ ​ 115,134 Total exploration stage royalty interests ​ ​ 1,075,293 ​ ​ — ​ ​ (4,287) ​ ​ 1,071,006 Total stream and royalty interests, net ​ $ 4,875,802 ​ $ (1,634,113) ​ $ (4,287) ​ $ 3,237,402

MARKETABLE EQUITY SECURITIES (T

MARKETABLE EQUITY SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2023
MARKETABLE EQUITY SECURITIES
Schedule of marketable equity securities measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 ​ 2022 Carrying value of marketable securities (1) ​ $ 1,172 ​ $ 373 Change in fair value of marketable securities ​ $ 799 ​ $ (1,503) ​ (1) Other Assets

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
DEBT
Schedule of debt	Our debt as of March 31, 2023 and December 31, 2022 consists of the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ As of December 31, 2022 ​ Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total ​ ​ ​ (Amounts in thousands) ​ ​ (Amounts in thousands) Revolving credit facility ​ $ 500,000 ​ $ (3,183) ​ $ 496,817 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572 Total debt ​ $ 500,000 ​ $ (3,183) ​ $ 496,817 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572 ​

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2023
REVENUE
Summary of disaggregated revenue	Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, March 31, ​ 2023 ​ 2022 Stream revenue: ​ ​ ​ ​ ​ Gold $ 78,629 ​ $ 77,502 Silver ​ 18,308 ​ ​ 11,439 Copper ​ 18,053 ​ ​ 16,310 Total stream revenue $ 114,990 ​ $ 105,251 Royalty revenue: ​ ​ ​ ​ ​ Gold $ 42,868 ​ $ 37,917 Silver ​ 2,946 ​ ​ 4,317 Copper ​ 5,058 ​ ​ 6,705 Other ​ 4,530 ​ ​ 8,165 Total royalty revenue $ 55,402 ​ $ 57,104 Total revenue $ 170,392 ​ $ 162,355 ​ Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, March 31, ​ ​ Metal(s) ​ 2023 ​ 2022 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 46,656 ​ $ 42,416 Pueblo Viejo ​ Gold & Silver ​ ​ 22,358 ​ ​ 23,264 Andacollo ​ Gold ​ ​ 12,934 ​ ​ 15,674 Khoemac a ​ Silver ​ ​ 9,153 ​ ​ 2,389 Other ​ Gold & Silver ​ ​ 23,889 ​ ​ 21,508 Total stream revenue ​ ​ ​ $ 114,990 ​ $ 105,251 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ Cortez Legacy Zone ​ Gold ​ $ 23,087 ​ $ 16,714 Cortez CC Zone ​ Gold ​ ​ 3,206 ​ ​ N/A Peñasquito ​ Gold, Silver, Lead & Zinc ​ ​ 7,433 ​ ​ 13,094 Other ​ Various ​ ​ 21,676 ​ ​ 27,296 Total royalty revenue ​ ​ ​ $ 55,402 ​ $ 57,104 Total revenue ​ ​ ​ $ 170,392 ​ $ 162,355 ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
STOCK-BASED COMPENSATION
Schedule of recognized stock-based compensation expense	We recognized stock-based compensation expense as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2023 2022 Restricted stock ​ $ 1,614 ​ $ 1,155 Performance stock ​ ​ 810 ​ ​ 631 Stock appreciation rights ​ ​ 205 ​ ​ 332 Stock options ​ ​ 7 ​ ​ 6 Total stock-based compensation expense ​ $ 2,636 ​ $ 2,124 ​
Schedule of stock-based compensation awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ March 31, ​ ​ 2023 2022 ​ ​ ​ (Number of shares) Performance stock (at maximum 200% attainment) ​ ​ 82,360 ​ ​ 39,380 Restricted stock ​ ​ 56,530 ​ ​ 28,220 Total equity awards granted ​ ​ 138,890 ​ ​ 67,600 ​
Schedule of unrecognized compensation expense	As of March 31, 2023, 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 ​ $ 11,230 ​ ​ 2.3 Performance stock ​ ​ 8,893 ​ ​ 2.3 Stock appreciation rights ​ ​ 312 ​ ​ 0.4 Stock options ​ ​ 11 ​ ​ 0.4

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2023
EARNINGS PER SHARE ("EPS")
Summary of the effects of dilutive securities on diluted EPS	The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2023 2022 Net income attributable to Royal Gold common stockholders ​ $ 63,875 ​ $ 65,675 Weighted-average shares for basic EPS ​ ​ 65,594,977 ​ ​ 65,565,735 Effect of other dilutive securities ​ ​ 114,118 ​ ​ 78,933 Weighted-average shares for diluted EPS ​ ​ 65,709,095 ​ ​ 65,644,668 Basic EPS ​ $ 0.97 ​ $ 1.00 Diluted EPS ​ $ 0.97 ​ $ 1.00

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2023
INCOME TAXES
Components of income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ March 31, ​ 2023 2022 Income tax expense $ 15,871 ​ $ 15,304 Effective tax rate ​ 19.9% ​ ​ 18.8%

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ ​ ​ ​ ​ ​ Total stream ​ ​ Stream ​ Royalty ​ and royalty ​ Stream ​ Royalty ​ and royalty ​ interest interest interests, net interest interest interests, net Canada ​ $ 497,010 ​ $ 617,542 ​ $ 1,114,552 ​ $ 511,957 ​ $ 620,549 ​ $ 1,132,506 Dominican Republic ​ ​ 317,903 ​ ​ — ​ ​ 317,903 ​ ​ 320,867 ​ ​ — ​ ​ 320,867 Africa ​ ​ 290,125 ​ ​ 321 ​ ​ 290,446 ​ ​ 299,722 ​ ​ 321 ​ ​ 300,043 Chile ​ ​ 232,563 ​ ​ 224,116 ​ ​ 456,679 ​ ​ 236,312 ​ ​ 224,116 ​ ​ 460,428 United States ​ ​ — ​ ​ 816,336 ​ ​ 816,336 ​ ​ — ​ ​ 823,203 ​ ​ 823,203 Mexico ​ ​ — ​ ​ 47,936 ​ ​ 47,936 ​ ​ — ​ ​ 50,156 ​ ​ 50,156 Australia ​ ​ — ​ ​ 21,949 ​ ​ 21,949 ​ ​ — ​ ​ 22,120 ​ ​ 22,120 Rest of world ​ ​ 98,945 ​ ​ 26,639 ​ ​ 125,584 ​ ​ 101,440 ​ ​ 26,639 ​ ​ 128,079 Total ​ $ 1,436,546 ​ $ 1,754,839 ​ $ 3,191,385 ​ $ 1,470,298 ​ $ 1,767,104 ​ $ 3,237,402
Schedule of reportable segments for assessing performance	Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 114,990 ​ $ 25,020 ​ $ — ​ $ 33,752 ​ $ 56,218 Royalty interests ​ ​ 55,402 ​ ​ — ​ ​ 1,989 ​ ​ 12,462 ​ ​ 40,951 Total ​ $ 170,392 ​ $ 25,020 ​ $ 1,989 ​ $ 46,214 ​ $ 97,169 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 105,251 ​ $ 22,639 ​ $ — ​ $ 36,378 ​ $ 46,234 Royalty interests ​ ​ 57,104 ​ ​ — ​ ​ 2,221 ​ ​ 11,485 ​ ​ 43,398 Total ​ $ 162,355 ​ $ 22,639 ​ $ 2,221 ​ $ 47,863 ​ $ 89,632 ​ (1) Excludes depreciation, depletion and amortization. ​ (2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. ​
Schedule of reconciliation of segment gross profit to consolidated income (loss)	A reconciliation of total segment gross profit to the consolidated Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ ​ 2023 ​ 2022 Total segment gross profit ​ $ 97,169 ​ $ 89,632 ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 11,000 ​ ​ 8,931 Depreciation and amortization ​ ​ 114 ​ ​ 125 Operating income ​ ​ 86,055 ​ ​ 80,576 Fair value changes in equity securities ​ ​ 799 ​ ​ 613 Interest and other income ​ ​ 2,263 ​ ​ 975 Interest and other expense ​ ​ (9,175) ​ ​ (898) Income before income taxes ​ $ 79,942 ​ $ 81,266 ​
Schedule of revenue by reportable segment geographically distributed	Our revenue by reportable segment for the three months ended March 31, 2023 and 2022 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2023 2022 Stream interests: ​ ​ ​ ​ ​ ​ Canada ​ $ 56,981 ​ $ 51,485 Dominican Republic ​ ​ 22,358 ​ ​ 23,264 Chile ​ ​ 12,934 ​ ​ 15,674 Africa ​ ​ 17,539 ​ ​ 8,446 Rest of world ​ ​ 5,178 ​ ​ 6,382 Total stream interests ​ $ 114,990 ​ $ 105,251 ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ United States ​ $ 33,581 ​ $ 24,358 Mexico ​ ​ 9,295 ​ ​ 15,881 Canada ​ ​ 6,591 ​ ​ 10,778 Australia ​ ​ 4,099 ​ ​ 4,046 Africa ​ ​ — ​ ​ 316 Rest of world ​ ​ 1,836 ​ ​ 1,725 Total royalty interests ​ $ 55,402 ​ $ 57,104 Total revenue ​ $ 170,392 ​ $ 162,355

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 1,172 ​ $ 1,172 ​ $ 149 ​ $ 1,023 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ Fair Value ​ Carrying Value Total Level 1 Level 2 Level 3 Assets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities (1) ​ $ 373 ​ $ 373 ​ $ 121 ​ $ 252 ​ $ — ​ (1) Other assets ​

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cost	$ 4,871,715	$ 4,875,802
Accumulated Depletion	(1,680,330)	(1,634,113)
Impairments		(4,287)
Net	3,191,385	3,237,402
Production stage stream and royalty interests
Cost	3,686,177	3,668,825
Accumulated Depletion	(1,680,330)	(1,634,113)
Net	2,005,847	2,034,712
Production stage stream interests
Cost	2,463,562	2,446,435
Accumulated Depletion	(1,056,180)	(1,022,428)
Net	1,407,382	1,424,007
Production stage stream interests | Mt. Milligan
Cost	790,635	790,635
Accumulated Depletion	(404,090)	(392,804)
Net	386,545	397,831
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(292,501)	(289,537)
Net	317,903	320,867
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(155,619)	(151,870)
Net	232,563	236,312
Production stage stream interests | Khoemacau
Cost	265,911	265,911
Accumulated Depletion	(22,782)	(15,905)
Net	243,129	250,006
Production stage stream interests | Rainy River
Cost	175,727	175,727
Accumulated Depletion	(65,262)	(61,601)
Net	110,465	114,126
Production stage stream interests | Other interest
Cost	232,703	215,576
Accumulated Depletion	(115,926)	(110,711)
Net	116,777	104,865
Production stage royalty interests
Cost	1,222,615	1,222,390
Accumulated Depletion	(624,150)	(611,685)
Net	598,465	610,705
Production stage royalty interests | Cortez
Cost	353,844	353,772
Accumulated Depletion	(41,853)	(35,276)
Net	311,991	318,496
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(118,985)	(118,327)
Net	86,739	87,397
Production stage royalty interests | Red Chris
Cost	116,187	116,187
Accumulated Depletion	(3,758)	(1,797)
Net	112,429	114,390
Production stage royalty interests | Penasquito
Cost	99,172	99,172
Accumulated Depletion	(58,620)	(57,772)
Net	40,552	41,400
Production stage royalty interests | Other interest
Cost	447,688	447,535
Accumulated Depletion	(400,934)	(398,513)
Net	46,754	49,022
Development stage stream and royalty interests
Cost	138,969	131,684
Net	138,969	131,684
Development stage stream interests | Other interest
Cost	12,038	12,038
Net	12,038	12,038
Development stage royalty interests | Cote
Cost	45,421	45,421
Net	45,421	45,421
Development stage royalty interests | Other interest
Cost	81,510	74,225
Net	81,510	74,225
Exploration stage stream and royalty interests
Cost	1,046,569	1,075,293
Impairments		(4,287)
Net	1,046,569	1,071,006
Exploration stage stream interests | Xavantina (formerly NX Gold)
Cost	17,126	34,253
Net	17,126	34,253
Exploration stage royalty interests | Cortez
Cost	456,444	456,318
Net	456,444	456,318
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 | Great Bear
Cost	209,106	209,106
Net	209,106	209,106
Exploration stage royalty interests | Pascua - Lama
Cost	177,690	177,690
Net	177,690	177,690
Exploration stage royalty interests | Other interest
Cost	107,698	119,421
Impairments		(4,287)
Net	$ 107,698	$ 115,134

MARKETABLE EQUITY SECURITIES (D

MARKETABLE EQUITY SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Marketable Securities
Carrying value of marketable securities	$ 1,172		$ 373
Change in fair value of marketable securities	$ 799	$ 613	$ (1,503)
TriStar
Marketable Securities
Stock that can be purchased by warrants (in shares)	19,640,000
Goldon Resources Ltd
Marketable Securities
Investment shares owned (in shares)	250,000
Mountain Boy Minerals Ltd
Marketable Securities
Investment shares owned (in shares)	1,242,500

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 06, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Long-term debt disclosure
Principal		$ 500,000		$ 575,000
Debt issuance costs		(3,183)		(3,428)
Total debt		496,817		571,572
Repayment of debt		75,000
Credit Facility
Long-term debt disclosure
Principal		500,000		575,000
Debt issuance costs		(3,183)		(3,428)
Total debt		496,817		$ 571,572
Repayment of debt	$ 75,000
Outstanding amount under credit facility		500,000
Available under the revolving credit facility		$ 500,000
Effective interest rate (as percent)		6.20%
Interest expense recognized		$ 8,500	$ 200
LIBOR | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)		1.20%

REVENUE (Details)

REVENUE (Details)	3 Months Ended
	Mar. 31, 2023 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
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue
Revenue	$ 170,392	$ 162,355
Stream interests
Disaggregation of Revenue
Revenue	114,990	105,251
Stream interests | Gold
Disaggregation of Revenue
Revenue	78,629	77,502
Stream interests | Silver
Disaggregation of Revenue
Revenue	18,308	11,439
Stream interests | Copper
Disaggregation of Revenue
Revenue	18,053	16,310
Royalty interests
Disaggregation of Revenue
Revenue	55,402	57,104
Royalty interests | Gold
Disaggregation of Revenue
Revenue	42,868	37,917
Royalty interests | Silver
Disaggregation of Revenue
Revenue	2,946	4,317
Royalty interests | Copper
Disaggregation of Revenue
Revenue	5,058	6,705
Royalty interests | Other
Disaggregation of Revenue
Revenue	$ 4,530	$ 8,165

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue
Revenue	$ 170,392	$ 162,355
Stream interests
Disaggregation of Revenue
Revenue	114,990	105,251
Stream interests | Mt. Milligan
Disaggregation of Revenue
Revenue	46,656	42,416
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue	22,358	23,264
Stream interests | Andacollo
Disaggregation of Revenue
Revenue	12,934	15,674
Stream interests | Khoemacau
Disaggregation of Revenue
Revenue	9,153	2,389
Stream interests | Other interest
Disaggregation of Revenue
Revenue	23,889	21,508
Royalty interests
Disaggregation of Revenue
Revenue	55,402	57,104
Royalty interests | Cortez Legacy Zone
Disaggregation of Revenue
Revenue	23,087	16,714
Royalty interests | Cortez CC Zone
Disaggregation of Revenue
Revenue	3,206
Royalty interests | Penasquito
Disaggregation of Revenue
Revenue	7,433	13,094
Royalty interests | Other interest
Disaggregation of Revenue
Revenue	$ 21,676	$ 27,296

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-based compensation
Stock-based compensation expense	$ 2,636	$ 2,124
Other than options granted (in shares)	138,890	67,600
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 1,614	$ 1,155
Other than options granted (in shares)	56,530	28,220
Unrecognized compensation expense	$ 11,230
Weighted-average recognition period	2 years 3 months 18 days
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 810	$ 631
Other than options granted (in shares)	82,360	39,380
Earn out basis if all goals are met (as a percent)	200%	200%
Unrecognized compensation expense	$ 8,893
Weighted-average recognition period	2 years 3 months 18 days
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 205	$ 332
Unrecognized compensation expense	$ 312
Weighted-average recognition period	4 months 24 days
Stock options
Stock-based compensation
Stock-based compensation expense	$ 7	$ 6
Unrecognized compensation expense	$ 11
Weighted-average recognition period	4 months 24 days

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
EARNINGS PER SHARE ("EPS")
Net income attributable to Royal Gold common stockholders	$ 63,875	$ 65,675
Weighted-average shares for basic EPS	65,594,977	65,565,735
Effect of other dilutive securities	114,118	78,933
Weighted-average shares for diluted EPS	65,709,095	65,644,668
Basic EPS	$ 0.97	$ 1
Diluted EPS	$ 0.97	$ 1

INCOME TAXES - Quarterly (Detai

INCOME TAXES - Quarterly (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
INCOME TAXES
Income tax expense	$ 15,871	$ 15,304
Effective tax rate (as a percent)	19.90%	18.80%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment	2
Stream and royalty interest	$ 3,191,385		$ 3,237,402
Revenue	170,392	$ 162,355
Cost of sales	25,020	22,639
Production taxes	1,989	2,221
Depletion	46,214	47,863
Total segment gross profit	97,169	89,632
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,114,552		1,132,506
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	317,903		320,867
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	290,446		300,043
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	456,679		460,428
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	816,336		823,203
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	47,936		50,156
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	21,949		22,120
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	125,584		128,079
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,436,546		1,470,298
Revenue	114,990	105,251
Cost of sales	25,020	22,639
Depletion	33,752	36,378
Total segment gross profit	56,218	46,234
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	497,010		511,957
Revenue	56,981	51,485
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	317,903		320,867
Revenue	22,358	23,264
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	290,125		299,722
Revenue	17,539	8,446
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	232,563		236,312
Revenue	12,934	15,674
Stream interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	98,945		101,440
Revenue	5,178	6,382
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,754,839		1,767,104
Revenue	55,402	57,104
Production taxes	1,989	2,221
Depletion	12,462	11,485
Total segment gross profit	40,951	43,398
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	617,542		620,549
Revenue	6,591	10,778
Royalty interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	321		321
Revenue		316
Royalty interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	224,116		224,116
Royalty interests | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	816,336		823,203
Revenue	33,581	24,358
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	47,936		50,156
Revenue	9,295	15,881
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	21,949		22,120
Revenue	4,099	4,046
Royalty interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	26,639		$ 26,639
Revenue	$ 1,836	$ 1,725

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
SEGMENT INFORMATION
Total segment gross profit	$ 97,169	$ 89,632
Costs and expenses
General and administrative expenses	11,000	8,931
Depreciation and amortization	114	125
Operating income	86,055	80,576
Fair value changes in equity securities	799	613	$ (1,503)
Interest and other income	2,263	975
Interest and other expense	(9,175)	(898)
Income before income taxes	$ 79,942	$ 81,266

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Value
Assets:
Marketable equity securities	$ 1,172	$ 373
Fair value
Assets:
Marketable equity securities	1,172	373
Level 1 | Fair value
Assets:
Marketable equity securities	149	121
Level 2 | Fair value
Assets:
Marketable equity securities	$ 1,023	$ 252

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 20, 2023	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies
Acquisition consideration paid			$ 37,800
Ilovica
Commitments and Contingencies
Conditional funding from acquisition		$ 163,750
Xavantina (formerly NX Gold)
Commitments and Contingencies
Acquisition consideration paid	$ 2,400
Advance payments	$ 4,400