Royal Gold (RGLD) 10-Q 1 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 26, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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		65,692,012
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and equivalents	$ 102,901	$ 118,586
Royalty receivables	34,727	49,405
Income tax receivable	14,248	3,066
Stream inventory	9,851	12,656
Prepaid expenses and other	2,039	2,120
Total current assets	163,766	185,833
Stream and royalty interests, net (Note 2)	3,115,580	3,237,402
Other assets	117,817	111,287
Total assets	3,397,163	3,534,522
LIABILITIES
Accounts payable	8,626	6,686
Dividends payable	24,649	24,627
Income tax payable	22,493	16,065
Other current liabilities	15,079	16,209
Total current liabilities	70,847	63,587
Debt (Note 3)	320,750	571,572
Deferred tax liabilities	135,624	138,156
Other liabilities	8,160	7,738
Total liabilities	535,381	781,053
Commitments and contingencies (Note 10)
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 65,631,760 and 65,592,597 shares outstanding, respectively	656	656
Additional paid-in capital	2,218,695	2,213,123
Accumulated earnings	630,035	527,314
Total Royal Gold stockholders' equity	2,849,386	2,741,093
Non-controlling interests	12,396	12,376
Total equity	2,861,782	2,753,469
Total liabilities and equity	$ 3,397,163	$ 3,534,522

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	65,631,760	65,592,597

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Consolidated Statements of Operations and Comprehensive Income
Revenue (Note 4)	$ 138,617	$ 131,429	$ 453,051	$ 440,226
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	21,351	23,221	69,738	69,670
General and administrative	9,927	7,554	30,020	25,797
Production taxes	1,671	1,119	4,934	4,765
Depreciation, depletion and amortization	40,106	37,761	124,847	129,739
Total costs and expenses	73,055	69,655	229,539	229,971
Operating income	65,562	61,774	223,512	210,255
Fair value changes in equity securities	(462)	356	(171)	(1,221)
Interest and other income	2,436	3,571	7,348	5,665
Interest and other expense	(7,285)	(8,814)	(24,867)	(11,110)
Income before income taxes	60,251	56,887	205,822	203,589
Income tax expense	(10,752)	(10,954)	(28,652)	(20,347)
Net income and comprehensive income	49,499	45,933	177,170	183,242
Net income and comprehensive income attributable to non-controlling interests	(162)	(141)	(509)	(633)
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 49,337	$ 45,792	$ 176,661	$ 182,609
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share	$ 0.75	$ 0.70	$ 2.69	$ 2.78
Basic weighted average shares outstanding	65,619,406	65,579,834	65,606,681	65,571,737
Diluted earnings per share	$ 0.75	$ 0.70	$ 2.68	$ 2.78
Diluted weighted average shares outstanding	65,757,076	65,660,152	65,743,114	65,661,197
Cash dividends declared per common share	$ 0.375	$ 0.35	$ 1.125	$ 1.05

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, 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
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		5,572			5,572
Stock-based compensation and related share issuances (in shares)	39,163
Distributions to non-controlling interests				(489)	(489)
Net income and comprehensive income			176,661	509	177,170
Dividends declared			(73,940)		(73,940)
Balance at Sep. 30, 2023	$ 656	2,218,695	630,035	12,396	2,861,782
Balance (in shares) at Sep. 30, 2023	65,631,760
Balance at Jun. 30, 2023	$ 656	2,217,559	605,347	12,331	2,835,893
Balance (in shares) at Jun. 30, 2023	65,609,736
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		1,136			1,136
Stock-based compensation and related share issuances (in shares)	22,024
Distributions to non-controlling interests				(97)	(97)
Net income and comprehensive income			49,337	162	49,499
Dividends declared			(24,649)		(24,649)
Balance at Sep. 30, 2023	$ 656	$ 2,218,695	$ 630,035	$ 12,396	$ 2,861,782
Balance (in shares) at Sep. 30, 2023	65,631,760

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income and comprehensive income	$ 177,170	$ 183,242
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization	124,847	129,739
Non-cash employee stock compensation expense	7,342	6,632
Fair value changes in equity securities	171	1,221
Deferred tax benefit	(6,011)	(17,757)
Other	592	734
Changes in assets and liabilities:
Royalty receivables	14,678	25,612
Stream inventory	2,805	(2,083)
Income tax receivable	(11,182)	(10,141)
Prepaid expenses and other assets	(3,367)	(3,073)
Accounts payable	1,940	857
Income tax payable	6,428	2,646
Other liabilities	(709)	(1,310)
Net cash provided by operating activities	314,704	316,319
Cash flows from investing activities:
Acquisition of stream and royalty interests	(2,678)	(715,829)
Sale of equity securities	107
Other	(256)	(676)
Net cash used in investing activities	(2,827)	(716,505)
Cash flows from financing activities:
Repayment of debt	(250,000)	(50,000)
Borrowings from revolving credit facility		500,000
Debt issuance costs	(1,535)
Net payments from issuance of common stock	(1,373)	(1,438)
Common stock dividends	(73,918)	(68,938)
Other	(736)	(751)
Net cash (used in) provided by financing activities	(327,562)	378,873
Net decrease in cash and equivalents	(15,685)	(21,313)
Cash and equivalents at beginning of period	118,586	143,551
Cash and equivalents at end of period	$ 102,901	$ 122,238

OPERATIONS, SUMMARY OF SIGNIFIC

OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (421,525) ​ $ 369,110 Pueblo Viejo ​ ​ 610,404 ​ ​ (297,599) ​ ​ 312,805 Andacollo ​ ​ 388,182 ​ ​ (161,816) ​ ​ 226,366 Khoemac a ​ ​ 265,911 ​ ​ (35,996) ​ ​ 229,915 Rainy River ​ ​ 175,727 ​ ​ (71,438) ​ ​ 104,289 Other ​ ​ 232,703 ​ ​ (127,590) ​ ​ 105,113 Total production stage stream interests ​ ​ 2,463,562 ​ ​ (1,115,964) ​ ​ 1,347,598 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 353,850 ​ ​ (53,953) ​ ​ 299,897 Voisey's Bay ​ ​ 205,724 ​ ​ (119,876) ​ ​ 85,848 Red Chris ​ ​ 116,187 ​ ​ (3,758) ​ ​ 112,429 Peñasquito ​ ​ 99,172 ​ ​ (59,407) ​ ​ 39,765 Other ​ ​ 448,419 ​ ​ (405,656) ​ ​ 42,763 Total production stage royalty interests ​ ​ 1,223,352 ​ ​ (642,650) ​ ​ 580,702 Total production stage stream and royalty interests ​ ​ 3,686,914 ​ ​ (1,758,614) ​ ​ 1,928,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 81,507 ​ ​ — ​ ​ 81,507 Total development stage stream and royalty interests ​ ​ 138,966 ​ ​ — ​ ​ 138,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Xavantina ​ ​ 19,565 ​ ​ — ​ ​ 19,565 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 456,479 ​ ​ — ​ ​ 456,479 Great Bear ​ ​ 209,106 ​ ​ — ​ ​ 209,106 Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ — ​ ​ 29,610 Other ​ ​ 106,969 ​ ​ — ​ ​ 106,969 Total exploration stage stream and royalty interests ​ ​ 1,048,314 ​ ​ — ​ ​ 1,048,314 Total stream and royalty interests, net ​ $ 4,874,194 ​ $ (1,758,614) ​ $ 3,115,580 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
DEBT
DEBT	3. DEBT ​ Our debt as of September 30, 2023 and December 31, 2022 consists of the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 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 ​ $ 325,000 ​ $ (4,250) ​ $ 320,750 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572 Total debt ​ $ 325,000 ​ $ (4,250) ​ $ 320,750 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572 ​ Revolving credit facility ​ On March 6, June 6, and September 6, 2023, we repaid $75 million, $100 million, and $75 million, respectively, on our revolving credit facility. ​ On June 28, 2023, we entered into a fifth amendment to our revolving credit facility dated as of June 2, 2017, as amended. The fifth amendment extended the scheduled maturity date from July 7, 2026 to June 28, 2028, replaced LIBOR with Secured Overnight Financing Rate (“Term SOFR”) as a benchmark interest rate and made certain other administrative changes to the existing revolving credit facility. ​ As of September 30, 2023, we had $325 million outstanding and $675 million available under our revolving credit facility. The interest rate on borrowings under our revolving credit facility as of September 30, 2023, was Term SOFR plus 1.20% for an all-in rate of 6.7%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $6.7 million and $23.0 million for the three and nine months ended September 30, 2023, respectively, and $3.9 million and $4.4 million for the three and nine months ended September 30, 2022, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of September 30, 2023. ​ We may repay any borrowings under our revolving credit facility at any time without premium or penalty.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2023
REVENUE
REVENUE	4. 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 September 30, 2023, royalty revenue that was estimated or was attributable to metal production for a period prior to September 30, 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 8. ​ 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, ​ 2023 ​ 2022 ​ 2023 ​ 2022 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 72,540 ​ $ 76,833 ​ $ 231,396 ​ $ 229,661 Silver ​ 14,419 ​ ​ 12,063 ​ ​ 51,958 ​ ​ 36,393 Copper ​ 12,019 ​ ​ 9,836 ​ ​ 36,628 ​ ​ 42,809 Total stream revenue $ 98,978 ​ $ 98,732 ​ $ 319,982 ​ $ 308,863 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 35,993 ​ $ 23,163 ​ $ 109,030 ​ $ 90,054 Silver ​ 441 ​ ​ 2,648 ​ ​ 6,108 ​ ​ 10,477 Copper ​ 1,524 ​ ​ 1,285 ​ ​ 8,154 ​ ​ 11,271 Other ​ 1,681 ​ ​ 5,601 ​ ​ 9,777 ​ ​ 19,561 Total royalty revenue $ 39,639 ​ $ 32,697 ​ $ 133,069 ​ $ 131,363 Total revenue $ 138,617 ​ $ 131,429 ​ $ 453,051 ​ $ 440,226 ​ 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) ​ 2023 ​ 2022 ​ 2023 ​ 2022 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 33,876 ​ $ 41,553 ​ $ 121,739 ​ $ 129,596 Pueblo Viejo ​ Gold & Silver ​ ​ 16,688 ​ ​ 21,156 ​ ​ 62,586 ​ ​ 64,232 Andacollo ​ Gold ​ ​ 14,644 ​ ​ 12,170 ​ ​ 35,401 ​ ​ 39,565 Khoemac a ​ Silver ​ ​ 9,047 ​ ​ 5,050 ​ ​ 27,082 ​ ​ 12,641 Other ​ Gold & Silver ​ ​ 24,723 ​ ​ 18,803 ​ ​ 73,174 ​ ​ 62,829 Total stream revenue ​ ​ ​ $ 98,978 ​ $ 98,732 ​ $ 319,982 ​ $ 308,863 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez Legacy Zone ​ Gold ​ $ 19,668 ​ $ 4,562 ​ $ 57,062 ​ $ 29,413 Cortez CC Zone ​ Gold ​ ​ 2,948 ​ ​ N/A ​ ​ 9,674 ​ ​ N/A Peñasquito ​ Gold, Silver, Lead & Zinc ​ ​ — ​ ​ 9,010 ​ ​ 13,538 ​ ​ 31,768 Other ​ Various ​ ​ 17,023 ​ ​ 19,125 ​ ​ 52,795 ​ ​ 70,182 Total royalty revenue ​ ​ ​ $ 39,639 ​ $ 32,697 ​ $ 133,069 ​ $ 131,363 Total revenue ​ ​ ​ $ 138,617 ​ $ 131,429 ​ $ 453,051 ​ $ 440,226 ​ Peñasquito Revenue ​ During the three months ended September 30, 2023, no royalty revenue from Peñasquito was recognized due to the suspension of operations resulting from a strike action on June 7, 2023, by the National Union of Mine and Metal Workers of the Mexican Republic ("the Union"). According to Newmont Corporation (“Newmont”), on October 13, 2023, a definitive agreement was reached between Newmont and the Union that also received approval from the Mexican Labor Court, ramp-up of operations has since commenced, and operations at Peñasquito are expected to reach full operating capacity by the end of the fourth quarter of 2023. ​ Please refer to Note 8 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. 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, ​ 2023 2022 2023 2022 Restricted stock ​ $ 1,538 ​ $ 1,140 ​ $ 4,692 ​ $ 3,496 Performance stock ​ ​ 1,105 ​ ​ 658 ​ ​ 2,098 ​ ​ 2,136 Stock appreciation rights ​ ​ 116 ​ ​ 283 ​ ​ 533 ​ ​ 975 Stock options ​ ​ 4 ​ ​ 9 ​ ​ 19 ​ ​ 25 Total stock-based compensation expense ​ $ 2,763 ​ $ 2,090 ​ $ 7,342 ​ $ 6,632 ​ Stock-based compensation expense is included within General and administrative ​ During the three and nine months ended September 30, 2023 and 2022, we granted the following stock-based compensation awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ ​ ​ September 30, ​ ​ September 30, ​ ​ September 30, ​ ​ September 30, ​ ​ 2023 2022 ​ 2023 2022 ​ ​ ​ (Number of shares) ​ ​ (Number of shares) Performance stock (at maximum 200% attainment) ​ ​ 380 ​ ​ — ​ ​ 82,740 ​ ​ 39,380 Restricted Stock ​ ​ 180 ​ ​ — ​ ​ 56,710 ​ ​ 28,220 Total equity awards granted ​ ​ 560 ​ ​ — ​ ​ 139,450 ​ ​ 67,600 ​ As of September 30, 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 ​ ​ ​ ​ ​ ​ ​ $ 8,534 ​ ​ 1.9 Performance stock ​ ​ ​ ​ ​ ​ ​ ​ 6,743 ​ ​ 1.9 ​

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	9 Months Ended
	Sep. 30, 2023
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	6. 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2023 2022 2023 2022 Net income attributable to Royal Gold common stockholders ​ $ 49,337 ​ $ 45,792 ​ $ 176,661 ​ $ 182,609 Weighted-average shares for basic EPS ​ ​ 65,619,406 ​ ​ 65,579,834 ​ ​ 65,606,681 ​ ​ 65,571,737 Effect of other dilutive securities ​ ​ 137,670 ​ ​ 80,318 ​ ​ 136,433 ​ ​ 89,460 Weighted-average shares for diluted EPS ​ ​ 65,757,076 ​ ​ 65,660,152 ​ ​ 65,743,114 ​ ​ 65,661,197 Basic EPS ​ $ 0.75 ​ $ 0.70 ​ $ 2.69 ​ $ 2.78 Diluted EPS ​ $ 0.75 ​ $ 0.70 ​ $ 2.68 ​ $ 2.78 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
INCOME TAXES
INCOME TAXES	7. INCOME TAXES ​ The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2023 2022 2023 2022 Income tax expense ​ $ 10,752 ​ $ 10,954 ​ $ 28,652 ​ $ 20,347 Effective tax rate ​ ​ 17.8% ​ ​ 19.3% ​ ​ 13.9% ​ ​ 10.0% ​ The effective tax rates for the nine months ended September 30, 2023 and 2022, included discrete income tax benefits of $8.5 million and $18.8 million, respectively, attributable to the release of a valuation allowance on certain deferred tax assets.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	8. 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, 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 ​ $ 473,399 ​ $ 616,199 ​ $ 1,089,598 ​ $ 511,957 ​ $ 620,549 ​ $ 1,132,506 Dominican Republic ​ ​ 312,805 ​ ​ — ​ ​ 312,805 ​ ​ 320,867 ​ ​ — ​ ​ 320,867 Africa ​ ​ 270,812 ​ ​ 321 ​ ​ 271,133 ​ ​ 299,722 ​ ​ 321 ​ ​ 300,043 Chile ​ ​ 226,366 ​ ​ 224,116 ​ ​ 450,482 ​ ​ 236,312 ​ ​ 224,116 ​ ​ 460,428 United States ​ ​ — ​ ​ 803,523 ​ ​ 803,523 ​ ​ — ​ ​ 823,203 ​ ​ 823,203 Mexico ​ ​ — ​ ​ 44,035 ​ ​ 44,035 ​ ​ — ​ ​ 50,156 ​ ​ 50,156 Australia ​ ​ — ​ ​ 21,547 ​ ​ 21,547 ​ ​ — ​ ​ 22,120 ​ ​ 22,120 Rest of world ​ ​ 95,819 ​ ​ 26,638 ​ ​ 122,457 ​ ​ 101,440 ​ ​ 26,639 ​ ​ 128,079 Total ​ $ 1,379,201 ​ $ 1,736,379 ​ $ 3,115,580 ​ $ 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 September 30, 2023 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 98,978 ​ $ 21,351 ​ $ — ​ $ 30,433 ​ $ 47,194 Royalty interests ​ ​ 39,639 ​ ​ — ​ ​ 1,671 ​ ​ 9,556 ​ ​ 28,412 Total ​ $ 138,617 ​ $ 21,351 ​ $ 1,671 ​ $ 39,989 ​ $ 75,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2023 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 319,982 ​ $ 69,738 ​ $ — ​ $ 93,537 ​ $ 156,707 Royalty interests ​ ​ 133,069 ​ ​ — ​ ​ 4,934 ​ ​ 30,964 ​ ​ 97,171 Total ​ $ 453,051 ​ $ 69,738 ​ $ 4,934 ​ $ 124,501 ​ $ 253,878 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ (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, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Total segment gross profit ​ $ 75,606 ​ $ 69,450 ​ $ 253,878 ​ $ 236,423 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 9,927 ​ ​ 7,554 ​ ​ 30,020 ​ ​ 25,797 Depreciation and amortization ​ ​ 117 ​ ​ 122 ​ ​ 346 ​ ​ 371 Operating income ​ ​ 65,562 ​ ​ 61,774 ​ ​ 223,512 ​ ​ 210,255 Fair value changes in equity securities ​ ​ (462) ​ ​ 356 ​ ​ (171) ​ ​ (1,221) Interest and other income ​ ​ 2,436 ​ ​ 3,571 ​ ​ 7,348 ​ ​ 5,665 Interest and other expense ​ ​ (7,285) ​ ​ (8,814) ​ ​ (24,867) ​ ​ (11,110) Income before income taxes ​ $ 60,251 ​ $ 56,887 ​ $ 205,822 ​ $ 203,589 ​ Our revenue by reportable segment for the three and nine months ended September 30, 2023 and 2022 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, ​ 2023 2022 2023 2022 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 42,577 ​ $ 46,861 ​ $ 150,405 ​ $ 152,938 Africa ​ ​ 18,092 ​ ​ 13,257 ​ ​ 54,394 ​ ​ 38,633 Dominican Republic ​ ​ 16,688 ​ ​ 21,156 ​ ​ 62,586 ​ ​ 64,232 Chile ​ ​ 14,644 ​ ​ 12,170 ​ ​ 35,401 ​ ​ 39,566 Rest of world ​ ​ 6,977 ​ ​ 5,288 ​ ​ 17,196 ​ ​ 13,494 Total stream interests ​ $ 98,978 ​ $ 98,732 ​ $ 319,982 ​ $ 308,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 28,237 ​ $ 11,413 ​ $ 85,082 ​ $ 52,616 Australia ​ ​ 4,696 ​ ​ 3,446 ​ ​ 13,874 ​ ​ 11,533 Canada ​ ​ 3,090 ​ ​ 4,826 ​ ​ 9,585 ​ ​ 21,377 Mexico ​ ​ 1,964 ​ ​ 11,095 ​ ​ 19,413 ​ ​ 38,915 Africa ​ ​ — ​ ​ — ​ ​ — ​ ​ 430 Rest of world ​ ​ 1,652 ​ ​ 1,917 ​ ​ 5,115 ​ ​ 6,492 Total royalty interests ​ $ 39,639 ​ $ 32,697 ​ $ 133,069 ​ $ 131,363 Total revenue ​ $ 138,617 ​ $ 131,429 ​ $ 453,051 ​ $ 440,226 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	9. 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). ​ As of September 30, 2023 and December 31, 2022, we had financial assets in the form of marketable securities which are measured at fair value on a recurring basis; however, the carrying value of such financial assets is not material. ​ The carrying value of our revolving credit facility (Note 3) approximates fair value as of September 30, 2023. ​ As of September 30, 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	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES ​ Xavantina Exploration Payment ​ On April 20, 2023, we made a $2.4 million advance payment to a subsidiary of Ero Copper Corp. (“Ero”) as part of our commitment to support the achievement of success-based targets related to regional exploration and mineral resource additions. This payment was recorded to exploration stage stream interests within Stream and royalty interests, net ​ Ilovica Gold Stream Acquisition ​ As of September 30, 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)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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	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)	9 Months Ended
	Sep. 30, 2023
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (421,525) ​ $ 369,110 Pueblo Viejo ​ ​ 610,404 ​ ​ (297,599) ​ ​ 312,805 Andacollo ​ ​ 388,182 ​ ​ (161,816) ​ ​ 226,366 Khoemac a ​ ​ 265,911 ​ ​ (35,996) ​ ​ 229,915 Rainy River ​ ​ 175,727 ​ ​ (71,438) ​ ​ 104,289 Other ​ ​ 232,703 ​ ​ (127,590) ​ ​ 105,113 Total production stage stream interests ​ ​ 2,463,562 ​ ​ (1,115,964) ​ ​ 1,347,598 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 353,850 ​ ​ (53,953) ​ ​ 299,897 Voisey's Bay ​ ​ 205,724 ​ ​ (119,876) ​ ​ 85,848 Red Chris ​ ​ 116,187 ​ ​ (3,758) ​ ​ 112,429 Peñasquito ​ ​ 99,172 ​ ​ (59,407) ​ ​ 39,765 Other ​ ​ 448,419 ​ ​ (405,656) ​ ​ 42,763 Total production stage royalty interests ​ ​ 1,223,352 ​ ​ (642,650) ​ ​ 580,702 Total production stage stream and royalty interests ​ ​ 3,686,914 ​ ​ (1,758,614) ​ ​ 1,928,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 81,507 ​ ​ — ​ ​ 81,507 Total development stage stream and royalty interests ​ ​ 138,966 ​ ​ — ​ ​ 138,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Xavantina ​ ​ 19,565 ​ ​ — ​ ​ 19,565 Exploration stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 456,479 ​ ​ — ​ ​ 456,479 Great Bear ​ ​ 209,106 ​ ​ — ​ ​ 209,106 Pascua-Lama ​ ​ 177,690 ​ ​ — ​ ​ 177,690 Red Chris ​ ​ 48,895 ​ ​ — ​ ​ 48,895 Côté ​ ​ 29,610 ​ ​ — ​ ​ 29,610 Other ​ ​ 106,969 ​ ​ — ​ ​ 106,969 Total exploration stage stream and royalty interests ​ ​ 1,048,314 ​ ​ — ​ ​ 1,048,314 Total stream and royalty interests, net ​ $ 4,874,194 ​ $ (1,758,614) ​ $ 3,115,580 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
DEBT
Schedule of debt	Our debt as of September 30, 2023 and December 31, 2022 consists of the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 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 ​ $ 325,000 ​ $ (4,250) ​ $ 320,750 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572 Total debt ​ $ 325,000 ​ $ (4,250) ​ $ 320,750 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 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 ​ Nine Months Ended ​ September 30, September 30, September 30, September 30, ​ 2023 ​ 2022 ​ 2023 ​ 2022 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 72,540 ​ $ 76,833 ​ $ 231,396 ​ $ 229,661 Silver ​ 14,419 ​ ​ 12,063 ​ ​ 51,958 ​ ​ 36,393 Copper ​ 12,019 ​ ​ 9,836 ​ ​ 36,628 ​ ​ 42,809 Total stream revenue $ 98,978 ​ $ 98,732 ​ $ 319,982 ​ $ 308,863 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold $ 35,993 ​ $ 23,163 ​ $ 109,030 ​ $ 90,054 Silver ​ 441 ​ ​ 2,648 ​ ​ 6,108 ​ ​ 10,477 Copper ​ 1,524 ​ ​ 1,285 ​ ​ 8,154 ​ ​ 11,271 Other ​ 1,681 ​ ​ 5,601 ​ ​ 9,777 ​ ​ 19,561 Total royalty revenue $ 39,639 ​ $ 32,697 ​ $ 133,069 ​ $ 131,363 Total revenue $ 138,617 ​ $ 131,429 ​ $ 453,051 ​ $ 440,226 ​ 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) ​ 2023 ​ 2022 ​ 2023 ​ 2022 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 33,876 ​ $ 41,553 ​ $ 121,739 ​ $ 129,596 Pueblo Viejo ​ Gold & Silver ​ ​ 16,688 ​ ​ 21,156 ​ ​ 62,586 ​ ​ 64,232 Andacollo ​ Gold ​ ​ 14,644 ​ ​ 12,170 ​ ​ 35,401 ​ ​ 39,565 Khoemac a ​ Silver ​ ​ 9,047 ​ ​ 5,050 ​ ​ 27,082 ​ ​ 12,641 Other ​ Gold & Silver ​ ​ 24,723 ​ ​ 18,803 ​ ​ 73,174 ​ ​ 62,829 Total stream revenue ​ ​ ​ $ 98,978 ​ $ 98,732 ​ $ 319,982 ​ $ 308,863 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez Legacy Zone ​ Gold ​ $ 19,668 ​ $ 4,562 ​ $ 57,062 ​ $ 29,413 Cortez CC Zone ​ Gold ​ ​ 2,948 ​ ​ N/A ​ ​ 9,674 ​ ​ N/A Peñasquito ​ Gold, Silver, Lead & Zinc ​ ​ — ​ ​ 9,010 ​ ​ 13,538 ​ ​ 31,768 Other ​ Various ​ ​ 17,023 ​ ​ 19,125 ​ ​ 52,795 ​ ​ 70,182 Total royalty revenue ​ ​ ​ $ 39,639 ​ $ 32,697 ​ $ 133,069 ​ $ 131,363 Total revenue ​ ​ ​ $ 138,617 ​ $ 131,429 ​ $ 453,051 ​ $ 440,226

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2023 2022 2023 2022 Restricted stock ​ $ 1,538 ​ $ 1,140 ​ $ 4,692 ​ $ 3,496 Performance stock ​ ​ 1,105 ​ ​ 658 ​ ​ 2,098 ​ ​ 2,136 Stock appreciation rights ​ ​ 116 ​ ​ 283 ​ ​ 533 ​ ​ 975 Stock options ​ ​ 4 ​ ​ 9 ​ ​ 19 ​ ​ 25 Total stock-based compensation expense ​ $ 2,763 ​ $ 2,090 ​ $ 7,342 ​ $ 6,632
Schedule of stock-based compensation awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ ​ ​ September 30, ​ ​ September 30, ​ ​ September 30, ​ ​ September 30, ​ ​ 2023 2022 ​ 2023 2022 ​ ​ ​ (Number of shares) ​ ​ (Number of shares) Performance stock (at maximum 200% attainment) ​ ​ 380 ​ ​ — ​ ​ 82,740 ​ ​ 39,380 Restricted Stock ​ ​ 180 ​ ​ — ​ ​ 56,710 ​ ​ 28,220 Total equity awards granted ​ ​ 560 ​ ​ — ​ ​ 139,450 ​ ​ 67,600
Schedule of unrecognized compensation expense	As of September 30, 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 ​ ​ ​ ​ ​ ​ ​ $ 8,534 ​ ​ 1.9 Performance stock ​ ​ ​ ​ ​ ​ ​ ​ 6,743 ​ ​ 1.9 ​

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	9 Months Ended
	Sep. 30, 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2023 2022 2023 2022 Net income attributable to Royal Gold common stockholders ​ $ 49,337 ​ $ 45,792 ​ $ 176,661 ​ $ 182,609 Weighted-average shares for basic EPS ​ ​ 65,619,406 ​ ​ 65,579,834 ​ ​ 65,606,681 ​ ​ 65,571,737 Effect of other dilutive securities ​ ​ 137,670 ​ ​ 80,318 ​ ​ 136,433 ​ ​ 89,460 Weighted-average shares for diluted EPS ​ ​ 65,757,076 ​ ​ 65,660,152 ​ ​ 65,743,114 ​ ​ 65,661,197 Basic EPS ​ $ 0.75 ​ $ 0.70 ​ $ 2.69 ​ $ 2.78 Diluted EPS ​ $ 0.75 ​ $ 0.70 ​ $ 2.68 ​ $ 2.78 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2023
INCOME TAXES
Components of income tax expense (benefit)	The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2023 2022 2023 2022 Income tax expense ​ $ 10,752 ​ $ 10,954 ​ $ 28,652 ​ $ 20,347 Effective tax rate ​ ​ 17.8% ​ ​ 19.3% ​ ​ 13.9% ​ ​ 10.0%

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2023
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 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 ​ $ 473,399 ​ $ 616,199 ​ $ 1,089,598 ​ $ 511,957 ​ $ 620,549 ​ $ 1,132,506 Dominican Republic ​ ​ 312,805 ​ ​ — ​ ​ 312,805 ​ ​ 320,867 ​ ​ — ​ ​ 320,867 Africa ​ ​ 270,812 ​ ​ 321 ​ ​ 271,133 ​ ​ 299,722 ​ ​ 321 ​ ​ 300,043 Chile ​ ​ 226,366 ​ ​ 224,116 ​ ​ 450,482 ​ ​ 236,312 ​ ​ 224,116 ​ ​ 460,428 United States ​ ​ — ​ ​ 803,523 ​ ​ 803,523 ​ ​ — ​ ​ 823,203 ​ ​ 823,203 Mexico ​ ​ — ​ ​ 44,035 ​ ​ 44,035 ​ ​ — ​ ​ 50,156 ​ ​ 50,156 Australia ​ ​ — ​ ​ 21,547 ​ ​ 21,547 ​ ​ — ​ ​ 22,120 ​ ​ 22,120 Rest of world ​ ​ 95,819 ​ ​ 26,638 ​ ​ 122,457 ​ ​ 101,440 ​ ​ 26,639 ​ ​ 128,079 Total ​ $ 1,379,201 ​ $ 1,736,379 ​ $ 3,115,580 ​ $ 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 September 30, 2023 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 98,978 ​ $ 21,351 ​ $ — ​ $ 30,433 ​ $ 47,194 Royalty interests ​ ​ 39,639 ​ ​ — ​ ​ 1,671 ​ ​ 9,556 ​ ​ 28,412 Total ​ $ 138,617 ​ $ 21,351 ​ $ 1,671 ​ $ 39,989 ​ $ 75,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2023 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 319,982 ​ $ 69,738 ​ $ — ​ $ 93,537 ​ $ 156,707 Royalty interests ​ ​ 133,069 ​ ​ — ​ ​ 4,934 ​ ​ 30,964 ​ ​ 97,171 Total ​ $ 453,051 ​ $ 69,738 ​ $ 4,934 ​ $ 124,501 ​ $ 253,878 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ (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, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Total segment gross profit ​ $ 75,606 ​ $ 69,450 ​ $ 253,878 ​ $ 236,423 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ ​ 9,927 ​ ​ 7,554 ​ ​ 30,020 ​ ​ 25,797 Depreciation and amortization ​ ​ 117 ​ ​ 122 ​ ​ 346 ​ ​ 371 Operating income ​ ​ 65,562 ​ ​ 61,774 ​ ​ 223,512 ​ ​ 210,255 Fair value changes in equity securities ​ ​ (462) ​ ​ 356 ​ ​ (171) ​ ​ (1,221) Interest and other income ​ ​ 2,436 ​ ​ 3,571 ​ ​ 7,348 ​ ​ 5,665 Interest and other expense ​ ​ (7,285) ​ ​ (8,814) ​ ​ (24,867) ​ ​ (11,110) Income before income taxes ​ $ 60,251 ​ $ 56,887 ​ $ 205,822 ​ $ 203,589
Schedule of revenue by reportable segment geographically distributed	Our revenue by reportable segment for the three and nine months ended September 30, 2023 and 2022 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, ​ 2023 2022 2023 2022 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 42,577 ​ $ 46,861 ​ $ 150,405 ​ $ 152,938 Africa ​ ​ 18,092 ​ ​ 13,257 ​ ​ 54,394 ​ ​ 38,633 Dominican Republic ​ ​ 16,688 ​ ​ 21,156 ​ ​ 62,586 ​ ​ 64,232 Chile ​ ​ 14,644 ​ ​ 12,170 ​ ​ 35,401 ​ ​ 39,566 Rest of world ​ ​ 6,977 ​ ​ 5,288 ​ ​ 17,196 ​ ​ 13,494 Total stream interests ​ $ 98,978 ​ $ 98,732 ​ $ 319,982 ​ $ 308,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 28,237 ​ $ 11,413 ​ $ 85,082 ​ $ 52,616 Australia ​ ​ 4,696 ​ ​ 3,446 ​ ​ 13,874 ​ ​ 11,533 Canada ​ ​ 3,090 ​ ​ 4,826 ​ ​ 9,585 ​ ​ 21,377 Mexico ​ ​ 1,964 ​ ​ 11,095 ​ ​ 19,413 ​ ​ 38,915 Africa ​ ​ — ​ ​ — ​ ​ — ​ ​ 430 Rest of world ​ ​ 1,652 ​ ​ 1,917 ​ ​ 5,115 ​ ​ 6,492 Total royalty interests ​ $ 39,639 ​ $ 32,697 ​ $ 133,069 ​ $ 131,363 Total revenue ​ $ 138,617 ​ $ 131,429 ​ $ 453,051 ​ $ 440,226 ​

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cost	$ 4,874,194	$ 4,875,802
Accumulated Depletion	(1,758,614)	(1,634,113)
Impairments		(4,287)
Net	3,115,580	3,237,402
Production stage stream and royalty interests
Cost	3,686,914	3,668,825
Accumulated Depletion	(1,758,614)	(1,634,113)
Net	1,928,300	2,034,712
Production stage stream interests
Cost	2,463,562	2,446,435
Accumulated Depletion	(1,115,964)	(1,022,428)
Net	1,347,598	1,424,007
Production stage stream interests | Mt. Milligan
Cost	790,635	790,635
Accumulated Depletion	(421,525)	(392,804)
Net	369,110	397,831
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(297,599)	(289,537)
Net	312,805	320,867
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(161,816)	(151,870)
Net	226,366	236,312
Production stage stream interests | Khoemacau
Cost	265,911	265,911
Accumulated Depletion	(35,996)	(15,905)
Net	229,915	250,006
Production stage stream interests | Rainy River
Cost	175,727	175,727
Accumulated Depletion	(71,438)	(61,601)
Net	104,289	114,126
Production stage stream interests | Other interest
Cost	232,703	215,576
Accumulated Depletion	(127,590)	(110,711)
Net	105,113	104,865
Production stage royalty interests
Cost	1,223,352	1,222,390
Accumulated Depletion	(642,650)	(611,685)
Net	580,702	610,705
Production stage royalty interests | Cortez
Cost	353,850	353,772
Accumulated Depletion	(53,953)	(35,276)
Net	299,897	318,496
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(119,876)	(118,327)
Net	85,848	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	(59,407)	(57,772)
Net	39,765	41,400
Production stage royalty interests | Other interest
Cost	448,419	447,535
Accumulated Depletion	(405,656)	(398,513)
Net	42,763	49,022
Development stage stream and royalty interests
Cost	138,966	131,684
Net	138,966	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	81,507	74,225
Net	81,507	74,225
Exploration stage stream and royalty interests
Cost	1,048,314	1,075,293
Impairments		(4,287)
Net	1,048,314	1,071,006
Exploration stage stream interests | Xavantina (formerly NX Gold)
Cost	19,565	34,253
Net	19,565	34,253
Exploration stage royalty interests | Cortez
Cost	456,479	456,318
Net	456,479	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	106,969	119,421
Impairments		(4,287)
Net	$ 106,969	$ 115,134

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended
	Sep. 06, 2023	Jun. 06, 2023	Mar. 06, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Long-term debt disclosure
Principal				$ 325,000		$ 325,000		$ 575,000
Debt issuance costs				(4,250)		(4,250)		(3,428)
Total debt				320,750		320,750		571,572
Repayment of debt						250,000	$ 50,000
Borrowings from revolving credit facility							500,000
Credit Facility
Long-term debt disclosure
Principal				325,000		325,000		575,000
Debt issuance costs				(4,250)		(4,250)		(3,428)
Total debt				320,750		320,750		$ 571,572
Repayment of debt	$ 75,000	$ 100,000	$ 75,000
Outstanding amount under credit facility				325,000		325,000
Available under the revolving credit facility				$ 675,000		$ 675,000
Effective interest rate (as percent)				6.70%		6.70%
Interest expense recognized				$ 6,700	$ 3,900	$ 23,000	$ 4,400
SOFR | Credit Facility
Long-term debt disclosure
Basis spread on interest rate (as a percent)						1.20%

REVENUE (Details)

REVENUE (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue
Revenue	$ 138,617	$ 131,429	$ 453,051	$ 440,226
Stream interests
Disaggregation of Revenue
Revenue	98,978	98,732	319,982	308,863
Stream interests | Gold
Disaggregation of Revenue
Revenue	72,540	76,833	231,396	229,661
Stream interests | Silver
Disaggregation of Revenue
Revenue	14,419	12,063	51,958	36,393
Stream interests | Copper
Disaggregation of Revenue
Revenue	12,019	9,836	36,628	42,809
Royalty interests
Disaggregation of Revenue
Revenue	39,639	32,697	133,069	131,363
Royalty interests | Gold
Disaggregation of Revenue
Revenue	35,993	23,163	109,030	90,054
Royalty interests | Silver
Disaggregation of Revenue
Revenue	441	2,648	6,108	10,477
Royalty interests | Copper
Disaggregation of Revenue
Revenue	1,524	1,285	8,154	11,271
Royalty interests | Other
Disaggregation of Revenue
Revenue	$ 1,681	$ 5,601	$ 9,777	$ 19,561

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue
Revenue	$ 138,617	$ 131,429	$ 453,051	$ 440,226
Stream interests
Disaggregation of Revenue
Revenue	98,978	98,732	319,982	308,863
Stream interests | Mt. Milligan
Disaggregation of Revenue
Revenue	33,876	41,553	121,739	129,596
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue	16,688	21,156	62,586	64,232
Stream interests | Other interest
Disaggregation of Revenue
Revenue	24,723	18,803	73,174	62,829
Royalty interests
Disaggregation of Revenue
Revenue	39,639	32,697	133,069	131,363
Royalty interests | Penasquito
Disaggregation of Revenue
Revenue	0
Royalty interests | Other interest
Disaggregation of Revenue
Revenue	$ 17,023	$ 19,125	$ 52,795	$ 70,182

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation
Stock-based compensation expense	$ 2,763	$ 2,090	$ 7,342	$ 6,632
Other than options granted (in shares)	560		139,450	67,600
Restricted stock
Stock-based compensation
Stock-based compensation expense	$ 1,538	1,140	$ 4,692	$ 3,496
Other than options granted (in shares)	180		56,710	28,220
Unrecognized compensation expense	$ 8,534		$ 8,534
Weighted-average recognition period			1 year 10 months 24 days
Performance stock
Stock-based compensation
Stock-based compensation expense	$ 1,105	$ 658	$ 2,098	$ 2,136
Other than options granted (in shares)	380		82,740	39,380
Earn out basis if all goals are met (as a percent)	200%	200%	200%	200%
Unrecognized compensation expense	$ 6,743		$ 6,743
Weighted-average recognition period			1 year 10 months 24 days
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	116	$ 283	$ 533	$ 975
Stock options
Stock-based compensation
Stock-based compensation expense	$ 4	$ 9	$ 19	$ 25

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
EARNINGS PER SHARE ("EPS")
Net income attributable to Royal Gold common stockholders	$ 49,337	$ 45,792	$ 176,661	$ 182,609
Weighted-average shares for basic EPS	65,619,406	65,579,834	65,606,681	65,571,737
Effect of other dilutive securities	137,670	80,318	136,433	89,460
Weighted-average shares for diluted EPS	65,757,076	65,660,152	65,743,114	65,661,197
Basic EPS	$ 0.75	$ 0.70	$ 2.69	$ 2.78
Diluted EPS	$ 0.75	$ 0.70	$ 2.68	$ 2.78

INCOME TAXES - Quarterly (Detai

INCOME TAXES - Quarterly (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
INCOME TAXES
Income tax expense	$ 10,752	$ 10,954	$ 28,652	$ 20,347
Effective tax rate (as a percent)	17.80%	19.30%	13.90%	10%
Discrete tax benefit			$ 8,500	$ 18,800

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment			2
Stream and royalty interest	$ 3,115,580		$ 3,115,580		$ 3,237,402
Revenue	138,617	$ 131,429	453,051	$ 440,226
Cost of sales	21,351	23,221	69,738	69,670
Production taxes	1,671	1,119	4,934	4,765
Depletion	39,989	37,639	124,501	129,368
Total segment gross profit	75,606	69,450	253,878	236,423
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,089,598		1,089,598		1,132,506
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	271,133		271,133		300,043
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	312,805		312,805		320,867
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	450,482		450,482		460,428
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	803,523		803,523		823,203
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	21,547		21,547		22,120
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	44,035		44,035		50,156
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	122,457		122,457		128,079
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,379,201		1,379,201		1,470,298
Revenue	98,978	98,732	319,982	308,863
Cost of sales	21,351	23,221	69,738	69,670
Depletion	30,433	32,576	93,537	106,745
Total segment gross profit	47,194	42,935	156,707	132,448
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	473,399		473,399		511,957
Revenue	42,577	46,861	150,405	152,938
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	270,812		270,812		299,722
Revenue	18,092	13,257	54,394	38,633
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	312,805		312,805		320,867
Revenue	16,688	21,156	62,586	64,232
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	226,366		226,366		236,312
Revenue	14,644	12,170	35,401	39,566
Stream interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	95,819		95,819		101,440
Revenue	6,977	5,288	17,196	13,494
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	1,736,379		1,736,379		1,767,104
Revenue	39,639	32,697	133,069	131,363
Production taxes	1,671	1,119	4,934	4,765
Depletion	9,556	5,063	30,964	22,623
Total segment gross profit	28,412	26,515	97,171	103,975
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	616,199		616,199		620,549
Revenue	3,090	4,826	9,585	21,377
Royalty interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	321		321		321
Revenue				430
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	803,523		803,523		823,203
Revenue	28,237	11,413	85,082	52,616
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	21,547		21,547		22,120
Revenue	4,696	3,446	13,874	11,533
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	44,035		44,035		50,156
Revenue	1,964	11,095	19,413	38,915
Royalty interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interest	26,638		26,638		$ 26,639
Revenue	$ 1,652	$ 1,917	$ 5,115	$ 6,492

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
SEGMENT INFORMATION
Total segment gross profit	$ 75,606	$ 69,450	$ 253,878	$ 236,423
Costs and expenses
General and administrative expenses	9,927	7,554	30,020	25,797
Depreciation and amortization	117	122	346	371
Operating income	65,562	61,774	223,512	210,255
Fair value changes in equity securities	(462)	356	(171)	(1,221)
Interest and other income	2,436	3,571	7,348	5,665
Interest and other expense	(7,285)	(8,814)	(24,867)	(11,110)
Income before income taxes	$ 60,251	$ 56,887	$ 205,822	$ 203,589

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		9 Months Ended
	Apr. 20, 2023	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies
Acquisition consideration paid		$ 2,678	$ 715,829
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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 49,337	$ 45,792	$ 176,661	$ 182,609

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false