Royal Gold (RGLD) 10-K 15 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 08, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 7.5
Entity Shares Outstanding		65,692,412
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Denver, Colorado
Entity Central Index Key	0000085535
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and equivalents	$ 104,167	$ 118,586
Royalty receivables	48,884	49,405
Income tax receivable	2,676	3,066
Stream inventory	9,788	12,656
Prepaid expenses and other	1,911	2,120
Total current assets	167,426	185,833
Stream and royalty interests, net (Note 4)	3,075,574	3,237,402
Other assets	118,057	111,287
Total assets	3,361,057	3,534,522
LIABILITIES
Accounts payable	11,441	6,686
Dividends payable	26,292	24,627
Income tax payable	15,557	16,065
Other current liabilities	19,132	16,209
Total current liabilities	72,422	63,587
Debt (Note 5)	245,967	571,572
Deferred tax liabilities	134,299	138,156
Other liabilities	7,728	7,738
Total liabilities	460,416	781,053
Commitments and contingencies (Note 15)
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	2,221,039	2,213,123
Accumulated earnings	666,522	527,314
Total Royal Gold stockholders' equity	2,888,217	2,741,093
Non-controlling interests	12,424	12,376
Total equity	2,900,641	2,753,469
Total liabilities and equity	$ 3,361,057	$ 3,534,522

Consolidated Balance Sheets (Pa

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

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Consolidated Statements of Operations and Comprehensive Income
Revenue (Note 7)	$ 342,952	$ 605,717	$ 603,206	$ 615,856
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	52,329	90,523	94,642	92,898
General and administrative	15,163	39,761	34,612	28,387
Production taxes	4,412	7,294	7,021	6,743
Exploration costs				563
Depreciation, depletion and amortization	99,685	164,937	178,935	183,569
Impairment of royalty interests		0	4,287
Total costs and expenses	171,589	302,515	319,497	312,160
Gain on sale of Peak Gold JV interest				33,906
Operating income	171,363	303,202	283,709	337,602
Fair value changes in equity securities	(1,350)	(147)	(1,503)	6,017
Interest and other income	1,610	9,952	7,832	2,443
Interest and other expense	(2,787)	(30,867)	(17,170)	(6,419)
Income before income taxes	168,836	282,140	272,868	339,643
Income tax expense	(30,008)	(42,008)	(32,926)	(36,867)
Net income and comprehensive income	138,828	240,132	239,942	302,776
Net income and comprehensive income attributable to non-controlling interests	(489)	(692)	(960)	(244)
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 138,339	$ 239,440	$ 238,982	$ 302,532
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share	$ 2.11	$ 3.64	$ 3.64	$ 4.61
Basic weighted average shares outstanding	65,560,468	65,613,002	65,576,995	65,546,400
Diluted earnings per share	$ 2.10	$ 3.63	$ 3.63	$ 4.60
Diluted weighted average shares outstanding	65,624,567	65,739,110	65,661,748	65,627,591
Cash dividends declared per common share	$ 0.65	$ 1.525	$ 1.425	$ 1.18

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 Jun. 30, 2020	$ 655	$ 2,210,429	$ 61,133	$ 29,902	$ 2,302,119
Balance (in shares) at Jun. 30, 2020	65,531,288
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances	$ 1	4,263			4,264
Stock-based compensation and related share issuances (in shares)	19,773
Sale of Peak Gold JV interest		(10,829)		(16,218)	(27,047)
Distributions to non-controlling interests				(1,281)	(1,281)
Net income and comprehensive income			302,532	244	302,776
Dividends declared			(77,416)		(77,416)
Balance at Jun. 30, 2021	$ 656	2,203,863	286,249	12,647	2,503,415
Balance (in shares) at Jun. 30, 2021	65,551,061
Increase (Decrease) in Stockholders' Equity
Stock-based compensation and related share issuances		2,296			2,296
Stock-based compensation and related share issuances (in shares)	13,303
Distributions to non-controlling interests				(669)	(669)
Net income and comprehensive income			138,339	489	138,828
Dividends declared			(42,659)		(42,659)
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		6,964			6,964
Stock-based compensation and related share issuances (in shares)	28,233
Distributions to non-controlling interests				(1,051)	(1,051)
Net income and comprehensive income			238,982	960	239,942
Dividends declared			(93,597)		(93,597)
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		7,916			7,916
Stock-based compensation and related share issuances (in shares)	39,163
Distributions to non-controlling interests				(644)	(644)
Net income and comprehensive income			239,440	692	240,132
Dividends declared			(100,232)		(100,232)
Balance at Dec. 31, 2023	$ 656	$ 2,221,039	$ 666,522	$ 12,424	$ 2,900,641
Balance (in shares) at Dec. 31, 2023	65,631,760

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income and comprehensive income	$ 138,828	$ 240,132	$ 239,942	$ 302,776
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization	99,685	164,937	178,935	183,569
Gain on sale of Peak Gold JV interest				(33,906)
Non-cash employee stock compensation expense	3,218	9,696	8,411	5,730
Fair value changes in equity securities	1,350	147	1,503	(6,017)
Deferred tax (benefit) expense	2,510	(6,469)	(19,836)	456
Impairment of royalty interests		0	4,287
Other	1,090	779	979	971
Changes in assets and liabilities:
Royalty receivables	(6,846)	521	4,683	(19,552)
Stream inventory	6,077	2,868	(1,049)	(6,014)
Income tax receivable	(396)	390	1,849	(2,085)
Prepaid expenses and other assets	(1,374)	(4,369)	(3,908)	318
Accounts payable	76	4,756	211	3,237
Income tax payable	4,591	(508)	(3,005)	1,156
Uncertain tax positions	(910)			(24,518)
Other liabilities	884	2,912	4,343	1,030
Net cash provided by operating activities	248,783	415,792	417,345	407,151
Cash flows from investing activities:
Acquisition of stream and royalty interests	(281,066)	(2,678)	(922,155)	(168,147)
Khoemacau subordinated debt facility	(7,000)			(18,000)
Proceeds from sale of Peak Gold JV interest				49,154
Proceeds from sale of Contango shares				12,146
Proceeds from sale of equity securities				8,651
Other	(64)	(151)	(721)	(541)
Net cash used in investing activities	(288,130)	(2,829)	(922,876)	(116,737)
Cash flows from financing activities:
Repayment of debt	(100,000)	(325,000)	(125,000)	(305,000)
Borrowings from revolving credit facility	100,000		700,000
Net payments from issuance of common stock	(921)	(1,383)	(1,447)	(1,465)
Common stock dividends	(39,374)	(98,567)	(91,925)	(76,099)
Other	(2,723)	(2,432)	(1,062)	(1,062)
Net cash (used in) provided by financing activities	(43,018)	(427,382)	480,566	(383,626)
Net decrease in cash and equivalents	(82,365)	(14,419)	(24,965)	(93,212)
Cash and equivalents at beginning of period	225,916	118,586	143,551	319,128
Cash and equivalents at end of period	$ 143,551	$ 104,167	$ 118,586	$ 225,916

THE COMPANY

THE COMPANY	12 Months Ended
	Dec. 31, 2023
THE COMPANY
THE COMPANY	1. THE COMPANY Royal Gold, Inc. (“Royal Gold”, the “Company”, “we”, “us”, or “our”), together with its subsidiaries, 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 (and exploration) 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 mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Summary of Significant Accounting Policies Use of Estimates The preparation of our financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. We rely on mineral reserve and mineral resource estimates reported by the operators of properties on which we hold stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long-lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. Basis of Consolidation The consolidated financial statements include the accounts of Royal Gold, Inc. and its majority owned or controlled subsidiaries. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation. Cash and Equivalents Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of December 31, 2023 and 2022. Stream and Royalty Interests in Mineral Properties and Related Depletion Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset. Production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable reserves, are not depleted. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, and there is no production, the mineral property becomes a development stage mineral property. Exploration costs are expensed when incurred. Asset Impairment We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable. When impairment indicators are identified, the recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable mineral reserves, mineral resources and other relevant information received from the operators. We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows. Estimates of gold, silver, copper, and other metal prices, and operators’ estimates of proven and probable mineral reserves or mineral resources related to our stream or royalty properties are subject to certain risks and uncertainties which may affect the recoverability of our investment in these stream and royalty interests in mineral properties. It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests. Refer to Note 4 for discussion and the results of our impairment assessments for the years ended December 31, 2023, December 31, 2022, six months ended December 31, 2021, and fiscal year ended June 30, 2021. Revenue 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 in Note 7. ​ Metal Sales Gold, silver and copper received under our metal stream 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 10 days and three months (depending on the frequency of deliveries under the respective stream agreement and our sales activity in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser. Cost of Sales Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery. Production Taxes Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in our consolidated statements of operations and comprehensive income. Stock-Based Compensation We recognize all share-based payments to employees, including grants of employee stock options, stock-settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in our financial statements based upon their fair values. Income Taxes Our annual tax rate is based on income, statutory tax rates in effect, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities. We treat global intangible low-taxed income (“GILTI”) as a period cost and therefore do not record deferred tax impacts of GILTI in our consolidated financial statements. Our deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies. Our operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Earnings per Share Basic earnings per share is computed by dividing net income available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings per share is computed by dividing net income available to common stockholders by the diluted weighted average number of common shares outstanding during each period. ​ Recent Accounting Pronouncements In December 2023, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topics 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2023
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS	3. ACQUISITIONS AND DISPOSITIONS Acquisition of Additional Royalty Interests on Cortez Complex ​ On December 29, 2022, we acquired two portions of a gross smelter return royalty (the “Idaho Royalty”) that together cover a large area including the Cortez mine operational area and the entirety of the Fourmile development project in Nevada (the “Cortez Complex”) from certain holders who are successors in interest to Idaho Mining Corporation for cash consideration of $204.1 million. The area within the Cortez Complex is owned or controlled by Nevada Gold Mines LLC (“NGM”), a joint venture between Barrick Gold Corporation (“Barrick”) and Newmont Corporation, with the exception of the Fourmile development project which is 100% owned and operated by Barrick. The Idaho Royalty comprises a 0.24% gross royalty that covers areas including the Pipeline and Crossroads deposits and a 0.45% gross royalty that covers areas including the Cortez Hills, Goldrush, Fourmile and Robertson deposits. The Idaho Royalty is life of mine, not subject to any stepdowns or caps, and has no applicable deductions. The purchase price was funded with our available revolving credit facility (Note 5) and cash on hand. ​ The acquisition has been accounted for as an asset acquisition and the $204.1 million cash consideration, plus direct acquisition costs, have been recorded and allocated between production and exploration stage royalty interests (Note 4) within Stream and royalty interests, net ​ Acquisition of Great Bear Royalties Corp. ​ On September 9, 2022, we completed the acquisition of all of the issued and outstanding shares of Great Bear Royalties Corp. (“GBR”) for cash consideration of approximately C$199.6 million (US$151.7 million) (“the Acquisition Price”). GBR’s sole material asset is a 2.0% net smelter return royalty (“Great Bear Royalty”) that covers the entirety of the Great Bear Project in the Red Lake district of Ontario, Canada, owned and operated by a subsidiary of Kinross Gold Corporation (“Kinross”). The Great Bear Royalty includes all metals produced from contiguous claims covering 9,140 hectares. Royalty payments will be made quarterly with applicable standard deductions. The purchase price was funded with available cash on hand. ​ As part of the acquisition and in exchange for information and access to the project provided by Kinross, we granted an option (“Buyback Option”) to Kinross to purchase a 25% interest in the Great Bear Royalty (0.5% of the 2.0% royalty rate) for an amount equal to 25% of the Acquisition Price, adjusted for inflation, at any time from the transaction closing date until the earlier of a construction decision for the Great Bear Project and 10 years after the transaction closing date. The fair value of the Buyback Option on the transaction date using a Black-Scholes model was $2.1 million. The Buyback Option has been capitalized as a direct transaction cost with the Great Bear Royalty mineral interest and will not be subsequently remeasured until the Buyback Option is either exercised or it expires. ​ The Great Bear Royalty is the sole material asset of GBR and represents substantially all the fair value of GBR’s gross assets. As a result, the GBR acquisition has been accounted for as an asset acquisition and the fair values of the GBR assets acquired are shown below: ​ ​ ​ ​ ​ ​ ​ (in thousands) Purchase Price ​ $ 151,679 Cash ​ ​ 315 Other assets ​ ​ 293 Royalty interests in mineral property (Great Bear royalty) ​ ​ 151,071 Total allocated purchase price ​ $ 151,679 ​ The $151.7 million allocated fair value of the Great Bear Royalty, plus $4.4 million of direct transaction costs and deferred tax of $53.6 million have been capitalized with the Great Bear Royalty mineral interest and allocated to exploration stage royalty interests within Stream and royalty interests, net ​ Acquisition of Gross Royalty on Cortez Complex ​ On August 2, 2022, we acquired a sliding scale gross royalty (the “Rio Tinto Royalty”) on production from an area within the Cortez Complex for cash consideration of $525 million. The area within the Cortez Complex is owned or controlled by NGM, with the exception of the Fourmile development project which is 100% owned and operated by Barrick. The royalty is a life of mine sliding scale gross royalty payable at a rate of 0% at a gold price less than $400 per ounce, increasing to 3% at a gold price above $900 per ounce, and is payable on 40% of all production from the Cortez Complex. Based on information available, the royalty would not cover the existing deposits within the Robertson property. At current gold prices the Rio Tinto Royalty is an effective 1.2% gross royalty on the Cortez Complex and is not subject to any stepdowns or caps. Deductions from the Rio Tinto Royalty payments are limited to third-party royalties that existed prior to the creation of the royalty in 2008, which include the existing Crossroads and Pipeline royalties owned by Royal Gold. ​ The acquisition has been accounted for as an asset acquisition and the $525 million cash consideration, plus direct acquisition costs, have been recorded and allocated between production and exploration stage royalty interests (Note 4) within Stream and royalty interests, net ​ The royalty became payable during the quarter ended September 30, 2022, after cumulative production of 15 million gold equivalent ounces from the Cortez Complex from a starting date of January 1, 2008. The royalty is payable within forty-five days after the end of each calendar quarter. ​ Lawyers Royalty Acquisition ​ On March 24, 2022, we acquired a 0.5% net smelter returns royalty (“NSR”) on production from the Lawyers Project, currently operated by Benchmark Metals Inc., which is located in British Columbia, Canada. As part of this transaction, we also acquired a right of first offer (“ROFO”) for an existing 2.0% NSR royalty over the Ranch Project owned by Thesis Gold, Inc. that is located adjacent to the Lawyers Project. We paid $8.0 million in cash consideration for the royalty and ROFO to Guardsmen Resources Inc. The Lawyers Project acquisition has been accounted for as an asset acquisition. The $8.0 million cash consideration, plus direct acquisition costs, have been recorded as an exploration stage royalty interest (Note 4) within Stream and royalty interests, net ​ Khoemac a u Silver Stream ​ On February 23, 2022, we made an advance payment of $10.0 million toward the option stream which increased our right to receive payable silver produced from Khoemac a Stream and royalty interests, net ​ As of December 31, 2023, $25.0 million of the subordinated debt facility, and $10.7 million of accrued interest remains outstanding on the Khoemac a Other assets

STREAM AND ROYALTY INTERESTS, N

STREAM AND ROYALTY INTERESTS, NET	12 Months Ended
	Dec. 31, 2023
STREAM AND ROYALTY INTERESTS, NET
STREAM AND ROYALTY INTERESTS, NET	4. STREAM AND ROYALTY INTERESTS, NET The following summarizes our stream and royalty interests as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (430,106) ​ $ 360,529 Pueblo Viejo ​ ​ 610,404 ​ ​ (299,354) ​ ​ 311,050 Andacollo ​ ​ 388,182 ​ ​ (165,553) ​ ​ 222,629 Khoemac a ​ ​ 265,911 ​ ​ (41,635) ​ ​ 224,276 Rainy River ​ ​ 175,727 ​ ​ (74,858) ​ ​ 100,869 Other ​ ​ 232,703 ​ ​ (132,043) ​ ​ 100,660 Total production stage stream interests ​ ​ 2,463,562 ​ ​ (1,143,549) ​ ​ 1,320,013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 353,850 ​ ​ (61,891) ​ ​ 291,959 Voisey's Bay ​ ​ 205,724 ​ ​ (121,000) ​ ​ 84,724 Red Chris ​ ​ 116,187 ​ ​ (3,758) ​ ​ 112,429 Peñasquito ​ ​ 99,172 ​ ​ (59,900) ​ ​ 39,272 Other ​ ​ 448,899 ​ ​ (408,522) ​ ​ 40,377 Total production stage royalty interests ​ ​ 1,223,832 ​ ​ (655,071) ​ ​ 568,761 Total production stage stream and royalty interests ​ ​ 3,687,394 ​ ​ (1,798,620) ​ ​ 1,888,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 81,132 ​ ​ — ​ ​ 81,132 Total development stage stream and royalty interests ​ ​ 138,591 ​ ​ — ​ ​ 138,591 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 106,864 ​ ​ — ​ ​ 106,864 Total exploration stage stream and royalty interests ​ ​ 1,048,209 ​ ​ — ​ ​ 1,048,209 Total stream and royalty interests, net ​ $ 4,874,194 ​ $ (1,798,620) ​ $ 3,075,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Impairment In accordance with our impairment accounting policy discussed in Note 2, impairment in the carrying value of each stream and royalty interest is measured and recorded to the extent that the carrying value in each stream and royalty interest exceeds its estimated fair value, which is generally calculated using estimated future discounted cash-flows. ​ During the quarter ended December 31, 2022, an indicator of impairment was identified on one of our non-principal exploration stage royalty interests due to new legal information received. Based on legal proceedings and subsequent legal analysis, we determined the carrying value of the non-principal exploration stage royalty interest was not recoverable and an impairment of $4.3 million was necessary. At December 31, 2022, our carrying value for the non-principal exploration stage royalty interest was zero. ​ There were no impairment charges on any of our stream and royalty interests for the year ended December 31, 2023.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
DEBT
DEBT	5. DEBT The Company’s debt for the years ended December 31, 2023 and 2022, consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 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 ​ $ 250,000 ​ $ (4,033) ​ $ 245,967 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572 Total debt ​ $ 250,000 ​ $ (4,033) ​ $ 245,967 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572 ​ Revolving Credit Facility On March 6, June 6, September 6, and December 6, 2023, we repaid $75 million, $100 million, $75 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 December 31, 2023, we had $250 million of debt outstanding with an all-in rate interest rate on borrowings of 6.56% and $750 million available under our revolving credit facility. Interest expense recognized on the revolving credit facility for the years ended December 31, 2023 and 2022, six months ended December 31, 2021 and fiscal year ended June 30, 2021 was approximately $28.4 million, $10.0 million, $1.4 million and $3.3 million, respectively, and included interest on the outstanding borrowings and the amortization of the debt issuance costs. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of December 31, 2023. ​ Royal Gold may repay any borrowings under the revolving credit facility at any time without premium or penalty.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
LEASES
LEASES	6. LEASES ​ Our significant lease arrangements relate to our office spaces. These arrangements are for leases of assets such as corporate office space and office equipment. We lease office space and office equipment under operating leases expiring at various dates through the year ending December 31, 2030. The following amounts were recorded in the consolidated balance sheets at December 31, 2023 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ December 31, 2023 Operating Leases ​ ​ ​ ​ ​ Right-of-use assets - current ​ Prepaid expenses and other ​ $ 833 Right-of-use assets - non-current ​ Other assets ​ ​ 3,939 Total right-of-use assets ​ ​ ​ $ 4,772 ​ ​ ​ ​ ​ ​ Lease liabilities - current ​ Other current liabilities ​ $ 972 Lease liabilities - non-current ​ Other long-term liabilities ​ ​ 4,673 Total operating lease liabilities ​ ​ ​ $ 5,645 ​ Maturities of operating lease liabilities at December 31, 2023 were as follows (amounts in thousands): ​ ​ ​ ​ ​ Fiscal Years: ​ Operating Leases 2024 ​ $ 1,102 2025 ​ ​ 1,026 2026 ​ ​ 1,027 2027 ​ ​ 1,027 2028 ​ ​ 789 Thereafter ​ ​ 1,112 Total lease payments ​ $ 6,083 Less imputed interest ​ ​ (438) Total ​ $ 5,645 ​ Other information pertaining to leases consists of the following: ​ ​ ​ ​ ​ ​ ​ December 31, 2023 Operating Lease Term and Discount Rate ​ ​ ​ Weighted average remaining lease term in years ​ ​ 6 Weighted average discount rate ​ ​ 2.5% ​ We did not have any finance leases as of December 31, 2023.

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2023
REVENUE
REVENUE	7. 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 stream 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 stream 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 occurred. 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 offsite treatment, refining, transportation and, if applicable, other contractually permitted 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. 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 Note 2. For the quarter ended December 31, 2023, royalty revenue that was estimated or was attributable to metal production for a period prior to December 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 14. ​ Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ 2023 2022 2021 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ $ 307,797 ​ $ 308,302 ​ $ 165,031 ​ $ 323,980 Silver ​ ​ 64,851 ​ ​ 50,591 ​ ​ 30,576 ​ ​ 43,281 Copper ​ ​ 45,632 ​ ​ 58,900 ​ ​ 30,944 ​ ​ 56,728 Total stream revenue ​ $ 418,280 ​ $ 417,793 ​ $ 226,551 ​ $ 423,989 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ ​ 154,327 ​ $ 131,014 ​ $ 85,151 ​ $ 131,784 Silver ​ ​ 8,554 ​ ​ 13,690 ​ ​ 8,253 ​ ​ 16,198 Copper ​ ​ 11,792 ​ ​ 15,019 ​ ​ 9,511 ​ ​ 16,448 Other ​ ​ 12,764 ​ ​ 25,690 ​ ​ 13,486 ​ ​ 27,437 Total royalty revenue ​ $ 187,437 ​ $ 185,413 ​ $ 116,401 ​ $ 191,867 Total revenue ​ $ 605,717 ​ $ 603,206 ​ $ 342,952 ​ $ 615,856 ​ Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ ​ ​ December 31, December 31, December 31, June 30, ​ ​ Metal(s) ​ 2023 ​ 2022 ​ 2021 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 158,167 ​ $ 180,543 ​ $ 95,509 ​ $ 156,938 Pueblo Viejo ​ Gold & Silver ​ ​ 76,247 ​ ​ 85,863 ​ ​ 52,958 ​ ​ 115,583 Andacollo ​ Gold ​ ​ 48,920 ​ ​ 47,347 ​ ​ 28,076 ​ ​ 82,164 Khoemac a ​ Silver ​ ​ 34,602 ​ ​ 18,786 ​ ​ 5,096 ​ ​ — Other ​ Gold & Silver ​ ​ 100,344 ​ ​ 85,254 ​ ​ 44,912 ​ ​ 69,304 Total stream revenue ​ ​ ​ $ 418,280 ​ $ 417,793 ​ $ 226,551 ​ $ 423,989 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez Legacy Zone ​ Gold ​ $ 79,920 ​ $ 47,769 ​ $ 33,768 ​ $ 36,160 Cortez CC Zone ​ Gold ​ ​ 14,626 ​ ​ 2,790 ​ ​ — ​ ​ — Peñasquito ​ Gold, Silver, Lead & Zinc ​ ​ 17,772 ​ ​ 43,165 ​ ​ 26,432 ​ ​ 49,688 Other ​ Various ​ ​ 75,119 ​ ​ 91,689 ​ ​ 56,201 ​ ​ 106,019 Total royalty revenue ​ ​ ​ $ 187,437 ​ $ 185,413 ​ $ 116,401 ​ $ 191,867 Total revenue ​ ​ ​ $ 605,717 ​ $ 603,206 ​ $ 342,952 ​ $ 615,856 ​ Refer to Note 14 for the geographical distribution of our revenue by reportable segment.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	8. STOCK-BASED COMPENSATION In November 2015, our stockholders approved the 2015 Omnibus Long-Term Incentive Plan (“2015 LTIP”). Under the 2015 LTIP, 2,500,000 shares of common stock have been authorized for future grants to officers, directors, key employees and other persons. The 2015 LTIP provides for the grant of stock options, unrestricted stock, restricted stock, dividend equivalent rights, SSARs and cash awards. Any of these awards may, but need not, be made as performance incentives. Stock options granted under the 2015 LTIP may be non-qualified stock options or incentive stock options. We recognized stock-based compensation expense as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ 2023 2022 2021 2021 Restricted stock ​ $ 6,191 ​ $ 4,515 ​ $ 2,006 ​ $ 2,668 Performance stock ​ ​ 2,953 ​ ​ 2,685 ​ ​ 405 ​ ​ 1,317 Stock appreciation rights ​ ​ 533 ​ ​ 1,179 ​ ​ 779 ​ ​ 1,677 Stock options ​ ​ 19 ​ ​ 32 ​ ​ 28 ​ ​ 68 Total stock-based compensation expense ​ $ 9,696 ​ $ 8,411 ​ $ 3,218 ​ $ 5,730 ​ Stock-based compensation expense is included within General and administrative expense Stock Options and Stock Appreciation Rights Stock option and SSARs awards are granted with an exercise price equal to the closing market price of our stock at the date of grant. Stock option and SSARs awards granted to officers, key employees and other persons vest based on one options or SSARs awards granted during the years ended December 31, 2023 and 2022, or the six months ended December 31, 2021. To determine stock-based compensation expense for stock options and SSARs, the fair value of each stock option and SSAR is estimated on the date of grant using the Black-Scholes-Merton (“Black-Scholes”) option pricing model for all periods presented. The Black-Scholes model requires key assumptions to determine fair value. Those key assumptions for the fiscal year June 30, 2021 grant is noted in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Options ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ ​ 2023 ​ 2022 ​ 2021 2021 Weighted-average expected volatility — % — % — % 39.4 % Weighted-average expected life in years — — — 4.4 Weighted-average dividend yield — % — % — % 0.9 % Weighted-average risk-free interest rate — % — % — % 0.2 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SSARs ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Weighted-average expected volatility ​ — % — % — % 39.2 % Weighted-average expected life in years ​ — — — 4.2 ​ Weighted-average dividend yield ​ — % — % — % 0.9 % Weighted-average risk-free interest rate ​ — % — % — % 0.2 % ​ Our expected volatility is based on the historical volatility of our stock over the expected option term. Our expected option term is determined by historical exercise patterns along with other known employee or company information at the time of grant. The risk-free interest rate is based on the zero-coupon U.S. Treasury bond at the time of grant with a term approximate to the expected option term. Stock Options A summary of stock option activity for the year ended December 31, 2023, is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic Value ​ ​ Shares ​ Price ​ Life (Years) ​ (in thousands) Outstanding at January 1, 2023 17,878 ​ $ 81.17 ​ Exercised (6,534) ​ $ 71.39 ​ Forfeited — ​ $ — ​ Granted — ​ $ — ​ Outstanding at December 31, 2023 11,344 ​ $ 86.80 3.4 ​ $ 431 Exercisable at December 31, 2023 11,344 ​ $ 86.80 3.4 ​ $ 431 ​ There were no stock options granted during the years ended December 31, 2023 and 2022 or the six months ended December 31, 2021. The weighted-average grant date fair value of options granted during the fiscal year ended June 30, 2021 was $41.92. The total intrinsic value of options exercised during the years ended December 31, 2023 and 2022 was $0.5 million and $0.2 million, respectively. There were no options exercised during the six months ended December 31, 2021 or fiscal year ended June 30, 2021. As of December 31, 2023, there was no unrecognized stock-based compensation expense related to unvested stock options. SSARs A summary of SSARs activity for the year ended December 31, 2023, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic Value ​ ​ Shares ​ Price ​ Life (Years) ​ (in thousands) Outstanding at January 1, 2023 174,906 ​ $ 111.65 ​ Exercised (17,627) ​ $ 99.34 ​ Forfeited — ​ $ — ​ Granted — ​ $ — ​ Outstanding at December 31, 2023 157,279 ​ $ 113.03 5.2 ​ $ 2,526 Exercisable at December 31, 2023 157,279 ​ $ 113.03 5.2 ​ $ 2,526 ​ There were no SSARs granted during the years ended December 31, 2023 and 2022 or the six months ended December 31, 2021. The weighted-average grant date fair value of SSARs granted during the fiscal year ended June 30, 2021 was $40.92. The total intrinsic value of SSARs exercised during the years ended December 31, 2023 and 2022, and fiscal year ended June 30, 2021 was $0.7 million, $0.2 million and $0.1 million, respectively. There were no SSARs exercised during the six months ended December 31, 2021. As of December 31, 2023, there was no unrecognized stock-based compensation expense related to unvested SSARs. ​ Other Stock-based Compensation Performance Shares During the years ended December 31, 2023 and 2022 and the six months ended December 31, 2021, officers and certain employees were granted shares of restricted common stock that may vest based on our total shareholder return (“TSR”) compared to the TSRs of certain defined members of the Van Eck Vectors Gold Miners ETF (“GDX”) (“Granted TSRs”). The Granted TSRs may vest by linear interpolation in a range between zero shares if neither threshold TSR metric is met; to 100% of the Granted TSRs awarded if the target TSR metric is met; to 200% of Granted TSRs awarded if the maximum TSR metric is met. The Granted TSRs will expire in three years from the date of grant if the TSR market condition is met and a three-year service condition is met. During the fiscal year ended June 30, 2021, officers and certain employees were granted shares of restricted common stock that can only be earned upon the achievement of certain pre-defined performance measures. Specifically, for performance shares granted during the fiscal year ended June 30, 2021, one-half of the shares awarded may vest upon our achievement of annual growth in Net Gold Equivalent Ounces (“Net GEOs”) (“GEO Shares”). The second half of performance shares granted during the fiscal year ended June 30, 2021 may vest based on our TSR compared to the TSRs of all members of the GDX (“Prior TSR Shares”). GEO Shares and Prior TSR Shares may vest by linear interpolation in a range between zero shares if neither threshold Net GEO and TSR metric is met; to 100% of GEO Shares and Prior TSR Shares awarded if both target Net GEO and TSR metrics are met; to 200% of the Net GEO and Prior TSR Shares awarded if both the maximum Net GEO and TSR metrics are met. The GEO Shares will expire in five years from the date of grant if the performance measure is not met, while the Prior TSR Shares will expire in three years from the date of grant if the TSR market condition and three-year service condition are not met. We measured the fair value of the GEO Shares based upon the market price of our common stock as of the date of grant. The measurement date for the GEO Shares will be determined at such time that the performance goals are attained or that it is probable they will be attained. At such time that it is probable that a performance condition will be achieved, compensation expense will be measured by the number of shares that will ultimately be earned based on the grant date market price of our common stock. For shares that were previously estimated to be probable of vesting and are no longer deemed to be probable of vesting, compensation expense is reversed during the period in which it is determined they are no longer probable of vesting. Interim recognition of compensation expense will be made at such time as management can reasonably estimate the number of shares that will be earned. GEO Shares granted in August 2020 and 2019 remain outstanding as of December 31, 2023 and the Company will continue to measure these awards for vesting until each awards expiration or performance attainment, whichever date is first. We measured the grant date fair value of the Granted TSRs and Prior TSR Shares using a Monte Carlo valuation model. The fair value of our TSR awards is multiplied by the target number (100%) of TSR awards granted to determine total stock-based compensation expense. Total stock-based compensation expense of the TSR awards is amortized on a straight-line basis over the requisite service period, or three years. Stock-based compensation expense for the TSR awards is recognized provided the requisite service period is rendered, regardless of when, if ever, the TSR market condition is satisfied. We will reverse previously recognized stock-based compensation expense attributable to the TSR awards only if the requisite service period is not met. A summary of the status of our unvested Performance Shares at maximum (200%) attainment for the year ended December 31, 2023, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value Outstanding at January 1, 2023 166,441 ​ $ 122.05 Granted 82,740 ​ $ 139.50 Exercised (5,847) ​ $ 82.30 Non-attainment (27,143) ​ $ 79.84 Forfeited — ​ $ — Outstanding at December 31, 2023 216,191 ​ $ 135.11 ​ As of December 31, 2023, total unrecognized stock-based compensation expense related to Performance Shares was approximately $5.7 million, which is expected to be recognized over the average remaining vesting period of 1.7 years. Restricted Stock Officers, non-executive directors and certain employees may be granted shares of restricted stock that vest on continued service alone (“Restricted Stock”). During the year ended December 31, 2023, officers and certain employees were granted 49,480 shares of Restricted Stock. Restricted Stock granted to officers and certain employees during the years ended December 31, 2023 and December 31, 2022 and the six months ended December 31, 2021, vest ratably over three years from the date of grant, while Restricted Stock granted to officers and certain employees during the fiscal year ended June 30, 2021 vest over three years beginning after a two-year holding period from the date of grant with one-third of the shares vesting in years three, four and five, respectively. Also, our non-executive directors were granted 7,230 shares of Restricted Stock during the year ended December 31, 2023. The non-executive directors’ shares of Restricted Stock vest 50% immediately and 50% one year after the date of grant. We measure the fair value of the Restricted Stock based upon the market price of our common stock as of the date of grant. Restricted Stock is amortized over the applicable vesting period using the straight-line method. Unvested shares of Restricted Stock are subject to forfeiture upon termination of employment or service. A summary of the status of our unvested Restricted Stock for the year ended December 31, 2023, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value Outstanding at January 1, 2023 120,542 ​ $ 116.76 Granted 56,710 ​ $ 120.67 Vested (41,139) ​ $ 115.24 Forfeited — ​ $ — Exercised ​ — ​ $ — Outstanding at December 31, 2023 136,113 ​ $ 118.84 ​ As of December 31, 2023, total unrecognized stock-based compensation expense related to Restricted Stock was approximately $7.2 million, which is expected to be recognized over the weighted-average vesting period of 1.7 years.

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	12 Months Ended
	Dec. 31, 2023
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	9. EARNINGS PER SHARE (“EPS”) Basic earnings per common share were computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share 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 options, unexercised SSARs and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic earnings per common share 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 earnings per common share. The following table summarizes the effects of dilutive securities on diluted EPS for the period (amounts in thousands, except share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ 2023 2022 2021 2021 Net income attributable to Royal Gold common stockholders ​ $ 239,440 ​ $ 238,982 ​ $ 138,339 ​ $ 302,532 Weighted-average shares for basic EPS ​ ​ 65,613,002 ​ ​ 65,576,995 ​ ​ 65,560,468 ​ ​ 65,546,400 Effect of other dilutive securities ​ ​ 126,108 ​ ​ 84,753 ​ ​ 64,099 ​ ​ 81,191 Weighted-average shares for diluted EPS ​ ​ 65,739,110 ​ ​ 65,661,748 ​ ​ 65,624,567 ​ ​ 65,627,591 Basic EPS ​ $ 3.64 ​ $ 3.64 ​ $ 2.11 ​ $ 4.61 Diluted EPS ​ $ 3.63 ​ $ 3.63 ​ $ 2.10 ​ $ 4.60 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	10. INCOME TAXES For financial reporting purposes, Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 United States $ 64,105 $ 86,321 $ 68,239 $ 130,175 Foreign ​ 218,035 ​ 186,547 ​ 100,597 ​ 209,468 ​ ​ $ 282,140 ​ $ 272,868 ​ $ 168,836 ​ $ 339,643 ​ Our Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Current: ​ ​ ​ ​ Federal ​ $ 24,046 ​ $ 29,228 ​ $ 19,285 ​ $ 38,146 State ​ (68) ​ 467 ​ (503) ​ 867 Foreign ​ 24,499 ​ 23,067 ​ 8,716 ​ (2,602) ​ ​ $ 48,477 ​ $ 52,762 ​ $ 27,498 ​ $ 36,411 Deferred and others: ​ ​ ​ ​ Federal ​ $ (763) ​ $ (957) ​ $ 104 ​ $ 376 State ​ (14) ​ (18) ​ 2 ​ (2) Foreign ​ (5,692) ​ (18,861) ​ 2,404 ​ 82 ​ ​ $ (6,469) ​ $ (19,836) ​ $ 2,510 ​ $ 456 Total income tax expense ​ $ 42,008 ​ $ 32,926 ​ $ 30,008 ​ $ 36,867 ​ The provision for income taxes for the years ended December 31, 2023 and 2022, six months ended December 31, 2021, and fiscal year ended June 30, 2021 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non-controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Total expense computed by applying federal rates $ 59,249 $ 57,303 $ 35,456 $ 71,325 State and provincial income taxes, net of federal benefit ​ 625 ​ 545 ​ 518 ​ 874 Excess depletion ​ (2,259) ​ (1,907) ​ (1,363) ​ (1,812) Estimates for uncertain tax positions ​ — ​ — ​ (910) ​ (26,179) Statutory tax attributable to non-controlling interest ​ (224) ​ (363) ​ (219) ​ (72) Effect of foreign earnings ​ (10,116) ​ (8,846) ​ (3,896) ​ (7,659) Unrealized foreign exchange gains ​ (988) ​ 853 ​ 54 ​ (616) Rate adjustment ​ ​ (6) ​ ​ — ​ ​ 1,694 ​ ​ — Changes in estimates ​ 11 ​ 119 ​ (2,614) ​ (858) Valuation allowance ​ ​ (6,030) ​ ​ (15,877) ​ ​ 833 ​ ​ 1,284 Other ​ 1,746 ​ 1,099 ​ 455 ​ 580 Total income tax expense ​ $ 42,008 ​ $ 32,926 ​ $ 30,008 ​ $ 36,867 ​ The effective tax rate for the year ended December 31, 2023, was 14.9% which included the release of a valuation allowance on certain foreign deferred tax assets. The effective tax rate for the year ended December 31, 2022, was 12.1%, which included the release of a valuation allowance on certain foreign deferred tax assets. The effective tax rate for six months ended December 31, 2021, was 17.8% which included the release of an uncertain tax position resulting from settlement agreements with foreign tax authorities and a change in estimates, partially offset by a foreign tax rate adjustment resulting in the revaluation of certain deferred tax assets. The effective tax rate for the fiscal year ended June 30, 2021, was 10.9%, primarily impacted by the release of uncertain tax positions resulting from settlement agreements with foreign tax authorities. ​ The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2023 and 2022 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2023 ​ 2022 Deferred tax assets: ​ ​ Stock-based compensation ​ $ 1,952 ​ $ 1,846 Net operating losses ​ 4,683 ​ 3,184 Foreign tax credits ​ ​ 35,751 ​ ​ 33,301 Amortizable tax goodwill ​ ​ 46,821 ​ ​ 52,783 Other ​ 5,044 ​ 4,575 Total deferred tax assets ​ 94,251 ​ 95,689 Valuation allowance ​ (40,814) ​ (46,844) Net deferred tax assets ​ $ 53,437 ​ $ 48,845 Deferred tax liabilities: ​ ​ Mineral property basis ​ $ (122,543) ​ $ (124,373) Unrealized foreign exchange gains ​ (582) ​ (582) Other ​ (97) ​ (143) Total deferred tax liabilities ​ (123,222) ​ (125,098) Total net deferred taxes ​ $ (69,785) ​ $ (76,253) ​ We review the measurement of our deferred tax assets at each balance sheet date. Considering all available positive and negative evidence, including but not limited to recent earnings history and forecasted future results, the Company believes it is more likely-than-not that all net deferred tax assets not currently burdened with a valuation allowance will be fully realized. As of December 31, 2023 and 2022, we recorded a valuation allowance of $40.8 million and $46.8 million, respectively. The valuation allowance remaining at December 31, 2023 is attributable to US foreign tax credits of $35.8 million and capital losses of $1.9 million and other tax attribute carryforwards of $3.2 million in non-US subsidiaries. As of December 31, 2023 and 2022, we had $4.7 million and $3.2 million of net operating loss carryforwards. The majority of the tax loss carryforwards are in jurisdictions that allow a twenty-year carry-forward period. As a result, these losses do not begin to expire until the 2038 tax year, and the Company anticipates the losses will be fully utilized. As of December 31, 2023 and 2022, we had zero unrecognized tax benefits. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended December 31, 2023 and 2022, six months ended December 31, 2021, and fiscal year ended June 30, 2021 is as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Total gross unrecognized tax benefits at beginning of year $ — $ — $ 652 $ 25,389 Additions / Reductions for tax positions of current year ​ — ​ — ​ — ​ — Additions / Reductions for tax positions of prior years ​ ​ — ​ ​ — ​ ​ (60) ​ ​ (812) Reductions due to settlements with taxing authorities ​ — ​ — ​ (592) ​ (23,925) Total amount of gross unrecognized tax benefits at end of year ​ $ — ​ $ — ​ $ — ​ $ 652 ​ We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-U.S. income tax examinations by tax authorities for fiscal years before 2020. Our continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of our income tax expense. For the years ended December 31, 2023 and 2022, and the six months ended December 31, 2021, the amount of accrued income-tax-related interest and penalties was zero. For the fiscal year ended June 30, 2021, the accrued income-tax-related interest and penalties was $0.3 million. The gross unrecognized tax benefits reflected in the tabular reconciliation do not include interest and penalties.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2023
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	11. SUPPLEMENTAL CASH FLOW INFORMATION Our supplemental cash flow information for the years ended December 31, 2023 and 2022, six months ended December 31, 2021, and fiscal year ended June 30, 2021 is as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Cash paid during the period for: ​ ​ ​ ​ Interest ​ $ 28,054 ​ $ 7,218 ​ $ 304 ​ $ 3,510 Income taxes, net of refunds ​ $ 50,303 ​ $ 54,804 ​ $ 24,166 ​ $ 58,970 Non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared ​ $ 100,232 ​ $ 93,597 ​ $ 42,659 ​ $ 77,416 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	12. 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 December 31, 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 5) approximates fair value as of December 31, 2023. ​ As of December 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.

MAJOR SOURCES OF REVENUE

MAJOR SOURCES OF REVENUE	12 Months Ended
	Dec. 31, 2023
MAJOR SOURCES OF REVENUE
MAJOR SOURCES OF REVENUE	13. MAJOR SOURCES OF REVENUE Operators that contributed greater than 10% of our total revenue for the years ended December 31, 2023 and 2022, the six months ended December 31, 2021, and the fiscal year ended June 30, 2021 were as follows (revenue amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ ​ December 31, ​ December 31, ​ June 30, ​ ​ ​ 2023 ​ ​ 2022 ​ 2021 ​ 2021 ​ Operator ​ Revenue ​ Percentage of total revenue ​ ​ Revenue ​ Percentage of total revenue ​ Revenue ​ Percentage of total revenue ​ Revenue ​ Percentage of total revenue ​ Centerra $ 158,167 ​ 26.1 % $ 180,543 30.0 % $ 95,509 27.8 % $ 156,938 25.5 % Nevada Gold Mines ​ ​ 101,870 ​ 16.8 % ​ ​ 57,730 ​ 9.6 % ​ 39,609 ​ 11.5 % ​ 41,111 ​ 6.7 % Barrick ​ ​ 75,259 ​ 12.4 % ​ ​ 140,421 23.3 % ​ 89,177 26.0 % ​ 157,972 25.7 % Teck ​ 48,920 ​ 8.1 % ​ 47,347 7.9 % 28,076 8.2 % 82,164 13.3 % ​

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	14. 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. Royal Gold’s long-lived assets (stream and royalty interests, net) as of December 31, 2023 and 2022 are geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 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 ​ $ 461,398 ​ $ 614,900 ​ $ 1,076,298 ​ $ 511,957 ​ $ 620,549 ​ $ 1,132,506 Dominican Republic ​ ​ 311,050 ​ ​ — ​ ​ 311,050 ​ ​ 320,867 ​ ​ — ​ ​ 320,867 Africa ​ ​ 264,529 ​ ​ 321 ​ ​ 264,850 ​ ​ 299,722 ​ ​ 321 ​ ​ 300,043 Chile ​ ​ 222,629 ​ ​ 224,116 ​ ​ 446,745 ​ ​ 236,312 ​ ​ 224,116 ​ ​ 460,428 United States ​ ​ — ​ ​ 794,891 ​ ​ 794,891 ​ ​ — ​ ​ 823,203 ​ ​ 823,203 Mexico ​ ​ — ​ ​ 41,803 ​ ​ 41,803 ​ ​ — ​ ​ 50,156 ​ ​ 50,156 Australia ​ ​ — ​ ​ 21,288 ​ ​ 21,288 ​ ​ — ​ ​ 22,120 ​ ​ 22,120 Rest of world ​ ​ 92,010 ​ ​ 26,639 ​ ​ 118,649 ​ ​ 101,440 ​ ​ 26,639 ​ ​ 128,079 Total ​ $ 1,351,616 ​ $ 1,723,958 ​ $ 3,075,574 ​ $ 1,470,298 ​ $ 1,767,104 ​ $ 3,237,402 ​ Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 418,280 ​ $ 90,523 ​ $ — ​ $ 121,121 ​ $ 206,636 Royalty interests ​ ​ 187,437 ​ ​ — ​ ​ 7,294 ​ ​ 43,385 ​ ​ 136,758 Total ​ $ 605,717 ​ $ 90,523 ​ $ 7,294 ​ $ 164,506 ​ $ 343,394 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 417,793 ​ $ 94,642 ​ $ — ​ $ 143,526 ​ $ 179,625 Royalty interests ​ ​ 185,413 ​ ​ — ​ ​ 7,021 ​ ​ 34,916 ​ ​ 143,476 Total ​ $ 603,206 ​ $ 94,642 ​ $ 7,021 ​ $ 178,442 ​ $ 323,101 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended December 31, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 226,551 ​ $ 52,329 ​ $ — ​ $ 82,603 ​ $ 91,619 Royalty interests ​ ​ 116,401 ​ ​ — ​ ​ 4,412 ​ ​ 16,867 ​ ​ 95,122 Total ​ $ 342,952 ​ $ 52,329 ​ $ 4,412 ​ $ 99,470 ​ $ 186,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 423,989 ​ $ 92,898 ​ $ — ​ $ 150,594 ​ $ 180,497 Royalty interests ​ ​ 191,867 ​ ​ — ​ ​ 6,743 ​ ​ 32,619 ​ ​ 152,505 Total ​ $ 615,856 ​ $ 92,898 ​ $ 6,743 ​ $ 183,213 ​ $ 333,002 ​ (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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended Six Months Ended Fiscal Year Ended ​ December 31, December 31, December 31, June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Total segment gross profit $ 343,394 $ 323,101 $ 186,741 $ 333,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ 39,761 ​ 34,612 ​ 15,163 ​ 28,387 Exploration costs ​ — ​ — ​ — ​ 563 Depreciation ​ 431 ​ 493 ​ 215 ​ 356 Impairment of royalty interests ​ — ​ 4,287 ​ — ​ — Total costs and expenses ​ 40,192 ​ 39,392 ​ 15,378 ​ 29,306 Gain on sale of Peak Gold JV interest ​ — ​ — ​ — ​ 33,906 Operating income ​ 303,202 ​ 283,709 ​ 171,363 ​ 337,602 Fair value changes in equity securities ​ (147) ​ (1,503) ​ (1,350) ​ 6,017 Interest and other income ​ 9,952 ​ 7,832 ​ 1,610 ​ 2,443 Interest and other expense ​ (30,867) ​ (17,170) ​ (2,787) ​ (6,419) Income before income taxes $ 282,140 $ 272,868 $ 168,836 $ 339,643 ​ Our revenue by reportable segment for the years ended December 31, 2023 and 2022, six months ended December 31, 2021 and fiscal year ended June 30, 2021 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ 2023 2022 2021 2021 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 196,961 ​ $ 212,369 ​ $ 115,544 ​ $ 190,537 Dominican Republic ​ ​ 76,247 ​ ​ 85,863 ​ ​ 52,958 ​ ​ 115,583 Africa ​ ​ 70,757 ​ ​ 53,787 ​ ​ 22,228 ​ ​ 35,705 Chile ​ ​ 48,920 ​ ​ 47,347 ​ ​ 28,075 ​ ​ 82,164 Rest of world ​ ​ 25,395 ​ ​ 18,427 ​ ​ 7,746 ​ ​ — Total stream interests ​ $ 418,280 ​ $ 417,793 ​ $ 226,551 ​ $ 423,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 123,690 ​ $ 81,642 ​ $ 54,046 ​ $ 68,611 Mexico ​ ​ 25,754 ​ ​ 52,388 ​ ​ 31,858 ​ ​ 58,212 Canada ​ ​ 12,712 ​ ​ 27,210 ​ ​ 13,756 ​ ​ 31,671 Australia ​ ​ 19,011 ​ ​ 15,672 ​ ​ 11,174 ​ ​ 21,466 Africa ​ ​ — ​ ​ 316 ​ ​ 1,107 ​ ​ 2,801 Rest of world ​ ​ 6,270 ​ ​ 8,185 ​ ​ 4,460 ​ ​ 9,106 Total royalty interests ​ $ 187,437 ​ $ 185,413 ​ $ 116,401 ​ $ 191,867 Total revenue ​ $ 605,717 ​ $ 603,206 ​ $ 342,952 ​ $ 615,856 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. 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 December 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS ​ On February 13, 2024, RGLD Gold AG, a subsidiary of the Company, entered into a Processing Cost Support Agreement (the “Agreement”) with Centerra Gold Inc. (“Centerra”) with respect to the Mount Milligan Mine (“Mount Milligan”) for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future and a free cash flow interest. The cost support to Centerra is expected to allow for a reserve increase and extend the mine life at Mount Milligan to 2035. Our existing stream agreement on Mount Milligan remains in place and is unaffected by the additional Agreement. We are currently evaluating the accounting for the Agreement with Centerra and expect it will be completed during the quarter ending March 31, 2024.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Use of Estimates	Use of Estimates The preparation of our financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. We rely on mineral reserve and mineral resource estimates reported by the operators of properties on which we hold stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long-lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Royal Gold, Inc. and its majority owned or controlled subsidiaries. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation.
Cash and Equivalents	Cash and Equivalents Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of December 31, 2023 and 2022.
Stream and Royalty Interests in Mineral Properties and Related Depletion	Stream and Royalty Interests in Mineral Properties and Related Depletion Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset. Production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable reserves, are not depleted. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, and there is no production, the mineral property becomes a development stage mineral property. Exploration costs are expensed when incurred.
Asset Impairment	Asset Impairment We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable. When impairment indicators are identified, the recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable mineral reserves, mineral resources and other relevant information received from the operators. We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows. Estimates of gold, silver, copper, and other metal prices, and operators’ estimates of proven and probable mineral reserves or mineral resources related to our stream or royalty properties are subject to certain risks and uncertainties which may affect the recoverability of our investment in these stream and royalty interests in mineral properties. It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests. Refer to Note 4 for discussion and the results of our impairment assessments for the years ended December 31, 2023, December 31, 2022, six months ended December 31, 2021, and fiscal year ended June 30, 2021.
Revenue	Revenue 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 in Note 7. ​ Metal Sales Gold, silver and copper received under our metal stream 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 10 days and three months (depending on the frequency of deliveries under the respective stream agreement and our sales activity in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser.
Cost of Sales	Cost of Sales Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery.
Production Taxes	Production Taxes Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in our consolidated statements of operations and comprehensive income.
Stock-Based Compensation	Stock-Based Compensation We recognize all share-based payments to employees, including grants of employee stock options, stock-settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in our financial statements based upon their fair values.
Income Taxes	Income Taxes Our annual tax rate is based on income, statutory tax rates in effect, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities. We treat global intangible low-taxed income (“GILTI”) as a period cost and therefore do not record deferred tax impacts of GILTI in our consolidated financial statements. Our deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies. Our operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Earnings per Share	Earnings per Share Basic earnings per share is computed by dividing net income available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings per share is computed by dividing net income available to common stockholders by the diluted weighted average number of common shares outstanding during each period. ​
Recent Accounting Standards	Recent Accounting Pronouncements In December 2023, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topics 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
ACQUISITIONS AND DISPOSITIONS
Schedule of asset acquisition	​ ​ ​ ​ ​ ​ ​ (in thousands) Purchase Price ​ $ 151,679 Cash ​ ​ 315 Other assets ​ ​ 293 Royalty interests in mineral property (Great Bear royalty) ​ ​ 151,071 Total allocated purchase price ​ $ 151,679

STREAM AND ROYALTY INTERESTS,_2

STREAM AND ROYALTY INTERESTS, NET (Tables)	12 Months Ended
	Dec. 31, 2023
STREAM AND ROYALTY INTERESTS, NET
Schedule of stream and royalty interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 (Amounts in thousands): Cost Accumulated Depletion Net Production stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ $ 790,635 ​ $ (430,106) ​ $ 360,529 Pueblo Viejo ​ ​ 610,404 ​ ​ (299,354) ​ ​ 311,050 Andacollo ​ ​ 388,182 ​ ​ (165,553) ​ ​ 222,629 Khoemac a ​ ​ 265,911 ​ ​ (41,635) ​ ​ 224,276 Rainy River ​ ​ 175,727 ​ ​ (74,858) ​ ​ 100,869 Other ​ ​ 232,703 ​ ​ (132,043) ​ ​ 100,660 Total production stage stream interests ​ ​ 2,463,562 ​ ​ (1,143,549) ​ ​ 1,320,013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez (Legacy Zone and CC Zone) ​ ​ 353,850 ​ ​ (61,891) ​ ​ 291,959 Voisey's Bay ​ ​ 205,724 ​ ​ (121,000) ​ ​ 84,724 Red Chris ​ ​ 116,187 ​ ​ (3,758) ​ ​ 112,429 Peñasquito ​ ​ 99,172 ​ ​ (59,900) ​ ​ 39,272 Other ​ ​ 448,899 ​ ​ (408,522) ​ ​ 40,377 Total production stage royalty interests ​ ​ 1,223,832 ​ ​ (655,071) ​ ​ 568,761 Total production stage stream and royalty interests ​ ​ 3,687,394 ​ ​ (1,798,620) ​ ​ 1,888,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development stage stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ 12,038 ​ ​ — ​ ​ 12,038 Development stage royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ Côté ​ ​ 45,421 ​ ​ — ​ ​ 45,421 Other ​ ​ 81,132 ​ ​ — ​ ​ 81,132 Total development stage stream and royalty interests ​ ​ 138,591 ​ ​ — ​ ​ 138,591 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 106,864 ​ ​ — ​ ​ 106,864 Total exploration stage stream and royalty interests ​ ​ 1,048,209 ​ ​ — ​ ​ 1,048,209 Total stream and royalty interests, net ​ $ 4,874,194 ​ $ (1,798,620) ​ $ 3,075,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	12 Months Ended
	Dec. 31, 2023
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 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 ​ $ 250,000 ​ $ (4,033) ​ $ 245,967 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572 Total debt ​ $ 250,000 ​ $ (4,033) ​ $ 245,967 ​ $ 575,000 ​ $ (3,428) ​ $ 571,572

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASES
Schedule of lease balance sheet locations	​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ December 31, 2023 Operating Leases ​ ​ ​ ​ ​ Right-of-use assets - current ​ Prepaid expenses and other ​ $ 833 Right-of-use assets - non-current ​ Other assets ​ ​ 3,939 Total right-of-use assets ​ ​ ​ $ 4,772 ​ ​ ​ ​ ​ ​ Lease liabilities - current ​ Other current liabilities ​ $ 972 Lease liabilities - non-current ​ Other long-term liabilities ​ ​ 4,673 Total operating lease liabilities ​ ​ ​ $ 5,645
Schedule of lease maturities	​ Maturities of operating lease liabilities at December 31, 2023 were as follows (amounts in thousands): ​ ​ ​ ​ ​ Fiscal Years: ​ Operating Leases 2024 ​ $ 1,102 2025 ​ ​ 1,026 2026 ​ ​ 1,027 2027 ​ ​ 1,027 2028 ​ ​ 789 Thereafter ​ ​ 1,112 Total lease payments ​ $ 6,083 Less imputed interest ​ ​ (438) Total ​ $ 5,645
Schedule of other lease information	Other information pertaining to leases consists of the following: ​ ​ ​ ​ ​ ​ ​ December 31, 2023 Operating Lease Term and Discount Rate ​ ​ ​ Weighted average remaining lease term in years ​ ​ 6 Weighted average discount rate ​ ​ 2.5%

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ 2023 2022 2021 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ $ 307,797 ​ $ 308,302 ​ $ 165,031 ​ $ 323,980 Silver ​ ​ 64,851 ​ ​ 50,591 ​ ​ 30,576 ​ ​ 43,281 Copper ​ ​ 45,632 ​ ​ 58,900 ​ ​ 30,944 ​ ​ 56,728 Total stream revenue ​ $ 418,280 ​ $ 417,793 ​ $ 226,551 ​ $ 423,989 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ ​ 154,327 ​ $ 131,014 ​ $ 85,151 ​ $ 131,784 Silver ​ ​ 8,554 ​ ​ 13,690 ​ ​ 8,253 ​ ​ 16,198 Copper ​ ​ 11,792 ​ ​ 15,019 ​ ​ 9,511 ​ ​ 16,448 Other ​ ​ 12,764 ​ ​ 25,690 ​ ​ 13,486 ​ ​ 27,437 Total royalty revenue ​ $ 187,437 ​ $ 185,413 ​ $ 116,401 ​ $ 191,867 Total revenue ​ $ 605,717 ​ $ 603,206 ​ $ 342,952 ​ $ 615,856 ​ Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ ​ ​ December 31, December 31, December 31, June 30, ​ ​ Metal(s) ​ 2023 ​ 2022 ​ 2021 ​ 2021 Stream revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mount Milligan ​ Gold & Copper ​ $ 158,167 ​ $ 180,543 ​ $ 95,509 ​ $ 156,938 Pueblo Viejo ​ Gold & Silver ​ ​ 76,247 ​ ​ 85,863 ​ ​ 52,958 ​ ​ 115,583 Andacollo ​ Gold ​ ​ 48,920 ​ ​ 47,347 ​ ​ 28,076 ​ ​ 82,164 Khoemac a ​ Silver ​ ​ 34,602 ​ ​ 18,786 ​ ​ 5,096 ​ ​ — Other ​ Gold & Silver ​ ​ 100,344 ​ ​ 85,254 ​ ​ 44,912 ​ ​ 69,304 Total stream revenue ​ ​ ​ $ 418,280 ​ $ 417,793 ​ $ 226,551 ​ $ 423,989 Royalty revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cortez Legacy Zone ​ Gold ​ $ 79,920 ​ $ 47,769 ​ $ 33,768 ​ $ 36,160 Cortez CC Zone ​ Gold ​ ​ 14,626 ​ ​ 2,790 ​ ​ — ​ ​ — Peñasquito ​ Gold, Silver, Lead & Zinc ​ ​ 17,772 ​ ​ 43,165 ​ ​ 26,432 ​ ​ 49,688 Other ​ Various ​ ​ 75,119 ​ ​ 91,689 ​ ​ 56,201 ​ ​ 106,019 Total royalty revenue ​ ​ ​ $ 187,437 ​ $ 185,413 ​ $ 116,401 ​ $ 191,867 Total revenue ​ ​ ​ $ 605,717 ​ $ 603,206 ​ $ 342,952 ​ $ 615,856

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2023
STOCK-BASED COMPENSATION
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ 2023 2022 2021 2021 Restricted stock ​ $ 6,191 ​ $ 4,515 ​ $ 2,006 ​ $ 2,668 Performance stock ​ ​ 2,953 ​ ​ 2,685 ​ ​ 405 ​ ​ 1,317 Stock appreciation rights ​ ​ 533 ​ ​ 1,179 ​ ​ 779 ​ ​ 1,677 Stock options ​ ​ 19 ​ ​ 32 ​ ​ 28 ​ ​ 68 Total stock-based compensation expense ​ $ 9,696 ​ $ 8,411 ​ $ 3,218 ​ $ 5,730
Schedule of valuation assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Options ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ ​ 2023 ​ 2022 ​ 2021 2021 Weighted-average expected volatility — % — % — % 39.4 % Weighted-average expected life in years — — — 4.4 Weighted-average dividend yield — % — % — % 0.9 % Weighted-average risk-free interest rate — % — % — % 0.2 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SSARs ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Weighted-average expected volatility ​ — % — % — % 39.2 % Weighted-average expected life in years ​ — — — 4.2 ​ Weighted-average dividend yield ​ — % — % — % 0.9 % Weighted-average risk-free interest rate ​ — % — % — % 0.2 %
Summary of stock options activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic Value ​ ​ Shares ​ Price ​ Life (Years) ​ (in thousands) Outstanding at January 1, 2023 17,878 ​ $ 81.17 ​ Exercised (6,534) ​ $ 71.39 ​ Forfeited — ​ $ — ​ Granted — ​ $ — ​ Outstanding at December 31, 2023 11,344 ​ $ 86.80 3.4 ​ $ 431 Exercisable at December 31, 2023 11,344 ​ $ 86.80 3.4 ​ $ 431
Summary of SSARs activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic Value ​ ​ Shares ​ Price ​ Life (Years) ​ (in thousands) Outstanding at January 1, 2023 174,906 ​ $ 111.65 ​ Exercised (17,627) ​ $ 99.34 ​ Forfeited — ​ $ — ​ Granted — ​ $ — ​ Outstanding at December 31, 2023 157,279 ​ $ 113.03 5.2 ​ $ 2,526 Exercisable at December 31, 2023 157,279 ​ $ 113.03 5.2 ​ $ 2,526
Summary of non-vested awards	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value Outstanding at January 1, 2023 166,441 ​ $ 122.05 Granted 82,740 ​ $ 139.50 Exercised (5,847) ​ $ 82.30 Non-attainment (27,143) ​ $ 79.84 Forfeited — ​ $ — Outstanding at December 31, 2023 216,191 ​ $ 135.11
Summary of the status of non-vested restricted stock	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value Outstanding at January 1, 2023 120,542 ​ $ 116.76 Granted 56,710 ​ $ 120.67 Vested (41,139) ​ $ 115.24 Forfeited — ​ $ — Exercised ​ — ​ $ — Outstanding at December 31, 2023 136,113 ​ $ 118.84

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	12 Months Ended
	Dec. 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 period (amounts in thousands, except share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ 2023 2022 2021 2021 Net income attributable to Royal Gold common stockholders ​ $ 239,440 ​ $ 238,982 ​ $ 138,339 ​ $ 302,532 Weighted-average shares for basic EPS ​ ​ 65,613,002 ​ ​ 65,576,995 ​ ​ 65,560,468 ​ ​ 65,546,400 Effect of other dilutive securities ​ ​ 126,108 ​ ​ 84,753 ​ ​ 64,099 ​ ​ 81,191 Weighted-average shares for diluted EPS ​ ​ 65,739,110 ​ ​ 65,661,748 ​ ​ 65,624,567 ​ ​ 65,627,591 Basic EPS ​ $ 3.64 ​ $ 3.64 ​ $ 2.11 ​ $ 4.61 Diluted EPS ​ $ 3.63 ​ $ 3.63 ​ $ 2.10 ​ $ 4.60 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Components of income before income taxes	For financial reporting purposes, Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 United States $ 64,105 $ 86,321 $ 68,239 $ 130,175 Foreign ​ 218,035 ​ 186,547 ​ 100,597 ​ 209,468 ​ ​ $ 282,140 ​ $ 272,868 ​ $ 168,836 ​ $ 339,643
Components of income tax expense (benefit)	Our Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Current: ​ ​ ​ ​ Federal ​ $ 24,046 ​ $ 29,228 ​ $ 19,285 ​ $ 38,146 State ​ (68) ​ 467 ​ (503) ​ 867 Foreign ​ 24,499 ​ 23,067 ​ 8,716 ​ (2,602) ​ ​ $ 48,477 ​ $ 52,762 ​ $ 27,498 ​ $ 36,411 Deferred and others: ​ ​ ​ ​ Federal ​ $ (763) ​ $ (957) ​ $ 104 ​ $ 376 State ​ (14) ​ (18) ​ 2 ​ (2) Foreign ​ (5,692) ​ (18,861) ​ 2,404 ​ 82 ​ ​ $ (6,469) ​ $ (19,836) ​ $ 2,510 ​ $ 456 Total income tax expense ​ $ 42,008 ​ $ 32,926 ​ $ 30,008 ​ $ 36,867
Schedule of income tax expense (benefit) and effective tax rate	The provision for income taxes for the years ended December 31, 2023 and 2022, six months ended December 31, 2021, and fiscal year ended June 30, 2021 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non-controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Total expense computed by applying federal rates $ 59,249 $ 57,303 $ 35,456 $ 71,325 State and provincial income taxes, net of federal benefit ​ 625 ​ 545 ​ 518 ​ 874 Excess depletion ​ (2,259) ​ (1,907) ​ (1,363) ​ (1,812) Estimates for uncertain tax positions ​ — ​ — ​ (910) ​ (26,179) Statutory tax attributable to non-controlling interest ​ (224) ​ (363) ​ (219) ​ (72) Effect of foreign earnings ​ (10,116) ​ (8,846) ​ (3,896) ​ (7,659) Unrealized foreign exchange gains ​ (988) ​ 853 ​ 54 ​ (616) Rate adjustment ​ ​ (6) ​ ​ — ​ ​ 1,694 ​ ​ — Changes in estimates ​ 11 ​ 119 ​ (2,614) ​ (858) Valuation allowance ​ ​ (6,030) ​ ​ (15,877) ​ ​ 833 ​ ​ 1,284 Other ​ 1,746 ​ 1,099 ​ 455 ​ 580 Total income tax expense ​ $ 42,008 ​ $ 32,926 ​ $ 30,008 ​ $ 36,867
Schedule of deferred tax assets and liabilities	The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2023 and 2022 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2023 ​ 2022 Deferred tax assets: ​ ​ Stock-based compensation ​ $ 1,952 ​ $ 1,846 Net operating losses ​ 4,683 ​ 3,184 Foreign tax credits ​ ​ 35,751 ​ ​ 33,301 Amortizable tax goodwill ​ ​ 46,821 ​ ​ 52,783 Other ​ 5,044 ​ 4,575 Total deferred tax assets ​ 94,251 ​ 95,689 Valuation allowance ​ (40,814) ​ (46,844) Net deferred tax assets ​ $ 53,437 ​ $ 48,845 Deferred tax liabilities: ​ ​ Mineral property basis ​ $ (122,543) ​ $ (124,373) Unrealized foreign exchange gains ​ (582) ​ (582) Other ​ (97) ​ (143) Total deferred tax liabilities ​ (123,222) ​ (125,098) Total net deferred taxes ​ $ (69,785) ​ $ (76,253)
Reconciliation of beginning and ending amount of gross unrecognized tax benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Total gross unrecognized tax benefits at beginning of year $ — $ — $ 652 $ 25,389 Additions / Reductions for tax positions of current year ​ — ​ — ​ — ​ — Additions / Reductions for tax positions of prior years ​ ​ — ​ ​ — ​ ​ (60) ​ ​ (812) Reductions due to settlements with taxing authorities ​ — ​ — ​ (592) ​ (23,925) Total amount of gross unrecognized tax benefits at end of year ​ $ — ​ $ — ​ $ — ​ $ 652

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	Our supplemental cash flow information for the years ended December 31, 2023 and 2022, six months ended December 31, 2021, and fiscal year ended June 30, 2021 is as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Cash paid during the period for: ​ ​ ​ ​ Interest ​ $ 28,054 ​ $ 7,218 ​ $ 304 ​ $ 3,510 Income taxes, net of refunds ​ $ 50,303 ​ $ 54,804 ​ $ 24,166 ​ $ 58,970 Non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared ​ $ 100,232 ​ $ 93,597 ​ $ 42,659 ​ $ 77,416 ​

MAJOR SOURCES OF REVENUE (Table

MAJOR SOURCES OF REVENUE (Tables)	12 Months Ended
	Dec. 31, 2023
MAJOR SOURCES OF REVENUE
Schedule of major sources of revenue	Operators that contributed greater than 10% of our total revenue for the years ended December 31, 2023 and 2022, the six months ended December 31, 2021, and the fiscal year ended June 30, 2021 were as follows (revenue amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ ​ December 31, ​ December 31, ​ June 30, ​ ​ ​ 2023 ​ ​ 2022 ​ 2021 ​ 2021 ​ Operator ​ Revenue ​ Percentage of total revenue ​ ​ Revenue ​ Percentage of total revenue ​ Revenue ​ Percentage of total revenue ​ Revenue ​ Percentage of total revenue ​ Centerra $ 158,167 ​ 26.1 % $ 180,543 30.0 % $ 95,509 27.8 % $ 156,938 25.5 % Nevada Gold Mines ​ ​ 101,870 ​ 16.8 % ​ ​ 57,730 ​ 9.6 % ​ 39,609 ​ 11.5 % ​ 41,111 ​ 6.7 % Barrick ​ ​ 75,259 ​ 12.4 % ​ ​ 140,421 23.3 % ​ 89,177 26.0 % ​ 157,972 25.7 % Teck ​ 48,920 ​ 8.1 % ​ 47,347 7.9 % 28,076 8.2 % 82,164 13.3 % ​

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
SEGMENT INFORMATION
Schedule of geographical distribution of long-lived assets	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. Royal Gold’s long-lived assets (stream and royalty interests, net) as of December 31, 2023 and 2022 are geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 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 ​ $ 461,398 ​ $ 614,900 ​ $ 1,076,298 ​ $ 511,957 ​ $ 620,549 ​ $ 1,132,506 Dominican Republic ​ ​ 311,050 ​ ​ — ​ ​ 311,050 ​ ​ 320,867 ​ ​ — ​ ​ 320,867 Africa ​ ​ 264,529 ​ ​ 321 ​ ​ 264,850 ​ ​ 299,722 ​ ​ 321 ​ ​ 300,043 Chile ​ ​ 222,629 ​ ​ 224,116 ​ ​ 446,745 ​ ​ 236,312 ​ ​ 224,116 ​ ​ 460,428 United States ​ ​ — ​ ​ 794,891 ​ ​ 794,891 ​ ​ — ​ ​ 823,203 ​ ​ 823,203 Mexico ​ ​ — ​ ​ 41,803 ​ ​ 41,803 ​ ​ — ​ ​ 50,156 ​ ​ 50,156 Australia ​ ​ — ​ ​ 21,288 ​ ​ 21,288 ​ ​ — ​ ​ 22,120 ​ ​ 22,120 Rest of world ​ ​ 92,010 ​ ​ 26,639 ​ ​ 118,649 ​ ​ 101,440 ​ ​ 26,639 ​ ​ 128,079 Total ​ $ 1,351,616 ​ $ 1,723,958 ​ $ 3,075,574 ​ $ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 418,280 ​ $ 90,523 ​ $ — ​ $ 121,121 ​ $ 206,636 Royalty interests ​ ​ 187,437 ​ ​ — ​ ​ 7,294 ​ ​ 43,385 ​ ​ 136,758 Total ​ $ 605,717 ​ $ 90,523 ​ $ 7,294 ​ $ 164,506 ​ $ 343,394 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 417,793 ​ $ 94,642 ​ $ — ​ $ 143,526 ​ $ 179,625 Royalty interests ​ ​ 185,413 ​ ​ — ​ ​ 7,021 ​ ​ 34,916 ​ ​ 143,476 Total ​ $ 603,206 ​ $ 94,642 ​ $ 7,021 ​ $ 178,442 ​ $ 323,101 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended December 31, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 226,551 ​ $ 52,329 ​ $ — ​ $ 82,603 ​ $ 91,619 Royalty interests ​ ​ 116,401 ​ ​ — ​ ​ 4,412 ​ ​ 16,867 ​ ​ 95,122 Total ​ $ 342,952 ​ $ 52,329 ​ $ 4,412 ​ $ 99,470 ​ $ 186,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended June 30, 2021 ​ Revenue Cost of sales (1) Production taxes Depletion (2) Segment gross profit Stream interests ​ $ 423,989 ​ $ 92,898 ​ $ — ​ $ 150,594 ​ $ 180,497 Royalty interests ​ ​ 191,867 ​ ​ — ​ ​ 6,743 ​ ​ 32,619 ​ ​ 152,505 Total ​ $ 615,856 ​ $ 92,898 ​ $ 6,743 ​ $ 183,213 ​ $ 333,002 ​ (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)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended Six Months Ended Fiscal Year Ended ​ December 31, December 31, December 31, June 30, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2021 Total segment gross profit $ 343,394 $ 323,101 $ 186,741 $ 333,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ 39,761 ​ 34,612 ​ 15,163 ​ 28,387 Exploration costs ​ — ​ — ​ — ​ 563 Depreciation ​ 431 ​ 493 ​ 215 ​ 356 Impairment of royalty interests ​ — ​ 4,287 ​ — ​ — Total costs and expenses ​ 40,192 ​ 39,392 ​ 15,378 ​ 29,306 Gain on sale of Peak Gold JV interest ​ — ​ — ​ — ​ 33,906 Operating income ​ 303,202 ​ 283,709 ​ 171,363 ​ 337,602 Fair value changes in equity securities ​ (147) ​ (1,503) ​ (1,350) ​ 6,017 Interest and other income ​ 9,952 ​ 7,832 ​ 1,610 ​ 2,443 Interest and other expense ​ (30,867) ​ (17,170) ​ (2,787) ​ (6,419) Income before income taxes $ 282,140 $ 272,868 $ 168,836 $ 339,643
Schedule of revenue by reportable segment geographically distributed	Our revenue by reportable segment for the years ended December 31, 2023 and 2022, six months ended December 31, 2021 and fiscal year ended June 30, 2021 is geographically distributed as shown in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ Six Months Ended ​ Fiscal Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ June 30, ​ 2023 2022 2021 2021 Stream interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 196,961 ​ $ 212,369 ​ $ 115,544 ​ $ 190,537 Dominican Republic ​ ​ 76,247 ​ ​ 85,863 ​ ​ 52,958 ​ ​ 115,583 Africa ​ ​ 70,757 ​ ​ 53,787 ​ ​ 22,228 ​ ​ 35,705 Chile ​ ​ 48,920 ​ ​ 47,347 ​ ​ 28,075 ​ ​ 82,164 Rest of world ​ ​ 25,395 ​ ​ 18,427 ​ ​ 7,746 ​ ​ — Total stream interests ​ $ 418,280 ​ $ 417,793 ​ $ 226,551 ​ $ 423,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royalty interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 123,690 ​ $ 81,642 ​ $ 54,046 ​ $ 68,611 Mexico ​ ​ 25,754 ​ ​ 52,388 ​ ​ 31,858 ​ ​ 58,212 Canada ​ ​ 12,712 ​ ​ 27,210 ​ ​ 13,756 ​ ​ 31,671 Australia ​ ​ 19,011 ​ ​ 15,672 ​ ​ 11,174 ​ ​ 21,466 Africa ​ ​ — ​ ​ 316 ​ ​ 1,107 ​ ​ 2,801 Rest of world ​ ​ 6,270 ​ ​ 8,185 ​ ​ 4,460 ​ ​ 9,106 Total royalty interests ​ $ 187,437 ​ $ 185,413 ​ $ 116,401 ​ $ 191,867 Total revenue ​ $ 605,717 ​ $ 603,206 ​ $ 342,952 ​ $ 615,856 ​

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details)	12 Months Ended
	Dec. 31, 2023 $ / oz
Mt. Milligan
Cash payment for each ounce of gold (in dollars per ounce)	435
Minimum
Term of the contract	10 days
Maximum
Term of the contract	3 months

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Idaho (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Dec. 29, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Acquisitions
Payment to acquire interest		$ 281,066	$ 2,678	$ 922,155	$ 168,147
Idaho Royalty
Acquisitions
Payment to acquire interest	$ 204,100
Idaho Royalty | Barrick | Fourmile
Acquisitions
Ownership percentage held	100%
Idaho Royalty | Production stage royalty interests
Acquisitions
Payment to acquire interest	$ 73,400
Idaho Royalty | Exploration stage royalty interests
Acquisitions
Payment to acquire interest	$ 130,700
Pipeline and Crossroads deposits
Acquisitions
Gross royalty (as a percent)	0.24%
Cortez Hills, Goldrush, Fourmile and Robertson deposits
Acquisitions
Gross royalty (as a percent)	0.45%

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Great Bear (Details) $ in Thousands, $ in Millions			6 Months Ended	12 Months Ended
	Sep. 09, 2022 USD ($) ha	Sep. 09, 2022 CAD ($) ha	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)
Acquisitions
Acquisition consideration paid			$ 281,066	$ 2,678	$ 922,155	$ 168,147
GBR
Acquisitions
Acquisition consideration paid	$ 151,679	$ 199.6
Net smelter return (NSR) (as a percent)	2%	2%
Area of mining | ha	9,140	9,140
Option to purchase royalty interest (as a percent)	25%	25%
Option purchase price based on original price (as a percent)	25%	25%
Threshold period for option purchase	10 years	10 years
Buy Back Option	$ 2,100
GBR | Kinross
Acquisitions
Net smelter return (NSR) (as a percent)	0.50%	0.50%

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - GBR Allocation (Details) $ in Thousands, $ in Millions			6 Months Ended	12 Months Ended
	Sep. 09, 2022 USD ($)	Sep. 09, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)
Acquisitions
Acquisition consideration paid			$ 281,066	$ 2,678	$ 922,155	$ 168,147
Cash				104,167	118,586
Other assets				118,057	111,287
Stream and royalty interests in mineral property				$ 3,075,574	$ 3,237,402
GBR
Acquisitions
Acquisition consideration paid	$ 151,679	$ 199.6
Cash	315
Other assets	293
Stream and royalty interests in mineral property	151,071
Total allocated purchase price	151,679
Acquisition consideration paid	151,700
Asset acquisition transaction costs	4,400
Deferred tax capitalized	$ 53,600

ACQUISITIONS AND DISPOSITIONS_4

ACQUISITIONS AND DISPOSITIONS - Asset acquisitions (Details) $ in Thousands							6 Months Ended	12 Months Ended
	Apr. 20, 2023 USD ($)	Aug. 02, 2022 USD ($) oz	Mar. 24, 2022 USD ($)	Mar. 14, 2022 USD ($)	Feb. 23, 2022 USD ($)	Feb. 22, 2022	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)
Acquisitions
Payment to acquire interest							$ 281,066	$ 2,678	$ 922,155	$ 168,147
Cortez
Acquisitions
Payment to acquire interest		$ 525,000
Gross royalty (as a percent)		1.20%
Quantity of gold attributable to royalty | oz		15,000,000
Royalty payable term		45 days
Production payable (as a percent)		40%
Cortez | Minimum
Acquisitions
Gross royalty (as a percent)		0%
Spot price adjustment threshold | oz		400
Cortez | Maximum
Acquisitions
Gross royalty (as a percent)		3%
Spot price adjustment threshold | oz		900
Cortez | Production stage royalty interests
Acquisitions
Payment to acquire interest		$ 199,000
Cortez | Exploration stage royalty interests
Acquisitions
Payment to acquire interest		$ 326,000
Cortez | Barrick | Fourmile
Acquisitions
Ownership percentage held		100%
Lawyers Project
Acquisitions
Payment to acquire interest			$ 8,000
Net smelter return (NSR) (as a percent)			0.50%
Lawyers Project | Exploration stage royalty interests
Acquisitions
Payment to acquire interest			$ 8,000
Ranch Project
Acquisitions
Royalty that can be acquired (as a percent)			2%
Khoemacau
Acquisitions
Payment to acquire interest				$ 16,500	$ 10,000
Production payable (as a percent)				100%	93%	90%
Variable loan receivable								25,000
Interest receivable								$ 10,700
Khoemacau | Production stage stream interests
Acquisitions
Payment to acquire interest				$ 265,000
Xavantina (formerly NX Gold)
Acquisitions
Payment to acquire interest	$ 2,400

STREAM AND ROYALTY INTERESTS,_3

STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cost	$ 4,874,194	$ 4,875,802
Accumulated Depletion	(1,798,620)	(1,634,113)
Impairments		(4,287)
Net	3,075,574	3,237,402
Production stage stream and royalty interests
Cost	3,687,394	3,668,825
Accumulated Depletion	(1,798,620)	(1,634,113)
Net	1,888,774	2,034,712
Production stage stream interests
Cost	2,463,562	2,446,435
Accumulated Depletion	(1,143,549)	(1,022,428)
Net	1,320,013	1,424,007
Production stage stream interests | Mt. Milligan
Cost	790,635	790,635
Accumulated Depletion	(430,106)	(392,804)
Net	360,529	397,831
Production stage stream interests | Pueblo Viejo
Cost	610,404	610,404
Accumulated Depletion	(299,354)	(289,537)
Net	311,050	320,867
Production stage stream interests | Andacollo
Cost	388,182	388,182
Accumulated Depletion	(165,553)	(151,870)
Net	222,629	236,312
Production stage stream interests | Khoemacau
Cost	265,911	265,911
Accumulated Depletion	(41,635)	(15,905)
Net	224,276	250,006
Production stage stream interests | Rainy River
Cost	175,727	175,727
Accumulated Depletion	(74,858)	(61,601)
Net	100,869	114,126
Production stage stream interests | Other interest
Cost	232,703	215,576
Accumulated Depletion	(132,043)	(110,711)
Net	100,660	104,865
Production stage royalty interests
Cost	1,223,832	1,222,390
Accumulated Depletion	(655,071)	(611,685)
Net	568,761	610,705
Production stage royalty interests | Cortez
Cost	353,850	353,772
Accumulated Depletion	(61,891)	(35,276)
Net	291,959	318,496
Production stage royalty interests | Voisey's Bay
Cost	205,724	205,724
Accumulated Depletion	(121,000)	(118,327)
Net	84,724	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	(59,900)	(57,772)
Net	39,272	41,400
Production stage royalty interests | Other interest
Cost	448,899	447,535
Accumulated Depletion	(408,522)	(398,513)
Net	40,377	49,022
Development stage stream and royalty interests
Cost	138,591	131,684
Net	138,591	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	81,132	74,225
Net	81,132	74,225
Exploration stage stream and royalty interests
Cost	1,048,209
Net	1,048,209
Exploration stage stream interests | Xavantina (formerly NX Gold)
Cost	19,565	34,253
Net	19,565	34,253
Exploration stage royalty interests
Cost		1,075,293
Impairments		(4,287)
Net		1,071,006
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	106,864	119,421
Impairments		(4,287)
Net	$ 106,864	$ 115,134

STREAM AND ROYALTY INTERESTS,_4

STREAM AND ROYALTY INTERESTS, NET - Impairments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Impairments of royalty and stream interests		$ 0	$ 4,287
Stream and royalty interests in mineral property	$ 3,237,402	3,075,574	3,237,402
Exploration stage royalty interests
Stream and royalty interests in mineral property	1,071,006		1,071,006
Exploration stage royalty interests | Other interest
Impairments of royalty and stream interests	4,300
Stream and royalty interests in mineral property	115,134	106,864	115,134
Production stage royalty interests
Stream and royalty interests in mineral property	610,705	568,761	610,705
Production stage royalty interests | Other interest
Stream and royalty interests in mineral property	$ 49,022	$ 40,377	$ 49,022

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands					6 Months Ended	12 Months Ended
	Dec. 06, 2023	Sep. 06, 2023	Jun. 06, 2023	Mar. 06, 2023	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Long-term debt disclosure
Principal						$ 250,000	$ 575,000
Debt issuance costs						(4,033)	(3,428)
Total debt						245,967	571,572
Repayment of debt					$ 100,000	325,000	125,000	$ 305,000
Credit Facility
Long-term debt disclosure
Principal						250,000	575,000
Debt issuance costs						(4,033)	(3,428)
Total debt						245,967	571,572
Repayment of debt	$ 75,000	$ 75,000	$ 100,000	$ 75,000
Outstanding amount under credit facility						250,000
Available under the revolving credit facility						$ 750,000
Effective interest rate (as percent)						6.56%
Interest expense recognized					$ 1,400	$ 28,400	$ 10,000	$ 3,300

LEASES - Lease balance sheet (D

LEASES - Lease balance sheet (Details) $ in Thousands	Dec. 31, 2023 USD ($)
LEASES
Right-of-use assets - current	$ 833
Right-of-use assets - non-current	3,939
Total right-of-use assets	$ 4,772
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent, Prepaid Expense and Other Assets, Current
Lease liabilities - current	$ 972
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Lease liabilities - non-current	$ 4,673
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 5,645
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current, Other Liabilities, Noncurrent

LEASES - Lease maturities (Deta

LEASES - Lease maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
LEASES
2024	$ 1,102
2025	1,026
2026	1,027
2027	1,027
2028	789
Thereafter	1,112
Total lease payments	6,083
Less imputed interest	(438)
Total	$ 5,645

LEASES - Lease other (Details)

LEASES - Lease other (Details)	Dec. 31, 2023
LEASES
Weighted average remaining lease term in years	6 years
Weighted average discount rate	2.50%

REVENUE (Details)

REVENUE (Details)	12 Months Ended
	Dec. 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	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue
Revenue	$ 342,952	$ 605,717	$ 603,206	$ 615,856
Stream interests
Disaggregation of Revenue
Revenue	226,551	418,280	417,793	423,989	$ 423,989
Stream interests | Gold
Disaggregation of Revenue
Revenue	165,031	307,797	308,302	323,980
Stream interests | Silver
Disaggregation of Revenue
Revenue	30,576	64,851	50,591	43,281
Stream interests | Copper
Disaggregation of Revenue
Revenue	30,944	45,632	58,900	56,728
Royalty interests
Disaggregation of Revenue
Revenue	116,401	187,437	185,413	191,867
Royalty interests | Gold
Disaggregation of Revenue
Revenue	85,151	154,327	131,014	131,784
Royalty interests | Silver
Disaggregation of Revenue
Revenue	8,253	8,554	13,690	16,198
Royalty interests | Copper
Disaggregation of Revenue
Revenue	9,511	11,792	15,019	16,448
Royalty interests | Other
Disaggregation of Revenue
Revenue	$ 13,486	$ 12,764	$ 25,690	$ 27,437

REVENUE - Property Disaggregati

REVENUE - Property Disaggregation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue
Revenue	$ 342,952	$ 605,717	$ 603,206	$ 615,856
Stream interests
Disaggregation of Revenue
Revenue	226,551	418,280	417,793	423,989	$ 423,989
Stream interests | Mt. Milligan
Disaggregation of Revenue
Revenue	95,509	158,167	180,543	156,938
Stream interests | Pueblo Viejo
Disaggregation of Revenue
Revenue	52,958	76,247	85,863	115,583
Stream interests | Andacollo
Disaggregation of Revenue
Revenue	28,076	48,920	47,347	82,164
Stream interests | Khoemacau
Disaggregation of Revenue
Revenue	5,096	34,602	18,786
Stream interests | Other interest
Disaggregation of Revenue
Revenue	44,912	100,344	85,254	69,304
Royalty interests
Disaggregation of Revenue
Revenue	116,401	187,437	185,413	191,867
Royalty interests | Cortez Legacy Zone
Disaggregation of Revenue
Revenue	33,768	79,920	47,769	36,160
Royalty interests | Cortez CC Zone
Disaggregation of Revenue
Revenue		14,626	2,790
Royalty interests | Penasquito
Disaggregation of Revenue
Revenue	26,432	17,772	43,165	49,688
Royalty interests | Other interest
Disaggregation of Revenue
Revenue	$ 56,201	$ 75,119	$ 91,689	$ 106,019

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended			30 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021	Dec. 31, 2023	Nov. 30, 2015
Stock-based compensation
Common stock authorized for future grants (in shares)						2,500,000
Stock-based compensation expense	$ 3,218	$ 9,696	$ 8,411	$ 5,730
Contractual term of awards		10 years
Minimum
Stock-based compensation
Continuous service period for awards to vest		1 year
Maximum
Stock-based compensation
Continuous service period for awards to vest		3 years
Restricted stock
Stock-based compensation
Stock-based compensation expense	2,006	$ 6,191	4,515	2,668
Other than options granted (in shares)		56,710
Unrecognized compensation expense		$ 7,200			$ 7,200
Weighted-average recognition period		1 year 8 months 12 days
Performance stock
Stock-based compensation
Stock-based compensation expense	405	$ 2,953	2,685	$ 1,317
Other than options granted (in shares)		82,740
Earn out basis if all goals are met (as a percent)		200%		200%	200%
Unrecognized compensation expense		$ 5,700			$ 5,700
Weighted-average recognition period		1 year 8 months 12 days
Stock appreciation rights
Stock-based compensation
Stock-based compensation expense	$ 779	$ 533	$ 1,179	$ 1,677
Other than options granted (in shares)	0	0	0
Unrecognized compensation expense		$ 0			$ 0
Key assumptions
Weighted-average expected volatility (as a percent)				39.20%
Weighted-average expected life (in years)				4 years 2 months 12 days
Weighted-average dividend yield (as a percent)				0.90%
Weighted-average risk free interest rate (as a percent)				0.20%
Stock options
Stock-based compensation
Stock-based compensation expense	$ 28	$ 19	$ 32	$ 68
Stock options granted (in shares)	0	0	0		0
Unrecognized compensation expense		$ 0			$ 0
Key assumptions
Weighted-average expected volatility (as a percent)				39.40%
Weighted-average expected life (in years)				4 years 4 months 24 days
Weighted-average dividend yield (as a percent)				0.90%
Weighted-average risk free interest rate (as a percent)				0.20%

STOCK-BASED COMPENSATION - OPTI

STOCK-BASED COMPENSATION - OPTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended			30 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021	Dec. 31, 2023
Employee Stock Option [Member]
Stock options, number of shares
Outstanding at the beginning of the period (in shares)		17,878
Granted (in shares)	0	0	0		0
Exercised (in shares)	0	(6,534)		0
Outstanding at the end of the period (in shares)		11,344	17,878		11,344
Exercisable at the end of the period (in shares)		11,344			11,344
Stock options, weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)		$ 81.17
Exercised (in dollars per share)		71.39
Outstanding at the end of the period (in dollars per share)		86.80	$ 81.17		$ 86.80
Exercisable at the end of the period (in dollars per share)		$ 86.80			$ 86.80
Stock options, weighted-average remaining contractual life (in years)
Outstanding at the end of the period		3 years 4 months 24 days
Exercisable at the end of the period		3 years 4 months 24 days
Stock options, Aggregate Intrinsic Value
Outstanding at the end of the period		$ 431			$ 431
Exercisable at the end of the period		431			$ 431
Other stock-based compensation
Granted (in dollars per share)				$ 41.92
Intrinsic value of options exercised		$ 500	$ 200
Stock appreciation rights
Other stock-based compensation
Granted (in dollars per share)				$ 40.92

STOCK-BASED COMPENSATION - NON-

STOCK-BASED COMPENSATION - NON-OPTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended			30 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021	Dec. 31, 2023
Other stock-based compensation
Contractual term of awards		10 years
Minimum
Other stock-based compensation
Continuous service period for awards to vest		1 year
Maximum
Other stock-based compensation
Continuous service period for awards to vest		3 years
Restricted stock
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)		120,542
Granted (in shares)		56,710
Vested (in shares)		(41,139)
Outstanding at the end of the period (in shares)		136,113	120,542		136,113
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)		$ 116.76
Granted (in dollars per share)		120.67
Vested (in dollars per share)		115.24
Non-vested at the end of the period (in dollars per share)		$ 118.84	$ 116.76		$ 118.84
Restricted stock | Officers and Certain Employees
Non-vested other than stock options, number of shares
Granted (in shares)		49,480
Other stock-based compensation
Vesting period	3 years	3 years	3 years	3 years
Holding period of awards as a vesting condition				2 years
Restricted stock | Non Executive Directors
Non-vested other than stock options, number of shares
Granted (in shares)		7,230
Other stock-based compensation
Vesting period		1 year
Vesting (as a percent)		50%
Percentage of shares granted to non-executive directors, vesting one year after date of grant		50%			50%
Performance stock
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)		166,441
Granted (in shares)		82,740
Exercised (in shares)		(5,847)
Non-attainment (in shares)		(27,143)
Outstanding at the end of the period (in shares)		216,191	166,441		216,191
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)		$ 122.05
Granted (in dollars per share)		139.50
Exercised (in dollars per share)		82.30
Non-attainment (in dollars per share)		79.84
Non-vested at the end of the period (in dollars per share)		$ 135.11	$ 122.05		$ 135.11
Other stock-based compensation
Earn out basis if no goals are met (as a percent)				0%
Earn out basis if some goals are met (as a percent)				100%
Earn out basis if all goals are met (as a percent)		200%		200%	200%
Gold Equivalent Ounces Shares
Other stock-based compensation
Contractual term of awards				5 years
Total Shareholder Return Shares
Other stock-based compensation
Contractual term of awards				3 years	3 years
Continuous service period for awards to vest		3 years		3 years	3 years
Earn out basis if no goals are met (as a percent)		0%			0%
Earn out basis if some goals are met (as a percent)		100%			100%
Earn out basis if all goals are met (as a percent)		200%			200%
Stock Appreciation Rights (SARs) [Member]
Non-vested other than stock options, number of shares
Outstanding at the beginning of the period (in shares)		174,906
Granted (in shares)	0	0	0
Exercised (in shares)	0	(17,627)
Outstanding at the end of the period (in shares)		157,279	174,906		157,279
Exercisable at the end of the period (in shares)		157,279			157,279
Other than stock options, weighted-average grant date fair value
Non-vested at the beginning of the period (in dollars per share)		$ 111.65
Exercised (in dollars per share)		99.34
Non-vested at the end of the period (in dollars per share)		113.03	$ 111.65		$ 113.03
Exercisable at the end of the period (in dollars per share)		$ 113.03			$ 113.03
Other than stock options, weighted-average remaining contractual life (in years)
Outstanding at the end of the period		5 years 2 months 12 days
Exercisable at the end of the period		5 years 2 months 12 days
Aggregate Intrinsic Value
Intrinsic value on outstanding shares		$ 2,526			$ 2,526
Intrinsic value on exercisable shares		2,526			$ 2,526
Other stock-based compensation
Total intrinsic value		$ 700	$ 200	$ 100

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
EARNINGS PER SHARE ("EPS")
Net income attributable to Royal Gold common stockholders	$ 138,339	$ 239,440	$ 238,982	$ 302,532
Weighted-average shares for basic EPS	65,560,468	65,613,002	65,576,995	65,546,400
Effect of other dilutive securities	64,099	126,108	84,753	81,191
Weighted-average shares for diluted EPS	65,624,567	65,739,110	65,661,748	65,627,591
Basic EPS	$ 2.11	$ 3.64	$ 3.64	$ 4.61
Diluted EPS	$ 2.10	$ 3.63	$ 3.63	$ 4.60

INCOME TAXES - Expense (Benefit

INCOME TAXES - Expense (Benefit) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Income before income taxes
United States	$ 68,239	$ 64,105	$ 86,321	$ 130,175
Foreign	100,597	218,035	186,547	209,468
Income before income taxes	168,836	282,140	272,868	339,643
Current:
Federal	19,285	24,046	29,228	38,146
State	(503)	(68)	467	867
Foreign	8,716	24,499	23,067	(2,602)
Total current income tax expense	27,498	48,477	52,762	36,411
Deferred and others:
Federal	104	(763)	(957)	376
State	2	(14)	(18)	(2)
Foreign	2,404	(5,692)	(18,861)	82
Total deferred and other income tax expense (benefit)	2,510	(6,469)	(19,836)	456
Total income tax expense (benefit)	$ 30,008	$ 42,008	$ 32,926	$ 36,867

INCOME TAXES - Reconciliation (

INCOME TAXES - Reconciliation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Total expense (benefit) reconciliation
Total expense (benefit) computed by applying federal rates	$ 35,456	$ 59,249	$ 57,303	$ 71,325
State and provincial income taxes, net of federal benefit	518	625	545	874
Excess depletion	(1,363)	(2,259)	(1,907)	(1,812)
Estimates for uncertain tax positions	(910)			(26,179)
Statutory tax attributable to non-controlling interest	(219)	(224)	(363)	(72)
Effect of foreign earnings	(3,896)	(10,116)	(8,846)	(7,659)
Unrealized foreign exchange gains	54	(988)	853	(616)
Rate adjustment	1,694	(6)
Changes in estimates	(2,614)	11	119	(858)
Valuation allowance	833	(6,030)	(15,877)	1,284
Other	455	1,746	1,099	580
Total income tax expense (benefit)	$ 30,008	$ 42,008	$ 32,926	$ 36,867
Effective tax rate (as a percent)	17.80%	14.90%	12.10%	10.90%

INCOME TAXES - Deferred (Detail

INCOME TAXES - Deferred (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Deferred tax assets:
Stock-based compensation	$ 1,952	$ 1,846
Net operating losses	4,683	3,184
Foreign tax credits	35,751	33,301
Amortizable tax goodwill	46,821	52,783
Other	5,044	4,575
Total deferred tax assets	94,251	95,689
Valuation allowance	(40,814)	(46,844)
Net deferred tax assets	53,437	48,845
Deferred tax liabilities:
Mineral property basis	(122,543)	(124,373)
Unrealized foreign exchange gains	(582)	(582)
Other	(97)	(143)
Total deferred tax liabilities	(123,222)	(125,098)
Total net deferred taxes	(69,785)	(76,253)
Net operating loss carry forwards	4,700	$ 3,200
Interest and penalties			$ 300
US Foreign
Deferred tax assets:
Valuation allowance	(35,800)
Capital loss
Deferred tax assets:
Valuation allowance	(1,900)
Other tax carryforwards
Deferred tax assets:
Valuation allowance	$ (3,200)

INCOME TAXES - Unrecognized (De

INCOME TAXES - Unrecognized (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Reconciliation of beginning and ending amount of gross unrecognized tax benefits
Total gross unrecognized tax benefits at beginning of year	$ 652	$ 0		$ 25,389
Additions / Reductions for tax positions of prior years	(60)	0	$ 0	(812)
Reductions due to settlements with taxing authorities	$ (592)			(23,925)
Total amount of gross unrecognized tax benefits at end of year		0	$ 0	$ 652
Accrued income-tax-related interest and penalties		$ 0

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Cash paid during the period for:
Interest	$ 304	$ 28,054	$ 7,218	$ 3,510
Income taxes, net of refunds	24,166	50,303	54,804	58,970
Non-cash investing and financing activities:
Dividends declared	$ 42,659	$ 100,232	$ 93,597	$ 77,416

MAJOR SOURCES OF REVENUE (Detai

MAJOR SOURCES OF REVENUE (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Centerra
Major sources of revenue
Revenue	$ 95,509	$ 158,167	$ 180,543	$ 156,938
Centerra | Sales Revenue | Customer Concentration Risk
Major sources of revenue
Percentage of total revenue	27.80%	26.10%	30%	25.50%
Nevada Gold Mines
Major sources of revenue
Revenue	$ 39,609	$ 101,870	$ 57,730	$ 41,111
Nevada Gold Mines | Sales Revenue | Customer Concentration Risk
Major sources of revenue
Percentage of total revenue	11.50%	16.80%	9.60%	6.70%
Barrick | Sales Revenue | Customer Concentration Risk
Major sources of revenue
Revenue	$ 89,177	$ 75,259	$ 140,421	$ 157,972
Percentage of total revenue	26%	12.40%	23.30%	25.70%
Teck | Sales Revenue | Customer Concentration Risk
Major sources of revenue
Revenue	$ 28,076	$ 48,920	$ 47,347	$ 82,164
Percentage of total revenue	8.20%	8.10%	7.90%	13.30%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information
Number of reportable segments | segment		2
Stream and royalty interests, net (Note 4)		$ 3,075,574	$ 3,237,402
Revenue	$ 342,952	605,717	603,206	$ 615,856
Cost of sales	52,329	90,523	94,642	92,898
Production taxes	4,412	7,294	7,021	6,743
Depletion	99,470	164,506	178,442	183,213
Total segment gross profit	186,741	343,394	323,101	333,002
Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		1,076,298	1,132,506
Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		311,050	320,867
Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		264,850	300,043
Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		446,745	460,428
United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		794,891	823,203
Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		41,803	50,156
Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		21,288	22,120
Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		118,649	128,079
Stream interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		1,351,616	1,470,298
Revenue	226,551	418,280	417,793	423,989	$ 423,989
Cost of sales	52,329	90,523	94,642		92,898
Depletion	82,603	121,121	143,526		150,594
Total segment gross profit	91,619	206,636	179,625		$ 180,497
Stream interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		461,398	511,957
Revenue	115,544	196,961	212,369	190,537
Stream interests | Dominican Republic
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		311,050	320,867
Revenue	52,958	76,247	85,863	115,583
Stream interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		264,529	299,722
Revenue	22,228	70,757	53,787	35,705
Stream interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		222,629	236,312
Revenue	28,075	48,920	47,347	82,164
Stream interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		92,010	101,440
Revenue	7,746	25,395	18,427
Royalty interests
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		1,723,958	1,767,104
Revenue	116,401	187,437	185,413	191,867
Production taxes	4,412	7,294	7,021	6,743
Depletion	16,867	43,385	34,916	32,619
Total segment gross profit	95,122	136,758	143,476	152,505
Royalty interests | Canada
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		614,900	620,549
Revenue	13,756	12,712	27,210	31,671
Royalty interests | Africa
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		321	321
Revenue	1,107		316	2,801
Royalty interests | Chile
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		224,116	224,116
Royalty interests | United States
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		794,891	823,203
Revenue	54,046	123,690	81,642	68,611
Royalty interests | Mexico
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		41,803	50,156
Revenue	31,858	25,754	52,388	58,212
Royalty interests | Australia
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		21,288	22,120
Revenue	11,174	19,011	15,672	21,466
Royalty interests | Rest of world
Long Lived Assets and Pre-Tax Income by Geographical Information
Stream and royalty interests, net (Note 4)		26,639	26,639
Revenue	$ 4,460	$ 6,270	$ 8,185	$ 9,106

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
SEGMENT INFORMATION
Total segment gross profit	$ 186,741	$ 343,394	$ 323,101	$ 333,002
Costs and expenses
General and administrative expenses	15,163	39,761	34,612	28,387
Exploration costs				563
Depreciation	215	431	493	356
Impairment of royalty interests		0	4,287
Total costs and expenses	15,378	40,192	39,392	29,306
Gain on sale of Peak Gold JV interest				33,906
Operating income	171,363	303,202	283,709	337,602
Fair value changes in equity securities	(1,350)	(147)	(1,503)	6,017
Interest and other income	1,610	9,952	7,832	2,443
Interest and other expense	(2,787)	(30,867)	(17,170)	(6,419)
Income before income taxes	$ 168,836	$ 282,140	$ 272,868	$ 339,643

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Apr. 20, 2023	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Commitments and Contingencies
Acquisition consideration paid		$ 281,066	$ 2,678	$ 922,155	$ 168,147
Xavantina (formerly NX Gold)
Commitments and Contingencies
Acquisition consideration paid	$ 2,400
Advance payments			4,400
Ilovica
Commitments and Contingencies
Conditional funding from acquisition			$ 163,750

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands		6 Months Ended	12 Months Ended
	Feb. 14, 2024 USD ($) oz	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)
Subsequent events
Cash consideration		$ 281,066	$ 2,678	$ 922,155	$ 168,147
Subsequent Event | Mt. Milligan
Subsequent events
Cash consideration	$ 24,500
Gold delivered (in ounces) | oz	50,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 138,339	$ 239,440	$ 238,982	$ 302,532

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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