ROYAL GOLD INC, 10-Q filed on 5/8/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-13357  
Entity Registrant Name Royal Gold, Inc  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 84-0835164  
Entity Address, Address Line One 1144 15th Street, Suite 2500  
Entity Address, City or Town Denver  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80202  
City Area Code 303  
Local Phone Number 573-1660  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol RGLD  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   65,816,496
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000085535  
Current Fiscal Year End Date --12-31  
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and equivalents $ 240,760 $ 195,498
Royalty receivables 57,729 63,460
Income tax receivable 1,370 1,139
Stream inventory 14,556 12,973
Prepaid expenses and other 2,084 2,217
Total current assets 316,499 275,287
Stream and royalty interests, net (Note 3) 3,059,885 3,042,804
Other assets 81,934 74,039
Total assets 3,458,318 3,392,130
LIABILITIES    
Accounts payable 2,464 10,578
Dividends payable 29,634 29,611
Income tax payable 15,345 23,177
Other current liabilities 19,329 21,785
Total current liabilities 66,772 85,151
Deferred tax liabilities 131,879 132,308
Mount Milligan deferred liability (Note 4) 25,000 25,000
Other liabilities 19,521 18,465
Total liabilities 243,172 260,924
Commitments and contingencies (Note 10)
EQUITY    
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued 0 0
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,735,304 and 65,691,151 shares outstanding, respectively 657 657
Additional paid-in capital 2,228,497 2,228,311
Accumulated earnings 973,853 889,989
Total Royal Gold stockholders’ equity 3,203,007 3,118,957
Non-controlling interests 12,139 12,249
Total equity 3,215,146 3,131,206
Total liabilities and equity $ 3,458,318 $ 3,392,130
v3.25.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares outstanding (in shares) 65,735,304 65,691,151
v3.25.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenue (Note 5) $ 193,436 $ 148,902
Costs and expenses    
Cost of sales (excludes depreciation, depletion and amortization) 24,506 21,751
General and administrative 11,063 11,412
Production taxes 1,761 1,449
Depreciation, depletion and amortization 32,995 38,765
Total costs and expenses 70,325 73,377
Operating income 123,111 75,525
Fair value changes in equity securities (37) 447
Interest and other income 2,049 2,977
Interest and other expense (1,156) (4,607)
Income before income taxes 123,967 74,342
Income tax expense (Note 8) (10,389) (27,033)
Net income and comprehensive income 113,578 47,309
Net income and comprehensive income attributable to non-controlling interests (80) (143)
Net income and comprehensive income attributable to Royal Gold common stockholders $ 113,498 $ 47,166
Net income per share attributable to Royal Gold common stockholders:    
Basic earnings per share (in dollars per share) $ 1.72 $ 0.72
Basic weighted average shares outstanding (in shares) 65,705,157 65,637,428
Diluted earnings per share (in dollars per share) $ 1.72 $ 0.72
Diluted weighted average shares outstanding (in shares) 65,791,551 65,740,260
Cash dividends declared per common share (in dollars per share) $ 0.45 $ 0.40
v3.25.1
Consolidated Statements of Changes in Stockholders’ Equity - USD ($)
$ in Thousands
Total
Common Shares
Additional Paid-In Capital
Accumulated Earnings
Non-controlling Interests
Balance (in shares) at Dec. 31, 2023   65,631,760      
Balance at Dec. 31, 2023 $ 2,900,641 $ 656 $ 2,221,039 $ 666,522 $ 12,424
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation and related share issuances (in shares)   17,071      
Stock-based compensation and related share issuances 1,982   1,982    
Distributions to non-controlling interests (255)       (255)
Net income 47,166     47,166  
Comprehensive income 47,309       143
Dividends declared (26,311)     (26,311)  
Balance (in shares) at Mar. 31, 2024   65,648,831      
Balance at Mar. 31, 2024 2,923,366 $ 656 2,223,021 687,377 12,312
Balance (in shares) at Dec. 31, 2024   65,691,151      
Balance at Dec. 31, 2024 3,131,206 $ 657 2,228,311 889,989 12,249
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation and related share issuances (in shares)   44,153      
Stock-based compensation and related share issuances 186   186    
Distributions to non-controlling interests (190)       (190)
Net income 113,498     113,498  
Comprehensive income 113,578       80
Dividends declared (29,634)     (29,634)  
Balance (in shares) at Mar. 31, 2025   65,735,304      
Balance at Mar. 31, 2025 $ 3,215,146 $ 657 $ 2,228,497 $ 973,853 $ 12,139
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income and comprehensive income $ 113,578 $ 47,309
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:    
Depreciation, depletion and amortization 32,995 38,765
Non-cash employee stock compensation expense 3,198 2,988
Fair value changes in equity securities 37 (447)
Deferred tax (benefit) expense (8,828) 648
Other 224 222
Changes in assets and liabilities:    
Royalty receivables 5,731 10,127
Stream inventory (1,583) (1,629)
Income tax receivable (231) (433)
Prepaid expenses and other assets 345 10,763
Accounts payable 135 158
Income tax payable (7,832) 6,465
Mount Milligan deferred liability 0 25,000
Other liabilities (1,400) (1,652)
Net cash provided by operating activities 136,369 138,284
Cash flows from investing activities:    
Acquisition of stream and royalty interests (58,246) (1,104)
Proceeds from Khoemacau debt facility 0 25,000
Other (49) (305)
Net cash (used in) provided by investing activities (58,295) 23,591
Cash flows from financing activities:    
Repayment of debt 0 (100,000)
Net payments from issuance of common stock (3,011) (1,369)
Common stock dividends (29,611) (26,292)
Other (190) (431)
Net cash used in financing activities (32,812) (128,092)
Net increase in cash and equivalents 45,262 33,783
Cash and equivalents at beginning of period 195,498 104,167
Cash and equivalents at end of period $ 240,760 $ 137,950
v3.25.1
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
Royal Gold, Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in the production, development or 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 and obligation to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in a mining project that provide the right to revenue or metals produced from the project after deducting contractually specified costs, if any.
Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2025. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 13, 2025 (“2024 10-K”).
Recent Accounting Standards
We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.
v3.25.1
ACQUISITIONS
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
Additional Xavantina Stream
On March 28, 2025, we entered into an additional precious metals purchase agreement (“Additional Stream”) with Ero Gold Corporation, a wholly owned subsidiary of Ero Copper Corporation, and certain of its affiliates for gold produced from the Xavantina mine for an advance payment of $50 million. The Additional Stream is incremental to the existing precious metals purchase agreement between the parties dated June 29, 2021 (“Base Stream”), and significantly extends the area of interest.
As of March 31, 2025, 46,500 ounces of gold have been delivered under the Base Stream at a cash purchase price of 20% of the spot gold price for each ounce delivered, which will increase to 40% of the spot gold price for each ounce delivered upon the delivery of 49,000 ounces. When considered with the Base Stream, the Additional Stream effectively increases the threshold for stream deliveries at the current 25% stream rate from 93,000 ounces to 160,000 ounces, with the additional deliveries to be payable at a cash price of 40% of the spot gold price.
The Additional Stream has been accounted for as an asset acquisition. The $50 million advance payment, plus direct acquisition costs, have been recorded as an exploration stage stream interest (Note 3) within Stream and royalty interests, net on our consolidated balance sheets. The purchase price was funded with available cash on hand.
v3.25.1
STREAM AND ROYALTY INTERESTS, NET
 3 Months Ended
Mar. 31, 2025
STREAM AND ROYALTY INTERESTS, NET  
STREAM AND ROYALTY INTERESTS, NET STREAM AND ROYALTY INTERESTS, NET
The following tables summarize our stream and royalty interests, net as of March 31, 2025 and December 31, 2024.
As of March 31, 2025 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(468,140)$322,495 
Pueblo Viejo610,404 (311,009)299,395 
Andacollo388,182 (179,451)208,731 
Khoemacau
265,911 (61,848)204,063 
Rainy River175,727 (88,577)87,150 
Other241,830 (157,677)84,153 
Total production stage stream interests2,472,689 (1,266,702)1,205,987 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (85,901)267,949 
Voisey's Bay205,724 (126,201)79,523 
Red Chris116,187 (9,033)107,154 
Peñasquito99,172 (66,980)32,192 
Other515,174 (420,803)94,371 
Total production stage royalty interests1,290,107 (708,918)581,189 
Total production stage stream and royalty interests3,762,796 (1,975,620)1,787,176 
Development stage stream interests:
Ilovica12,038 — 12,038 
Development stage royalty interests:
Cactus55,122 — 55,122 
Back River42,948 — 42,948 
La Fortuna35,140 — 35,140 
Other25,576 — 25,576 
Total development stage stream and royalty interests170,824 — 170,824 
Exploration stage stream interests:
Xavantina64,794 — 64,794 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other115,311 — 115,311 
Total exploration stage stream and royalty interests$1,101,885 $— $1,101,885 
Total stream and royalty interests, net$5,035,505 $(1,975,620)$3,059,885 
As of December 31, 2024 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(462,412)$328,223 
Pueblo Viejo610,404 (308,283)302,121 
Andacollo388,182 (177,059)211,123 
Khoemacau
265,911 (58,043)207,868 
Rainy River175,727 (86,307)89,420 
Other241,830 (154,245)87,585 
Total production stage stream interests2,472,689 (1,246,349)1,226,340 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (81,845)272,005 
Voisey's Bay205,724 (124,526)81,198 
Red Chris116,187 (5,966)110,221 
Peñasquito99,172 (65,372)33,800 
Other519,491 (418,648)100,843 
Total production stage royalty interests1,294,424 (696,357)598,067 
Total production stage stream and royalty interests3,767,113 (1,942,706)1,824,407 
Development stage stream interests:
Ilovica12,038 — 12,038 
Development stage royalty interests:
Cactus55,128 — 55,128 
Back River42,948 — 42,948 
La Fortuna35,140 — 35,140 
Other21,133 — 21,133 
Total development stage stream and royalty interests166,387 — 166,387 
Exploration stage stream interests:
Xavantina14,792 — 14,792 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other115,438 — 115,438 
Total exploration stage stream and royalty interests$1,052,010 $— $1,052,010 
Total stream and royalty interests, net$4,985,510 $(1,942,706)$3,042,804 
v3.25.1
MOUNT MILLIGAN DEFERRED LIABILITY
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
MOUNT MILLIGAN DEFERRED LIABILITY MOUNT MILLIGAN DEFERRED LIABILITY
On February 13, 2024, we entered into a Processing Cost Support Agreement (the "Mount Milligan Cost Support Agreement") with Centerra Gold Inc. ("Centerra") with respect to the Mount Milligan mine for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future ("Deferred Gold Consideration") and a free cash flow interest. The cost support allowed for the extension of the mine from 2032 to 2035 and the potential to extend the mine life beyond 2035.
The value of the cash consideration and free cash flow interest received from Centerra is recorded as a deferred liability in our consolidated balance sheets as of March 31, 2025.
For further detail on the Mount Milligan Cost Support Agreement and the Deferred Gold Consideration refer to our 2024 10-K.
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 and obligation to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. We settle both averaging and spot sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.
Royalty Interests
Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to its ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2024 10-K. For the three months ended March 31, 2025, royalty revenue that was estimated or was attributable to metal production for a period prior to the three months ended March 31, 2025, was not material.
Disaggregation of Revenue
We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 9.
Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
Three Months Ended
March 31,
2025		March 31,
2024
Stream revenue:
Gold$94,562 $78,277 
Silver18,699 14,747 
Copper9,221 9,504 
Total stream revenue$122,482 $102,528 
Royalty revenue:
Gold$51,164 $33,496 
Copper7,591 3,621 
Silver4,901 4,328 
Other7,298 4,929 
Total royalty revenue$70,954 $46,374 
Total revenue$193,436 $148,902 
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
Three Months Ended
Metal(s)March 31,
2025		March 31,
2024
Stream revenue:
Mount MilliganGold & Copper$42,808 $34,995 
Pueblo ViejoGold & Silver28,751 17,760 
AndacolloGold12,744 11,689 
Other(1)
Gold & Silver38,179 38,084 
Total stream revenue$122,482 $102,528 
Royalty revenue:
Cortez Legacy ZoneGold$11,143 $13,365 
Cortez CC ZoneGold3,554 4,411 
Other(1)
Various56,257 28,598 
Total royalty revenue$70,954 $46,374 
Total revenue$193,436 $148,902 
______________________________________________
(1)In our 2024 10-K, Khoemacau and Peñasquito were reclassified from principal to non-principal stream and royalty properties, respectively, and are shown within "Other" in the table above.

Please refer to Note 9 for the geographical distribution of our revenue by reportable segment.
v3.25.1
REVENUE
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE MOUNT MILLIGAN DEFERRED LIABILITY
On February 13, 2024, we entered into a Processing Cost Support Agreement (the "Mount Milligan Cost Support Agreement") with Centerra Gold Inc. ("Centerra") with respect to the Mount Milligan mine for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future ("Deferred Gold Consideration") and a free cash flow interest. The cost support allowed for the extension of the mine from 2032 to 2035 and the potential to extend the mine life beyond 2035.
The value of the cash consideration and free cash flow interest received from Centerra is recorded as a deferred liability in our consolidated balance sheets as of March 31, 2025.
For further detail on the Mount Milligan Cost Support Agreement and the Deferred Gold Consideration refer to our 2024 10-K.
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 and obligation to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. We settle both averaging and spot sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.
Royalty Interests
Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to its ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2024 10-K. For the three months ended March 31, 2025, royalty revenue that was estimated or was attributable to metal production for a period prior to the three months ended March 31, 2025, was not material.
Disaggregation of Revenue
We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 9.
Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
Three Months Ended
March 31,
2025		March 31,
2024
Stream revenue:
Gold$94,562 $78,277 
Silver18,699 14,747 
Copper9,221 9,504 
Total stream revenue$122,482 $102,528 
Royalty revenue:
Gold$51,164 $33,496 
Copper7,591 3,621 
Silver4,901 4,328 
Other7,298 4,929 
Total royalty revenue$70,954 $46,374 
Total revenue$193,436 $148,902 
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
Three Months Ended
Metal(s)March 31,
2025		March 31,
2024
Stream revenue:
Mount MilliganGold & Copper$42,808 $34,995 
Pueblo ViejoGold & Silver28,751 17,760 
AndacolloGold12,744 11,689 
Other(1)
Gold & Silver38,179 38,084 
Total stream revenue$122,482 $102,528 
Royalty revenue:
Cortez Legacy ZoneGold$11,143 $13,365 
Cortez CC ZoneGold3,554 4,411 
Other(1)
Various56,257 28,598 
Total royalty revenue$70,954 $46,374 
Total revenue$193,436 $148,902 
______________________________________________
(1)In our 2024 10-K, Khoemacau and Peñasquito were reclassified from principal to non-principal stream and royalty properties, respectively, and are shown within "Other" in the table above.

Please refer to Note 9 for the geographical distribution of our revenue by reportable segment.
v3.25.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
We recognized stock-based compensation expense as follows (amounts in thousands):
Three Months Ended
March 31,
2025		March 31,
2024
Restricted stock$2,012 $1,971 
Performance stock1,186 1,017 
Total stock-based compensation expense3,198 2,988 
Stock-based compensation expense is included within General and administrative expense in the consolidated statements of operations and comprehensive income.
We granted the following stock-based compensation awards:
Three Months Ended
March 31,
2025		March 31,
2024
(Number of shares)
Performance stock (at maximum 200% attainment)
72,12093,840
Restricted stock50,26465,850
Total equity awards granted122,384159,690
As of March 31, 2025, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:
Unrecognized
compensation
expense		Weighted-
average vesting
period (years)
Restricted stock$11,380 2.2
Performance stock9,871 2.3
v3.25.1
EARNINGS PER SHARE ("EPS")
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE ("EPS") EARNINGS PER SHARE (“EPS”)
Basic EPS was computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock option awards, unexercised stock-settled stock appreciation rights and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic EPS are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted EPS.
The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data):
Three Months Ended
March 31,
2025		March 31,
2024
Net income attributable to Royal Gold common stockholders$113,498 $47,166 
Weighted-average shares for basic EPS65,705,15765,637,428
Effect of other dilutive securities86,394102,832
Weighted-average shares for diluted EPS65,791,55165,740,260
Basic EPS$1.72 $0.72 
Diluted EPS$1.72 $0.72 
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated:
Three Months Ended
March 31,
2025		March 31,
2024
Income tax expense$10,389$27,033
Effective tax rate8.4 %36.4 %
The effective tax rate for the three months ended March 31, 2025, included a $12.0 million discrete benefit, net of valuation allowance, for additional recoverable basis in foreign jurisdictions and a $1.7 million discrete benefit related to a withholding tax refund on a foreign royalty. The effective tax rate for the three months ended March 31, 2024 included a $13.0 million discrete income tax expense related to the consideration from the Mount Milligan Cost Support Agreement.
v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our President and Chief Executive Officer serves as our Chief Operating Decision Maker ("CODM") and is responsible for reviewing segment performance and making decisions regarding resource allocation. In addition to revenue, our CODM regularly reviews cost of sales, production taxes and
depletion for each of our reportable segments. Royal Gold's long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
As of March 31, 2025As of December 31, 2024
Stream
interest		Royalty
interest		Total stream
and royalty
interests, net		Stream
interest		Royalty
interest		Total stream
and royalty
interests, net
Canada$409,644 $653,739 $1,063,383 $417,643 $659,070 $1,076,713 
Dominican Republic299,395 — 299,395 302,122 — 302,122 
Africa230,964 321 231,285 237,028 321 237,349 
Chile208,731 224,116 432,847 211,123 224,116 435,239 
United States— 822,355 822,355 — 827,277 827,277 
Mexico— 32,191 32,191 — 33,800 33,800 
Australia— 18,723 18,723 — 19,265 19,265 
Rest of world134,085 25,621 159,706 85,254 25,785 111,039 
Total $1,282,819 $1,777,066 $3,059,885 $1,253,170 $1,789,634 $3,042,804 
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
Three Months Ended March 31, 2025
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$122,482 $24,506 $— $20,353 $77,623 
Royalty interests70,954 — 1,761 12,562 56,631 
Total $193,436 $24,506 $1,761 $32,915 $134,254 
Three Months Ended March 31, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$102,528 $21,751 $— $27,401 $53,376 
Royalty interests46,374 — 1,449 11,282 33,643 
Total$148,902 $21,751 $1,449 $38,683 $87,019 
_______________________________________________
(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 is shown below (amounts in thousands):
Three Months Ended
March 31,
2025		March 31,
2024
Total segment gross profit$134,254 $87,019 
Costs and expenses
General and administrative expenses11,063 11,412 
Depreciation and amortization80 82 
Operating income123,111 75,525 
Fair value changes in equity securities(37)447 
Interest and other income2,049 2,977 
Interest and other expense(1,156)(4,607)
Income before income taxes$123,967 $74,342 
Our revenue by reportable segment for the three months ended March 31, 2025 and 2024, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended
March 31,
2025		March 31,
2024
Stream revenue:
Canada$53,230 $44,705 
Dominican Republic28,751 17,760 
Africa22,381 19,101 
Chile12,744 11,689 
Rest of world5,376 9,273 
Total stream revenue$122,482 $102,528 
Royalty revenue:
United States$31,006 $24,079 
Mexico17,071 10,768 
Canada10,712 5,131 
Australia7,956 4,975 
Rest of world4,209 1,421 
Total royalty revenue$70,954 $46,374 
Total revenue$193,436 $148,902 
v3.25.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Ilovica Gold Stream Acquisition
As of March 31, 2025, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 113,498 $ 47,166
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Paul Libner [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 11, 2025, Paul Libner, the Company’s Senior Vice President and Chief Financial Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, providing for the potential sale of up to 2,000 shares of the Company’s common stock through July 1, 2026.
Name Paul Libner
Title President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 11, 2025
Expiration Date July 1, 2026
Arrangement Duration 477 days
Aggregate Available 2,000
v3.25.1
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2025. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 13, 2025 (“2024 10-K”).
Recent Accounting Standards
Recent Accounting Standards
We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.
v3.25.1
STREAM AND ROYALTY INTERESTS, NET (Tables)
 3 Months Ended
Mar. 31, 2025
STREAM AND ROYALTY INTERESTS, NET  
Schedule of stream and royalty interests
The following tables summarize our stream and royalty interests, net as of March 31, 2025 and December 31, 2024.
As of March 31, 2025 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(468,140)$322,495 
Pueblo Viejo610,404 (311,009)299,395 
Andacollo388,182 (179,451)208,731 
Khoemacau
265,911 (61,848)204,063 
Rainy River175,727 (88,577)87,150 
Other241,830 (157,677)84,153 
Total production stage stream interests2,472,689 (1,266,702)1,205,987 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (85,901)267,949 
Voisey's Bay205,724 (126,201)79,523 
Red Chris116,187 (9,033)107,154 
Peñasquito99,172 (66,980)32,192 
Other515,174 (420,803)94,371 
Total production stage royalty interests1,290,107 (708,918)581,189 
Total production stage stream and royalty interests3,762,796 (1,975,620)1,787,176 
Development stage stream interests:
Ilovica12,038 — 12,038 
Development stage royalty interests:
Cactus55,122 — 55,122 
Back River42,948 — 42,948 
La Fortuna35,140 — 35,140 
Other25,576 — 25,576 
Total development stage stream and royalty interests170,824 — 170,824 
Exploration stage stream interests:
Xavantina64,794 — 64,794 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other115,311 — 115,311 
Total exploration stage stream and royalty interests$1,101,885 $— $1,101,885 
Total stream and royalty interests, net$5,035,505 $(1,975,620)$3,059,885 
As of December 31, 2024 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(462,412)$328,223 
Pueblo Viejo610,404 (308,283)302,121 
Andacollo388,182 (177,059)211,123 
Khoemacau
265,911 (58,043)207,868 
Rainy River175,727 (86,307)89,420 
Other241,830 (154,245)87,585 
Total production stage stream interests2,472,689 (1,246,349)1,226,340 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (81,845)272,005 
Voisey's Bay205,724 (124,526)81,198 
Red Chris116,187 (5,966)110,221 
Peñasquito99,172 (65,372)33,800 
Other519,491 (418,648)100,843 
Total production stage royalty interests1,294,424 (696,357)598,067 
Total production stage stream and royalty interests3,767,113 (1,942,706)1,824,407 
Development stage stream interests:
Ilovica12,038 — 12,038 
Development stage royalty interests:
Cactus55,128 — 55,128 
Back River42,948 — 42,948 
La Fortuna35,140 — 35,140 
Other21,133 — 21,133 
Total development stage stream and royalty interests166,387 — 166,387 
Exploration stage stream interests:
Xavantina14,792 — 14,792 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other115,438 — 115,438 
Total exploration stage stream and royalty interests$1,052,010 $— $1,052,010 
Total stream and royalty interests, net$4,985,510 $(1,942,706)$3,042,804 
v3.25.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Summary of disaggregated revenue
Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
Three Months Ended
March 31,
2025		March 31,
2024
Stream revenue:
Gold$94,562 $78,277 
Silver18,699 14,747 
Copper9,221 9,504 
Total stream revenue$122,482 $102,528 
Royalty revenue:
Gold$51,164 $33,496 
Copper7,591 3,621 
Silver4,901 4,328 
Other7,298 4,929 
Total royalty revenue$70,954 $46,374 
Total revenue$193,436 $148,902 
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
Three Months Ended
Metal(s)March 31,
2025		March 31,
2024
Stream revenue:
Mount MilliganGold & Copper$42,808 $34,995 
Pueblo ViejoGold & Silver28,751 17,760 
AndacolloGold12,744 11,689 
Other(1)
Gold & Silver38,179 38,084 
Total stream revenue$122,482 $102,528 
Royalty revenue:
Cortez Legacy ZoneGold$11,143 $13,365 
Cortez CC ZoneGold3,554 4,411 
Other(1)
Various56,257 28,598 
Total royalty revenue$70,954 $46,374 
Total revenue$193,436 $148,902 
______________________________________________
(1)In our 2024 10-K, Khoemacau and Peñasquito were reclassified from principal to non-principal stream and royalty properties, respectively, and are shown within "Other" in the table above.
v3.25.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of recognized stock-based compensation expense
We recognized stock-based compensation expense as follows (amounts in thousands):
Three Months Ended
March 31,
2025		March 31,
2024
Restricted stock$2,012 $1,971 
Performance stock1,186 1,017 
Total stock-based compensation expense3,198 2,988 
Schedule of stock-based compensation awards
We granted the following stock-based compensation awards:
Three Months Ended
March 31,
2025		March 31,
2024
(Number of shares)
Performance stock (at maximum 200% attainment)
72,12093,840
Restricted stock50,26465,850
Total equity awards granted122,384159,690
Schedule of unrecognized compensation expense
As of March 31, 2025, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:
Unrecognized
compensation
expense		Weighted-
average vesting
period (years)
Restricted stock$11,380 2.2
Performance stock9,871 2.3
v3.25.1
EARNINGS PER SHARE ("EPS") (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Summary of the effects of dilutive securities on diluted EPS
The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data):
Three Months Ended
March 31,
2025		March 31,
2024
Net income attributable to Royal Gold common stockholders$113,498 $47,166 
Weighted-average shares for basic EPS65,705,15765,637,428
Effect of other dilutive securities86,394102,832
Weighted-average shares for diluted EPS65,791,55165,740,260
Basic EPS$1.72 $0.72 
Diluted EPS$1.72 $0.72 
v3.25.1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Components of income tax expense (benefit)
The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated:
Three Months Ended
March 31,
2025		March 31,
2024
Income tax expense$10,389$27,033
Effective tax rate8.4 %36.4 %
v3.25.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of geographical distribution of long-lived assets Royal Gold's long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
As of March 31, 2025As of December 31, 2024
Stream
interest		Royalty
interest		Total stream
and royalty
interests, net		Stream
interest		Royalty
interest		Total stream
and royalty
interests, net
Canada$409,644 $653,739 $1,063,383 $417,643 $659,070 $1,076,713 
Dominican Republic299,395 — 299,395 302,122 — 302,122 
Africa230,964 321 231,285 237,028 321 237,349 
Chile208,731 224,116 432,847 211,123 224,116 435,239 
United States— 822,355 822,355 — 827,277 827,277 
Mexico— 32,191 32,191 — 33,800 33,800 
Australia— 18,723 18,723 — 19,265 19,265 
Rest of world134,085 25,621 159,706 85,254 25,785 111,039 
Total $1,282,819 $1,777,066 $3,059,885 $1,253,170 $1,789,634 $3,042,804 
Schedule of reportable segments for assessing performance
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
Three Months Ended March 31, 2025
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$122,482 $24,506 $— $20,353 $77,623 
Royalty interests70,954 — 1,761 12,562 56,631 
Total $193,436 $24,506 $1,761 $32,915 $134,254 
Three Months Ended March 31, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$102,528 $21,751 $— $27,401 $53,376 
Royalty interests46,374 — 1,449 11,282 33,643 
Total$148,902 $21,751 $1,449 $38,683 $87,019 
_______________________________________________
(1)Excludes depreciation, depletion and amortization.
(2)Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.
Schedule of reconciliation of segment gross profit to consolidated income (loss)
A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):
Three Months Ended
March 31,
2025		March 31,
2024
Total segment gross profit$134,254 $87,019 
Costs and expenses
General and administrative expenses11,063 11,412 
Depreciation and amortization80 82 
Operating income123,111 75,525 
Fair value changes in equity securities(37)447 
Interest and other income2,049 2,977 
Interest and other expense(1,156)(4,607)
Income before income taxes$123,967 $74,342 
Schedule of revenue by reportable segment geographically distributed
Our revenue by reportable segment for the three months ended March 31, 2025 and 2024, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended
March 31,
2025		March 31,
2024
Stream revenue:
Canada$53,230 $44,705 
Dominican Republic28,751 17,760 
Africa22,381 19,101 
Chile12,744 11,689 
Rest of world5,376 9,273 
Total stream revenue$122,482 $102,528 
Royalty revenue:
United States$31,006 $24,079 
Mexico17,071 10,768 
Canada10,712 5,131 
Australia7,956 4,975 
Rest of world4,209 1,421 
Total royalty revenue$70,954 $46,374 
Total revenue$193,436 $148,902 
v3.25.1
ACQUISITIONS (Details) - Additional Xavantina Stream
$ in Millions
Mar. 31, 2025
USD ($)
oz
Mar. 28, 2025
USD ($)
Mar. 30, 2025
oz
Asset Acquisition [Line Items]      
Asset acquisition, consideration transferred | $ $ 50 $ 50  
Asset acquisition, gold delivered, weight 46,500    
Asset acquisition, cash purchase price, percentage of spot price, gold 20.00%    
Asset acquisition, spot price, gold, percentage 40.00%    
Asset acquisition, gold expected for delivery, weight 49,000    
Asset acquisition, stream rate, percentage 25.00%    
Asset acquisition, stream rate, weight 160,000   93,000
v3.25.1
STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost $ 5,035,505 $ 4,985,510
Accumulated Depletion (1,975,620) (1,942,706)
Net 3,059,885 3,042,804
Total production stage stream and royalty interests    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 3,762,796 3,767,113
Accumulated Depletion (1,975,620) (1,942,706)
Net 1,787,176 1,824,407
Total production stage stream interests    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 2,472,689 2,472,689
Accumulated Depletion (1,266,702) (1,246,349)
Net 1,205,987 1,226,340
Total production stage stream interests | Mount Milligan    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 790,635 790,635
Accumulated Depletion (468,140) (462,412)
Net 322,495 328,223
Total production stage stream interests | Pueblo Viejo    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 610,404 610,404
Accumulated Depletion (311,009) (308,283)
Net 299,395 302,121
Total production stage stream interests | Andacollo    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 388,182 388,182
Accumulated Depletion (179,451) (177,059)
Net 208,731 211,123
Total production stage stream interests | Khoemacau    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 265,911 265,911
Accumulated Depletion (61,848) (58,043)
Net 204,063 207,868
Total production stage stream interests | Rainy River    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 175,727 175,727
Accumulated Depletion (88,577) (86,307)
Net 87,150 89,420
Total production stage stream interests | Other    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 241,830 241,830
Accumulated Depletion (157,677) (154,245)
Net 84,153 87,585
Total production stage royalty interests    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 1,290,107 1,294,424
Accumulated Depletion (708,918) (696,357)
Net 581,189 598,067
Total production stage royalty interests | Other    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 515,174 519,491
Accumulated Depletion (420,803) (418,648)
Net 94,371 100,843
Total production stage royalty interests | Cortez (Legacy Zone and CC Zone)    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 353,850 353,850
Accumulated Depletion (85,901) (81,845)
Net 267,949 272,005
Total production stage royalty interests | Voisey's Bay    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 205,724 205,724
Accumulated Depletion (126,201) (124,526)
Net 79,523 81,198
Total production stage royalty interests | Red Chris    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 116,187 116,187
Accumulated Depletion (9,033) (5,966)
Net 107,154 110,221
Total production stage royalty interests | Peñasquito    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 99,172 99,172
Accumulated Depletion (66,980) (65,372)
Net 32,192 33,800
Total development stage stream and royalty interests    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 170,824 166,387
Net 170,824 166,387
Development stage stream interests | Ilovica    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 12,038 12,038
Net 12,038 12,038
Development stage royalty interests | Other    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 25,576 21,133
Net 25,576 21,133
Development stage royalty interests | Cactus    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 55,122 55,128
Net 55,122 55,128
Development stage royalty interests | Back River    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 42,948 42,948
Net 42,948 42,948
Development stage royalty interests | La Fortuna    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 35,140 35,140
Net 35,140 35,140
Total exploration stage stream and royalty interests    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 1,101,885 1,052,010
Net 1,101,885 1,052,010
Exploration stage stream interests | Xavantina    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 64,794 14,792
Net 64,794 14,792
Exploration stage royalty interests | Other    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 115,311 115,438
Net 115,311 115,438
Exploration stage royalty interests | Cortez (Legacy Zone and CC Zone)    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 456,479 456,479
Net 456,479 456,479
Exploration stage royalty interests | Red Chris    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 48,895 48,895
Net 48,895 48,895
Exploration stage royalty interests | Great Bear    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 209,106 209,106
Net 209,106 209,106
Exploration stage royalty interests | Pascua-Lama    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 177,690 177,690
Net 177,690 177,690
Exploration stage royalty interests | Côté    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 29,610 29,610
Net $ 29,610 $ 29,610
v3.25.1
MOUNT MILLIGAN DEFERRED LIABILITY (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Feb. 13, 2024
USD ($)
oz
Deposit Liability [Line Items]      
Value of cash consideration $ 25,000 $ 25,000  
Mount Milligan      
Deposit Liability [Line Items]      
Value of cash consideration     $ 24,500
Value of consideration, nonmonetary amount, gold | oz     50,000
v3.25.1
REVENUE - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Disaggregation of Revenue  
Number of reportable segments 2
Minimum  
Disaggregation of Revenue  
Average sale price determination period 10 days
Maximum  
Disaggregation of Revenue  
Average sale price determination period 3 months
v3.25.1
REVENUE - Metal Disaggregation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue    
Total revenue $ 193,436 $ 148,902
Stream revenue:    
Disaggregation of Revenue    
Total revenue 122,482 102,528
Royalty revenue:    
Disaggregation of Revenue    
Total revenue 70,954 46,374
Gold | Stream revenue:    
Disaggregation of Revenue    
Total revenue 94,562 78,277
Gold | Royalty revenue:    
Disaggregation of Revenue    
Total revenue 51,164 33,496
Silver | Stream revenue:    
Disaggregation of Revenue    
Total revenue 18,699 14,747
Silver | Royalty revenue:    
Disaggregation of Revenue    
Total revenue 4,901 4,328
Copper | Stream revenue:    
Disaggregation of Revenue    
Total revenue 9,221 9,504
Copper | Royalty revenue:    
Disaggregation of Revenue    
Total revenue 7,591 3,621
Other | Royalty revenue:    
Disaggregation of Revenue    
Total revenue $ 7,298 $ 4,929
v3.25.1
REVENUE - Property Disaggregation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue    
Total revenue $ 193,436 $ 148,902
Stream interest    
Disaggregation of Revenue    
Total revenue 122,482 102,528
Stream interest | Mount Milligan    
Disaggregation of Revenue    
Total revenue 42,808 34,995
Stream interest | Pueblo Viejo    
Disaggregation of Revenue    
Total revenue 28,751 17,760
Stream interest | Andacollo    
Disaggregation of Revenue    
Total revenue 12,744 11,689
Stream interest | Other    
Disaggregation of Revenue    
Total revenue 38,179 38,084
Royalty revenue:    
Disaggregation of Revenue    
Total revenue 70,954 46,374
Royalty revenue: | Other    
Disaggregation of Revenue    
Total revenue 56,257 28,598
Royalty revenue: | Cortez Legacy Zone    
Disaggregation of Revenue    
Total revenue 11,143 13,365
Royalty revenue: | Cortez CC Zone    
Disaggregation of Revenue    
Total revenue $ 3,554 $ 4,411
v3.25.1
STOCK-BASED COMPENSATION - Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock-based compensation    
Total stock-based compensation expense $ 3,198 $ 2,988
Restricted stock    
Stock-based compensation    
Total stock-based compensation expense 2,012 1,971
Performance stock    
Stock-based compensation    
Total stock-based compensation expense $ 1,186 $ 1,017
v3.25.1
STOCK-BASED COMPENSATION - Granted (Details) - shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Total equity awards granted (in shares) 122,384 159,690
Performance stock    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Earn out basis if all goals are met (as a percent) 200.00% 200.00%
Total equity awards granted (in shares) 72,120 93,840
Restricted stock    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Total equity awards granted (in shares) 50,264 65,850
v3.25.1
STOCK-BASED COMPENSATION - Unrecognized compensation expense (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Restricted stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation expense $ 11,380
Weighted- average vesting period (years) 2 years 2 months 12 days
Performance stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation expense $ 9,871
Weighted- average vesting period (years) 2 years 3 months 18 days
v3.25.1
EARNINGS PER SHARE ("EPS") (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net income attributable to Royal Gold common stockholders $ 113,498 $ 47,166
Weighted-average shares for basic EPS (in shares) 65,705,157 65,637,428
Effect of other dilutive securities (in shares) 86,394 102,832
Weighted-average shares for diluted EPS (in shares) 65,791,551 65,740,260
Basic EPS (in dollars per share) $ 1.72 $ 0.72
Diluted EPS (in dollars per share) $ 1.72 $ 0.72
v3.25.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax expense $ 10,389 $ 27,033
Effective tax rate 8.40% 36.40%
Discrete benefit for additional recoverable basis $ 12,000  
Discrete benefit withholding of tax on foreign royalities $ 1,700  
Discrete U.S. GILTI income tax expense   $ 13,000
v3.25.1
SEGMENT INFORMATION - Geographical (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
segment
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information      
Number of reportable segments | segment 2    
Total stream and royalty interests, net $ 3,059,885   $ 3,042,804
Revenue 193,436 $ 148,902  
Cost of sales 24,506 21,751  
Production taxes 1,761 1,449  
Depletion 32,915 38,683  
Segment gross profit 134,254 87,019  
Stream interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 1,282,819   1,253,170
Revenue 122,482 102,528  
Cost of sales 24,506 21,751  
Production taxes 0 0  
Depletion 20,353 27,401  
Segment gross profit 77,623 53,376  
Royalty interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 1,777,066   1,789,634
Revenue 70,954 46,374  
Cost of sales 0 0  
Production taxes 1,761 1,449  
Depletion 12,562 11,282  
Segment gross profit 56,631 33,643  
Canada      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 1,063,383   1,076,713
Canada | Stream interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 409,644   417,643
Revenue 53,230 44,705  
Canada | Royalty interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 653,739   659,070
Revenue 10,712 5,131  
Dominican Republic      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 299,395   302,122
Dominican Republic | Stream interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 299,395   302,122
Revenue 28,751 17,760  
Dominican Republic | Royalty interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 0   0
Africa      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 231,285   237,349
Africa | Stream interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 230,964   237,028
Revenue 22,381 19,101  
Africa | Royalty interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 321   321
Chile      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 432,847   435,239
Chile | Stream interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 208,731   211,123
Revenue 12,744 11,689  
Chile | Royalty interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 224,116   224,116
United States      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 822,355   827,277
United States | Stream interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 0   0
United States | Royalty interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 822,355   827,277
Revenue 31,006 24,079  
Mexico      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 32,191   33,800
Mexico | Stream interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 0   0
Mexico | Royalty interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 32,191   33,800
Revenue 17,071 10,768  
Australia      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 18,723   19,265
Australia | Stream interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 0   0
Australia | Royalty interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 18,723   19,265
Revenue 7,956 4,975  
Rest of world      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 159,706   111,039
Rest of world | Stream interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 134,085   85,254
Revenue 5,376 9,273  
Rest of world | Royalty interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 25,621   $ 25,785
Revenue $ 4,209 $ 1,421  
v3.25.1
SEGMENT INFORMATION - Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting [Abstract]    
Total segment gross profit $ 134,254 $ 87,019
Costs and expenses    
General and administrative expenses 11,063 11,412
Depreciation and amortization 80 82
Operating income 123,111 75,525
Fair value changes in equity securities (37) 447
Interest and other income 2,049 2,977
Interest and other expense (1,156) (4,607)
Income before income taxes $ 123,967 $ 74,342
v3.25.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Ilovica  
Other Commitments [Line Items]  
Conditional funding from acquisition $ 163,750