ROYAL GOLD INC, 10-Q filed on 5/9/2024
Quarterly Report
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Cover - shares
 3 Months Ended
Mar. 31, 2024
May 01, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Mar. 31, 2024  
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, $0.01 par value  
Trading Symbol RGLD  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   65,733,062
Entity Central Index Key 0000085535  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and equivalents $ 137,950 $ 104,167
Royalty receivables 38,757 48,884
Income tax receivable 3,109 2,676
Stream inventory 11,417 9,788
Prepaid expenses and other 1,815 1,911
Total current assets 193,048 167,426
Stream and royalty interests, net (Note 2) 3,038,495 3,075,574
Other assets 81,765 118,057
Total assets 3,313,308 3,361,057
LIABILITIES    
Accounts payable 11,599 11,441
Dividends payable 26,311 26,292
Income tax payable 22,022 15,557
Other current liabilities 17,213 19,132
Total current liabilities 77,145 72,422
Debt (Note 3) 146,187 245,967
Deferred tax liabilities 133,934 134,299
Mount Milligan support liability (Note 4) 25,000 0
Other liabilities 7,676 7,728
Total liabilities 389,942 460,416
Commitments and contingencies (Note 11)
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 $65,648,831 and $65,631,760 shares outstanding, respectively 656 656
Additional paid-in capital 2,223,021 2,221,039
Accumulated earnings 687,377 666,522
Total Royal Gold stockholders’ equity 2,911,054 2,888,217
Non-controlling interests 12,312 12,424
Total equity 2,923,366 2,900,641
Total liabilities and equity $ 3,313,308 $ 3,361,057
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2024
Dec. 31, 2023
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) 65,648,831 65,631,760
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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Revenue (Note 5) $ 148,902 $ 170,392
Costs and expenses    
Cost of sales (excludes depreciation, depletion and amortization) 21,751 25,020
General and administrative 11,412 11,000
Production taxes 1,449 1,989
Depreciation, depletion and amortization 38,765 46,328
Total costs and expenses 73,377 84,337
Operating income 75,525 86,055
Fair value changes in equity securities 447 799
Interest and other income 2,977 2,263
Interest and other expense (4,607) (9,175)
Income before income taxes 74,342 79,942
Income tax expense (27,033) (15,871)
Net income and comprehensive income 47,309 64,071
Net income and comprehensive income attributable to non-controlling interests (143) (196)
Net income and comprehensive income attributable to Royal Gold common stockholders $ 47,166 $ 63,875
Net income per share attributable to Royal Gold common stockholders:    
Basic earnings per share (in dollars per share) $ 0.72 $ 0.97
Basic weighted average shares outstanding (in shares) 65,637,428 65,594,977
Diluted earnings per share (in dollars per share) $ 0.72 $ 0.97
Diluted weighted average shares outstanding (in shares) 65,740,260 65,709,095
Cash dividends declared per common share (in dollars per share) $ 0.40 $ 0.375
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Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Shares
Additional Paid-In Capital
Accumulated Earnings
Non-controlling Interests
Balance at Dec. 31, 2022 $ 2,753,469 $ 656 $ 2,213,123 $ 527,314 $ 12,376
Balance (in shares) at Dec. 31, 2022   65,592,597      
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation and related share issuances (in shares)   6,751      
Stock-based compensation and related share issuances 2,239   2,239    
Distributions to non-controlling interests (203)       (203)
Net income and comprehensive income 64,071     63,875 196
Dividends declared (24,644)     (24,644)  
Balance at Mar. 31, 2023 2,794,932 $ 656 2,215,362 566,545 12,369
Balance (in shares) at Mar. 31, 2023   65,599,348      
Balance at Dec. 31, 2023 2,900,641 $ 656 2,221,039 666,522 12,424
Balance (in shares) at Dec. 31, 2023   65,631,760      
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 and comprehensive income 47,309     47,166 143
Dividends declared (26,311)     (26,311)  
Balance at Mar. 31, 2024 $ 2,923,366 $ 656 $ 2,223,021 $ 687,377 $ 12,312
Balance (in shares) at Mar. 31, 2024   65,648,831      
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income and comprehensive income $ 47,309 $ 64,071
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:    
Depreciation, depletion and amortization 38,765 46,328
Non-cash employee stock compensation expense 2,988 2,636
Fair value changes in equity securities (447) (799)
Deferred tax expense 648 1,092
Other 222 214
Changes in assets and liabilities:    
Royalty receivables 10,127 2,471
Stream inventory (1,629) 1,056
Income tax receivable (433) 1,342
Prepaid expenses and other assets 10,763 (914)
Accounts payable 158 1,166
Income tax payable 6,465 (7,840)
Mount Milligan support liability 25,000 0
Other liabilities (1,652) (2,168)
Net cash provided by operating activities 138,284 108,655
Cash flows from investing activities:    
Acquisition of stream and royalty interests (1,104) 0
Proceeds from Khoemacau debt facility 25,000 0
Other (305) (197)
Net cash provided by (used in) investing activities 23,591 (197)
Cash flows from financing activities:    
Repayment of debt (100,000) (75,000)
Net payments from issuance of common stock (1,369) (397)
Common stock dividends (26,292) (24,629)
Other (431) (202)
Net cash used in financing activities (128,092) (100,228)
Net increase in cash and equivalents 33,783 8,230
Cash and equivalents at beginning of period 104,167 118,586
Cash and equivalents at end of period $ 137,950 $ 126,816
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OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
 3 Months Ended
Mar. 31, 2024
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 production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right 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, 2024 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2024. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 15, 2024 (“2023 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.
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STREAM AND ROYALTY INTERESTS, NET
 3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023.
As of March 31, 2024 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(437,053)$353,582 
Pueblo Viejo610,404 (301,590)308,814 
Andacollo388,182 (168,789)219,393 
Khoemacau
265,911 (47,415)218,496 
Rainy River175,727 (77,698)98,029 
Other237,059 (138,405)98,654 
Total production stage stream interests2,467,918 (1,170,950)1,296,968 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (67,166)286,684 
Voisey's Bay205,724 (121,664)84,060 
Red Chris116,187 (5,966)110,221 
Peñasquito99,172 (61,240)37,932 
Other448,899 (410,318)38,581 
Total production stage royalty interests1,223,832 (666,354)557,478 
Total production stage stream and royalty interests3,691,750 (1,837,304)1,854,446 
Development stage stream interests:
Other12,038 — 12,038 
Development stage royalty interests:
Côté45,421 — 45,421 
La Fortuna35,140 — 35,140 
Other47,584 — 47,584 
Total development stage stream and royalty interests140,183 — 140,183 
Exploration stage stream interests:
Xavantina16,313 — 16,313 
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 
Other105,773 — 105,773 
Total exploration stage stream and royalty interests1,043,866 — 1,043,866 
Total stream and royalty interests, net$4,875,799 $(1,837,304)$3,038,495 
As of December 31, 2023 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(430,106)$360,529 
Pueblo Viejo610,404 (299,354)311,050 
Andacollo388,182 (165,553)222,629 
Khoemacau
265,911 (41,635)224,276 
Rainy River175,727 (74,858)100,869 
Other232,703 (132,043)100,660 
Total production stage stream interests2,463,562 (1,143,549)1,320,013 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (61,891)291,959 
Voisey's Bay205,724 (121,000)84,724 
Red Chris116,187 (3,758)112,429 
Peñasquito99,172 (59,900)39,272 
Other448,899 (408,522)40,377 
Total production stage royalty interests1,223,832 (655,071)568,761 
Total production stage stream and royalty interests3,687,394 (1,798,620)1,888,774 
Development stage stream interests:
Other12,038 — 12,038 
Development stage royalty interests:
Côté45,421 — 45,421 
La Fortuna35,140 — 35,140 
Other45,992 — 45,992 
Total development stage stream and royalty interests138,591 — 138,591 
Exploration stage stream interests:
Xavantina19,565 — 19,565 
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 
Other106,864 — 106,864 
Total exploration stage royalty interests1,048,209 — 1,048,209 
Total stream and royalty interests, net$4,874,194 $(1,798,620)$3,075,574 
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DEBT
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Our debt as of March 31, 2024 and December 31, 2023 consists of the following (amounts in thousands):
As of March 31, 2024As of December 31, 2023
PrincipalDebt Issuance CostsTotal PrincipalDebt Issuance CostsTotal
Revolving credit facility$150,000 $(3,813)$146,187 $250,000 $(4,033)$245,967 
Total debt$150,000 $(3,813)$146,187 $250,000 $(4,033)$245,967 
Revolving credit facility
As of March 31, 2024, we had $150 million outstanding and $850 million available under our revolving credit facility. The interest rate on borrowings under our revolving credit facility as of March 31, 2024, was Term SOFR plus 1.20% for an all-in rate of 6.5%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $3.9 million and $8.5 million for the three months ended March 31, 2024 and 2023, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of March 31, 2024.
We repaid $100 million, $25 million and $50 million of our outstanding revolving credit facility on March 6, 2024, April 8, 2024 and May 8, 2024, respectively.
We may repay any borrowings under our revolving credit facility at any time without premium or penalty.
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MOUNT MILLIGAN SUPPORT LIABILITY
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
MOUNT MILLIGAN SUPPORT LIABILITY MOUNT MILLIGAN SUPPORT LIABILITY
On February 13, 2024, RGLD Gold AG, a subsidiary of the Company, 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 ("Mount Milligan") for cash consideration of $24.5 million, 50,000 ounces ("Deferred Gold Consideration") of gold to be delivered in the future 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, $25 million, have been recorded as a deferred liability in our consolidated balance sheets as of March 31, 2024. This amount will be amortized as we provide future cost support to Centerra under the Mount Milligan Cost Support Agreement on a units of production basis over the Mount Milligan mine life beginning with the first cost support payment made after the First Threshold (defined below) is met.
The key features of the Mount Milligan Cost Support Agreement are discussed below.
Deferred Gold Consideration
The Deferred Gold Consideration will be delivered in equal installments of 2,500 ounces for a period of 20 quarters commencing on the earlier of June 30, 2030, or the delivery of 375,000 ounces of gold or 30,000 tonnes of copper from metal deliveries referenced by the Mount Milligan Cost Support Agreement with a bill of lading date on or after January 1, 2024. As part of the Deferred Gold Consideration, we are entitled to receive three tranches of 11,111 ounces each (the "Greenstone Deliveries"), with the last delivery expected before year end 2027. Each of the Greenstone Deliveries received shall reduce the number of ounces in any remaining Deferred Gold Consideration delivery on a pro-rata basis. The Deferred Gold Consideration deliveries require no cash payment from the Company, and will be made irrespective of the operating status of Mount Milligan as long as we comply with the terms of the Mount Milligan Cost Support Agreement and existing stream agreement. Each of the Greenstone Deliveries will be delivered to Royal Gold within 30 days of such delivery to Centerra.
When the Deferred Gold Consideration is received and subsequently sold, we anticipate the value of the gold ounces sold will be recorded as a deferred liability and amortized on a units of production basis over the mine life of Mount Milligan as we provide future cost support.
Cost Support
Metal deliveries referenced in the Mount Milligan Cost Support Agreement are those with a bill of lading date on or after January 1, 2024 (the "Reference Date"). Delivery thresholds used to define the periods of cost support are the earlier deliveries of:
a.375,000 ounces of gold or 30,000 tonnes of copper from the Reference Date (the “First Threshold”).
b.665,000 ounces of gold or 60,000 tonnes of copper from the Reference Date (the “Second Threshold”).
Near-Term Cost Support Through Approximately 2029
At Centerra’s request, in the event that both the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound, for each delivery under the existing Mount Milligan stream agreement, we will pay the lower of either $415 per ounce of gold, or 66% of the spot gold price less $435 per ounce, and 35% of the spot copper price for each pound of copper delivered (the “Pre-Threshold Support”). This near-term cost support will be made available from the Reference Date through to the First Threshold, which is expected to be through approximately 2029.
Any Pre-Threshold Support we provide will be recoverable from any cost support calculated after the First Threshold at metal prices above $1,600 per ounce of gold and $3.50 per pound of copper. For gold, any cost support payment will be reduced by the difference between the gold price and $1,600 per ounce. For copper, any cost support payment will be reduced by the difference between the copper price and $3.50 per pound.
Cost Support from Approximately 2030 Through Approximately 2035
We will provide Centerra cost support payments from the First Threshold until the Second Threshold as follows:
a.With respect to gold, the lower of either $415 per ounce, or 50% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.
b.With respect to copper, 35% of the spot copper price for each pound of copper delivered under the existing Mount Milligan stream agreement.
Cost Support After Approximately 2036
We will provide Centerra cost support payments after the Second Threshold as follows:
a.With respect to gold, the lower of either $615 per ounce, or 66% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.
b.With respect to copper, 51% of the spot copper price, for each pound of copper delivered.
Suspension of Cost Support
Our obligation to make long-term cost support payments will be suspended if (and for so long as) Centerra discloses reserve tonnage which, when combined with mining depletion from the Reference Date to the date of such disclosure, is less than the current reserves expected to be processed through to 2035. Suspension of cost support payments will not impact the Deferred Gold Consideration and free cash flow interest, and the cash consideration is not refundable as long as we comply with the terms of the Mount Milligan Cost Support Agreement and the existing stream agreement.
Nothing in the Mount Milligan Cost Support Agreement modifies the existing stream agreement, including the payment of $435 for each gold ounce delivered and 15% of the spot price for each pound of copper delivered.
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 their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2023 10-K. For the three months ended March 31, 2024, royalty revenue that was estimated or was attributable to metal production for a period prior to March 31, 2024, 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,
2024		March 31,
2023
Stream revenue:
Gold$78,277 $78,629 
Silver14,747 18,308 
Copper9,504 18,053 
Total stream revenue$102,528 $114,990 
Royalty revenue:
Gold$33,496 $42,868 
Silver4,328 2,946 
Copper3,621 5,058 
Other4,929 4,530 
Total royalty revenue$46,374 $55,402 
Total revenue$148,902 $170,392 
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
Three Months Ended
Metal(s)March 31,
2024		March 31,
2023
Stream revenue:
Mount MilliganGold & Copper$34,995 $46,656 
Pueblo ViejoGold & Silver17,760 22,358 
AndacolloGold11,689 12,934 
Khoemacau
Silver7,758 9,153 
OtherGold & Silver30,326 23,889 
Total stream revenue$102,528 $114,990 
Royalty revenue:
Cortez Legacy ZoneGold$13,365 $23,087 
Cortez CC ZoneGold4,411 3,206 
PeñasquitoGold, Silver, Lead & Zinc9,229 7,433 
OtherVarious19,369 21,676 
Total royalty revenue$46,374 $55,402 
Total revenue$148,902 $170,392 
Please refer to Note 9 for the geographical distribution of our revenue by reportable segment.
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REVENUE
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE MOUNT MILLIGAN SUPPORT LIABILITY
On February 13, 2024, RGLD Gold AG, a subsidiary of the Company, 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 ("Mount Milligan") for cash consideration of $24.5 million, 50,000 ounces ("Deferred Gold Consideration") of gold to be delivered in the future 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, $25 million, have been recorded as a deferred liability in our consolidated balance sheets as of March 31, 2024. This amount will be amortized as we provide future cost support to Centerra under the Mount Milligan Cost Support Agreement on a units of production basis over the Mount Milligan mine life beginning with the first cost support payment made after the First Threshold (defined below) is met.
The key features of the Mount Milligan Cost Support Agreement are discussed below.
Deferred Gold Consideration
The Deferred Gold Consideration will be delivered in equal installments of 2,500 ounces for a period of 20 quarters commencing on the earlier of June 30, 2030, or the delivery of 375,000 ounces of gold or 30,000 tonnes of copper from metal deliveries referenced by the Mount Milligan Cost Support Agreement with a bill of lading date on or after January 1, 2024. As part of the Deferred Gold Consideration, we are entitled to receive three tranches of 11,111 ounces each (the "Greenstone Deliveries"), with the last delivery expected before year end 2027. Each of the Greenstone Deliveries received shall reduce the number of ounces in any remaining Deferred Gold Consideration delivery on a pro-rata basis. The Deferred Gold Consideration deliveries require no cash payment from the Company, and will be made irrespective of the operating status of Mount Milligan as long as we comply with the terms of the Mount Milligan Cost Support Agreement and existing stream agreement. Each of the Greenstone Deliveries will be delivered to Royal Gold within 30 days of such delivery to Centerra.
When the Deferred Gold Consideration is received and subsequently sold, we anticipate the value of the gold ounces sold will be recorded as a deferred liability and amortized on a units of production basis over the mine life of Mount Milligan as we provide future cost support.
Cost Support
Metal deliveries referenced in the Mount Milligan Cost Support Agreement are those with a bill of lading date on or after January 1, 2024 (the "Reference Date"). Delivery thresholds used to define the periods of cost support are the earlier deliveries of:
a.375,000 ounces of gold or 30,000 tonnes of copper from the Reference Date (the “First Threshold”).
b.665,000 ounces of gold or 60,000 tonnes of copper from the Reference Date (the “Second Threshold”).
Near-Term Cost Support Through Approximately 2029
At Centerra’s request, in the event that both the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound, for each delivery under the existing Mount Milligan stream agreement, we will pay the lower of either $415 per ounce of gold, or 66% of the spot gold price less $435 per ounce, and 35% of the spot copper price for each pound of copper delivered (the “Pre-Threshold Support”). This near-term cost support will be made available from the Reference Date through to the First Threshold, which is expected to be through approximately 2029.
Any Pre-Threshold Support we provide will be recoverable from any cost support calculated after the First Threshold at metal prices above $1,600 per ounce of gold and $3.50 per pound of copper. For gold, any cost support payment will be reduced by the difference between the gold price and $1,600 per ounce. For copper, any cost support payment will be reduced by the difference between the copper price and $3.50 per pound.
Cost Support from Approximately 2030 Through Approximately 2035
We will provide Centerra cost support payments from the First Threshold until the Second Threshold as follows:
a.With respect to gold, the lower of either $415 per ounce, or 50% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.
b.With respect to copper, 35% of the spot copper price for each pound of copper delivered under the existing Mount Milligan stream agreement.
Cost Support After Approximately 2036
We will provide Centerra cost support payments after the Second Threshold as follows:
a.With respect to gold, the lower of either $615 per ounce, or 66% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.
b.With respect to copper, 51% of the spot copper price, for each pound of copper delivered.
Suspension of Cost Support
Our obligation to make long-term cost support payments will be suspended if (and for so long as) Centerra discloses reserve tonnage which, when combined with mining depletion from the Reference Date to the date of such disclosure, is less than the current reserves expected to be processed through to 2035. Suspension of cost support payments will not impact the Deferred Gold Consideration and free cash flow interest, and the cash consideration is not refundable as long as we comply with the terms of the Mount Milligan Cost Support Agreement and the existing stream agreement.
Nothing in the Mount Milligan Cost Support Agreement modifies the existing stream agreement, including the payment of $435 for each gold ounce delivered and 15% of the spot price for each pound of copper delivered.
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 their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2023 10-K. For the three months ended March 31, 2024, royalty revenue that was estimated or was attributable to metal production for a period prior to March 31, 2024, 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,
2024		March 31,
2023
Stream revenue:
Gold$78,277 $78,629 
Silver14,747 18,308 
Copper9,504 18,053 
Total stream revenue$102,528 $114,990 
Royalty revenue:
Gold$33,496 $42,868 
Silver4,328 2,946 
Copper3,621 5,058 
Other4,929 4,530 
Total royalty revenue$46,374 $55,402 
Total revenue$148,902 $170,392 
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
Three Months Ended
Metal(s)March 31,
2024		March 31,
2023
Stream revenue:
Mount MilliganGold & Copper$34,995 $46,656 
Pueblo ViejoGold & Silver17,760 22,358 
AndacolloGold11,689 12,934 
Khoemacau
Silver7,758 9,153 
OtherGold & Silver30,326 23,889 
Total stream revenue$102,528 $114,990 
Royalty revenue:
Cortez Legacy ZoneGold$13,365 $23,087 
Cortez CC ZoneGold4,411 3,206 
PeñasquitoGold, Silver, Lead & Zinc9,229 7,433 
OtherVarious19,369 21,676 
Total royalty revenue$46,374 $55,402 
Total revenue$148,902 $170,392 
Please refer to Note 9 for the geographical distribution of our revenue by reportable segment.
v3.24.1.u1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2024
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,
2024		March 31,
2023
Restricted stock$1,971 $1,614 
Performance stock1,017 810 
Stock appreciation rights— 205 
Stock options— 7 
Total stock-based compensation expense$2,988 $2,636 
Stock-based compensation expense is included within General and administrative expense in the consolidated statements of operations and comprehensive income.
During the three months ended March 31, 2024 and 2023, we granted the following stock-based compensation awards:
Three Months Ended
March 31,
2024		March 31,
2023
(Number of shares)
Performance stock (at maximum 200% attainment)
93,84082,360
Restricted Stock65,85056,530
Total equity awards granted159,690138,890
As of March 31, 2024, 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$11,418 2.2
Performance stock8,469 2.2
v3.24.1.u1
EARNINGS PER SHARE ("EPS")
 3 Months Ended
Mar. 31, 2024
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,
2024		March 31,
2023
Net income attributable to Royal Gold common stockholders$47,166 $63,875 
Weighted-average shares for basic EPS65,637,42865,594,977
Effect of other dilutive securities102,832114,118
Weighted-average shares for diluted EPS65,740,26065,709,095
Basic EPS$0.72 $0.97 
Diluted EPS$0.72 $0.97 
v3.24.1.u1
INCOME TAXES
 3 Months Ended
Mar. 31, 2024
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,
2024		March 31,
2023
Income tax expense$27,033 $15,871 
Effective tax rate36.4 %19.9 %
The effective tax rate for the three months ended March 31, 2024, included a $13.0 million discrete U.S. GILTI income tax expense related to the consideration from the Mount Milligan Cost Support Agreement.
v3.24.1.u1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2024
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 long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
As of March 31, 2024As of December 31, 2023
Stream
interest		Royalty
interest		Total stream
and royalty
interests, net		Stream
interest		Royalty
interest		Total stream
and royalty
interests, net
Canada$451,610 $612,428 $1,064,038 $461,398 $614,900 $1,076,298 
Dominican Republic308,814 — 308,814 311,050 — 311,050 
Africa255,704 321 256,025 264,529 321 264,850 
Chile219,392 224,116 443,508 222,629 224,116 446,745 
United States— 789,467 789,467 — 794,891 794,891 
Mexico— 39,245 39,245 — 41,803 41,803 
Australia— 20,961 20,961 — 21,288 21,288 
Rest of world89,799 26,638 116,437 92,010 26,639 118,649 
Total $1,325,319 $1,713,176 $3,038,495 $1,351,616 $1,723,958 $3,075,574 
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
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 
Three Months Ended March 31, 2023
Revenue
Cost of sales(1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$114,990 $25,020 $— $33,752 $56,218 
Royalty interests55,402 — 1,989 12,462 40,951 
Total$170,392 $25,020 $1,989 $46,214 $97,169 
_______________________________________________
(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,
2024		March 31,
2023
Total segment gross profit$87,019 $97,169 
Costs and expenses
General and administrative expenses11,412 11,000 
Depreciation and amortization82 114 
Operating income75,525 86,055 
Fair value changes in equity securities447 799 
Interest and other income2,977 2,263 
Interest and other expense(4,607)(9,175)
Income before income taxes$74,342 $79,942 
Our revenue by reportable segment for the three months ended March 31, 2024 and 2023, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended
March 31,
2024		March 31,
2023
Stream interests:
Canada$44,705 $56,981 
Africa19,101 17,539 
Dominican Republic17,760 22,358 
Chile11,689 12,934 
Rest of world9,273 5,178 
Total stream interests$102,528 $114,990 
Royalty interests:
United States$24,079 $33,581 
Mexico10,768 9,295 
Canada5,131 6,591 
Australia4,975 4,099 
Rest of world1,421 1,836 
Total royalty interests$46,374 $55,402 
Total revenue$148,902 $170,392 
v3.24.1.u1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS 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 March 31, 2024 and December 31, 2023, we had financial assets in the form of marketable securities which are measured at fair value on a recurring basis; however, the carrying value of such financial assets is not material.
The carrying value of our revolving credit facility (Note 3) approximates fair value as of March 31, 2024.
As of March 31, 2024, 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.
v3.24.1.u1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Ilovica Gold Stream Acquisition
As of March 31, 2024, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 47,166 $ 63,875
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
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
v3.24.1.u1
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)
 3 Months Ended
Mar. 31, 2024
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, 2024 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2024. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 15, 2024 (“2023 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.
v3.24.1.u1
STREAM AND ROYALTY INTERESTS, NET (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023.
As of March 31, 2024 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(437,053)$353,582 
Pueblo Viejo610,404 (301,590)308,814 
Andacollo388,182 (168,789)219,393 
Khoemacau
265,911 (47,415)218,496 
Rainy River175,727 (77,698)98,029 
Other237,059 (138,405)98,654 
Total production stage stream interests2,467,918 (1,170,950)1,296,968 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (67,166)286,684 
Voisey's Bay205,724 (121,664)84,060 
Red Chris116,187 (5,966)110,221 
Peñasquito99,172 (61,240)37,932 
Other448,899 (410,318)38,581 
Total production stage royalty interests1,223,832 (666,354)557,478 
Total production stage stream and royalty interests3,691,750 (1,837,304)1,854,446 
Development stage stream interests:
Other12,038 — 12,038 
Development stage royalty interests:
Côté45,421 — 45,421 
La Fortuna35,140 — 35,140 
Other47,584 — 47,584 
Total development stage stream and royalty interests140,183 — 140,183 
Exploration stage stream interests:
Xavantina16,313 — 16,313 
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 
Other105,773 — 105,773 
Total exploration stage stream and royalty interests1,043,866 — 1,043,866 
Total stream and royalty interests, net$4,875,799 $(1,837,304)$3,038,495 
As of December 31, 2023 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(430,106)$360,529 
Pueblo Viejo610,404 (299,354)311,050 
Andacollo388,182 (165,553)222,629 
Khoemacau
265,911 (41,635)224,276 
Rainy River175,727 (74,858)100,869 
Other232,703 (132,043)100,660 
Total production stage stream interests2,463,562 (1,143,549)1,320,013 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (61,891)291,959 
Voisey's Bay205,724 (121,000)84,724 
Red Chris116,187 (3,758)112,429 
Peñasquito99,172 (59,900)39,272 
Other448,899 (408,522)40,377 
Total production stage royalty interests1,223,832 (655,071)568,761 
Total production stage stream and royalty interests3,687,394 (1,798,620)1,888,774 
Development stage stream interests:
Other12,038 — 12,038 
Development stage royalty interests:
Côté45,421 — 45,421 
La Fortuna35,140 — 35,140 
Other45,992 — 45,992 
Total development stage stream and royalty interests138,591 — 138,591 
Exploration stage stream interests:
Xavantina19,565 — 19,565 
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 
Other106,864 — 106,864 
Total exploration stage royalty interests1,048,209 — 1,048,209 
Total stream and royalty interests, net$4,874,194 $(1,798,620)$3,075,574 
v3.24.1.u1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of debt
Our debt as of March 31, 2024 and December 31, 2023 consists of the following (amounts in thousands):
As of March 31, 2024As of December 31, 2023
PrincipalDebt Issuance CostsTotal PrincipalDebt Issuance CostsTotal
Revolving credit facility$150,000 $(3,813)$146,187 $250,000 $(4,033)$245,967 
Total debt$150,000 $(3,813)$146,187 $250,000 $(4,033)$245,967 
v3.24.1.u1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2024
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,
2024		March 31,
2023
Stream revenue:
Gold$78,277 $78,629 
Silver14,747 18,308 
Copper9,504 18,053 
Total stream revenue$102,528 $114,990 
Royalty revenue:
Gold$33,496 $42,868 
Silver4,328 2,946 
Copper3,621 5,058 
Other4,929 4,530 
Total royalty revenue$46,374 $55,402 
Total revenue$148,902 $170,392 
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
Three Months Ended
Metal(s)March 31,
2024		March 31,
2023
Stream revenue:
Mount MilliganGold & Copper$34,995 $46,656 
Pueblo ViejoGold & Silver17,760 22,358 
AndacolloGold11,689 12,934 
Khoemacau
Silver7,758 9,153 
OtherGold & Silver30,326 23,889 
Total stream revenue$102,528 $114,990 
Royalty revenue:
Cortez Legacy ZoneGold$13,365 $23,087 
Cortez CC ZoneGold4,411 3,206 
PeñasquitoGold, Silver, Lead & Zinc9,229 7,433 
OtherVarious19,369 21,676 
Total royalty revenue$46,374 $55,402 
Total revenue$148,902 $170,392 
v3.24.1.u1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2024
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,
2024		March 31,
2023
Restricted stock$1,971 $1,614 
Performance stock1,017 810 
Stock appreciation rights— 205 
Stock options— 7 
Total stock-based compensation expense$2,988 $2,636 
Schedule of stock-based compensation awards
During the three months ended March 31, 2024 and 2023, we granted the following stock-based compensation awards:
Three Months Ended
March 31,
2024		March 31,
2023
(Number of shares)
Performance stock (at maximum 200% attainment)
93,84082,360
Restricted Stock65,85056,530
Total equity awards granted159,690138,890
Schedule of unrecognized compensation expense
As of March 31, 2024, 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$11,418 2.2
Performance stock8,469 2.2
v3.24.1.u1
EARNINGS PER SHARE ("EPS") (Tables)
 3 Months Ended
Mar. 31, 2024
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,
2024		March 31,
2023
Net income attributable to Royal Gold common stockholders$47,166 $63,875 
Weighted-average shares for basic EPS65,637,42865,594,977
Effect of other dilutive securities102,832114,118
Weighted-average shares for diluted EPS65,740,26065,709,095
Basic EPS$0.72 $0.97 
Diluted EPS$0.72 $0.97 
v3.24.1.u1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2024
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,
2024		March 31,
2023
Income tax expense$27,033 $15,871 
Effective tax rate36.4 %19.9 %
v3.24.1.u1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of geographical distribution of long-lived assets Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
As of March 31, 2024As of December 31, 2023
Stream
interest		Royalty
interest		Total stream
and royalty
interests, net		Stream
interest		Royalty
interest		Total stream
and royalty
interests, net
Canada$451,610 $612,428 $1,064,038 $461,398 $614,900 $1,076,298 
Dominican Republic308,814 — 308,814 311,050 — 311,050 
Africa255,704 321 256,025 264,529 321 264,850 
Chile219,392 224,116 443,508 222,629 224,116 446,745 
United States— 789,467 789,467 — 794,891 794,891 
Mexico— 39,245 39,245 — 41,803 41,803 
Australia— 20,961 20,961 — 21,288 21,288 
Rest of world89,799 26,638 116,437 92,010 26,639 118,649 
Total $1,325,319 $1,713,176 $3,038,495 $1,351,616 $1,723,958 $3,075,574 
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, 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 
Three Months Ended March 31, 2023
Revenue
Cost of sales(1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$114,990 $25,020 $— $33,752 $56,218 
Royalty interests55,402 — 1,989 12,462 40,951 
Total$170,392 $25,020 $1,989 $46,214 $97,169 
_______________________________________________
(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,
2024		March 31,
2023
Total segment gross profit$87,019 $97,169 
Costs and expenses
General and administrative expenses11,412 11,000 
Depreciation and amortization82 114 
Operating income75,525 86,055 
Fair value changes in equity securities447 799 
Interest and other income2,977 2,263 
Interest and other expense(4,607)(9,175)
Income before income taxes$74,342 $79,942 
Schedule of revenue by reportable segment geographically distributed
Our revenue by reportable segment for the three months ended March 31, 2024 and 2023, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended
March 31,
2024		March 31,
2023
Stream interests:
Canada$44,705 $56,981 
Africa19,101 17,539 
Dominican Republic17,760 22,358 
Chile11,689 12,934 
Rest of world9,273 5,178 
Total stream interests$102,528 $114,990 
Royalty interests:
United States$24,079 $33,581 
Mexico10,768 9,295 
Canada5,131 6,591 
Australia4,975 4,099 
Rest of world1,421 1,836 
Total royalty interests$46,374 $55,402 
Total revenue$148,902 $170,392 
v3.24.1.u1
STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost $ 4,875,799 $ 4,874,194
Accumulated Depletion (1,837,304) (1,798,620)
Net 3,038,495 3,075,574
Total production stage stream and royalty interests    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 3,691,750 3,687,394
Accumulated Depletion (1,837,304) (1,798,620)
Net 1,854,446 1,888,774
Total production stage stream interests    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 2,467,918 2,463,562
Accumulated Depletion (1,170,950) (1,143,549)
Net 1,296,968 1,320,013
Total production stage stream interests | Mount Milligan    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 790,635 790,635
Accumulated Depletion (437,053) (430,106)
Net 353,582 360,529
Total production stage stream interests | Pueblo Viejo    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 610,404 610,404
Accumulated Depletion (301,590) (299,354)
Net 308,814 311,050
Total production stage stream interests | Andacollo    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 388,182 388,182
Accumulated Depletion (168,789) (165,553)
Net 219,393 222,629
Total production stage stream interests | Khoemacau    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 265,911 265,911
Accumulated Depletion (47,415) (41,635)
Net 218,496 224,276
Total production stage stream interests | Rainy River    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 175,727 175,727
Accumulated Depletion (77,698) (74,858)
Net 98,029 100,869
Total production stage stream interests | Other    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 237,059 232,703
Accumulated Depletion (138,405) (132,043)
Net 98,654 100,660
Total production stage royalty interests    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 1,223,832 1,223,832
Accumulated Depletion (666,354) (655,071)
Net 557,478 568,761
Total production stage royalty interests | Cortez (Legacy Zone and CC Zone)    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 353,850 353,850
Accumulated Depletion (67,166) (61,891)
Net 286,684 291,959
Total production stage royalty interests | Voisey's Bay    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 205,724 205,724
Accumulated Depletion (121,664) (121,000)
Net 84,060 84,724
Total production stage royalty interests | Red Chris    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 116,187 116,187
Accumulated Depletion (5,966) (3,758)
Net 110,221 112,429
Total production stage royalty interests | Peñasquito    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 99,172 99,172
Accumulated Depletion (61,240) (59,900)
Net 37,932 39,272
Total production stage royalty interests | Other    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 448,899 448,899
Accumulated Depletion (410,318) (408,522)
Net 38,581 40,377
Total development stage stream and royalty interests    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 140,183 138,591
Net 140,183 138,591
Development stage stream interests | Other    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 12,038 12,038
Net 12,038 12,038
Development stage royalty interests | Côté    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 45,421 45,421
Net 45,421 45,421
Development stage royalty interests | La Fortuna    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 35,140 35,140
Net 35,140 35,140
Development stage royalty interests | Other    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 47,584 45,992
Net 47,584 45,992
Total exploration stage stream and royalty interests    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 1,043,866 1,048,209
Net 1,043,866 1,048,209
Exploration stage stream interests | Xavantina    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 16,313 19,565
Net 16,313 19,565
Exploration stage royalty interests | Cortez (Legacy Zone and CC Zone)    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 456,479 456,479
Net 456,479 456,479
Exploration stage royalty interests | Red Chris    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 48,895 48,895
Net 48,895 48,895
Exploration stage royalty interests | Côté    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 29,610 29,610
Net 29,610 29,610
Exploration stage royalty interests | Great Bear    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 209,106 209,106
Net 209,106 209,106
Exploration stage royalty interests | Pascua-Lama    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 177,690 177,690
Net 177,690 177,690
Exploration stage royalty interests | Other    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 105,773 106,864
Net $ 105,773 $ 106,864
v3.24.1.u1
DEBT (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 08, 2024
Apr. 08, 2024
Mar. 06, 2024
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Long-term debt disclosure            
Principal       $ 150,000   $ 250,000
Debt Issuance Costs       (3,813)   (4,033)
Total       146,187   245,967
Repayment of debt       100,000 $ 75,000  
Revolving credit facility            
Long-term debt disclosure            
Principal       150,000   250,000
Debt Issuance Costs       (3,813)   (4,033)
Total       146,187   $ 245,967
Available under the revolving credit facility       $ 850,000    
Effective interest rate (as a percent)       6.50%    
Interest expense recognized       $ 3,900 $ 8,500  
Repayment of debt     $ 100,000      
Revolving credit facility | Subsequent Event            
Long-term debt disclosure            
Repayment of debt $ 50,000 $ 25,000        
SOFR | Revolving credit facility            
Long-term debt disclosure            
Basis spread on interest rate (as a percent)       1.20%    
v3.24.1.u1
MOUNT MILLIGAN SUPPORT LIABILITY (Details)
$ in Thousands
Feb. 13, 2024
USD ($)
tranche
oz
t
$ / oz
$ / lb
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Deposit Liability [Line Items]      
Value of cash consideration | $   $ 25,000 $ 0
Delivery period after initial transfer 30 days    
Mt. Milligan      
Deposit Liability [Line Items]      
Value of cash consideration | $ $ 24,500 $ 25,000  
Value of consideration, nonmonetary amount, gold 50,000    
Amount of gold per installment 2,500    
Cost support agreement, term 5 years    
Delivery of gold, first threshold 375,000    
Delivery of copper, first threshold | t 30,000    
Number of tranches | tranche 3    
Amount of gold per tranche 11,111    
Delivery of gold, second threshold 665,000    
Delivery of copper, second threshold | t 60,000    
Gold price, per ounce | $ / oz 1,600    
Copper price, per pound | $ / lb 3.50    
Gold price by agreement, per ounce | $ / oz 415    
Gold price by agreement, percentage of spot price 66.00%    
Difference of gold price by agreement, per ounce and spot price | $ / oz 435    
Copper price by agreement, per pound 0.35    
Mt. Milligan | Cost Support 2030 Through 2035 Example      
Deposit Liability [Line Items]      
Gold price by agreement, percentage of spot price 50.00%    
Mt. Milligan | Cost Support After 2036 Example      
Deposit Liability [Line Items]      
Gold price by agreement, per ounce | $ / oz 615    
Copper price by agreement, per pound 0.51    
Mt. Milligan | Suspension Of Cost Support      
Deposit Liability [Line Items]      
Copper price by agreement, per pound 0.15    
v3.24.1.u1
REVENUE - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
segment
Mar. 31, 2023
USD ($)
Disaggregation of Revenue    
Number of reportable segments | segment 2  
Total revenue $ 148,902 $ 170,392
Royalty interest    
Disaggregation of Revenue    
Total revenue 46,374 55,402
Peñasquito | Royalty interest    
Disaggregation of Revenue    
Total revenue $ 9,229 $ 7,433
v3.24.1.u1
REVENUE - Metal Disaggregation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue    
Total revenue $ 148,902 $ 170,392
Stream interest    
Disaggregation of Revenue    
Total revenue 102,528 114,990
Stream interest | Gold    
Disaggregation of Revenue    
Total revenue 78,277 78,629
Stream interest | Silver    
Disaggregation of Revenue    
Total revenue 14,747 18,308
Stream interest | Copper    
Disaggregation of Revenue    
Total revenue 9,504 18,053
Royalty interest    
Disaggregation of Revenue    
Total revenue 46,374 55,402
Royalty interest | Gold    
Disaggregation of Revenue    
Total revenue 33,496 42,868
Royalty interest | Silver    
Disaggregation of Revenue    
Total revenue 4,328 2,946
Royalty interest | Copper    
Disaggregation of Revenue    
Total revenue 3,621 5,058
Royalty interest | Other    
Disaggregation of Revenue    
Total revenue $ 4,929 $ 4,530
v3.24.1.u1
REVENUE - Property Disaggregation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue    
Total revenue $ 148,902 $ 170,392
Stream interest    
Disaggregation of Revenue    
Total revenue 102,528 114,990
Stream interest | Mount Milligan    
Disaggregation of Revenue    
Total revenue 34,995 46,656
Stream interest | Pueblo Viejo    
Disaggregation of Revenue    
Total revenue 17,760 22,358
Stream interest | Andacollo    
Disaggregation of Revenue    
Total revenue 11,689 12,934
Stream interest | Khoemacau    
Disaggregation of Revenue    
Total revenue 7,758 9,153
Stream interest | Other    
Disaggregation of Revenue    
Total revenue 30,326 23,889
Royalty interest    
Disaggregation of Revenue    
Total revenue 46,374 55,402
Royalty interest | Other    
Disaggregation of Revenue    
Total revenue 19,369 21,676
Royalty interest | Cortez Legacy Zone    
Disaggregation of Revenue    
Total revenue 13,365 23,087
Royalty interest | Cortez CC Zone    
Disaggregation of Revenue    
Total revenue 4,411 3,206
Royalty interest | Peñasquito    
Disaggregation of Revenue    
Total revenue $ 9,229 $ 7,433
v3.24.1.u1
STOCK-BASED COMPENSATION - Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Stock-based compensation    
Total stock-based compensation expense $ 2,988 $ 2,636
Restricted stock    
Stock-based compensation    
Total stock-based compensation expense 1,971 1,614
Performance stock    
Stock-based compensation    
Total stock-based compensation expense 1,017 810
Stock appreciation rights    
Stock-based compensation    
Total stock-based compensation expense 0 205
Stock options    
Stock-based compensation    
Total stock-based compensation expense $ 0 $ 7
v3.24.1.u1
STOCK-BASED COMPENSATION - Granted (Details) - shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Total equity awards granted (in shares) 159,690 138,890
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) 93,840 82,360
Restricted stock    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Total equity awards granted (in shares) 65,850 56,530
v3.24.1.u1
STOCK-BASED COMPENSATION - Unrecognized compensation expense (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Restricted stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation expense $ 11,418
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 $ 8,469
Weighted- average vesting period (years) 2 years 2 months 12 days
v3.24.1.u1
EARNINGS PER SHARE ("EPS") (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Net income attributable to Royal Gold common stockholders $ 47,166 $ 63,875
Weighted-average shares for basic EPS (in shares) 65,637,428 65,594,977
Effect of other dilutive securities (in shares) 102,832 114,118
Weighted-average shares for diluted EPS (in shares) 65,740,260 65,709,095
Basic EPS (in dollars per share) $ 0.72 $ 0.97
Diluted EPS (in dollars per share) $ 0.72 $ 0.97
v3.24.1.u1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Income tax expense $ 27,033 $ 15,871
Effective tax rate 36.40% 19.90%
Discrete tax benefit $ 13,000  
v3.24.1.u1
SEGMENT INFORMATION - Geographical (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
segment
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information      
Number of reportable segments | segment 2    
Total stream and royalty interests, net $ 3,038,495   $ 3,075,574
Revenue 148,902 $ 170,392  
Cost of sales 21,751 25,020  
Production taxes 1,449 1,989  
Depletion 38,683 46,214  
Segment gross profit 87,019 97,169  
Canada      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 1,064,038   1,076,298
Africa      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 256,025   264,850
Dominican Republic      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 308,814   311,050
Chile      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 443,508   446,745
United States      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 789,467   794,891
Mexico      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 39,245   41,803
Australia      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 20,961   21,288
Rest of world      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 116,437   118,649
Stream interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 1,325,319   1,351,616
Revenue 102,528 114,990  
Cost of sales 21,751 25,020  
Production taxes 0 0  
Depletion 27,401 33,752  
Segment gross profit 53,376 56,218  
Stream interest | Canada      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 451,610   461,398
Revenue 44,705 56,981  
Stream interest | Africa      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 255,704   264,529
Revenue 19,101 17,539  
Stream interest | Dominican Republic      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 308,814   311,050
Revenue 17,760 22,358  
Stream interest | Chile      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 219,392   222,629
Revenue 11,689 12,934  
Stream interest | United States      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 0   0
Stream interest | Mexico      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 0   0
Stream interest | Australia      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 0   0
Stream interest | Rest of world      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 89,799   92,010
Revenue 9,273 5,178  
Royalty interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 1,713,176   1,723,958
Revenue 46,374 55,402  
Cost of sales 0 0  
Production taxes 1,449 1,989  
Depletion 11,282 12,462  
Segment gross profit 33,643 40,951  
Royalty interest | Canada      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 612,428   614,900
Revenue 5,131 6,591  
Royalty interest | Africa      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 321   321
Royalty interest | Dominican Republic      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 0   0
Royalty interest | Chile      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 224,116   224,116
Royalty interest | United States      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 789,467   794,891
Revenue 24,079 33,581  
Royalty interest | Mexico      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 39,245   41,803
Revenue 10,768 9,295  
Royalty interest | Australia      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 20,961   21,288
Revenue 4,975 4,099  
Royalty interest | Rest of world      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Total stream and royalty interests, net 26,638   $ 26,639
Revenue $ 1,421 $ 1,836  
v3.24.1.u1
SEGMENT INFORMATION - Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting [Abstract]    
Total segment gross profit $ 87,019 $ 97,169
Costs and expenses    
General and administrative expenses 11,412 11,000
Depreciation and amortization 82 114
Operating income 75,525 86,055
Fair value changes in equity securities 447 799
Interest and other income 2,977 2,263
Interest and other expense (4,607) (9,175)
Income before income taxes $ 74,342 $ 79,942
v3.24.1.u1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Ilovica  
Other Commitments [Line Items]  
Conditional funding from acquisition $ 163,750,000,000