ROYAL GOLD INC, 10-K filed on 2/13/2025
Annual Report
v3.25.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 03, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
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    
Entity Address, Address Line Two Suite 2500    
Entity Address, City or Town Denver    
Entity Address, State or Province CO    
Entity Address, Postal Zip Code 80202    
City Area Code 303    
Local Phone Number 573-1660    
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol RGLD    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 8.2
Entity Common Stock, Shares Outstanding   65,758,616  
Documents Incorporated by Reference [Text Block]
DOCUMENTS INCORPORATED BY REFERENCE
Certain information required by Items 10, 11, 12, 13, and 14 of Part III of Form 10-K is incorporated by reference from portions of Royal Gold’s definitive proxy statement relating to its 2025 annual meeting of stockholders to be filed within 120 days after December 31, 2024. 		   
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000085535    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Denver, Colorado
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and equivalents $ 195,498 $ 104,167
Royalty receivables 63,460 48,884
Income tax receivable 1,139 2,676
Stream inventory 12,973 9,788
Prepaid expenses and other 2,217 1,911
Total current assets 275,287 167,426
Stream and royalty interests, net (Note 4) 3,042,804 3,075,574
Other assets 74,039 118,057
Total assets 3,392,130 3,361,057
LIABILITIES    
Accounts payable 10,578 11,441
Dividends payable 29,611 26,292
Income tax payable 23,177 15,557
Other current liabilities 21,785 19,132
Total current liabilities 85,151 72,422
Debt (Note 5) 0 245,967
Deferred tax liabilities 132,308 134,299
Mount Milligan deferred liability (Note 7) 25,000 0
Other liabilities 18,465 7,728
Total liabilities 260,924 460,416
Commitments and contingencies (Note 16)
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 65,691,151 and 65,631,760 shares outstanding, respectively 657 656
Additional paid-in capital 2,228,311 2,221,039
Accumulated earnings 889,989 666,522
Total Royal Gold stockholders’ equity 3,118,957 2,888,217
Non-controlling interests 12,249 12,424
Total equity 3,131,206 2,900,641
Total liabilities and equity $ 3,392,130 $ 3,361,057
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 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) 65,691,151 65,631,760
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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenue (Note 8) $ 719,395 $ 605,717 $ 603,206
Costs and expenses      
Cost of sales (excludes depreciation, depletion and amortization) 97,514 90,523 94,642
General and administrative 40,934 39,761 34,612
Production taxes 6,622 7,294 7,021
Depreciation, depletion and amortization 144,426 164,937 178,935
Impairment of royalty interests 0 0 4,287
Total costs and expenses 289,496 302,515 319,497
Operating income 429,899 303,202 283,709
Fair value changes in equity securities (66) (147) (1,503)
Interest and other income 6,008 9,952 7,832
Interest and other expense (9,749) (30,867) (17,170)
Income before income taxes 426,092 282,140 272,868
Income tax expense (Note 11) (93,613) (42,008) (32,926)
Net income and comprehensive income 332,479 240,132 239,942
Net income and comprehensive income attributable to non-controlling interests (456) (692) (960)
Net income and comprehensive income attributable to Royal Gold common stockholders $ 332,023 $ 239,440 $ 238,982
Net income per share attributable to Royal Gold common stockholders:      
Basic earnings per share (in dollars per share) $ 5.04 $ 3.64 $ 3.64
Basic weighted average shares outstanding (in shares) 65,662,185 65,613,002 65,576,995
Diluted earnings per share (in dollars per share) $ 5.04 $ 3.63 $ 3.63
Diluted weighted average shares outstanding (in shares) 65,776,834 65,739,110 65,661,748
Cash dividends declared per common share (in dollars per share) $ 1.650 $ 1.525 $ 1.425
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Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Common Shares
Additional Paid-In Capital
Accumulated Earnings
Non-controlling Interests
Balance (in shares) at Dec. 31, 2021   65,564,364      
Balance at Dec. 31, 2021 $ 2,601,211 $ 656 $ 2,206,159 $ 381,929 $ 12,467
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation and related share issuances 6,964   6,964    
Stock-based compensation and related share issuances (in shares)   28,233      
Distributions to non-controlling interests (1,051)       (1,051)
Net income 239,942     238,982 960
Dividends declared (93,597)     (93,597)  
Balance (in shares) at Dec. 31, 2022   65,592,597      
Balance at Dec. 31, 2022 2,753,469 $ 656 2,213,123 527,314 12,376
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation and related share issuances 7,916   7,916    
Stock-based compensation and related share issuances (in shares)   39,163      
Distributions to non-controlling interests (644)       (644)
Net income 240,132     239,440 692
Dividends declared (100,232)     (100,232)  
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 7,273 $ 1 7,272    
Stock-based compensation and related share issuances (in shares)   59,391      
Distributions to non-controlling interests (631)       (631)
Net income 332,479     332,023 456
Dividends declared (108,556)     (108,556)  
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
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income and comprehensive income $ 332,479 $ 240,132 $ 239,942
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:      
Depreciation, depletion and amortization 144,426 164,937 178,935
Non-cash employee stock compensation expense 11,892 9,696 8,411
Fair value changes in equity securities 66 147 1,503
Deferred tax expense (benefit) 8,354 (6,469) (19,836)
Impairment of royalty interests 0 0 4,287
Other 945 779 979
Changes in assets and liabilities:      
Royalty receivables (14,577) 521 4,683
Stream inventory (3,186) 2,868 (1,049)
Income tax receivable 1,537 390 1,849
Prepaid expenses and other assets 11,168 (4,369) (3,908)
Accounts payable (9,113) 4,756 211
Income tax payable 7,620 (508) (3,005)
Mount Milligan deferred liability 25,000 0 0
Other liabilities 12,892 2,912 4,343
Net cash provided by operating activities 529,503 415,792 417,345
Cash flows from investing activities:      
Acquisition of stream and royalty interests (102,564) (2,678) (922,155)
Proceeds from Khoemacau debt facility 25,000 0 0
Other (116) (151) (721)
Net cash used in investing activities (77,680) (2,829) (922,876)
Cash flows from financing activities:      
Repayment of debt (250,000) (325,000) (125,000)
Borrowings from revolving credit facility 0 0 700,000
Net payments from issuance of common stock (4,620) (1,383) (1,447)
Common stock dividends (105,237) (98,567) (91,925)
Other (635) (2,432) (1,062)
Net cash (used in) provided by financing activities (360,492) (427,382) 480,566
Net increase (decrease) in cash and equivalents 91,331 (14,419) (24,965)
Cash and equivalents at beginning of period 104,167 118,586 143,551
Cash and equivalents at end of period $ 195,498 $ 104,167 $ 118,586
v3.25.0.1
THE COMPANY
 12 Months Ended
Dec. 31, 2024
THE COMPANY  
THE COMPANY THE COMPANY
Royal Gold, Inc. (“Royal Gold”, the “Company”, “we”, “us”, or “our”), together with its subsidiaries, is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development (and exploration) stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Summary of Significant Accounting Policies
Use of Estimates
The preparation of our financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates.
We rely on mineral reserve and mineral resource estimates reported by the operators of properties on which we hold stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long-lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.
Basis of Consolidation
The consolidated financial statements include the accounts of Royal Gold, Inc. and its majority owned or controlled subsidiaries. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation.
Cash and Equivalents
Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of December 31, 2024 and 2023.
Stream and Royalty Interests in Mineral Properties and Related Depletion
Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset.
Production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable reserves, are not depleted. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, and there is no production, the mineral property becomes a development stage mineral property. Exploration costs are expensed when incurred.
Asset Impairment
We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable. When impairment indicators are identified, the recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable mineral reserves, mineral resources and other relevant information received from the operators. We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows.
Estimates of gold, silver, copper, and other metal prices, and operators’ estimates of proven and probable mineral reserves or mineral resources related to our stream or royalty properties are subject to certain risks and uncertainties which may affect the recoverability of our investment in these stream and royalty interests in mineral properties. It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests.
Revenue
A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed in Note 8.
Metal Sales
Gold, silver and copper received under our metal stream agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (typically depending on the frequency of deliveries under the respective stream agreement and our sales activity in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser.
Cost of Sales
Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery.
Production Taxes
Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in our consolidated statements of operations and comprehensive income.
Stock-Based Compensation
We recognize all share-based payments to employees, including grants of employee stock options, stock-settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in our financial statements based upon their fair values.
Income Taxes
Our annual tax rate is based on income, statutory tax rates in effect, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities.
We treat global intangible low-taxed income (“GILTI”) as a period cost and therefore do not record deferred tax impacts of GILTI in our consolidated financial statements. Our deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies.
Our operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Earnings per Share
Basic earnings per share is computed by dividing net income available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings per share is computed by dividing net income available to common stockholders by the diluted weighted average number of common shares outstanding during each period.
Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires an entity to disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires an entity to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure. Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We will adopt this ASU prospectively for the period ending December 31, 2025, and it will only impact our disclosures with no impacts to our financial condition or results of operations.
In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted.
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ACQUISITIONS
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
ACQUISITIONS ACQUISITIONS
Acquisition of Cactus Project Royalty
On December 31, 2024, RG Royalties, LLC, a wholly-owned subsidiary of Royal Gold, acquired two royalties for cash consideration of $55 million that constitute an aggregate 2.5% net smelter return ("NSR") royalty (the “Cactus Royalty”) on the Cactus Project from a private seller. The Cactus Project is being developed by Arizona Sonoran Copper Company Inc. (“ASCU”), and is located in Arizona. The Cactus Royalty covers the Cactus East and Cactus West deposits as well as portions of the Parks/Salyer deposit and is subject to a right in favor of ASCU, until July 10, 2025, to buy back 0.5% of the aggregate 2.5% royalty for $7 million.
The Cactus Royalty acquisition has been accounted for as an asset acquisition. The $55 million cash consideration, plus direct acquisition costs, have been recorded as a development stage royalty interest within Stream and royalty interests, net on our consolidated balance sheets. The purchase price was funded with available cash on hand.
Acquisition of Back River Royalties
On June 26, 2024, International Royalty Corporation, a wholly-owned subsidiary of Royal Gold, acquired a 0.7% NSR royalty (the "Hill Royalty") that declines by 50% after $5 million Canadian dollars in royalty revenue is received, and a 26.25% interest in a 5% gross smelter return royalty (the "KM Royalty") that is payable after approximately 780,000 ounces have been produced on the Back River Gold Project ("Back River") for aggregate cash consideration of $51 million. Payments for the Hill Royalty are deductible from the KM Royalty. Back River is operated by B2Gold Corporation and is located in Western Nunavut, Canada.
The Back River royalties have been accounted for as an asset acquisition and the $51 million cash consideration, plus direct transaction costs, have been allocated to development ($42 million) and exploration ($9 million) stage royalty interests within Stream and royalty interests, net on our consolidated balance sheets. The purchase price was funded with available cash on hand.
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STREAM AND ROYALTY INTERESTS, NET
 12 Months Ended
Dec. 31, 2024
STREAM AND ROYALTY INTERESTS, NET  
STREAM AND ROYALTY INTERESTS, NET STREAM AND ROYALTY INTERESTS, NET
The following summarizes our stream and royalty interests as of December 31, 2024 and 2023:
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 interests1,052,010 — 1,052,010 
Total stream and royalty interests, net$4,985,510 $(1,942,706)$3,042,804 
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:
Ilovica12,038 — 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 stream and royalty interests1,048,209 — 1,048,209 
Total stream and royalty interests, net$4,874,194 $(1,798,620)$3,075,574 
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DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
The Company’s debt for the years ended December 31, 2024 and 2023, consists of the following (amounts in thousands):
As of December 31, 2024As of December 31, 2023
Principal
Debt Issuance Costs (1)
Total PrincipalDebt Issuance CostsTotal
Revolving credit facility$— $— $— $250,000 $(4,033)$245,967 
Total debt$— $— $— $250,000 $(4,033)$245,967 
_______________________________________________
(1)Debt issuance costs of $3.1 million are included within Other assets on our consolidated balance sheets.
Revolving Credit Facility
During the year ended December 31, 2024, we repaid the remaining $250 million of outstanding borrowings on our revolving credit facility, making the entire $1 billion revolving credit facility available as of December 31, 2024.
On June 28, 2023, we entered into a fifth amendment to our revolving credit facility dated as of June 2, 2017, as amended. The fifth amendment extended the scheduled maturity date from July 7, 2026 to June 28, 2028, replaced LIBOR with Secured Overnight Financing Rate (Term SOFR”) as a benchmark interest rate and made certain other administrative changes to the existing revolving credit facility.
Interest expense recognized on the revolving credit facility for the years ended December 31, 2024, 2023, and 2022 was approximately $6.3 million, $28.4 million, and $10.0 million, respectively, and included interest on the outstanding borrowings and the amortization of the debt issuance costs. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of December 31, 2024.
We may repay any borrowings under our revolving credit facility at any time without premium or penalty.
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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
Our significant lease arrangements relate to our office spaces. These arrangements are for leases of assets such as corporate office space and office equipment. We lease office space and office equipment under operating leases expiring at various dates through the year ending December 31, 2030. The following amounts were recorded in the consolidated balance sheets at December 31, 2024 (amounts in thousands):
ClassificationDecember 31, 2024
Operating Leases
Right-of-use assets - currentPrepaid expenses and other$855 
Right-of-use assets - non-currentOther assets3,463 
Total right-of-use assets$4,318 
Lease liabilities - currentOther current liabilities$965 
Lease liabilities - non-currentOther long-term liabilities4,003 
Total operating lease liabilities$4,968 
Maturities of operating lease liabilities at December 31, 2024 were as follows (amounts in thousands):
Fiscal Years:Operating Leases
2025$1,086 
20261,086 
20271,086 
2028867 
2029824 
Thereafter371 
Total lease payments$5,320 
Less imputed interest(352)
Total$4,968 
Other information pertaining to leases consists of the following:
December 31, 2024
Operating Lease Term and Discount Rate
Weighted average remaining lease term in years5.1
Weighted average discount rate2.7 %
We did not have any finance leases as of December 31, 2024.
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MOUNT MILLIGAN DEFERRED LIABILITY
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
MOUNT MILLIGAN DEFERRED LIABILITY MOUNT MILLIGAN DEFERRED 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 is recorded as a deferred liability in our consolidated balance sheets as of December 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 to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal stream agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (typically depending on the frequency of deliveries under the respective stream agreement and our sales policy in effect at the time) commencing shortly after receipt and purchase of the metal. We settle our forward sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our forward sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.
Royalty Interests
Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurred. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our most significant royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production, comprising our royalty interest, to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, other contractually permitted costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in Note 2. Royalty revenue and the attributable metal production that was estimated for the period 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 15.
Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Stream revenue:
Gold$367,492 $307,797 $308,302 
Silver66,812 64,851 50,591 
Copper48,990 45,632 58,900 
Total stream revenue$483,294 $418,280 $417,793 
Royalty revenue:
Gold176,888 $154,327 $131,014 
Silver18,702 8,554 13,690 
Copper17,776 11,792 15,019 
Other22,735 12,764 25,690 
Total royalty revenue$236,101 $187,437 $185,413 
Total revenue$719,395 $605,717 $603,206 
Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands):
Years Ended
Metal(s)December 31,
2024		December 31,
2023		December 31,
2022
Stream revenue:
Mount MilliganGold & Copper$186,039 $158,167 $180,543 
Pueblo ViejoGold & Silver83,059 76,247 85,863 
AndacolloGold47,531 48,920 47,347 
OtherGold & Silver166,665 134,946 104,040 
Total stream revenue$483,294 $418,280 $417,793 
Royalty revenue:
Cortez Legacy ZoneGold$58,183 $79,920 $47,769 
Cortez CC ZoneGold11,611 14,626 2,790 
OtherVarious166,307 92,891 134,854 
Total royalty revenue$236,101 $187,437 $185,413 
Total revenue$719,395 $605,717 $603,206 
Refer to Note 15 for the geographical distribution of our revenue by reportable segment.
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REVENUE
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE MOUNT MILLIGAN DEFERRED 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 is recorded as a deferred liability in our consolidated balance sheets as of December 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 to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal stream agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (typically depending on the frequency of deliveries under the respective stream agreement and our sales policy in effect at the time) commencing shortly after receipt and purchase of the metal. We settle our forward sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our forward sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.
Royalty Interests
Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurred. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our most significant royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production, comprising our royalty interest, to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, other contractually permitted costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in Note 2. Royalty revenue and the attributable metal production that was estimated for the period 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 15.
Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Stream revenue:
Gold$367,492 $307,797 $308,302 
Silver66,812 64,851 50,591 
Copper48,990 45,632 58,900 
Total stream revenue$483,294 $418,280 $417,793 
Royalty revenue:
Gold176,888 $154,327 $131,014 
Silver18,702 8,554 13,690 
Copper17,776 11,792 15,019 
Other22,735 12,764 25,690 
Total royalty revenue$236,101 $187,437 $185,413 
Total revenue$719,395 $605,717 $603,206 
Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands):
Years Ended
Metal(s)December 31,
2024		December 31,
2023		December 31,
2022
Stream revenue:
Mount MilliganGold & Copper$186,039 $158,167 $180,543 
Pueblo ViejoGold & Silver83,059 76,247 85,863 
AndacolloGold47,531 48,920 47,347 
OtherGold & Silver166,665 134,946 104,040 
Total stream revenue$483,294 $418,280 $417,793 
Royalty revenue:
Cortez Legacy ZoneGold$58,183 $79,920 $47,769 
Cortez CC ZoneGold11,611 14,626 2,790 
OtherVarious166,307 92,891 134,854 
Total royalty revenue$236,101 $187,437 $185,413 
Total revenue$719,395 $605,717 $603,206 
Refer to Note 15 for the geographical distribution of our revenue by reportable segment.
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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
In November 2015, our stockholders approved the 2015 Omnibus Long-Term Incentive Plan (“2015 LTIP”). Under the 2015 LTIP, 2,500,000 shares of common stock have been authorized for future grants to officers, directors, key employees and other persons. The 2015 LTIP provides for the grant of stock options, unrestricted stock, restricted stock, dividend
equivalent rights, SSARs and cash awards. Any of these awards may, but need not, be made as performance incentives. Stock options granted under the 2015 LTIP may be non-qualified stock options or incentive stock options.
We recognized stock-based compensation expense as follows (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Restricted stock$7,049 $6,191 $4,515 
Performance stock4,843 2,953 2,685 
Stock appreciation rights— 533 1,179 
Stock options— 19 32 
Total stock-based compensation expense$11,892 $9,696 $8,411 
Stock-based compensation expense is included within General and administrative expense on the consolidated statements of operations and comprehensive income.
Stock Options and Stock Appreciation Rights
Stock option and SSARs awards are granted with an exercise price equal to the closing market price of our stock at the date of grant. Stock option and SSARs awards granted to officers, key employees and other persons vest based on one to three years of continuous service. Stock option and SSARs awards have 10-year contractual terms. There were no stock options or SSARs awards granted during the years ended December 31, 2024, 2023, and 2022.
Stock Options
A summary of stock option activity for the year ended December 31, 2024, is presented below.
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic Value
(in thousands)
Outstanding at January 1, 202411,344$86.80 
Exercised(3,283)$79.36 
Forfeited—$— 
Granted—$— 
Outstanding at December 31, 20248,061$89.83 2.8$350 
Exercisable at December 31, 20248,061$89.83 2.8$350 
The total intrinsic value of options exercised during the years ended December 31, 2024, and 2023, and 2022 was $0.2 million, $0.5 million and $0.2 million, respectively.
As of December 31, 2024, there was no unrecognized stock-based compensation expense related to unvested stock options.
SSARs
A summary of SSARs activity for the year ended December 31, 2024, is presented below:
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic Value
(in thousands)
Outstanding at January 1, 2024157,279$113.03 
Exercised(28,893)$86.21 
Forfeited—$— 
Granted—$— 
Outstanding at December 31, 2024128,386$119.06 4.6$2,083 
Exercisable at December 31, 2024128,386$119.06 4.6$2,083 
The total intrinsic value of SSARs exercised during the years ended December 31, 2024, 2023 and 2022 was $1.4 million, $0.7 million and $0.2 million, respectively.
As of December 31, 2024, there was no unrecognized stock-based compensation expense related to unvested SSARs.
Other Stock-based Compensation
Performance Shares
During the years ended December 31, 2024, 2023 and 2022, officers and certain employees were granted shares of restricted common stock that may vest based on our total shareholder return (“TSR”) compared to the TSRs of certain defined peer companies. The Granted TSRs may vest by linear interpolation in a range between zero shares if neither threshold TSR metric is met; to 100% of the Granted TSRs awarded if the target TSR metric is met; to 200% of Granted TSRs awarded if the maximum TSR metric is met. The Granted TSRs will expire in three years from the date of grant if the TSR market condition and a three-year service condition are not met.
During the fiscal year ended June 30, 2021, officers and certain employees were granted shares of restricted common stock that can only be earned upon the achievement of certain pre-defined performance measures. Specifically, for performance shares granted during the fiscal year ended June 30, 2021, one-half of the shares awarded may vest upon our achievement of annual growth in Net Gold Equivalent Ounces (“Net GEOs”) (“GEO Shares”). The second half of performance shares granted during the fiscal year ended June 30, 2021 may vest based on our TSR compared to the TSRs of all members of the VanEck Gold Miners ETF (“Prior TSR Shares”). GEO Shares and Prior TSR Shares may vest by linear interpolation in a range between zero shares if neither threshold Net GEO and TSR metric is met; to 100% of GEO Shares and Prior TSR Shares awarded if both target Net GEO and TSR metrics are met; to 200% of the Net GEO and Prior TSR Shares awarded if both the maximum Net GEO and TSR metrics are met. The GEO Shares will expire in five years from the date of grant if the performance measure is not met, while the Prior TSR Shares will expire in three years from the date of grant if the TSR market condition and three-year service condition are not met.
We measured the grant date fair value of the Granted TSRs and Prior TSR Shares using a Monte Carlo valuation model. The fair value of our TSR awards is multiplied by the target number (100%) of TSR awards granted to determine total stock-based compensation expense. Total stock-based compensation expense of the TSR awards is amortized on a straight-line basis over the requisite service period, or three years.
We measured the fair value of the GEO Shares based upon the market price of our common stock as of the date of grant. The measurement date for the GEO Shares will be determined at such time that the performance goals are attained or that it is probable they will be attained. GEO Shares granted in August 2020 remain outstanding as of December 31, 2024 and the Company will continue to measure these awards for vesting until each awards expiration or performance attainment, whichever date is first.
A summary of the status of our unvested Performance Shares at maximum (200%) attainment for the year ended December 31, 2024, is presented below:
Number of
Shares		Weighted-
Average
Grant Date
Fair Value
Outstanding at January 1, 2024216,191$135.11 
Granted93,840$99.75 
Exercised(30,290)$123.35 
Non-attainment(56,303)$124.69 
Forfeited(1,980)$148.89 
Outstanding at December 31, 2024221,458$124.26 
As of December 31, 2024, total unrecognized stock-based compensation expense related to Performance Shares was approximately $5.2 million, which is expected to be recognized over the average remaining vesting period of 1.7 years.
Restricted Stock
Officers, non-executive directors and certain employees may be granted shares of restricted stock that vest on continued service alone (“Restricted Stock”). During the year ended December 31, 2024, officers and certain employees were granted 57,330 shares of Restricted Stock. Restricted Stock granted to officers and certain employees during the years ended December 31, 2024, 2023 and 2022, vest ratably over three years from the date of grant. Also, our non-executive directors were granted 8,520 shares of Restricted Stock during the year ended December 31, 2024. The non-executive directors’ shares of Restricted Stock vest 50% immediately and 50% one year after the date of grant.
We measure the fair value of the Restricted Stock based upon the market price of our common stock as of the date of grant. Restricted Stock is amortized over the applicable vesting period using the straight-line method. Unvested shares of Restricted Stock are subject to forfeiture upon termination of employment or service.
A summary of the status of our unvested Restricted Stock for the year ended December 31, 2024, is presented below:
Number of
Shares		Weighted-
Average
Grant Date
Fair Value
Outstanding at January 1, 2024136,113$118.84 
Granted65,850$105.65 
Vested(51,110)$121.05 
Forfeited(4,907)$118.53 
Outstanding at December 31, 2024145,946$112.13 
As of December 31, 2024, total unrecognized stock-based compensation expense related to Restricted Stock was approximately $6.6 million, which is expected to be recognized over the weighted-average vesting period of 1.7 years.
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EARNINGS PER SHARE ("EPS")
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE ("EPS") EARNINGS PER SHARE (“EPS”)
Basic earnings per common share were computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share pursuant to the two-class method. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock options, unexercised SSARs and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic earnings per common share are reduced by an
amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted earnings per common share.
The following table summarizes the effects of dilutive securities on diluted EPS for the period (amounts in thousands, except share data):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Net income attributable to Royal Gold common stockholders$332,023 $239,440 $238,982 
Weighted-average shares for basic EPS65,662,18565,613,00265,576,995
Effect of other dilutive securities114,649126,10884,753
Weighted-average shares for diluted EPS65,776,83465,739,11065,661,748
Basic EPS$5.04 $3.64 $3.64 
Diluted EPS$5.04 $3.63 $3.63 
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
For financial reporting purposes, Income before income taxes includes the following components (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
United States$127,366 $64,105 $86,321 
Foreign298,726 218,035 186,547 
$426,092 $282,140 $272,868 
Our Income tax expense consisted of (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Current:
Federal$51,643 $24,046 $29,228 
State715 (68)467 
Foreign32,901 24,499 23,067 
$85,259 $48,477 $52,762 
Deferred and others:
Federal$(92)$(763)$(957)
State(2)(14)(18)
Foreign8,448 (5,692)(18,861)
$8,354 $(6,469)$(19,836)
Total income tax expense $93,613 $42,008 $32,926 
The provision for income taxes for the years ended December 31, 2024, 2023, and 2022 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non-
controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Total expense computed by applying federal rates$89,480 $59,249 $57,303 
State and provincial income taxes, net of federal benefit914 625 545 
Excess depletion(2,473)(2,259)(1,907)
Statutory tax attributable to non-controlling interest(195)(224)(363)
Effect of foreign earnings(887)(10,116)(8,846)
Unrealized foreign exchange gains896 (988)853 
Rate adjustment1,279 (6)— 
Changes in estimates(1,062)11 119 
Valuation allowance3,842 (6,030)(15,877)
Other1,819 1,746 1,099 
Total income tax expense $93,613 $42,008 $32,926 
The effective tax rate for the year ended December 31, 2024, was 22% which included a $13.0 million U.S. GILTI income tax expense related to the consideration from the Mount Milligan Cost Support Agreement. The effective tax rates for the years ended December 31, 2023 and 2022, were 14.9% and 12.1%, respectively, which included income tax benefits attributable to the release of a valuation allowance on certain foreign deferred tax assets.
The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2024 and 2023 are as follows (amounts in thousands):
December 31,
2024		December 31,
2023
Deferred tax assets:
Stock-based compensation$1,989 $1,952 
Net operating losses5,863 4,683 
Foreign tax credits39,748 35,751 
Amortizable tax goodwill37,672 46,821 
Other6,487 5,044 
Total deferred tax assets91,759 94,251 
Valuation allowance(44,656)(40,814)
Net deferred tax assets$47,103 $53,437 
Deferred tax liabilities:
Mineral property basis$(123,482)$(122,543)
Unrealized foreign exchange gains(582)(582)
Other(1,179)(97)
Total deferred tax liabilities(125,243)(123,222)
Total net deferred taxes$(78,140)$(69,785)
We review the measurement of our deferred tax assets at each balance sheet date. Considering all available positive and negative evidence, including but not limited to recent earnings history and forecasted future results, the Company believes it is more likely-than-not that all net deferred tax assets not currently burdened with a valuation allowance will be fully realized. As of December 31, 2024 and 2023, we recorded a valuation allowance of $44.7 million and $40.8 million, respectively. The valuation allowance remaining at December 31, 2024 is attributable to US foreign tax credits of
$39.7 million and capital losses of $1.9 million, net operating losses of $2.2 million, and other tax attribute carryforwards of $0.9 million in non-US subsidiaries.
As of December 31, 2024 and 2023, we had $5.9 million and $4.7 million of net operating loss carryforwards offset by a valuation allowance of $2.2 million and $1.7 million, respectively. The majority of the tax loss carryforwards are in jurisdictions that allow a twenty-year carry-forward period. These losses do not begin to expire until the 2038 tax year, and the Company anticipates utilizing $3.7 million of the net operating loss carryforwards as of December 31, 2024.
As of December 31, 2024 and 2023, we had zero unrecognized tax benefits. We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-U.S. income tax examinations by tax authorities for fiscal years before 2021.
Our continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of our income tax expense. For the years ended December 31, 2024, 2023, and 2022, we had zero accrued income-tax-related interest and penalties.
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
Our supplemental cash flow information for the years ended December 31, 2024, 2023, and 2022 is as follows (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Cash paid during the period for:
Interest$6,593 $28,054 $7,218 
Income taxes, net of refunds$72,108 $50,303 $54,804 
Non-cash investing and financing activities:
Dividends declared$108,556 $100,232 $93,597 
v3.25.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 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 December 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 5) approximates fair value as of December 31, 2024.
As of December 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.
v3.25.0.1
MAJOR SOURCES OF REVENUE
 12 Months Ended
Dec. 31, 2024
MAJOR SOURCES OF REVENUE  
MAJOR SOURCES OF REVENUE MAJOR SOURCES OF REVENUE
Operators that contributed greater than 10% of our total revenue for the years ended December 31, 2024, 2023, and 2022 were as follows (revenue amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
OperatorRevenuePercentage of total
revenue		RevenuePercentage of total
revenue		RevenuePercentage of total
revenue
Centerra$186,039 25.9 %$158,167 26.1 %$180,543 30.0 %
Barrick84,961 11.8 %75,259 12.4 %140,421 23.3 %
Nevada Gold Mines79,473 11.0 %101,870 16.8 %57,730 9.6 %
v3.25.0.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 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 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) as of December 31, 2024 and 2023 are geographically distributed as shown in the following table (amounts in thousands):
As of December 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$417,643 $659,070 $1,076,713 $461,398 $614,900 $1,076,298 
Dominican Republic302,122 — 302,122 311,050 — 311,050 
Africa237,028 321 237,349 264,529 321 264,850 
Chile211,123 224,116 435,239 222,629 224,116 446,745 
United States— 827,277 827,277 — 794,891 794,891 
Mexico— 33,800 33,800 — 41,803 41,803 
Australia— 19,265 19,265 — 21,288 21,288 
Rest of world85,254 25,785 111,039 92,010 26,639 118,649 
Total $1,253,170 $1,789,634 $3,042,804 $1,351,616 $1,723,958 $3,075,574 
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
Year Ended December 31, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$483,294 $97,514 $— $102,800 $282,980 
Royalty interests236,101 — 6,622 41,285 188,194 
Total$719,395 $97,514 $6,622 $144,085 $471,174 
Year Ended December 31, 2023
Revenue
Cost of sales(1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$418,280 $90,523 $— $121,121 $206,636 
Royalty interests187,437 — 7,294 43,385 136,758 
Total$605,717 $90,523 $7,294 $164,506 $343,394 
Year Ended December 31, 2022
Revenue
Cost of sales(1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$417,793 $94,642 $— $143,526 $179,625 
Royalty interests185,413 — 7,021 34,916 143,476 
Total$603,206 $94,642 $7,021 $178,442 $323,101 
_______________________________________________________
(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):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Total segment gross profit$471,174 $343,394 $323,101 
Costs and expenses
General and administrative expenses40,934 39,761 34,612 
Depreciation and amortization341 431 493 
Impairment of royalty interests— — 4,287 
Operating income429,899 303,202 283,709 
Fair value changes in equity securities(66)(147)(1,503)
Interest and other income6,008 9,952 7,832 
Interest and other expense(9,749)(30,867)(17,170)
Income before income taxes$426,092 $282,140 $272,868 
Our revenue by reportable segment for the years ended December 31, 2024, 2023, and 2022 is geographically distributed as shown in the following table (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Stream interests:
Canada$231,801 $196,961 $212,369 
Dominican Republic83,059 76,247 85,863 
Africa82,132 70,757 53,787 
Chile47,531 48,920 47,347 
Rest of world38,771 25,395 18,427 
Total stream interests$483,294 $418,280 $417,793 
Royalty interests:
United States$121,212 $123,690 $81,642 
Mexico52,842 25,754 52,388 
Australia28,966 19,011 15,672 
Canada18,945 12,712 27,210 
Rest of world14,136 6,270 8,501 
Total royalty interests$236,101 $187,437 $185,413 
Total revenue$719,395 $605,717 $603,206 
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Ilovica Gold Stream Acquisition
As of December 31, 2024, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 332,023 $ 239,440 $ 238,982
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
To identify and assess material risks from cybersecurity threats, our enterprise risk management program considers cybersecurity threat risks alongside other Company risks as part of our overall risk assessment process. We describe how risks from identified cybersecurity threats have materially affected or are reasonably likely to materially affect us, including our results of operations and financial condition, in the risk factor entitled “A significant disruption to our information technology systems or those of our third-party service providers could adversely affect our business and operating results” under Item 1A, Risk Factors, of this report.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] To identify and assess material risks from cybersecurity threats, our enterprise risk management program considers cybersecurity threat risks alongside other Company risks as part of our overall risk assessment process.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Under its Charter, the Audit and Finance Committee (“AFC”) of our Board of Directors is responsible for oversight of our cybersecurity program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Senior Vice President and Chief Financial Officer, with assistance from other members of management and contracted information technology and cybersecurity consultants (including consultants with decades of experience in information technology and cybersecurity roles), is responsible for managing our cybersecurity program, policies and strategy. Under its Charter, the Audit and Finance Committee (“AFC”) of our Board of Directors is responsible for oversight of our cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Quarterly and annual reports are provided to our AFC and Board of Directors, respectively, on the cyber risks, threats and projects impacting our cybersecurity program.
Cybersecurity Risk Role of Management [Text Block]
The Senior Vice President and Chief Financial Officer, with assistance from other members of management and contracted information technology and cybersecurity consultants (including consultants with decades of experience in information technology and cybersecurity roles), is responsible for managing our cybersecurity program, policies and strategy. Under its Charter, the Audit and Finance Committee (“AFC”) of our Board of Directors is responsible for oversight of our cybersecurity program. Quarterly and annual reports are provided to our AFC and Board of Directors, respectively, on the cyber risks, threats and projects impacting our cybersecurity program. As part of our continuing effort to evaluate and enhance our cybersecurity program, including risks associated with using third-party service providers, we regularly evaluate the effectiveness of our cybersecurity policies and procedures and provide our employees with cybersecurity training on current and evolving cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Senior Vice President and Chief Financial Officer, with assistance from other members of management and contracted information technology and cybersecurity consultants (including consultants with decades of experience in information technology and cybersecurity roles), is responsible for managing our cybersecurity program, policies and strategy.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Senior Vice President and Chief Financial Officer, with assistance from other members of management and contracted information technology and cybersecurity consultants (including consultants with decades of experience in information technology and cybersecurity roles), is responsible for managing our cybersecurity program, policies and strategy.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Quarterly and annual reports are provided to our AFC and Board of Directors, respectively, on the cyber risks, threats and projects impacting our cybersecurity program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Use of Estimates
Use of Estimates
The preparation of our financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates.
We rely on mineral reserve and mineral resource estimates reported by the operators of properties on which we hold stream and royalty interests. These estimates and the underlying assumptions affect the potential impairments of long-lived assets and the ability to realize income tax benefits associated with deferred tax assets. These estimates and assumptions also affect the rate at which we recognize revenue or charge depreciation, depletion and amortization to earnings. On an ongoing basis, management evaluates these estimates and assumptions; however, actual amounts could differ from these estimates and assumptions. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.
Basis of Consolidation
Basis of Consolidation
The consolidated financial statements include the accounts of Royal Gold, Inc. and its majority owned or controlled subsidiaries. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation.
Cash and Equivalents
Cash and Equivalents
Cash and equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Cash and equivalents were primarily held in cash deposit accounts as of December 31, 2024 and 2023.
Stream and Royalty Interests in Mineral Properties and Related Depletion
Stream and Royalty Interests in Mineral Properties and Related Depletion
Stream and royalty interests include acquired stream and royalty interests in production, development and exploration stage properties. The costs of acquired stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset.
Production stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which are estimated using proven and probable reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Exploration stage mineral properties, where there are no proven and probable reserves, are not depleted. At such time as the associated exploration stage mineral interests are converted to proven and probable reserves, and there is no production, the mineral property becomes a development stage mineral property. Exploration costs are expensed when incurred.
Asset Impairment
Asset Impairment
We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts of an asset or group of assets may not be recoverable. When impairment indicators are identified, the recoverability of the carrying value of stream and royalty interests in production and development stage mineral properties is evaluated based upon estimated future undiscounted net cash flows from each stream and royalty interest using estimates of proven and probable mineral reserves, mineral resources and other relevant information received from the operators. We evaluate the recoverability of the carrying value of royalty interests in exploration stage mineral properties in the event of significant decreases in the price of gold, silver, copper and other metals, and whenever new information regarding the mineral properties is obtained from the operator indicating that production will not likely occur or may be reduced in the future, thus potentially affecting the future recoverability of our stream or royalty interests. Impairments in the carrying value of each property are measured and recorded to the extent that the carrying value in each property exceeds its estimated fair value, which is generally calculated using estimated future discounted cash flows.
Estimates of gold, silver, copper, and other metal prices, and operators’ estimates of proven and probable mineral reserves or mineral resources related to our stream or royalty properties are subject to certain risks and uncertainties which may affect the recoverability of our investment in these stream and royalty interests in mineral properties. It is possible that changes could occur to these estimates, which could adversely affect the net cash flows expected to be generated from these stream and royalty interests.
Revenue
Revenue
A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed in Note 8.
Metal Sales
Gold, silver and copper received under our metal stream agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (typically depending on the frequency of deliveries under the respective stream agreement and our sales activity in effect at the time) commencing shortly after receipt and purchase of the metal. Revenue from gold, silver and copper sales is recognized on the date of the settlement, which is also the date that title to the metal passes to the purchaser.
Cost of Sales
Cost of Sales
Cost of sales, which excludes depreciation, depletion and amortization, is specific to our stream agreements and is the result of our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper spot price near the date of metal delivery.
Production Taxes
Production Taxes
Certain royalty payments are subject to production taxes (or mining proceeds taxes), which are recognized at the time of revenue recognition. Production taxes are not income taxes and are included within the costs and expenses section in our consolidated statements of operations and comprehensive income.
Stock-Based Compensation
Stock-Based Compensation
We recognize all share-based payments to employees, including grants of employee stock options, stock-settled stock appreciation rights (“SSARs”), restricted stock and performance shares, in our financial statements based upon their fair values.
Income Taxes
Income Taxes
Our annual tax rate is based on income, statutory tax rates in effect, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining the annual tax expense, current tax assets and liabilities, deferred tax assets and liabilities, and our future taxable income, both as a whole and in various tax jurisdictions, for purposes of assessing our ability to realize future benefit from our deferred tax assets. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year’s liability by taxing authorities.
We treat global intangible low-taxed income (“GILTI”) as a period cost and therefore do not record deferred tax impacts of GILTI in our consolidated financial statements. Our deferred income taxes reflect the impact of temporary differences between the reported amounts of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction. A valuation allowance may be established to reduce our deferred tax assets to the amount that is considered more likely than not to be realized through the generation of future taxable income and other tax planning strategies.
Our operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances, such as the progress of a tax audit; however, due to the complexity of some of these uncertainties, the ultimate resolution could result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Earnings per Share
Earnings per Share
Basic earnings per share is computed by dividing net income available to Royal Gold common stockholders by the weighted average number of outstanding common shares for the period, considering the effect of participating securities. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts that may require issuance of common shares were converted. Diluted earnings per share is computed by dividing net income available to common stockholders by the diluted weighted average number of common shares outstanding during each period.
Recent Accounting Standards
Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires an entity to disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires an entity to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure. Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We will adopt this ASU prospectively for the period ending December 31, 2025, and it will only impact our disclosures with no impacts to our financial condition or results of operations.
In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. The adoption of this ASU only affects our disclosures and has no impacts to our financial condition or results from operations.
v3.25.0.1
STREAM AND ROYALTY INTERESTS, NET (Tables)
 12 Months Ended
Dec. 31, 2024
STREAM AND ROYALTY INTERESTS, NET  
Schedule of stream and royalty interests
The following summarizes our stream and royalty interests as of December 31, 2024 and 2023:
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 interests1,052,010 — 1,052,010 
Total stream and royalty interests, net$4,985,510 $(1,942,706)$3,042,804 
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:
Ilovica12,038 — 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 stream and royalty interests1,048,209 — 1,048,209 
Total stream and royalty interests, net$4,874,194 $(1,798,620)$3,075,574 
v3.25.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of debt
The Company’s debt for the years ended December 31, 2024 and 2023, consists of the following (amounts in thousands):
As of December 31, 2024As of December 31, 2023
Principal
Debt Issuance Costs (1)
Total PrincipalDebt Issuance CostsTotal
Revolving credit facility$— $— $— $250,000 $(4,033)$245,967 
Total debt$— $— $— $250,000 $(4,033)$245,967 
_______________________________________________
(1)Debt issuance costs of $3.1 million are included within Other assets on our consolidated balance sheets.
v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of lease balance sheet locations The following amounts were recorded in the consolidated balance sheets at December 31, 2024 (amounts in thousands):
ClassificationDecember 31, 2024
Operating Leases
Right-of-use assets - currentPrepaid expenses and other$855 
Right-of-use assets - non-currentOther assets3,463 
Total right-of-use assets$4,318 
Lease liabilities - currentOther current liabilities$965 
Lease liabilities - non-currentOther long-term liabilities4,003 
Total operating lease liabilities$4,968 
Schedule of lease maturities
Maturities of operating lease liabilities at December 31, 2024 were as follows (amounts in thousands):
Fiscal Years:Operating Leases
2025$1,086 
20261,086 
20271,086 
2028867 
2029824 
Thereafter371 
Total lease payments$5,320 
Less imputed interest(352)
Total$4,968 
Schedule of other lease information
Other information pertaining to leases consists of the following:
December 31, 2024
Operating Lease Term and Discount Rate
Weighted average remaining lease term in years5.1
Weighted average discount rate2.7 %
v3.25.0.1
REVENUE (Tables)
 12 Months Ended
Dec. 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):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Stream revenue:
Gold$367,492 $307,797 $308,302 
Silver66,812 64,851 50,591 
Copper48,990 45,632 58,900 
Total stream revenue$483,294 $418,280 $417,793 
Royalty revenue:
Gold176,888 $154,327 $131,014 
Silver18,702 8,554 13,690 
Copper17,776 11,792 15,019 
Other22,735 12,764 25,690 
Total royalty revenue$236,101 $187,437 $185,413 
Total revenue$719,395 $605,717 $603,206 
Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands):
Years Ended
Metal(s)December 31,
2024		December 31,
2023		December 31,
2022
Stream revenue:
Mount MilliganGold & Copper$186,039 $158,167 $180,543 
Pueblo ViejoGold & Silver83,059 76,247 85,863 
AndacolloGold47,531 48,920 47,347 
OtherGold & Silver166,665 134,946 104,040 
Total stream revenue$483,294 $418,280 $417,793 
Royalty revenue:
Cortez Legacy ZoneGold$58,183 $79,920 $47,769 
Cortez CC ZoneGold11,611 14,626 2,790 
OtherVarious166,307 92,891 134,854 
Total royalty revenue$236,101 $187,437 $185,413 
Total revenue$719,395 $605,717 $603,206 
v3.25.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense
We recognized stock-based compensation expense as follows (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Restricted stock$7,049 $6,191 $4,515 
Performance stock4,843 2,953 2,685 
Stock appreciation rights— 533 1,179 
Stock options— 19 32 
Total stock-based compensation expense$11,892 $9,696 $8,411 
Summary of stock options activity
A summary of stock option activity for the year ended December 31, 2024, is presented below.
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic Value
(in thousands)
Outstanding at January 1, 202411,344$86.80 
Exercised(3,283)$79.36 
Forfeited—$— 
Granted—$— 
Outstanding at December 31, 20248,061$89.83 2.8$350 
Exercisable at December 31, 20248,061$89.83 2.8$350 
Summary of SSARs activity
A summary of SSARs activity for the year ended December 31, 2024, is presented below:
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic Value
(in thousands)
Outstanding at January 1, 2024157,279$113.03 
Exercised(28,893)$86.21 
Forfeited—$— 
Granted—$— 
Outstanding at December 31, 2024128,386$119.06 4.6$2,083 
Exercisable at December 31, 2024128,386$119.06 4.6$2,083 
Summary of non-vested awards
A summary of the status of our unvested Performance Shares at maximum (200%) attainment for the year ended December 31, 2024, is presented below:
Number of
Shares		Weighted-
Average
Grant Date
Fair Value
Outstanding at January 1, 2024216,191$135.11 
Granted93,840$99.75 
Exercised(30,290)$123.35 
Non-attainment(56,303)$124.69 
Forfeited(1,980)$148.89 
Outstanding at December 31, 2024221,458$124.26 
Summary of the status of non-vested restricted stock
A summary of the status of our unvested Restricted Stock for the year ended December 31, 2024, is presented below:
Number of
Shares		Weighted-
Average
Grant Date
Fair Value
Outstanding at January 1, 2024136,113$118.84 
Granted65,850$105.65 
Vested(51,110)$121.05 
Forfeited(4,907)$118.53 
Outstanding at December 31, 2024145,946$112.13 
v3.25.0.1
EARNINGS PER SHARE ("EPS") (Tables)
 12 Months Ended
Dec. 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 period (amounts in thousands, except share data):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Net income attributable to Royal Gold common stockholders$332,023 $239,440 $238,982 
Weighted-average shares for basic EPS65,662,18565,613,00265,576,995
Effect of other dilutive securities114,649126,10884,753
Weighted-average shares for diluted EPS65,776,83465,739,11065,661,748
Basic EPS$5.04 $3.64 $3.64 
Diluted EPS$5.04 $3.63 $3.63 
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of income before income taxes
For financial reporting purposes, Income before income taxes includes the following components (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
United States$127,366 $64,105 $86,321 
Foreign298,726 218,035 186,547 
$426,092 $282,140 $272,868 
Components of income tax expense (benefit)
Our Income tax expense consisted of (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Current:
Federal$51,643 $24,046 $29,228 
State715 (68)467 
Foreign32,901 24,499 23,067 
$85,259 $48,477 $52,762 
Deferred and others:
Federal$(92)$(763)$(957)
State(2)(14)(18)
Foreign8,448 (5,692)(18,861)
$8,354 $(6,469)$(19,836)
Total income tax expense $93,613 $42,008 $32,926 
Schedule of income tax expense (benefit) and effective tax rate
The provision for income taxes for the years ended December 31, 2024, 2023, and 2022 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non-
controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Total expense computed by applying federal rates$89,480 $59,249 $57,303 
State and provincial income taxes, net of federal benefit914 625 545 
Excess depletion(2,473)(2,259)(1,907)
Statutory tax attributable to non-controlling interest(195)(224)(363)
Effect of foreign earnings(887)(10,116)(8,846)
Unrealized foreign exchange gains896 (988)853 
Rate adjustment1,279 (6)— 
Changes in estimates(1,062)11 119 
Valuation allowance3,842 (6,030)(15,877)
Other1,819 1,746 1,099 
Total income tax expense $93,613 $42,008 $32,926 
Schedule of deferred tax assets and liabilities
The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2024 and 2023 are as follows (amounts in thousands):
December 31,
2024		December 31,
2023
Deferred tax assets:
Stock-based compensation$1,989 $1,952 
Net operating losses5,863 4,683 
Foreign tax credits39,748 35,751 
Amortizable tax goodwill37,672 46,821 
Other6,487 5,044 
Total deferred tax assets91,759 94,251 
Valuation allowance(44,656)(40,814)
Net deferred tax assets$47,103 $53,437 
Deferred tax liabilities:
Mineral property basis$(123,482)$(122,543)
Unrealized foreign exchange gains(582)(582)
Other(1,179)(97)
Total deferred tax liabilities(125,243)(123,222)
Total net deferred taxes$(78,140)$(69,785)
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Schedule of supplemental cash flow information
Our supplemental cash flow information for the years ended December 31, 2024, 2023, and 2022 is as follows (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Cash paid during the period for:
Interest$6,593 $28,054 $7,218 
Income taxes, net of refunds$72,108 $50,303 $54,804 
Non-cash investing and financing activities:
Dividends declared$108,556 $100,232 $93,597 
v3.25.0.1
MAJOR SOURCES OF REVENUE (Tables)
 12 Months Ended
Dec. 31, 2024
MAJOR SOURCES OF REVENUE  
Schedule of major sources of revenue
Operators that contributed greater than 10% of our total revenue for the years ended December 31, 2024, 2023, and 2022 were as follows (revenue amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
OperatorRevenuePercentage of total
revenue		RevenuePercentage of total
revenue		RevenuePercentage of total
revenue
Centerra$186,039 25.9 %$158,167 26.1 %$180,543 30.0 %
Barrick84,961 11.8 %75,259 12.4 %140,421 23.3 %
Nevada Gold Mines79,473 11.0 %101,870 16.8 %57,730 9.6 %
v3.25.0.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of geographical distribution of long-lived assets
We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. 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) as of December 31, 2024 and 2023 are geographically distributed as shown in the following table (amounts in thousands):
As of December 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$417,643 $659,070 $1,076,713 $461,398 $614,900 $1,076,298 
Dominican Republic302,122 — 302,122 311,050 — 311,050 
Africa237,028 321 237,349 264,529 321 264,850 
Chile211,123 224,116 435,239 222,629 224,116 446,745 
United States— 827,277 827,277 — 794,891 794,891 
Mexico— 33,800 33,800 — 41,803 41,803 
Australia— 19,265 19,265 — 21,288 21,288 
Rest of world85,254 25,785 111,039 92,010 26,639 118,649 
Total $1,253,170 $1,789,634 $3,042,804 $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):
Year Ended December 31, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$483,294 $97,514 $— $102,800 $282,980 
Royalty interests236,101 — 6,622 41,285 188,194 
Total$719,395 $97,514 $6,622 $144,085 $471,174 
Year Ended December 31, 2023
Revenue
Cost of sales(1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$418,280 $90,523 $— $121,121 $206,636 
Royalty interests187,437 — 7,294 43,385 136,758 
Total$605,717 $90,523 $7,294 $164,506 $343,394 
Year Ended December 31, 2022
Revenue
Cost of sales(1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$417,793 $94,642 $— $143,526 $179,625 
Royalty interests185,413 — 7,021 34,916 143,476 
Total$603,206 $94,642 $7,021 $178,442 $323,101 
_______________________________________________________
(1)Excludes depreciation, depletion and amortization
(2)Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income
Schedule of reconciliation of segment gross profit to consolidated income (loss)
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Total segment gross profit$471,174 $343,394 $323,101 
Costs and expenses
General and administrative expenses40,934 39,761 34,612 
Depreciation and amortization341 431 493 
Impairment of royalty interests— — 4,287 
Operating income429,899 303,202 283,709 
Fair value changes in equity securities(66)(147)(1,503)
Interest and other income6,008 9,952 7,832 
Interest and other expense(9,749)(30,867)(17,170)
Income before income taxes$426,092 $282,140 $272,868 
Schedule of revenue by reportable segment geographically distributed
Our revenue by reportable segment for the years ended December 31, 2024, 2023, and 2022 is geographically distributed as shown in the following table (amounts in thousands):
Years Ended
December 31,
2024		December 31,
2023		December 31,
2022
Stream interests:
Canada$231,801 $196,961 $212,369 
Dominican Republic83,059 76,247 85,863 
Africa82,132 70,757 53,787 
Chile47,531 48,920 47,347 
Rest of world38,771 25,395 18,427 
Total stream interests$483,294 $418,280 $417,793 
Royalty interests:
United States$121,212 $123,690 $81,642 
Mexico52,842 25,754 52,388 
Australia28,966 19,011 15,672 
Canada18,945 12,712 27,210 
Rest of world14,136 6,270 8,501 
Total royalty interests$236,101 $187,437 $185,413 
Total revenue$719,395 $605,717 $603,206 
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details)
 12 Months Ended
Dec. 31, 2024
$ / oz
Mt. Milligan  
Cash payment for each ounce of gold (in dollars per ounce) 435
Minimum  
Term of the contract 10 days
Maximum  
Term of the contract 3 months
v3.25.0.1
ACQUISITIONS - Cactus Royalty (Details) - Cactus
$ in Millions
Dec. 31, 2024
USD ($)
royalty
Acquisitions  
Number of royalties acquired | royalty 2
Cash consideration paid $ 55
Net smelter return (NSR) percentage 2.50%
Buy back percentage 0.50%
Royalty revenue requirement $ 7
v3.25.0.1
ACQUISITIONS - Back River Royalties (Details) - Jun. 26, 2024
oz in Thousands, $ in Millions, $ in Millions
USD ($)
oz
CAD ($)
oz
Back River    
Acquisitions    
Volume, spot price adjustment threshold | oz 780 780
Hill Royalty    
Acquisitions    
Net smelter return (NSR) percentage 0.70% 0.70%
Net smelter return (NSR) percentage decline 50.00% 50.00%
Royalty revenue requirement   $ 5
KM Royalty    
Acquisitions    
Net smelter return (NSR) percentage 5.00% 5.00%
Interest acquired percentage 26.25% 26.25%
Back River Royalties Acquisition    
Acquisitions    
Cash consideration paid $ 51  
Back River Royalties Acquisition | Development stage royalty interests    
Acquisitions    
Asset acquisition transaction costs 42  
Back River Royalties Acquisition | Exploration stage royalty interests    
Acquisitions    
Asset acquisition transaction costs $ 9  
v3.25.0.1
STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Cost $ 4,985,510 $ 4,874,194
Accumulated Depletion (1,942,706) (1,798,620)
Net 3,042,804 3,075,574
Production stage stream and royalty interests    
Cost 3,767,113 3,687,394
Accumulated Depletion (1,942,706) (1,798,620)
Net 1,824,407 1,888,774
Production stage stream interests    
Cost 2,472,689 2,463,562
Accumulated Depletion (1,246,349) (1,143,549)
Net 1,226,340 1,320,013
Production stage stream interests | Mt. Milligan    
Cost 790,635 790,635
Accumulated Depletion (462,412) (430,106)
Net 328,223 360,529
Production stage stream interests | Pueblo Viejo    
Cost 610,404 610,404
Accumulated Depletion (308,283) (299,354)
Net 302,121 311,050
Production stage stream interests | Andacollo    
Cost 388,182 388,182
Accumulated Depletion (177,059) (165,553)
Net 211,123 222,629
Production stage stream interests | Khoemacau    
Cost 265,911 265,911
Accumulated Depletion (58,043) (41,635)
Net 207,868 224,276
Production stage stream interests | Rainy River    
Cost 175,727 175,727
Accumulated Depletion (86,307) (74,858)
Net 89,420 100,869
Production stage stream interests | Other interest    
Cost 241,830 232,703
Accumulated Depletion (154,245) (132,043)
Net 87,585 100,660
Production stage royalty interests    
Cost 1,294,424 1,223,832
Accumulated Depletion (696,357) (655,071)
Net 598,067 568,761
Production stage royalty interests | Cortez    
Cost 353,850 353,850
Accumulated Depletion (81,845) (61,891)
Net 272,005 291,959
Production stage royalty interests | Voisey's Bay    
Cost 205,724 205,724
Accumulated Depletion (124,526) (121,000)
Net 81,198 84,724
Production stage royalty interests | Red Chris    
Cost 116,187 116,187
Accumulated Depletion (5,966) (3,758)
Net 110,221 112,429
Production stage royalty interests | Penasquito    
Cost 99,172 99,172
Accumulated Depletion (65,372) (59,900)
Net 33,800 39,272
Production stage royalty interests | Other interest    
Cost 519,491 448,899
Accumulated Depletion (418,648) (408,522)
Net 100,843 40,377
Development stage stream and royalty interests    
Cost 166,387 138,591
Net 166,387 138,591
Development stage stream interests | Ilovica    
Cost 12,038 12,038
Net 12,038 12,038
Development stage royalty interests | Cactus    
Cost 55,128  
Net 55,128  
Development stage royalty interests | Back River    
Cost 42,948  
Net 42,948  
Development stage royalty interests | La Fortuna    
Cost 35,140 35,140
Net 35,140 35,140
Development stage royalty interests | Cote    
Cost   45,421
Net   45,421
Development stage royalty interests | Other interest    
Cost 21,133 45,992
Net 21,133 45,992
Exploration stage stream and royalty interests    
Cost 1,052,010  
Net 1,052,010  
Exploration stage stream interests | Xavantina (formerly NX Gold)    
Cost 14,792 19,565
Net 14,792 19,565
Exploration stage royalty interests    
Cost   1,048,209
Net   1,048,209
Exploration stage royalty interests | Cortez    
Cost 456,479 456,479
Net 456,479 456,479
Exploration stage royalty interests | Red Chris    
Cost 48,895 48,895
Net 48,895 48,895
Exploration stage royalty interests | Cote    
Cost 29,610 29,610
Net 29,610 29,610
Exploration stage royalty interests | Great Bear    
Cost 209,106 209,106
Net 209,106 209,106
Exploration stage royalty interests | Pascua - Lama    
Cost 177,690 177,690
Net 177,690 177,690
Exploration stage royalty interests | Other interest    
Cost 115,438 106,864
Net $ 115,438 $ 106,864
v3.25.0.1
DEBT (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Long-term debt disclosure      
Principal $ 0 $ 250,000  
Debt Issuance Costs 0 (4,033)  
Total 0 245,967  
Repayment of debt 250,000 325,000 $ 125,000
Other Noncurrent Assets      
Long-term debt disclosure      
Debt Issuance Costs (3,100)    
Credit Facility      
Long-term debt disclosure      
Principal 0 250,000  
Debt Issuance Costs 0 (4,033)  
Total 0 245,967  
Repayment of debt 250,000    
Available under the revolving credit facility 1,000,000    
Interest expense recognized $ 6,300 $ 28,400 $ 10,000
v3.25.0.1
LEASES - Lease balance sheet (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
Right-of-use assets - current $ 855
Right-of-use assets - non-current 3,463
Total right-of-use assets $ 4,318
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, Prepaid expenses and other
Lease liabilities - current $ 965
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities
Lease liabilities - non-current $ 4,003
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities
Total operating lease liabilities $ 4,968
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities, Other liabilities
v3.25.0.1
LEASES - Lease maturities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 1,086
2026 1,086
2027 1,086
2028 867
2029 824
Thereafter 371
Total lease payments 5,320
Less imputed interest (352)
Total $ 4,968
v3.25.0.1
LEASES - Lease other (Details)
Dec. 31, 2024
Leases [Abstract]  
Weighted average remaining lease term in years 5 years 1 month 6 days
Weighted average discount rate 2.70%
v3.25.0.1
MOUNT MILLIGAN DEFERRED LIABILITY (Details)
$ in Thousands
Feb. 13, 2024
USD ($)
tranche
t
oz
$ / oz
$ / lb
Dec. 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    
Value of consideration, nonmonetary amount, gold 50,000    
Amount of gold per installment 2,500    
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    
v3.25.0.1
REVENUE (Details)
 12 Months Ended
Dec. 31, 2024
segment
Number of reportable segments 2
Minimum  
Average sale price determination period 10 days
Maximum  
Average sale price determination period 3 months
v3.25.0.1
REVENUE - Metal Disaggregation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue      
Revenue $ 719,395 $ 605,717 $ 603,206
Stream interest      
Disaggregation of Revenue      
Revenue 483,294 418,280 417,793
Stream interest | Gold      
Disaggregation of Revenue      
Revenue 367,492 307,797 308,302
Stream interest | Silver      
Disaggregation of Revenue      
Revenue 66,812 64,851 50,591
Stream interest | Copper      
Disaggregation of Revenue      
Revenue 48,990 45,632 58,900
Royalty interest      
Disaggregation of Revenue      
Revenue 236,101 187,437 185,413
Royalty interest | Gold      
Disaggregation of Revenue      
Revenue 176,888 154,327 131,014
Royalty interest | Silver      
Disaggregation of Revenue      
Revenue 18,702 8,554 13,690
Royalty interest | Copper      
Disaggregation of Revenue      
Revenue 17,776 11,792 15,019
Royalty interest | Other      
Disaggregation of Revenue      
Revenue $ 22,735 $ 12,764 $ 25,690
v3.25.0.1
REVENUE - Property Disaggregation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue      
Revenue $ 719,395 $ 605,717 $ 603,206
Stream interest      
Disaggregation of Revenue      
Revenue 483,294 418,280 417,793
Stream interest | Mt. Milligan      
Disaggregation of Revenue      
Revenue 186,039 158,167 180,543
Stream interest | Pueblo Viejo      
Disaggregation of Revenue      
Revenue 83,059 76,247 85,863
Stream interest | Andacollo      
Disaggregation of Revenue      
Revenue 47,531 48,920 47,347
Stream interest | Other interest      
Disaggregation of Revenue      
Revenue 166,665 134,946 104,040
Royalty interest      
Disaggregation of Revenue      
Revenue 236,101 187,437 185,413
Royalty interest | Cortez Legacy Zone      
Disaggregation of Revenue      
Revenue 58,183 79,920 47,769
Royalty interest | Cortez CC Zone      
Disaggregation of Revenue      
Revenue 11,611 14,626 2,790
Royalty interest | Other interest      
Disaggregation of Revenue      
Revenue $ 166,307 $ 92,891 $ 134,854
v3.25.0.1
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2021
Nov. 30, 2015
Stock-based compensation          
Common stock authorized for future grants (in shares)         2,500,000
Stock-based compensation expense $ 11,892 $ 9,696 $ 8,411    
Contractual term of awards 10 years        
Minimum          
Stock-based compensation          
Continuous service period for awards to vest 1 year        
Maximum          
Stock-based compensation          
Continuous service period for awards to vest 3 years        
Restricted stock          
Stock-based compensation          
Stock-based compensation expense $ 7,049 6,191 4,515    
Unrecognized compensation expense $ 6,600        
Weighted-average recognition period 1 year 8 months 12 days        
Performance stock          
Stock-based compensation          
Stock-based compensation expense $ 4,843 2,953 2,685    
Unrecognized compensation expense $ 5,200        
Earn out basis if all goals are met (as a percent) 200.00%     200.00%  
Weighted-average recognition period 1 year 8 months 12 days        
Stock appreciation rights          
Stock-based compensation          
Stock-based compensation expense $ 0 533 1,179    
Unrecognized compensation expense 0        
Stock options          
Stock-based compensation          
Stock-based compensation expense $ 0 $ 19 $ 32    
Stock options granted (in shares) 0 0 0    
Intrinsic value of options exercised $ 200 $ 500 $ 200    
Unrecognized compensation expense $ 0        
v3.25.0.1
STOCK-BASED COMPENSATION - OPTIONS (Details) - Stock options - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Stock options, number of shares      
Outstanding at the beginning of the period (in shares) 11,344    
Granted (in shares) 0 0 0
Exercised (in shares) (3,283)    
Outstanding at the end of the period (in shares) 8,061 11,344  
Exercisable at the end of the period (in shares) 8,061    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Outstanding at the beginning of the period (in dollars per share) $ 86.80    
Exercised (in dollars per share) 79.36    
Outstanding at the end of the period (in dollars per share) 89.83 $ 86.80  
Exercisable at the end of the period (in dollars per share) $ 89.83    
Stock options, weighted-average remaining contractual life (in years)      
Outstanding at the end of the period 2 years 9 months 18 days    
Exercisable at the end of the period 2 years 9 months 18 days    
Stock options, Aggregate Intrinsic Value      
Outstanding at the end of the period $ 350    
Exercisable at the end of the period $ 350    
v3.25.0.1
STOCK-BASED COMPENSATION - NON-OPTIONS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2021
Other stock-based compensation        
Contractual term of awards 10 years      
Minimum        
Other stock-based compensation        
Continuous service period for awards to vest 1 year      
Maximum        
Other stock-based compensation        
Continuous service period for awards to vest 3 years      
SSARs        
Non-vested other than stock options, number of shares        
Outstanding at the beginning of the period (in shares) 157,279      
Exercised (in shares) (28,893)      
Outstanding at the end of the period (in shares) 128,386 157,279    
Exercisable at the end of the period (in shares) 128,386      
Other than stock options, weighted-average grant date fair value        
Non-vested at the beginning of the period (in dollars per share) $ 113.03      
Exercised (in dollars per share) 86.21      
Non-vested at the end of the period (in dollars per share) 119.06 $ 113.03    
Exercisable at the end of the period (in dollars per share) $ 119.06      
Other than stock options, weighted-average remaining contractual life (in years)        
Outstanding at the end of the period 4 years 7 months 6 days      
Exercisable at the end of the period 4 years 7 months 6 days      
Aggregate Intrinsic Value        
Intrinsic value on outstanding shares $ 2,083      
Intrinsic value on exercisable shares 2,083      
Other stock-based compensation        
Total intrinsic value $ 1,400 $ 700 $ 200  
Performance stock        
Non-vested other than stock options, number of shares        
Outstanding at the beginning of the period (in shares) 216,191      
Granted (in shares) 93,840      
Exercised (in shares) (30,290)      
Non-attainment (in shares) (56,303)      
Forfeited (in shares) (1,980)      
Outstanding at the end of the period (in shares) 221,458 216,191    
Other than stock options, weighted-average grant date fair value        
Non-vested at the beginning of the period (in dollars per share) $ 135.11      
Granted (in dollars per share) 99.75      
Exercised (in dollars per share) 123.35      
Non-attainment (in dollars per share) 124.69      
Forfeited (in dollars per share) 148.89      
Non-vested at the end of the period (in dollars per share) $ 124.26 $ 135.11    
Other stock-based compensation        
Earn out basis if no goals are met (as a percent)       0.00%
Earn out basis if some goals are met (as a percent)       100.00%
Earn out basis if all goals are met (as a percent) 200.00%     200.00%
Total Shareholder Return Shares        
Other stock-based compensation        
Contractual term of awards 3 years     3 years
Continuous service period for awards to vest 3 years     3 years
Earn out basis if no goals are met (as a percent) 0.00%      
Earn out basis if some goals are met (as a percent) 100.00%      
Earn out basis if all goals are met (as a percent) 200.00%      
Gold Equivalent Ounces Shares        
Other stock-based compensation        
Contractual term of awards       5 years
Restricted stock        
Non-vested other than stock options, number of shares        
Outstanding at the beginning of the period (in shares) 136,113      
Granted (in shares) 65,850      
Vested (in shares) (51,110)      
Forfeited (in shares) (4,907)      
Outstanding at the end of the period (in shares) 145,946 136,113    
Other than stock options, weighted-average grant date fair value        
Non-vested at the beginning of the period (in dollars per share) $ 118.84      
Granted (in dollars per share) 105.65      
Vested (in dollars per share) 121.05      
Forfeited (in dollars per share) 118.53      
Non-vested at the end of the period (in dollars per share) $ 112.13 $ 118.84    
Restricted stock | Officers and Certain Employees        
Non-vested other than stock options, number of shares        
Granted (in shares) 57,330      
Other stock-based compensation        
Vesting period 3 years 3 years 3 years  
Restricted stock | Non Executive Directors        
Non-vested other than stock options, number of shares        
Granted (in shares) 8,520      
Other stock-based compensation        
Vesting period 1 year      
Vesting (as a percent) 50.00%      
Percentage of shares granted to non-executive directors, vesting one year after date of grant 50.00%      
v3.25.0.1
EARNINGS PER SHARE ("EPS") (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net income attributable to Royal Gold common stockholders $ 332,023 $ 239,440 $ 238,982
Weighted-average shares for basic EPS (in shares) 65,662,185 65,613,002 65,576,995
Effect of other dilutive securities 114,649 126,108 84,753
Weighted-average shares for diluted EPS (in shares) 65,776,834 65,739,110 65,661,748
Basic EPS (in dollars per share) $ 5.04 $ 3.64 $ 3.64
Diluted EPS (in dollars per share) $ 5.04 $ 3.63 $ 3.63
v3.25.0.1
INCOME TAXES - Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income before income taxes      
United States $ 127,366 $ 64,105 $ 86,321
Foreign 298,726 218,035 186,547
Income before income taxes 426,092 282,140 272,868
Current:      
Federal 51,643 24,046 29,228
State 715 (68) 467
Foreign 32,901 24,499 23,067
Total current income tax expense 85,259 48,477 52,762
Deferred and others:      
Federal (92) (763) (957)
State (2) (14) (18)
Foreign 8,448 (5,692) (18,861)
Total deferred and other income tax expense (benefit) 8,354 (6,469) (19,836)
Total income tax expense $ 93,613 $ 42,008 $ 32,926
v3.25.0.1
INCOME TAXES - Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total expense (benefit) reconciliation      
Total expense computed by applying federal rates $ 89,480 $ 59,249 $ 57,303
State and provincial income taxes, net of federal benefit 914 625 545
Excess depletion (2,473) (2,259) (1,907)
Statutory tax attributable to non-controlling interest (195) (224) (363)
Effect of foreign earnings (887) (10,116) (8,846)
Unrealized foreign exchange gains 896 (988) 853
Rate adjustment 1,279 (6) 0
Changes in estimates (1,062) 11 119
Valuation allowance 3,842 (6,030) (15,877)
Other 1,819 1,746 1,099
Total income tax expense 93,613 $ 42,008 $ 32,926
Discrete U.S. GILTI income tax expense $ 13,000    
Effective tax rate (as a percent) 22.00% 14.90% 12.10%
v3.25.0.1
INCOME TAXES - Deferred (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:      
Stock-based compensation $ 1,989,000 $ 1,952,000  
Net operating losses 5,863,000 4,683,000  
Foreign tax credits 39,748,000 35,751,000  
Amortizable tax goodwill 37,672,000 46,821,000  
Other 6,487,000 5,044,000  
Total deferred tax assets 91,759,000 94,251,000  
Valuation allowance 44,656,000 40,814,000  
Net deferred tax assets 47,103,000 53,437,000  
Deferred tax liabilities:      
Mineral property basis (123,482,000) (122,543,000)  
Unrealized foreign exchange gains (582,000) (582,000)  
Other (1,179,000) (97,000)  
Total deferred tax liabilities (125,243,000) (123,222,000)  
Total net deferred taxes (78,140,000) (69,785,000)  
Operating loss carryforwards valuation allowance 2,200,000 1,700,000  
Net operating loss carry forwards 3,700,000    
Unrecognized tax benefits 0 0  
Accrued income-tax-related interest and penalties 0 $ 0 $ 0
US Foreign      
Deferred tax assets:      
Valuation allowance 39,700,000    
Capital loss      
Deferred tax assets:      
Valuation allowance 1,900,000    
Operating loss carryforwards      
Deferred tax assets:      
Valuation allowance 2,200,000    
Other tax carryforwards      
Deferred tax assets:      
Valuation allowance $ 900,000    
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid during the period for:      
Interest $ 6,593 $ 28,054 $ 7,218
Income taxes, net of refunds 72,108 50,303 54,804
Non-cash investing and financing activities:      
Dividends declared $ 108,556 $ 100,232 $ 93,597
v3.25.0.1
MAJOR SOURCES OF REVENUE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Centerra      
Major sources of revenue      
Revenue $ 186,039 $ 158,167 $ 180,543
Centerra | Revenue from Contract with Customer Benchmark | Customer Concentration Risk      
Major sources of revenue      
Percentage of total revenue 25.90% 26.10% 30.00%
Barrick      
Major sources of revenue      
Revenue $ 84,961 $ 75,259 $ 140,421
Barrick | Revenue from Contract with Customer Benchmark | Customer Concentration Risk      
Major sources of revenue      
Percentage of total revenue 11.80% 12.40% 23.30%
Nevada Gold Mines      
Major sources of revenue      
Revenue $ 79,473 $ 101,870 $ 57,730
Nevada Gold Mines | Revenue from Contract with Customer Benchmark | Customer Concentration Risk      
Major sources of revenue      
Percentage of total revenue 11.00% 16.80% 9.60%
v3.25.0.1
SEGMENT INFORMATION (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information      
Number of reportable segments | segment 2    
Stream and royalty interests, net (Note 4) $ 3,042,804 $ 3,075,574  
Revenue 719,395 605,717 $ 603,206
Cost of sales 97,514 90,523 94,642
Production taxes 6,622 7,294 7,021
Depletion 144,085 164,506 178,442
Total segment gross profit 471,174 343,394 323,101
Canada      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 1,076,713 1,076,298  
Dominican Republic      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 302,122 311,050  
Africa      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 237,349 264,850  
Chile      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 435,239 446,745  
United States      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 827,277 794,891  
Mexico      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 33,800 41,803  
Australia      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 19,265 21,288  
Rest of world      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 111,039 118,649  
Stream interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 1,253,170 1,351,616  
Revenue 483,294 418,280 417,793
Cost of sales 97,514 90,523 94,642
Production taxes 0 0 0
Depletion 102,800 121,121 143,526
Total segment gross profit 282,980 206,636 179,625
Stream interest | Canada      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 417,643 461,398  
Revenue 231,801 196,961 212,369
Stream interest | Dominican Republic      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 302,122 311,050  
Revenue 83,059 76,247 85,863
Stream interest | Africa      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 237,028 264,529  
Revenue 82,132 70,757 53,787
Stream interest | Chile      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 211,123 222,629  
Revenue 47,531 48,920 47,347
Stream interest | United States      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 0 0  
Stream interest | Mexico      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 0 0  
Stream interest | Australia      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 0 0  
Stream interest | Rest of world      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 85,254 92,010  
Revenue 38,771 25,395 18,427
Royalty interest      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 1,789,634 1,723,958  
Revenue 236,101 187,437 185,413
Cost of sales 0 0 0
Production taxes 6,622 7,294 7,021
Depletion 41,285 43,385 34,916
Total segment gross profit 188,194 136,758 143,476
Royalty interest | Canada      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 659,070 614,900  
Revenue 18,945 12,712 27,210
Royalty interest | Dominican Republic      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 0 0  
Royalty interest | Africa      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 321 321  
Royalty interest | Chile      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 224,116 224,116  
Royalty interest | United States      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 827,277 794,891  
Revenue 121,212 123,690 81,642
Royalty interest | Mexico      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 33,800 41,803  
Revenue 52,842 25,754 52,388
Royalty interest | Australia      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 19,265 21,288  
Revenue 28,966 19,011 15,672
Royalty interest | Rest of world      
Long Lived Assets and Pre-Tax Income by Geographical Information      
Stream and royalty interests, net (Note 4) 25,785 26,639  
Revenue $ 14,136 $ 6,270 $ 8,501
v3.25.0.1
SEGMENT INFORMATION - Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting [Abstract]      
Total segment gross profit $ 471,174 $ 343,394 $ 323,101
Costs and expenses      
General and administrative expenses 40,934 39,761 34,612
Depreciation and amortization 341 431 493
Impairment of royalty interests 0 0 4,287
Operating income 429,899 303,202 283,709
Fair value changes in equity securities (66) (147) (1,503)
Interest and other income 6,008 9,952 7,832
Interest and other expense (9,749) (30,867) (17,170)
Income before income taxes $ 426,092 $ 282,140 $ 272,868
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Ilovica  
Commitments and Contingencies  
Conditional funding from acquisition $ 163,750