ROYAL GOLD INC, 10-Q filed on 8/8/2024
Quarterly Report
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Cover - shares
 6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-13357  
Entity Registrant Name Royal Gold, Inc  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 84-0835164  
Entity Address, Address Line One 1144 15th Street, Suite 2500  
Entity Address, City or Town Denver  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80202  
City Area Code 303  
Local Phone Number 573-1660  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol RGLD  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   65,740,856
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000085535  
Current Fiscal Year End Date --12-31  
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
ASSETS    
Cash and equivalents $ 74,232 $ 104,167
Royalty receivables 40,338 48,884
Income tax receivable 5,637 2,676
Stream inventory 10,904 9,788
Prepaid expenses and other 2,387 1,911
Total current assets 133,498 167,426
Stream and royalty interests, net (Note 3) 3,053,988 3,075,574
Other assets 81,535 118,057
Total assets 3,269,021 3,361,057
LIABILITIES    
Accounts payable 13,227 11,441
Dividends payable 26,314 26,292
Current portion of long-term debt (Note 4) 50,000 0
Income tax payable 18,103 15,557
Other current liabilities 14,739 19,132
Total current liabilities 122,383 72,422
Debt (Note 4) 0 245,967
Deferred tax liabilities 133,351 134,299
Mount Milligan deferred liability (Note 5) 25,000 0
Other liabilities 7,094 7,728
Total liabilities 287,828 460,416
Commitments and contingencies (Note 12)
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 65,656,625 and 65,631,760 shares outstanding, respectively 656 656
Additional paid-in capital 2,225,942 2,221,039
Accumulated earnings 742,270 666,522
Total Royal Gold stockholders’ equity 2,968,868 2,888,217
Non-controlling interests 12,325 12,424
Total equity 2,981,193 2,900,641
Total liabilities and equity $ 3,269,021 $ 3,361,057
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 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) 65,656,625 65,631,760
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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenue (Note 6) $ 174,096 $ 144,042 $ 322,999 $ 314,434
Costs and expenses        
Cost of sales (excludes depreciation, depletion and amortization) 24,174 23,367 45,924 48,387
General and administrative 10,511 9,093 21,923 20,093
Production taxes 1,581 1,274 3,031 3,263
Depreciation, depletion and amortization 35,747 38,412 74,512 84,741
Total costs and expenses 72,013 72,146 145,390 156,484
Operating income 102,083 71,896 177,609 157,950
Fair value changes in equity securities (63) (509) 383 291
Interest and other income 807 2,650 3,783 4,912
Interest and other expense (2,516) (8,408) (7,123) (17,582)
Income before income taxes 100,311 65,629 174,652 145,571
Income tax expense (Note 9) (18,991) (2,029) (46,025) (17,900)
Net income and comprehensive income 81,320 63,600 128,627 127,671
Net income and comprehensive income attributable to non-controlling interests (112) (151) (255) (347)
Net income and comprehensive income attributable to Royal Gold common stockholders $ 81,208 $ 63,449 $ 128,372 $ 127,324
Net income per share attributable to Royal Gold common stockholders:        
Basic earnings per share (in dollars per share) $ 1.23 $ 0.97 $ 1.95 $ 1.94
Basic weighted average shares outstanding (in shares) 65,650,801 65,605,391 65,644,115 65,600,213
Diluted earnings per share (in dollars per share) $ 1.23 $ 0.97 $ 1.95 $ 1.93
Diluted weighted average shares outstanding (in shares) 65,767,538 65,762,903 65,753,899 65,736,028
Cash dividends declared per common share (in dollars per share) $ 0.40 $ 0.375 $ 0.800 $ 0.75
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Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Shares
Additional Paid-In Capital
Accumulated Earnings
Non-controlling Interests
Balance (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 (in shares)   17,139      
Stock-based compensation and related share issuances 4,436   4,436    
Distributions to non-controlling interests (392)       (392)
Net income and comprehensive income 127,671     127,324 347
Dividends declared (49,291)     (49,291)  
Balance (in shares) at Jun. 30, 2023   65,609,736      
Balance at Jun. 30, 2023 2,835,893 $ 656 2,217,559 605,347 12,331
Balance (in shares) at Mar. 31, 2023   65,599,348      
Balance at Mar. 31, 2023 2,794,932 $ 656 2,215,362 566,545 12,369
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation and related share issuances (in shares)   10,388      
Stock-based compensation and related share issuances 2,197   2,197    
Distributions to non-controlling interests (189)       (189)
Net income and comprehensive income 63,600     63,449 151
Dividends declared (24,647)     (24,647)  
Balance (in shares) at Jun. 30, 2023   65,609,736      
Balance at Jun. 30, 2023 2,835,893 $ 656 2,217,559 605,347 12,331
Balance (in shares) at Dec. 31, 2023   65,631,760      
Balance at Dec. 31, 2023 2,900,641 $ 656 2,221,039 666,522 12,424
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation and related share issuances (in shares)   24,865      
Stock-based compensation and related share issuances 4,903   4,903    
Distributions to non-controlling interests (354)       (354)
Net income and comprehensive income 128,627     128,372 255
Dividends declared (52,624)     (52,624)  
Balance (in shares) at Jun. 30, 2024   65,656,625      
Balance at Jun. 30, 2024 2,981,193 $ 656 2,225,942 742,270 12,325
Balance (in shares) at Mar. 31, 2024   65,648,831      
Balance at Mar. 31, 2024 2,923,366 $ 656 2,223,021 687,377 12,312
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation and related share issuances (in shares)   7,794      
Stock-based compensation and related share issuances 2,921   2,921    
Distributions to non-controlling interests (99)       (99)
Net income and comprehensive income 81,320     81,208 112
Dividends declared (26,315)     (26,315)  
Balance (in shares) at Jun. 30, 2024   65,656,625      
Balance at Jun. 30, 2024 $ 2,981,193 $ 656 $ 2,225,942 $ 742,270 $ 12,325
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income and comprehensive income $ 128,627 $ 127,671
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:    
Depreciation, depletion and amortization 74,512 84,741
Non-cash employee stock compensation expense 6,336 4,579
Fair value changes in equity securities (383) (291)
Deferred tax expense (benefit) 3,419 (7,139)
Other 484 445
Changes in assets and liabilities:    
Royalty receivables 8,546 12,948
Stream inventory (1,116) 1,998
Income tax receivable (2,961) (6,536)
Prepaid expenses and other assets 10,530 (2,641)
Accounts payable 1,786 1,866
Income tax payable 2,547 (462)
Mount Milligan deferred liability 25,000 0
Other liabilities (5,528) (597)
Net cash provided by operating activities 251,799 216,582
Cash flows from investing activities:    
Acquisition of stream and royalty interests (52,256) (2,670)
Proceeds from Khoemacau debt facility 25,000 0
Other (85) (151)
Net cash used in investing activities (27,341) (2,821)
Cash flows from financing activities:    
Repayment of debt (200,000) (175,000)
Net payments from issuance of common stock (1,432) 253
Common stock dividends (52,603) (49,271)
Other (358) (2,172)
Net cash used in financing activities (254,393) (226,190)
Net decrease in cash and equivalents (29,935) (12,429)
Cash and equivalents at beginning of period 104,167 118,586
Cash and equivalents at end of period $ 74,232 $ 106,157
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OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
Royal Gold, Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in a mining project that provide the right to revenue or metals produced from the project after deducting contractually specified costs, if any.
Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2024. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 15, 2024 (“2023 10-K”).
Recent Accounting Standards
We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.
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ACQUISITIONS
 6 Months Ended
Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS ACQUISITIONS
Back River Royalties
On June 26, 2024, International Royalty Corporation, a wholly-owned subsidiary of Royal Gold, acquired a 0.7% net smelter return ("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
 6 Months Ended
Jun. 30, 2024
STREAM AND ROYALTY INTERESTS, NET  
STREAM AND ROYALTY INTERESTS, NET STREAM AND ROYALTY INTERESTS, NET
The following tables summarize our stream and royalty interests, net as of June 30, 2024 and December 31, 2023.
As of June 30, 2024 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(446,143)$344,492 
Pueblo Viejo610,404 (303,712)306,692 
Andacollo388,182 (171,396)216,786 
Khoemacau
265,911 (51,179)214,732 
Rainy River175,727 (80,377)95,350 
Other237,059 (144,268)92,791 
Total production stage stream interests2,467,918 (1,197,075)1,270,843 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (71,850)282,000 
Voisey's Bay205,724 (122,401)83,323 
Red Chris116,187 (5,966)110,221 
Peñasquito99,172 (62,459)36,713 
Other462,695 (413,211)49,484 
Total production stage royalty interests1,237,628 (675,887)561,741 
Total production stage stream and royalty interests3,705,546 (1,872,962)1,832,584 
Development stage stream interests:
Other12,038 — 12,038 
Development stage royalty interests:
Côté45,421 — 45,421 
Back River42,948 — 42,948 
La Fortuna35,140 — 35,140 
Other32,892 — 32,892 
Total development stage stream and royalty interests168,439 — 168,439 
Exploration stage stream interests:
Xavantina16,313 — 16,313 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other114,872 — 114,872 
Total exploration stage stream and royalty interests1,052,965 — 1,052,965 
Total stream and royalty interests, net$4,926,950 $(1,872,962)$3,053,988 
As of December 31, 2023 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(430,106)$360,529 
Pueblo Viejo610,404 (299,354)311,050 
Andacollo388,182 (165,553)222,629 
Khoemacau
265,911 (41,635)224,276 
Rainy River175,727 (74,858)100,869 
Other232,703 (132,043)100,660 
Total production stage stream interests2,463,562 (1,143,549)1,320,013 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (61,891)291,959 
Voisey's Bay205,724 (121,000)84,724 
Red Chris116,187 (3,758)112,429 
Peñasquito99,172 (59,900)39,272 
Other448,899 (408,522)40,377 
Total production stage royalty interests1,223,832 (655,071)568,761 
Total production stage stream and royalty interests3,687,394 (1,798,620)1,888,774 
Development stage stream interests:
Other12,038 — 12,038 
Development stage royalty interests:
Côté45,421 — 45,421 
La Fortuna35,140 — 35,140 
Other45,992 — 45,992 
Total development stage stream and royalty interests138,591 — 138,591 
Exploration stage stream interests:
Xavantina19,565 — 19,565 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other106,864 — 106,864 
Total exploration stage royalty interests1,048,209 — 1,048,209 
Total stream and royalty interests, net$4,874,194 $(1,798,620)$3,075,574 
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DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Our debt as of June 30, 2024 and December 31, 2023 consists of the following (amounts in thousands):
As of June 30, 2024As of December 31, 2023
Principal
Debt Issuance Costs(1)
Total PrincipalDebt Issuance CostsTotal
Current portion of long-term debt$50,000 $— $50,000 $— $— $— 
Long-term debt$— $— $— $250,000 $(4,033)$245,967 
Total debt$50,000 $— $50,000 $250,000 $(4,033)$245,967 
_______________________________________________
(1)Debt issuance costs of $3.6 million included within Other assets on our consolidated balance sheets.
Revolving credit facility
For the six months ended June 30, 2024, we repaid a total of $200 million on our outstanding revolving credit facility. As of June 30, 2024, we had $50 million outstanding and $950 million available under our revolving credit facility. The interest rate on borrowings under our revolving credit facility as of June 30, 2024, was Term SOFR plus 1.20% for an all-in rate of 6.5%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $1.7 million and $5.6 million for the three and six months ended June 30, 2024, respectively, and $7.8 million and $16.3 million for the three and six months ended June 30, 2023, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of June 30, 2024.
On July 10, 2024, we repaid $25 million on our outstanding revolving credit facility, and on August 12, 2024, we plan to pay the remaining outstanding balance. We may repay any borrowings under our revolving credit facility at any time without premium or penalty.
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MOUNT MILLIGAN DEFERRED LIABILITY
 6 Months Ended
Jun. 30, 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 June 30, 2024. This amount will be amortized as we provide future cost support to Centerra under the Mount Milligan Cost Support Agreement on a units of production basis over the Mount Milligan mine life beginning with the first cost support payment made after the First Threshold (defined below) is met.
The key features of the Mount Milligan Cost Support Agreement are discussed below.
Deferred Gold Consideration
The Deferred Gold Consideration will be delivered in equal installments of 2,500 ounces for a period of 20 quarters commencing on the earlier of June 30, 2030, or the delivery of 375,000 ounces of gold or 30,000 tonnes of copper from metal deliveries referenced by the Mount Milligan Cost Support Agreement with a bill of lading date on or after January 1, 2024. As part of the Deferred Gold Consideration, we are entitled to receive three tranches of 11,111 ounces each (the "Greenstone Deliveries"), with the last delivery expected before year end 2027. Each of the Greenstone Deliveries received shall reduce the number of ounces in any remaining Deferred Gold Consideration delivery on a pro-rata basis. The Deferred Gold Consideration deliveries require no cash payment from the Company, and will be made irrespective of the operating status of Mount Milligan as long as we comply with the terms of the Mount Milligan Cost Support Agreement and existing stream agreement. Each of the Greenstone Deliveries will be delivered to Royal Gold within 30 days of such delivery to Centerra.
When the Deferred Gold Consideration is received and subsequently sold, we anticipate the value of the gold ounces sold will be recorded as a deferred liability and amortized on a units of production basis over the mine life of Mount Milligan as we provide future cost support.
Cost Support
Metal deliveries referenced in the Mount Milligan Cost Support Agreement are those with a bill of lading date on or after January 1, 2024 (the "Reference Date"). Delivery thresholds used to define the periods of cost support are the earlier deliveries of:
a.375,000 ounces of gold or 30,000 tonnes of copper from the Reference Date (the “First Threshold”).
b.665,000 ounces of gold or 60,000 tonnes of copper from the Reference Date (the “Second Threshold”).
Near-Term Cost Support Through Approximately 2029
At Centerra’s request, in the event that both the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound, for each delivery under the existing Mount Milligan stream agreement, we will pay the lower of either $415 per ounce of gold, or 66% of the spot gold price less $435 per ounce, and 35% of the spot copper price for each pound of copper delivered (the “Pre-Threshold Support”). This near-term cost support will be made available from the Reference Date through to the First Threshold, which is expected to be through approximately 2029.
Any Pre-Threshold Support we provide will be recoverable from any cost support calculated after the First Threshold at metal prices above $1,600 per ounce of gold and $3.50 per pound of copper. For gold, any cost support payment will be reduced by the difference between the gold price and $1,600 per ounce. For copper, any cost support payment will be reduced by the difference between the copper price and $3.50 per pound.
Cost Support from Approximately 2030 Through Approximately 2035
We will provide Centerra cost support payments from the First Threshold until the Second Threshold as follows:
a.With respect to gold, the lower of either $415 per ounce, or 50% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.
b.With respect to copper, 35% of the spot copper price for each pound of copper delivered under the existing Mount Milligan stream agreement.
Cost Support After Approximately 2036
We will provide Centerra cost support payments after the Second Threshold as follows:
a.With respect to gold, the lower of either $615 per ounce, or 66% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.
b.With respect to copper, 51% of the spot copper price, for each pound of copper delivered.
Suspension of Cost Support
Our obligation to make long-term cost support payments will be suspended if (and for so long as) Centerra discloses reserve tonnage which, when combined with mining depletion from the Reference Date to the date of such disclosure, is less than the current reserves expected to be processed through to 2035. Suspension of cost support payments will not impact the Deferred Gold Consideration and free cash flow interest, and the cash consideration is not refundable as long as we comply with the terms of the Mount Milligan Cost Support Agreement and the existing stream agreement.
Nothing in the Mount Milligan Cost Support Agreement modifies the existing stream agreement, including the payment of $435 for each gold ounce delivered and 15% of the spot price for each pound of copper delivered.
REVENUE
Revenue Recognition
A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below.
Stream Interests
A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. We settle both averaging and spot sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.
Royalty Interests
Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2023 10-K. For the three months ended June 30, 2024, royalty revenue that was estimated or was attributable to metal production for a period prior to June 30, 2024, was not material.
Disaggregation of Revenue
We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 10.
Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Stream revenue:
Gold$91,597 $80,227 $169,874 $158,856 
Silver16,880 19,230 31,628 37,539 
Copper14,475 6,558 23,979 24,610 
Total stream revenue$122,952 $106,015 $225,481 $221,005 
Royalty revenue:
Gold$37,171 $30,169 $70,667 $73,037 
Silver4,978 2,721 9,307 5,667 
Copper3,648 1,572 7,269 6,630 
Other5,347 3,565 10,275 8,095 
Total royalty revenue$51,144 $38,027 $97,518 $93,429 
Total revenue$174,096 $144,042 $322,999 $314,434 
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
Three Months Ended Six Months Ended
Metal(s)June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Stream revenue:
Mount MilliganGold & Copper$52,139 $41,208 $87,134 $87,863 
Pueblo ViejoGold & Silver19,801 23,540 37,562 45,898 
AndacolloGold10,608 7,823 22,297 20,757 
Khoemacau
Silver8,394 8,881 16,152 18,035 
OtherGold & Silver32,010 24,563 62,336 48,452 
Total stream revenue$122,952 $106,015 $225,481 $221,005 
Royalty revenue:
Cortez Legacy ZoneGold$11,214 $14,305 $24,579 $37,393 
Cortez CC ZoneGold4,548 3,520 8,959 6,726 
PeñasquitoGold, Silver, Lead & Zinc11,279 6,105 20,508 13,538 
OtherVarious24,103 14,097 43,472 35,772 
Total royalty revenue$51,144 $38,027 $97,518 $93,429 
Total revenue$174,096 $144,042 $322,999 $314,434 
Please refer to Note 10 for the geographical distribution of our revenue by reportable segment.
v3.24.2.u1
REVENUE
 6 Months Ended
Jun. 30, 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 June 30, 2024. This amount will be amortized as we provide future cost support to Centerra under the Mount Milligan Cost Support Agreement on a units of production basis over the Mount Milligan mine life beginning with the first cost support payment made after the First Threshold (defined below) is met.
The key features of the Mount Milligan Cost Support Agreement are discussed below.
Deferred Gold Consideration
The Deferred Gold Consideration will be delivered in equal installments of 2,500 ounces for a period of 20 quarters commencing on the earlier of June 30, 2030, or the delivery of 375,000 ounces of gold or 30,000 tonnes of copper from metal deliveries referenced by the Mount Milligan Cost Support Agreement with a bill of lading date on or after January 1, 2024. As part of the Deferred Gold Consideration, we are entitled to receive three tranches of 11,111 ounces each (the "Greenstone Deliveries"), with the last delivery expected before year end 2027. Each of the Greenstone Deliveries received shall reduce the number of ounces in any remaining Deferred Gold Consideration delivery on a pro-rata basis. The Deferred Gold Consideration deliveries require no cash payment from the Company, and will be made irrespective of the operating status of Mount Milligan as long as we comply with the terms of the Mount Milligan Cost Support Agreement and existing stream agreement. Each of the Greenstone Deliveries will be delivered to Royal Gold within 30 days of such delivery to Centerra.
When the Deferred Gold Consideration is received and subsequently sold, we anticipate the value of the gold ounces sold will be recorded as a deferred liability and amortized on a units of production basis over the mine life of Mount Milligan as we provide future cost support.
Cost Support
Metal deliveries referenced in the Mount Milligan Cost Support Agreement are those with a bill of lading date on or after January 1, 2024 (the "Reference Date"). Delivery thresholds used to define the periods of cost support are the earlier deliveries of:
a.375,000 ounces of gold or 30,000 tonnes of copper from the Reference Date (the “First Threshold”).
b.665,000 ounces of gold or 60,000 tonnes of copper from the Reference Date (the “Second Threshold”).
Near-Term Cost Support Through Approximately 2029
At Centerra’s request, in the event that both the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound, for each delivery under the existing Mount Milligan stream agreement, we will pay the lower of either $415 per ounce of gold, or 66% of the spot gold price less $435 per ounce, and 35% of the spot copper price for each pound of copper delivered (the “Pre-Threshold Support”). This near-term cost support will be made available from the Reference Date through to the First Threshold, which is expected to be through approximately 2029.
Any Pre-Threshold Support we provide will be recoverable from any cost support calculated after the First Threshold at metal prices above $1,600 per ounce of gold and $3.50 per pound of copper. For gold, any cost support payment will be reduced by the difference between the gold price and $1,600 per ounce. For copper, any cost support payment will be reduced by the difference between the copper price and $3.50 per pound.
Cost Support from Approximately 2030 Through Approximately 2035
We will provide Centerra cost support payments from the First Threshold until the Second Threshold as follows:
a.With respect to gold, the lower of either $415 per ounce, or 50% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.
b.With respect to copper, 35% of the spot copper price for each pound of copper delivered under the existing Mount Milligan stream agreement.
Cost Support After Approximately 2036
We will provide Centerra cost support payments after the Second Threshold as follows:
a.With respect to gold, the lower of either $615 per ounce, or 66% of the spot gold price less $435 per ounce, for each ounce of gold delivered under the existing Mount Milligan stream agreement.
b.With respect to copper, 51% of the spot copper price, for each pound of copper delivered.
Suspension of Cost Support
Our obligation to make long-term cost support payments will be suspended if (and for so long as) Centerra discloses reserve tonnage which, when combined with mining depletion from the Reference Date to the date of such disclosure, is less than the current reserves expected to be processed through to 2035. Suspension of cost support payments will not impact the Deferred Gold Consideration and free cash flow interest, and the cash consideration is not refundable as long as we comply with the terms of the Mount Milligan Cost Support Agreement and the existing stream agreement.
Nothing in the Mount Milligan Cost Support Agreement modifies the existing stream agreement, including the payment of $435 for each gold ounce delivered and 15% of the spot price for each pound of copper delivered.
REVENUE
Revenue Recognition
A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below.
Stream Interests
A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. We settle both averaging and spot sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.
Royalty Interests
Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2023 10-K. For the three months ended June 30, 2024, royalty revenue that was estimated or was attributable to metal production for a period prior to June 30, 2024, was not material.
Disaggregation of Revenue
We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 10.
Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Stream revenue:
Gold$91,597 $80,227 $169,874 $158,856 
Silver16,880 19,230 31,628 37,539 
Copper14,475 6,558 23,979 24,610 
Total stream revenue$122,952 $106,015 $225,481 $221,005 
Royalty revenue:
Gold$37,171 $30,169 $70,667 $73,037 
Silver4,978 2,721 9,307 5,667 
Copper3,648 1,572 7,269 6,630 
Other5,347 3,565 10,275 8,095 
Total royalty revenue$51,144 $38,027 $97,518 $93,429 
Total revenue$174,096 $144,042 $322,999 $314,434 
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
Three Months Ended Six Months Ended
Metal(s)June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Stream revenue:
Mount MilliganGold & Copper$52,139 $41,208 $87,134 $87,863 
Pueblo ViejoGold & Silver19,801 23,540 37,562 45,898 
AndacolloGold10,608 7,823 22,297 20,757 
Khoemacau
Silver8,394 8,881 16,152 18,035 
OtherGold & Silver32,010 24,563 62,336 48,452 
Total stream revenue$122,952 $106,015 $225,481 $221,005 
Royalty revenue:
Cortez Legacy ZoneGold$11,214 $14,305 $24,579 $37,393 
Cortez CC ZoneGold4,548 3,520 8,959 6,726 
PeñasquitoGold, Silver, Lead & Zinc11,279 6,105 20,508 13,538 
OtherVarious24,103 14,097 43,472 35,772 
Total royalty revenue$51,144 $38,027 $97,518 $93,429 
Total revenue$174,096 $144,042 $322,999 $314,434 
Please refer to Note 10 for the geographical distribution of our revenue by reportable segment.
v3.24.2.u1
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
We recognized stock-based compensation expense as follows (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Restricted stock$1,924 $1,540 $3,895 $3,154 
Performance stock1,424 183 2,441 993 
Stock appreciation rights— 212 — 417 
Stock options— 8 — 15 
Total stock-based compensation expense$3,348 $1,943 $6,336 $4,579 
Stock-based compensation expense is included within General and administrative expense in the consolidated statements of operations and comprehensive income.
We granted the following stock-based compensation awards:
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
(Number of shares)(Number of shares)
Performance stock (at maximum 200% attainment)
——93,84082,360
Restricted Stock——65,85056,530
Total equity awards granted——159,690138,890
As of June 30, 2024, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:
Unrecognized
compensation
expense		Weighted-
average vesting
period (years)
Restricted stock$9,676 2.0
Performance stock7,248 2.0
v3.24.2.u1
EARNINGS PER SHARE ("EPS")
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE ("EPS") EARNINGS PER SHARE (“EPS”)
Basic EPS was computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock option awards, unexercised stock-settled stock appreciation rights and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic EPS are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted EPS.
The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net income attributable to Royal Gold common stockholders$81,208 $63,449 $128,372 $127,324 
Weighted-average shares for basic EPS65,650,80165,605,39165,644,11565,600,213
Effect of other dilutive securities116,737157,512109,784135,815
Weighted-average shares for diluted EPS65,767,53865,762,90365,753,89965,736,028
Basic EPS$1.23 $0.97 $1.95 $1.94 
Diluted EPS$1.23 $0.97 $1.95 $1.93 
v3.24.2.u1
INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated:
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Income tax expense$18,991 $2,029 $46,025 $17,900 
Effective tax rate18.9 %3.1 %26.4 %12.3 %
The effective tax rate for the six months ended June 30, 2024, included a $13.0 million discrete U.S. GILTI income tax expense related to the consideration from the Mount Milligan Cost Support Agreement. The effective tax rates for the three and six months ended June 30, 2023 included a discrete income tax benefit of $8.5 million attributable to the release of a valuation allowance on certain foreign deferred tax assets.
v3.24.2.u1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
As of June 30, 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$439,843 $662,678 $1,102,521 $461,398 $614,900 $1,076,298 
Dominican Republic306,692 — 306,692 311,050 — 311,050 
Africa249,070 321 249,391 264,529 321 264,850 
Chile216,785 224,116 440,901 222,629 224,116 446,745 
United States— 783,860 783,860 — 794,891 794,891 
Mexico— 36,903 36,903 — 41,803 41,803 
Australia— 20,437 20,437 — 21,288 21,288 
Rest of world86,804 26,479 113,283 92,010 26,639 118,649 
Total $1,299,194 $1,754,794 $3,053,988 $1,351,616 $1,723,958 $3,075,574 
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
Three Months Ended June 30, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$122,952 $24,174 $— $26,124 $72,654 
Royalty interests51,144 — 1,581 9,534 40,029 
Total $174,096 $24,174 $1,581 $35,658 $112,683 
Three Months Ended June 30, 2023
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$106,015 $23,367 $— $29,352 $53,296 
Royalty interests38,027 — 1,274 8,945 27,808 
Total$144,042 $23,367 $1,274 $38,297 $81,104 

Six Months Ended June 30, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$225,481 $45,924 $— $53,525 $126,032 
Royalty interests97,518 — 3,031 20,816 73,671 
Total$322,999 $45,924 $3,031 $74,341 $199,703 
Six Months Ended June 30, 2023
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$221,005 $48,387 $— $63,104 $109,514 
Royalty interests93,429 — 3,263 21,408 68,758 
Total$314,434 $48,387 $3,263 $84,512 $178,272 
_______________________________________________
(1)Excludes depreciation, depletion and amortization.
(2)Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.
A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Total segment gross profit$112,683 $81,104 $199,703 $178,272 
Costs and expenses
General and administrative expenses10,511 9,093 21,923 20,093 
Depreciation and amortization89 115 171 229 
Operating income102,083 71,896 177,609 157,950 
Fair value changes in equity securities(63)(509)383 291 
Interest and other income807 2,650 3,783 4,912 
Interest and other expense(2,516)(8,408)(7,123)(17,582)
Income before income taxes$100,311 $65,629 $174,652 $145,571 
Our revenue by reportable segment for the three and six months ended June 30, 2024 and 2023, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Stream interests:
Canada$62,661 $50,848 $107,365 $107,829 
Africa20,396 18,763 39,497 36,301 
Dominican Republic19,801 23,540 37,562 45,899 
Chile10,608 7,823 22,297 20,757 
Rest of world9,486 5,041 18,760 10,219 
Total stream interests$122,952 $106,015 $225,481 $221,005 
Royalty interests:
United States$25,273 $23,265 $49,352 $56,845 
Mexico12,888 8,155 23,656 17,449 
Australia7,047 5,081 12,022 9,180 
Canada3,035 (97)8,166 6,495 
Rest of world2,901 1,623 4,322 3,460 
Total royalty interests$51,144 $38,027 $97,518 $93,429 
Total revenue$174,096 $144,042 $322,999 $314,434 
v3.24.2.u1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 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 June 30, 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 4) approximates fair value as of June 30, 2024.
As of June 30, 2024, we had assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis like those associated with stream and royalty interests, intangible assets and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if any of these assets are determined to be impaired. If recognition of these assets at their fair value becomes necessary, such measurements will be determined utilizing Level 3 inputs.
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Ilovica Gold Stream Acquisition
As of June 30, 2024, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 81,208 $ 63,449 $ 128,372 $ 127,324
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2024. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 15, 2024 (“2023 10-K”).
Recent Accounting Standards
Recent Accounting Standards
We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.
v3.24.2.u1
STREAM AND ROYALTY INTERESTS, NET (Tables)
 6 Months Ended
Jun. 30, 2024
STREAM AND ROYALTY INTERESTS, NET  
Schedule of stream and royalty interests
The following tables summarize our stream and royalty interests, net as of June 30, 2024 and December 31, 2023.
As of June 30, 2024 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(446,143)$344,492 
Pueblo Viejo610,404 (303,712)306,692 
Andacollo388,182 (171,396)216,786 
Khoemacau
265,911 (51,179)214,732 
Rainy River175,727 (80,377)95,350 
Other237,059 (144,268)92,791 
Total production stage stream interests2,467,918 (1,197,075)1,270,843 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (71,850)282,000 
Voisey's Bay205,724 (122,401)83,323 
Red Chris116,187 (5,966)110,221 
Peñasquito99,172 (62,459)36,713 
Other462,695 (413,211)49,484 
Total production stage royalty interests1,237,628 (675,887)561,741 
Total production stage stream and royalty interests3,705,546 (1,872,962)1,832,584 
Development stage stream interests:
Other12,038 — 12,038 
Development stage royalty interests:
Côté45,421 — 45,421 
Back River42,948 — 42,948 
La Fortuna35,140 — 35,140 
Other32,892 — 32,892 
Total development stage stream and royalty interests168,439 — 168,439 
Exploration stage stream interests:
Xavantina16,313 — 16,313 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other114,872 — 114,872 
Total exploration stage stream and royalty interests1,052,965 — 1,052,965 
Total stream and royalty interests, net$4,926,950 $(1,872,962)$3,053,988 
As of December 31, 2023 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(430,106)$360,529 
Pueblo Viejo610,404 (299,354)311,050 
Andacollo388,182 (165,553)222,629 
Khoemacau
265,911 (41,635)224,276 
Rainy River175,727 (74,858)100,869 
Other232,703 (132,043)100,660 
Total production stage stream interests2,463,562 (1,143,549)1,320,013 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (61,891)291,959 
Voisey's Bay205,724 (121,000)84,724 
Red Chris116,187 (3,758)112,429 
Peñasquito99,172 (59,900)39,272 
Other448,899 (408,522)40,377 
Total production stage royalty interests1,223,832 (655,071)568,761 
Total production stage stream and royalty interests3,687,394 (1,798,620)1,888,774 
Development stage stream interests:
Other12,038 — 12,038 
Development stage royalty interests:
Côté45,421 — 45,421 
La Fortuna35,140 — 35,140 
Other45,992 — 45,992 
Total development stage stream and royalty interests138,591 — 138,591 
Exploration stage stream interests:
Xavantina19,565 — 19,565 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other106,864 — 106,864 
Total exploration stage royalty interests1,048,209 — 1,048,209 
Total stream and royalty interests, net$4,874,194 $(1,798,620)$3,075,574 
v3.24.2.u1
DEBT (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of debt
Our debt as of June 30, 2024 and December 31, 2023 consists of the following (amounts in thousands):
As of June 30, 2024As of December 31, 2023
Principal
Debt Issuance Costs(1)
Total PrincipalDebt Issuance CostsTotal
Current portion of long-term debt$50,000 $— $50,000 $— $— $— 
Long-term debt$— $— $— $250,000 $(4,033)$245,967 
Total debt$50,000 $— $50,000 $250,000 $(4,033)$245,967 
v3.24.2.u1
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Summary of disaggregated revenue
Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Stream revenue:
Gold$91,597 $80,227 $169,874 $158,856 
Silver16,880 19,230 31,628 37,539 
Copper14,475 6,558 23,979 24,610 
Total stream revenue$122,952 $106,015 $225,481 $221,005 
Royalty revenue:
Gold$37,171 $30,169 $70,667 $73,037 
Silver4,978 2,721 9,307 5,667 
Copper3,648 1,572 7,269 6,630 
Other5,347 3,565 10,275 8,095 
Total royalty revenue$51,144 $38,027 $97,518 $93,429 
Total revenue$174,096 $144,042 $322,999 $314,434 
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
Three Months Ended Six Months Ended
Metal(s)June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Stream revenue:
Mount MilliganGold & Copper$52,139 $41,208 $87,134 $87,863 
Pueblo ViejoGold & Silver19,801 23,540 37,562 45,898 
AndacolloGold10,608 7,823 22,297 20,757 
Khoemacau
Silver8,394 8,881 16,152 18,035 
OtherGold & Silver32,010 24,563 62,336 48,452 
Total stream revenue$122,952 $106,015 $225,481 $221,005 
Royalty revenue:
Cortez Legacy ZoneGold$11,214 $14,305 $24,579 $37,393 
Cortez CC ZoneGold4,548 3,520 8,959 6,726 
PeñasquitoGold, Silver, Lead & Zinc11,279 6,105 20,508 13,538 
OtherVarious24,103 14,097 43,472 35,772 
Total royalty revenue$51,144 $38,027 $97,518 $93,429 
Total revenue$174,096 $144,042 $322,999 $314,434 
v3.24.2.u1
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of recognized stock-based compensation expense
We recognized stock-based compensation expense as follows (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Restricted stock$1,924 $1,540 $3,895 $3,154 
Performance stock1,424 183 2,441 993 
Stock appreciation rights— 212 — 417 
Stock options— 8 — 15 
Total stock-based compensation expense$3,348 $1,943 $6,336 $4,579 
Schedule of stock-based compensation awards
We granted the following stock-based compensation awards:
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
(Number of shares)(Number of shares)
Performance stock (at maximum 200% attainment)
——93,84082,360
Restricted Stock——65,85056,530
Total equity awards granted——159,690138,890
Schedule of unrecognized compensation expense
As of June 30, 2024, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:
Unrecognized
compensation
expense		Weighted-
average vesting
period (years)
Restricted stock$9,676 2.0
Performance stock7,248 2.0
v3.24.2.u1
EARNINGS PER SHARE ("EPS") (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Summary of the effects of dilutive securities on diluted EPS
The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net income attributable to Royal Gold common stockholders$81,208 $63,449 $128,372 $127,324 
Weighted-average shares for basic EPS65,650,80165,605,39165,644,11565,600,213
Effect of other dilutive securities116,737157,512109,784135,815
Weighted-average shares for diluted EPS65,767,53865,762,90365,753,89965,736,028
Basic EPS$1.23 $0.97 $1.95 $1.94 
Diluted EPS$1.23 $0.97 $1.95 $1.93 
v3.24.2.u1
INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Components of income tax expense (benefit)
The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated:
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Income tax expense$18,991 $2,029 $46,025 $17,900 
Effective tax rate18.9 %3.1 %26.4 %12.3 %
v3.24.2.u1
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of geographical distribution of long-lived assets Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
As of June 30, 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$439,843 $662,678 $1,102,521 $461,398 $614,900 $1,076,298 
Dominican Republic306,692 — 306,692 311,050 — 311,050 
Africa249,070 321 249,391 264,529 321 264,850 
Chile216,785 224,116 440,901 222,629 224,116 446,745 
United States— 783,860 783,860 — 794,891 794,891 
Mexico— 36,903 36,903 — 41,803 41,803 
Australia— 20,437 20,437 — 21,288 21,288 
Rest of world86,804 26,479 113,283 92,010 26,639 118,649 
Total $1,299,194 $1,754,794 $3,053,988 $1,351,616 $1,723,958 $3,075,574 
Schedule of reportable segments for assessing performance
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
Three Months Ended June 30, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$122,952 $24,174 $— $26,124 $72,654 
Royalty interests51,144 — 1,581 9,534 40,029 
Total $174,096 $24,174 $1,581 $35,658 $112,683 
Three Months Ended June 30, 2023
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$106,015 $23,367 $— $29,352 $53,296 
Royalty interests38,027 — 1,274 8,945 27,808 
Total$144,042 $23,367 $1,274 $38,297 $81,104 

Six Months Ended June 30, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$225,481 $45,924 $— $53,525 $126,032 
Royalty interests97,518 — 3,031 20,816 73,671 
Total$322,999 $45,924 $3,031 $74,341 $199,703 
Six Months Ended June 30, 2023
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$221,005 $48,387 $— $63,104 $109,514 
Royalty interests93,429 — 3,263 21,408 68,758 
Total$314,434 $48,387 $3,263 $84,512 $178,272 
_______________________________________________
(1)Excludes depreciation, depletion and amortization.
(2)Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.
Schedule of reconciliation of segment gross profit to consolidated income (loss)
A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Total segment gross profit$112,683 $81,104 $199,703 $178,272 
Costs and expenses
General and administrative expenses10,511 9,093 21,923 20,093 
Depreciation and amortization89 115 171 229 
Operating income102,083 71,896 177,609 157,950 
Fair value changes in equity securities(63)(509)383 291 
Interest and other income807 2,650 3,783 4,912 
Interest and other expense(2,516)(8,408)(7,123)(17,582)
Income before income taxes$100,311 $65,629 $174,652 $145,571 
Schedule of revenue by reportable segment geographically distributed
Our revenue by reportable segment for the three and six months ended June 30, 2024 and 2023, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Stream interests:
Canada$62,661 $50,848 $107,365 $107,829 
Africa20,396 18,763 39,497 36,301 
Dominican Republic19,801 23,540 37,562 45,899 
Chile10,608 7,823 22,297 20,757 
Rest of world9,486 5,041 18,760 10,219 
Total stream interests$122,952 $106,015 $225,481 $221,005 
Royalty interests:
United States$25,273 $23,265 $49,352 $56,845 
Mexico12,888 8,155 23,656 17,449 
Australia7,047 5,081 12,022 9,180 
Canada3,035 (97)8,166 6,495 
Rest of world2,901 1,623 4,322 3,460 
Total royalty interests$51,144 $38,027 $97,518 $93,429 
Total revenue$174,096 $144,042 $322,999 $314,434 
v3.24.2.u1
ACQUISITIONS (Details) - Jun. 26, 2024
oz in Thousands, $ in Millions, $ in Millions
CAD ($)
oz
USD ($)
oz
Back River    
Asset Acquisition [Line Items]    
Volume, spot price adjustment threshold | oz 780 780
Hill Royalty    
Asset Acquisition [Line Items]    
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    
Asset Acquisition [Line Items]    
Net smelter return (NSR) percentage 5.00% 5.00%
Interest acquired percentage 26.25% 26.25%
Back River Royalties Acquisition    
Asset Acquisition [Line Items]    
Asset acquisition, consideration transferred   $ 51
Back River Royalties Acquisition | Development stage royalty interests    
Asset Acquisition [Line Items]    
Transaction costs   42
Back River Royalties Acquisition | Exploration stage royalty interests    
Asset Acquisition [Line Items]    
Transaction costs   $ 9
v3.24.2.u1
STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost $ 4,926,950 $ 4,874,194
Accumulated Depletion (1,872,962) (1,798,620)
Net 3,053,988 3,075,574
Total production stage stream and royalty interests    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 3,705,546 3,687,394
Accumulated Depletion (1,872,962) (1,798,620)
Net 1,832,584 1,888,774
Total production stage stream interests    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 2,467,918 2,463,562
Accumulated Depletion (1,197,075) (1,143,549)
Net 1,270,843 1,320,013
Total production stage stream interests | Mount Milligan    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 790,635 790,635
Accumulated Depletion (446,143) (430,106)
Net 344,492 360,529
Total production stage stream interests | Pueblo Viejo    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 610,404 610,404
Accumulated Depletion (303,712) (299,354)
Net 306,692 311,050
Total production stage stream interests | Andacollo    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 388,182 388,182
Accumulated Depletion (171,396) (165,553)
Net 216,786 222,629
Total production stage stream interests | Khoemacau    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 265,911 265,911
Accumulated Depletion (51,179) (41,635)
Net 214,732 224,276
Total production stage stream interests | Rainy River    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 175,727 175,727
Accumulated Depletion (80,377) (74,858)
Net 95,350 100,869
Total production stage stream interests | Other    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 237,059 232,703
Accumulated Depletion (144,268) (132,043)
Net 92,791 100,660
Total production stage royalty interests    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 1,237,628 1,223,832
Accumulated Depletion (675,887) (655,071)
Net 561,741 568,761
Total production stage royalty interests | Cortez (Legacy Zone and CC Zone)    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 353,850 353,850
Accumulated Depletion (71,850) (61,891)
Net 282,000 291,959
Total production stage royalty interests | Voisey's Bay    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 205,724 205,724
Accumulated Depletion (122,401) (121,000)
Net 83,323 84,724
Total production stage royalty interests | Red Chris    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 116,187 116,187
Accumulated Depletion (5,966) (3,758)
Net 110,221 112,429
Total production stage royalty interests | Peñasquito    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 99,172 99,172
Accumulated Depletion (62,459) (59,900)
Net 36,713 39,272
Total production stage royalty interests | Other    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 462,695 448,899
Accumulated Depletion (413,211) (408,522)
Net 49,484 40,377
Total development stage stream and royalty interests    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 168,439  
Net 168,439  
Development stage stream interests | Other    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 12,038 12,038
Net 12,038 12,038
Development stage royalty interests    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost   138,591
Net   138,591
Development stage royalty interests | Côté    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 45,421 45,421
Net 45,421 45,421
Development stage royalty interests | Back River    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 42,948  
Net 42,948  
Development stage royalty interests | La Fortuna    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 35,140 35,140
Net 35,140 35,140
Development stage royalty interests | Other    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 32,892 45,992
Net 32,892 45,992
Total exploration stage stream and royalty interests    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 1,052,965 1,048,209
Net 1,052,965 1,048,209
Exploration stage stream interests | Xavantina    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 16,313 19,565
Net 16,313 19,565
Exploration stage royalty interests | Cortez (Legacy Zone and CC Zone)    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 456,479 456,479
Net 456,479 456,479
Exploration stage royalty interests | Red Chris    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 48,895 48,895
Net 48,895 48,895
Exploration stage royalty interests | Côté    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 29,610 29,610
Net 29,610 29,610
Exploration stage royalty interests | Great Bear    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 209,106 209,106
Net 209,106 209,106
Exploration stage royalty interests | Pascua-Lama    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 177,690 177,690
Net 177,690 177,690
Exploration stage royalty interests | Other    
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]    
Cost 114,872 106,864
Net $ 114,872 $ 106,864
v3.24.2.u1
DEBT (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 10, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Long-term debt disclosure            
Principal   $ 50,000   $ 50,000   $ 250,000
Debt Issuance Costs   0   0   (4,033)
Total   50,000   50,000   245,967
Repayment of debt       200,000 $ 175,000  
Other Noncurrent Assets            
Long-term debt disclosure            
Debt Issuance Costs   (3,600)   (3,600)    
Current portion of long-term debt            
Long-term debt disclosure            
Principal   50,000   50,000   0
Debt Issuance Costs   0   0   0
Total   50,000   50,000   0
Long-term debt            
Long-term debt disclosure            
Principal   0   0   250,000
Debt Issuance Costs   0   0   (4,033)
Total   0   0   $ 245,967
Credit Facility            
Long-term debt disclosure            
Repayment of debt       200,000    
Available under the revolving credit facility   $ 950,000   $ 950,000    
Basis spread on interest rate (as a percent)       1.20%    
Effective interest rate (as a percent)   6.50%   6.50%    
Interest expense recognized   $ 1,700 $ 7,800 $ 5,600 $ 16,300  
Credit Facility | Subsequent Event            
Long-term debt disclosure            
Repayment of debt $ 25,000          
v3.24.2.u1
MOUNT MILLIGAN DEFERRED LIABILITY (Details)
$ in Thousands
Feb. 13, 2024
USD ($)
tranche
oz
t
$ / oz
$ / lb
Jun. 30, 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    
Cost support agreement, term 5 years    
Delivery of gold, first threshold 375,000    
Delivery of copper, first threshold | t 30,000    
Number of tranches | tranche 3    
Amount of gold per tranche 11,111    
Delivery of gold, second threshold 665,000    
Delivery of copper, second threshold | t 60,000    
Gold price, per ounce | $ / oz 1,600    
Copper price, per pound | $ / lb 3.50    
Gold price by agreement, per ounce | $ / oz 415    
Gold price by agreement, percentage of spot price 66.00%    
Difference of gold price by agreement, per ounce and spot price | $ / oz 435    
Copper price by agreement, per pound 0.35    
Mt. Milligan | Cost Support 2030 Through 2035 Example      
Deposit Liability [Line Items]      
Gold price by agreement, percentage of spot price 50.00%    
Mt. Milligan | Cost Support After 2036 Example      
Deposit Liability [Line Items]      
Gold price by agreement, per ounce | $ / oz 615    
Copper price by agreement, per pound 0.51    
Mt. Milligan | Suspension Of Cost Support      
Deposit Liability [Line Items]      
Copper price by agreement, per pound 0.15    
v3.24.2.u1
REVENUE - Narrative (Details)
 6 Months Ended
Jun. 30, 2024
segment
Disaggregation of Revenue  
Number of reportable segments 2
Minimum  
Disaggregation of Revenue  
Spot price period term 10 days
Maximum  
Disaggregation of Revenue  
Spot price period term 3 months
v3.24.2.u1
REVENUE - Metal Disaggregation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue        
Total revenue $ 174,096 $ 144,042 $ 322,999 $ 314,434
Stream interest        
Disaggregation of Revenue        
Total revenue 122,952 106,015 225,481 221,005
Stream interest | Gold        
Disaggregation of Revenue        
Total revenue 91,597 80,227 169,874 158,856
Stream interest | Silver        
Disaggregation of Revenue        
Total revenue 16,880 19,230 31,628 37,539
Stream interest | Copper        
Disaggregation of Revenue        
Total revenue 14,475 6,558 23,979 24,610
Royalty revenue:        
Disaggregation of Revenue        
Total revenue 51,144 38,027 97,518 93,429
Royalty revenue: | Gold        
Disaggregation of Revenue        
Total revenue 37,171 30,169 70,667 73,037
Royalty revenue: | Silver        
Disaggregation of Revenue        
Total revenue 4,978 2,721 9,307 5,667
Royalty revenue: | Copper        
Disaggregation of Revenue        
Total revenue 3,648 1,572 7,269 6,630
Royalty revenue: | Other        
Disaggregation of Revenue        
Total revenue $ 5,347 $ 3,565 $ 10,275 $ 8,095
v3.24.2.u1
REVENUE - Property Disaggregation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue        
Total revenue $ 174,096 $ 144,042 $ 322,999 $ 314,434
Stream interest        
Disaggregation of Revenue        
Total revenue 122,952 106,015 225,481 221,005
Stream interest | Mount Milligan        
Disaggregation of Revenue        
Total revenue 52,139 41,208 87,134 87,863
Stream interest | Pueblo Viejo        
Disaggregation of Revenue        
Total revenue 19,801 23,540 37,562 45,898
Stream interest | Andacollo        
Disaggregation of Revenue        
Total revenue 10,608 7,823 22,297 20,757
Stream interest | Khoemacau        
Disaggregation of Revenue        
Total revenue 8,394 8,881 16,152 18,035
Stream interest | Other        
Disaggregation of Revenue        
Total revenue 32,010 24,563 62,336 48,452
Royalty revenue:        
Disaggregation of Revenue        
Total revenue 51,144 38,027 97,518 93,429
Royalty revenue: | Other        
Disaggregation of Revenue        
Total revenue 24,103 14,097 43,472 35,772
Royalty revenue: | Cortez Legacy Zone        
Disaggregation of Revenue        
Total revenue 11,214 14,305 24,579 37,393
Royalty revenue: | Cortez CC Zone        
Disaggregation of Revenue        
Total revenue 4,548 3,520 8,959 6,726
Royalty revenue: | Peñasquito        
Disaggregation of Revenue        
Total revenue $ 11,279 $ 6,105 $ 20,508 $ 13,538
v3.24.2.u1
STOCK-BASED COMPENSATION - Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Stock-based compensation        
Total stock-based compensation expense $ 3,348 $ 1,943 $ 6,336 $ 4,579
Restricted stock        
Stock-based compensation        
Total stock-based compensation expense 1,924 1,540 3,895 3,154
Performance stock        
Stock-based compensation        
Total stock-based compensation expense 1,424 183 2,441 993
Stock appreciation rights        
Stock-based compensation        
Total stock-based compensation expense 0 212 0 417
Stock options        
Stock-based compensation        
Total stock-based compensation expense $ 0 $ 8 $ 0 $ 15
v3.24.2.u1
STOCK-BASED COMPENSATION - Granted (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total equity awards granted (in shares) 0 0 159,690 138,890
Performance stock        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Earn out basis if all goals are met (as a percent) 200.00% 200.00% 200.00% 200.00%
Total equity awards granted (in shares) 0 0 93,840 82,360
Restricted stock        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total equity awards granted (in shares) 0 0 65,850 56,530
v3.24.2.u1
STOCK-BASED COMPENSATION - Unrecognized compensation expense (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Restricted stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation expense $ 9,676
Weighted- average vesting period (years) 2 years
Performance stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation expense $ 7,248
Weighted- average vesting period (years) 2 years
v3.24.2.u1
EARNINGS PER SHARE ("EPS") (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Net income attributable to Royal Gold common stockholders $ 81,208 $ 63,449 $ 128,372 $ 127,324
Weighted-average shares for basic EPS (in shares) 65,650,801 65,605,391 65,644,115 65,600,213
Effect of other dilutive securities (in shares) 116,737 157,512 109,784 135,815
Weighted-average shares for diluted EPS (in shares) 65,767,538 65,762,903 65,753,899 65,736,028
Basic EPS (in dollars per share) $ 1.23 $ 0.97 $ 1.95 $ 1.94
Diluted EPS (in dollars per share) $ 1.23 $ 0.97 $ 1.95 $ 1.93
v3.24.2.u1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Income tax expense $ 18,991 $ 2,029 $ 46,025 $ 17,900
Effective tax rate 18.90% 3.10% 26.40% 12.30%
Discrete tax benefit     $ 13,000  
Valuation allowance, deferred tax asset, increase (decrease), amount   $ 8,500   $ 8,500
v3.24.2.u1
SEGMENT INFORMATION - Geographical (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
segment
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information          
Number of reportable segments | segment     2    
Total stream and royalty interests, net $ 3,053,988   $ 3,053,988   $ 3,075,574
Revenue 174,096 $ 144,042 322,999 $ 314,434  
Cost of sales 24,174 23,367 45,924 48,387  
Production taxes 1,581 1,274 3,031 3,263  
Depletion 35,658 38,297 74,341 84,512  
Segment gross profit 112,683 81,104 199,703 178,272  
Canada          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 1,102,521   1,102,521   1,076,298
Dominican Republic          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 306,692   306,692   311,050
Africa          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 249,391   249,391   264,850
Chile          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 440,901   440,901   446,745
United States          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 783,860   783,860   794,891
Mexico          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 36,903   36,903   41,803
Australia          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 20,437   20,437   21,288
Rest of world          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 113,283   113,283   118,649
Stream interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 1,299,194   1,299,194   1,351,616
Revenue 122,952 106,015 225,481 221,005  
Cost of sales 24,174 23,367 45,924 48,387  
Production taxes 0 0 0 0  
Depletion 26,124 29,352 53,525 63,104  
Segment gross profit 72,654 53,296 126,032 109,514  
Stream interest | Canada          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 439,843   439,843   461,398
Revenue 62,661 50,848 107,365 107,829  
Stream interest | Dominican Republic          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 306,692   306,692   311,050
Revenue 19,801 23,540 37,562 45,899  
Stream interest | Africa          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 249,070   249,070   264,529
Revenue 20,396 18,763 39,497 36,301  
Stream interest | Chile          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 216,785   216,785   222,629
Revenue 10,608 7,823 22,297 20,757  
Stream interest | United States          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 0   0   0
Stream interest | Mexico          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 0   0   0
Stream interest | Australia          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 0   0   0
Stream interest | Rest of world          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 86,804   86,804   92,010
Revenue 9,486 5,041 18,760 10,219  
Royalty revenue:          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 1,754,794   1,754,794   1,723,958
Revenue 51,144 38,027 97,518 93,429  
Cost of sales 0 0 0 0  
Production taxes 1,581 1,274 3,031 3,263  
Depletion 9,534 8,945 20,816 21,408  
Segment gross profit 40,029 27,808 73,671 68,758  
Royalty revenue: | Canada          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 662,678   662,678   614,900
Revenue 3,035 (97) 8,166 6,495  
Royalty revenue: | Dominican Republic          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 0   0   0
Royalty revenue: | Africa          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 321   321   321
Royalty revenue: | Chile          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 224,116   224,116   224,116
Royalty revenue: | United States          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 783,860   783,860   794,891
Revenue 25,273 23,265 49,352 56,845  
Royalty revenue: | Mexico          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 36,903   36,903   41,803
Revenue 12,888 8,155 23,656 17,449  
Royalty revenue: | Australia          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 20,437   20,437   21,288
Revenue 7,047 5,081 12,022 9,180  
Royalty revenue: | Rest of world          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 26,479   26,479   $ 26,639
Revenue $ 2,901 $ 1,623 $ 4,322 $ 3,460  
v3.24.2.u1
SEGMENT INFORMATION - Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting [Abstract]        
Total segment gross profit $ 112,683 $ 81,104 $ 199,703 $ 178,272
Costs and expenses        
General and administrative expenses 10,511 9,093 21,923 20,093
Depreciation and amortization 89 115 171 229
Operating income 102,083 71,896 177,609 157,950
Fair value changes in equity securities (63) (509) 383 291
Interest and other income 807 2,650 3,783 4,912
Interest and other expense (2,516) (8,408) (7,123) (17,582)
Income before income taxes $ 100,311 $ 65,629 $ 174,652 $ 145,571
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Ilovica  
Other Commitments [Line Items]  
Conditional funding from acquisition $ 163,750