ROYAL GOLD INC, 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 30, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-13357  
Entity Registrant Name Royal Gold, Inc  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 84-0835164  
Entity Address, Address Line One 1144 15th Street  
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, $0.01 par value  
Trading Symbol RGLD  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   65,831,053
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000085535  
Current Fiscal Year End Date --12-31  
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and equivalents $ 248,180 $ 195,498
Royalty receivables 64,994 63,460
Income tax receivable 13,573 1,139
Stream inventory 13,337 12,973
Prepaid expenses and other 1,929 2,217
Total current assets 342,013 275,287
Stream and royalty interests, net (Note 3) 3,141,548 3,042,804
Other assets 88,892 74,039
Total assets 3,572,453 3,392,130
LIABILITIES    
Accounts payable 5,506 10,578
Dividends payable 29,640 29,611
Income tax payable 24,421 23,177
Other current liabilities 16,534 21,785
Total current liabilities 76,101 85,151
Deferred tax liabilities 131,644 132,308
Mount Milligan deferred liability (Note 5) 25,000 25,000
Other liabilities 20,749 18,465
Total liabilities 253,494 260,924
Commitments and contingencies (Note 11)
EQUITY    
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued 0 0
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,760,321 and 65,691,151 shares outstanding, respectively 658 657
Additional paid-in capital 2,229,722 2,228,311
Accumulated earnings 1,076,562 889,989
Total Royal Gold stockholders’ equity 3,306,942 3,118,957
Non-controlling interests 12,017 12,249
Total equity 3,318,959 3,131,206
Total liabilities and equity $ 3,572,453 $ 3,392,130
v3.25.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares outstanding (in shares) 65,760,321 65,691,151
v3.25.2
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenue (Note 6) $ 209,643 $ 174,096 $ 403,080 $ 322,999
Costs and expenses        
Cost of sales (excludes depreciation, depletion and amortization) 24,180 24,174 48,685 45,924
General and administrative 10,269 10,511 21,333 21,923
Production taxes 2,201 1,581 3,962 3,031
Depreciation, depletion and amortization 31,153 35,747 64,148 74,512
Total costs and expenses 67,803 72,013 138,128 145,390
Operating income 141,840 102,083 264,952 177,609
Fair value changes in equity securities 3 (63) (34) 383
Interest and other income 2,713 807 4,762 3,783
Interest and other expense (1,544) (2,516) (2,701) (7,123)
Income before income taxes 143,012 100,311 266,979 174,652
Income tax expense (Note 9) (10,538) (18,991) (20,927) (46,025)
Net income and comprehensive income 132,474 81,320 246,052 128,627
Net income and comprehensive income attributable to non-controlling interests (125) (112) (205) (255)
Net income and comprehensive income attributable to Royal Gold common stockholders $ 132,349 $ 81,208 $ 245,847 $ 128,372
Net income per share attributable to Royal Gold common stockholders:        
Basic earnings per share (in dollars per share) $ 2.01 $ 1.23 $ 3.73 $ 1.95
Basic weighted average shares outstanding (in shares) 65,748,410 65,650,801 65,726,903 65,644,115
Diluted earnings per share (in dollars per share) $ 2.01 $ 1.23 $ 3.73 $ 1.95
Diluted weighted average shares outstanding (in shares) 65,820,530 65,767,538 65,806,160 65,753,899
Cash dividends declared per common share (in dollars per share) $ 0.45 $ 0.40 $ 0.90 $ 0.80
v3.25.2
Consolidated Statements of Changes in Stockholders’ Equity - USD ($)
$ in Thousands
Total
Common Shares
Additional Paid-In Capital
Accumulated Earnings
Non-controlling Interests
Balance, beginning of period (in shares) at Dec. 31, 2023   65,631,760      
Balance, beginning of period 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 $ 0 4,903    
Distributions to non-controlling interests (354)       (354)
Net income 128,372     128,372  
Comprehensive income 128,627       255
Dividends declared (52,624)     (52,624)  
Balance, end of period (in shares) at Jun. 30, 2024   65,656,625      
Balance, end of period at Jun. 30, 2024 2,981,193 $ 656 2,225,942 742,270 12,325
Balance, beginning of period (in shares) at Mar. 31, 2024   65,648,831      
Balance, beginning of period 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 81,208     81,208  
Comprehensive income 81,320       112
Dividends declared (26,315)     (26,315)  
Balance, end of period (in shares) at Jun. 30, 2024   65,656,625      
Balance, end of period at Jun. 30, 2024 2,981,193 $ 656 2,225,942 742,270 12,325
Balance, beginning of period (in shares) at Dec. 31, 2024   65,691,151      
Balance, beginning of period at Dec. 31, 2024 3,131,206 $ 657 2,228,311 889,989 12,249
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation and related share issuances (in shares)   69,170      
Stock-based compensation and related share issuances 1,412 $ 1 1,411    
Distributions to non-controlling interests (437)       (437)
Net income 245,847     245,847  
Comprehensive income 246,052       205
Dividends declared (59,274)     (59,274)  
Balance, end of period (in shares) at Jun. 30, 2025   65,760,321      
Balance, end of period at Jun. 30, 2025 3,318,959 $ 658 2,229,722 1,076,562 12,017
Balance, beginning of period (in shares) at Mar. 31, 2025   65,735,304      
Balance, beginning of period at Mar. 31, 2025 3,215,146 $ 657 2,228,497 973,853 12,139
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation and related share issuances (in shares)   25,017      
Stock-based compensation and related share issuances 1,226 $ 1 1,225    
Distributions to non-controlling interests (247)       (247)
Net income 132,349     132,349  
Comprehensive income 132,474       125
Dividends declared (29,640)     (29,640)  
Balance, end of period (in shares) at Jun. 30, 2025   65,760,321      
Balance, end of period at Jun. 30, 2025 $ 3,318,959 $ 658 $ 2,229,722 $ 1,076,562 $ 12,017
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income and comprehensive income $ 246,052 $ 128,627
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:    
Depreciation, depletion and amortization 64,148 74,512
Non-cash employee stock compensation expense 5,911 6,336
Fair value changes in equity securities 34 (383)
Deferred tax (benefit) expense (11,019) 3,419
Other 446 484
Changes in assets and liabilities:    
Royalty receivables (1,534) 8,546
Stream inventory (363) (1,116)
Income tax receivable (12,434) (2,961)
Prepaid expenses and other assets (3,525) 10,530
Accounts payable 3,178 1,786
Income tax payable 1,244 2,547
Mount Milligan deferred liability 0 25,000
Other liabilities (2,967) (5,528)
Net cash provided by operating activities 289,171 251,799
Cash flows from investing activities:    
Acquisition of stream and royalty interests (170,979) (52,256)
Proceeds from Khoemacau debt facility 0 25,000
Other (70) (85)
Net cash used in investing activities (171,049) (27,341)
Cash flows from financing activities:    
Repayment of debt 0 (200,000)
Net payments from issuance of common stock (4,499) (1,432)
Common stock dividends (59,245) (52,603)
Other (1,696) (358)
Net cash used in financing activities (65,440) (254,393)
Net increase (decrease) in cash and equivalents 52,682 (29,935)
Cash and equivalents at beginning of period 195,498 104,167
Cash and equivalents at end of period $ 248,180 $ 74,232
v3.25.2
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
Royal Gold, Inc., together with its subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” or “our”), is engaged in the business of acquiring and managing precious metals streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in the production, development or exploration stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. Royalties are non-operating interests in a mining project that provide the right to revenue or metals produced from the project after deducting contractually specified costs, if any.
Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2025. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 13, 2025 (“2024 10-K”).
Recent Accounting Standards
We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.
v3.25.2
STREAM AND ROYALTY ACQUISITIONS
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
STREAM AND ROYALTY ACQUISITIONS STREAM AND ROYALTY ACQUISITIONS
Warintza Project Stream and Royalty
On May 21, 2025, our wholly owned subsidiary, RGLD Gold AG ("RG AG"), entered into a gold purchase agreement ("Gold Stream Agreement"), and a separate net smelter return ("NSR") royalty agreement ("Royalty Agreement") for all metals with wholly owned subsidiaries of Solaris Resources, Inc. (collectively, "Solaris") for metals produced from the Warintza Project ("Warintza"). The advance payment for the acquisition totals $200 million in cash consideration, including $100 million paid upon closing, $50 million payable after technical approval of the environmental impact assessment and publication of a pre-feasibility study, which are expected to be completed in the third quarter of 2025, and $50 million payable one year after closing, subject to security perfection in Ecuador. The $100 million cash consideration paid at closing was funded with available cash on hand.
Gold Stream Agreement
Deliveries under the Gold Stream Agreement will be in an amount equal to 20 ounces of gold per million pounds of recovered copper in return for a cash payment for each ounce delivered of 20% of the spot gold price until the delivery of 90,000 ounces, and 60% of the spot gold price thereafter. The Gold Stream Agreement may be subject to early termination with the full return of the advance payment at the option of RG AG or Solaris if a change of control of Solaris or Warintza occurs, or by RG AG if deliveries have not begun by May 21, 2033. The area of interest for the Gold Stream Agreement
covers approximately 31 square kilometers, and will expand to 186 square kilometers if the early termination provisions have not been exercised and the first delivery has not been received by May 21, 2033.
Royalty Agreement
RG AG received a 0.30% NSR royalty for all metals produced from an area of interest of approximately 186 square kilometers. The NSR rate will increase by 0.0375% per year until the earlier to occur of the first delivery under the Gold Stream Agreement or May 21, 2033, to a maximum of 0.60% NSR. If the Gold Stream Agreement is subject to early termination, the NSR rate will be the rate in place at the time of exercise if the early termination is exercised by RG AG, or 0.60% if the early termination is exercised by Solaris.
The Royalty Agreement and the Stream Agreement have been accounted for as asset acquisitions and are recorded as exploration stage royalty and stream interests (Note 3) within Stream and royalty interests, net on our consolidated balance sheets.
Lawyers-Ranch Project Royalty
On May 16, 2025, we acquired a 2.0% NSR royalty on the Ranch portion of the Lawyers-Ranch Project operated by Thesis Gold Inc. from a private seller for cash consideration of $12.5 million. The royalty has been accounted for as an asset acquisition and recorded as an exploration stage royalty interest (Note 3) within Stream and royalty interests, net on our consolidated balance sheets. The purchase price was funded with available cash on hand.
Additional Xavantina Stream
On March 28, 2025, RG AG entered into an additional precious metals purchase agreement (“Additional Stream”) with Ero Gold Corporation, a wholly owned subsidiary of Ero Copper Corporation, and certain of its affiliates for gold produced from the Xavantina mine for an advance payment of $50 million. The Additional Stream is incremental to the existing precious metals purchase agreement between the parties dated June 29, 2021 (“Base Stream”), and significantly extends the area of interest.
As of June 30, 2025, 48,400 ounces of gold have been delivered under the Base Stream at a cash purchase price of 20% of the spot gold price for each ounce delivered, which will increase to 40% of the spot gold price for each ounce delivered upon the delivery of 49,000 ounces. When considered with the Base Stream, the Additional Stream effectively increases the threshold for stream deliveries at the current 25% stream rate from 93,000 ounces to 160,000 ounces, with the additional deliveries to be payable at a cash price of 40% of the spot gold price.
The Additional Stream has been accounted for as an asset acquisition. The $50 million advance payment, plus direct acquisition costs, have been recorded as an exploration stage stream interest (Note 3) within Stream and royalty interests, net on our consolidated balance sheets. The purchase price was funded with available cash on hand.
v3.25.2
STREAM AND ROYALTY INTERESTS, NET
 6 Months Ended
Jun. 30, 2025
STREAM AND ROYALTY INTERESTS, NET  
STREAM AND ROYALTY INTERESTS, NET STREAM AND ROYALTY INTERESTS, NET
The following tables summarize our stream and royalty interests, net as of June 30, 2025 and December 31, 2024.
As of June 30, 2025 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(475,605)$315,030 
Pueblo Viejo610,404 (313,178)297,226 
Andacollo388,182 (181,057)207,125 
Khoemacau
265,911 (65,554)200,357 
Rainy River175,727 (90,333)85,394 
Other241,830 (160,244)81,586 
Total production stage stream interests2,472,689 (1,285,971)1,186,718 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)366,435 (91,014)275,421 
Voisey's Bay205,724 (127,798)77,926 
Red Chris116,187 (9,033)107,154 
Peñasquito99,172 (68,578)30,594 
Other515,221 (424,296)90,925 
Total production stage royalty interests1,302,739 (720,719)582,020 
Total production stage stream and royalty interests3,775,428 (2,006,690)1,768,738 
Development stage stream interests:
Ilovica12,038 — 12,038 
Development stage royalty interests:
Cactus55,122 — 55,122 
Back River42,948 — 42,948 
La Fortuna35,140 — 35,140 
Other25,566 — 25,566 
Total development stage stream and royalty interests170,814 — 170,814 
Exploration stage stream interests:
Warintza95,203 — 95,203 
Xavantina64,813 — 64,813 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)443,894 — 443,894 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other132,785 — 132,785 
Total exploration stage stream and royalty interests$1,201,996 $— $1,201,996 
Total stream and royalty interests, net$5,148,238 $(2,006,690)$3,141,548 
As of December 31, 2024 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(462,412)$328,223 
Pueblo Viejo610,404 (308,283)302,121 
Andacollo388,182 (177,059)211,123 
Khoemacau
265,911 (58,043)207,868 
Rainy River175,727 (86,307)89,420 
Other241,830 (154,245)87,585 
Total production stage stream interests2,472,689 (1,246,349)1,226,340 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (81,845)272,005 
Voisey's Bay205,724 (124,526)81,198 
Red Chris116,187 (5,966)110,221 
Peñasquito99,172 (65,372)33,800 
Other519,491 (418,648)100,843 
Total production stage royalty interests1,294,424 (696,357)598,067 
Total production stage stream and royalty interests3,767,113 (1,942,706)1,824,407 
Development stage stream interests:
Ilovica12,038 — 12,038 
Development stage royalty interests:
Cactus55,128 — 55,128 
Back River42,948 — 42,948 
La Fortuna35,140 — 35,140 
Other21,133 — 21,133 
Total development stage stream and royalty interests166,387 — 166,387 
Exploration stage stream interests:
Xavantina14,792 — 14,792 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other115,438 — 115,438 
Total exploration stage stream and royalty interests$1,052,010 $— $1,052,010 
Total stream and royalty interests, net$4,985,510 $(1,942,706)$3,042,804 
v3.25.2
DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
On June 26, 2025, we entered into a sixth amendment to our revolving credit facility dated June 2, 2017, as amended. The amendment extended the maturity date from June 28, 2028, to June 30, 2030, increased the size of the accordion feature from $250 million to $400 million and revised the leverage ratio required to be less than or equal to 4.00:1.00 for the two
fiscal quarters following the consummation of a material permitted acquisition (as defined) and 3.50:1.00 at all other times.
As of June 30, 2025, we had no amounts outstanding under our revolving credit facility and $1 billion available.
In July 2025, we notified the members of the credit syndication group of our exercise of the accordion feature and received commitments from the group for the full $400 million of increased capacity. On August 5, 2025, we closed on the accordion feature with our credit syndication group, bringing our total committed revolving credit facility to $1.4 billion.
As part of the Kansanshi gold stream acquisition discussed in Note 12, we borrowed $825 million under our revolving credit facility. Following the draw as part of the Kansanshi gold stream acquisition, $575 million remains available.
v3.25.2
MOUNT MILLIGAN DEFERRED LIABILITY
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
MOUNT MILLIGAN DEFERRED LIABILITY MOUNT MILLIGAN DEFERRED LIABILITY
On February 13, 2024, we entered into a Processing Cost Support Agreement (the "Mount Milligan Cost Support Agreement") with Centerra Gold Inc. ("Centerra") with respect to the Mount Milligan mine for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future ("Deferred Gold Consideration") and a free cash flow interest.
The 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, 2025.
For further detail on the Mount Milligan Cost Support Agreement and the Deferred Gold Consideration refer to our 2024 10-K.
REVENUE
Revenue Recognition
A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below.
Stream Interests
A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. We settle both averaging and spot sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.
Royalty Interests
Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price)
for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to its ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2024 10-K. For the three months ended June 30, 2025, royalty revenue that was estimated or was attributable to metal production for a period prior to the three months ended June 30, 2025, was not material.
Disaggregation of Revenue
We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 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,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Stream revenue:
Gold$104,454 $91,597 $199,016 $169,874 
Silver19,047 16,880 37,746 31,628 
Copper9,690 14,475 18,911 23,979 
Total stream revenue$133,191 $122,952 $255,673 $225,481 
Royalty revenue:
Gold$59,862 $37,171 $111,026 $70,667 
Copper5,074 3,648 12,665 7,269 
Silver5,017 4,978 9,917 9,307 
Other6,499 5,347 13,799 10,275 
Total royalty revenue$76,452 $51,144 $147,407 $97,518 
Total revenue$209,643 $174,096 $403,080 $322,999 
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,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Stream revenue:
Mount MilliganGold & Copper$63,655 $52,139 $106,463 $87,134 
Pueblo ViejoGold & Silver25,619 19,801 54,369 37,562 
AndacolloGold9,489 10,608 22,234 22,297 
Other(1)
Gold & Silver34,428 40,404 72,607 78,488 
Total stream revenue$133,191 $122,952 $255,673 $225,481 
Royalty revenue:
Cortez Legacy ZoneGold$8,508 $11,214 $19,650 $24,579 
Cortez CC ZoneGold8,088 4,548 11,642 8,959 
Other(1)
Various59,856 35,382 116,115 63,980 
Total royalty revenue$76,452 $51,144 $147,407 $97,518 
Total revenue$209,643 $174,096 $403,080 $322,999 
______________________________________________
(1)In our 2024 10-K, Khoemacau and Peñasquito were reclassified from principal to non-principal stream and royalty properties, respectively, and are shown within "Other" in the table above.

Please refer to Note 10 for the geographical distribution of our revenue by reportable segment.
v3.25.2
REVENUE
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE MOUNT MILLIGAN DEFERRED LIABILITY
On February 13, 2024, we entered into a Processing Cost Support Agreement (the "Mount Milligan Cost Support Agreement") with Centerra Gold Inc. ("Centerra") with respect to the Mount Milligan mine for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future ("Deferred Gold Consideration") and a free cash flow interest.
The 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, 2025.
For further detail on the Mount Milligan Cost Support Agreement and the Deferred Gold Consideration refer to our 2024 10-K.
REVENUE
Revenue Recognition
A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below.
Stream Interests
A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right and obligation to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. We settle both averaging and spot sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser.
Royalty Interests
Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price)
for the period in which metal production occurs. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to its ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production comprising our royalty interest to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable costs.
Royalty Revenue Estimates
For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements for that period. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2024 10-K. For the three months ended June 30, 2025, royalty revenue that was estimated or was attributable to metal production for a period prior to the three months ended June 30, 2025, was not material.
Disaggregation of Revenue
We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 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,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Stream revenue:
Gold$104,454 $91,597 $199,016 $169,874 
Silver19,047 16,880 37,746 31,628 
Copper9,690 14,475 18,911 23,979 
Total stream revenue$133,191 $122,952 $255,673 $225,481 
Royalty revenue:
Gold$59,862 $37,171 $111,026 $70,667 
Copper5,074 3,648 12,665 7,269 
Silver5,017 4,978 9,917 9,307 
Other6,499 5,347 13,799 10,275 
Total royalty revenue$76,452 $51,144 $147,407 $97,518 
Total revenue$209,643 $174,096 $403,080 $322,999 
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,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Stream revenue:
Mount MilliganGold & Copper$63,655 $52,139 $106,463 $87,134 
Pueblo ViejoGold & Silver25,619 19,801 54,369 37,562 
AndacolloGold9,489 10,608 22,234 22,297 
Other(1)
Gold & Silver34,428 40,404 72,607 78,488 
Total stream revenue$133,191 $122,952 $255,673 $225,481 
Royalty revenue:
Cortez Legacy ZoneGold$8,508 $11,214 $19,650 $24,579 
Cortez CC ZoneGold8,088 4,548 11,642 8,959 
Other(1)
Various59,856 35,382 116,115 63,980 
Total royalty revenue$76,452 $51,144 $147,407 $97,518 
Total revenue$209,643 $174,096 $403,080 $322,999 
______________________________________________
(1)In our 2024 10-K, Khoemacau and Peñasquito were reclassified from principal to non-principal stream and royalty properties, respectively, and are shown within "Other" in the table above.

Please refer to Note 10 for the geographical distribution of our revenue by reportable segment.
v3.25.2
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
We recognized stock-based compensation expense as follows (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Restricted stock$1,884 $1,924 $3,896 $3,895 
Performance stock830 1,424 2,015 2,441 
Total stock-based compensation expense$2,714 $3,348 $5,911 $6,336 
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,
2025		June 30,
2024		June 30,
2025		June 30,
2024
(Number of shares)(Number of shares)
Performance stock (at maximum 200% attainment)
——72,12093,840
Restricted Stock——50,26465,850
Total equity awards granted——122,384159,690
As of June 30, 2025, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:
Unrecognized
compensation
expense		Weighted-
average vesting
period (years)
Restricted stock$9,667 2.1
Performance stock8,571 2.1
v3.25.2
EARNINGS PER SHARE ("EPS")
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE ("EPS") EARNINGS PER SHARE (“EPS”)
Basic EPS was computed using the weighted average number of shares of common stock outstanding during the period, considering the effect of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method. Our unvested restricted stock awards contain non-forfeitable dividend rights and participate equally with common stock with respect to dividends issued or declared. Our unexercised stock option awards, unexercised stock-settled stock appreciation rights and unvested performance stock do not contain rights to dividends. Under the two-class method, the earnings used to determine basic EPS are reduced by an amount allocated to participating securities. Use of the two-class method has an immaterial impact on the calculation of basic and diluted EPS.
The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data):
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Net income attributable to Royal Gold common stockholders$132,349 $81,208 $245,847 $128,372 
Weighted-average shares for basic EPS65,748,41065,650,80165,726,90365,644,115
Effect of other dilutive securities72,120116,73779,257109,784
Weighted-average shares for diluted EPS65,820,53065,767,53865,806,16065,753,899
Basic EPS$2.01 $1.23 $3.73 $1.95 
Diluted EPS$2.01 $1.23 $3.73 $1.95 
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated:
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Income tax expense$10,538$18,991$20,927$46,025
Effective tax rate7.4%18.9%7.8%26.4%
The effective tax rate for the three months ended June 30, 2025, included a $9.3 million discrete benefit related to withholding tax refund on a foreign royalty and a discrete tax benefit of $4.3 million attributable to the release of a valuation allowance.
The effective tax rate for the six months ended June 30, 2025, included a $12.0 million discrete benefit for additional recoverable basis in foreign jurisdictions, a discrete tax benefit of $4.3 million attributable to the release of a valuation
allowance, and a $11.0 million discrete benefit related to withholding tax refunds on foreign royalties. The effective tax rate for the six months ended June 30, 2024 included a $13.0 million discrete income tax expense related to the consideration from the Mount Milligan Cost Support Agreement.
H.R. 1., also known as the One Big Beautiful Bill Act ("OBBBA"), was enacted on July 4, 2025. The Company is currently evaluating the impact of these provisions, which could affect the Company's effective tax rate in future periods.
v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our President and Chief Executive Officer serves as our Chief Operating Decision Maker ("CODM") and is responsible for reviewing segment performance and making decisions regarding resource allocation. In addition to revenue, our CODM regularly reviews cost of sales, production taxes and depletion for each of our reportable segments. Royal Gold's long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
As of June 30, 2025As of December 31, 2024
Stream
interest		Royalty
interest		Total stream
and royalty
interests, net		Stream
interest		Royalty
interest		Total stream
and royalty
interests, net
Canada$400,425 $663,975 $1,064,400 $417,643 $659,070 $1,076,713 
Dominican Republic297,227 — 297,227 302,122 — 302,122 
Africa225,616 321 225,937 237,028 321 237,349 
Chile207,125 224,116 431,241 211,123 224,116 435,239 
United States— 814,856 814,856 — 827,277 827,277 
Mexico— 30,594 30,594 — 33,800 33,800 
Australia— 18,485 18,485 — 19,265 19,265 
Rest of world228,379 30,429 258,808 85,254 25,785 111,039 
Total $1,358,772 $1,782,776 $3,141,548 $1,253,170 $1,789,634 $3,042,804 
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
Three Months Ended June 30, 2025
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$133,191 $24,180 $— $19,269 $89,742 
Royalty interests76,452 — 2,201 11,800 62,451 
Total $209,643 $24,180 $2,201 $31,069 $152,193 
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 
Six Months Ended June 30, 2025
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$255,673 $48,685 $— $39,623 $167,365 
Royalty interests147,407 — 3,962 24,363 119,082 
Total $403,080 $48,685 $3,962 $63,986 $286,447 
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 
_______________________________________________
(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,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Total segment gross profit$152,193 $112,683 $286,447 $199,703 
Costs and expenses
General and administrative expenses10,269 10,511 21,333 21,923 
Depreciation and amortization84 89 162 171 
Operating income141,840 102,083 264,952 177,609 
Fair value changes in equity securities3 (63)(34)383 
Interest and other income2,713 807 4,762 3,783 
Interest and other expense(1,544)(2,516)(2,701)(7,123)
Income before income taxes$143,012 $100,311 $266,979 $174,652 
Our revenue by reportable segment for the three and six months ended June 30, 2025 and 2024, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Stream interests:
Canada$72,750 $62,661 $125,980 $107,365 
Dominican Republic25,619 19,801 54,369 37,562 
Africa20,387 20,396 42,768 39,497 
Chile9,489 10,608 22,234 22,297 
Rest of world4,946 9,486 10,322 18,760 
Total stream interests$133,191 $122,952 $255,673 $225,481 
Royalty interests:
United States$37,392 $25,273 $68,398 $49,352 
Mexico17,630 12,888 34,702 23,656 
Australia9,817 7,047 17,773 12,022 
Canada6,919 3,035 17,631 8,166 
Rest of world4,694 2,901 8,903 4,322 
Total royalty interests$76,452 $51,144 $147,407 $97,518 
Total revenue$209,643 $174,096 $403,080 $322,999 
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Warintza Project Stream and Royalty Acquisition
As of June 30, 2025, our conditional funding schedule of $100 million related to the acquisition of the Warintza Stream and Royalty Agreements made on May 21, 2025 (Note 2) remains subject to certain conditions.
Ilovica Gold Stream Acquisition
As of June 30, 2025, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Kansanshi Gold Stream Acquisition
As announced on August 5, 2025, RG AG entered into a precious metals purchase agreement for gold deliveries referenced to copper production from the Kansanshi copper-gold mine in the North Western Province of Zambia, operated and 80% owned by a subsidiary of First Quantum Minerals Ltd. (“First Quantum”).
RG AG made an advance payment of $1.0 billion (“Advance”) in return for a gold stream referenced to copper production, with deliveries of 75 ounces of gold per million pounds of recovered copper produced until the delivery of 425,000 ounces; 55 ounces of gold per million pounds of recovered copper produced between the delivery of 425,001 ounces and 650,000 ounces; and 45 ounces of gold per million pounds of recovered copper produced thereafter. Additionally, and depending on the achievement of certain objectives as described below, RG AG has granted options to First Quantum to accelerate stream deliveries and reduce the outstanding Advance:
i.Acceleration Option 1: From the earlier of the achievements by First Quantum of a minimum ‘BB’ or equivalent senior unsecured debt rating from a rating agency, or a Net Debt/TTM EBITDA ratio of 2.25x or less over three consecutive quarters starting from March 31, 2026, it will have a one-year period to exercise the option and deliver gold worth up to $200 million over a 14-month period from the date of option exercise and reduce the stream rates and delivery thresholds by up to 20%.
ii.Acceleration Option 2: If First Quantum achieves either a minimum ‘BBB-’ or equivalent senior unsecured debt rating from a rating agency, or show a Net Debt/TTM EBITDA ratio of 1.25x or less, over four consecutive quarters. and achieves certain operational conditions, it will have a one-year period to exercise the option and deliver gold worth up to $100 million over a 7-month period from the date of option exercise and reduce the stream rates and delivery thresholds by up to a further 10%.
RG AG will pay 20% of the spot gold price for each ounce delivered. Should one of the conditions in Acceleration Option 1 be met, RG AG will pay 35% of the spot gold price for each ounce delivered.
The acquisition has been funded with available cash and a draw of $825 million on our revolving credit facility (see Note 4).
Agreements to Acquire Sandstorm Gold and Horizon Copper
On July 6, 2025, we entered into arrangement agreements to acquire each of Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”). Under the terms of the agreement with Sandstorm, Royal Gold has agreed to acquire 100% of the issued share capital of Sandstorm in exchange for Royal Gold shares at an exchange ratio of 0.0625 of a share of Royal Gold common stock for each common share of Sandstorm (the “Sandstorm Transaction”), which reflected a transaction equity value of approximately $3.5 billion at the time of signing. Under the terms of the agreement with Horizon, Royal Gold has agreed to acquire 100% of the issued share capital of Horizon in exchange for cash of C$2.00 per
share (the “Horizon Transaction” and together with the Sandstorm Transaction, the “Transactions”), which reflected a transaction equity value of approximately $196 million at the time of signing.
Completion of the Transactions is subject to approval by Royal Gold's stockholders and Sandstorm's shareholders (in the case of the Sandstorm Transaction), approval by Horizon's securityholders (in the case of the Horizon Transaction), certain regulatory approvals, and other customary closing conditions. The Transactions are expected to close in the fourth quarter of 2025.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
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
v3.25.2
OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2025. These interim unaudited consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 13, 2025 (“2024 10-K”).
Recent Accounting Standards
Recent Accounting Standards
We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.
v3.25.2
STREAM AND ROYALTY INTERESTS, NET (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2025 and December 31, 2024.
As of June 30, 2025 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(475,605)$315,030 
Pueblo Viejo610,404 (313,178)297,226 
Andacollo388,182 (181,057)207,125 
Khoemacau
265,911 (65,554)200,357 
Rainy River175,727 (90,333)85,394 
Other241,830 (160,244)81,586 
Total production stage stream interests2,472,689 (1,285,971)1,186,718 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)366,435 (91,014)275,421 
Voisey's Bay205,724 (127,798)77,926 
Red Chris116,187 (9,033)107,154 
Peñasquito99,172 (68,578)30,594 
Other515,221 (424,296)90,925 
Total production stage royalty interests1,302,739 (720,719)582,020 
Total production stage stream and royalty interests3,775,428 (2,006,690)1,768,738 
Development stage stream interests:
Ilovica12,038 — 12,038 
Development stage royalty interests:
Cactus55,122 — 55,122 
Back River42,948 — 42,948 
La Fortuna35,140 — 35,140 
Other25,566 — 25,566 
Total development stage stream and royalty interests170,814 — 170,814 
Exploration stage stream interests:
Warintza95,203 — 95,203 
Xavantina64,813 — 64,813 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)443,894 — 443,894 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other132,785 — 132,785 
Total exploration stage stream and royalty interests$1,201,996 $— $1,201,996 
Total stream and royalty interests, net$5,148,238 $(2,006,690)$3,141,548 
As of December 31, 2024 (Amounts in thousands):CostAccumulated DepletionNet
Production stage stream interests:
Mount Milligan$790,635 $(462,412)$328,223 
Pueblo Viejo610,404 (308,283)302,121 
Andacollo388,182 (177,059)211,123 
Khoemacau
265,911 (58,043)207,868 
Rainy River175,727 (86,307)89,420 
Other241,830 (154,245)87,585 
Total production stage stream interests2,472,689 (1,246,349)1,226,340 
Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)353,850 (81,845)272,005 
Voisey's Bay205,724 (124,526)81,198 
Red Chris116,187 (5,966)110,221 
Peñasquito99,172 (65,372)33,800 
Other519,491 (418,648)100,843 
Total production stage royalty interests1,294,424 (696,357)598,067 
Total production stage stream and royalty interests3,767,113 (1,942,706)1,824,407 
Development stage stream interests:
Ilovica12,038 — 12,038 
Development stage royalty interests:
Cactus55,128 — 55,128 
Back River42,948 — 42,948 
La Fortuna35,140 — 35,140 
Other21,133 — 21,133 
Total development stage stream and royalty interests166,387 — 166,387 
Exploration stage stream interests:
Xavantina14,792 — 14,792 
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)456,479 — 456,479 
Great Bear209,106 — 209,106 
Pascua-Lama177,690 — 177,690 
Red Chris48,895 — 48,895 
Côté29,610 — 29,610 
Other115,438 — 115,438 
Total exploration stage stream and royalty interests$1,052,010 $— $1,052,010 
Total stream and royalty interests, net$4,985,510 $(1,942,706)$3,042,804 
v3.25.2
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Summary of disaggregated revenue
Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Stream revenue:
Gold$104,454 $91,597 $199,016 $169,874 
Silver19,047 16,880 37,746 31,628 
Copper9,690 14,475 18,911 23,979 
Total stream revenue$133,191 $122,952 $255,673 $225,481 
Royalty revenue:
Gold$59,862 $37,171 $111,026 $70,667 
Copper5,074 3,648 12,665 7,269 
Silver5,017 4,978 9,917 9,307 
Other6,499 5,347 13,799 10,275 
Total royalty revenue$76,452 $51,144 $147,407 $97,518 
Total revenue$209,643 $174,096 $403,080 $322,999 
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,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Stream revenue:
Mount MilliganGold & Copper$63,655 $52,139 $106,463 $87,134 
Pueblo ViejoGold & Silver25,619 19,801 54,369 37,562 
AndacolloGold9,489 10,608 22,234 22,297 
Other(1)
Gold & Silver34,428 40,404 72,607 78,488 
Total stream revenue$133,191 $122,952 $255,673 $225,481 
Royalty revenue:
Cortez Legacy ZoneGold$8,508 $11,214 $19,650 $24,579 
Cortez CC ZoneGold8,088 4,548 11,642 8,959 
Other(1)
Various59,856 35,382 116,115 63,980 
Total royalty revenue$76,452 $51,144 $147,407 $97,518 
Total revenue$209,643 $174,096 $403,080 $322,999 
______________________________________________
(1)In our 2024 10-K, Khoemacau and Peñasquito were reclassified from principal to non-principal stream and royalty properties, respectively, and are shown within "Other" in the table above.
v3.25.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of recognized stock-based compensation expense
We recognized stock-based compensation expense as follows (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Restricted stock$1,884 $1,924 $3,896 $3,895 
Performance stock830 1,424 2,015 2,441 
Total stock-based compensation expense$2,714 $3,348 $5,911 $6,336 
Schedule of stock-based compensation awards
We granted the following stock-based compensation awards:
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
(Number of shares)(Number of shares)
Performance stock (at maximum 200% attainment)
——72,12093,840
Restricted Stock——50,26465,850
Total equity awards granted——122,384159,690
Schedule of unrecognized compensation expense
As of June 30, 2025, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows:
Unrecognized
compensation
expense		Weighted-
average vesting
period (years)
Restricted stock$9,667 2.1
Performance stock8,571 2.1
v3.25.2
EARNINGS PER SHARE ("EPS") (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Summary of the effects of dilutive securities on diluted EPS
The following table summarizes the effects of dilutive securities on diluted EPS for the periods shown below (amounts in thousands, except share data):
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Net income attributable to Royal Gold common stockholders$132,349 $81,208 $245,847 $128,372 
Weighted-average shares for basic EPS65,748,41065,650,80165,726,90365,644,115
Effect of other dilutive securities72,120116,73779,257109,784
Weighted-average shares for diluted EPS65,820,53065,767,53865,806,16065,753,899
Basic EPS$2.01 $1.23 $3.73 $1.95 
Diluted EPS$2.01 $1.23 $3.73 $1.95 
v3.25.2
INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Components of income tax expense (benefit)
The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated:
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Income tax expense$10,538$18,991$20,927$46,025
Effective tax rate7.4%18.9%7.8%26.4%
v3.25.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of geographical distribution of long-lived assets Royal Gold's long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
As of June 30, 2025As of December 31, 2024
Stream
interest		Royalty
interest		Total stream
and royalty
interests, net		Stream
interest		Royalty
interest		Total stream
and royalty
interests, net
Canada$400,425 $663,975 $1,064,400 $417,643 $659,070 $1,076,713 
Dominican Republic297,227 — 297,227 302,122 — 302,122 
Africa225,616 321 225,937 237,028 321 237,349 
Chile207,125 224,116 431,241 211,123 224,116 435,239 
United States— 814,856 814,856 — 827,277 827,277 
Mexico— 30,594 30,594 — 33,800 33,800 
Australia— 18,485 18,485 — 19,265 19,265 
Rest of world228,379 30,429 258,808 85,254 25,785 111,039 
Total $1,358,772 $1,782,776 $3,141,548 $1,253,170 $1,789,634 $3,042,804 
Schedule of reportable segments for assessing performance
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
Three Months Ended June 30, 2025
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$133,191 $24,180 $— $19,269 $89,742 
Royalty interests76,452 — 2,201 11,800 62,451 
Total $209,643 $24,180 $2,201 $31,069 $152,193 
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 
Six Months Ended June 30, 2025
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$255,673 $48,685 $— $39,623 $167,365 
Royalty interests147,407 — 3,962 24,363 119,082 
Total $403,080 $48,685 $3,962 $63,986 $286,447 
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 
_______________________________________________
(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,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Total segment gross profit$152,193 $112,683 $286,447 $199,703 
Costs and expenses
General and administrative expenses10,269 10,511 21,333 21,923 
Depreciation and amortization84 89 162 171 
Operating income141,840 102,083 264,952 177,609 
Fair value changes in equity securities3 (63)(34)383 
Interest and other income2,713 807 4,762 3,783 
Interest and other expense(1,544)(2,516)(2,701)(7,123)
Income before income taxes$143,012 $100,311 $266,979 $174,652 
Schedule of revenue by reportable segment geographically distributed
Our revenue by reportable segment for the three and six months ended June 30, 2025 and 2024, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Stream interests:
Canada$72,750 $62,661 $125,980 $107,365 
Dominican Republic25,619 19,801 54,369 37,562 
Africa20,387 20,396 42,768 39,497 
Chile9,489 10,608 22,234 22,297 
Rest of world4,946 9,486 10,322 18,760 
Total stream interests$133,191 $122,952 $255,673 $225,481 
Royalty interests:
United States$37,392 $25,273 $68,398 $49,352 
Mexico17,630 12,888 34,702 23,656 
Australia9,817 7,047 17,773 12,022 
Canada6,919 3,035 17,631 8,166 
Rest of world4,694 2,901 8,903 4,322 
Total royalty interests$76,452 $51,144 $147,407 $97,518 
Total revenue$209,643 $174,096 $403,080 $322,999 
v3.25.2
STREAM AND ROYALTY ACQUISITIONS (Details)
$ in Millions
Jun. 30, 2025
USD ($)
oz
May 21, 2025
USD ($)
kilometer
oz
May 16, 2025
USD ($)
Mar. 28, 2025
USD ($)
oz
Warintza Project Stream and Royalty        
Asset Acquisition [Line Items]        
Asset acquisition, consideration transferred   $ 200.0    
Asset acquisition, cash paid for royalty and streaming agreements   100.0    
Conditional funding from acquisition   100.0    
Warintza Project Stream and Royalty | Environmental Impact Milestone        
Asset Acquisition [Line Items]        
Conditional funding from acquisition   50.0    
Warintza Project Stream and Royalty | Security Milestone        
Asset Acquisition [Line Items]        
Conditional funding from acquisition   $ 50.0    
Gold Stream Agreement        
Asset Acquisition [Line Items]        
Asset acquisition, number of gold produced per million, pounds of recovered copper | oz   20    
Asset acquisition, cash purchase price, percentage of spot price, gold   20.00%    
Asset acquisition, gold delivery, threshold, ounces | oz   90,000    
Asset acquisition, spot price, gold, percentage   60.00%    
Gold Stream Agreement | Minimum        
Asset Acquisition [Line Items]        
Area of interest | kilometer   31    
Gold Stream Agreement | Maximum        
Asset Acquisition [Line Items]        
Area of interest | kilometer   186    
Gold Stream Royalty Agreement        
Asset Acquisition [Line Items]        
Area of interest | kilometer   186    
Net smelter return (NSR) percentage   0.30%    
Asset acquisition, annually increased NSR rate   0.0375%    
Asset acquisition, maximum of NSR rate   0.60%    
Asset acquisition, early termination, NSR rate   0.0060    
Lawyers Ranch Project Royalty        
Asset Acquisition [Line Items]        
Asset acquisition, consideration transferred     $ 12.5  
Net smelter return (NSR) percentage     2.00%  
Additional Xavantina Stream        
Asset Acquisition [Line Items]        
Asset acquisition, consideration transferred $ 50.0     $ 50.0
Asset acquisition, gold delivery, threshold, ounces | oz 160,000     93,000
Asset acquisition, spot price, gold, percentage 40.00%      
Asset acquisition, stream rate, percentage 25.00%      
Xavantina Base Stream        
Asset Acquisition [Line Items]        
Asset acquisition, cash purchase price, percentage of spot price, gold 20.00%      
Asset acquisition, gold delivery, threshold, ounces | oz 49,000      
Asset acquisition, spot price, gold, percentage 40.00%      
Asset acquisition, gold delivered, weight | oz 48,400      
v3.25.2
STREAM AND ROYALTY INTERESTS, NET - Summary (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost $ 5,148,238 $ 4,985,510
Accumulated Depletion (2,006,690) (1,942,706)
Net 3,141,548 3,042,804
Total production stage stream and royalty interests    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 3,775,428 3,767,113
Accumulated Depletion (2,006,690) (1,942,706)
Net 1,768,738 1,824,407
Total production stage stream interests    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 2,472,689 2,472,689
Accumulated Depletion (1,285,971) (1,246,349)
Net 1,186,718 1,226,340
Total production stage stream interests | Mount Milligan    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 790,635 790,635
Accumulated Depletion (475,605) (462,412)
Net 315,030 328,223
Total production stage stream interests | Pueblo Viejo    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 610,404 610,404
Accumulated Depletion (313,178) (308,283)
Net 297,226 302,121
Total production stage stream interests | Andacollo    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 388,182 388,182
Accumulated Depletion (181,057) (177,059)
Net 207,125 211,123
Total production stage stream interests | Khoemacau    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 265,911 265,911
Accumulated Depletion (65,554) (58,043)
Net 200,357 207,868
Total production stage stream interests | Rainy River    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 175,727 175,727
Accumulated Depletion (90,333) (86,307)
Net 85,394 89,420
Total production stage stream interests | Other    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 241,830 241,830
Accumulated Depletion (160,244) (154,245)
Net 81,586 87,585
Total production stage royalty interests    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 1,302,739 1,294,424
Accumulated Depletion (720,719) (696,357)
Net 582,020 598,067
Total production stage royalty interests | Other    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 515,221 519,491
Accumulated Depletion (424,296) (418,648)
Net 90,925 100,843
Total production stage royalty interests | Cortez (Legacy Zone and CC Zone)    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 366,435 353,850
Accumulated Depletion (91,014) (81,845)
Net 275,421 272,005
Total production stage royalty interests | Voisey's Bay    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 205,724 205,724
Accumulated Depletion (127,798) (124,526)
Net 77,926 81,198
Total production stage royalty interests | Red Chris    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 116,187 116,187
Accumulated Depletion (9,033) (5,966)
Net 107,154 110,221
Total production stage royalty interests | Peñasquito    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 99,172 99,172
Accumulated Depletion (68,578) (65,372)
Net 30,594 33,800
Total development stage stream and royalty interests    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 170,814 166,387
Net 170,814 166,387
Development stage stream interests | Ilovica    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 12,038 12,038
Net 12,038 12,038
Development stage royalty interests | Other    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 25,566 21,133
Net 25,566 21,133
Development stage royalty interests | Cactus    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 55,122 55,128
Net 55,122 55,128
Development stage royalty interests | Back River    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 42,948 42,948
Net 42,948 42,948
Development stage royalty interests | La Fortuna    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 35,140 35,140
Net 35,140 35,140
Total exploration stage stream and royalty interests    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 1,201,996 1,052,010
Net 1,201,996 1,052,010
Exploration stage stream interests | Warintza    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 95,203  
Net 95,203  
Exploration stage stream interests | Xavantina    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 64,813 14,792
Net 64,813 14,792
Exploration stage royalty interests | Other    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 132,785 115,438
Net 132,785 115,438
Exploration stage royalty interests | Cortez (Legacy Zone and CC Zone)    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 443,894 456,479
Net 443,894 456,479
Exploration stage royalty interests | Red Chris    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 48,895 48,895
Net 48,895 48,895
Exploration stage royalty interests | Great Bear    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 209,106 209,106
Net 209,106 209,106
Exploration stage royalty interests | Pascua-Lama    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 177,690 177,690
Net 177,690 177,690
Exploration stage royalty interests | Côté    
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]    
Cost 29,610 29,610
Net $ 29,610 $ 29,610
v3.25.2
DEBT (Details) - Revolving Credit Facility - Credit Facility - Line of Credit
Aug. 05, 2025
USD ($)
Aug. 06, 2025
USD ($)
Jul. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 26, 2025
USD ($)
Jun. 25, 2025
USD ($)
Long-term debt disclosure            
Accordion feature, increase limit         $ 400,000,000 $ 250,000,000
Outstanding amount       $ 0    
Line of credit facility, remaining borrowing capacity       $ 1,000,000,000    
Subsequent Event            
Long-term debt disclosure            
Accordion feature, increase limit     $ 400,000,000      
Line of credit facility, remaining borrowing capacity   $ 575,000,000        
Line of credit facility, maximum borrowing capacity $ 1,400,000,000          
Proceeds from lines of credit $ 825,000,000          
Two Fiscal Quarters Following The Acquisition            
Long-term debt disclosure            
Maximum leverage ratio         4.00  
All Times After The Two Fiscal Quarters Following The Acquisition            
Long-term debt disclosure            
Maximum leverage ratio         3.50  
v3.25.2
MOUNT MILLIGAN DEFERRED LIABILITY (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Feb. 13, 2024
USD ($)
oz
Deposit Liability [Line Items]      
Value of cash consideration $ 25,000 $ 25,000  
Mount Milligan      
Deposit Liability [Line Items]      
Value of cash consideration     $ 24,500
Value of consideration, nonmonetary amount, gold | oz     50,000
v3.25.2
REVENUE - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Disaggregation of Revenue  
Number of reportable segments 2
Minimum  
Disaggregation of Revenue  
Average sale price determination period 10 days
Maximum  
Disaggregation of Revenue  
Average sale price determination period 3 months
v3.25.2
REVENUE - Metal Disaggregation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue        
Total revenue $ 209,643 $ 174,096 $ 403,080 $ 322,999
Stream revenue:        
Disaggregation of Revenue        
Total revenue 133,191 122,952 255,673 225,481
Royalty revenue:        
Disaggregation of Revenue        
Total revenue 76,452 51,144 147,407 97,518
Gold | Stream revenue:        
Disaggregation of Revenue        
Total revenue 104,454 91,597 199,016 169,874
Gold | Royalty revenue:        
Disaggregation of Revenue        
Total revenue 59,862 37,171 111,026 70,667
Silver | Stream revenue:        
Disaggregation of Revenue        
Total revenue 19,047 16,880 37,746 31,628
Silver | Royalty revenue:        
Disaggregation of Revenue        
Total revenue 5,017 4,978 9,917 9,307
Copper | Stream revenue:        
Disaggregation of Revenue        
Total revenue 9,690 14,475 18,911 23,979
Copper | Royalty revenue:        
Disaggregation of Revenue        
Total revenue 5,074 3,648 12,665 7,269
Other | Royalty revenue:        
Disaggregation of Revenue        
Total revenue $ 6,499 $ 5,347 $ 13,799 $ 10,275
v3.25.2
REVENUE - Property Disaggregation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue        
Total revenue $ 209,643 $ 174,096 $ 403,080 $ 322,999
Stream interest        
Disaggregation of Revenue        
Total revenue 133,191 122,952 255,673 225,481
Stream interest | Mount Milligan        
Disaggregation of Revenue        
Total revenue 63,655 52,139 106,463 87,134
Stream interest | Pueblo Viejo        
Disaggregation of Revenue        
Total revenue 25,619 19,801 54,369 37,562
Stream interest | Andacollo        
Disaggregation of Revenue        
Total revenue 9,489 10,608 22,234 22,297
Stream interest | Other        
Disaggregation of Revenue        
Total revenue 34,428 40,404 72,607 78,488
Royalty revenue:        
Disaggregation of Revenue        
Total revenue 76,452 51,144 147,407 97,518
Royalty revenue: | Other        
Disaggregation of Revenue        
Total revenue 59,856 35,382 116,115 63,980
Royalty revenue: | Cortez Legacy Zone        
Disaggregation of Revenue        
Total revenue 8,508 11,214 19,650 24,579
Royalty revenue: | Cortez CC Zone        
Disaggregation of Revenue        
Total revenue $ 8,088 $ 4,548 $ 11,642 $ 8,959
v3.25.2
STOCK-BASED COMPENSATION - Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stock-based compensation        
Total stock-based compensation expense $ 2,714 $ 3,348 $ 5,911 $ 6,336
Restricted stock        
Stock-based compensation        
Total stock-based compensation expense 1,884 1,924 3,896 3,895
Performance stock        
Stock-based compensation        
Total stock-based compensation expense $ 830 $ 1,424 $ 2,015 $ 2,441
v3.25.2
STOCK-BASED COMPENSATION - Granted (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total equity awards granted (in shares) 0 0 122,384 159,690
Performance stock        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Earn out basis if all goals are met (as a percent) 200.00% 200.00% 200.00% 200.00%
Total equity awards granted (in shares) 0 0 72,120 93,840
Restricted stock        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total equity awards granted (in shares) 0 0 50,264 65,850
v3.25.2
STOCK-BASED COMPENSATION - Unrecognized compensation expense (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Restricted stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation expense $ 9,667
Weighted- average vesting period (years) 2 years 1 month 6 days
Performance stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation expense $ 8,571
Weighted- average vesting period (years) 2 years 1 month 6 days
v3.25.2
EARNINGS PER SHARE ("EPS") (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net income attributable to Royal Gold common stockholders $ 132,349 $ 81,208 $ 245,847 $ 128,372
Weighted-average shares for basic EPS (in shares) 65,748,410 65,650,801 65,726,903 65,644,115
Effect of other dilutive securities (in shares) 72,120 116,737 79,257 109,784
Weighted-average shares for diluted EPS (in shares) 65,820,530 65,767,538 65,806,160 65,753,899
Basic EPS (in dollars per share) $ 2.01 $ 1.23 $ 3.73 $ 1.95
Diluted EPS (in dollars per share) $ 2.01 $ 1.23 $ 3.73 $ 1.95
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax expense $ 10,538 $ 18,991 $ 20,927 $ 46,025
Effective tax rate 7.40% 18.90% 7.80% 26.40%
v3.25.2
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]      
Effective income tax rate reconciliation, foreign income tax rate differential, benefit $ 9.3 $ 11.0  
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, benefit $ 4.3 4.3  
Effective income tax rate reconciliation, recoverable tax basis, foreign, benefit   $ 12.0  
Discrete U.S. GILTI income tax expense     $ 13.0
v3.25.2
SEGMENT INFORMATION - Geographical (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Long Lived Assets and Pre-Tax Income by Geographical Information          
Number of reportable segments | segment     2    
Total stream and royalty interests, net $ 3,141,548   $ 3,141,548   $ 3,042,804
Revenue 209,643 $ 174,096 403,080 $ 322,999  
Cost of sales 24,180 24,174 48,685 45,924  
Production taxes 2,201 1,581 3,962 3,031  
Depletion 31,069 35,658 63,986 74,341  
Segment gross profit 152,193 112,683 286,447 199,703  
Stream interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 1,358,772   1,358,772   1,253,170
Revenue 133,191 122,952 255,673 225,481  
Cost of sales 24,180 24,174 48,685 45,924  
Production taxes 0 0 0 0  
Depletion 19,269 26,124 39,623 53,525  
Segment gross profit 89,742 72,654 167,365 126,032  
Royalty interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 1,782,776   1,782,776   1,789,634
Revenue 76,452 51,144 147,407 97,518  
Cost of sales 0 0 0 0  
Production taxes 2,201 1,581 3,962 3,031  
Depletion 11,800 9,534 24,363 20,816  
Segment gross profit 62,451 40,029 119,082 73,671  
Canada          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 1,064,400   1,064,400   1,076,713
Canada | Stream interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 400,425   400,425   417,643
Revenue 72,750 62,661 125,980 107,365  
Canada | Royalty interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 663,975   663,975   659,070
Revenue 6,919 3,035 17,631 8,166  
Dominican Republic          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 297,227   297,227   302,122
Dominican Republic | Stream interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 297,227   297,227   302,122
Revenue 25,619 19,801 54,369 37,562  
Dominican Republic | Royalty interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 0   0   0
Africa          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 225,937   225,937   237,349
Africa | Stream interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 225,616   225,616   237,028
Revenue 20,387 20,396 42,768 39,497  
Africa | Royalty interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 321   321   321
Chile          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 431,241   431,241   435,239
Chile | Stream interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 207,125   207,125   211,123
Revenue 9,489 10,608 22,234 22,297  
Chile | Royalty interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 224,116   224,116   224,116
United States          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 814,856   814,856   827,277
United States | Stream interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 0   0   0
United States | Royalty interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 814,856   814,856   827,277
Revenue 37,392 25,273 68,398 49,352  
Mexico          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 30,594   30,594   33,800
Mexico | Stream interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 0   0   0
Mexico | Royalty interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 30,594   30,594   33,800
Revenue 17,630 12,888 34,702 23,656  
Australia          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 18,485   18,485   19,265
Australia | Stream interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 0   0   0
Australia | Royalty interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 18,485   18,485   19,265
Revenue 9,817 7,047 17,773 12,022  
Rest of world          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 258,808   258,808   111,039
Rest of world | Stream interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 228,379   228,379   85,254
Revenue 4,946 9,486 10,322 18,760  
Rest of world | Royalty interest          
Long Lived Assets and Pre-Tax Income by Geographical Information          
Total stream and royalty interests, net 30,429   30,429   $ 25,785
Revenue $ 4,694 $ 2,901 $ 8,903 $ 4,322  
v3.25.2
SEGMENT INFORMATION - Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting [Abstract]        
Total segment gross profit $ 152,193 $ 112,683 $ 286,447 $ 199,703
Costs and expenses        
General and administrative expenses 10,269 10,511 21,333 21,923
Depreciation and amortization 84 89 162 171
Operating income 141,840 102,083 264,952 177,609
Fair value changes in equity securities 3 (63) (34) 383
Interest and other income 2,713 807 4,762 3,783
Interest and other expense (1,544) (2,516) (2,701) (7,123)
Income before income taxes $ 143,012 $ 100,311 $ 266,979 $ 174,652
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Thousands
 6 Months Ended
May 21, 2025
Jun. 30, 2025
Warintza Project Stream and Royalty    
Other Commitments [Line Items]    
Conditional funding from acquisition $ 100,000  
Ilovica    
Other Commitments [Line Items]    
Conditional funding from acquisition   $ 163,750
v3.25.2
SUBSEQUENT EVENTS (Details)
$ in Millions
 3 Months Ended
Aug. 05, 2025
USD ($)
oz
Dec. 31, 2025
USD ($)
Dec. 31, 2025
$ / shares
Subsequent Event | Kansanshi | Subsidiary Of First Quantum Minerals Ltd      
Subsequent Event [Line Items]      
Ownership interest held by parent, percentage 0.80    
Subsequent Event | Revolving Credit Facility | Credit Facility | Line of Credit      
Subsequent Event [Line Items]      
Proceeds from lines of credit | $ $ 825    
Subsequent Event | Kansanshi Gold Stream Acquisition      
Subsequent Event [Line Items]      
Asset acquisition, consideration transferred | $ $ 1,000    
Subsequent Event | Kansanshi Gold Stream Acquisition | Production Threshold One      
Subsequent Event [Line Items]      
Asset acquisition, number of gold produced per million, pounds of recovered copper | oz 75    
Asset acquisition, gold delivered, weight | oz 425,000    
Subsequent Event | Kansanshi Gold Stream Acquisition | Production Threshold Two      
Subsequent Event [Line Items]      
Asset acquisition, number of gold produced per million, pounds of recovered copper | oz 55    
Subsequent Event | Kansanshi Gold Stream Acquisition | Production Threshold Three      
Subsequent Event [Line Items]      
Asset acquisition, number of gold produced per million, pounds of recovered copper | oz 45    
Subsequent Event | Kansanshi Gold Stream Acquisition | Acceleration Option 1      
Subsequent Event [Line Items]      
Adjusted ratio of debt to earnings before interest, taxes, depreciation and amortization 2.25    
Asset acquisition, gold option, exercisable period 1 year    
Asset acquisition, gold deliverable, value | $ $ 200    
Asset acquisition, gold deliverable, threshold period 14 months    
Asset acquisition, reduction in stream rate and delivery thresholds, percentage 20.00%    
Asset acquisition, cash purchase price, percentage of spot price, gold 20.00%    
Subsequent Event | Kansanshi Gold Stream Acquisition | Acceleration Option 2      
Subsequent Event [Line Items]      
Adjusted ratio of debt to earnings before interest, taxes, depreciation and amortization 1.25    
Asset acquisition, gold option, exercisable period 1 year    
Asset acquisition, gold deliverable, value | $ $ 100    
Asset acquisition, gold deliverable, threshold period 7 months    
Asset acquisition, reduction in stream rate and delivery thresholds, percentage 10.00%    
Asset acquisition, cash purchase price, percentage of spot price, gold 35.00%    
Subsequent Event | Kansanshi Gold Stream Acquisition | Minimum | Production Threshold Two      
Subsequent Event [Line Items]      
Asset acquisition, gold delivered, weight | oz 425,001    
Subsequent Event | Kansanshi Gold Stream Acquisition | Maximum | Production Threshold Two      
Subsequent Event [Line Items]      
Asset acquisition, gold delivered, weight | oz 650,000    
Sandstorm Gold Ltd | Forecast      
Subsequent Event [Line Items]      
Business combination, equity interest acquired, percentage     100.00%
Business combination, consideration transferred, equity issued per acquiree share     0.0625
Transaction equity value | $   $ 3,500  
Horizon Copper | Forecast      
Subsequent Event [Line Items]      
Business combination, equity interest acquired, percentage     100.00%
Transaction equity value | $   $ 196  
Business combination, consideration transferred, cash paid per acquiree share (in dollars per share) | $ / shares     $ 2.00