ROYAL GOLD, INC.

Consolidated Statements of Operations and Comprehensive ~~(Loss)~~ Income

(Unaudited, amounts in thousands except share data)

For The Three Months Ended

For The Six Months Ended

December 31,

December 31,

December 31,

December 31,


2017

2016

2017

2016
Revenue

$
114,348

$
106,961

$
226,824

$
224,909

Costs and expenses

Cost of sales

19,863

22,502

40,282

45,163
General and administrative

9,555

7,538

16,455

18,045
Production taxes

602

445

1,145

942
Exploration costs

1,358

2,476

4,561

5,764
Depreciation, depletion and amortization

42,008

39,519

81,701

79,621
Total costs and expenses

73,386

72,480

144,144

149,535

Operating income

40,962

34,481

82,680

75,374

Interest and other income

645

7,488

1,634

9,045
Interest and other expense

(9,034)

(9,823)

(17,651)

(18,128)
Income before income taxes

32,573

32,146

66,663

66,291

Income tax expense

(48,360)

(5,044)

(55,904)

(12,232)
Net (loss) income

(15,787)

27,102

10,759

54,059
Net loss attributable to non-controlling interests

1,022

960

3,105

3,791
Net (loss) income attributable to Royal Gold common stockholders

$
(14,765)

$
28,062

$
13,864

$
57,850

Net (loss) income

$
(15,787)

$
27,102

$
10,759

$
54,059
Adjustments to comprehensive (loss) income, net of tax

Unrealized change in market value of available-for-sale securities

(390)

822

(193)

822
Comprehensive (loss) income

(16,177)

27,924

10,566

54,881
Comprehensive loss attributable to non-controlling interests

1,022

960

3,105

3,791
Comprehensive (loss) income attributable to Royal Gold stockholders

$
(15,155)

$
28,884

$
13,671

$
58,672

Net (loss) income per share available to Royal Gold common stockholders:

Basic (loss) earnings per share

$
(0.23)

$
0.43

$
0.21

$
0.89
Basic weighted average shares outstanding

65,306,766

65,149,518

65,271,131

65,133,102
Diluted (loss) earnings per share

$
(0.23)

$
0.43

$
0.21

$
0.88
Diluted weighted average shares outstanding

65,306,766

65,253,209

65,460,430

65,264,137
Cash dividends declared per common share

$
0.25

$
0.24

$
0.49

$
0.47


	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2023		2022		2023		2022
Revenue (Note 5)	$	144,042	$	146,441	$	314,434	$	308,796

Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)		23,367		23,810		48,387		46,450
General and administrative		9,093		9,312		20,093		18,243
Production taxes		1,274		1,425		3,263		3,646
Depreciation, depletion and amortization		38,412		43,989		84,741		91,976
Total costs and expenses		72,146		78,536		156,484		160,315

Operating income		71,896		67,905		157,950		148,481

Fair value changes in equity securities		(509)		(2,191)		291		(1,577)
Interest and other income		2,650		1,118		4,912		2,093
Interest and other expense		(8,408)		(1,398)		(17,582)		(2,296)
Income before income taxes		65,629		65,434		145,571		146,701

Income tax (expense) benefit		(2,029)		5,911		(17,900)		(9,393)
Net income and comprehensive income		63,600		71,345		127,671		137,308
Net income and comprehensive income attributable to non-controlling interests		(151)		(205)		(347)		(492)
Net income and comprehensive income attributable to Royal Gold common stockholders	$	63,449	$	71,140	$	127,324	$	136,816
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share	$	0.97	$	1.08	$	1.94	$	2.08
Basic weighted average shares outstanding		65,605,391		65,569,190		65,600,213		65,567,621
Diluted earnings per share	$	0.97	$	1.08	$	1.93	$	2.08
Diluted weighted average shares outstanding		65,762,903		65,678,320		65,736,028		65,661,653
Cash dividends declared per common share	$	0.375	$	0.35	$	0.75	$	0.70

The accompanying notes are an integral part of these consolidated financial statements.

ROYAL GOLD, INC.

Consolidated Statements of ~~Cash Flows~~Changes in Stockholders’ Equity

Three months ended June 30, 2023, and 2022

(~~Unaudited,~~unaudited, amounts in ~~thousands)~~thousands except share data)

For The Six Months Ended

December 31,

December 31,


2017

2016
Cash flows from operating activities:

Net income

$
10,759

$
54,059
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization

81,701

79,621
Amortization of debt discount and issuance costs

7,413

6,751
Non-cash employee stock compensation expense

4,395

6,443
Deferred tax expense (benefit)

28,958

(3,211)
Other

(158)

(4,638)
Changes in assets and liabilities:

Royalty receivables

(2,399)

(7,135)
Stream inventory

524

(689)
Income tax receivable

(5,197)

(52)
Prepaid expenses and other assets

(328)

(835)
Accounts payable

(1,658)

(1,832)
Income tax payable

9,445

(12,120)
Foreign withholding taxes payable

26

1,636
Uncertain tax positions

4,560

6,052
Other liabilities

9,193

822
Net cash provided by operating activities

$
147,234

$
124,872

Cash flows from investing activities:

Acquisition of stream and royalty interests

—

(192,818)
Other

(94)

1,774
Net cash used in investing activities

$
(94)

$
(191,044)

Cash flows from financing activities:

Borrowings from revolving credit facility

—

70,000
Repayment of revolving credit facility

(100,000)

—
Net payments from issuance of common stock

(3,541)

(2,320)
Common stock dividends

(31,391)

(30,035)
Purchase of additional royalty interest from non-controlling interest

—

(1,438)
Other

77

(2,680)
Net cash (used in) provided by financing activities

$
(134,855)

$
33,527
Net increase (decrease) in cash and equivalents

12,285

(32,645)
Cash and equivalents at beginning of period

85,847

116,633
Cash and equivalents at end of period

$
98,132

$
83,988


	Royal Gold Stockholders

				Additional
	Common Shares			Paid-In		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Earnings		Interests		Equity
Balance at March 31, 2023	65,599,348	$	656	$	2,215,362	$	566,545	$	12,369	$	2,794,932
Stock-based compensation and related share issuances	10,388		—		2,197		—		—		2,197
Distributions to non-controlling interests	—		—		—		—		(189)		(189)
Net income and comprehensive income	—		—		—		63,449		151		63,600
Dividends declared	—		—		—		(24,647)		—		(24,647)
Balance at June 30, 2023	65,609,736	$	656	$	2,217,559	$	605,347	$	12,331	$	2,835,893

	Royal Gold Stockholders

				Additional
	Common Shares			Paid-In		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Earnings		Interests		Equity
Balance at March 31, 2022	65,568,799	$	656	$	2,208,425	$	424,608	$	12,425	$	2,646,114
Stock-based compensation and related share issuances	888		—		2,384		—		—		2,384
Distributions to non-controlling interests	—		—		—		—		(201)		(201)
Net income and comprehensive income	—		—		—		71,140		205		71,345
Dividends declared	—		—		—		(22,984)		—		(22,984)
Balance at June 30, 2022	65,569,687	$	656	$	2,210,809	$	472,764	$	12,429	$	2,696,658

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

Six months ended June 30, 2023, and 2022

(unaudited, amounts in thousands except share data)


	Royal Gold Stockholders

				Additional
	Common Shares			Paid-In		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Earnings		Interests		Equity
Balance at December 31, 2022	65,592,597	$	656	$	2,213,123	$	527,314	$	12,376	$	2,753,469
Stock-based compensation and related share issuances	17,139		—		4,436		—		—		4,436
Distributions to non-controlling interests	—		—		—		—		(392)		(392)
Net income and comprehensive income	—		—		—		127,324		347		127,671
Dividends declared	—		—		—		(49,291)		—		(49,291)
Balance at June 30, 2023	65,609,736	$	656	$	2,217,559	$	605,347	$	12,331	$	2,835,893

	Royal Gold Stockholders

				Additional
	Common Shares			Paid-In		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Earnings		Interests		Equity
Balance at December 31, 2021	65,564,364	$	656	$	2,206,159	$	381,929	$	12,467	$	2,601,211
Stock-based compensation and related share issuances	5,323		—		4,650		—		—		4,650
Distributions to non-controlling interests	—		—		—		—		(530)		(530)
Net income and comprehensive income	—		—		—		136,816		492		137,308
Dividends declared	—		—		—		(45,981)		—		(45,981)
Balance at June 30, 2022	65,569,687	$	656	$	2,210,809	$	472,764	$	12,429	$	2,696,658

The accompanying notes are an integral part of these consolidated financial statements.

8.9. SEGMENT INFORMATION

~~The Company manages its~~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. ~~Royal Gold’s~~Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following ~~table:~~table (amounts in thousands):


	As of June 30, 2023						As of December 31, 2022
					Total stream						Total stream
	Stream		Royalty		and royalty		Stream		Royalty		and royalty
	interest		interest		interests, net		interest		interest		interests, net
Canada	$	484,602	$	616,920	$	1,101,522	$	511,957	$	620,549	$	1,132,506
Dominican Republic		314,998		—		314,998		320,867		—		320,867
Africa		280,517		321		280,838		299,722		321		300,043
Chile		230,421		224,116		454,537		236,312		224,116		460,428
United States		—		810,487		810,487		—		823,203		823,203
Mexico		—		45,703		45,703		—		50,156		50,156
Australia		—		21,743		21,743		—		22,120		22,120
Rest of world		99,095		26,638		125,733		101,440		26,639		128,079
Total	$	1,409,633	$	1,745,928	$	3,155,561	$	1,470,298	$	1,767,104	$	3,237,402

Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):


	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 interests		38,027		—		1,274		8,945		27,808
Total	$	144,042	$	23,367	$	1,274	$	38,297	$	81,104

	Three Months Ended June 30, 2022
	Revenue		Cost of sales⁽¹⁾		Production taxes		Depletion ⁽²⁾		Segment gross profit
Stream interests	$	104,879	$	23,810	$	—	$	37,790	$	43,279
Royalty interests		41,562		—		1,425		6,075		34,062
Total	$	146,441	$	23,810	$	1,425	$	43,865	$	77,341


	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 interests		93,429		—		3,263		21,408		68,758
Total	$	314,434	$	48,387	$	3,263	$	84,512	$	178,272

	Six Months Ended June 30, 2022
	Revenue		Cost of sales⁽¹⁾		Production taxes		Depletion ⁽²⁾		Segment gross profit
Stream interests	$	210,130	$	46,450	$	—	$	74,169	$	89,511
Royalty interests		98,666		—		3,646		17,561		77,459
Total	$	308,796	$	46,450	$	3,646	$	91,730	$	166,970

As of December 31, 2017

As of June 30, 2017


Stream interest

Royalty interest

Total stream
and royalty
interests, net

Stream interest

Royalty
interest

Total stream
and royalty
interests, net
Canada

$
836,129

$
218,683

$
1,054,812

$
852,035

$
221,618

$
1,073,653
Dominican Republic

517,203

—

517,203

543,256

—

543,256
Chile

336,854

453,369

790,223

348,778

453,369

802,147
Africa

112,029

525

112,554

123,760

572

124,332
Mexico

—

99,769

99,769

—

105,889

105,889
United States

—

166,115

166,115

—

168,378

168,378
Australia

—

35,780

35,780

—

37,409

37,409
Other

12,030

22,130

34,160

12,030

25,162

37,192
Total

$
1,814,245

$
996,371

$
2,810,616

$
1,879,859

$
1,012,397

$
2,892,256

(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.

Table of Contents

~~The Company’s revenue, cost~~ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

A reconciliation of ~~sales and net~~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,		June 30,		June 30,		June 30,
		2023		2022		2023		2022
Total segment gross profit	$	81,104	$	77,341	$	178,272	$	166,970

Costs and expenses
General and administrative expenses		9,093		9,312		20,093		18,243
Depreciation and amortization		115		124		229		246
Operating income		71,896		67,905		157,950		148,481
Fair value changes in equity securities		(509)		(2,191)		291		(1,577)
Interest and other income		2,650		1,118		4,912		2,093
Interest and other expense		(8,408)		(1,398)		(17,582)		(2,296)
Income before income taxes	$	65,629	$	65,434	$	145,571	$	146,701

Our revenue by reportable segment for the three and six months ended ~~December 31, 2017~~June 30, 2023 and ~~2016,~~2022 is geographically distributed as shown in the following ~~table:~~table (amounts in thousands):


	Three Months Ended December 31, 2017						Three Months Ended December 31, 2016
	Revenue		Cost of sales		Net revenue		Revenue		Cost of sales		Net revenue
Streams:

													Three Months Ended				Six Months Ended
													June 30,		June 30,		June 30,		June 30,
													2023		2022		2023		2022
Stream interests:
Canada	$	22,702	$	6,624	$	16,078	$	31,664	$	11,181	$	20,483	$	50,848	$	54,591	$	107,829	$	106,077
Dominican Republic		26,355		8,198		18,157		26,437		8,547		17,890		23,540		19,812		45,899		43,076
Africa														18,763		14,540		36,301		25,375
Chile		21,601		3,297		18,304		10,985		1,746		9,239		7,823		11,721		20,757		27,395
Rest of world														5,041		4,215		10,219		8,207
Total stream interests													$	106,015	$	104,879	$	221,005	$	210,130

Royalty interests:
United States													$	23,265	$	16,845	$	56,845	$	41,202
Mexico														8,155		11,940		17,449		27,821
Australia														5,081		4,040		9,180		8,086
Canada														(97)		5,773		6,495		16,551
Africa		8,629		1,744		6,885		4,921		1,028		3,893		—		114		—		430
Total streams	$	79,287	$	19,863	$	59,424	$	74,007	$	22,502	$	51,505

Royalties:
Mexico	$	10,854	$	—	$	10,854	$	11,530	$	—	$	11,530
United States		12,298		—		12,298		9,407		—		9,407
Canada		5,396		—		5,396		5,682		—		5,682
Australia		3,227		—		3,227		3,230		—		3,230
Africa		585		—		585		764		—		764
Other		2,701		—		2,701		2,341		—		2,341
Total royalties	$	35,061	$	—	$	35,061	$	32,954	$	—	$	32,954
Total streams and royalties	$	114,348	$	19,863	$	94,485	$	106,961	$	22,502	$	84,459
Rest of world														1,623		2,850		3,460		4,576
Total royalty interests													$	38,027	$	41,562	$	93,429	$	98,666
Total revenue													$	144,042	$	146,441	$	314,434	$	308,796

~~Table of Contents~~

~~ROYAL GOLD, INC.~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

Six Months Ended December 31, 2017

Six Months Ended December 31, 2016


Revenue

Cost of sales

Net revenue

Revenue

Cost of sales

Net revenue
Streams:

Canada

$
54,654

$
15,847

$
38,807

$
70,050

$
23,758

$
46,292
Dominican Republic

51,758

15,785

35,973

47,387

14,443

32,944
Chile

33,938

5,109

28,829

31,154

4,744

26,410
Africa

17,699

3,541

14,158

10,920

2,218

8,702
Total streams

$
158,049

$
40,282

$
117,767

$
159,511

$
45,163

$
114,348

Royalties:

Mexico

$
21,751

$
—

$
21,751

$
21,127

$
—

$
21,127
United States

22,727

—

22,727

19,113

—

19,113
Canada

11,488

—

11,488

11,870

—

11,870
Australia

6,548

—

6,548

6,692

—

6,692
Africa

1,047

—

1,047

1,588

—

1,588
Chile

—

—

—

950

—

950
Other

5,214

—

5,214

4,058

—

4,058
Total royalties

$
68,775

$
—

$
68,775

$
65,398

$
—

$
65,398
Total streams and royalties

$
226,824

$
40,282

$
186,542

$
224,909

$
45,163

$
179,746

9.10. FAIR VALUE MEASUREMENTS

~~FASB Accounting Standards Codification (ASC) 820,~~ Fair ~~Value Measurements and Disclosures~~ ~~(“ASC 820”) establishes~~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, ~~that~~which prioritizes the inputs ~~to valuation techniques~~ used ~~to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices~~ in ~~active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the~~measuring fair value ~~hierarchy under ASC 820 are described below:~~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

~~properties are based on a number of factors, including reserves subject to our stream~~Operators’ Estimated and ~~royalty interests, production estimates, feasibility studies, metal price assumptions, mine life, legal status~~Actual Production by Stream and other factors and assumptions, any of which could change and could cause the Company to conclude that one or more of such stream and royalty interests are no longer principal to our business. Currently, our principal producing and development stream and royalty interests are listed alphabetically in the following tables.

~~Please refer to our Fiscal 2017 10-K~~Royalty Interest for ~~further discussion of our principal producing and development stream and royalty interests.~~

Calendar 2023

Principal Producing Properties

Calendar Year 2023 Operator’s Production

Estimate⁽¹⁾

Actual⁽²⁾

Gold

Silver

Base Metals

Gold

Silver

Base Metals

Stream/Royalty

(oz.)

(lbs.)

(oz.)

(lbs.)

Stream:

Andacollo⁽³⁾

22,000 - 27,000

12,100

Mount Milligan⁽⁴⁾

160,000 - 170,000

74,300

Copper

60 - 70 Million

27.1 Million

Pueblo Viejo⁽⁵⁾

470,000 - 520,000

N/A

166,000

N/A

Khoemacau⁽⁶⁾

1.5 - 1.7 Million

0.8 Million

Royalty:

Cortez⁽⁷⁾

940,000 - 1,060,000

407,000

Peñasquito⁽⁸⁾

N/A

123,000

13.8 Million

Lead

N/A

86 Million

Zinc

~~Stream or royalty interests~~N/A

~~Mine~~

~~Location~~

~~Operator~~

~~(Gold unless otherwise stated)~~

~~Andacollo~~

~~Region IV, Chile~~

~~Compañía Minera Teck Carmen de Andacollo (“Teck”)~~

~~Gold stream - 100% of gold produced (until 900,000 ounces delivered; 50% thereafter)~~

~~Cortez~~

~~Nevada, USA~~

~~Barrick Gold Corporation ("Barrick")~~

~~GSR1: 0.40% to 5.0% sliding-scale GSR~~

~~GSR2: 0.40% to 5.0% sliding-scale GSR~~

~~GSR3: 0.71% GSR~~

~~NVR1: 4.91% NVR; 4.52% NVR (Crossroads)~~

~~Mount Milligan~~

~~British Columbia, Canada~~

~~Centerra Gold Inc. ("Centerra")~~

~~Gold stream - 35.00% of payable gold~~

~~Copper stream - 18.75% of payable copper~~

~~Peñasquito~~

~~Zacatecas, Mexico~~

~~Goldcorp Inc. (“Goldcorp”)~~

~~2.0% NSR (gold, silver, lead, zinc)~~

~~Pueblo Viejo~~

~~Sanchez Ramirez, Dominican Republic~~

~~Barrick (60%)~~

~~Gold stream - 7.5% of gold produced (until 990,000 ounces delivered; 3.75% thereafter)~~

~~Silver stream - 75% of silver produced (until 50.0 million ounces delivered; 37.5% thereafter)~~

~~Rainy River(1)~~

~~Ontario, Canada~~

~~New Gold, Inc. (“New Gold”)~~

~~Gold stream - 6.5% of gold produced (until 230,000 ounces delivered; 3.25% thereafter)~~

~~Silver stream - 60% of silver produced (until 3.1 million ounces delivered; 30% thereafter)~~

~~Wassa and Prestea(2)~~

~~Western Region of Ghana~~

~~Golden Star Resources Ltd. (“Golden Star”)~~

~~Gold stream - 9.25% of gold produced~~180 Million

(1)

⁽¹⁾

New Gold announced commercial production at Rainy River in October 2017. The Company reclassified the Rainy River stream interest to production stage from development stage during the three months ended December 31, 2017.

⁽²⁾

~~Gold stream percentage increased to 10.5% effective January 1, 2018.~~

~~Principal Development Stage Properties~~

~~Operators’ Production Estimates by Stream and Royalty Interest for Calendar 2017~~

We received annual production estimates from many of the operators of our producing mines during the first calendar quarter of 2017. The following table shows such production estimates for our principal producing properties for calendar 2017 as well as the actual production reported to us by the various operators through December 31, 2017. The estimates and production reports are prepared by the operators of the mining properties. We do not participate in the preparation or

~~Table of Contents~~

calculation of the operators’ estimates or production reports and have not independently assessed or verified, and disclaim all responsibility for, the accuracy of such information. Please refer to “Property Developments” below within this MD&A for further discussion on our principal producing and development stage properties.

~~Operators’ Estimated and Actual Production by Stream and Royalty Interest for Calendar 2017~~

~~Principal Producing Properties~~

Calendar 2017 Operator’s Production Estimate

Calendar 2017 Operator’s Production

Estimate(1)

Actual(2)

Gold

Silver

Base Metals

Gold

Silver

Base Metals
Stream/Royalty

(oz.)

(oz.)

(lbs.)

(oz.)

(oz.)

(lbs.)
Stream:

Andacollo(3)

61,600





54,500




Mount Milligan(4)

235,000 - 255,000

55 - 65 million

164,000

41.3 million
Pueblo Viejo(5)

635,000 - 650,000

Not provided

468,000

Not provided

Wassa and Prestea

255,000 - 280,000

267,600

Royalty:

Cortez GSR1

102,200

81,800

Cortez GSR2

1,600

1,000

Cortez GSR3

103,800

82,800

Cortez NVR1

63,900

43,800

Peñasquito(6)

410,000

Not provided

393,000

16.0 million

Lead





125 million

96.8 million
Zinc





325 million

263.2 million

⁽¹⁾

Production estimates received from our operators are for calendar ~~2017. Please refer to our cautionary statement regarding third party information at the beginning of this MD&A.~~2023. There can be no assurance that production estimates received from ~~our~~the operators will be achieved. ~~Please also refer~~Our stream interests can be affected by several factors that make it difficult to calculate our revenue for a period from the operator’s actual or estimated production for that same period. These factors include the timing of the operator’s concentrate shipments, the delivery of metal to us and the subsequent sale of the delivered metal. These factors do not typically affect our stream interests on operations that produce doré or our royalty interests. Refer to our cautionary language regarding forward-looking statements ~~following this MD&A,~~included herein, as well as the Risk Factors identified in Part I, Item 1A, of our ~~Fiscal 2017~~2022 10-K for information regarding factors that could affect actual results.

(2)

⁽²⁾

Actual production figures shown are from ~~our~~the operators and cover the period from January 1, ~~2017~~2023, through ~~December 31, 2017,~~June 30, 2023, unless otherwise ~~noted.~~

noted in footnotes to this table. Such amounts may differ from our reported revenue and production and are not reduced to show the production attributable to our interests.

(3)

⁽³⁾

The estimated and actual production figures shown for Andacollo are contained gold in concentrate.

Deliveries to us are determined using a fixed gold payability factor of 89%.

(4)

⁽⁴⁾

The estimated and actual production figures shown for Mount Milligan are payable gold and copper in concentrate. ~~Actual production shown is for the nine months ended September 30, 2017. Full calendar year 2017 information was not available from the operator as of the date of this report.~~

(5)

⁽⁵⁾

The estimated and actual production figures shown for Pueblo Viejo are payable gold in doré and represent ~~Barrick’s~~the 60% interest in Pueblo ~~Viejo. The operator~~Viejo held by Barrick Gold Corporation (“Barrick”). Barrick did not provide estimated or actual silver production. ~~Actual~~

(6)	The estimated and actual production ~~shown is~~figures for Khoemacau are payable silver in concentrate. Deliveries to us are determined using a fixed silver payability factor of 90%.

(7)

The estimated and actual production figures for Cortez include the entirety of the Cortez Complex. Barrick reports total production from the Cortez Complex and does not report production separately for the ~~nine months ended September 30, 2017. Full calendar year 2017 information was not available from~~Legacy Zone and CC Zone. Production estimates for the ~~operator as~~Legacy Zone are provided to us by Barrick and production estimates for 100% of the ~~date of this report.~~

Cortez Complex are publicly disclosed by Barrick.

(8)

⁽⁶⁾

The estimated and actual gold and silver production figures shown for Peñasquito are payable gold and silver in concentrate and doré. The estimated and actual lead and zinc production figures shown are payable lead and zinc in concentrate. ~~The operator did not provide estimated silver production.~~ Actual ~~production shown is~~figures are for the ~~nine months ended September~~period January 1, 2023 through June 30, ~~2017. Full calendar year 2017 information was~~2023. Estimated production figures are not available ~~from the operator~~ as ~~of the date of this report.~~

2023 production guidance was withdrawn by Newmont Corporation (“Newmont”) on July 20, 2023.

Property Developments

~~The following property development information is provided~~This section provides recent updates for our principal properties as reported by the operators, ~~of the property,~~ either directly to ~~Royal Gold~~us or in ~~various documents made~~their publicly ~~available.~~available documents.

~~Table of Contents~~

Stream Interests

Andacollo

Gold stream deliveries from Andacollo were approximately ~~13,500~~3,700 ounces ~~of gold~~ for the three months ended ~~December 31, 2017,~~June 30, 2023, compared to approximately ~~9,200~~9,900 ounces ~~of gold~~ for the three months ended ~~December 31, 2016.~~June 30, 2022. The ~~production variability between quarters is typical for~~decrease in deliveries resulted

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primarily from Andacollo ~~resulting from concentrate shipment timing.~~

~~Teck indicated that they expect~~experiencing lower gold grades ~~to continue to gradually decline, which they expect to be offset largely by planned throughput improvements~~and lower gold recoveries, in line with the expected downward trend of gold grades, as well as differences in the ~~mill. The~~timing of shipments and settlements during the periods.

Gold production at Andacollo has trended lower since the beginning of 2021 due to lower ore grades, as anticipated in the mine plan. According to Teck Resources Limited (“Teck”), the period of lower grades is expected to last through 2023, and the mine plan then anticipates a transition to higher grade ore as the next phase of mining is developed over the following years. Teck has reported that the current life of mine for ~~Carmen de~~ Andacollo is expected to continue until ~~2034. Additional permitting~~2035 and that additional permits or permit amendments ~~to existing permits~~ will be required to execute the life of mine plan.

Khoemacau Project

Silver stream deliveries from Khoemacau were approximately 398,700 ounces for the three months ended June 30, 2023, compared to approximately 246,800 ounces for the three months ended June 30, 2022. Increased stream deliveries resulted from operations running at full capacity in the current period compared to the prior year period. Deliveries in the prior year period were lower due to the ramp-up of mining and processing operations throughout 2022 after completion of project construction in 2021.

According to Khoemacau Copper Mining (Pty.) Limited (“KCM”), operations at Khoemacau continued at nameplate capacity through the quarter ended June 30, 2023, after the target production rate of 3.7 million tonnes per year (10,000 tonnes per day) was achieved in December 2022. As projected in the mine plan, KCM expects payable silver production in 2023 to range between 1.5 to 1.7 million ounces, which is slightly below the life of mine average due to lower silver grades in the upper portion of the Zone 5 deposit and the top-down mining sequence.

Mount Milligan

Gold stream deliveries from Mount Milligan were approximately ~~17,600~~17,300 ounces ~~of gold~~ for the three months ended ~~December 31, 2017,~~June 30, 2023, compared to approximately ~~23,500~~23,800 ounces ~~of gold~~ for the three months ended ~~December 31, 2016. The decrease during the current quarter is primarily attributable to the reduced stream rate of 35% versus 52.5% in the prior year quarter.~~

June 30, 2022. Copper stream deliveries from Mount Milligan were approximately ~~1,245 tonnes~~2.5 million pounds during the three months ended ~~December 31, 2017. Copper~~June 30, 2023, compared to approximately 4.0 million pounds during the three months ended June 30, 2022. Gold and copper stream deliveries ~~began~~for the three months ended June 30, 2023, relate to mine production during the ~~June 2017 quarter.~~approximate period November 2022 to January 2023. During this period Centerra Gold Inc. (“Centerra”) reported negative variances to copper head grade, gold head grade and recovery, as compared to the previous year period.

On ~~December 27, 2017,~~July 31, 2023, Centerra reported that ~~mill processing operations~~gold and copper production for the three months ended June 30, 2023, was impacted by lower grades and recoveries due to mine sequencing, although process plant throughput for the period averaged 61,482 tonnes per day and record tonnes were processed in the months of May and June. Centerra also reported that Mount Milligan remains on track to access higher-grade copper and gold ore from phase 7 and phase 9 in the second half of the year.

Centerra continues to expect that full year 2023 production at Mount Milligan ~~were temporarily suspended due~~will be back-end weighted, with gold production at the low end of the guidance range of 160,000 to ~~lack~~170,000 ounces, and copper production tracking towards the mid-point of ~~sufficient water resources, as a result~~the guidance range of ~~Mount Milligan experiencing a drier than normal spring and summer in calendar 2017, with lower than average spring snow melt. On February 5, 2018,~~60 to 70 million pounds. Centerra reported that it recommenced mill processing operations at partial capacity. During the temporary shutdown, Centerra completed a number of steps to increase the flow of water into the tailings storage facility (“TSF”) from which the Mount Milligan mill draws all of its water requirements to supply milling operations. Such steps included adding pumps to existing water wells, increasing pump sizes to increase the flow rate, and drilling additional wells. Current make-up water sources for the TSF are from normal surface run-off, groundwater wells internal to the TSF, and from base underdrain towers that access process water underlying the TSF.

~~Centerra~~also expects to ~~resume milling operations at full capacity~~make four concentrate shipments in ~~April 2018, when additional fresh water becomes available from surface run-off after~~ the ~~spring melt. As a further, longer-term mitigation measure, Centerra received an amendment to Mount Milligan’s Environmental Assessment to allow pumping of water from a nearby lake (Phillip Lake)~~third quarter and ~~has received additional related permits.~~

~~Due to~~another four shipments in the fourth quarter, although the timing of shipments ~~and deliveries of gold and copper, the impact of the temporary shutdown is likely to~~may be ~~reflected in Royal Gold’s mid-calendar 2018 results, as some of the deliveries of gold and copper that were expected~~affected by logistical delays resulting from labor disruptions in the ~~June through August 2018 period will be deferred to a later date.~~ Port of Vancouver.

Pueblo Viejo

Gold stream deliveries from Pueblo Viejo were approximately ~~12,600~~6,800 ounces for the three months ended June 30, 2023, compared to approximately 8,600 ounces for the three months ended June 30, 2022. Decreased deliveries resulted from processing lower grade gold stockpile material.

Silver stream deliveries were approximately 150,700 ounces for the three months ended June 30, 2023, compared to approximately 307,100 ounces for the three months ended June 30, 2022. Decreased silver deliveries resulted from lower silver recovery during the current period, and an additional 89,300 ounces of silver deliveries were deferred. The deferred ounces are the result of a mechanism in the stream agreement that allows for the deferral of deliveries in a period if Barrick’s share of silver production is insufficient to cover its stream delivery obligations. The stream agreement terms include a fixed 70% silver recovery rate. If actual recovery rates fall below the contractual 70% recovery rate, ounces may

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be deferred with deferred ounces to be delivered in future periods as silver recovery allows. As of June 30, 2023, approximately 607,700 ounces remain deferred. We expect that silver recoveries could remain highly variable until the plant expansion project is complete and is running at full production levels. We do not expect material deliveries of deferred silver ounces while the plant ramps up to full production levels during 2023, and timing for the delivery of the entire deferred amount is uncertain.

On May 3 and May 10, 2023, Barrick provided updates on the plant expansion and mine life extension project at Pueblo Viejo. With respect to the plant expansion, Barrick reported that construction was 93% complete as of March 31, 2023, and commissioning and operations handover of new equipment was underway. With respect to the mine life extension, Barrick further disclosed on July 27, 2023, that the engineering design for the El Naranjo tailings storage facility (“TSF”) project continues to advance and that the environmental license for the new TSF was recently received. Barrick has also reported that geotechnical drilling and site investigation are ongoing to support a feasibility study on the TSF, which is due for completion in the second quarter of 2024.

Royalty Interests

Cortez

Production attributable to our royalty interest at the Cortez Complex was approximately 179,900 ounces of gold for the three months ended ~~December 31, 2017,~~June 30, 2023, compared to approximately ~~15,600~~52,000 ounces of gold for the three months ended ~~December 31, 2016. Barrick reported Pueblo Viejo experienced lower ore grades processed during the 2017 calendar year, partially offset by higher recovery rates during the prior calendar year.~~

Silver stream deliveries were approximately 260,200 ounces of silver for the three months ended December 31, 2017, compared to approximately 322,500 ounces of silver for the three months ended December 31, 2016.June 30, 2022. The ~~decrease in deliveries during the three months ended December 31, 2017~~increase was primarily due to the ~~timing~~addition of ~~payments from Barrick’s third-party refiners.~~ new royalties in 2022 that increased royalty coverage over producing areas within the Cortez Complex.

~~Rainy River~~

On October 19, 2017, New Gold announced that the Rainy River mine achieved commercial production, approximately two weeks ahead of schedule. Mining and milling activities at Rainy River continued to progress well during the December

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~~2017 quarter. The milling rate for the month of December averaged 21,000 tonnes per day, which is the nameplate capacity for the facility.~~

RGLD Gold AG (“RGLD Gold”) began receiving gold and silver deliveries during the quarter ended December 31, 2017. Stream deliveries from Rainy River were approximately 1,000 ounces of gold and approximately 11,900 ounces of silver for the three months ended December 31, 2017.

New Gold’s focus for calendar 2018 will be on optimizing throughput at the mill, as well as advancing initiatives to potentially increase production. In calendar 2018, New Gold expects to produce between 310,000 and 350,000 ounces of gold at Rainy River.~~New Gold estimates that approximately 21,500 ounces of gold and 185,000 ounces of silver will be delivered to RGLD Gold in calendar 2018.~~

~~Wassa and Prestea~~

Gold stream deliveries from Wassa and Prestea were approximately 6,000 ounces of gold for the three months ended December 31, 2017, compared to approximately 4,300 ounces of gold for the three months ended December 31, 2016.

Golden Star expects Wassa to become an underground-only operation by the end of January 2018, although 341,000 tonnes of lower grade, stockpiled ore will continue to be fed to the processing plant during the first nine months of calendar 2018.

Golden Star stated that mining rates at Wassa underground continued to be strong in the December 2017 quarter at approximately 1,900 tonnes per day, which represents a 36% outperformance compared to the planned mining rate for calendar 2017 of 1,400 tonnes per day and head grade delivered to the processing plant increased by 55% in the fourth quarter of calendar 2017 when compared to the third quarter of calendar 2017. The targeted mining rate for Wassa Underground in calendar 2018 is 2,700-3,000 tonnes per day.

The Prestea open pits were expected to complete gold production at the end of calendar 2017 but Golden Star now anticipates that mining will continue until late in the March 2018 quarter and stockpiled ore will continue to be processed until the end of the first half of calendar 2018.

~~Golden Star~~May 3, 2023, Barrick reported that the ~~Prestea underground~~Record of Decision (“ROD”) on the Goldrush project, which is located within the CC Zone, is expected in the second half of 2023. Barrick also reported that mine development and test stoping in the Redhill zone is continuing and a minor permit modification has been ~~delivering a consistent quantity~~approved that will allow underground development to continue until the ROD on the Goldrush Plan of ~~material~~Operations is received. According to Barrick, the extension to the ~~processing plant throughout December 2017 and early January 2018. From mid-January 2018, the grade~~permitting timeline is not expected to ~~increase significantly as~~have a significant impact on the ~~final draw down of~~2023 outlook and the ~~first stope begins. Golden Star forecasts that ore production will continue to ramp-up.~~ potential impact, if any, on the outlook from 2024 onwards is currently being reviewed.

Under our stream agreement, the gold stream percentage at Wassa and Prestea increased to 10.5%, from 9.25%, effective January 1, 2018. Golden Star expects consolidated calendar 2018 gold production to range between 230,000 and 255,000 ounces.

Peñasquito

~~Royalty Interests~~

~~Cortez~~

Production attributable to our royalty interest at ~~Cortez increased~~Peñasquito was approximately 72% over the prior year quarter. Waste stripping at Crossroads, which is subject to our NVR1 (Crossroads) and GSR2 royalty interests, restarted in October 2016 and is currently ongoing. Barrick expects production from Crossroads to begin in late calendar 2018.

~~Pascua-Lama~~

On January 18, 2018 Barrick reported that it is analyzing a revised sanction related to the Pascua-Lama project issued by Chile’s Superintendencia del Medio Ambiente (“SMA”) on January 17, 2018. The sanction is part of a re-evaluation process ordered by Chile’s Environmental Court in 2014 and relates to historical compliance matters at the Pascua-Lama project. According to Barrick, the SMA has not revoked Pascua-Lama’s environmental permit, but has ordered the closure of existing facilities on the Chilean side of the project, in addition to certain monitoring activities.

Barrick also reported that closure of existing surface facilities in Chile is consistent with its plan to advance a prefeasibility study for underground mining operations at Pascua-Lama, which would address a number of community concerns by

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~~reducing the overall environmental impact of the project. Barrick reported that it is currently undertaking a number of optimization studies in order to complete the prefeasibility study.~~

On February 6, 2018, in light of the SMA order to close surface facilities in Chile, and current plans to evaluate an underground mine, Barrick announced it is reclassifying Pascua-Lama’s proven and probable gold reserves of approximately 14 million ounces, which are based on an open pit mine plan, as mineralized material.~~Barrick reported that it will include further details in its year-end results release on February 14, 2018 and an update on the Pascua-Lama project at its February 22, 2018 Investor Day.~~

The Company owns a 0.78% to 5.45% sliding-scale net smelter return (“NSR”) gold royalty and a 1.09% NSR copper royalty on the Pascua-Lama project. Our royalty interests are applicable to all gold and copper production from the portion of the Pascua-Lama project lying on the Chilean side of the border. The Company’s carrying value for its royalty interests at Pascua-Lama is approximately $416.8 million as of December 31, 2017.

The Company routinely assesses whether impairment indicators are present for its long-lived assets. A significant reduction in reserves or mineralized material is an indicator of potential impairment. As part of our fiscal 2018 third quarter procedures, we will be evaluating Barrick’s reserves reclassification to assess the recoverability of our carrying value at Pascua-Lama. The Company will also consider further updates from Barrick, including those expected on February 14 and February 22, 2018, as part of our recoverability analysis. Upon completion of our process, the Company may determine an impairment is necessary.

~~Peñasquito~~

Gold production attributable to our royalty interest at Peñasquito decreased approximately 62%, when compared to the prior year quarter, as a higher proportion of lower grade ore and stockpiled material fed the mill during the current quarter. Zinc production increased approximately 34% during the current quarter, while silver and lead production were in line with the prior year quarter.

Goldcorp expects calendar 2018 gold production at Peñasquito to be 310,000 ounces, which is lower compared to calendar 2017 (410,000 ounces), due to the continued processing of low-grade stockpiles. Goldcorp anticipates the feed will then revert to higher grade ore in calendar 2019 when the Phase 6D stripping program exposes higher-grade ore in the Peñasco pit.

On January 17, 2018, Goldcorp stated that the Pyrite Leach Project (“PLP”) was 62% complete and is expected to achieve commercial production in the December 2018 quarter, ahead of schedule. Goldcorp expects the PLP to add production of approximately one million48,100 ounces of gold, ~~and 44~~6.0 million ounces of silver, ~~over~~35.6 million pounds of lead and 89.7 million pounds of zinc for the three months ended June 30, 2023. This compares to approximately 130,600 ounces of gold, 8.1 million ounces of silver, 35.0 million pounds of lead and 84.9 million pounds of zinc for the three months ended June 30, 2022. Newmont reported that production was lower in the current ~~life~~period due to a labor strike, and gold production was further impacted by lower mill recovery and ore grade mined.

On June 8, 2023, Newmont reported that operations at Peñasquito were suspended on June 7, 2023, following a strike action by the National Union of Mine and Metal Workers of the ~~mine.~~Mexican Republic. The suspension remains in effect as of the filing of this report and on July 20, 2023, Newmont announced the withdrawal of its full-year 2023 guidance for Peñasquito. Newmont further stated that it cannot estimate when the strike will be resolved, and it will reassess Peñasquito’s full year 2023 guidance once a resolution has been reached.

Results of Operations

Quarter Ended ~~December 31, 2017,~~June 30, 2023, Compared to Quarter Ended ~~December 31, 2016~~June 30, 2022

For the quarter ended ~~December 31, 2017,~~June 30, 2023, we recorded net ~~loss~~income and comprehensive income attributable to Royal Gold stockholders (“net income”) of ~~$14.8~~$63.4 million, or ~~($0.23)~~$0.97 per basic and diluted share, as compared to net income ~~attributable to Royal Gold stockholders~~ of ~~$28.1~~$71.1 million, or ~~$0.43~~$1.08 per basic and diluted share, for the quarter ended ~~December 31, 2016.~~June 30, 2022. The decrease in ~~our earnings per share~~net income was primarily attributable to ~~an increase in our~~higher debt-related interest expense and income tax expense, ~~due to the impacts of the Act and a non-cash functional currency election at certain of our Canadian subsidiaries. The decrease in our earnings per share for the quarter~~ as ~~result of the increased income tax expense was partially offset by an increase in our revenue, which is~~ discussed below. The effects of the Act and the non-cash functional currency election for income tax purposes was additional income tax expense of approximately $26.4 million and $15.9 million, respectively, or $0.40 and $0.24 per basic share, respectively. Refer to “Recent Business Developments” above and Note 7 of our notes to consolidated financial statements for further discussion on the Act.

For the quarter ended ~~December 31, 2017,~~June 30, 2023, we recognized total revenue of ~~$114.4~~$144.0 million, ~~which is~~ comprised of stream revenue of ~~$79.3~~$106.0 million and royalty revenue of ~~$35.1~~$38.0 million at an average gold price of ~~$1,275~~$1,976 per ounce, an average silver price of ~~$16.73~~$24.13 per ounce and an average copper price of ~~$3.09~~$3.84 per pound. This is compared to total revenue of ~~$107.0~~$146.4 million for the three months ended ~~December 31, 2016, which was~~June 30, 2022, comprised of stream revenue of ~~$74.0~~$104.9 million and royalty revenue of ~~$33.0~~$41.6 million,

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at an average gold price of ~~$1,222~~$1,871 per ounce, an average silver price of ~~$17.19~~$22.60 per ounce and an average copper price of ~~$2.39~~$4.31 per ~~pound for the quarter ended December 31, 2016.~~pound. Revenue and the

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corresponding production attributable to our stream and royalty interests for the quarter ended ~~December 31, 2017~~June 30, 2023, compared to the quarter ended ~~December 31, 2016~~June 30, 2022, are as follows:

Revenue and Reported Production Subject to Our Stream and Royalty Interests

~~Quarter Ended December 31, 2017 and 2016~~

(InAmounts in thousands, except reported production ~~ozs.~~oz. and lbs.)


		Three Months Ended				Three Months Ended
		June 30, 2023				June 30, 2022
				Reported				Reported
Stream/Royalty	Metal(s)	Revenue		Production⁽¹⁾		Revenue		Production⁽¹⁾
Stream⁽²⁾:
Mount Milligan		$	41,208			$	45,627
	Gold			17,500	oz.			15,500	oz.
	Copper			1.7	Mlbs.			4.0	Mlbs.
Pueblo Viejo		$	23,540			$	19,812
	Gold			7,400	oz.			7,100	oz.
	Silver			362,200	oz.			274,500	oz.
Khoemacau	Silver	$	8,881	373,000	oz.	$	5,202	221,800	oz.
Andacollo	Gold	$	7,823	4,000	oz.	$	11,721	6,300	oz.
Other⁽³⁾		$	24,563			$	22,517
	Gold			11,600	oz.			11,300	oz.
	Silver			65,700	oz.			53,700	oz.
Total stream revenue		$	106,015			$	104,879
			.
Royalty⁽²⁾:
Cortez Legacy Zone	Gold	$	14,305	68,100	oz.	$	8,138	52,000	oz.
Cortez CC Zone	Gold	$	3,520	111,500	oz.		N/A
Peñasquito		$	6,105			$	9,664
	Gold			48,100	oz.			130,600	oz.
	Silver			6.0	Moz.			8.1	Moz.
	Lead			35.6	Mlbs.			35.0	Mlbs.
	Zinc			89.7	Mlbs.			84.9	Mlbs.
Other⁽³⁾	Various	$	14,097	N/A		$	23,760	N/A
Total royalty revenue		$	38,027			$	41,562
Total Revenue		$	144,042			$	146,441

Three Months Ended

Three Months Ended

December 31, 2017

December 31, 2016

Reported

Reported
Stream/Royalty

Metal(s)

Revenue

Production(1)

Revenue

Production(1)
Stream(2):

Pueblo Viejo

$
26,355

$
26,437

Gold

14,500
oz.

13,700
oz.

Silver

469,600
oz.

543,300
oz.
Mount Milligan

Gold

$
21,632

12,600
oz.

$
31,664

25,700
oz.

Copper

1.8
Mlbs.

N/A

Andacollo

Gold

$
21,601

17,000
oz.

$
10,985

9,200
oz.
Wassa and Prestea

Gold

$
8,629

6,800
oz.

$
4,921

4,000
oz.
Rainy River

Gold

$
1,070

800
oz.

$
N/A

N/A

Total stream revenue

$
79,287

$
74,007

Royalty(2):

Peñasquito

$
6,190

$
7,134

Gold

71,100
oz.

185,400
oz.

Silver

5.1
Moz.

5.0
Moz.

Lead

33.4
Mlbs.

33.6
Mlbs.

Zinc

94.4
Mlbs.

70.5
Mlbs.
Cortez

Gold

$
2,934

25,000
oz.

$
1,834

14,500
oz.
Other(3)

Various

$
25,937

N/A

$
23,986

N/A

Total royalty revenue

$
35,061

$
32,954

Total Revenue

$
114,348

$
106,961

(1)

⁽¹⁾

Reported production relates to the amount of stream metal sales ~~subject~~and the metal sales attributable to our ~~stream and~~ royalty interests for the three months ended ~~December 31, 2017~~June 30, 2023, and ~~2016,~~2022, and may differ from the operators’ public ~~reporting.~~

reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal. Refer to Note 5 to the notes to consolidated financial statements.

(2)

⁽²⁾

Refer to “Property Developments” above for ~~further~~a discussion onof recent developments at principal properties.

(3)	Individually, except for our ~~principal~~ stream interest at Rainy River, which contributed 7% of total revenue for the three months ended June 30, 2023, and ~~royalty interests.~~

⁽³⁾

~~Individually,~~6% for the three months ended June 30, 2022, no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for either period.

The ~~increase~~decrease in our total revenue ~~for the three months ended December 31, 2017, compared with the three months ended December 31, 2016,~~ resulted primarily from ~~an increase in our stream revenue~~lower gold sales at Andacollo, lower copper sales at Mount Milligan and ~~an increase in the average~~lower gold and silver ~~and copper prices. The increase in our stream revenue was primarily~~production attributable to ~~increased~~our interest at Peñasquito. The decrease was offset by higher gold production attributable to our interest at ~~Andacollo~~Cortez as a result of the newly acquired royalties and ~~Wassa~~higher gold and Prestea, and new gold production from our Rainy River stream, partially offset by a production (gold) decrease at Mount Milligan. Silver deliveries from Rainy River began during our December 2017 quarter with silver ~~sales anticipated~~prices when compared to ~~begin in~~ the ~~March 2018 quarter. Copper deliveries from Mount Milligan began during our June 2017 quarter.~~ prior year period.

Table of Contents

Gold and silver ounces and ~~tonnes of~~ copper pounds purchased and sold during the three months ended ~~December 31, 2017~~June 30, 2023 and ~~2016,~~2022, and gold and silver ounces and ~~tonnes of~~ copper pounds in inventory as of June 30, 2023, and December 31, ~~2017, and June 30, 2017,~~2022, for our streaming interests were as follows:


	Three Months Ended		Three Months Ended		As of	As of
	December 31, 2017		December 31, 2016		December 31, 2017	June 30, 2017

							Three Months Ended		Three Months Ended		As of	As of
							June 30, 2023		June 30, 2022		June 30, 2023	December 31, 2022
Gold Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Mount Milligan	17,700	12,700	23,500	25,700	5,200	100	17,300	17,500	23,800	15,500	3,800	5,200
Pueblo Viejo							6,800	7,400	8,600	7,100	6,800	7,900
Andacollo	13,500	17,000	9,200	9,200	—	100	3,700	4,000	9,900	6,300	1,800	3,800
Other							11,200	11,600	10,400	11,300	4,700	4,100
Total							39,000	40,500	52,700	40,200	17,100	21,000

							Three Months Ended		Three Months Ended		As of	As of
							June 30, 2023		June 30, 2022		June 30, 2023	December 31, 2022
Silver Stream							Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Khoemacau							398,700	373,000	247,000	221,800	155,100	105,900
Pueblo Viejo	12,600	14,500	15,600	13,700	8,500	12,900	150,700	362,200	307,000	274,500	150,700	337,800
Wassa and Prestea	6,000	6,800	4,300	4,000	500	1,000
Rainy River	1,000	800	—	—	200	—
Other							70,600	65,700	55,200	53,700	25,500	17,500
Total	50,800	51,800	52,600	52,600	14,400	14,100	620,000	800,900	609,200	550,000	331,300	461,200

	Three Months Ended		Three Months Ended		As of	As of
	December 31, 2017		December 31, 2016		December 31, 2017	June 30, 2017
Silver Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Pueblo Viejo	260,200	469,600	322,500	543,300	260,800	536,800
Rainy River	11,900	—	—	—	11,900	—
Total	272,100	469,600	322,500	543,300	272,700	536,800

	Three Months Ended		Three Months Ended		As of	As of
	December 31, 2017		December 31, 2016		December 31, 2017	June 30, 2017

							Three Months Ended		Three Months Ended		As of	As of
							June 30, 2023		June 30, 2022		June 30, 2023	December 31, 2022
Copper Stream	Purchases (tonnes)	Sales (tonnes)	Purchases (tonnes)	Sales (tonnes)	Inventory (tonnes)	Inventory (tonnes)	Purchases (Mlbs.)	Sales (Mlbs.)	Purchases (Mlbs.)	Sales (Mlbs.)	Inventory (Mlbs.)	Inventory (Mlbs.)
Mount Milligan	1,245	819	N/A	N/A	426	—	2.5	1.7	4.0	4.0	0.8	0.9

Our royalty revenue increased during the quarter ended December 31, 2017, compared with the quarter ended December 31, 2016, primarily due to an increase in the average gold, silver and copper prices. Please refer to “Property Developments” earlier within this MD&A for further discussion on recent developments regarding properties covered by certain of our stream and royalty interests.

Cost of sales, which excludes depreciation, depletion and amortization, decreased to ~~$19.9~~$23.4 million for the three months ended ~~December 31, 2017~~June 30, 2023, from ~~$22.5~~$23.8 million for the three months ended ~~December 31, 2016.~~June 30, 2022. The decrease, when compared to the prior year quarter, was primarily due to ~~decreased~~a decrease in copper sales at Mount Milligan and lower gold sales ~~from Mount Milligan.~~at Andacollo, offset by higher silver sales at Khoemacau. Cost of sales is specific to our stream agreements and is the result of ~~RGLD Gold’s~~our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper (Mount Milligan) spot price near the date of metal delivery.

General and administrative ~~expenses increased~~costs decreased to ~~$9.6~~$9.1 million for the three months ended ~~December 31, 2017~~June 30, 2023, from ~~$7.5~~$9.3 million for the three months ended ~~December 31, 2016.~~June 30, 2022. The ~~increase during the current quarter~~decrease was primarily due to ~~an increase in legal~~lower consulting costs and ~~litigation costs of approximately $1.7 million.~~ lower non-cash stock compensation expense during the current period.

Depreciation, depletion and amortization ~~increased~~decreased to ~~$42.0~~$38.4 million for the three months ended ~~December 31, 2017~~June 30, 2023, from ~~$39.5~~$44.0 million for the three months ended ~~December 31, 2016.~~June 30, 2022. The ~~increase~~decrease was primarily ~~attributable~~due to ~~increased gold sales~~lower depletion rates at ~~Andacollo~~Mount Milligan and ~~Wassa~~Pueblo Viejo as a result of proven and ~~Prestea, which resulted in additional depletion of approximately $6.6 million. This increase~~probable mineral reserve increases when compared to the prior year quarter. The decrease was partially offset by ~~a decrease in gold sales~~higher depletion expense at ~~Mount Milligan, which resulted in~~ Khoemaca ~~decrease in~~u due to the ramp-up of production and additional depletion ~~of approximately $3.2 million.~~expense from the newly acquired royalties at Cortez when compared to the prior year quarter.

Interest and other ~~income decreased~~expense increased to ~~$0.6~~$8.4 million for the three months ended ~~December 31, 2017,~~June 30, 2023, from ~~$7.5~~$1.4 million for the three months ended ~~December 31, 2016.~~June 30, 2022. The ~~decrease~~increase was primarily due to higher interest expense as a ~~gain recognized ($3.4 million) on consideration received as part~~result of ~~the termination of~~higher average amounts outstanding under our ~~Phoenix Gold Project streaming interest during~~revolving credit facility compared to the prior ~~period. Refer~~year quarter. We had $400 million outstanding under our revolving credit facility as of June 30, 2023, compared to zero outstanding as of June 30, 2022. The current all-in borrowing rate under our ~~Fiscal 2017 10-K for discussion on the Phoenix Gold Project restructuring. The decrease in interest and other income~~revolving credit facility was ~~also due to consideration received~~6.7% as ~~part~~ of ~~a legal settlement and termination of a non-principal royalty of approximately $2.8 million during the prior period.~~June 30, 2023.

~~During~~For the three months ended ~~December 31, 2017,~~June 30, 2023, we ~~recognized income tax expense totaling $48.4 million compared with an~~recorded income tax expense of ~~$5.0~~$2.0 million, ~~during~~compared with income tax benefit of $5.9 million for the three months ended ~~December 31, 2016. This~~June 30, 2022. The income tax expense resulted in an effective tax rate of ~~148.5%~~3.1% in the current period, compared with ~~15.7% in the quarter ended December 31, 2016. The increase in the effective tax rate~~(9.0%) for the three months ended ~~December 31, 2017 is primarily~~June 30, 2022. The three months ended June 30, 2023 and 2022, both included discrete tax benefits attributable to the ~~effects~~release of

~~Table of Contents~~

~~the Act and~~ a ~~non-cash functional currency election at~~valuation allowance on certain ~~of our Canadian subsidiaries. Refer to “Recent Business Developments” above and Note 7 of our notes to consolidated financial statements for further discussion on the Act.~~ deferred tax assets.

Six Months Ended ~~December 31, 2017,~~June 30, 2023, Compared to Six Months Ended ~~December 31, 2016~~June 30, 2022

For the six months ended ~~December 31, 2017,~~June 30, 2023, we recorded net income ~~attributable to Royal Gold stockholders~~ of ~~$13.9~~$127.3 million, or ~~$0.21~~$1.94 per basic and $1.93 per diluted share, as compared to net income ~~attributable to Royal Gold stockholders~~ of ~~$57.9~~$136.8 million, or ~~$0.89~~$2.08 per basic ~~share~~ and ~~$0.88 per~~ diluted share, for the six months ended ~~December 31, 2016.~~

Table of Contents

June 30, 2022. The decrease in ~~our earnings per share~~net income was primarily attributable to ~~an increase in our~~higher debt-related interest expense and income tax expense, due to the impacts of the Act and a non-cash functional currency election at certain of our Canadian subsidiaries. The effects of the Act and the non-cash functional currency election for income tax purposes was additional income tax expense of approximately $26.4 million and $15.9 million, respectively, or $0.40 and $0.24 per basic share, respectively. Refer to “Recent Business Developments” above and Note 7 of our notes to consolidated financial statements for further discussion on the Act.as discussed below.

For the six months ended ~~December 31, 2017,~~June 30, 2023, we recognized total revenue of ~~$226.8~~$314.4 million, ~~which is~~ comprised of stream revenue of ~~$158.0~~$221.0 million and royalty revenue of ~~$68.8~~$93.4 million at an average gold price of ~~$1,277~~$1,932 per ounce, an average silver price of ~~$16.78~~$23.31 per ounce and an average copper price of ~~$2.98~~$3.95 per pound. This is compared to total revenue of ~~$224.9~~$308.8 million for the six months ended ~~December 31, 2016, which is~~June 30, 2022, comprised of stream revenue of ~~$159.5~~$210.1 million and royalty revenue of ~~$65.4~~$98.7 million, at an average gold price of ~~$1,280~~$1,874 per ounce, an average silver price of ~~$18.42~~$23.32 per ounce and an average copper price of ~~$2.28~~$4.43 per pound. Revenue and the corresponding production attributable to our stream and royalty interests for the six months ended ~~December 31, 2016~~June 30, 2023, compared to the six months ended ~~December 31, 2016 is~~June 30, 2022, are as follows:

Revenue and Reported Production Subject to Our ~~Royalty~~Stream and ~~Stream~~Royalty Interests

~~Six Months Ended December 31, 2017 and 2016~~

(InAmounts in thousands, except reported production ~~ozs.~~oz. and lbs.)


		Six Months Ended				Six Months Ended
		June 30, 2023				June 30, 2022
				Reported				Reported
Stream/Royalty	Metal(s)	Revenue		Production⁽¹⁾		Revenue		Production⁽¹⁾
Stream⁽²⁾:
Mount Milligan		$	87,863			$	88,043
	Gold			32,700	oz.			29,400	oz.
	Copper			6.2	Mlbs.			7.6	Mlbs.
Pueblo Viejo		$	45,898			$	43,076
	Gold			15,300	oz.			15,600	oz.
	Silver			700,100	oz.			590,500	oz.
Andacollo	Gold	$	20,757	11,000	oz.	$	27,395	14,700	oz.
Khoemacau	Silver	$	18,035	777,000	oz.	$	7,592	221,800	oz.
Other⁽³⁾		$	48,452			$	44,024
	Gold			23,500	oz.			22,000	oz.
	Silver			131,900	oz.			226,900	oz.
Total stream revenue		$	221,005			$	210,130

Royalty⁽²⁾:
Cortez Legacy Zone	Gold	$	37,393	185,300	oz.	$	24,852	154,000	oz.
Cortez CC Zone	Gold		$ 6,726	218,100			N/A
Peñasquito		$	13,538			$	22,758
	Gold			103,700	oz.			264,100	oz.
	Silver			12.0	Moz.			15.7	Moz.
	Lead			72.1	Mlbs.			77.0	Mlbs.
	Zinc			188.9	Mlbs.			205.0	Mlbs.
Other⁽³⁾	Various	$	35,772	N/A		$	51,056	N/A
Total royalty revenue		$	93,429			$	98,666
Total revenue		$	314,434			$	308,796

Six Months Ended

Six Months Ended

December 31, 2017

December 31, 2016

Reported

Reported
Stream/Royalty

Metal(s)

Revenue

Production(1)

Revenue

Production(1)
Stream(2):

Mount Milligan

$
53,584

$
70,050

Gold

31,300
oz.

54,600
oz.

Copper

4.4
Mlbs.

N/A

Pueblo Viejo

$
51,758

$
47,387

Gold

27,400
oz.

24,600
oz.

��
Silver

1.0
Moz.

866,600
oz.
Andacollo

Gold

$
33,938

26,700
oz.

$
31,154

24,400
oz.
Wassa and Prestea

Gold

$
17,699

13,900
oz.

$
10,920

8,600
oz.
Rainy River

Gold

$
1,070

800
oz.

N/A

N/A

Total stream revenue

$
158,049

$
159,511

Royalty(2):

Peñasquito

$
13,986

$
12,955

Gold

205,100
oz.

285,500
oz.

Silver

11.0
Moz.

10.3
Moz.

Lead

69.6
Mlbs.

66.6
Mlbs.

Zinc

186.8
Mlbs.

143.5
Mlbs.
Cortez

Gold

$
5,922

54,900
oz.

$
3,874

36,300
oz.
Other(3)

Various

$
48,867

N/A

$
48,569

N/A

Total royalty revenue

$
68,775

$
65,398

Total revenue

$
226,824

$
224,909

⁽¹⁾Reported production relates to the amount of stream metal sales ~~subject~~and the metal sales attributable to our royalty ~~and stream~~ interests for the six

months ended ~~December 31, 2017~~June 30, 2023, and ~~2016,~~2022, and may differ from the operators’ public ~~reporting.~~reporting due to a number of factors, including the timing of the operator’s concentrate shipments, the delivery of metal to us and our subsequent sale of the delivered metal. Refer to Note 5 to the notes to consolidated financial statements.

(2)Refer to “Property Developments” above for ~~further~~a discussion onof recent developments at principal properties.

(3) Individually, except for our ~~principal~~ stream ~~interests.~~

~~(3)Individually,~~interest at Rainy River, which contributed 6% of total revenue for the six months ended June 30, 2023 and June 30, 2022, respectively, no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for either period.

~~Table of Contents~~

The increase in our total revenue ~~for the six months ended December 31, 2017, compared with the six months ended December 31, 2016,~~ resulted primarily from ~~an increase in~~higher silver sales at Khoemacau due to the ramp-up and higher gold production attributable to our ~~royalty revenue.~~interests at Cortez as a result of the newly acquired royalties. The increase ~~in our royalty revenue~~ was primarily attributable to increased gold production from our Cortez royalty interests. The slight decrease in our stream revenue was primarily attributable to a decrease in production (gold) at Mount Milligan. This decrease waspartially offset by ~~production increases~~lower gold sales at ~~Pueblo Viejo,~~ Andacollo and ~~Wassa~~lower gold and ~~Prestea and new gold~~silver production ~~from our Rainy River stream interest. Silver deliveries from our Rainy River interest began during~~at Peñasquito when compared to the ~~December 2017 quarter with silver sales anticipated to begin in the March 2018 quarter. Copper deliveries from Mount Milligan began during our June 2017 quarter.~~ prior year period.

Table of Contents

Gold and silver ounces and ~~tonnes of~~ copper pounds purchased and sold during the six months ended ~~December 31, 2017~~June 30, 2023, and ~~2016,~~2022, and gold and silver ounces and ~~tonnes of~~ copper pounds in inventory as of June 30, 2023, and December 31, ~~2017, and June 30, 2017,~~2022, for our streaming interests were as follows:

Six Months Ended

Six Months Ended

As of

As of

December 31, 2017

December 31, 2016

December 31, 2017

June 30, 2017
Gold Stream

Purchases (oz.)

Sales (oz.)

Purchases (oz.)

Sales (oz.)

Inventory (oz.)

Inventory (oz.)
Mount Milligan

36,400

31,300

53,400

54,600

5,200

100
Andacollo

26,500

26,700

24,500

24,400

—

100
Pueblo Viejo

23,100

27,400

29,200

24,600

8,500

12,900
Wassa and Prestea

13,400

13,900

8,900

8,600

500

1,000
Rainy River

1,000

800

—

-

200

—
Total

100,400

100,100

116,000

112,200

14,400

14,100

Six Months Ended

Six Months Ended

As of

As of

December 31, 2017

December 31, 2016

December 31, 2017

June 30, 2017
Silver Stream

Purchases (Moz.)

Sales (Moz.)

Purchases (oz.)

Sales (oz.)

Inventory (oz.)

Inventory (oz.)
Pueblo Viejo

730,200

1,006,200

865,800

866,600

260,800

536,800
Rainy River

11,900

-

—

—

11,900

—
Total

742,100

1,006,200

865,800

866,600

272,700

536,800

Six Months Ended

Six Months Ended

As of

As of

December 31, 2017

December 31, 2016

December 31, 2017

June 30, 2017
Copper Stream

Purchases (tonnes)

Sales (tonnes)

Purchases (tonnes)

Sales (tonnes)

Inventory (tonnes)

Inventory (tonnes)
Mount Milligan

2,414

1,988

N/A

N/A

426

—


	Six Months Ended		Six Months Ended		As of	As of
	June 30, 2023		June 30, 2022		June 30, 2023	December 31, 2022
Gold Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Mount Milligan	31,200	32,700	33,800	29,400	3,800	5,200
Pueblo Viejo	14,200	15,300	15,700	15,600	6,800	7,900
Andacollo	9,000	11,000	16,000	14,700	1,800	3,800
Other	24,200	23,500	21,500	22,000	4,700	4,100
Total	78,600	82,500	87,000	81,700	17,100	21,000

	Six Months Ended		Six Months Ended		As of	As of
	June 30, 2023		June 30, 2022		June 30, 2023	December 31, 2022
Silver Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Khoemacau	826,200	777,000	362,100	221,800	155,100	105,900
Pueblo Viejo	513,000	700,100	581,600	590,500	150,700	337,800
Other	140,000	131,900	106,300	226,900	25,500	17,500
Total	1,479,200	1,609,000	1,050,000	1,039,200	331,300	461,200

	Six Months Ended		Six Months Ended		As of	As of
	June 30, 2023		June 30, 2022		June 30, 2023	December 31, 2022
Copper Stream	Purchases (Mlbs.)	Sales (Mlbs.)	Purchases (Mlbs.)	Sales (Mlbs.)	Inventory (Mlbs.)	Inventory (Mlbs.)
Mount Milligan	6.0	6.2	6.7	7.6	0.8	0.9

Cost of sales, ~~decreased~~which excludes depreciation, depletion and amortization, increased to ~~$40.3~~$48.4 million for the six months ended ~~December 31, 2017, compared to $45.2~~June 30, 2023, from $46.5 million for the six months ended ~~December 31, 2016.~~June 30, 2022. The ~~decrease~~increase, when compared to the prior year was primarily due to ~~decreased~~higher silver sales at Khoemacau, offset by lower gold sales ~~from Mount Milligan.~~at Andacollo. Cost of sales is specific to our stream agreements and is the result of ~~RGLD Gold’s~~our purchase of gold, silver and copper for a cash payment. The cash payment for gold from Mount Milligan is the lesser of $435 per ounce or the prevailing market price of gold when purchased, while the cash payment for our other streams is a set contractual percentage of the gold, silver or copper (Mount Milligan) spot price near the date of metal delivery.

General and administrative ~~expenses decreased~~costs increased to ~~$16.5~~$20.1 million for the six months ended ~~December 31, 2017,~~June 30, 2023, from ~~$18.0~~$18.2 million for the six months ended ~~December 31, 2016.~~June 30, 2022. The ~~decrease during the current period~~increase was primarily due to ~~a decrease~~an increase in ~~non-cash stock based compensation.~~employee-related costs.

Depreciation, depletion and amortization ~~increased~~decreased to ~~$81.7~~$84.7 million for the six months ended ~~December 31, 2017,~~June 30, 2023, from ~~$79.6~~$92.0 million for the six months ended ~~December 31, 2016.~~June 30, 2022. The ~~increase~~decrease was primarily ~~attributable~~due to ~~increased gold sales~~lower depletion rates at ~~Andacollo,~~Mount Milligan and Pueblo Viejo as a result of proven and ~~Wassa and Prestea, which resulted in additional depletion of approximately $11.4 million. This increase~~probable mineral reserve increases when compared to the prior year period. The decrease was partially offset by ~~a decrease in gold sales~~higher depletion expense at ~~Mount Milligan, which resulted in~~ Khoemaca ~~decrease in~~u due to the ramp-up of production and additional depletion ~~of approximately $4.8 million.~~ from the newly acquired royalties at Cortez when compared to the prior year quarter.

Interest and other ~~income decreased~~expense increased to ~~$1.6~~$17.6 million for the six months ended ~~December 31, 2017,~~June 30, 2023, from ~~$9.0~~$2.3 million for the six months ended ~~December 31, 2016.~~June 30, 2022. The ~~decrease~~increase was primarily due to higher interest expense as a ~~gain recognized ($3.4 million) on consideration received as part~~result of ~~the termination of~~higher average amounts outstanding under our ~~Phoenix Gold Project streaming interest during~~revolving credit facility compared to the prior year period. ~~Refer~~We had $400 million outstanding under our revolving credit facility as of June 30, 2023, compared to zero outstanding as of June 30, 2022. The current all-in borrowing rate under our ~~Fiscal 2017 10-K for discussion on the Phoenix Gold Project restructuring. The decrease in interest and other income~~revolving credit facility was ~~also due to consideration received~~6.7% as ~~part~~ of ~~a legal settlement and termination of a non-principal royalty of approximately $2.8 million during the prior period.~~June 30, 2023.

Table of Contents

~~During~~For the six months ended ~~December 31, 2017,~~June 30, 2023, we ~~recognized~~recorded income tax expense ~~totaling $55.9~~of $17.9 million, compared with ~~$12.2~~income tax expense of $9.4 million ~~during~~for the six months ended ~~December 31, 2016. This~~June 30, 2022. The income tax expense resulted in an effective tax rate of ~~83.9%~~12.3% in the current period, compared with ~~18.5% during the six months ended December 31, 2016. The increase in the effective tax rate~~6.4% for the six months ended ~~December 31, 2017 is primarily~~June 30, 2022. The six months ended June 30, 2023 and June 30, 2022, included discrete tax benefits attributable to the ~~effects~~release of ~~the Act and~~ a ~~non-cash functional currency election at~~valuation allowance on certain ~~of our Canadian subsidiaries. Refer to “Recent Business Developments” above and Note 7 of our notes to consolidated financial statements for further discussion on the Act.~~deferred tax assets.

Liquidity and Capital Resources

Overview

At ~~December 31, 2017,~~June 30, 2023, we had current assets of ~~$165.5~~$165.3 million compared to current liabilities of ~~$41.6~~$63.1 million, ~~resulting~~which resulted in working capital of ~~$123.9~~$102.2 million and a current ratio of 4approximately 3 to 1. This compares to current assets of ~~$143.6~~$185.8 million and current liabilities of ~~$34.3~~$63.6 million at ~~June 30, 2017,~~December 31, 2022, resulting in working capital of ~~$109.3~~$122.2 million and a current ratio of approximately 43 to 1. The decrease in working capital was primarily due to a decrease in our available cash, which resulted from increased debt repayments during the current period.

During the ~~quarter~~six months ended ~~December 31, 2017,~~June 30, 2023, liquidity needs were met from ~~$94.5~~$216.6 million in net ~~revenue~~cash provided by operating activities and our available cash resources. ~~During the three months ended December 31, 2017, the Company repaid $50.0~~As of June 30, 2023, we had $600 million ~~of the~~available and $400 million outstanding ~~borrowings~~ under ~~the~~our revolving credit facility. ~~As of December 31, 2017, the Company had $850 million available and $150 million outstanding under its revolving credit facility.~~

Working capital, combined with ~~the Company’s undrawn~~available capacity under our revolving credit facility, resulted in approximately ~~$970~~$702 million of total ~~available~~ liquidity ~~as of December 31, 2017. The Company was~~at June 30, 2023. We were in compliance with each financial covenant under the revolving credit facility as of ~~December 31, 2017.~~June 30, 2023. Refer to Note 34 of our notes to consolidated financial statements and below under Recent Liquidity Developments for further discussion on our debt.

We believe that our current financial resources and funds generated from operations will be adequate to cover anticipated expenditures for debt service, general and administrative expense costs ~~and capital expenditures~~ for the foreseeable future. Our current financial resources are also available to fund dividends and for acquisitions of stream and royalty ~~interests.~~interests, including any conditional funding schedules. Our long-term capital requirements are primarily affected by our ongoing acquisition activities. ~~The Company~~We currently, and generally at any time, ~~has~~have acquisition opportunities in various stages of active review. In the event of one or more substantial stream ~~and~~or royalty interest or other acquisitions, we may seek additional debt or equity financing as necessary. We occasionally borrow and repay amounts under our revolving credit facility and may do so in the future.

Please refer to our risk factors included in Part 1, Item 1A of our ~~Fiscal 2017~~2022 10-K ~~and in Part II, Item 1A of this Quarterly Report on Form 10-Q~~ for a discussion of certain risks that may impact ~~the Company’s~~our liquidity and capital resources.

~~Summary~~Recent Liquidity Developments

Revolving Credit Facility Amendment

On June 28, 2023, we entered into a fifth amendment to our revolving credit facility dated as of June 2, 2017. The fifth amendment extended the scheduled maturity date from July 7, 2026 to June 28, 2028, replaced LIBOR with Secured Overnight Financing Rate (“Term SOFR”) as a benchmark interest rate and made certain other administrative changes to the existing revolving credit facility.

Revolving Credit Facility Repayment

On June 6, 2023, we made a $100 million principal payment towards the outstanding balance on the revolving credit facility leaving $600 million available as of June 30, 2023.

Cash Flows

Operating Activities

Net cash provided by operating activities totaled ~~$147.2~~$216.6 million for the six months ended ~~December 31, 2017,~~June 30, 2023, compared to ~~$124.9~~$221.3 million for the six months ended ~~December 31, 2016.~~June 30, 2022. The ~~increase~~decrease was primarily due to ahigher interest payments on

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amounts outstanding under our revolving credit facility during the current period. The decrease ~~in income taxes paid at certain foreign subsidiaries of approximately $14.0 million and~~was partially offset by an increase in cash proceeds received from our stream ~~and royalty~~ interests, net of ~~production taxes and~~ cost of sales, ~~of approximately $11.2 million.~~ when compared to the prior year period.

Investing Activities

Net cash used in investing activities totaled ~~$0.1~~$2.8 million for the six months ended ~~December 31, 2017,~~June 30, 2023, compared to ~~cash used in investing activities of $191.0~~$37.9 million for the six months ended ~~December 31, 2016.~~June 30, 2022. The decrease ~~in cash used in investing activities is~~was primarily due to ~~a decrease in~~fewer acquisitions of royalty and stream ~~and royalty~~ interests ~~in mineral properties~~ compared to the prior year period.

Financing Activities

Net cash used in financing activities totaled ~~$134.9~~$226.2 million for the six months ended ~~December 31, 2017,~~June 30, 2023, compared to ~~cash provided by financing activities of $33.5~~$46.4 million for the six months ended ~~December 31, 2016.~~June 30, 2022. The ~~decrease in cash provided by financing activities is~~increase was primarily due to ~~the Company’s $70~~repayments of $175 million ~~borrowing under its~~on our revolving credit facility ~~to fund a royalty acquisition~~ during the ~~prior~~current year period. ~~During the six months ended December 31, 2017, the Company repaid $100 million of the outstanding borrowings under the revolving credit facility.~~

~~Table of Contents~~

Recently ~~Issued or~~ Adopted Accounting Standards and Critical Accounting Policies

Refer to Note 1 of our notes to consolidated financial statements for further discussion on any recently ~~issued or~~ adopted accounting standards. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations in our ~~Fiscal 2017~~2022 10-K for discussion on our critical accounting policies.

Forward-Looking Statements

~~Cautionary “Safe Harbor” Statement under~~This report and our other public communications include “forward-looking statements” within the ~~Private Securities Litigation Reform Act~~meaning of ~~1995: With the exception~~U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical ~~matters, the matters discussed in this Quarterly Report on Form 10-Q~~fact. Forward-looking statements are ~~forward-looking statements that involve risks~~not guarantees of future performance, and ~~uncertainties that could cause~~ actual results tomay differ materially from ~~projections or estimates contained herein. Such forward-looking~~these statements.

Forward-looking statements include, without limitation, statements regarding projected production estimates and estimates pertaining to timing and commencement of production from the operators of properties where we hold stream and royalty interests; statements related to ongoing developments and expected developments at properties where we hold stream and royalty interests; effective tax rate estimates, including the effect of recently enacted tax reform; the adequacy of financial resources and funds to cover anticipated expenditures for debt service and general and administrative expenses as well as costs associated with exploration and business development and capital expenditures, expected delivery dates of gold, silver, copper and other metals, and our expectation that substantially all our revenues will be derived from stream and royalty interests. Words such asare often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” ~~and variations~~or negatives of these words ~~comparable words~~or similar expressions. Forward-looking statements include, among others, statements regarding the following: the proposed acquisition of new royalty interests on the producing Serrote and ~~similar expressions generally indicate forward-looking statements, which speak only as~~Santa Rita mines in Brazil, including the details of the ~~date~~anticipated royalties thereon and funding of the ~~statement is made. Do not unduly rely on forward-looking statements. Actual results may differ materially~~purchase price; our expected financial performance and outlook, including sales volume, revenue, expenses, and tax rates; operators’ expected operating and financial performance, including production, deliveries, mine plans, estimates of mineral resources and mineral reserves, development, cash flows and liquidity, capital requirements, capital expenditures and completion of feasibility studies, permitting activities and resolution of labor strikes; receipt of metal deliveries; anticipated liquidity, capital resources, financing and stockholder returns; deliveries of deferred silver ounces from ~~those expressed or implied by these forward-looking statements.~~ Pueblo Viejo; and prices for gold, silver, copper, nickel and other metals.

Factors that could cause actual results to differ materially from these forward-looking statements include, among ~~others:~~

a low price environment for gold and other metal prices on which our stream and royalty interests are paid or a low price environment for the primary metals mined at properties where we hold stream and royalty interests;

~~the production at~~others, the following: a lower-price environment for gold, silver, copper, nickel or other metals; operating activities or financial performance ~~of properties where we hold stream and royalty interests, and variation of actual performance from the production estimates and forecasts made by the operators of these properties;~~

the ability of operators to bring projects into production on schedule or operate in accordance with feasibility studies, including development stage mining properties, mine and mill expansion project and other development and construction projects;

~~acquisition and maintenance of permits and authorizations, completion of construction and commencement and continuation of production at the properties where we hold stream and royalty interests;~~

challenges to mining, processing and related permits and licenses, or to applications for permits and licenses, by or on behalf of indigenous populations, non-governmental organizations or other third parties;

~~liquidity or other problems our operators may encounter, including shortfalls in the financing required to complete construction and bring a mine into production;~~

~~decisions and activities of the operators of properties where we hold stream and royalty interests;~~

hazards and risks at the properties where we hold stream and royalty interests that are normally associated with developing and mining properties, including unanticipated grade, continuity and geological, metallurgical, processing or other problems, mine operating and ore processing facility problems, pit wall or tailings dam failures, industrial accidents, environmental hazards and natural catastrophes such as drought, floods or earthquakes and access to sufficient raw materials, water and power;

~~changes in operators’ mining, processing and treatment techniques, which may change the production of minerals subject to our stream and royalty interests;~~

~~changes in the methodology employed by our operators to calculate our stream and royalty interests in accordance with the agreements that govern them;~~

~~Table~~ of ~~Contents~~

~~changes in project parameters as plans of the operators of properties where~~properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and ~~royalty interests are refined;~~

~~accuracy of and decreases in estimates of reserves and mineralization by the operators of properties where we hold stream and royalty interests;~~

~~contests to our stream and royalty interests and title and other defects to the properties where we hold stream and royalty interests;~~

~~adverse effects on market demand for commodities, the availability of financing, and other effects from adverse economic and market conditions;~~

~~future financial needs of the Company and the operators of properties where we hold stream or royalty interests;~~

~~federal, state and foreign legislation governing us or the operators of properties where we hold stream and royalty interests;~~

~~the availability of stream and royalty interests for acquisition or other acquisition opportunities and the availability of debt or equity financing necessary to complete such acquisitions;~~

~~our ability to make accurate assumptions regarding the valuation, timing and amount of revenue to be derived from our stream and royalty interests when evaluating acquisitions;~~

risks associated with conducting business in foreign countries, including application of foreign laws to contract and other disputes, validity of security interests, governmental consents for granting interests in exploration and exploitation licenses, application and enforcement of real estate, mineral tenure, contract, safety, environmental and permitting laws, currency fluctuations, expropriation of property, repatriation of earnings, taxation, price controls, inflation, import and export regulations, community unrest and labor disputes, endemic health issues, corruption, enforcement and uncertain political and economic environments;

~~changes in laws governing us, the properties where we hold stream and royalty interests or the operators of such properties;~~

risks associated with issuances of additional common stock or incurrence of indebtedness in connection with acquisitions or otherwise including risks associated with the issuance and conversion of convertible notes;

~~changes in management and key employees; and~~

~~failure to complete future acquisitions;~~

as ~~well as~~planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, contractual issues involving our stream or royalty agreements, or operational disruptions; the timing of deliveries of metals from operators; risks associated with doing business in foreign countries; the impact of inadequately assessing new acquisitions; increased competition for stream and royalty interests; environmental risks, included those caused by climate change; the risk that the conditions to closing for the potential acquisition of royalties on the Serrote and Santa Rita mines may not be satisfied; delays in the completion of the plant expansion at Pueblo Viejo; potential cyber-attacks, including ransomware; our ability to identify, finance, value and complete acquisitions; adverse economic and market conditions; impact of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other risk factors described ~~elsewhere~~ in ~~this report and~~ our ~~other~~ reports filed with the ~~SEC,~~Securities and Exchange Commission, including our ~~Fiscal 2017~~2022 10-K. Most of these factors are beyond our ability to predict or control. ~~Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.~~

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Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, ~~made herein,~~ except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our earnings and cash flows are significantly impacted by changes in the market price of gold and other metals. Gold, silver, copper, ~~nickel~~ and other metal prices can fluctuate significantly and are affected by numerous factors, such as demand, production levels, economic policies of central banks, producer hedging, world political and economic events, inflation and the strength of the U.S. dollar relative to other currencies. Please see the risk factor entitled “~~Volatility~~Our revenue is subject to volatility in ~~gold, silver, copper, nickel and other~~ metal prices, ~~may have an adverse impact on the value~~which could negatively affect our results of ~~our stream and royalty interests and may reduce our revenues. Certain contracts governing our royalty stream interests have features that may amplify the negative effects of a drop in metals prices,~~operations or cash flow,” under Part I, Item 1A of our ~~Fiscal 2017~~2022 10-K, for more information ~~that can affect gold, silver, copper, nickel and other~~about risks associated with metal ~~prices as well as historical gold, silver, copper and nickel prices.~~price volatility.

~~Table of Contents~~

During the six months ended ~~December 31, 2017,~~June 30, 2023, we reported revenue of ~~$226.8~~$314.4 million, with an average gold price for the period of ~~$1,277~~$1,932 per ounce, an average silver price of ~~$16.78~~$23.31 per ounce, and an average copper price of ~~$2.98~~$3.95 per pound. ~~Approximately 78%~~The table below shows the impact that a 10% increase or decrease in the average price of the specified metal would have had on our total reported ~~revenues~~revenue for the six months ended December 31, 2017 were attributable to gold sales from our gold producing stream and royalty interests, as shown within the MD&A. For the six months ended December 31, 2017, if the price of gold had averaged 10% higher or lower per ounce, we would have recorded an increase or decrease in revenue of approximately $18.2 million.June 30, 2023:


Metal	Percentage of Total Reported Revenue Associated with Specified Metal	Amount by Which Total Reported Revenue Would Have Increased or Decreased If Price of Specified Metal Had Averaged 10% Higher or Lower in Period
Gold	74%	$23.7 million
Silver	14%	$2.4 million
Copper	10%	$5.7 million

Approximately 9% of our total reported revenues for the six months ended December 31, 2017 were attributable to silver sales from our silver producing stream and royalty interests. For the six months ended December 31, 2017, if the price of silver had averaged 10% higher or lower per ounce, we would have recorded an increase or decrease in revenue of approximately $2.1 million.

Approximately 9% of our total reported revenues for the six months ended December 31, 2017 were attributable to copper sales from our copper producing stream and royalty interests. For the six months ended December 31, 2017, if the price of copper had averaged 10% higher or lower per pound, we would have recorded an increase or decrease in revenue of approximately $2.2 million.

ITEM 4.CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

~~As of December 31, 2017,~~Under the ~~Company’s management,~~supervision and with the participation of ~~the President and~~our management, including our Chief Executive Officer (the principal executive officer) and Chief Financial Officer ~~and Treasurer~~ (the principal financial and accounting officer) ~~of the Company, carried out an evaluation of~~, we evaluated the effectiveness of the design and operation of ~~the Company’s~~our disclosure controls and procedures ~~(as defined in Rules 13a-15(e) and 15d-15(e)~~as of ~~the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).~~June 30, 2023. Based on ~~such~~this evaluation, ~~the Company’s President and~~our Chief Executive Officer and ~~its~~ Chief Financial Officer ~~and Treasurer~~ have concluded that ~~as of December 31, 2017, the Company’s~~our disclosure controls and procedures were effective ~~to provide~~as of June 30, 2023, at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended June 30, 2023, that ~~information required~~materially affected, or are reasonably likely to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the required time periods and that such information is accumulated and communicated to the Company’smaterially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Our management, including ~~the President and~~our Chief Executive Officer and ~~the~~ Chief Financial Officer, ~~and Treasurer, as appropriate to allow timely decisions regarding required disclosure.~~

~~Disclosure~~does not expect that our disclosure controls and procedures ~~involve human diligence~~or our internal controls will prevent all error and ~~compliance and are subject to lapses in judgment and breakdowns resulting from human failures. As a result, a~~all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within ~~the Company~~Royal Gold have been detected.

~~Changes in Internal Controls~~

There has been no change in the Company’s internal control over financial reporting during the three months ended December 31, 2017 that has materially affected, or that is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II.OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

~~Voisey’s Bay~~None.

~~Refer to Note 10 of our notes to consolidated financial statements for a discussion of the litigation associated with our Voisey’s Bay royalty.~~

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ITEM 1A. RISK FACTORS

~~Information regarding~~There have been no material changes to the risk factors appears in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Forward-Looking Statements,” and various risks faced by us are also discussed elsewhere in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q. In addition, risk factors are included in ~~Part I, Item 1A~~the section entitled “Risk Factors” of our ~~Fiscal 2017~~2022 10-K.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid Per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Programs
April 2023	—	—	N/A	N/A
May 2023	—	—	N/A	N/A
June 2023	—	—	N/A	N/A
Total	—	—	N/A	N/A

~~Not applicable.~~

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

None.

~~Not applicable.~~

ITEM 4.MINE SAFETY DISCLOSURE

Not applicable.

ITEM 5.OTHER INFORMATION

On June 14, 2023, Paul Libner, Chief Financial Officer and Treasurer of Royal Gold, adopted a trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended, regarding the sale of up to 1,700 shares of common stock of Royal Gold. The plan provides that sales may begin on September 13, 2023, and will end on September 30, 2024, or such earlier date as all 1,700 shares are sold.

No non-Rule 10b5-1 trading arrangements (as defined by Item 408(a) of Regulation S-K) were entered into by a Section 16 director or officer of the Company during the quarter.

Delaware		84-0835164
(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation)		Identification No.)

~~1660 Wynkoop~~1144 15^th Street, Suite ~~1000~~2500
Denver, Colorado		80202
(Address of Principal Executive Offices)		(Zip Code)


Title of Each Class	Trading Symbol	Name of the Exchange on which Registered
Common Stock, $0.01 par value	RGLD	Nasdaq Global Select Market

Large accelerated filer ☒	Accelerated filer ☐
~~Large accelerated~~Non-accelerated filer ☒☐	~~Accelerated filer~~ Smaller reporting company ☐
~~Non-accelerated filer~~ ☐~~(Do not check if a smaller reporting company)~~	~~Smaller reporting company~~ ☐
Emerging growth company ☐

		PAGE

PART I	FINANCIAL INFORMATION

~~PART I~~Item 1.	~~FINANCIAL INFORMATION~~Financial Statements (Unaudited)

~~Item 1.~~	~~Financial Statements (Unaudited)~~Consolidated Balance Sheets	3

	~~Consolidated Balance Sheets~~	3
	Consolidated Statements of Operations and Comprehensive ~~(Loss)~~ Income	4
	Consolidated Statements of Changes in Stockholders’ Equity	5
	Consolidated Statements of Cash Flows	5 6
	Notes to Consolidated Financial Statements	6 7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16 17

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	29

Item 4.	Controls and Procedures	30 29

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	30 29

Item 1A.	Risk Factors	31 30

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31 30

Item 3.	Defaults Upon Senior Securities	31 30

Item 4.	Mine Safety Disclosures	31 30

Item 5.	Other Information	31 30

Item 6.	Exhibits	31

SIGNATURES		32


	December 31, 2017		June 30, 2017
ASSETS
Cash and equivalents	$	98,132	$	85,847
Royalty receivables		29,285		26,886
Income tax receivable		27,366		22,169
Stream inventory		7,359		7,883
Prepaid expenses and other		3,337		822
Total current assets		165,479		143,607
Stream and royalty interests, net (Note 2)		2,810,616		2,892,256
Other assets		53,305		58,202
Total assets	$	3,029,400	$	3,094,065
LIABILITIES
Accounts payable	$	2,251	$	3,908
Dividends payable		16,363		15,682
Income tax payable		15,097		5,651
Foreign withholding taxes payable		3,451		3,425
Other current liabilities		4,413		5,617
Total current liabilities		41,575		34,283
Debt (Note 3)		493,486		586,170
Deferred tax liabilities		147,548		121,330
Uncertain tax positions		30,187		25,627
Other long-term liabilities		16,787		6,391
Total liabilities		729,583		773,801
Commitments and contingencies (Note 10)
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued		—		—
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,307,285 and 65,179,527 shares outstanding, respectively		653		652
Additional paid-in capital		2,186,648		2,185,796
Accumulated other comprehensive income		687		879
Accumulated earnings		69,842		88,050
Total Royal Gold stockholders’ equity		2,257,830		2,275,377
Non-controlling interests		41,987		44,887
Total equity		2,299,817		2,320,264
Total liabilities and equity	$	3,029,400	$	3,094,065


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	June 30,		December 31,
	2023		2022
ASSETS
Cash and equivalents	$	106,157	$	118,586
Royalty receivables		36,458		49,405
Income tax receivable		9,602		3,066
Stream inventory		10,657		12,656
Prepaid expenses and other		2,375		2,120
Total current assets		165,249		185,833
Stream and royalty interests, net (Note 2)		3,155,561		3,237,402
Other assets		118,899		111,287
Total assets	$	3,439,709	$	3,534,522
LIABILITIES
Accounts payable	$	8,552	$	6,686
Dividends payable		24,646		24,627
Income tax payable		15,603		16,065
Other current liabilities		14,267		16,209
Total current liabilities		63,068		63,587
Debt (Note 4)		395,529		571,572
Deferred tax liabilities		136,136		138,156
Other liabilities		9,083		7,738
Total liabilities		603,816		781,053
Commitments and contingencies (Note 11)
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued		—		—
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,609,736 and 65,592,597 shares outstanding, respectively		656		656
Additional paid-in capital		2,217,559		2,213,123
Accumulated earnings		605,347		527,314
Total Royal Gold stockholders’ equity		2,823,562		2,741,093
Non-controlling interests		12,331		12,376
Total equity		2,835,893		2,753,469
Total liabilities and equity	$	3,439,709	$	3,534,522


	For The Three Months Ended				For The Six Months Ended
	December 31,		December 31,		December 31,		December 31,
	2017		2016		2017		2016
Revenue	$	114,348	$	106,961	$	226,824	$	224,909

Costs and expenses
Cost of sales		19,863		22,502		40,282		45,163
General and administrative		9,555		7,538		16,455		18,045
Production taxes		602		445		1,145		942
Exploration costs		1,358		2,476		4,561		5,764
Depreciation, depletion and amortization		42,008		39,519		81,701		79,621
Total costs and expenses		73,386		72,480		144,144		149,535

Operating income		40,962		34,481		82,680		75,374

Interest and other income		645		7,488		1,634		9,045
Interest and other expense		(9,034)		(9,823)		(17,651)		(18,128)
Income before income taxes		32,573		32,146		66,663		66,291

Income tax expense		(48,360)		(5,044)		(55,904)		(12,232)
Net (loss) income		(15,787)		27,102		10,759		54,059
Net loss attributable to non-controlling interests		1,022		960		3,105		3,791
Net (loss) income attributable to Royal Gold common stockholders	$	(14,765)	$	28,062	$	13,864	$	57,850

Net (loss) income	$	(15,787)	$	27,102	$	10,759	$	54,059
Adjustments to comprehensive (loss) income, net of tax
Unrealized change in market value of available-for-sale securities		(390)		822		(193)		822
Comprehensive (loss) income		(16,177)		27,924		10,566		54,881
Comprehensive loss attributable to non-controlling interests		1,022		960		3,105		3,791
Comprehensive (loss) income attributable to Royal Gold stockholders	$	(15,155)	$	28,884	$	13,671	$	58,672

Net (loss) income per share available to Royal Gold common stockholders:
Basic (loss) earnings per share	$	(0.23)	$	0.43	$	0.21	$	0.89
Basic weighted average shares outstanding		65,306,766		65,149,518		65,271,131		65,133,102
Diluted (loss) earnings per share	$	(0.23)	$	0.43	$	0.21	$	0.88
Diluted weighted average shares outstanding		65,306,766		65,253,209		65,460,430		65,264,137
Cash dividends declared per common share	$	0.25	$	0.24	$	0.49	$	0.47


As of December 31, 2017 (Amounts in thousands):	Cost		Accumulated Depletion		Net

As of June 30, 2023 (Amounts in thousands):							Cost		Accumulated Depletion		Net
Production stage stream interests:
Mount Milligan	$	790,635	$	(129,652)	$	660,983	$	790,635	$	(413,284)	$	377,351
Pueblo Viejo		610,404		(93,202)		517,202		610,404		(295,407)		314,997
Andacollo		388,182		(51,328)		336,854		388,182		(157,761)		230,421
Wassa and Prestea		146,475		(34,446)		112,029
Khoemacau								265,911		(29,275)		236,636
Rainy River		175,727		(581)		175,146		175,727		(68,476)		107,251
Other								232,703		(121,328)		111,375
Total production stage stream interests		2,111,423		(309,209)		1,802,214		2,463,562		(1,085,531)		1,378,031

Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)								353,850		(47,402)		306,448
Voisey's Bay		205,724		(85,671)		120,053		205,724		(119,356)		86,368
Red Chris								116,187		(3,758)		112,429
Peñasquito		99,172		(36,730)		62,442		99,172		(59,407)		39,765
Holt		34,612		(20,490)		14,122
Cortez		20,878		(11,094)		9,784
Other		483,795		(350,690)		133,105		447,687		(403,171)		44,516
Total production stage royalty interests		844,181		(504,675)		339,506		1,222,620		(633,094)		589,526
Total production stage stream and royalty interests		2,955,604		(813,884)		2,141,720		3,686,182		(1,718,625)		1,967,557


Development stage stream interests:
Other		12,031		—		12,031		12,038		—		12,038

Development stage royalty interests:
Côté								45,421		—		45,421
Other								81,510		—		81,510
Total development stage stream and royalty interests								138,969		—		138,969

Exploration stage stream interests:
Xavantina								19,565		—		19,565
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)								456,471		—		456,471
Great Bear								209,106		—		209,106
Pascua-Lama		380,657		—		380,657		177,690		—		177,690
Cortez		59,803		—		59,803
Red Chris								48,895		—		48,895
Côté								29,610		—		29,610
Other		63,811		—		63,811		107,698		—		107,698
Total development stage royalty interests		504,271		—		504,271
Total development stage stream and royalty interests		516,302		—		516,302
Total exploration stage royalty interests		152,594		—		152,594
Total stream and royalty interests	$	3,624,500	$	(813,884)	$	2,810,616
Total exploration stage stream and royalty interests								1,049,035		—		1,049,035
Total stream and royalty interests, net							$	4,874,186	$	(1,718,625)	$	3,155,561


As of December 31, 2022 (Amounts in thousands):	Cost		Accumulated Depletion		Impairments		Net
Production stage stream interests:
Mount Milligan	$	790,635	$	(392,804)	$	—	$	397,831
Pueblo Viejo		610,404		(289,537)		—		320,867
Andacollo		388,182		(151,870)		—		236,312
Khoemacau		265,911		(15,905)		—		250,006
Rainy River		175,727		(61,601)		—		114,126
Other		215,576		(110,711)		—		104,865
Total production stage stream interests		2,446,435		(1,022,428)		—		1,424,007

Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)		353,772		(35,276)		—		318,496
Voisey's Bay		205,724		(118,327)		—		87,397
Red Chris		116,187		(1,797)		—		114,390
Peñasquito		99,172		(57,772)		—		41,400
Other		447,535		(398,513)		—		49,022
Total production stage royalty interests		1,222,390		(611,685)		—		610,705
Total production stage stream and royalty interests		3,668,825		(1,634,113)		—		2,034,712

Development stage stream interests:
Other		12,038		—		—		12,038
Development stage royalty interests:
Côté		45,421		—		—		45,421
Other		74,225		—		—		74,225
Total development stage stream and royalty interests		131,684		—		—		131,684

Exploration stage stream interests:
Xavantina		34,253		—		—		34,253
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)		456,318		—		—		456,318
Great Bear		209,106		—		—		209,106
Pascua-Lama		177,690		—		—		177,690
Red Chris		48,895		—		—		48,895
Côté		29,610		—		—		29,610
Other		119,421		—		(4,287)		115,134
Total exploration stage royalty interests		1,075,293		—		(4,287)		1,071,006
Total stream and royalty interests, net	$	4,875,802	$	(1,634,113)	$	(4,287)	$	3,237,402


As of June 30, 2017 (Amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage stream interests:
Mount Milligan	$	790,635	$	(114,327)	$	676,308
Pueblo Viejo		610,404		(67,149)		543,255
Andacollo		388,182		(39,404)		348,778
Wassa and Prestea		146,475		(22,715)		123,760
Total production stage stream interests		1,935,696		(243,595)		1,692,101
Production stage royalty interests:
Voisey's Bay		205,724		(85,671)		120,053
Peñasquito		99,172		(34,713)		64,459
Holt		34,612		(19,669)		14,943
Cortez		20,873		(10,633)		10,240
Other		483,643		(337,958)		145,685
Total production stage royalty interests		844,024		(488,644)		355,380
Total production stage stream and royalty interests		2,779,720		(732,239)		2,047,481
Development stage stream interests:
Rainy River		175,727		—		175,727
Other		12,031		—		12,031
Total development stage stream interests		187,758		—		187,758
Development stage royalty interests:
Pascua-Lama		380,657		—		380,657
Cortez		59,803		—		59,803
Other		63,811		—		63,811
Total development stage royalty interests		504,271		—		504,271
Total development stage stream and royalty interests		692,029		—		692,029
Total exploration stage royalty interests		152,746		—		152,746
Total stream and royalty interests	$	3,624,495	$	(732,239)	$	2,892,256


																	As of June 30, 2023						As of December 31, 2022
																	Principal		Debt Issuance Costs		Total		Principal		Debt Issuance Costs		Total

	As of December 31, 2017								As of June 30, 2017
	Principal		Unamortized Discount		Debt Issuance Costs		Total		Principal		Unamortized Discount		Debt Issuance Costs		Total
		(Amounts in thousands)								(Amounts in thousands)
Convertible notes due 2019	$	370,000	$	(19,110)	$	(1,986)	$	348,904	$	370,000	$	(25,251)	$	(2,646)	$	342,103
																		(Amounts in thousands)						(Amounts in thousands)
Revolving credit facility		150,000		—		(5,418)		144,582		250,000		—		(5,933)		244,067	$	400,000	$	(4,471)	$	395,529	$	575,000	$	(3,428)	$	571,572
Total debt	$	520,000	$	(19,110)	$	(7,404)	$	493,486	$	620,000	$	(25,251)	$	(8,579)	$	586,170	$	400,000	$	(4,471)	$	395,529	$	575,000	$	(3,428)	$	571,572


	Three Months Ended				Six Months Ended
	December 31,		December 31,		December 31,		December 31,
	2017		2016		2017		2016
		(Amounts in thousands)				(Amounts in thousands)
Stream interests	$	79,287	$	74,007	$	158,049	$	159,511
Royalty interests		35,061		32,954		68,775		65,398
Total revenue	$	114,348	$	106,961	$	226,824	$	224,909


	Unrecognized		Weighted-
	compensation		average vesting
	expense		period (years)
Stock options	$	397		1.8
Stock appreciation rights		3,189		2.1

					Unrecognized		Weighted-
					compensation		average vesting
					expense		period (years)
Restricted stock		6,939		3.2	$	9,880		2.1
Performance stock		2,424		2.0		7,666		2.2
Stock appreciation rights						111		0.1
Stock options						4		0.1


	As of December 31, 2017						As of June 30, 2017
	Stream interest		Royalty interest		Total stream and royalty interests, net		Stream interest		Royalty interest		Total stream and royalty interests, net
Canada	$	836,129	$	218,683	$	1,054,812	$	852,035	$	221,618	$	1,073,653
Dominican Republic		517,203		—		517,203		543,256		—		543,256
Chile		336,854		453,369		790,223		348,778		453,369		802,147
Africa		112,029		525		112,554		123,760		572		124,332
Mexico		—		99,769		99,769		—		105,889		105,889
United States		—		166,115		166,115		—		168,378		168,378
Australia		—		35,780		35,780		—		37,409		37,409
Other		12,030		22,130		34,160		12,030		25,162		37,192
Total	$	1,814,245	$	996,371	$	2,810,616	$	1,879,859	$	1,012,397	$	2,892,256


	Six Months Ended December 31, 2017						Six Months Ended December 31, 2016
	Revenue		Cost of sales		Net revenue		Revenue		Cost of sales		Net revenue
Streams:
Canada	$	54,654	$	15,847	$	38,807	$	70,050	$	23,758	$	46,292
Dominican Republic		51,758		15,785		35,973		47,387		14,443		32,944
Chile		33,938		5,109		28,829		31,154		4,744		26,410
Africa		17,699		3,541		14,158		10,920		2,218		8,702
Total streams	$	158,049	$	40,282	$	117,767	$	159,511	$	45,163	$	114,348

Royalties:
Mexico	$	21,751	$	—	$	21,751	$	21,127	$	—	$	21,127
United States		22,727		—		22,727		19,113		—		19,113
Canada		11,488		—		11,488		11,870		—		11,870
Australia		6,548		—		6,548		6,692		—		6,692
Africa		1,047		—		1,047		1,588		—		1,588
Chile		—		—		—		950		—		950
Other		5,214		—		5,214		4,058		—		4,058
Total royalties	$	68,775	$	—	$	68,775	$	65,398	$	—	$	65,398
Total streams and royalties	$	226,824	$	40,282	$	186,542	$	224,909	$	45,163	$	179,746


	As of June 30, 2023
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Assets (amounts in thousands):
Marketable equity securities⁽¹⁾	$	547	$	547	$	11	$	536	$	—


	As of December 31, 2017
	Carrying		Fair Value
	Amount		Total		Level 1		Level 2		Level 3
Assets (In thousands):
Marketable equity securities(1)	$	3,450	$	3,450	$	3,450	$	—	$	—
Total assets			$	3,450	$	3,450	$	—	$	—
Liabilities (In thousands):
Debt(2)	$	427,890	$	401,309	$	401,309	$	—	$	—
Total liabilities			$	401,309	$	401,309	$	—	$	—


Exhibit Number		Description

10.1*3.1		~~Form~~Certificate of ~~First Amendment to Employment Agreement made and entered into~~Restatement of Certificate of Incorporation (filed as Exhibit 3.2(d) of the ~~15th day of December, 2017,~~Current Report on Form 8-K on March 8, 2023, and incorporated herein by ~~and between Royal Gold, Inc. and each of the following: Karli Anderson, William Heissenbuttel, Mark Isto, Tony Jensen, Bruce Kirchhoff and Stefan Wenger.~~reference)

3.2		Certificate of Amendment to the Restated Certificate of Incorporation (filed as Exhibit 3.1 of the Current Report on Form 8-K on May 26, 2023, and incorporated herein by reference)

10.1		Fifth Amendment to Revolving Credit Facility Credit Agreement, dated as of June 28, 2023, together with Annex A (filed as Exhibit 10.1 of the Current Report on Form 8-K on February 16, 2023, and incorporated herein by reference)

31.1*		Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1‡		Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2‡		Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS101		~~XBRL Instance Document.~~The following financial statements from Royal Gold, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, formatted in Inline XBRL: (a) Consolidated Statements of Cash Flows, (b) Consolidated Statements of Operations, (c) Consolidated Statements of Comprehensive Income, (d) Consolidated Balance Sheets, and (e) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
101.SCH*		~~XBRL Taxonomy Extension Schema Document.~~
101.CAL104		The cover page from Royal Gold, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, formatted in Inline XBRL ~~Taxonomy Extension Calculation Linkbase Document.~~
101.DEF*		~~XBRL Taxonomy Extension Definition Linkbase Document.~~
101.LAB*		~~XBRL Taxonomy Extension Label Linkbase Document.~~
101.PRE*		~~XBRL Taxonomy Extension Presentation Linkbase Document.~~(included as Exhibit 101).

	ROYAL GOLD, INC.

Date: ~~February 8, 2018~~August 3, 2023
	By:	/s/ ~~Tony Jensen~~William Heissenbuttel
		~~Tony Jensen~~William Heissenbuttel
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: ~~February 8, 2018~~August 3, 2023	By:	/s/ ~~Stefan Wenger~~Paul Libner
		~~Stefan Wenger~~Paul Libner
		Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

~~Stream or royalty interests~~

~~Location~~

~~Operator~~

~~(Gold unless otherwise stated)~~

~~Pascua-Lama~~

~~Region III, Chile~~

~~Barrick~~

~~0.78% to 5.45% sliding-scale NSR~~

~~1.09% fixed rate royalty (copper)~~