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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our President and Chief Executive Officer serves as our Chief Operating Decision Maker ("CODM") and is responsible for reviewing segment performance and making decisions regarding resource allocation. In addition to revenue, our CODM regularly reviews cost of sales, production taxes and depletion for each of our reportable segments. Royal Gold's long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
| As of September 30, 2025 |  | As of December 31, 2024
| Stream interest |  | Royalty interest |  | Total stream and royalty interests, net |  | Stream interest |  | Royalty interest |  | Total stream and royalty interests, net
Africa | 1,219,873 |  |  | 321 |  |  | 1,220,194 |  |  | 237,028 |  |  | 321 |  |  | 237,349 |
Canada | 392,140 |  |  | 660,631 |  |  | 1,052,771 |  |  | 417,643 |  |  | 659,070 |  |  | 1,076,713 |
Dominican Republic | 295,004 |  |  | — |  |  | 295,004 |  |  | 302,122 |  |  | — |  |  | 302,122 |
Chile | 203,428 |  |  | 224,116 |  |  | 427,544 |  |  | 211,123 |  |  | 224,116 |  |  | 435,239 |
United States | — |  |  | 801,697 |  |  | 801,697 |  |  | — |  |  | 827,277 |  |  | 827,277 |
Mexico | — |  |  | 28,967 |  |  | 28,967 |  |  | — |  |  | 33,800 |  |  | 33,800 |
Australia | — |  |  | 18,181 |  |  | 18,181 |  |  | — |  |  | 19,265 |  |  | 19,265 |
Rest of world | 227,497 |  |  | 30,376 |  |  | 257,873 |  |  | 85,254 |  |  | 25,785 |  |  | 111,039 |
Total | $ | 2,337,942 |  |  | $ | 1,764,289 |  |  | $ | 4,102,231 |  |  | $ | 1,253,170 |  |  | $ | 1,789,634 |  |  | $ | 3,042,804 |
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
| Three Months Ended September 30, 2025
| Revenue |  | Cost of sales(1) |  | Production taxes |  | Depletion(2) |  | Segment gross profit
Stream interests | $ | 166,081 |  |  | $ | 31,392 |  |  | $ | — |  |  | $ | 21,287 |  |  | $ | 113,402 |
Royalty interests | 85,987 |  |  | — |  |  | 2,418 |  |  | 11,534 |  |  | 72,035 |
Total | $ | 252,068 |  |  | $ | 31,392 |  |  | $ | 2,418 |  |  | $ | 32,821 |  |  | $ | 185,437 |
| Three Months Ended September 30, 2024
| Revenue |  | Cost of sales(1) |  | Production taxes |  | Depletion(2) |  | Segment gross profit
Stream interests | $ | 133,052 |  |  | $ | 27,192 |  |  | $ | — |  |  | $ | 26,674 |  |  | $ | 79,186 |
Royalty interests | 60,785 |  |  | — |  |  | 1,520 |  |  | 9,417 |  |  | 49,848 |
Total | $ | 193,837 |  |  | $ | 27,192 |  |  | $ | 1,520 |  |  | $ | 36,091 |  |  | $ | 129,034 |
| Nine Months Ended September 30, 2025
| Revenue |  | Cost of sales(1) |  | Production taxes |  | Depletion(2) |  | Segment gross profit
Stream interests | $ | 421,754 |  |  | $ | 80,077 |  |  | $ | — |  |  | $ | 60,910 |  |  | $ | 280,767 |
Royalty interests | 233,394 |  |  | — |  |  | 6,381 |  |  | 35,897 |  |  | 191,116 |
Total | $ | 655,148 |  |  | $ | 80,077 |  |  | $ | 6,381 |  |  | $ | 96,807 |  |  | $ | 471,883 |
| Nine Months Ended September 30, 2024
| Revenue |  | Cost of sales(1) |  | Production taxes |  | Depletion(2) |  | Segment gross profit
Stream interests | $ | 358,531 |  |  | $ | 73,116 |  |  | $ | — |  |  | $ | 80,199 |  |  | $ | 205,216 |
Royalty interests | 158,304 |  |  | — |  |  | 4,550 |  |  | 30,234 |  |  | 123,520 |
Total | $ | 516,835 |  |  | $ | 73,116 |  |  | $ | 4,550 |  |  | $ | 110,433 |  |  | $ | 328,736 |
_______________________________________________ (1)Excludes depreciation, depletion and amortization. (2)Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income. A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Total segment gross profit | $ | 185,437 |  |  | $ | 129,034 |  |  | $ | 471,883 |  |  | $ | 328,736 |
Costs and expenses |  |  |  |  |  |  |
General and administrative expenses | 10,213 |  |  | 10,102 |  |  | 31,545 |  |  | 32,025 |
Depreciation and amortization | 82 |  |  | 86 |  |  | 244 |  |  | 256 |
Acquisition related costs | 12,798 |  |  | — |  |  | 12,798 |  |  | — |
Operating income | 162,344 |  |  | 118,846 |  |  | 427,296 |  |  | 296,455 |
Fair value changes in equity securities | — |  |  | (425) |  |  | (35) |  |  | (42) |
Interest and other income | 6,781 |  |  | 626 |  |  | 11,544 |  |  | 4,410 |
Interest and other expense | (8,616) |  |  | (1,207) |  |  | (11,317) |  |  | (8,330) |
Income before income taxes | $ | 160,509 |  |  | $ | 117,840 |  |  | $ | 427,488 |  |  | $ | 292,493 |
Our revenue by reportable segment for the three and nine months ended September 30, 2025 and 2024, is geographically distributed as shown in the following table (amounts in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Stream interests: |  |  |  |  |  |  |
Canada | $ | 82,364 |  |  | $ | 66,372 |  |  | $ | 208,344 |  |  | $ | 173,737 |
Dominican Republic | 28,140 |  |  | 26,585 |  |  | 82,509 |  |  | 64,147 |
Africa | 27,288 |  |  | 19,973 |  |  | 70,055 |  |  | 59,470 |
Chile | 23,022 |  |  | 9,652 |  |  | 45,255 |  |  | 31,949 |
Rest of world | 5,267 |  |  | 10,470 |  |  | 15,591 |  |  | 29,228 |
Total stream interests | $ | 166,081 |  |  | $ | 133,052 |  |  | $ | 421,754 |  |  | $ | 358,531 |
Royalty interests: |  |  |  |  |  |  |
United States | $ | 37,080 |  |  | $ | 34,131 |  |  | $ | 105,478 |  |  | $ | 83,484 |
Mexico | 19,957 |  |  | 10,853 |  |  | 54,659 |  |  | 34,509 |
Canada | 14,439 |  |  | 5,269 |  |  | 32,070 |  |  | 13,435 |
Australia | 10,589 |  |  | 7,476 |  |  | 28,362 |  |  | 19,498 |
Rest of world | 3,922 |  |  | 3,056 |  |  | 12,825 |  |  | 7,378 |
Total royalty interests | $ | 85,987 |  |  | $ | 60,785 |  |  | $ | 233,394 |  |  | $ | 158,304 |
Total revenue | $ | 252,068 |  |  | $ | 193,837 |  |  | $ | 655,148 |  |  | $ | 516,835 |

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- Definition The entire disclosure for reporting segments including data and tables. 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