SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Geographical Distribution of Long-lived Assets

Royal Gold's long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):


	As of March 31, 2026						As of December 31, 2025
	Stream interest		Royalty interest		Total stream and royalty interests, net		Stream interest		Royalty interest		Total stream and royalty interests, net
North America	$	1,180,681	$	1,821,667	$	3,002,348	$	1,214,810	$	1,834,921	$	3,049,731
South and Central America	1,034,797		1,883,234		2,918,031		1,045,620		1,846,211		2,891,831
EMEA	2,251,381		306,601		2,557,982		2,270,717		309,467		2,580,184
Australia Pacific	12,531		48,394		60,925		13,595		48,534		62,129
Total	$	4,479,390	$	4,059,896	$	8,539,286	$	4,544,742	$	4,039,133	$	8,583,875

Schedule of Reportable Segments for Assessing Performance

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


	Three Months Ended March 31, 2026
	Revenue		Cost of sales(1)		Production taxes		Depletion(2)		Segment gross profit
Stream interests	$	312,777	$	60,337	$	—	$	53,575	$	198,865
Royalty interests	156,348		—		3,291		37,028		116,029
Total	$	469,125	$	60,337	$	3,291	$	90,603	$	314,894

	Three Months Ended March 31, 2025
	Revenue		Cost of sales(1)		Production taxes		Depletion(2)		Segment gross profit
Stream interests	$	122,482	$	24,506	$	—	$	20,353	$	77,623
Royalty interests	70,954		—		1,761		12,562		56,631
Total	$	193,436	$	24,506	$	1,761	$	32,915	$	134,254

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(1)Excludes depreciation, depletion and amortization.

(2)Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.

Schedule of Reconciliation of Segment Gross Profit to Consolidated Income (Loss)

A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):


	Three Months Ended
	March 31, 2026		March 31, 2025
Total segment gross profit	$	314,894	$	134,254

Costs and expenses
General and administrative expenses	17,531		11,063
Depreciation and amortization	272		80

Operating income	297,091		123,111
Fair value changes in equity securities	5,950		(37)
Gain on sale of marketable securities	14,115		—
Interest and other income	3,192		2,049
Interest and other expense	(13,242)		(1,156)
Income before income taxes	$	307,106	$	123,967

Schedule of Revenue by Reportable Segment Geographically Distributed

Our revenue by reportable segment for the three months ended March 31, 2026 and 2025, is geographically distributed as shown in the following table (amounts in thousands):


	Three Months Ended
	March 31, 2026		March 31, 2025
Stream interests:
North America	$	163,263	$	81,981
EMEA	79,496		22,380
South and Central America	68,954		18,121
Australia Pacific	1,064		—
Total stream revenue	$	312,777	$	122,482

Royalty interests:
North America	$	94,733	$	58,790
South and Central America	41,279		4,208
Australia Pacific	15,057		7,956
EMEA	5,279		—
Total royalty revenue	156,348		70,954
Total revenue	$	469,125	$	193,436