Royal Gold Earnings 2020-03-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the Quarterly Period Ended March 31, 2020


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

For the transition period from to

Commission File Number: 001-13357

Royal Gold, Inc.

(Exact Name of Registrant as Specified in Its Charter)

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

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

Registrant’s telephone number, including area code (303) 573-1660

Securities registered pursuant to Section 12(b) of the Act:


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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 65,581,083 shares of the Company’s common stock, par value $0.01 per share, outstanding as of April 30, 2020.

Table of Contents

INDEX

		PAGE

PART I	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

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

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	34

Item 4.	Controls and Procedures	35

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	35

Item 1A.	Risk Factors	35

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36

Item 3.	Defaults Upon Senior Securities	36

Item 4.	Mine Safety Disclosure	36

Item 5.	Other Information	36

Item 6.	Exhibits	37

SIGNATURES		39

ITEM 1. FINANCIAL STATEMENTS

ROYAL GOLD, INC.

Consolidated Balance Sheets

(Unaudited, amounts in thousands except share data)


	March 31,		June 30,
	2020		2019
ASSETS
Cash and equivalents	$	93,715	$	119,475
Royalty receivables		32,322		20,733
Income tax receivable		11,361		2,702
Stream inventory		11,947		11,380
Prepaid expenses and other		1,232		389
Total current assets		150,577		154,679
Stream and royalty interests, net (Note 3)		2,317,413		2,339,316
Other assets		81,874		50,156
Total assets	$	2,549,864	$	2,544,151
LIABILITIES
Accounts payable	$	1,501	$	2,890
Dividends payable		18,359		17,372
Income tax payable		21,027		6,974
Other current liabilities		8,943		6,374
Total current liabilities		49,830		33,610
Debt (Note 5)		100,154		214,554
Deferred tax liabilities		86,776		88,961
Uncertain tax positions		36,441		36,573
Other long-term liabilities		6,128		-
Total liabilities		279,329		373,698
Commitments and contingencies (Note 12)
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 65,512,248 and 65,440,492 shares outstanding, respectively		655		655
Additional paid-in capital		2,209,098		2,201,773
Accumulated earnings (losses)		30,483		(65,747)
Total Royal Gold stockholders’ equity		2,240,236		2,136,681
Non-controlling interests		30,299		33,772
Total equity		2,270,535		2,170,453
Total liabilities and equity	$	2,549,864	$	2,544,151

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

ROYAL GOLD, INC.

Consolidated Statements of Operations and Comprehensive Income

(Unaudited, amounts in thousands except share data)


	Three Months Ended				Nine Months Ended
	March 31,		March 31,		March 31,		March 31,
	2020		2019		2020		2019
Revenue (Note 6)	$	136,437	$	109,778	$	378,853	$	307,362

Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)		21,961		19,075		63,149		53,764
General and administrative		9,551		6,798		23,658		24,147
Production taxes		851		1,006		2,934		3,206
Exploration costs		565		330		4,705		5,534
Depreciation, depletion and amortization		51,228		39,368		130,038		120,726
Total costs and expenses		84,156		66,577		224,484		207,377

Operating income		52,281		43,201		154,369		99,985

Fair value changes in equity securities		(3,819)		1,781		(4,972)		(3,318)
Interest and other income		620		499		1,621		1,089
Interest and other expense		(2,088)		(7,499)		(7,139)		(22,786)
Income before income taxes		46,994		37,982		143,879		74,970

Income tax (expense) benefit		(8,702)		(9,388)		3,700		(11,355)
Net income and comprehensive income		38,292		28,594		147,579		63,615
Net loss and comprehensive loss attributable to non-controlling interests		262		178		2,750		3,753
Net income and comprehensive income attributable to Royal Gold common stockholders	$	38,554	$	28,772	$	150,329	$	67,368
Net income per share available to Royal Gold common stockholders:
Basic earnings per share	$	0.59	$	0.44	$	2.30	$	1.03
Basic weighted average shares outstanding		65,511,878		65,398,369		65,501,678		65,389,499
Diluted earnings per share	$	0.59	$	0.44	$	2.29	$	1.03
Diluted weighted average shares outstanding		65,600,770		65,515,234		65,626,400		65,494,902
Cash dividends declared per common share	$	0.28	$	0.265	$	0.825	$	0.78

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

ROYAL GOLD, INC.

Consolidated Statements of Changes in Stockholders’ Equity

(unaudited, amounts in thousands except share data)


	Royal Gold Stockholders
						Accumulated
				Additional		Other
	Common Shares			Paid-In		Comprehensive		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Income (Loss)		(Losses) Earnings		Interests		Equity
Balance at December 31, 2019	65,496,004	$	655	$	2,205,364	$	—	$	10,290	$	30,905	$	2,247,214
Stock-based compensation and related share issuances	16,244		—		3,134		—		—		—		3,134
Distributions from (to) non-controlling interests	—		—		600		—		—		(344)		256
Net income and comprehensive income	—		—		—		—		38,554		(262)		38,292
Dividends declared	—		—		—		—		(18,361)		—		(18,361)
Balance at March 31, 2020	65,512,248	$	655	$	2,209,098	$	—	$	30,483	$	30,299	$	2,270,535

	Royal Gold Stockholders
						Accumulated
				Additional		Other
	Common Shares			Paid-In		Comprehensive		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Income (Loss)		(Losses) Earnings		Interests		Equity
Balance at December 31, 2018	65,396,339	$	654	$	2,197,254	$	—	$	(86,238)	$	35,300	$	2,146,970
Stock-based compensation and related share issuances	3,965		—		1,675		—		—		—		1,675
Distributions from (to) non-controlling interests	—		—		420		—		—		(201)		219
Net income and comprehensive income	—		—		—		—		28,772		(178)		28,594
Other	—		—		—		—		266		—		266
Dividends declared	—		—		—		—		(17,363)		—		(17,363)
Balance at March 31, 2019	65,400,304	$	654	$	2,199,349	$	—	$	(74,563)	$	34,921	$	2,160,361

	Royal Gold Stockholders
						Accumulated
				Additional		Other
	Common Shares			Paid-In		Comprehensive		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Income (Loss)		(Losses) Earnings		Interests		Equity
Balance at June 30, 2019	65,440,492	$	655	$	2,201,773	$	—	$	(65,747)	$	33,772	$	2,170,453
Stock-based compensation and related share issuances	71,756		—		4,025		—		—		—		4,025
Distributions from (to) non-controlling interests	—		—		3,300		—		—		(723)		2,577
Net income and comprehensive income	—		—		—		—		150,329		(2,750)		147,579
Dividends declared	—		—		—		—		(54,099)		—		(54,099)
Balance at March 31, 2020	65,512,248	$	655	$	2,209,098	$	—	$	30,483	$	30,299	$	2,270,535

	Royal Gold Stockholders
						Accumulated
				Additional		Other
	Common Shares			Paid-In		Comprehensive		Accumulated		Non-controlling		Total
	Shares	Amount		Capital		Income (Loss)		(Losses) Earnings		Interests		Equity
Balance at June 30, 2018	65,360,041	$	654	$	2,192,612	$	(1,201)	$	(89,898)	$	39,102	$	2,141,269
Stock-based compensation and related share issuances	40,263		—		3,527		—		—		—		3,527
Distributions from (to) non-controlling interests	—		—		3,210		—		—		(428)		2,782
Net income and comprehensive income	—		—		—		—		67,368		(3,753)		63,615
Other comprehensive income (loss)	—		—		—		1,201		(1,201)		—		—
Other	—		—		—		—		266		—		266
Dividends declared	—		—		—		—		(51,098)		—		(51,098)
Balance at March 31, 2019	65,400,304	$	654	$	2,199,349	$	—	$	(74,563)	$	34,921	$	2,160,361

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

ROYAL GOLD, INC.

Consolidated Statements of Cash Flows

(Unaudited, amounts in thousands)


	Nine Months Ended
	March 31,		March 31,
	2020		2019
Cash flows from operating activities:
Net income and comprehensive income	$	147,579	$	63,615
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization		130,038		120,726
Amortization of debt discount and issuance costs		851		11,882
Non-cash employee stock compensation expense		8,283		5,510
Fair value changes in equity securities		4,972		3,318
Deferred tax benefit		(37,117)		(5,329)
Other		(148)		—
Changes in assets and liabilities:
Royalty receivables		(11,589)		(1,198)
Stream inventory		(567)		(3,102)
Income tax receivable		(8,658)		(8,750)
Prepaid expenses and other assets		(5,771)		2,474
Accounts payable		(1,295)		(4,326)
Income tax payable		14,054		(2,002)
Uncertain tax positions		(132)		3,130
Other liabilities		8,695		(5,039)
Net cash provided by operating activities	$	249,195	$	180,909

Cash flows from investing activities:
Acquisition of stream and royalty interests		(107,855)		(1,055)
Purchase of equity securities		(461)		(3,573)
Other		3,227		(157)
Net cash used in investing activities	$	(105,089)	$	(4,785)

Cash flows from financing activities:
Repayment of debt		(115,000)		—
Net payments from issuance of common stock		(4,257)		(1,982)
Common stock dividends		(53,111)		(50,114)
Contributions from non-controlling interest		3,300		3,210
Other		(798)		8
Net cash used in financing activities	$	(169,866)	$	(48,878)
Net (decrease) increase in cash and equivalents		(25,760)		127,246
Cash and equivalents at beginning of period		119,475		88,750
Cash and equivalents at end of period	$	93,715	$	215,996

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

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

1. OPERATIONS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS

Royal Gold, Inc. (“Royal Gold”, the “Company”, “we”, “us”, or “our”), together with its subsidiaries, is engaged in the business of acquiring and managing metal streams, royalties and similar interests. We seek to acquire existing stream and royalty interests or to finance mining projects that are in production or in the development stage in exchange for stream or royalty interests. A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine at a price determined for the life of the transaction by the purchase agreement. A royalty is a non-operating interest in a mining project that provides the right to revenue or metals produced from the project after deducting contractually specified costs, if any.

Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in this Form 10-Q. Operating results for the three and nine months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. These interim unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 filed with the Securities and Exchange Commission on August 8, 2019 (“Fiscal 2019 10-K”).

Certain amounts in the prior period consolidated balance sheet have been reclassified for comparative purposes to conform with the presentation in the current period balance sheet. Reclassified amounts were not material.

Recently Adopted Accounting Standards

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), which requires recognition of right-of-use assets and lease payment liabilities on the balance sheet by lessees for all leases with terms greater than twelve months. Classification of leases as either a finance or operating lease will determine the recognition, measurement and presentation of expenses. ASU 2016-02 also requires certain quantitative and qualitative disclosures about material leasing arrangements.

Subsequently, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”). ASU 2018-11 provides an additional modified retrospective transition method for adopting ASU 2016-02, which eliminates the need for adjusting prior period comparable financial statements prepared under legacy lease accounting guidance.

ASU 2016-02, together with ASU 2018-11, was effective for the Company July 1, 2019. The Company adopted the new guidance using the modified retrospective approach set forth in ASU 2018-11, with the date of initial application on July 1, 2019. Comparative reporting periods were not adjusted upon adoption.

As permitted under the transition guidance, the Company has elected to use the following practical expedients at transition:

●

To not reassess whether any expired or existing contracts were or contained leases; and

●

To not reassess the lease classification for any expired or existing leases.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

In addition, the Company has elected to use the following practical expedients at and subsequent to adoption in accordance with ASU 2016-02:

●

Not to separate non-lease from lease components, and instead account for each lease component and any associated non-lease components as a single lease component; and

●

Not to recognize right-of-use assets and associated liabilities for short-term contracts with lease terms of 12 months or less.

The Company’s significant lease arrangements relate to its office spaces. These arrangements are for leases of assets such as corporate office space and office equipment. Through the implementation process, the Company evaluated its lease arrangements, which included an analysis of contracts, and updating the internal controls and processes that are necessary to track and calculate the additional accounting and disclosure requirements as required upon adoption of ASU 2016-02.

The Company leases office space and office equipment under operating leases expiring at various dates through the fiscal year ending June 30, 2030. The following amounts were recorded in the consolidated balance sheets at March 31, 2020 (amounts in thousands):


	Classification	March 31, 2020
Operating Leases
Right-of-use assets - current	Prepaid expenses and other	$	608
Right-of-use assets - non-current	Other assets		5,065
Total right-of-use assets		$	5,673

Lease liabilities - current	Other current liabilities	$	549
Lease liabilities - non-current	Other long-term liabilities		6,128
Total operating lease liabilities		$	6,677

Maturities of operating lease liabilities at March 31, 2020 were as follows (amounts in thousands):


Fiscal Years:	Operating Leases
2020	$	93
2021		826
2022		823
2023		811
2024		822
Thereafter		4,149
Total lease payments	$	7,524
Less imputed interest		(847)
Total	$	6,677

Other information pertaining to leases consist of the following:


	March 31, 2020
Operating Lease Term and Discount Rate
Weighted average remaining lease term in years		9
Weighted average discount rate		2.5%

The Company did not have any finance leases as of March 31, 2020. The adoption of ASU 2016-02 did not impact accumulated earnings (losses), our consolidated statements of operations and comprehensive income, or our consolidated statements of cash flows.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

Recently Issued Accounting Standards

Current Expected Credit Loss

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments, which, together with subsequent amendments, changes how an entity will record credit losses from an “incurred loss” approach to an “expected loss” approach. This update is effective for annual periods beginning after December 15, 2019 (i.e. July 1, 2020 for the Company) and interim financial statement periods within those years, with early adoption permitted. The Company is currently undergoing its assessment of the new guidance and the impact it will have on our consolidated financial statements and related disclosures. Based on procedures performed as of March 31, 2020, the Company does not expect the adoption to have a material impact on the Company’s consolidated financial statements. The Company will adopt the new guidance effective July 1, 2020.

2. ACQUISITIONS

Alturas royalty acquisition

On January 29, 2020, a wholly-owned subsidiary of the Company entered into an agreement with various private individuals for the acquisition of a net smelter return (“NSR”) royalty of up to 1.06% (gold) and up to 1.59% (copper) on mining concessions included as part of the Alturas project, which is located within the Coquimbo Region of Chile and held by a subsidiary of Barrick Gold Corporation (“Barrick”), Compañia Minera Salitrales Limitada. Total consideration for the royalty is up to $41 million, of which $11 million was paid on January 29, 2020. The $11 million paid as part of the funding schedule, plus direct acquisition costs, have been recorded as an exploration stage royalty interest within Stream and royalty interests, net on our consolidated balance sheets. A future payment of up to $20 million is conditional based on a project construction decision by Barrick and the size of the minable mineralized material on the date of the construction decision. A further future payment of up to $10 million will be made to the private individuals upon first production from the mining concessions.

Castelo de Sonhos royalty acquisition

In August 2019, a subsidiary of the Company entered into an agreement with TriStar Gold Inc. and its subsidiaries (together “TriStar”) to acquire (i) up to a 1.5% NSR royalty on the Castelo de Sonhos gold project (“CDS”), located in Brazil, and (ii) warrants to purchase up to 19,640,000 common shares of TriStar. Total consideration is $7.5 million and is payable over three payments, of which $4.5 million was paid in August 2019, $1.5 million was paid in November 2019, and the final payment of $1.5 million was paid on March 30, 2020.

The CDS royalty acquisition has been accounted for as an asset acquisition. The $7.5 million paid as part of the aggregate funding schedule, plus direct acquisition costs, have been recorded as an exploration stage royalty interest within Stream and royalty interests, net on our consolidated balance sheets.

The warrants have been recorded within Other assets on our consolidated balance sheets and have a carrying value of approximately $0.3 million as of March 31, 2020. The warrants have been classified as a financial asset instrument and are recorded at fair value at each reporting date using the Black-Scholes model. Any change in fair value of the warrants at subsequent reporting periods will be recorded within Fair value changes in equity securities on our consolidated statements of operations and comprehensive income. As of March 31, 2020, the Company holds 19,640,000 warrants at an exercise price of C$0.25 per common share with a term of approximately five years.

ROYAL GOLD, INC.

Notes to Consolidated Financial Statements

(Unaudited)

3. STREAM AND ROYALTY INTERESTS, NET

The following tables summarize the Company’s stream and royalty interests, net as of March 31, 2020 and June 30, 2019.


As of March 31, 2020 (Amounts in thousands):	Cost	Accumulated Depletion	Net
Production stage stream interests:
Mount Milligan

Price	125.59	EPS	2
Shares	66	P/E	55
MCap	8,241	P/FCF	37
Net Debt	48	EBIT	139
TEV	8,289	TEV/EBIT	60
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-03-31	Filed 2020-05-07
10-Q	2019-12-31	Filed 2020-02-06
10-Q	2019-09-30	Filed 2019-11-07
10-K	2019-06-30	Filed 2019-08-08
10-Q	2019-03-31	Filed 2019-05-02
10-Q	2018-12-31	Filed 2019-02-07
10-Q	2018-09-30	Filed 2018-11-01
10-K	2018-06-30	Filed 2018-08-09
10-Q	2018-03-31	Filed 2018-05-03
10-Q	2017-12-31	Filed 2018-02-08
10-Q	2017-09-30	Filed 2017-11-02
10-K	2017-06-30	Filed 2017-08-10
10-Q	2017-03-31	Filed 2017-05-10
10-Q	2016-12-31	Filed 2017-02-02
10-Q	2016-09-30	Filed 2016-11-03
10-K	2016-06-30	Filed 2016-08-11
10-Q	2016-03-31	Filed 2016-04-28
10-Q	2015-12-31	Filed 2016-02-04
10-Q	2015-09-30	Filed 2015-11-05
10-K	2015-06-30	Filed 2015-08-06
10-Q	2015-03-31	Filed 2015-04-30
10-Q	2014-12-31	Filed 2015-01-29
10-Q	2014-09-30	Filed 2014-10-30
10-K	2014-06-30	Filed 2014-08-07
10-Q	2014-03-31	Filed 2014-05-01
10-Q	2013-12-31	Filed 2014-01-30
10-Q	2013-09-30	Filed 2013-11-07
10-K	2013-06-30	Filed 2013-08-08
10-Q	2013-03-31	Filed 2013-05-02
10-K	2012-06-30	Filed 2012-08-09
10-Q	2012-03-31	Filed 2012-05-03
10-Q	2011-09-30	Filed 2011-11-03
10-K	2011-06-30	Filed 2011-08-18
10-Q	2011-03-31	Filed 2011-05-06
10-Q	2010-12-31	Filed 2011-02-04
10-Q	2010-09-30	Filed 2010-11-05
10-K	2010-06-30	Filed 2010-08-26
10-Q	2010-03-31	Filed 2010-05-07
10-Q	2009-12-31	Filed 2010-02-05

8-K	2020-05-06
8-K	2020-04-09
8-K	2020-02-05
8-K	2019-12-05
8-K	2019-11-20
8-K	2019-11-06
8-K	2019-10-30
8-K	2019-10-11
8-K	2019-09-26
8-K	2019-08-07
8-K	2019-06-11
8-K	2019-06-03
8-K	2019-05-30
8-K	2019-05-01
8-K	2019-02-25
8-K	2019-02-14
8-K	2019-02-06
8-K	2019-01-01
8-K	2018-11-14
8-K	2018-10-31
8-K	2018-09-19
8-K	2018-08-08
8-K	2018-06-18
8-K	2018-05-30
8-K	2018-05-02
8-K	2018-02-07

EX-31.1	rgld-20200331xex31d1.htm
EX-31.2	rgld-20200331xex31d2.htm
EX-32.1	rgld-20200331xex32d1.htm
EX-32.2	rgld-20200331xex32d2.htm

RGLD 10Q Quarterly Report

Royal Gold Earnings 2020-03-31