EXHIBIT 21.1

Royal Gold, Inc. and its Subsidiaries

As of June 30, 2020

Name	State / Province /  Country of Incorporation	Ownership Percentage
Royal Gold, Inc.	Delaware
Denver Mining Finance Company, Inc.	Colorado	100	%
Crescent Valley Partners, L.P.	Colorado	93.077	%
Royal Crescent Valley, LLC	Delaware	100	%
RG Royalties, LLC	Delaware	100	%
RGLD Holdings, LLC	Delaware	100	%
RGLD Gold (Canada) ULC	Alberta		*
International Royalty Corporation	Canada	100	%
4324421 Canada Inc.	Canada	100	%
Labrador Nickel Royalty Limited Partnership	Ontario	90	%
Royal Alaska, LLC	Delaware	100	%
Peak Gold, LLC	Delaware	40	%
Royal Gold International Holdings, Inc.	Delaware	100	%
RGLD UK Holdings Limited	United Kingdom	100	%
RGLD Gold AG	Switzerland	100	%
Royal Gold Corporation	Canada	100	%

* Royal Gold, Inc. owns approximately 22% and RGLD Holdings, LLC owns approximately 77% of RGLD Gold (Canada) ULC