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EXHIBIT 21.1

Royal Gold, Inc. and its Subsidiaries
As of December 31, 2025
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
%
      RG Goldrush, LLC
Delaware
100
%
RGLD Holdings, LLC
Delaware
100
%
RGLD Gold (Canada) ULC(1)
Alberta
100
%
International Royalty Corporation
Canada
100
%
4324421 Canada, Inc.
Canada
100
%
Labrador Nickel Royalty Limited Partnership
Ontario
90
%
1368445 B.C. Ltd
British Columbia
100
%
Inversiones Mineras Australes Holdings (BVI) Inc.
British Virgin Islands
100
%
Inversiones Mineras Australes S.A.(2)
Argentina
100
%
S.A. Targeted Investing Corp
Canada
100
%
Compania Minera Caserones
Chile
67.5
%
1363013 B.C. Ltd
British Columbia
100
%
Hod Maden Holdings Ltd
British Columbia
100
%
Mariana Resources Limited
Guernsey
100
%
Mariana Turkey Limited
Guernsey
100
%
Royal Gold International Holdings, Inc.
Delaware
100
%
   RGLD UK Holdings Limited
United Kingdom
100
%
     RGLD Gold AG
 
Switzerland
100
%
     Royal Gold Corporation
Canada
100
%
Premier Royalty (U.S.A.) LLC
Delaware
100
%
Coral Resources, LLC
Nevada
100
%
Bridgeport Gold, LLC
Nevada
100
%
Sandstorm Metals & Energy (U.S.) LLC
Delaware
100
%
(1)Royal Gold, Inc. owns approximately 20.7078% and RGLD Holdings, LLC owns approximately 79.2922% of RGLD Gold (Canada) ULC.
(2)International Royalty Corporation owns approximately 5% and Inversiones Mineras Australes Holdings (BVI) Inc. owns approximately 95% of Inversiones Mineras Australes S.A.