EXHIBIT 21.1

Royal Gold, Inc. and Its Subsidiaries

Battle Mountain Gold Exploration Corp. ⁽¹⁾

Battle Mountain Gold (Canada) Inc. ⁽²⁾

Denver Mining Finance Company, Inc. ⁽¹⁾

DFH Co. of Nevada ⁽³⁾

Gold Ventures, Inc. ⁽³⁾

Greek American Exploration Ltd. ⁽⁴⁾

High Desert Mineral Resources, Inc. ⁽¹⁾

RG Finance (Barbados) Limited ⁽¹⁾

RG Mexico, Inc. ⁽¹⁾

RG Russia, Inc. ⁽¹⁾

RGLD Gold Canada, Inc. ⁽¹⁾

Royal Camp Bird, Inc. ⁽¹⁾

Royal Crescent Valley, Inc. ⁽¹⁾

Royal Gold Chile Limitada ⁽¹⁾

Sofia Minerals Ltd. ⁽⁵⁾

(1)	Owned 100% by Royal Gold, Inc.
(2)	Owned 100% by Battle Mountain Gold Exploration Corp.
(3)	Owned 100% by High Desert Mineral Resources, Inc.
(4)	Owned 50% by Royal Gold, Inc.
(5)	Owned 25% by Royal Gold, Inc.