EXHIBIT 21

Royal Gold, Inc. and Its Subsidiaries

Denver Mining Finance Company ⁽¹⁾

Royal Trading Company ⁽¹⁾

Calgom Mining, Inc.⁽¹⁾⁽⁴⁾

Mono County Mining Company⁽¹⁾

Royal Camp Bird, Inc. ⁽¹⁾

Royal Crescent Valley, Inc.⁽¹⁾

Royal Kanaka Creek Corporation ⁽¹⁾

Environmental Strategies, Inc.⁽²⁾

Greek American Exploration Ltd. ⁽³⁾

Sofia Minerals Ltd. ⁽⁵⁾

Royal Gold Australia ⁽⁶⁾

Royal Gold Pty, Ltd.

RG Russia, Inc.⁽¹⁾

High Desert Mineral Resources, Inc.⁽¹⁾

(1)	Owned 100% by Royal Gold, Inc.
(2)	Owned 100% by Denver Mining Finance Company
(3)	Owned 50% by Royal Gold, Inc.
(4)	Owns a 100% interest in the Goldstripe Project.
(5)	Owned 25% by Royal Gold, Inc.
(6)	Owned 67% by Royal Gold, Inc.