EXHIBIT 21.1

Royal Gold, Inc. and Its Subsidiaries

Denver Mining Finance Company ⁽¹⁾
Royal Trading Company ⁽¹⁾
Royal Gold Chile Limitada ⁽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 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.