UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  May 30, 2019
 
ROYAL GOLD, INC.
(Exact name of registrant as specified in its charter)

Delaware	 	001-13357	 	84-0835164	
(State or other jurisdiction	 	(Commission	 	(IRS Employer	
of incorporation)	 	File Number)	 	Identification No.)	

1660 Wynkoop Street, Suite 1000, Denver, CO	 	80202-1132	
(Address of principal executive offices)	 	(Zip Code)	

Registrant’s telephone number, including area code:  303-573-1660
 
(Former name or former address, if changed since last report.)
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	    	Trading Symbol	    	Name of each exchange on which registered:	
Common Stock $0.01 Par Value	 	RGLD	 	Nasdaq Global Select Market	
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
Item 7.01 Regulation FD Disclosure.
 
On May 30, 2019, the Company announced reserve updates as of December 31, 2018, provided by the operators of the Company’s stream and royalty properties or obtained by the Company from publicly available information. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and contains a link to more detailed reserves and other information which is entitled “Metal Stream/Royalty Portfolio as of December 31, 2018.”  This detailed information about the Company’s metal stream and royalty portfolio is furnished as Exhibit 99.2 hereto and is incorporated by reference.
 
The information under this Item 7.01, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing. 
 
Item 9.01     Financial Statements and Exhibits.
 
(d) Exhibits

Exhibit
 No.	    	Description	
99.1	 	Press Release dated M ay 30 , 2019 regarding Attributable Reserves .	
99.2	 	Metal Stream/Royalty Portfolio as of December 31, 2018.	

2

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Feb	 	 	 	
 	Royal Gold, Inc.	
 	(Registrant)	

Dated:  May 30, 2019	By:	/s/ Bruce C. Kirchhoff	
 	 	Name:	Bruce C. Kirchhoff	
 	 	Title:	Vice President, General Counsel and Secretary	

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Exhibit 99.1

 

Royal Gold Announces Attributable Reserves
 
DENVER, COLORADO .  MAY 30,  2019: ROYAL GOLD, INC. (NASDAQ: RGLD)  (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announces updated estimates for ore reserves attributable 1 to the Company’s stream, royalty and similar interests as of December 31, 2018. Reserve figures are provided by the operators of properties on which the Company holds these interests or are obtained by Royal Gold through publicly available information.
 
Gold reserves of 3.8 million attributable ounces were 8.9% lower than the prior calendar year primarily due to mining depletion at Mount Milligan, Carmen de Andacollo and Pueblo Viejo. Silver reserves of 50 million attributable ounces were 22.2% higher due to the acquisition of the Khoemacau stream interest during the current fiscal year. On an attributable gold equivalent basis 2 , gold makes up approximately 66% of reserves while silver contributes approximately 10%.
 
A summary of attributable reserves for all metals is presented in the table below.
 
Metal	Attributable Reserves	
	Units	Dec. 31, 2017	Dec. 31, 2018	Change	
Gold	M oz	4.2	3.8	-8.9%	
Silver	M oz	41	50	22.2%	
Copper	M lb	460	440	-4.3%	
Lead	M lb	72	73	1.2%	
Zinc	M lb	182	181	-0.5%	
Nickel	M lb	41	39	-5.1%	
Cobalt	M lb	2.5	2.3	-8.0%	
Molybdenum	M lb	4.3	4.3	0.0%	

1     Attributable means 1) in the case of our royalty interests, the operators’ estimate of reserves subject to our royalty multiplied by our royalty rate, and 2) in the case of our stream interests, the operators’ estimate of reserves subject to our stream multiplied by a) our stream rate and b) the result of i) the metal price at calendar year end (“Metal Price”) less our payment per unit delivered, divided by ii) the Metal Price.
2     Gold equivalent basis is calculated as total attributable gold ounces plus non-gold metals converted to gold equivalent ounces at the corresponding Metal Price.

1

On a gold equivalent basis, attributable reserves 1 to Royal Gold were 5.8 million ounces compared to 6.4 million ounces at calendar year-end 2017. The decrease  was due to generally lower Metal Prices for the non-gold metals included in the calculation of gold equivalent ounces, as shown in the table below, and mining depletion experienced in the year. The impact of lower prices on gold equivalent reserves was nearly equal to the effect of mining depletion.
 
Metal	Metal Prices Used for GEO Calculation	
	$ / Unit	Dec. 31, 2017	Dec. 31, 2018	Change	
Gold	$/oz	1,291	1,279	-0.9%	
Silver	$/oz	16.87	15.47	-8.3%	
Copper	$/lb	3.25	2.71	-16.6%	
Lead	$/lb	1.13	0.91	-19.5%	
Zinc	$/lb	1.50	1.14	-24.0%	
Nickel	$/lb	5.56	4.81	-13.5%	
Cobalt	$/lb	34.25	25.17	-26.5%	
Molybdenum	$/lb	7.26	11.79	62.4%	
 
Reserves and mineralized material 2 subject to the Company’s interests on each property where reserves have been reported by the operators can be found on our website Metal Stream/Royalty Portfolio. For further information about our stream, royalty and similar interests, please see our Annual Report on Form 10-K, and our other public reports.
 
Royal Gold is a precious metals stream and royalty company engaged in the acquisition and management of precious metal streams,  royalties, and similar production-based interests. As of March 31, 2019, the Company owns interests on 191 properties on five continents, including interests on 43 producing mines and 17 development stage projects. Royal Gold is publicly traded on the Nasdaq Global Select Market under the symbol “RGLD.” The Company’s website is located at www.royalgold.com.
 
For further information, contact:
 
Alistair Baker
Director, Business Development
(720) 554-6995

1     Attributable reserves do not consider royalty interests from non-metals such as coal or potash.
2     The U.S. Securities and Exchange Commission does not recognize this term. Mineralized material is that part of a mineral system that has potential economic significance but cannot be included in proven and probable ore reserve estimates until further drilling and metallurgical work is completed, and until other economic and technical feasibility factors based upon such work have been resolved. Typically, mineralization is presented as tons and grade, but to give the reader an overall impression of the magnitude of these mineral deposits we present an aggregate number of gold equivalent ounces. Investors are cautioned not to assume that any part or all of these gold equivalent ounces will ever be converted into reserves or be recoverable by the operators of our properties.

2

Cautionary “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995:  With the exception of historical matters, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained herein. Such forward-looking statements include estimates of reserves and mineralized material provided by operators of our stream and royalty properties or obtained by Royal Gold through publicly available information, calculations of reserves and mineralized material attributable to the Company’s stream, royalty and similar interests, and calculations of attributable reserves on a gold equivalent basis. Reserve estimates and calculations of reserves and mineralized material attributable to Royal Gold’s royalty, stream and other interests are subject to certain assumptions and do not reflect actual ounces that will be produced. The estimation of mineralized material involves greater uncertainty as to their existence and the legal and economic feasibility of extraction than the estimation of reserves. Conversion of mineralized material to mineral reserves generally requires further economic study, such as a preliminary feasibility study. Investors are cautioned not to assume that all or any part of a mineral resource exists, or is economically or legally mineable, or will ever be converted into mineral reserves. Factors that could cause actual results to differ materially include, among others, the price environment for gold and other metals on which our stream and royalty interests are determined; performance of and production at our stream and royalty properties, and variation of actual production from the production estimates and forecasts made by the operators of those properties; inability of operators to finance project development and construction and bring projects into production as expected or in accordance with feasibility studies, especially development stage mining properties, mine and mill expansion projects and other development and construction projects; completion of feasibility studies; changes in operators’ estimates of reserves and mineralized material;  revisions or inaccuracies in technical reports, reserves, mineralized material, costs, mine life and mine life parameters and economic and production estimates; changes in project parameters as plans of the operators are refined; the results of current or planned exploration activities; the risks inherent in the construction and operation of mining properties; operators’ delays in securing or inability to secure necessary governmental permits; unexpected operating costs, decisions and activities of the operators of the Company’s stream and royalty properties; changes in operators’ mining and processing techniques or stream or royalty calculation methodologies; resolution of regulatory and legal proceedings; unanticipated grade, geological, seismic, metallurgical, environmental, processing or other problems at the properties; operators’ inability to access sufficient raw materials, water or power; errors or disputes in calculating or making stream deliveries and royalty payments under stream or royalty agreements; contests to the Company’s stream and royalty interests and title and other defects to the Company’s stream and royalty properties; economic and market conditions; the liquidity and future financial needs of the Company; decisions and activities of the Company’s management affecting margins, incurrence of debt, issuance of additional common stock, use of capital and changes in strategy; the impact of future acquisitions and stream and royalty financing transactions; risks associated with conducting business in foreign countries, including application of foreign laws to contract and other disputes, environmental laws, enforcement and uncertain political and economic developments; and changes in laws governing the Company and its stream and royalty properties or the operators of such properties; and other subsequent events; as well as other factors described in more detail in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Most of these factors are beyond the Company’s ability to predict or control. Statements made herein are as of the date hereof or as

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of the date indicated and should not be relied upon as of any subsequent date. The Company’s past performance is not necessarily indicative of its future performance. The Company disclaims any obligation to update any forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements.
Third-party information:  Certain information in this presentation has been provided to the Company by the operators of properties subject to our stream and royalty interests, or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. The Company has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of such third-party information and refers readers to the public reports filed by the operators for information regarding those properties.

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Exhibit 99.2
	Tons of Ore (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) United States Kinross 1.75 - 2.5% NSR 11 Barrick GSR1 0.40 - 5.0% GSR 12 GSR2 0.40 - 5.0% GSR 12 GSR3 0.71% GSR NVR1 4.91% NVR NVR1C 4.52% NVR 13 Kinross 1.0% - 2.0% NSR 14 0.6% - 0.9% NSR (M-ACE) 15 Barrick 0.9% NSR West Kirkland / Clover Nevada 1.50% NSR Newmont Goldcorp 1.8% NSR 2.525 0.01 0.077 OPERATOR, PROPERTY AND METAL STREAM/ROYALTY 3 Gold 2 28.34 3.42 0.288 35.62 0.009 0.00 0.000 0.017 0.588 0.008 0.335 0.186 0.37 0.249 1.17 Goldstrike 90.49 0.019 0.00 0.000 0.012 0.39 0.009 108.83 0.016 0.753 1.45 0.013 18.05 0.032 3.445 1.61 0.043 22.43 0.017 0.491 1.23 46.70 0.011 5.67 0.011 Hasbrouck (DEV) Leeville 2.02 0.985 Cortez 6.87 0.06 11.77 0.010 0.015 0.531 1.12 34.70 16.55 0.008 0.012 13.72 0.011 1.45 0.008 PROVEN + PROBABLE RESERVES 4,5,6 ADDITIONAL MINERALIZED MATERIAL 7,8,9 Measured Indicated Inferred Tons Average Gold Grade Tons Average Gold Grade Average Gold Grade Average Gold Grade Gold Contained Ozs 10 Tons 0.016 0.080 0.64 0.017 6.29 0.013 2.45 0.011 0.023 0.436 0.00 0.038 14.76 1.59 0.008 0.066 Bald Mountain Gold Hill 0.000 0.28 90.47 0.035 3.183 1.39 0.048 19.14 0.043 29.73 0.085 0.013 18.95 4.90 R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 1	

	Tons of Ore (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) United States (cont.) SSR Mining 2.0% NSR Waterton Precious Metals Fund Cordillleran - 3.0% NSR 16, 17 Rayrock - 2.94% NSR 16, 18 Americas Silver 3.0% NSR 19 KGHM 3.0% NSR Waterton Precious Metals Fund 3.0% NSR Newmont Goldcorp 2.0% GPR Coeur Mining 0.0% - 2.0% GSR 20 146.72 Relief Canyon (DEV) 26.20 0.017 0.436 1.02 0.013 7.01 0.014 3.62 0.009 OPERATOR, PROPERTY AND METAL STREAM/ROYALTY 3 369.89 0.005 61.78 0.53 0.00 0.000 0.00 0.000 0.00 0.014 0.024 0.000 Ruby Hill 1.73 84.31 204.42 0.00 0.000 0.88 0.065 0.019 7.557 0.064 0.063 Marigold 3.19 Pinson (DEV) 0.004 0.040 Robinson 0.02 0.022 0.483 14.84 0.0332 3.88 0.091 2.50 0.292 Wharf 0.025 24.94 Twin Creeks Tons Average Gold Grade Tons Average Gold Grade Average Gold Grade Gold Contained Ozs 10 Measured Indicated Inferred Tons PROVEN + PROBABLE RESERVES 4,5,6 ADDITIONAL MINERALIZED MATERIAL 7,8,9 Average Gold Grade 0.013 1.863 0.057 0.005 26.45 0.005 0.413 Gold -- continued 2 32.85 0.026 0.855 0.00 0.000 0.00 0.000 0.00 0.000 R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 2	

	Tons of Ore (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) Canada Sabina Gold & Silver George Lake 2.35% GSR 21 Goose Lake 1.95% GSR 22 Yamana / Agnico Eagle 1.0% - 1.5% NSR 23 Kirkland Lake 0.00013 x gold price Kutcho Copper Corp 2.0% NSR Agnico Eagle 2.0% NSR Centerra Gold 35% of gold produced 24 Anaconda Mining 7.5% NPI New Gold 6.5% of gold produced 25 LaRonde Zone 5 10.39 0.066 0.681 0.00 0.000 7.49 0.068 3.29 0.151 OPERATOR, PROPERTY AND METAL STREAM/ROYALTY 3 57.84 0.124 0.05 0.907 0.009 0.036 0.00 0.191 3.14 0.273 0.037 6.39 5.24 Kutcho Creek (DEV) 0.007 11.51 Mount Milligan 0.000 136.40 0.060 0.00 2.503 0.000 8.48 0.009 0.000 0.00 0.000 0.100 295.68 7.05 0.162 5.33 0.00 0.184 0.007 0.009 2.95 0.124 0.119 0.227 6.01 0.023 63.29 0.032 14.55 0.031 Gold -- continued 2 0.010 4.736 0.000 0.98 81.57 0.366 3.98 0.00 0.010 Rainy River 0.80 2.20 Back River (DEV) Holt Pine Cove 493.35 13.62 0.184 Canadian Marlartic Average Gold Grade Gold Contained Ozs 10 Measured Indicated Inferred Tons Average Gold Grade Tons Average Gold Grade Tons Average Gold Grade PROVEN + PROBABLE RESERVES 4,5,6 ADDITIONAL MINERALIZED MATERIAL 7,8,9 45.18 3.60 0.109 0.000 0.000 0.029 1.682 0.00 0.20 0.031 4.185 5.84 0.120 R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 3	

	Tons of Ore (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) Canada (cont.) Copper Fox/Teck 3.5% NPI Barrick 0.97% NSR Mexico Pan American Silver 3.25% NSR Newmont Goldcorp 2.0% NSR Central and South America Teck 100% of payable gold 26 Orvana 3.0% NSR Compañia Inversora en Minas 2.0% NSR B2Gold 3.0% NSR 0.106 4.72 0.069 1.049 0.15 0.103 OPERATOR, PROPERTY AND METAL STREAM/ROYALTY 3 658.29 0.005 0.073 0.005 1.068 Schaft Creek (DEV) 304.83 5.775 1,037.05 12.36 Williams Gold Contained Ozs 10 Measured Indicated Inferred Tons Gold -- continued 2 Tons 0.196 0.036 3.38 49.05 0.016 0.078 Average Gold Grade 573.65 348.77 ADDITIONAL MINERALIZED MATERIAL 7,8,9 0.059 El Limon 0.005 0.61 Average Gold Grade PROVEN + PROBABLE RESERVES 4,5,6 Tons 0.006 0.033 Andacollo Don Mario Peñasquito 0.148 0.66 Dolores 0.007 2.87 0.056 0.160 0.032 0.025 1.211 0.033 52.25 0.002 282.30 40.34 0.003 0.043 1.33 18.02 1.00 Don Nicolas 12.24 0.070 0.00 0.000 4.74 0.003 0.69 0.047 1.94 Average Gold Grade 21.85 1.76 0.56 4.96 Average Gold Grade 0.031 0.003 0.016 9.110 103.65 0.007 115.49 0.007 16.41 0.009 6.17 0.162 R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 4	

	Tons of Ore (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) Central and South America (cont.) Newmont Goldcorp 1.4% NSR 27 Condor Gold 3.0% NSR Amarillo Gold 2.75% NSR Barrick/Newmont Goldcorp 7.5% of gold produced 28 Australia Consolidated Tin 1.5% NSR St Barbara 1.5% NSR Washington H. Soul Pattinson 1.5% NSR Red 5 1.5% NSR Westgold Resources 1.5% NSR 29 0.171 3.02 0.011 198.10 24.00 4.80 0.191 2.205 0.156 26.38 0.045 Average Gold Grade Gold Contained Ozs 10 Measured ADDITIONAL MINERALIZED MATERIAL 7,8,9 Gold -- continued 2 Indicated Inferred Tons PROVEN + PROBABLE RESERVES 4,5,6 0.50 0.009 1.32 0.155 0.460 0.79 0.112 0.089 OPERATOR, PROPERTY AND METAL STREAM/ROYALTY 3 King of the Hills La Fortuna (DEV) Jaguar Nickel (DEV) Gwalia Deeps 1.087 Average Gold Grade Mara Rosa (DEV) 12.13 0.027 0.000 0.64 0.174 0.015 0.018 5.29 2.674 La India (DEV) 7.61 0.089 0.675 0.128 2.65 26.24 3.25 0.145 9.36 0.006 0.60 0.001 0.002 0.070 Pueblo Viejo 103.33 0.072 304.22 0.007 84.59 0.077 6.551 8.39 Balcooma (DEV) Meekatharra 0.008 0.010 6.25 0.074 6.54 0.151 0.041 0.00 0.000 0.55 0.007 0.55 0.009 11.55 12.85 33.34 0.053 0.00 0.000 320.33 0.013 0.00 0.026 2.00 0.172 1.50 0.012 Tons 0.001 0.77 Average Gold Grade Tons Average Gold Grade 0.76 R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 5	

	Tons of Ore (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) Australia (cont.) Evolution Mining 2.5% NSR Saracen 1.5% NSR Shandong Tianye 1.5% NSR Africa Balaji Group 2.5% GSR Nord Gold 2.0% GSR 30 Golden Star Resources 10.5% of gold produced 31 Golden Star Resources 10.5% of gold produced 31 29.17 0.093 17.21 0.079 1.473 Inata 31.99 0.059 1.232 0.072 0.00 0.000 25.70 18.61 Red Dam (DEV) 0.067 51.07 0.200 0.062 0.340 0.047 OPERATOR, PROPERTY AND METAL STREAM/ROYALTY 3 0.046 24.49 0.107 6.27 0.200 8.07 0.074 0.483 14.94 0.121 11.36 0.114 Prestea 0.85 0.372 0.317 0.00 South Laverton Southern Cross Gold -- continued 2 PROVEN + PROBABLE RESERVES 4,5,6 ADDITIONAL MINERALIZED MATERIAL 7,8,9 Average Gold Grade Gold Contained Ozs 10 Measured Indicated Inferred Tons Average Gold Grade Tons Average Gold Grade Tons Average Gold Grade Wassa Taparko 1.50 0.067 4.58 0.096 2.27 1.15 6.50 0.070 6.35 0.054 0.064 0.051 9.64 0.099 0.959 2.32 0.000 23.16 0.216 0.000 2.26 20.81 0.061 3.01 0.000 0.000 0.00 0.00 R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 6	

	Tons of Ore (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) United States Kinross 1.0% - 2.0% NSR 14 0.6% - 0.9% NSR (M-ACE) 15 West Kirkland / Clover Nevada 1.50% NSR Americas Silver 3.0% NSR 19 Canada Kutcho Copper Corp 2.0% NSR New Gold 60% of silver produced 25 Copper Fox/Teck 3.5% NPI Mexico Pan American Silver 2.0% NSR Newmont Goldcorp 2.0% NSR 11.600 Kutcho Creek (DEV) 0.836 0.64 658.29 6.01 0.130 Average Silver Grade ADDITIONAL MINERALIZED MATERIAL 7,8,9 63.29 0.103 14.55 0.069 0.166 0.251 2.451 PROVEN + PROBABLE RESERVES 4,5,6 4.90 4.74 11.51 0.677 1.008 0.564 1.76 OPERATOR, PROPERTY AND METAL STREAM/ROYALTY 3 0.193 0.05 0.794 12.115 Silver Contained Ozs 10 Rainy River 1.230 6.39 0.010 Hasbrouck (DEV) 35.62 3.61974 0.050 51.895 49.05 0.190 11.772 0.191 115.49 Relief Canyon (DEV) 12.36 0.043 304.83 0.048 4.96 2.722 1,037.05 0.664 16.41 0.392 0.297 10.569 2.02 0.192 16.55 1.308 0.047 Schaft Creek (DEV) Peñasquito 103.65 0.826 Silver 32 Gold Hill Dolores 0.795 39.000 Measured Indicated Inferred Tons Average Silver Grade Tons Average Silver Grade Tons Average Silver Grade 26.20 0.042 1.102 1.02 0.067 7.01 0.036 136.40 0.089 8.48 573.65 0.920 527.580 0.259 6.29 R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 7	

	Tons of Ore (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) Central and South America Orvana 3.0% NSR Compañia Inversora en Minas 2.0% NSR Condor Gold 3.0% NSR Barrick/Newmont Goldcorp 75% of silver produced 28 Australia Consolidated Tin 1.5% NSR Washington H. Soul Pattinson 1.5% NSR Africa Cupric Canyon 80% of silver produced 33 0.103 Average Silver Grade Silver Contained Ozs 10 3.38 1.158 OPERATOR, PROPERTY AND METAL STREAM/ROYALTY 3 0.00 0.149 Don Nicolas 0.15 0.412 4.72 7.61 0.156 Balcooma (DEV) 0.61 9.36 0.145 0.066 103.33 0.397 42.052 8.39 0.417 0.302 0.069 Pueblo Viejo Don Mario 0.073 1.185 3.320 0.215 0.56 Tons Average Silver Grade Silver -- continued 32 PROVEN + PROBABLE RESERVES 4,5,6 ADDITIONAL MINERALIZED MATERIAL 7,8,9 La India (DEV) 3.25 0.69 Measured Indicated Inferred Tons Average Silver Grade Tons Average Silver Grade 0.401 1.33 0.000 304.22 0.032 84.59 0.497 2.87 0.76 0.498 0.380 0.60 0.382 0.77 0.793 0.64 0.987 Jaguar Nickel (DEV) 1.32 2.268 3.000 0.00 0.000 0.55 2.083 0.55 2.742 Khoemacau (DEV) 33.52 0.567 19.011 18.21 0.569 27.03 0.580 55.86 0.691 R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 8	

	Tons of Ore (M) (%) (M) (M) (%) (M) (%) (M) (%) United States KGHM 3.0% NSR Canada Kutcho Copper Corp 2.0% NSR Centerra Gold 18.75% of copper produced 24 Copper Fox/Teck 3.5% NPI Vale 2.7% NVR Central and South America Orvana 3.0% NSR Newmont Goldcorp 1.4% NSR 27 Australia Consolidated Tin 1.5% NSR Voisey's Bay 0.31% 304.83 5630.715 12.36 2.87 11.51 ADDITIONAL MINERALIZED MATERIAL 7,8,9 OPERATOR, PROPERTY AND METAL STREAM/ROYALTY 3 Average Base Metal Grade Base Metal Contained Lbs 11 Tons Average Base Metal Grade Ton Average Base Metal Grade Tons Average Base Metal Grade 26.45 692.343 0.31% 369.89 Indicated COPPER 34 Robinson 0.27% 61.78 87.277 0.56 0.94% 642.427 0.00 0.21% 1.52% 0.69 0.00% 1959.099 2.01% 6.54 0.51% 24.00 0.39% 320.33 0.24% 658.29 0.00% 0.00 0.22% 0.00% 0.00 4.34% 6.39 Base Metals Balcooma (DEV) 0.76 2.13% 32.466 0.60 0.61 34.17 Inferred Measured PROVEN + PROBABLE RESERVES 4,5,6 493.35 0.27% 463.000 8.48 1.89% 0.19% 1836.000 81.57 0.09% 295.68 0.15% 45.18 0.13% 198.10 0.49% 0.15% 3.00% 0.77 1.30% 0.64 1.46% 0.40% 84.31 La Fortuna (DEV) 1,037.05 Don Mario Kutcho Creek (DEV) Shaft Creek (DEV) 0.41% 1.33% 0.18% 0.05 0.23% Mount Milligan R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 9	

	Tons of Ore (M) (%) (M) (M) (%) (M) (%) (M) (%) Australia (cont.) Washington H. Soul Pattinson 1.5% NSR Europe First Quantum 1.5% NSR Mexico Newmont Goldcorp 2.0% NSR 569.15 3613.200 99.08 0.29% 105.67 0.29% 16.39 0.17% Australia Consolidated Tin 1.5% NSR Canada Kutcho Copper Corp 2.0% NSR Mexico Newmont Goldcorp 2.0% NSR 7994.530 99.08 0.59% 105.67 0.49% 16.39 0.63% 3.49% 0.00 OPERATOR, PROPERTY AND METAL STREAM/ROYALTY 3 PROVEN + PROBABLE RESERVES 4,5,6 ADDITIONAL MINERALIZED MATERIAL 7,8,9 Average Base Metal Grade Base Metal Contained Lbs 11 Measured Indicated Inferred Tons Average Base Metal Grade Ton Average Base Metal Grade Tons Average Base Metal Grade 0.70% 0.55 0.73% 6.39 1.64% 0.05 10.35% 0.00 0.00% 0.32% Jaguar Nickel (DEV) LEAD 35 Peñasquito 0.42% 3.42 8.48 0.00% COPPER (cont.) 34 ZINC 36 11.023 4.50% 307.655 Las Cruces 1.32 Kutcho Creek (DEV) Peñasquito Base Metals -- continued 11.51 3.19% 569.15 0.00 0.00% 1.43 0.55 0.40% 2.61% 0.76 0.52% 7.879 0.60 0.10% 0.77 2.40% 0.64 1.93% Balcooma (DEV) 734.000 R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 10	

	Tons of Ore (M) (%) (M) (M) (%) (M) (%) (M) (%) Central and South America Laguna Gold 0.0 - 3.0% NSR 37 Australia Consolidated Tin 1.5% NSR Washington H. Soul Pattinson 1.5% NSR Canada Vale 2.7% NVR Canada Vale 2.7% NVR Canada Copper Fox/Teck 3.5% NPI Tons Average Base Metal Grade Ton Average Base Metal Grade Tons Average Base Metal Grade 0.12% 1.47 7.53% Base Metals -- continued 304.83 ZINC (cont.) 36 COBALT 39 MOLYBDENUM 40 NICKEL 38 Voisey's Bay 0.00% 0.00 0.00% 1,037.05 12.36 0.005% 0.02% 0.01% 85.429 0.00 0.00% El Toqui Voisey's Bay OPERATOR, PROPERTY AND METAL STREAM/ROYALTY 3 PROVEN + PROBABLE RESERVES 4,5,6 ADDITIONAL MINERALIZED MATERIAL 7,8,9 Average Base Metal Grade Base Metal Contained Lbs 11 Measured Indicated Inferred 658.29 0.02% Schaft Creek (DEV) 34.17 1.40 4.70% 131.704 7.57 5.91% 8.82 6.23% 373.340 0.00 0.00 0.00% 0.00 0.00% Balcooma (DEV) 0.76 1.92% 29.274 0.60 0.30% 0.77 7.20% 0.64 4.51% Jaguar Nickel (DEV) 1.32 6.25% 165.347 0.00 0.00% 0.55 5.39% 0.55 6.90% 34.17 2.12% 1448.878 0.00 0.00% R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 11	

	1 2 3 4 5 Royal Gold has disclosed a number of reserve estimates that are provided by operators that are foreign issuers and are not based on the U.S. Securities and Exchange Commission's definitions for proven and probable reserves. For Canadian issuers, definitions of "mineral reserve," "proven mineral reserve," and "probable mineral reserve" conform to the Canadian Institute of Mining, Metallurgy and Petroleum definitions of these terms as of the effective date of estimation as required by National Instrument 43-101 of the Canadian Securities Administrators. For Australian issuers, definitions of "mineral reserve," "proven mineral reserve," and "probable mineral reserve" conform with the Australasian Code for Reporting of Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia, as amended ("JORC Code"). Royal Gold does not reconcile the reserve estimates provided by the operators with definitions of reserves used by the U.S. Securitiesand Exchange Commission. Footnotes “Reserve” is that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. “Proven (Measured) Reserves” are reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes, and the grade is computed from the results of detailed sampling, and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that the size, shape, depth and mineral content of the reserves are well established. “Probable (Indicated) Reserves” are reserves for which the quantity and grade are computed from information similar to that used for proven (measured) reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance of probable (indicated) reserves, although lower than that for proven (measured) reserves, is high enough to assume geological continuity between points of observation. Gold reserves were calculated by the operators at the following per ounce prices: A$1,650 - Meekatharra and King of the Hills; A$1,600 - Southern Crossand South Laverton; $1,600 - Pine Cove; $1,366 - Schaft Creek; A$1,350 - Gwalia Deeps; A$1,310 - Red Dam; $1,300 - Dolores, La Fortuna, Mara Rosa and Pinson; $1,275 - Rainy River; $1,250 - Andacollo, Back River, Don Mario, El Limon, Inata, La India, Marigold, Mount Milligan, Prestea, Robinson, Taparko, Wassa and Wharf; $1,230 - Holt; $1,225 - Hasbrouck Mountain; $1,200 - Bald Mountain, Canadian Malartic, Cortez, Gold Hill, Goldstrike, Leeville, Peñasquito,Pueblo Viejo, Twin Creek and Williams; $1,150 - LaRonde Zone 5; and $1,100 - Don Nicolas and Ruby Hill. No gold price was reported for Balcooma, Jaguar Nickel or Kutcho Creek. See royalty definitions on page 17. Set forth below are the definitions of proven and probable reserves used by the U.S. Securities and Exchange Commission. Reserves have been reported by the operators of record as of December 31, 2018, with the exception of the following properties where reserves have beenreported by the operators of record or their predecessors in interest and are unadjusted for production since these dates: La India - January 25, 2019; Don Mario - September 30, 2018; Gwalia Deeps, King of the Hills, Meekatharra and South Laverton - June 30, 2018; Relief Canyon - May 24, 2018; El Toqui - February 28, 2018; Pine Cove, Taparko and Williams - December 31, 2017; Bald Mountain, Gold Hill, Inata, Robinson and Southern Cross - December 31, 2016; Red Dam - December 31, 2015; Back River - August 15, 2015; Hasbrouck Mountain - June 3, 2015; La Fortuna, Pinson and Ruby Hill - December 31, 2014; Schaft Creek - December 31, 2012; Don Nicolas - December 31, 2011; and Balcooma - June 30, 2011. Dollar amounts are reported in U.S. dollars unless otherwise stated. For further information about Royal Gold, Inc.'s royalties, metal streams and similar interests, please see our Annual Report on Form 10-K and other Public Reports. R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 12	

	6 7 8 9 10 11 12 Some of the operators are Canadian and Australian issuers. Canadian and Australian issuers use the terms "mineral resources" and its subcategories "measured," "indicated" and "inferred" mineral resources. For Canadian issuers, the definitions of "mineral resource," "measured mineral resource," "indicated mineral resource" and "inferred mineral resource" conform to the Canadian Institute of Mining, Metallurgy and Petroleum definitions of those terms as of the effectivedateof estimation, as required by National Instrument 43-101 of the Canadian Securities Administrators. For Australian issuers, the definitions of "mineral resource," "measured mineral resource," "indicated mineral resource" and "inferred mineral resource" conform with the JORC Code. While such terms are recognized and required by Canadian and Australian regulations, the U.S. Securities and Exchange Commission does not recognize them. In each case, estimates of the mineralized material reported hereunder are as previously disclosed by the relevant operator, without reference to the underlying data used to calculate the estimates. Accordingly, Royal Gold is not able to reconcile the estimates prepared in reliance on National Instrument 43-101 or JORC Code with terms recognized by the U.S. Securities and Exchange Commission. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. Estimates of additional mineralized material reported are either estimates received from the various operators or are based on documentation provided to Royal Gold or are derived from publicly available information from the operators of the various properties or various National Instrument 43-101 or JORC Code reports filed by operators. Royal Gold is not able to reconcile estimates of mineralized material prepared in reliance on National Instrument 43-101 or JORC Code with definitions of the U.S. Securities and Exchange Commission. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. NSR sliding-scale schedule (price of gold per ounce - royalty rate): Below $375 - 1.75%; >$375 to $400 - 2.0%; >$400 to $425 - 2.25%; >$425 - 2.5%. All price points are stated in 1986 dollars and are subject to adjustment in accordance with a blended index comprised of labor, diesel fuel, industrial commodities and mining machinery. GSR sliding-scale schedule (price of gold per ounce - royalty rate): Below $210 - 0.40%; $210 to $229.99 - 0.50%; $230 to $249.99 - 0.75%; $250 to $269.99- 1.30%; $270 to $309.99 - 2.25%; $310 to $329.99 - 2.60%; $330 to $349.99 - 3.00%; $350 to $369.99 - 3.40%; $370 to $389.99 - $3.75%; $390 to $409.99 - 4.0%; $410 to $429.99 - 4.25%; $430 to $449.99 - 4.50%; $450 to $469.99 - 4.75%; $470 and higher -5.00%. “Contained ounces” or “contained pounds” do not take into account recovery losses in mining and processing the ore. This column reports contained ounces subject to the Company's metal stream and royalty rates. Mineralized material is that part of a mineral system that has potential economic significance but cannot be included in the proven and probable ore reserve estimates until further drilling and metallurgical work is completed, and until other economic and technical feasibility factors based upon such work have been resolved. The U.S. Securities and Exchange Commission does not recognize this term. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. Footnotes (cont.) The reserves reported are either estimates received from the various operators or are based on documentation provided to Royal Gold or are derived from publicly available information from the operators of the various properties or various National Instrument 43-101 or JORC Code reports filed by operators. Royal Gold is not able to reconcile the reserve estimates prepared in reliance on National Instrument 43-101 or JORC Code with definitions of the U.S. Securities and Exchange Commission. R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 13	

	13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 The royalty is capped at $10 million. As of March 31, 2019, royalty payments of approximately $6.88 million have been received. The sliding-scale schedule (price of gold per ounce - royalty rate): Below $350 - 1.0%; > $350 - 2.0%. The silver royalty rate is the same as the gold royalty rate. The operator did not break out reserves or resources subject to the different royalties. NVR1C is the Crossroads portion of NVR1. NSR sliding-scale schedule (price of gold per ounce - royalty rate): $0.00 to $350 - 1.0%; above $350 - 1.5%. Goose Lake royalty applies to production above 400,000 ounces. The royalty covers approximately 30% of the La Fortuna deposit. Reserves attributable to Royal Gold's royalty represent 3/7 of Newmont Goldcorp's reporting of 70% of the total reserve. Different Rayrock royalty rates apply to Sections 28, 32 and 33; these rates vary depending on pre-existing royalties. The Rayrock royalties take effect once 200,000 ounces of gold have been produced from open pit mines on the property. As of March 31, 2019, approximately 103,000 ounces have been produced. New Gold will deliver: (a) gold in amounts equal to 6.50% of gold produced until 230,000 ounces have been delivered, and 3.25% of gold produced thereafter, and (b) silver in amounts equal to 60% of silver produced until 3.10 million ounces have been delivered, and 30% of silver produced thereafter, in each caseata purchase price equal to 25% of the spot price per ounce delivered. As of March 31, 2019, approximately 19,300 ounces of payable gold and 198,600 ounces of payable silver have been delivered. Royalty rates shown only apply to Section 29, which currently holds about 95% of the reserves reported for the property. The royalty applies to the M-ACE claims. The NSR sliding-scale schedule (price of gold per ounce - royalty rate): Below $300 - 0.6%; $300 to $350 - 0.7%; > $350 to $400 - 0.8%; > $400 - 0.9%. The silver royalty rate is the same as the gold royalty rate. The operator did not break out reserves or resources subject to the different royalties. Teck will deliver gold in amounts equal to 100% of payable gold until 900,000 ounces have been delivered, and 50% of payable gold thereafter, subject to afixed payable percentage of 89%, at a purchase price equal to 15% of the monthly average gold price for the month preceding the delivery date for each ounce delivered. As of March 31, 2019, approximately 177,100 ounces of payable gold have been delivered. Footnotes (cont.) Reserves represent Royal Gold's interest based on our royalty ground covering approximately 69% of the resource footprint by area. NSR sliding-scale schedule (price of gold per ounce - royalty rate): $0.00 to under $350 - 0.0%; $350 to under $400 - 0.5%; $400 to under $500 - 1.0%; $500 or higher - 2.0%. George Lake royalty applies to production above 800,000 ounces. A Cordilleran royalty of 5% NSR applies to a portion of Section 28. Centerra Gold will deliver 35% of payable gold produced, subject to a fixed payable percentage of 97%, and 18.75% of payable copper produced, subject to a minimum payable percentage of 95%. The purchase price for gold is equal to the lesser of $435 per ounce delivered or the prevailing market price and the purchase price for copper is 15% of the spot price per metric tonne delivered. As of March 31, 2019, approximately 434,300 ounces of payable gold and 19.528 million pounds of payable copper have been delivered. R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 14	

	28 29 30 31 32 33 34 35 36 Copper reserves were calculated by the operators at the following prices per pound: $3.52 -Schaft Creek; $3.00 - Andacollo, La Fortuna and Mount Milligan; $2.95 - Robinson; $2.75 - Las Cruces; $2.76 - Voisey's Bay; and $2.50 - Don Mario. No copper reserve price was reported for Balcooma, Jaguar Nickel or Kutcho Creek. A 0.75% GSR milling royalty applies to ore mined outside of the defined area of the Taparko-Bouroum project that is processed through the Taparko facilities up to a maximum of 1.1 million tons per year. Silver reserves were calculated by the operators at the following prices per ounce: $25.96 - Schaft Creek; $25.00 - Don Nicolas; $20.00 - Gold Hill; $18.50 - Dolores; $18.00 - Peñasquito; $17.50 - Hasbrouck Mountain; $17.00 - Rainy River; $16.50 - Pueblo Viejo; and $15.00 - Don Mario. No silver price was reported for Balcooma, Jaguar Nickel or Kutcho Creek. At Paddy's Flat an additional royalty of A$10 per ounce applies on production above 50,000 ounces; At Reedy's an additional 1.5% to 2.5% NSR sliding-scale royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12 month period and at a rate of 2.5% on production above 75,000 ounces during that 12 month period and a 1.0% NSR royalty applies to the Rand area only. At Yaloginda the royalty is 0.45% NSR. Barrick will deliver: (a) gold in amounts equal to 7.50% of Barrick’s 60% interest in gold produced until 990,000 ounces have been delivered, and 3.75% of Barrick’s 60% interest in gold produced thereafter, at a purchase price equal to 30% of the spot price per ounce delivered until 550,000 ounces have been delivered, and 60% of the spot price per ounce delivered thereafter; and (b) silver in amounts equal to 75% of Barrick’s 60% interest in silver produced, subject to a minimum silver recovery of 70%, until 50 million ounces have been delivered, and 37.50% of Barrick’s 60% interest in silver produced thereafter, at a purchase price equal to 30% of the spot price per ounce delivered until 23.10 million ounces of silver have been delivered, and 60% of the spot price per ounce delivered thereafter. As of March 31, 2019, approximately 172,000 ounces of payable gold and 5.7 million ounces of payable silver have been delivered. Golden Star will deliver 10.5% of payable gold produced. The purchase price for gold ounces delivered is 20% of the spot price until 240,000 ounces have been delivered from Prestea and Wassa, and thereafter the stream percentage decreases to 5.5% of gold produced at a purchase price equal to 30% of the spot price. As of March 31, 2019, approximately 84,200 ounces of payable gold have been delivered. Lead reserve price was calculated by the operators at the following prices per pound: $0.95 - Peñasquito. No lead reserve price was reported for Balcooma. Zinc reserve price was calculated by the operators at the following prices per pound: $1.15 - Peñasquito; and $0.95 - El Toqui. No zinc reserve price was reported for Balcooma, Jaguar Nickel or Kutcho Creek. Cupric will deliver 80% of payable silver produced, subject to a fixed payable percentage of 90%. At Cupric’s option and subject to various conditions, Royal Gold will have the option to purchase up to an additional 20% of the payable silver. The stream rate will drop by 50% upon the delivery of 32 million ounces of silver at the 80% stream level, and 40 million ounces of silver at the 100% stream level if the option is fully exercised. The purchase price is 20% of the spot price of silver. Depending on the achievement by Cupric of mill expansion throughput levels above 13,000 tonnes per day (30% above current mill design capacity), Royal Gold will pay higher ongoing cash payments for ounces delivered in excess of specific annual thresholds. Footnotes (cont.) R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 15	

	37 38 39 40 NSR sliding-scale schedule (price of zinc per pound - royalty rate): Below $0.50 - 0.0%; $0.50 to below $0.55 - 1.0%; $0.55 to below $0.60 - 2.0%; $0.60 or higher - 3.0%. Nickel reserve price was calculated by the operator at the following price per pound: $5.01 - Voisey's Bay. Cobalt reserve price was calculated by the operator at the following price per pound: $24.69 - Voisey's Bay. Molybdenum reserve price was calculated by the operator at the following price per pound: $15.30 - Schaft Creek. NOTE: Not included in the Royalty/Metal Stream Portfolio are Allan, Belcourt, Borax, Martha, Rambler North, Skyline and one oil and gas property. Footnotes (cont.) R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 16	

	Royalty: The right to receive a percentage or other denomination of mineral production from a mining operation. Gross Smelter Return (“GSR”) Royalty: A defined percentage of the gross revenue from a resource extraction operation, less, if applicable, certain contract- defined costs paid by, or charged to, the operator. Gross Proceeds Royalty ("GPR") Royalty: A royalty in which payments are made on containted ounces rather than recovered ounces. Milling Royalty: A royalty on ore throughput at a mill. Net Profits Interest (“NPI”) Royalty: A defined percentage of the gross revenue from a resource extraction operation, after recovery of certain contract-defined pre-production costs, and after deduction of certain contract-defined mining, milling, processing, transportation, administrative, marketing and other costs. Glossary The Company’s royalty portfolio contains several different types of royalties or similar interests which are defined as follows: Sliding-Scale Royalty: A royalty rate that fluctuates based on contract-specified variables such as metal price or production volume. Net Smelter Return (“NSR”) Royalty: A defined percentage of the gross revenue from a resource extraction operation, less a proportionate share of incidental transportation, insurance, refining and smelting costs. Net Value Royalty (“NVR”): A defined percentage of the gross revenue from a resource extraction operation, less certain contract-defined costs. Metal Stream: A purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Ounce Per Ton ("opt"): A unit of measurement stated as troy ounce per short ton of material. Gross Value ("GV") Royalty: A defined percentage of the gross value, revenue or proceeds from a resource extraction operation, without deductions of any kind. Development (“DEV”): A property with a published reserve, but not currently in production. R OY ALGOLD,INC Metal Stream/Royalty Portfolio As of December 31, 2018 1 Page 17