SOLID STEADY SUCCESSFUL

2018 ANNUAL REPORT TABLE OF CONTENTS

1 Selected Financial Data 22 Corporate Responsibility

2 Key Elements to Business Strategy/ 24 Total Return To Shareholders Financial Highlights 25 Forward Looking Statements 3 Letter to Shareholders 26 Glossary 6 Portfolio Map 27 Form 10-K 8 Principal Producing Properties Last Page of 10-K 16 Property Tables Corporate Information

20 Property Table Footnotes Inside Back Cover Board of Directors/Management

CORPORATE PROFILE

Royal Gold, Inc. acquires and manages precious metals Royal Gold owns a large portfolio of producing, development, stream and royalty interests, with a primary focus on gold. evaluation and exploration stage streams and royalties The Company’s portfolio provides investors with a unique ), 1"!&+0,*",#1%"4,/)!ȉ0*,01-/,)&Ɯ $,)!/"$&,+0ǽ opportunity to capture value in the precious metals sector Approximately 95% of our reserves and 88% of our without incurring many of the costs and risks associated with Ɯ0 )ǗǕǖǝ/"3"+2"40!"/&3"!#/,*,/1%*"/& Ǿ1%" mine operations. Dominican Republic and Chile. Precious metal streams are purchase agreements with mine With this high-quality portfolio, Royal Gold maintains upside operators that provide, in exchange for a lump sum advance potential through exploration successes by the operators payment, the right to purchase all or a portion of one or more +!$"+"/))6 "+"Ɯ104%"++"4/"0"/3"0/"!&0 ,3"/"! metals produced from a mine, at a price determined for the and produced. This successful business model generates life of the transaction by the purchase agreement. A royalty 01/,+$ 0%Ɲ,4+!%&$%*/$&+04&1%),4"/ ,0101/2 12/"Ǿ is the right to receive a percentage of the metal produced providing shareholders with a premium precious metals from a mineral property. Existing royalties can be acquired investment. outright from either a mineral resource company or a private Royal Gold is based in Denver, Colorado, and is publicly party; new royalties can be created by providing capital to 1/!"!,+1%" ), )")" 1/("1Ǿ2+!"/1%" an operator or explorer in exchange for a royalty. Except for symbol “RGLD.” one joint venture property where we conduct exploration, we do not conduct work on the properties in which we hold stream and royalty interests, and we are not responsible for contributing to exploration, operating, environmental or capital costs on those properties.

NOTE TO THE READER: Please refer to the Forward-Looking Statements on page 25 of this Annual Report. SELECTED FINANCIAL DATA1

SELECTED STATEMENTS OF OPER ATIONS DATA

Fiscal Years Ended June 30,

(Amounts in thousands, except per share data) 2018  ǗǕǖǜ  ǗǕǖǛ  ǗǕǖǚ ǗǕǖǙ

Revenue $ 459,042 ʏǙǙǕǾǝǖǙ ʏ ǘǚǞǾǜǞǕ ʏ ǗǜǝǾǕǖǞ ʏ ǗǘǜǾǖǛǗ

Net (loss) income attributable to Royal Gold common stockholders $ (113,134 ) ʏ ǖǕǖǾǚǘǕ ʏ țǜǜǾǖǙǞȜ ʏ ǚǖǾǞǛǚ ʏ ǛǗǾǛǙǖ

Net (loss) income per share available to Royal Gold common stockholders:

Basic $ (1.73 ) ʏ ǖǽǚǚ ʏ țǖǽǖǝȜ ʏ ǕǽǝǕ ʏ ǕǽǞǛ

Diluted $ (1.73 ) ʏ ǖǽǚǚ ʏ țǖǽǖǝȜ ʏ ǕǽǝǕ ʏ ǕǽǞǛ

Dividends declared per common share2 $ 0.99 ʏ ǕǽǞǚ ʏ ǕǽǞǖ ʏ Ǖǽǝǜ ʏ Ǖǽǝǘ

SELECTED STATEMENTS OF CASH FLOWS DATA

As of June 30,

(Amounts in millions) 2018  ǗǕǖǜ  ǗǕǖǛ  ǗǕǖǚ  ǗǕǖǙ

Net cash from operating activities $ 328.82 ʏ ǗǛǛǽǝǚ ʏ ǖǛǞǽǘǖ ʏ ǖǞǗǽǖǕ ʏ ǖǙǜǽǗǕ

SELECTED BALANCE SHEET DATA As of June 30,

(Amounts in thousands) 2018  ǗǕǖǜ  ǗǕǖǛ  ǗǕǖǚ  ǗǕǖǙ

1/"*+!/,6)16&+1"/"010Ǿ+"1 $ 2,501,117 ʏ ǗǾǝǞǗǾǗǚǛ ʏǗǾǝǙǝǾǕǝǜ ʏ ǗǾǕǝǘǾǛǕǝ ʏ ǗǾǖǕǞǾǕǛǜ

Total assets $ 2,682,016 ʏǘǾǕǞǙǾǕǛǚ ʏǘǾǕǛǞǾǜǗǞ ʏ ǗǾǞǖǙǾǙǜǙ ʏ ǗǾǝǝǗǾǘǖǛ

Debt $ 351,027 ʏ ǚǝǛǾǖǜǕ ʏ ǛǕǕǾǛǝǚ ʏ ǘǖǘǾǝǛǞ ʏ ǘǕǗǾǛǘǗ

Total liabilities $ 540,747 ʏ ǜǜǘǾǝǕǖ ʏ ǜǝǘǾǝǙǙ ʏ ǚǕǘǾǞǝǖ ʏ ǚǕǞǾǜǚǞ

Total Royal Gold stockholders’ equity $ 2,102,167 ʏ ǗǾǗǜǚǾǘǜǜ ʏ ǗǾǗǗǞǾǕǖǛ ʏ ǗǾǘǚǘǾǖǗǗ ʏ ǗǾǘǚǙǾǜǗǚ

Footnotes 1."/1&+&+#,/*1&,+Ǿ&+ )2!&+$1%",*-+6ȉ02!&1"!Ɯ++ &)011"*"+10Ǿ&0 ,+1&+"!&+1%" ,/*ǖǕȒǽ 2.&3&!"+!0/"-&!,+ )"+!/6"/ 0&0+!!,+,1 ,//"0-,+!4&1%1%"Ɯ0 )6"/!&3&!"+!*,2+100%,4+&+1%"")" 1"! &++ &)1ǽ %"ǗǕǖǝǾǗǕǖǜǾǗǕǖǛǾǗǕǖǚ+!ǗǕǖǙ )"+!/6"/!&3&!"+!04"/"ʏǖǽǕǕǾʏǕǽǞǛǾʏǕǽǞǗǾʏǕǽǝǝ+!ʏǕǽǝǙǾ/"0-" 1&3")6Ǿ0--/,3"! 6,2/ ,/!,#!&/" 1,/0ǽ 1 KEY ELEMENTS OF OUR BUSINESS STRATEGY:

BUSINESS MODEL: Royal Gold’s CAPITAL DEPLOYMENT: Royal Gold stream and royalty business model provides maintains a strong balance sheet that allows us investors with a diversified portfolio of to opportunistically invest at favorable times in ǙǕ-/,!2 &+$00"104&1%,21&+ 2//&+$ 1%"-/& " 6 )"Ǿ,ƞ"+4%"+ ,2+1"/-/1&"0*,01 many of the costs and risks associated with +""!Ɯ++ &+$ǽ mine operations.

GOLD FOCUSED: ǜǜʢ ,# ,6) FINANCIAL FLEXIBILITY: Royal Gold’s ,)!ȉ0/"3"+2"&+Ɯ0 )ǗǕǖǝ40$"+"/1"! unique business model allows us to source our from gold. -&1)"ƛ& &"+1)6Ǿ4&1%-/"#"/"+ "1,$/,4,2/ 20&+"00#/,*#/"" 0%Ɲ,4ǽ

RETURN TO SHAREHOLDERS: GROWTH: Royal Gold emphasizes Royal Gold concentrates on margin expansion investment in long lived assets that we by maintaining a lean cost structure, measures believe will provide our shareholders success on per share metrics and believes paying resource to reserve conversion upside. a sustainable and growing dividend is important.

FINANCIAL HIGHLIGHTS

REVENUE OPERATING CALENDAR YEAR For the Fiscal Years CASH FLOWS DIVIDENDS1 Ended June 30 ($ Millions) For the Fiscal Years ($ per share) Ended June 30 ($ Millions) ROYAL GOLD, INC GOLD, ROYAL REPORT ANNUAL 2018

Footnote 2 1. &3&!"+!0/"-&!,+ )"+!/6"/ 0&0ǽ%"!&3&!"+!#,/ )"+!/6"/ǗǕǖǝ40ʏǖǽǕǕȀ1%"!&3&!"+!-&!!2/&+$1%"Ɯ0 )6"/ǗǕǖǝ40ʏǕǽǞǞǽ LETTER TO SHAREHOLDERS

DEAR FELLOW SHAREHOLDER,

+Ɯ0 )ǗǕǖǝǾ&+3"01,/0 ,+#/,+1"!/&0&+$&+1"/"01/1"0Ǿ$), ) 1/!" ,+Ɲ& 10Ǿ1"+0"-"/&,!0,#-,)&1& )&+01 &)&16Ǿ %+$"0 1,1%"ǽǽ15 ,!"+!)1" 6 )" ,+ "/+0 ,211%"#212/" !&/" 1&,+,#ǽǽ".2&1&"0ǽ,+"1%")"00Ǿ1%" /,!"/".2&16 market continued to show strong performance and is nearing a record in longevity. Most gold equities struggled under these conditions, while Royal Gold navigated this environment with a steady hand. "!")&3"/"!0,)&!Ǿ ,+0&01"+1Ɯ++ &)-"/#,/*+ "/"02)1&+$ &+1,1)0%/"%,)!"//"12/+1%1 "11%"ǔǚǕǕǾ1%"-/& " of gold and the gold equity indices even though the average $,)!-/& "40/")1&3")6Ɲ1 ,*-/"!1,1%"-/&,/6"/ǽ " %&"3"!/" ,/! 0%Ɲ,4Ǿ/"3"+2"Ǿ3,)2*"+!!&3&!"+!0 for the second consecutive year and delivered a total 0%/"%,)!"//"12/+,#ǗǕǽǗʢ&+Ɯ0 )ǗǕǖǝǽ ,/-,/1""/+&+$0#,/ǽǽ ,*-+&"0ț&+ )2!&+$,6) Gold) were impacted broadly by federal tax reform, as foreign income from prior years was subject to deemed repatriation and as deferred tax assets and liabilities 4"/"!'201"!1, ,*-)64&1%1%"+"4)4ǽ"0&*-)&Ɯ"! our business and reduced exchange rate volatility in our "ƛ" 1&3"15/1"ǽ,1%"3"+10&*- 1"!"/+&+$0Ǿ0!&! TONY JENSEN +&*-&/*"+1,#,2/0 2Ȓ*&+1"/"01ǽ%&)"1%" President & CEO &*-&/*"+1/"Ɲ" 10-/"0"+1-/,'" 1 ,+!&1&,+0Ǿ4" ,+1&+2" 1, ")&"3"1%10 2Ȓ*Ǿ4&1%Ǘǖ*&))&,+,2+ "0,#    Ǿ resource1,+ǖǕǕʢ 0&0Ǿ/"-/"0"+100&$+&Ɯ +1,-1&,+3)2" for Royal Gold shareholders. Ǿ   "&+3"01"!ʏǖǽǙ &))&,+,--,/12+&01& ))6&+Ɯ0 )ǗǕǖǚ+!   ǗǕǖǛ1,"+%+ ",2/-,/1#,)&,4%&)"%")-&+$,2/ ,2+1"/-/1&"0   improve their balance sheets. We provided this capital out of   0%,+%+!Ǿ 0%Ɲ,4+!,2/ /"!&1# &)&16ǽ +Ɯ0 )ǗǕǖǝǾ we took advantage of a relatively quiet time on the business    development front to pay down the balance of our credit  ǗǕǽǗʢ  ǗǕǖǝǽ

1%"ǽǽ" 2/&1&"0+!5 %+$",**&00&,+!,"0+,1/" ,$+&7"1%"1"/*Ȋ/"0,2/ "ǽȋȊ"0,2/ "0ȋ/"+,1/"0"/3"02+!"/1%"ȉ0/"$2)1&,+0 21/" 1"$,/&7"!2+!"/1%" 0" 2/&1&"0)4/"$2)1&,+0,# "/1&+#,/"&$+'2/&0!& 1&,+0&+,/!"/,#&+ /"0&+$$",),$& ) ,+Ɯ!"+ "&+1,Ȋ&+#"//"!/"0,2/ "0ǾȋȊ&+!& 1"!/"0,2/ "0ȋ+!Ȋ*"02/"!/"0,2/ "0ǽȋ +3"01,/0/" 21&,+"!1%1/"0,2/ "0 ++,1 " )00&Ɯ"!0/"0"/3"02+)"00+!2+1&)&1&0!"*,+01/1"!1%11%"6*6 ")"$))6+!" ,+,*& ))6"51/ 1"!+!-/,!2 "!+!Ǿ as a result, they should not assume that all or any part of mineralized material in any of these categories will ever be converted into reserves. 3 # &)&16Ǿ"+!&+$1%"6"/4&1%ʏǖǽǖ &))&,+,#1,1))&.2&!&16ǽ  2/-,/1#,)&, ,+1&+2"01,$/,4,/$+& ))6ǽ12" ),&"',Ǿ In the new year, we will build our net cash balance to position //& (&0 ,*-)"1&+$-/"Ȓ#"0& &)&16012!61,"5-+!1%" the company for the next investment cycle. processing facilities that has the potential to convert seven *&))&,+,2+ "0,#$,)!/"0,2/ "0&+1,/"0"/3"0,+ǖǕǕʢ " ,+1&+2"!1,&+3"01&+1%""( ,)! ,&+1"+12/" 0&0ǽ1"ļ0.2&1,Ǿ ,)! ,/-&0+"/&+$ ,*-)"1&,+,#&10 țȊ ȋȜ&+)0(ǽ +!!&1&,+1,"5-),/1&,+ 1&3&1&"0Ǿ4" 6/&1"" %-/,'" 1Ǿ4%& %&0"5-" 1"!1,!!,+"*&))&,+ commissioned a preliminary economic analysis to assess the ,2+ "0,#$,)!+!ǙǙ*&))&,+,2+ "0,#0&)3"/,3"/&10 current state of the project. These results will be available mine life. At Voisey’s Bay, Vale announced an intention to "/)6&+Ɯ0 )ǗǕǖǞǾ4%& %0%,2)!)),4201,0%&ƞ,2/#, 201, "51"+!1%"*&+")&#"1,ǗǕǘǙ1%/,2$%1%"!"3"),-*"+1,# )"3"/$&+$ &+1,3)2" ,/"1,,2/ 20&+"00ǽ +!!&1&,+ an underground operation. At Cortez, Barrick continued 1,&+3"01&+$&+"5-),/1&,++!"+$&+""/&+$1 Ǿ4")0, 01/&--&+$1%"/,00/,!0!"-,0&1Ǿ+!ƞ"/+"/)61%/""6"/0  .2&/"!--/,5&*1")6ǖǘǽǗʢ,#1%" ,**,+01, (,#,2/ of development they expect production from this deposit joint venture partner, Contango ORE, Inc., to further increase &+*&!ȒƜ0 )ǗǕǖǞǽ100Ǿ ,)!"+1/*,/"1%+!,2 )"! ,2/"ƛ" 1&3"&+1"/"01&+ ǽ &10&+#"//"!*&+"/)/"0,2/ "01,ǚǽǗ*&))&,+,2+ "0Ǿ-3&+$ 1"&+,2/Ɯ0 )6"/Ǿ,6) ,)!)0,"+%+ "!&10-,0&1&,+ 1%"46#,/-,1"+1&)-/,!2 1&,+&+ /"0"0ǽ+!Ɯ+))6Ǿ4" on Amarillo Gold’s Mara Rosa project in Brazil by purchasing expect larger contributions in the future from both Mount ǖǽǜǚʢ/,6)16Ǿ4%& %&0&+!!&1&,+1,ǖʢ/,6)16 Milligan and Rainy River as those production teams work -/"3&,20)6 .2&/"!ǽ2--,/1&+$,2/"5&01&+$ ,2+1"/-/1&"0 through issues unique to each operation. is an important strategy for developing projects within our 1/"*+!/,6)16Ɯ++ &+$%3"-/,3"+1, "%&$%)6Ɲ"5& )"ǽ -,/1#,)&,,#+"/)6ǗǕǕ00"10ǾǙǕ,#4%& %/"&+-/,!2 1&,+ǽ %"*&+"/)&+!201/6 -&1)+""!0%3"0%&ƞ"!#/,*1%" days of balance sheet restructuring. Operators looking to capitalize new investments today have relatively weak corporate currency and limited access to the traditional  ǗǕǖǝǾWE DEDICATED 01-)",#".2&16 -&1)ǽ+!4&1%,+"Ȓ6"/ /1"0 &+ /"0&+$--/,5&*1")6ǛǕʢ!2/&+$1%"Ɯ0 )6"/Ǿ1%" ,01 ǖǞʢ    of debt is rising quickly as well. We believe Royal Gold’s stream   ǽ +!/,6)16Ɯ++ &+$-/,!2 104&)) "+&*-,/1+10,2/ ",# capital for operators in this new environment. ROYAL GOLD, INC GOLD, ROYAL REPORT ANNUAL 2018

4 ,6) ,)!*+$"0&10 20&+"00!&ƛ"/"+1)61%+*+6,1%"/ gold equities. We focus on:     • GoldȔǜǜʢ,#,2//"3"+2"40$"+"/1"!&+$,)!&+Ɯ0 ) ǗǕǖǝǾǞʢ&+0&)3"/Ǿǖǖʢ&+ ,--"/+!ǘʢ&+,1%"/*&+"/)0ǽ   • Reinvesting Free Cash Flow – Royal Gold has not issued AND ONE OF THE ".2&160&+ "ǗǕǖǗǾ4%&)",2/ 0%#/,*,-"/1&,+0%0 &+ /"0"!ǖǕǘʢ0&+ ",2/)01&002+ "ǽ        • Disciplined Capital Allocation – Our investments are ,ƞ"+ ,2+1"/ 6 )& )Ǿ4%& %/".2&/"0201,%3"-1&"+ " at the top of market cycles and to have a strong balance sheet at the bottom.

• Growing and Sustainable Dividends – We have paid a !&3&!"+!0&+ "ǗǕǕǕ+!%3"&+ /"0"!&1&+" %,#1%" ,6) ,)!%0+"3"/ ""+01/,+$"/+!&04"))Ȓ-,0&1&,+"! )01ǖǝ6"/0#,/ ,*-,2+!"!++2)$/,41%/1",# with portfolio scale, organic growth opportunities and ǖǞʢǽ +Ɯ0 )ǗǕǖǝǾ4"!"!& 1"!ǖǞʢ,#,2/ 0%Ɲ,4 01/,+$ 0%Ɲ,4 2&)!&+$#,/+"4&+3"01*"+1,--,/12+&1&"0ǽ to dividends. It is a privilege to represent the company, and on behalf • Shareholder Return – We set out to be the most valuable of our employees, we thank you for your support. We will company in the precious metals sector, not necessarily continue managing our company to pursue best in class total 1%")/$"01Ǿ 6$/,4&+$ /"1&3")6,21,# 0%Ɲ,41,1%" shareholder return. greatest extent possible. As a result, Royal Gold has the &+ "/")6Ǿ lowest share count and one of the highest valuations of any company in the GDX – VanEck Vectors Gold Miners ETF. I will take this opportunity to thank Craig Haase for his ǖǕ6"/0,#0"/3& "1,,6) ,)!0!&/" 1,/,+,2/ ,/!ǽ /&$/"1&/"!&+#&0 )ǗǕǖǝ+!40&+01/2*"+1)1,1%" TONY A. JENSEN success of Royal Gold during his tenure with the company /"0&!"+1+!%&"#5" 21&3"ƛ& "/ as well as the stream and royalty business in general over his career.

5 PORTFOLIO MAP ROYAL GOLD, INC GOLD, ROYAL REPORT ANNUAL 2018

6 7 PRINCIPAL PRODUCING PROPERTIES1,2

  ǜǛʢ  ȉ ǗǕǖǝ         ǽ

%&0&+ )2!"0,2+1&))&$+Ǿ+! ,)),Ǿ2" ),&"',Ǿ 00+!/"01"Ǿ"ļ0.2&1,+!,/1"7ǽ Our principal properties are located in some of the world’s *,01-/,)&Ɯ $,)!/"$&,+0+!/"#2/1%"/!&01&+$2&0%"! 6 1%"&/),+$*&+")&3"0Ǿ01/,+$-/,!2 1&,+-/,Ɯ)"0Ǿ&*-/"00&3" unit economics and resource to reserve conversion potential. +3"/$"Ǿ,2/-/&+ &-)-/,-"/1&"0%3",3"/ǖǚ6"/0,# remaining reserve life. We have optionality at our producing properties through the operators’ innovation, capital and exploration, including ,)! ,/-ȉ0"ļ0.2&1,6/&1"" %/,'" 14%& %&0"5-" 1"! 1,!! "14""+ǖǕǕǾǕǕǕ+!ǖǙǕǾǕǕǕ,2+ "0,#$,)!+! between four and six million ounces of annually 01/1&+$&+ )"+!/ǗǕǖǞȀ1%"-/"#"0& &)&16)"3")012!&"0 #,/-)+1"5-+0&,+12" ),&"',1%14,2)!&+ /"0" 1%/,2$%-21 6ǚǕʢ1,ǖǗ*&))&,+1,++"0-"/6"/Ǿ)),4&+$ the mine to maintain average annual gold production of ǝǕǕǾǕǕǕ,2+ "0ƞ"/ǗǕǗǗ+!%01%"-,1"+1&)1,*,3" /,2$%)60"3"+*&))&,+,2+ "0,#$,)!1,/"0"/3"0Ȁ+!1%" start of at the Cortez Crossroads deposit, which ,+1&+0ǘǽǗ*&))&,+,2+ "0,#$,)!Ǿ&+)1" )"+!/ǗǕǖǝǽ

1. Certain information has been provided to the Company by the operators of these -/,-"/1&"0,/&0-2 )& )63&) )"+!Ɯ)"! 61%"0",-"/1,/04&1%--)&  )" 0" 2/&1&"0/"$2)1,/6 ,!&"0Ǿ&+ )2!&+$1%"" 2/&1&"0+!5 %+$",**&00&,+ǽ

ROYAL GOLD, INC GOLD, ROYAL REPORT ANNUAL 2018 %",*-+6%0+,13"/&Ɯ"!Ǿ+!&0+,1&+-,0&1&,+1,3"/Ǿ+!"5-/"00)6 disclaims any responsibility for the accuracy, completeness or fairness of such 1%&/!Ȓ-/16&+#,/*1&,+Ǿ+!/"#"/0/"!"/01,1%"-2 )& /"-,/10Ɯ)"! 61%" operators for information regarding these properties. 8 2 "1)-/& "0#,/1%"/"0"/3"Ɯ$2/"0 + "#,2+!,+-$"ǗǕǾ#,,1+,1"+2* "/ǘǽ 9 MOUNT MILLIGAN

BRITISH COLUMBIA, FY2018 REVENUE: FY2018 SALES: RESERVES:1 CANADA $133.534M 77,700 oz gold 5.216M oz gold 10.353M lbs 1.955B lbs copper

,6) ,)!ȉ04%,))6Ȓ,4+"!02 0&!&/6Ǿ  ,)! țȊ  Copper stream deliveries from Mount Milligan were ,)!ȋȜǾ,4+01%"/&$%11,-2/ %0"ǘǚʢ,#1%"-6 )"$,)! --/,5&*1")6ǖǕǽǘǚǘ*&))&,+-,2+!0,# ,--"/!2/&+$,2/ +!ǖǝǽǜǚʢ,#1%"-6 )" ,--"/-/,!2 "!#/,*1%",2+1 Ɯ0 )6"/ǗǕǖǝǾ ,*-/"!1,--/,5&*1")6ǗǽǚǛǝ*&))&,+ Milligan project. The purchase price for gold delivered is the -,2+!0!2/&+$,2/Ɯ0 )6"/ǗǕǖǜǽ,--"/01/"*!")&3"/&"0 )"00"/,#ʏǙǘǚ-"/,2+ "Ǿ,/1%"-/"3&)&+$*/("1-/& "14, "$+!2/&+$,2/ 2+"ǗǕǖǜ.2/1"/ǽ !60-/&,/1,!")&3"/61,  ,)!ǽ%"-2/ %0"-/& "#,/ "+1"///"-,/1"!,+2$201ǖǾǗǕǖǝǾ1%1,2+1&))&$+ ,--"/&0ǖǚʢ,#1%"0-,1-/& "-"/*"1/& 1,++"14,!60 continues to face potential limitations due to water supply, -/&,/1,!")&3"/61,  ,)!ǽ6 )"$,)!&0 ) 2)1"! 0&121&,+"5 "/ 1"! 6*&+&*)&+Ɲ,4#/,*0+,4*")1 6*2)1&-)6&+$Ǟǜʢ1&*"0 ,+1&+"!$,)!&+ ,+ "+1/1"ǽ and less than expected precipitation experienced in calendar 6 )" ,--"/&0 ) 2)1"! 6*2)1&-)6&+$Ǟǚʢ1&*"0 ǗǕǖǝǽ"+1"//++,2+ "!1%"6Ɯ)"!#,/+*"+!*"+11, contained copper in concentrate or the actual payable copper their environmental assessment certificate to provide -"/ "+1$"/" "&3"! 6"+1"// ,)! + ǽțȊ"+1"//ȋȜǾ !!&1&,+)0%,/1Ȓ1"/*41"/0,2/ "01%/,2$%ǗǕǗǕǾ+!1, 4%& %"3"/&0$/"1"/ǽ0,# 2+"ǘǕǾǗǕǖǝǾ--/,5&*1")6 &+&1&1"1%"!"3"),-*"+1,#),+$"/Ȓ1"/*41"/02--)6-)+ ǘǝǝǾǗǕǕ,2+ "0,#-6 )"$,)!+!ǖǗǽǞǗǖ*&))&,+-,2+!0 for subsequent years. ,# ,--"/%3" ""+!")&3"/"!1,  ,)!ǽ According to Centerra, if regulatory approvals to access ,2+1&))&$+&0+,-"+Ȓ-&1 ,--"/Ȓ$,)!*&+",-"/1"! 6 water sources are not received, the Mount Milligan mill would a subsidiary of Centerra , located in central British Columbia, operate only one ball mill to conserve water and throughput Canada. 4,2)! "/"!2 "!#,/1%"" "* "/ǗǕǖǝ.2/1"/ǽ +!!&1&,+Ǿ Production Status: Gold stream deliveries from Mount 1%/,2$%-21&+1%""-1"* "/ǗǕǖǝ.2/1"/4&)) "/"!2 "! &))&$+4"/"--/,5&*1")6ǜǝǾǕǕǕ,2+ "0!2/&+$,2/Ɯ0 ) 0/"02)1,#1"+Ȓ!62+0 %"!2)"!0%21!,4+&+ 2)6ǗǕǖǝǾ 6"/ǗǕǖǝǾ ,*-/"!1,--/,5&*1")6ǞǛǾǕǕǕ,2+ "0,# of the primary crusher for maintenance and a scheduled $,)!!2/&+$,2/Ɯ0 )6"/ǗǕǖǜǽ%"!" /"0"40-/&*/&)6 #&3"Ȓ!6*&+1"++ "0%21!,4+&+"-1"* "/ǗǕǖǝǽ !2"1,1%" %+$"&+1%"$,)!01/"*/1"#/,*ǚǗǽǗǚʢ Considering these factors, Centerra reduced their calendar 1,ǘǚʢǽ  ,)! "$+/" "&3&+$$,)!!")&3"/&"0/"Ɲ" 1&+$ ǗǕǖǝ-/,!2 1&,+$2&!+ "1,2+1&))&$+1, "14""+ 1%"),4"/01/"*-"/ "+1$"&+-/&)ǗǕǖǜǽ%"!" /"0" ǖǜǚǾǕǕǕ+!ǖǞǚǾǕǕǕ-6 )",2+ "0,#$,)!+!ǙǕ+! was also partially a result of the mill processing operations Ǚǜ*&))&,+-6 )"-,2+!0,# ,--"/ǽ 1 1%" *&+" "&+$ 1"*-,//&)6 020-"+!"! #,/ ǘǞ !60 ROYAL GOLD, INC GOLD, ROYAL REPORT ANNUAL 2018 "$&++&+$,+" "* "/ǗǜǾǗǕǖǜǾ!2"1,&+02ƛ& &"+141"/ǽ

10 1."0"/3"00,#" "* "/ǘǖǾǗǕǖǜǽ PUEBLO VIEJO

FY2018 REVENUE: FY2018 SALES: RESERVES:1 SANCHEZ RAMIREZ, DOMINICAN REPUBLIC $95.055M 49,200 oz gold 7. 2 24 M oz gold 1.883M oz silver 45.521M oz silver

  ,)!,4+01%"/&$%11,-2/ %0"ǜǽǚʢ,#//& (ȉ0ǛǕʢ !2/&+$,2/Ɯ0 )6"/ǗǕǖǜǽ%"!" /"0"40!2"1,),4"/ &+1"/"01&+-6 )"$,)!-/,!2 "!#/,*1%"2" ),&"',*&+" 3"/$"$,)!$/!"Ǿ-/1&))6,ƛ0"1 6%&$%"/1%/,2$%-21ǽ 2+1&)ǞǞǕǾǕǕǕ,2+ "0%3" ""+!")&3"/"!Ȁǘǽǜǚʢ1%"/"ƞ"/ǽ &)3"/01/"*!")&3"/&"04"/"--/,5&*1")6ǖǽǝǝǜ*&))&,+ %"-2/ %0"-/& "#,/$,)!,2+ "0!")&3"/"!&0ǘǕʢ,# ,2+ "0,#0&)3"/!2/&+$,2/Ɯ0 )6"/ǗǕǖǝǾ ,*-/"!1, 1%"0-,1-/& "2+1&)ǚǚǕǾǕǕǕ,2+ "0%3" ""+!")&3"/"!Ȁ --/,5&*1")6ǖǽǜǜǛ*&))&,+,2+ "0,#0&)3"/!2/&+$,2/Ɯ0 ) ǛǕʢ1%"/"ƞ"/ǽ6 )"$,)!&0 ) 2)1"! 6*2)1&-)6&+$ 6"/ǗǕǖǜǽ%"&+ /"0"40!2"1,%&$%"/1%/,2$%-21+! ǞǞǽǞʢ1&*"0 ,+1&+"!$,)!&+!,/ćǽ0,# 2+"ǘǕǾǗǕǖǝǾ higher average silver grade. --/,5&*1")6ǖǙǕǾǗǕǕ,2+ "0,#-6 )"$,)!%3" ""+ !")&3"/"!1,  ,)!ǽ //& (/"*&+0,+1/ (1,*""11%"&/ )"+!/6"/ǗǕǖǝ $2&!+ "12" ),&"',,# "14""+ǚǝǚǾǕǕǕ+!ǛǖǚǾǕǕǕ   ,)!)0,,4+01%"/&$%11,-2/ %0"ǜǚʢ,#//& (ȉ0 ,2+ "0,#$,)!Ǿ11/& 21 )"1,1%"&/ǛǕʢ&+1"/"01ǽ ǛǕʢ&+1"/"01&+1%"-6 )"0&)3"/-/,!2 "!#/,*1%" 2" ),&"',*&+"2+1&)ǚǕ*&))&,+,2+ "0,#-6 )"0&)3"/ Barrick is advancing prefeasibility level studies for a plant %3" ""+!")&3"/"!Ȁǘǜǽǚʢ1%"/"ƞ"/ǽ%"-2/ %0"-/& " "5-+0&,+12" ),&"',1%14,2)!&+ /"0"1%/,2$%-21 #,/0&)3"/,2+ "0!")&3"/"!&0ǘǕʢ,#1%"0-,1-/& "2+1&) 6ǚǕʢ1,ǖǗ*&))&,+1,++"0-"/6"/Ǿ)),4&+$1%"*&+"1, Ǘǘǽǖ*&))&,+,2+ "0%3" ""+!")&3"/"!ȀǛǕʢ1%"/"ƞ"/ǽ *&+1&+3"/$"++2)$,)!-/,!2 1&,+,#ǝǕǕǾǕǕǕ,2+ "0 &)3"/!")&3"/&"0/" 0"!,+Ɯ5"!ǜǕʢ/" ,3"/6/1"ǽ ƞ"/ǗǕǗǗț,+ǖǕǕʢ 0&0Ȝǽ%"-/,'" 1&+3,)3"01%"!!&1&,+ 6 )"0&)3"/&0 ) 2)1"! 6*2)1&-)6&+$ǞǞǽǕʢ1&*"0 ,#-/"Ȓ,5&!1&,+%"-)" %-!4&1% - &16,#"&$%1 1%"!'201"!/" ,3"/"!0&)3"/*,2+1ǽ0,# 2+"ǘǕǾǗǕǖǜǾ *&))&,+1,++"0-"/6"/Ǿ+"4*&))+!Ɲ,11&,+ ,+ "+1/1,/ --/,5&*1")6ǙǽǗǕ*&))&,+,2+ "0,#-6 )"0&)3"/%3" ""+ with a capacity of four million tonnes per year, and additional !")&3"/"!1,  ,)!ǽ tailings capacity. The project has the potential to convert roughly seven million ounces of mineralized material to 2" ),&"',&0+,-"+Ȓ-&1*&+",4+"! 6',&+13"+12/" -/,3"++!-/,  )"/"0"/3"0ț,+ǖǕǕʢ 0&0Ȝǽ +02--,/1,# &+4%& %//& (%,)!0ǛǕʢ&+1"/"01+!&0/"0-,+0& )"#,/ the prefeasibility study, Barrick completed the construction ,-"/1&,+0ǽ ,)! ,/-%,)!01%"/"*&+&+$ǙǕʢ&+1"/"01ǽ%" ,#-&),1-/"Ȓ,5&!1&,+%"-)" %-!1,1"01*"1))2/$6 mine is located in the central part of the Dominican Republic and recoveries and is now irrigating ore. Civil works for the on the Caribbean island of Hispaniola. -&),1Ɲ,11&,+ &/ 2&1%3")0, ,**"+ "!Ǿ+!1"+!"/ Production Status: ,)!01/"*!")&3"/&"0#/,*2" ),&"', process for structural, mechanical, and electrical contracts 4"/"--/,5&*1")6ǙǚǾǚǕǕ,2+ "0,#$,)!!2/&+$,2/Ɯ0 ) is now underway. 6"/ǗǕǖǝǾ ,*-/"!1,--/,5&*1")6ǚǗǾǛǕǕ,2+ "0,#$,)!

1."0"/3"00,#" "* "/ǘǖǾǗǕǖǜǽ 11 ANDACOLLO

REGION IV, FY2018 REVENUE: FY2018 SALES: RESERVES:1 CHILE $57.413M 44,400 oz gold 1.212M oz gold

  ,)!,4+01%"/&$%11,-2/ %0"ǖǕǕʢ,#-6 )"$,)! Production Status:1/"*!")&3"/&"0#/,*+! ,)), 2+1&)ǞǕǕǾǕǕǕ,2+ "0%3" ""+!")&3"/"!ȀǚǕʢ1%"/"ƞ"/ǽ 4"/"ǚǖǾǜǕǕ,2+ "0,#$,)!!2/&+$,2/#&0 )6"/ǗǕǖǝǾ %"-2/ %0"-/& "#,/$,)!,2+ "0!")&3"/"!&0ǖǚʢ,#1%" ,*-/"!1,--/,5&*1")6ǙǜǾǞǕǕ,2+ "0,#$,)!!2/&+$ monthly average gold price for the month preceding the ,2/Ɯ0 )6"/ǗǕǖǜǽ" (&+!& 1"!1%11%"6"5-" 1$/!2))6 !")&3"/6!1"ǽ6 )"$,)!&0 ) 2)1"! 6*2)1&-)6&+$ǝǞʢ !" )&+&+$$/!"01, ",ƛ0"1)/$")6 6-)++"!1%/,2$%-21 1&*"0 ,+1&+"!$,)!&+ ,+ "+1/1"ǽ0,# 2+"ǘǕǾǗǕǖǝǾ improvements in the mill. The current life of mine for --/,5&*1")6ǖǙǖǾǘǕǕ,2+ "0,#-6 )"$,)!%3" ""+ +! ,)),&0"5-" 1"!1, ,+1&+2"2+1&)ǗǕǘǚǽ!!&1&,+) !")&3"/"!1,  ,)!ǽ permitting or amendments to existing permits will be required to execute the life of mine plan. +! ,)),&0+,-"+Ȓ-&1 ,--"/*&+"+!*&))&+$,-"/1&,+ ,-"/1"! 602 0&!&/6,#" ("0,2/ "0&*&1"!țȊ" (ȋȜǽ ,)!&0-/,!2 "!0 6Ȓ-/,!2 1,# ,--"/-/,!2 1&,+ǽ %"*&+"&0), 1"!&+,.2&* ,/,3&+ "Ǿ"$&,+ Ǿ%&)"Ǿ adjacent to the town of Andacollo. ROYAL GOLD, INC GOLD, ROYAL REPORT ANNUAL 2018

12 1."0"/3"00,#" "* "/ǘǖǾǗǕǖǜǽ WASSA AND PRESTEA

FY2018 REVENUE: FY2018 SALES: RESERVES:1 WESTERN REGION, GHANA $29.805M 23,000 oz gold 1.693M oz gold

  ,)!,4+01%"/&$%11,-2/ %0"ǖǕǽǚǕʢ,#1%"$,)! Production Status: 1/"*!")&3"/&"0#/,*00+! -/,!2 "!#/,*1%"00+!/"01"-/,'" 10ǽ%"-2/ %0" /"01" 4"/" --/,5&*1")6 ǗǚǾǞǕǕ ,2+ "0 ,# $,)! -/& "#,/$,)!,2+ "0!")&3"/"!&0ǗǕʢ,#1%"0-,1-/& "2+1&) !2/&+$,2/Ɯ0 )6"/ǗǕǖǝǾ ,*-/"!1,--/,5&*1")6 ǗǙǕǾǕǕǕ,2+ "0%3" ""+!")&3"/"!Ǿ+!1%"/"ƞ"/1%" ǖǞǾǞǕǕ,2+ "0,#$,)!!2/&+$,2/Ɯ0 )6"/ǗǕǖǜǽ ,)!"+1/ 01/"*-"/ "+1$"!" /"0"01,ǚǽǚʢ,#$,)!-/,!2 "!1 reported that the increase in production during the current -2/ %0"-/& "".2)1,ǘǕʢ,#1%"0-,1-/& "ǽ6 )"$,)!&0 period was primarily due to improved grade and tonnes ) 2)1"! 6*2)1&-)6&+$ǞǞǽǚʢ1&*"0 ,+1&+"!$,)!&+!,/ćǽ 11%"002+!"/$/,2+!*&+"ǽ0,# " /2/6ǖǾǗǕǖǝǾ 0,# 2+"ǘǕǾǗǕǖǝǾ--/,5&*1")6ǛǜǾǘǕǕ,2+ "0,#-6 )" 00 " *"+2+!"/$/,2+!Ȓ,+)6*&+&+$,-"/1&,+Ǿ $,)!%3" ""+!")&3"/"!1,  ,)!ǽ however, stockpiled ore continued to be processed 1%/,2$%,211%" 2//"+1-"/&,!ǽ1/"01"Ǿ ,)!"+1/ %"00+!/"01"*&+"0/",-"/1"! 6 ,)!"+1/ announced production decreased during the current period "0,2/ "01!ǽțȊ ,)!"+1/ȋȜǽ002+!"/$/,2+!*&+" -/&*/&)6!2"1,1%"-)++"!/"!2 1&,+#/,*1%"/"01" and oxide ore mill are located in the Wassa East District, in ,-"+Ȓ-&10+!1%"0),4"/1%+"5-" 1"!/*-Ȓ2-11%" 1%""01"/+"$&,+Ǿ %+ǽ/"01",-"+-&10Ǿ2+!"/$/,2+! /"01"2+!"/$/,2+!*&+"ǽ mine and oxide mill are located in the central eastern section of the Western Region, Ghana. ,)!"+1/&+!& 1"!1%11%"6/"*&+,+1/ (1, %&"3" 1%"&/ ,+0,)&!1"! )"+!/6"/ǗǕǖǝ-/,!2 1&,+$2&!+ " ,# "14""+ǗǘǕǾǕǕǕ+!ǗǚǚǾǕǕ,2+ "0,#$,)!Ǿ+!1%1 they expect production to be weighted to the second half of )"+!/ǗǕǖǝǽ

1."0"/3"00,#" "* "/ǘǖǾǗǕǖǜǽ 13 PEÑASQUITO

ZACATECAS, FY2018 REVENUE: FY2018 PRODUCTION: 1 RESERVES:2 MEXICO $25.886M 375,800 oz gold 8.950M oz gold 20.886M oz silver 545.560M oz silver 122.152M lbs lead 3.560B lbs lead 348.485M lbs 7.7 10 B lbs zinc

,6) ,)!,4+0ǗǽǕʢ/,6)16,+))*"1)011%"  ")"/1"!1,1%""-1"* "/ǗǕǖǝ.2/1"/Ǿ+!1%11%" "ļ0.2&1,*&+"ǽ%",-"+Ȓ-&1*&+"Ǿ ,*-,0"!,#14, Ɯ/01$,)!&0"5-" 1"!&+1%"" "* "/ǗǕǖǝ.2/1"/Ǿ14, *&+!"-,0&10Ǿ"ļ0 ,+!%&)",),/!,Ǿ%,010,+",# quarters ahead of schedule. Goldcorp further reported at the world’s largest gold, silver, and zinc reserves, while also 1%""+!,#1%" 2+"ǗǕǖǝ.2/1"/1%1-/"Ȓ ,**&00&,+&+$ ,+1&+&+$)/$")"!/"0"/3"0ǽ"ļ0.2&1,&0,-"/1"! 6  1&3&1&"04"/"Ǚǚʢ ,*-)"1"Ǿ+!41"/1"01&+$40,+$,&+$ 02 0&!&/6,# ,)! ,/- + ǽțȊ ,)! ,/-ȋȜ+!&00&121"! ,++/"+!0601"*0 0&0ǽ2/&+$1%" 2+"ǗǕǖǝ.2/1"/Ǿ in the western half of the Concepción Del Oro district in the ,+01/2 1&,+,#1%"/ ,+/"ȒƝ,11&,+ ,*-,+"+1,#1%" +,/1%"01 ,/+"/,# 1" 011"Ǿ"5& ,ǽ 40 ,*-)"1"!ǽ%&04&)))),4"ļ0.2&1,1,-/, "00 ,/"-/"3&,20)6 ,+0&!"/"!2+" ,+,*& Ǿ&+ )2!&+$0&$+&Ɯ +1 Production Status: Gold production attributable to our amounts already in stockpiles. /,6)16&+1"/"011"ļ0.2&1,!" /"0"!--/,5&*1")6 ǘǗʢ!2/&+$,2/Ɯ0 )6"/ǗǕǖǝǾ4%"+ ,*-/"!1,,2/ &1%1%" ,**&00&,+&+$0 %"!2)",#1%" ")"/1"! Ɯ0 )6"/ǗǕǖǜǾ0/"02)1,# ,)! ,/-ȉ0-)++"!1/+0&1&,+ &+1,1%""-1"* "/ǗǕǖǝ.2/1"/Ǿ ,)! ,/-*,!&Ɯ"!1%" #/,*1%"%&$%"/Ȓ$/!"/",#1%""ļ0 ,-&11,),4"/ -/,!2 1&,+-)+#,/1%""-1"* "/ǗǕǖǝ.2/1"/4&1%),4"/ grade ore and stockpiled material during the current than planned mill throughput and low mill head grades, period. Zinc production attributable to our royalty interest exclusively from the surface stockpile, to accommodate the &+ /"0"!--/,5&*1")6ǖǕʢ!2/&+$,2/Ɯ0 )6"/ǗǕǖǝǾ commissioning of a new major circuit, which is the preferred 4%"+ ,*-/"!1,,2/Ɯ0 )6"/ǗǕǖǜǾ4%&)"0&)3"/+!)"! material to be processing during the commissioning phase production were in line with the prior year. where lower recoveries are expected. A resequencing to %&$%"/$/!"0+!*&))1,++$"&+1%"" "* "/ǗǕǖǝ.2/1"/Ǿ ,)! ,/--/,3&!"!-/,!2 1&,+$2&!+ "#,/ )"+!/ǗǕǖǝ,# subsequent to the commissioning, is expected to allow ǘǖǕǾǕǕǕ,2+ "0,#$,)!ǾǘǕǕ*&))&,+-,2+!0,#7&+ +!ǖǛǕ the mine to meet its full year gold production objectives. million pounds of lead. Mining activities will transition to the newly developed Chile ,)! ,/-/"-,/1"!1%""ļ0.2&1,6/&1"" %-/,'" 1 ,),/!,-&1&+)1" )"+!/ǗǕǖǝ+!&+1,1%"%&$%"/Ȓ$/!" țȊȋȜ ,*-)"1"! ,+01/2 1&,+4&1% ,**&00&,+&+$#2/1%"/ ,/"&+%0"Ǜ&+ )"+!/ǗǕǖǞ&+1%""ļ0 ,-&1ǽ ROYAL GOLD, INC GOLD, ROYAL REPORT ANNUAL 2018

1."-,/1"!-/,!2 1&,+#,/ ǗǕǖǝ/")1"01,1%"*,2+1,#*"1)0)"002 '" 11,,2/ royalty interests as reported to us by the operator. 14 2. "0"/3"00,# 2+"ǘǕǾǗǕǖǜǽ CORTEZ

FY2018 REVENUE: FY2018 PRODUCTION: 1 RESERVES:2, 3 NEVADA, UNITED STATES $8.155M 77,700 oz gold 4.181M oz gold

Royal Gold holds multiple royalties at Cortez owned and ,/1"7&0)/$",-"+Ȓ-&1+!2+!"/$/,2+!*&+"Ǿ21&)&7&+$ operated by a subsidiary of Barrick. Royal Gold’s royalty mill and heap leach processing. High grade refractory ores interests include the following royalties: are trucked to Barrick’s Goldstrike operation for processing. 2//,6)16&+1"/"011,/1"7--)&"01,1%"&-")&+"Ǿ,21% • ǖȔ0)&!&+$Ȓ0 )" /,6)161&"!1,1%"-/& ",#$,)!Ǿ &-")&+"Ǿ -+!/,00/,!0!"-,0&10ǽ 1$,)!-/& ",#ʏǙǜǕ-"/,2+ "+!%&$%"/Ǿ1%"/,6)16 /1"&0ǚʢ Production Status: /,!2 1&,+11/& 21 )"1,,2//,6)16 &+1"/"011,/1"7&+ /"0"!--/,5&*1")6Ǘǖʢ!2/&+$,2/ • ǗȔ0)&!&+$Ȓ0 )" /,6)161&"!1,1%"-/& ",#$,)!Ǿ Ɯ0 )6"/ǗǕǖǝǾ4%"+ ,*-/"!1,1%"-/&,/Ɯ0 )6"/ǽ01" 1$,)!-/& ",#ʏǙǜǕ-"/,2+ "+!%&$%"/Ǿ1%"/,6)16 stripping at Crossroads, which is subject to our NVR1C and /1"&0ǚʢ Ǘ/,6)16&+1"/"010&0 2//"+1)6,+$,&+$ǽ/,!2 1&,+#/,* • ǘȔƜ5"!Ȓ/1" /,6)16,#ǕǽǜǖǗǚʢ /,00/,!0Ǿ4%& % ,+1&+0ǘǽǗ*&))&,+,2+ "0,#$,)!Ǿ&0 • ǖȔƜ5"!Ȓ/1"/,6)16,#ǙǽǞǖʢ "5-" 1"!1, "$&+&+)1" )"+!/ǗǕǖǝǽ • ǖȔƜ5"!Ȓ/1"/,6)16,#ǙǽǚǗʢ

1. Reported production relates to the amount of metal sales that are subject to our royalty &+1"/"010#,/1%"Ɯ0 )6"/"+!"! 2+"ǘǕǾǗǕǖǝǾ0/"-,/1"!1,20 61%",-"/1,/ǽ 2."0"/3"00,#" "* "/ǘǖǾǗǕǖǜǽ ǘǽ 2 '" 11,,2//,6)1&"01,/1"7ǽ 15 PRODUCING PROPERTIES

1 RESERVES ROYALTY/METAL STREAM 2,3,4,5,6 REVENUE PROPERTY LOCATION OPERATOR (GOLD UNLESS METAL FY2018 (CONTAINED OTHERWISE STATED) 7 ($M) OZ OR LBS) M ARGENTINA Compañía Inversora 0.196 Au DON NICOLAS Santa Cruz 2.0% NSR (gold, silver) 0.168 en Minas 0.401 Ag AUSTRALIA GWALIA DEEPS W. Australia St Barbara 1.5% NSR 2.439 Au 5.270 MEEKATHARRA - NANNINE W. Australia Westgold Resources 1.5% NSR 0.002 Au – 8 1.5% NSR MEEKATHARRA - PADDY’S FLAT W. Australia Westgold Resources 0.409 Au 1.935 AU$10 per ounce produced 9 1.5% to 2.5% NSR 10 MEEKATHARRA - REEDYS W. Australia Westgold Resources 1.0% NSR 10 0.058 Au 0.738 1.5% NSR MEEKATHARRA - YALOGINDA W. Australia Westgold Resources 0.45% NSR 0.105 Au 0.017 SOUTH LAVERTON W. Australia Saracen 1.5% NSR; $6.00/oz 11 1.210 Au 3.947 SOUTHERN CROSS W. Australia Shandong Tianye 1.5% NSR 0.959 Au 1.695 BOLIVIA 0.074 Au DON MARIO Chiquitos Orvana 3.0% NSR (gold, silver and copper) 0.075 Ag 2.102 3.745 Cu BURKINA FASO TAPARKO Namantenga Nord Gold 2.0% GSR; 0.75% GSR (milling royalty) 12 0.483 Au 2.098 INATA Soum Balaji Group 2.5% NSR 0.340 Au – 13 CANADA British 35% of gold produced 14 5.216 Au MOUNT MILLIGAN Centerra Gold 133.534 Columbia 18.75% of copper produced 14 1955.000 Cu 688.195 Cu VOISEY’S BAY Labrador Vale 2.7% NSR (copper, nickel and cobalt) 1521.586 Ni 1.396 15 92.859 Co Rambler Metals RAMBLER NORTH Newfoundland 1.0% NSR (gold, silver, copper and zinc) N.A. 0.138 and Mining HOLT Ontario Kirkland Lake 0.00013 x Au price (NSR) 0.570 Au 11.033 6.5% of gold produced 16 4.418 Au RAINY RIVER Ontario New Gold 8.710 60% of silver produced 16 12.775 Ag WILLIAMS Ontario Barrick 0.72% NSR and 0.25% NSR 1.068 Au 1.821 Yamana/ CANADIAN MALARTIC Quebec 1.0% to 1.5% NSR 17 2.191 Au 8.380 Agnico-Eagle Potash Corporation $0.36 to $1.44 and ALLAN Saskatchewan N.A. 1.454 of Saskatchewan $0.25 per ton (potash) 18 CHILE ANDACOLLO Region IV Teck 100% of gold produced 19 1.212 Au 57.413 0.105 Au 0% to 3.0% NSR (gold, silver, lead 1.367 Ag EL TOQUI Region XI Laguna Gold 0.473 and zinc) 20 27.635 Pb 336.480 Zn DOMINICAN REPUBLIC Sanchez 7.5% of gold produced 25 7.224 Au PUEBLO VIEJO Barrick/Goldcorp 95.055 Ramirez 75% of silver produced 25 45.521 Ag GHANA WASSA AND PRESTEA Western Region Golden Star 10.5% of payable gold 21 1.693 Au 29.805 MEXICO 2.0% NSR and 1.25% NSR (gold) 1.401 Au DOLORES Chihuahua Pan American 6.703 2.0% NSR (silver) 46.100 Ag MULATOS Sonora Alamos 1.0% to 5.0% NSR 22 0.185 Au 23 10.370 8.950 Au 24 545.560 Ag 24 PEÑASQUITO Zacatecas Goldcorp 2.0% NSR (gold, silver, lead and zinc) 25.886 3560.010 Pb 24 7710.370 Zn 24 NICARAGUA EL LIMON El Limon B2Gold 3.0% NSR 0.110 Au 1.811 SPAIN First Quantum LAS CRUCES Andalucia 1.5% NSR (copper) 26 431.202 Cu 7.434 Minerals UNITED STATES BALD MOUNTAIN Nevada Kinross 1.75% to 2.5% NSR 27 0.436 Au 4.724 GSR1: 0.40% to 5.0% GSR 28 0.737 Au GSR2: 0.40% to 5.0% GSR 28 3.444 Au CORTEZ Nevada Barrick GSR3: 0.71% GSR 1.008 Au 29 8.155 NVR1: 4.91% NVR 0.733 Au 29 NVR1C: 4.52% NVR 30 3.173 Au 29 1.0% to 2.0% NSR (gold and silver)31, 32 0.080 Au GOLD HILL Nevada Kinross 1.230 Ag 1.299 0.6% to 0.95 NSR (M-ACE)33 N.A. GOLDSTRIKE (SJ CLAIMS) Nevada Barrick 0.9% NSR 2.828 Au 3.254 LEEVILLE Nevada Newmont 1.8% NSR 0.809 Au 3.206 MARIGOLD Nevada SSR Mining 2.0% NSR 1.790 Au 4.645 0.413 Au ROBINSON Nevada KGHM 3.0% NSR (gold and copper) 10.165 692.343 Cu Waterton Precious ROYAL GOLD, INC GOLD, ROYAL REPORT ANNUAL 2018 RUBY HILL Nevada 3.0% NSR 0.024 Au 0.167 Metals TWIN CREEKS Nevada Newmont 2.0% GPR 0.052 Au 0.058 WHARF South Dakota Coeur Mining 0.0% to 2.0% NSR 34 0.842 Au 2.285 16 SKYLINE Utah Bowie Resources 1.41% GV (coal) N.A. Coal 1.095 *One oil and gas royalty is not included. DEVELOPMENT PROPERTIES

ROYALTY/METAL RESERVES 2,3,4,5,6 STREAM 1 PROPERTY LOCATION OPERATOR (CONTAINED OZ METAL (GOLD UNLESS OR LBS) M7 OTHERWISE STATED) AUSTRALIA

0.001 Au 0.380 Ag BALCOOMA Queensland Consolidated Tin 1.5% NSR 32.466 Cu 7.879 Pb 29.274 Zn 0.010 Au 3.000 Ag ڿJAGUAR NICKEL W. Australia CopperChem ьѵѐ 11.023 Cu 165.347 Zn

KING OF THE HILLS W. Australia Red 5 Limited 1.5% NSR 0.091 Au

KUNDIP W. Australia ACH Minerals 1.0% to 1.5% GV8 0.307 Au

ULYSSES W. Australia Genesis Minerals 1.5% NSR 0.010 Au 2.5% GSR 0.111 Au RED DAM W. Australia Evolution Mining 2.5% NSR 0 Ag BRAZIL

MARA ROSA Goiás Amarillo Gold 1.0% NSR and 1.75% NSR 0.998 Au

CANADA

BELCOURT British Columbia Anglo American 0.103% GV (coal) N.A. Coal

0.124 Au 2.0% NSR (gold, silver, 11.618 Ag KUTCHO CREEK British Columbia Kutcho Copper Corp copper and zinc) 462.678 Cu 734.300 Zn 5.775 Au Copper Fox/ 3.5% NPI (gold, silver, 51.895 Ag SCHAFT CREEK British Columbia Teck Resources copper and molybdenum) 5630.715 Cu 373.340 Mo

PINE COVE Newfoundland Anaconda Mining 7.5% NPI 9 0.036 Au

George Lake: 2.35% GSR 10 0 Au BACK RIVER Nunavut Sabina Gold & Silver Goose Lake: 1.95% GSR 11 2.503 Au

LARONDE ZONE 5 Quebec Agnico Eagle 2.0% NSR 0.401 Au

CHILE

2.674 Au LA FORTUNA Region III Goldcorp 1.4% NSR (gold, copper) 12 1959.099 Cu MACEDONIA

ILOVICA Bosilovo Euromax Resources 25% payable gold 13 2.010 Au

NICARAGUA

0.675 Au LA INDIA Leon Condor Gold 3.0% NSR 1.185 Ag UNITED STATES

West Kirkland Mining/ 0.588 Au HASBROUCK MOUNTAIN Nevada 1.5% NSR Clover Nevada 10.569 Ag Waterton Precious 3.0% NSR – Cordilleran 14 PINSON Nevada 0.483 Au Metals Fund 2.94% NSR – Rayrock 15

17 EVALUATION PROPERTIES1

ROYALTY ROYALTY PROPERTY OWNERSHIP PROPERTY OWNERSHIP RATE RATE

ARGENTINA CANADA (CONTINUED)

Compañía Inversora NorthIsle Copper CHISPAS 2.0% NSR HUSHAMU 10.0% NPI en Minas and Gold MARTHA Hunt Mining 2.0% NSR Rubicon Minerals PHOENIX GOLD 1.0% NSR Corporation AUSTRALIA ULU Mandalay Resources 5.0% NSR 9 AVEBURY Dundas Mining 2.0% NSR WILANOUR (COCHENOUR) Goldcorp 5.0% NPI AUD$1.00 to WOLVERINE Yukon Zinc 9.445% NSR 10 BELL CREEK Australian Mines AUD$2.00/ 2 tonne CHILE BELLEVUE Golden Spur 2.0% NSR 0.78-5.45% NSR 11,12 1.5% to PASCUA-LAMA Barrick (Au) ; BURNAKURA Monument Mining 13 2.5% NSR 3 1.09% NSR (Cu) CELTIC/WONDER NORTH Bligh Resources 1.5% NSR GHANA

CHERITONS FIND Hanking Gold Mining 1.5% NSR KUBI VILLAGE Asante Gold 3.0% NPI CHUNDERLOO Auris Minerals 0.75% NSR GUATEMALA EDNA MAY Ramelius Resources 0.5% GSR Kappes, Cassiday AUD$1.00/ TAMBOR 4.0% NSR MEEKATHARRA - SABBATH Westgold Resources & Associates tonne 4 MEXICO MT. FISHER Rox Resources AUD$5.00/oz 5 1.5% NSR NIEVES Blackberry Ventures 2.0% NSR MT. GOODE (COSMOS) Western Areas (nickel) RUSSIA 2.5% to NORTH WELL CHILKOOT Saracen 4.0% GV 6 0.75% or 1.0% NSR PADDINGTON Zijin Mining Group 1.75% NSR FEDOROVA Barrick/Pana PGM 0.5% NSR 1.25% or PHILLIPS FIND Barra Resources AUD$10.00/oz 7 1.5% NSR 14 PINNACLES Nexus/Saracen 1.5% NSR UNITED STATES QUINNS AUSTIN CNN Investments 1.5% NSR 1.0% to RED OCTOBER Matsa Resources 1.5% NSR ALMADEN Terraco Gold Corp. 2.0% NSR 15 TEMORA ) ޔ-  .*0- . 12.5% NPI GOLDRUSH Barrick 1.0% NVR VAN UDEN GOLD DEPOSIT MH Gold/St Barbara 1.5% NSR ISLAND MOUNTAIN Victoria Gold 2.0% NSR WEMBLEY DURACK Aragon Resources 1.0% NSR JOHNSON CAMP Excelsior Mining 2.5% NSR WESTMORELAND Laramide Resources 1.0% NSR $0.25/lb LA JARA MESA Laramide Resources YUNDAMINDERA Nex Metals 1.5% NSR (uranium) 16 LONG VALLEY BURKINA FASO Kore Mining 1.0% NSR MCDONALD (KEEP COOL) Newmont 3.0% NSR SEGA Perseus Mining 3.0% NSR 1.0% to NIBLACK Heatherdale Resources CANADA 3.0% NSR 17 1.0% or 2.0% or BARRAUTE (SWANSON) Agnico-Eagle PEAK GOLD PROJECT Peak Gold 2.0% NSR 8 3.0% NSR 18 BERG Centerra Gold 1.0% NSR RELIEF CANYON Pershing Gold 2.0% NSR BRONSON SLOPE Seabridge Gold 1.0% NSR ROCK CREEK Hecla Mining 1.0% NSR CABER Glencore 1.0% NSR 3.0% NSR 19 SAN JUAN SILVER (BULLDOG) Hecla 1.0% NSR 19 Goldcorp/Premier FOLLANSBEE 2.0% NSR Gold 1.0% NSR 20 WILDCAT Clover Nevada LLC 1.0% to GOLD RIVER Tahoe Resources Inc. 1.5% NSR 2.0% NSR 21 HIGH LAKE MMG Limited 1.5% NSR HORIZON COAL Anglo American 0.5% GV (coal) ROYAL GOLD, INC GOLD, ROYAL REPORT ANNUAL 2018

18 EXPLORATION PROPERTIES

ROYALTY ROYALTY PROPERTY OWNERSHIP PROPERTY OWNERSHIP RATE RATE

ARGENTINA CANADA (CONTINUED) Compañía Inversora MIKE LAKE Troilus Gold 2.0% NSR MICHELLE 2.0% NSR en Minas New Nadina/Archon MONUMENT 1.0% GV MINA CANCHA Yamana Gold 2.5% NSR Minerals MOORE LAKE Skyharbour Resources 2.5% NSR 9 AUSTRALIA Imperial Metals/ ABBOTTS Doray Minerals 1.5% NSR NIGHTHAWK LAKE Rainy Mountain Royalty/ 2.5% NSR 10 BUTTERCUP BORE Panoramic Gold 2.0% GV White Metal Resources CHESTERFIELD Tanzi Pty Ltd 1.5% NSR NORTHGATE Argo Gold 1.0% NSR AUD$1.25/ 1.0% to CROESUS Zijin Mining Group tonne 1 3.0% NSR 11 QIMMIQ ValOre Metals 11 FORRESTANIA Western Areas 1.5% NSR 2 2.0% NSR 1.0% GV 11 KALGOORLIE EAST Malanti Pty Ltd 1.125% NSR RAMBLER SOUTH Krinor Resources 1.0% NSR LAKE BALLARD ./ -)*' ޔ ' . 0.6% NSR RED LAKE Rubicon Minerals 1.0% NSR LOUNGE LIZARD Western Areas 1.5% NSR 2 SHASTA Sable Resources 0.5% NSR MELBA FLATS Dundas Mining 2.0% NSR TAK Canterra Minerals 5.0% NSR 12 MERLIN ORBIT Merlin Diamonds 1.0% GV VOISEY'S BAY DIAMONDS Vale 3.0% GV 2.0% NSR 3 MT. GOODE BELLEVUE Golden Spur Resources 1.5% NSR 3 YELLOWKNIFE LITHIUM Erex International 2.0% NPI MT NEWMAN-VICTORY St Barbara 1.5% NSR MEXICO RED HILL WEST API Management 2.5% NSR SAN JERONIMO Goldcorp 2.0% NSR SOUTHERN CROSS NICKEL Western Areas 1.5% NSR 4 TUNISIA STAKEWELL $1 -.$ޔ .. / *' $)". 1.5% NSR TROZZA China Minmetals 2.5% NSR WALLBROOK GOLD PROJECT Nexus Minerals 1.5% NSR WEST WYALONG Argent Minerals/HQ Mining 2.5% NSR UNITED STATES

CANADA AMBROSIA LAKE Westwater Resources 2.0% NVR APEX Teck/Pennaroya Utah 3.0% NSR 13 AFRIDI LAKE Shear Diamonds 1.5% GV BSC McEwen Mining 2.5% NSR Quaternary Mining ASHMORE 1.5% NSR & Exploration 15.0% NPI 14 BUCKHORN SOUTH Barrick 14.0% NPI 14 AVIAT ONE Stornoway Diamond 1.0% GV COOKS CREEK/ BARROW LAKE AND Barrick 1.5% NVR Hunter Exploration 1.0% GV FERRIS CREEK NORTH KELLET RIVER DOBY GEORGE Western Exploration 2.0% NSR 15 Areva Resources/ CARSWELL LAKE 5.0% NSR Capstone Mining HORSE MOUNTAIN Barrick 0.25% NVR Shear Diamonds/ HOT POT Nevada Exploration 1.25% NSR CHURCHILL 1.0% NSR Stornoway Diamond ICBM Timberline Resources 0.75% NSR Shear Diamonds/ CHURCHILL WEST 1.0% GV KEYSTONE Energy Fuels 2.0% NSR Stornoway Diamond MULE CANYON Newmont 5.0% NSR DUVERNY Threegold Resources 15.0% NPI 5 NEVADA PROPERTIES Rubicon Minerals 2.5% NSR Nuinsco Resources/ 2.0% NSR 6 FRANQUET Ocean Partner 3.0% NSR 6 ORO BLANCO Pan American Silver 3.0% NSR GAUTHIER Agnico Eagle 3.0% NSR 0.489% to PINSON – OTHER Barrick 5.979% GODFREY II Moneta Porcupine Mines 2.0% NSR NSR 16 GOLD DOME Golden Predator 2.0% NSR RYE Barrick 0.5% NSR GOLDEN BEAR Goldcorp 2.0% NSR SAN RAFAEL Rio Grande Resources 2.0% NVR HICKEY’S POND Krinor Resources 1.0% NSR SILVER CLOUD Rimrock Gold 1.2% NSR HOOD RIVER Shear Diamonds 1.0% GV SIMON CREEK Barrick 1.0% NSR JEWEL Stornoway Diamond 1.0% GV 3.0% GSR 17 TRENTON CANYON Newmont 0.0% to 10.0% NPI 17 7 JOE MANN Jessie Resources 2.0% NSR TROY Hecla Mining 3.0% GSR 2.0% NSR 7 UNCLE SAM PolarX Limited 2.0% NSR JUBILEE Stornoway Diamond 1.0% GV WINDFALL Timberline Resources 3.2% NSR KIZMET Centerra Gold 1.0% NSR 8 WOOD GULCH Western Exploration 5.0% NSR MCKENZIE RED LAKE Goldcorp 1.0% NSR WOODRUFF CREEK McEwen Mining 1.0% NSR

19 FOOTNOTES

PRODUCING PROPERTIES

 ǖǽ ,6)16+!"1)1/"*!"Ɯ+&1&,+0/"&+ )2!"!&+1%"$),00/6,+-$"ǗǛ  Ǜǽ %"/"0"/3"0/"-,/1"!/""&1%"/"01&*1"0/" "&3"!#/,*1%"3/&,20,-"/1,/0 of this annual report. or are based on documentation material provided to Royal Gold or which is  Ǘǽ "0"/3"0%3" ""+/"-,/1"! 61%",-"/1,/0,#/" ,/!0,#" "* "/ǘǖǾ derived from recent publicly available information from the operators of the ǗǕǖǜǾ4&1%1%""5 "-1&,+,#1%"#,)),4&+$-/,-"/1&"0ǿ,21%3"/1,+Ȓ 2+" 3/&,20-/,-"/1&"0,/3/&,20/" "+11&,+) +01/2*"+1ǙǘȒǖǕǖ,/ ,!" ǘǕǾǗǕǖǝȀ,+/&,Ȓ"-1"* "/ǘǕǾǗǕǖǜȀ 4)&""-0Ǿ $2/& (")Ǿ /"-,/10Ɯ)"! 6,-"/1,/0ǽ ,/!&+$)6Ǿ,6) ,)!&0+,1 )"1,/" ,+ &)"1%" ""(1%//ț++&+"Ǿ!!6ȉ0 )1Ǿ""!60+!),$&+!ȜǾ"ļ0.2&1,Ȓ /"0"/3""01&*1"0-/"-/"!&+/")&+ ",+1&,+) +01/2*"+1ǙǘȒǖǕǖ,/  2+"ǘǕǾǗǕǖǜȀ21 %,/""(Ȓ 2+"ǖǚǾǗǕǖǜȀ/,0Ȓ/ %ǜǾǗǕǖǜȀ)! ,!"4&1%!"Ɯ+&1&,+0,#1%"ǽǽ" 2/&1&"0+!5 %+$",**&00&,+ǽ ,2+1&+Ǿ ,)! &))Ǿ ,)1Ǿ +1Ǿ, &+0,++!,21%"/+/,00Ȓ" "* "/  ǜǽ Ȋ,+1&+"!,2+ "0ȋ,/Ȋ ,+1&+"!-,2+!0ȋ!,+,11("&+1, ,2+1/" ,3"/6 ǘǖǾǗǕǖǛȀ)600"0Ȓ2$201ǘǕǾǗǕǖǛȀ&+$,#1%" &))0+!2+!&-Ȓ 2+"ǘǕǾ losses in mining and processing the ore. ǗǕǖǛȀ ),3& Ȓ " /2/6ǖǛǾǗǕǖǛȀ),.2&Ǿ"!*Ȓ" "* "/ǘǖǾǗǕǖǚȀ  ǝǽ "3"+2"/" "&3"!!2/&+$1%"Ɯ0 )6"/"+!"! 2+"ǘǕǾǗǕǖǜ40&+ )2!"!2+!"/  (&3"/Ȓ"-1"* "/ǖǙǾǗǕǖǚȀ 0 /,2 (,2+1&+Ȓ 2+"ǘǾǗǕǖǚȀ /"3"+2"#/,*""(1%//Ȓ),$&+!ǽ ,/12+Ǿ +!&Ǿ&+0,++!2 6 &))Ȓ" "* "/ǘǖǾǗǕǖǙȀ %#1/""(Ȓ " "* "/ǘǖǾǗǕǖǗȀ,+& ,)0Ȓ" "* "/ǘǖǾǗǕǖǖȀ+!) ,,*Ȓ 2+"  Ǟǽ %"ʏǖǕ-"/,2+ "/,6)16--)&"0,+-/,!2 1&,+ ,3"ǚǕǾǕǕǕ,2+ "0ǽ,6)16 ǘǕǾǗǕǖǖǽ payable on gold only.  ǘǽ  ,)!/"0"/3"04"/" ) 2)1"! 61%",-"/1,/011%"#,)),4&+$-"/,2+ " ǖǕǽ %"ǖǽǚʢ1,Ǘǽǚʢ0)&!&+$Ȓ0 )"/,6)16-601/1",#ǖǽǚʢ#,/1%"Ɯ/01 -/& "0ǿʏǖǾǛǕǕȒ,21%"/+/,00Ǿ,21%3"/1,++!)600"0ȀʏǖǾǚǚǕȒ ǜǚǾǕǕǕ,2+ "0-/,!2 "!&++6ǖǗȒ*,+1%-"/&,!+!1/1",#Ǘǽǚʢ,+ ""(1%//ț++&+"Ǿ!!6ȉ0 )1Ǿ""!60+!),$&+!ȜȀʏǖǾǛǕǕȒ&+" -/,!2 1&,+ ,3"ǜǚǾǕǕǕ,2+ "0!2/&+$1%1ǖǗȒ*,+1%-"/&,!ǽ%"ǖǽǕʢ ,3"ȀʏǖǾǚǕǕȒ&+$,#1%" &))0ȀʏǖǾǙǚǕȒ2+!&-ȀʏǖǾǘǛǛȒ %ƞ/""(ȀʏǖǾǘǚǕ royalty applies to the Rand area only. Ȓ 4)&ȀʏǖǾǘǖǕȒ"!*ȀʏǖǾǘǕǕȔ,),/"0Ǿ ,/12++!&+0,+ȀʏǖǾǗǜǚȒ ǖǖǽ %"ʏǛȡ,2+ "/,6)16--)&"01,,+16ȉ0*+!))&,1,!"-/,-"/1&"0,+)6 &+6&3"/ȀʏǖǾǗǚǕȒ+! ,)),Ǿ (&3"/Ǿ,+/&,Ǿ)&*,+Ǿ ,)1Ǿ +1Ǿ +!&1 " ,*"0-6 )",+ "ǗǛǚǾǜǙǚ,2+ "0,#$,)!%3" ""+-/,!2 "!ǽ%&0 +!&Ǿ/&$,)!Ǿ,2+1&))&$+Ǿ2)1,0Ǿ, &+0,+Ǿ-/(,Ǿ00+!/"01" royalty is payable on gold only. +!%/#ȀʏǖǾǗǗǚȒ 0 /,2 (,2+1&+ȀʏǖǾǗǕǕȒ)!,2+1&+Ǿ+!&+ )/1& Ǿ,/1"7Ǿ),.2&Ǿ ,)! &))Ǿ ,)!01/&("Ǿ ),3& Ǿ""3&))"Ǿ/,0Ǿ ǖǗǽ %"ǗǽǕʢ --)&"01,$,)!-/,!2 1&,+#/,*!"Ɯ+"!-,/1&,+0,#1%"-/(,Ȓ "ļ0.2&1,Ǿ2" ),&"',Ǿ4&+/""(+!&))&*0Ȁ+!ʏǖǾǖǕǕȒ,+& ,)0Ǿ ,2/,2*-/,'" 1/"ǽ%"Ǖǽǜǚʢ *&))&+$/,6)16--)&"01,,/"1%1&0 ,+!",+"ǚ+!2 6 &))ǽ,$,)!-/& "40/"-,/1"!#,/) ,,*Ǿ $2/ *&+"!,210&!",#1%"!"Ɯ+"!/",#1%"-/(,Ȓ,2/,2*-/,'" 11%1&0 & ("),/21 %,/""(ǽ processed through the Taparko facility up to a maximum of 1.1 million tons per year.   &)3"//"0"/3"04"/" ) 2)1"! 61%",-"/1,/011%"#,)),4&+$-/& "0-"/ ,2+ "ǿʏǗǚǽǞǛȔ %ƞ/""(ȀʏǗǚǽǕǕȔ,+& ,)0ȀʏǗǕǽǕǕȔ ,)! &))ȀʏǖǝǽǚǕ ǖǘǽ ,/"3"+2"/" "&3"!!2/&+$1%"Ɯ0 )6"/"+!"! 2+"ǘǕǾǗǕǖǝǽ Ȕ,),/"0ȀʏǖǝǽǕǕȔ),.2&+!"ļ0.2&1,ȀʏǖǜǽǚǕȔ 0 /,2 (,2+1&+Ȁ ǖǙǽ "+1"// ,)!4&))!")&3"/ǘǚʢ,#-6 )"$,)!-/,!2 "!+!ǖǝǽǜǚʢ,#-6 )" ʏǖǜǽǕǕȔ,+/&,Ǿ21 %,/""(+!&+6&3"/Ȁ+!ʏǖǛǽǚǕȔ2" ),&"',ǽ ,--"/-/,!2 "!ǽ%"-2/ %0"-/& "#,/$,)!&0".2)1,1%")"00"/,#ʏǙǘǚ-"/ ,0&)3"/-/& "40/"-,/1"!#,/) ,,*,/ $2/& (")ǽ ounce delivered or the prevailing spot price and the purchase price for copper Copper reserves were calculated by the operators at the following prices per &0ǖǚʢ,#1%"0-,1-/& "-"/*"1/& 1,++"!")&3"/"!ǽ -,2+!ǿʏǘǽǚǗȔ %ƞ/""(ȀʏǘǽǕǕȔ+! ,)),Ǿ ,/12++!,2+1&))&$+Ȁ ǖǚǽ ,6)16 ) 2)1&,+&0&+!&0-21"ǽ&1%1%""5 "-1&,+,##,2/1%.2/1"/Ɯ0 ) ʏǗǽǞǚȔ, &+0,+ȀʏǗǽǜǛȔ,&0"6ȉ06ȀʏǗǽǜǚȔ21 %,/""(+!0/2 "0Ȁ ǗǕǖǝǾ+,/"3"+2"%0 ""+/" "&3"!0&+ "#,2/1%.2/1"/Ɯ0 )ǗǕǖǛǽ +!ʏǗǽǚǕȔ,+/&,ǽ, ,--"//"0"/3"-/& "40/"-,/1"!#,/) ,,*,/ $2/& (")ǽ ǖǛǽ "4 ,)!4&))!")&3"/ǿțȜ$,)!&+*,2+10".2)1,ǛǽǚǕʢ,#$,)!-/,!2 "!2+1&) ǗǘǕǾǕǕǕ,2+ "0%3" ""+!")&3"/"!Ǿ+!ǘǽǗǚʢ,#$,)!-/,!2 "!1%"/"ƞ"/Ǿ   "!/"0"/3"-/& "40 ) 2)1"! 61%",-"/1,/011%"#,)),4&+$-/& "0-"/ +!ț Ȝ0&)3"/&+*,2+10".2)1,ǛǕʢ,#0&)3"/-/,!2 "!2+1&)ǘǽǖǕ*&))&,+ -,2+!ǿʏǕǽǞǖȔ),.2&Ȁ+!ʏǕǽǞǕȔ"ļ0.2&1,ǽ,)"!/"0"/3"-/& "40 ,2+ "0%3" ""+!")&3"/"!Ǿ+!ǘǕʢ,#0&)3"/-/,!2 "!1%"/"ƞ"/Ǿ&+" % reported for Balcooma 0"1-2/ %0"-/& "".2)1,Ǘǚʢ,#1%"0-,1-/& "-"/,2+ "!")&3"/"!ǽ0 Zinc reserve price was calculated by the operators at the following prices per ,# 2+"ǘǕǾǗǕǖǝǾǛǾǝǕǕ,2+ "0,#$,)!+!ǝǚǾǞǕǕ,2+ "0,#0&)3"/%3" ""+ -,2+!ǿʏǖǽǖǕȔ21 %,/""(ȀʏǖǽǕǚȔ"ļ0.2&1,Ȁ+!ʏǕǽǞǚȔ),.2&ǽ,7&+  delivered. /"0"/3"-/& "40/"-,/1"!#,/) ,,*,/ $2/& (") ǖǜǽ 0)&!&+$Ȓ0 )"0 %"!2)"ț-/& ",#$,)!-"/,2+ "Ȕ/,6)16/1"ȜǿʏǕǽǕǕ1, Nickel reserve price was calculated by the operator at the following price per ʏǘǚǕȔǖǽǕʢȀ ,3"ʏǘǚǕȔǖǽǚʢǽ -,2+!ǿʏǚǽǘǖȔ,&0"6ȉ06 ǖǝǽ %"/,6)16--)&"01,ǙǕʢ,#-/,!2 1&,+ǽ%"/,6)16/1"&0ʏǖǽǙǙ-"/1,+#,/ Cobalt reserve price was calculated by the operator at the following price per 1%"Ɯ/01ǛǕǕǾǕǕǕ1,+0,+4%& %1%"/,6)16&0-&!Ǿ/"!2 &+$1,ʏǕǽǜǗ-"/1,+ -,2+!ǿʏǖǝǽǘǜȔ,&0"6ȉ06 ,+ǛǕǕǾǕǕǕ1,ǝǕǕǾǕǕǕ1,+0+!1,ʏǕǽǘǛ-"/1,+ ,3"ǝǕǕǾǕǕǕ1,+0Ǿ1-/& "  ,3"ʏǗǘǽǕǕ-"/1,+ǽ0)&!&+$Ȓ0 )"&0--)&  )"4%"+1%"-/& ",#-,10% Molybdenum reserve price was calculated by the operator at the following price !/,-0 "),4ʏǗǘǽǕǕ-"/1,+ǽ &3"+1%" 2//"+1,/1%*"/& +*/("1-/& "#,/ -"/-,2+!ǿʏǖǚǽǘǕȔ %ƞ/""( -,10%Ǿ1%" ,*-)"1"0)&!&+$Ȓ0 )"0 %"!2)"&0+,1-/"0"+1"!%"/"ǽ +!!&1&,+Ǿ  Ǚǽ "1#,/1% "),4/"1%"!"Ɯ+&1&,+0,#-/,3"++!-/,  )"/"0"/3"020"! 61%" 1%"/"&0ʏǕǽǗǚ-"/1,+/,6)16-6 )",+ "/1&+-/,!2 1&,+2-1,ǛǕǕǾǕǕǕ ǽǽ" 2/&1&"0+!5 %+$",**&00&,+ǽȊ"0"/3"ȋ&01%1-/1,#*&+"/) tons. deposit which could be economically and legally extracted or produced at the ǖǞǽ " (4&))!")&3"/$,)!&+*,2+10".2)1,ǖǕǕʢ,#-6 )"$,)!2+1&)ǞǕǕǾǕǕǕ time of the reserve determination. ,2+ "0%3" ""+!")&3"/"!Ǿ+!ǚǕʢ,#-6 )"$,)!1%"/"ƞ"/Ǿ02 '" 11,   Ȋ/,3"+ț"02/"!Ȝ"0"/3"0ȋ/"/"0"/3"0#,/4%& %țȜ.2+1&16&0 ,*-21"! Ɯ5"!-6 )"-"/ "+1$",#ǝǞʢǾ1-2/ %0"-/& "".2)1,ǖǚʢ,#1%" from dimensions revealed in outcrops, trenches, workings or drill holes, and the monthly average gold price for the month preceding the delivery date for grade is computed from the results of detailed sampling, and (b) the sites for " %,2+ "!")&3"/"!ǽ0,# 2+"ǘǕǾǗǕǖǝǾǖǙǖǾǘǕǕ,2+ "0,#$,)!%3" ""+ inspection, sampling and measurement are spaced so closely and the geologic delivered. %/ 1"/&00,4"))!"Ɯ+"!1%11%"0&7"Ǿ0%-"Ǿ!"-1%+!*&+"/) ,+1"+1,# ǗǕǽ ))*"1)0/"-&! 0"!,+7&+ -/& "0ǽ0)&!&+$Ȓ0 )"0 %"!2)"ț-/& ",# the reserves are well established. 7&+ -"/-,2+!Ȕ/,6)16/1"Ȝǿ"),4ʏǕǽǚǕȔǕǽǕʢȀʏǕǽǚǕ1, "),4ʏǕǽǚǚȔǖǽǕʢȀ   Ȋ/,  )"ț +!& 1"!Ȝ"0"/3"0ȋ/"/"0"/3"0#,/4%& %1%".2+1&16+!$/!" ʏǕǽǚǚ1, "),4ʏǕǽǛǕȔǗǽǕʢȀʏǕǽǛǕ,/%&$%"/ȔǘǽǕʢǽ are computed from information similar to that used for proven (measured) Ǘǖǽ 0,# +2/6ǖǾǗǕǖǝǾ ,)!"+1/4&))!")&3"/ǖǕǽǚʢ,#$,)!-/,!2 "!ǽ%" reserves, but the sites for inspection, sampling and measurement are farther -2/ %0"-/& "#,/$,)!,2+ "0!")&3"/"!&0ǗǕʢ,#1%"0-,1-/& "2+1&)ǗǙǕǾǕǕǕ apart or are otherwise less adequately spaced. The degree of assurance of ,2+ "0%3" ""+!")&3"/"!Ǿ+!1%"/"ƞ"/1%"01/"*-"/ "+1$"!" /"0"0 probable (indicated) reserves, although lower than that for proven (measured) 1,ǚǽǚʢ,#$,)!-/,!2 "!1-2/ %0"-/& "".2)1,ǘǕʢ,#1%"0-,1-/& "ǽ0 reserves, is high enough to assume geological continuity between points of ,# 2+"ǘǕǾǗǕǖǝǾǛǜǾǘǕǕ,2+ "0,#$,)!%3" ""+!")&3"/"!ǽ observation. ǗǗǽ %",*-+6ȉ0/,6)16&002 '" 11,ǗǽǕ*&))&,+,2+ " -,+$,)!-/,!2 1&,+ǽ  ǚǽ ,6) ,)!%0!&0 ),0"!+2* "/,#/"0"/3""01&*1"01%1/"-/,3&!"! 6 %"/"%3" ""+--/,5&*1")6ǖǽǝǝ*&))&,+,2+ "0,# 2*2)1&3"-/,!2 1&,+ ,-"/1,/01%1/"#,/"&$+&002"/0+!/"+,1 0"!,+1%"ǽǽ" 2/&1&"0+! 0,# 2+"ǘǕǾǗǕǖǝǽ0)&!&+$Ȓ0 )"0 %"!2)"ț-/& ",#$,)!-"/,2+ "Ȕ/,6)16 5 %+$",**&00&,+ȉ0!"Ɯ+&1&,+0#,/-/,3"++!-/,  )"/"0"/3"0ǽ ,/ /1"ȜǿʏǕǽǕǕ1,ʏǗǞǞǽǞǞȔǖǽǕʢȀʏǘǕǕ1,ʏǘǗǙǽǞǞȔǖǽǚǕʢȀʏǘǗǚ1,ʏǘǙǞǽǞǞȔǗǽǕʢȀ +!&+&002"/0Ǿ!"Ɯ+&1&,+0,#Ȋ*&+"/)/"0"/3"ǾȋȊ-/,3"+*&+"/)/"0"/3"Ǿȋ ʏǘǚǕ1,ʏǘǜǙǽǞǞȔǘǽǕʢȀʏǘǜǚ1,ʏǘǞǞǽǞǞȔǙǽǕʢȀʏǙǕǕ,/%&$%"/ȔǚǽǕʢǽ +!Ȋ-/,  )"*&+"/)/"0"/3"ȋ ,+#,/*1,1%"+!&+ +01&121",#&+&+$Ǿ "1))2/$6+!"1/,)"2*!"Ɯ+&1&,+0,#1%"0"1"/*00,#1%""ƛ" 1&3"!1" Ǘǘǽ "0"/3"0%,4+&0Ȋ --"!ȋ002*&+$Ǜǚʢ/" ,3"/6ǽ ,#"01&*1&,+0/".2&/"! 61&,+) +01/2*"+1ǙǘȒǖǕǖ,#1%"+!&+ ǗǙǽ -"/1,//"-,/10/"0"/3"0 6,+"*1"/&)16-"ǽ%",-"/1,/!&!+,1 /"(,21 " 2/&1&"0!*&+&01/1,/0ǽ ,/201/)&+&002"/0Ǿ!"Ɯ+&1&,+0,#Ȋ*&+"/) ,5&!"+!02)Ɯ!"*1"/&)16-"0ǽ /"0"/3"ǾȋȊ-/,3"+*&+"/)/"0"/3"Ǿȋ+!Ȋ-/,  )"*&+"/)/"0"/3"ȋ ,+#,/* with the Australasian Code for Reporting of Mineral Resources and Ore Reserves Ǘǚǽ //& (4&))!")&3"/ǿțȜ$,)!&+*,2+10".2)1,ǜǽǚǕʢ,#//& (ȉ0ǛǕʢ&+1"/"01 -/"-/"! 61%" ,&+1/""0"/3"0,**&11"",#1%"201/)0&+ +01&121" &+$,)!-/,!2 "!2+1&)ǞǞǕǾǕǕǕ,2+ "0%3" ""+!")&3"/"!Ǿ+!ǘǽǜǚʢ,# of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals //& (ȉ0ǛǕʢ&+1"/"01&+$,)!-/,!2 "!1%"/"ƞ"/Ǿ1-2/ %0"-/& "".2) ,2+ &),#201/)&Ǿ0*"+!"!țȊ ,!"ȋȜǽ,6) ,)!!,"0+,1/" ,+ &)" 1,ǘǕʢ,#1%"0-,1-/& "-"/,2+ "!")&3"/"!2+1&)ǚǚǕǾǕǕǕ,2+ "0%3" ""+ 1%"/"0"/3""01&*1"0-/,3&!"! 61%",-"/1,/04&1%!"Ɯ+&1&,+0,#/"0"/3"0 !")&3"/"!Ǿ+!ǛǕʢ,#1%"0-,1-/& "-"/,2+ "!")&3"/"!1%"/"ƞ"/Ȁ+!ț Ȝ 20"! 61%"ǽǽ" 2/&1&"0+!5 %+$",**&00&,+ǽ 0&)3"/&+*,2+10".2)1,ǜǚʢ,#//& (ȉ0ǛǕʢ&+1"/"01&+0&)3"/-/,!2 "!Ǿ 02 '" 11,*&+&*2*0&)3"//" ,3"/6,#ǜǕʢǾ2+1&)ǚǕ*&))&,+,2+ "0%3" ""+ !")&3"/"!Ǿ+!ǘǜǽǚǕʢ,#//& (ȉ0ǛǕʢ&+1"/"01&+0&)3"/-/,!2 "!1%"/"ƞ"/Ǿ 1-2/ %0"-/& "".2)1,ǘǕʢ,#1%"0-,1-/& "-"/,2+ "!")&3"/"!2+1&) ǗǘǽǖǕ*&))&,+,2+ "0,#0&)3"/%3" ""+!")&3"/"!Ǿ+!ǛǕʢ,#1%"0-,1-/& " ROYAL GOLD,ROYAL INC REPORT ANNUAL 2018 -"/,2+ "!")&3"/"!1%"/"ƞ"/ǽ0,# 2+"ǘǕǾǗǕǖǝǾǖǙǕǾǗǕǕ,2+ "0,#$,)!+! ǙǽǗǕ*&))&,+,2+ "0,#0&)3"/%3" ""+!")&3"/"!ǽ 20 ǗǛǽ ,6)16&0-6 )",+)64%"+ 0%0"11)"*"+1-/& "#,/ /!" ,--"/&0 11. Royalty applies to all gold production from an area of interest in Chile. ".2&3)"+1,/$/"1"/1%+ʏǕǽǝǕ-"/-,2+!,# ,--"/ǽ --/,5&*1")6ǗǕʢ,#1%"/,6)16&0)&*&1"!1,1%"Ɯ/01ǖǙǽǕ*&))&,+,2+ "0 Ǘǜǽ 0)&!&+$Ȓ0 )"0 %"!2)"ț-/& ",#$,)!-"/,2+ "Ȕ/,6)16/1"Ȝǿ"),4ʏǘǜǚ ,#$,)!-/,!2 "!#/,*1%"-/,'" 1ǽ)0,ǾǗǙʢ,#1%"/,6)16 + ""51"+!"! ȔǖǽǜǚʢȀʴʏǘǜǚ1,ʏǙǕǕȔǗǽǕʢȀʴʏǙǕǕ1,ʏǙǗǚȔǗǽǗǚʢȀʴʏǙǗǚȔǗǽǚʢǽ))-/& " "6,+!ǖǙǽǕ*&))&,+,2+ "0-/,!2 "!#,/ʏǙǽǙ*&))&,+ǽ +!!&1&,+Ǿ,+"Ȓ1&*" -,&+10/"011"!&+ǖǞǝǛ!,))/0+!/"02 '" 11,!'201*"+1&+ ,/!+ " -6*"+11,1)&+$ʏǝǽǙ*&))&,+4&)) "*!"&#$,)!-/& "0"5 ""!ʏǛǕǕ-"/,2+ " with a blended index comprised of labor, diesel fuel, industrial commodities #,/+60&5Ȓ*,+1%-"/&,!4&1%&+1%"Ɯ/01ǘǛ*,+1%0,# ,**"/ &)-/,!2 1&,+ǽ and mining machinery. ǖǗǽ 0)&!&+$Ȓ0 )"0 %"!2)"ț-/& ",#$,)!-"/,2+ "Ȓ/,6)16/1"Ȝǿ)"001%+,/ Ǘǝǽ  0)&!&+$Ȓ0 )"0 %"!2)"ț-/& ",#$,)!-"/,2+ "Ȕ/,6)16/1"Ȝǿ"),4ʏǗǖǕ ".2)1,ʏǘǗǚȒǕǽǜǝʢȀʏǙǕǕȒǖǽǚǜʢȀʏǚǕǕȒǗǽǜǗʢȀʏǛǕǕȒǘǽǚǛʢȀʏǜǕǕȒǙǽǘǞʢȀ ȔǕǽǙǕʢȀʏǗǖǕ1,ʏǗǗǞǽǞǞȔǕǽǚǕʢȀʏǗǘǕ1,ʏǗǙǞǽǞǞȔǕǽǜǚʢȀʏǗǚǕ1,ʏǗǛǞǽǞǞ $/"1"/,/".2)1,ʏǝǕǕȒǚǽǗǘʢǽ,6)16&0&+1"/-,)1"! "14""+),4"/+! ȔǖǽǘǕʢȀʏǗǜǕ1,ʏǘǕǞǽǞǞȔǗǽǗǚʢȀʏǘǖǕ1,ʏǘǗǞǽǞǞȔǗǽǛǕʢȀʏǘǘǕ1,ʏǘǙǞǽǞǞ upper production endpoints. ȔǘǽǕǕʢȀʏǘǚǕ1,ʏǘǛǞǽǞǞȔǘǽǙǕʢȀʏǘǜǕ1,ʏǘǝǞǽǞǞȔʏǘǽǜǚʢȀʏǘǞǕ1,ʏǙǕǞǽǞǞȔ ǖǘǽ ,6)16--)&"01,)) ,--"/-/,!2 1&,+#/,*+/",#&+1"/"01&+%&)"ǽ ǙǽǕʢȀʏǙǖǕ1,ʏǙǗǞǽǞǞȔǙǽǗǚʢȀʏǙǘǕ1,ʏǙǙǞǽǞǞȔǙǽǚǕʢȀʏǙǚǕ1,ʏǙǛǞǽǞǞȔǙǽǜǚʢȀ ǖǙǽ %"Ǖǽǜǚʢ/,6)16--)&"01,$,)!+!0&)3"/+!1%"ǖǽǕʢ/,6)16 ʏǙǜǕ+!%&$%"/ȔǚǽǕǕʢǽ --)&"01,-)1&+2*$/,2-")"*"+10Ǿ ,--"/+!+& (")ǽ%"Ǖǽǚʢ/,6)16 ǗǞǽ ǖǾǖ+! ǘ/"0"/3"0+!!!&1&,+)*&+"/)&7"!*1"/&)/" applies to gold, silver, platinum group elements, copper and nickel. The 02 0"10,#1%"/"0"/3"0 ,3"/"! 6 ǖ+! Ǘǽ ǖǽǗǚʢ/,6)16--)&"01,$,)!+!0&)3"/+!1%"ǖǽǚʢ/,6)16--)&"0 ǘǕǽ ǖ&01%"/,00/,!0-,/1&,+,#ǖǽ to platinum group elements, copper and nickel. These royalties become payable on commercial production once capital repayment has been made ǘǖǽ %"/,6)16&0 --"!1ʏǖǕ*&))&,+ǽ0,# 2+"ǘǕǾǗǕǖǝǾ/,6)16-6*"+10,# at the project. --/,5&*1")6ʏǛǽǙ*&))&,+%3" ""+/" "&3"!ǽ ǖǚǽ ʏǘǗǚǾǕǕǕ-6*"+1&0!2"2-,+-/,!2 1&,+,#1%"Ɯ/01ǖǕǕǾǕǕǕ,2+ "0ǽ+ " ǘǗǽ %"ǖǽǕʢ1,ǗǽǕʢ0)&!&+$Ȓ0 )"/,6)164&))-6ǗǽǕʢ4%"+1%"-/& ",#$,)! -/,!2 1&,+/" %"0ǗǕǕǾǕǕǕ,2+ "0Ǿ1%"/,6)16 "$&+0-6&+$11%"#,)),4&+$ &0 ,3"ʏǘǚǕ-"/,2+ "+!ǖǽǕʢ4%"+1%"-/& ",#$,)!#))01,ʏǘǚǕ-"/,2+ " /1"0 %"!2)"ț-/& ",#$,)!-"/,2+ "Ȕ/,6)16/1"ȜǿʏǕǽǕǕ1,ʏǙǗǚȔǖǽǕʢȀʏǙǗǚ ,/ "),4ǽ%"ǕǽǛʢ1,ǕǽǞʢ0)&!&+$Ȓ0 )"0 %"!2)"ț-/& ",#$,)!-"/,2+ " +! ,3"ȔǗǽǕʢǽ Ȕ/,6)16/1"Ȝǿ"),4ʏǘǕǕȔǕǽǛʢȀʏǘǕǕ1,ʏǘǚǕȔǕǽǜʢȀʴʏǘǚǕ1,ʏǙǕǕȔǕǽǝʢȀ ʴʏǙǕǕȔǕǽǞʢǽ%"0&)3"//,6)16/1"&0 0"!,+1%"-/& ",#$,)!ǽ ǖǛǽ ,6)16&0-6 )",+-"/-,2+!,#2/+&2*-/,!2 "! ,3""&$%1*&))&,+ pounds. ǘǘǽ %"ǕǽǛʢ1,ǕǽǞʢ0)&!&+$Ȓ0 )"--)&"01,1%"Ȓ )&*0ǽ ǖǜǽ ,6)16/1"&0ǖǽǕʢ#,/" %1,+,#,/"%3&+$3)2",#)"001%+ʏǖǖǚ-"/1,+Ȁ ǘǙǽ 0)&!&+$Ȓ0 )"0 %"!2)"ț-/& ",#$,)!-"/,2+ "Ȕ/,6)16/1"ȜǿʏǕǽǕǕ1, ǗǽǕʢ#,/" %1,+,#,/"%3&+$3)2" "14""+ʏǖǖǚ+!ʏǖǘǚ-"/1,+Ȁ+! 2+!"/ʏǘǚǕȔǕǽǕʢȀʏǘǚǕ1,2+!"/ʏǙǕǕȔǕǽǚʢȀʏǙǕǕ1,2+!"/ʏǚǕǕȔǖǽǕʢȀʏǚǕǕ ǘǽǕʢ#,/" %1,+,#,/"%3&+$3)2"$/"1"/1%+ʏǖǘǚ-"/1,+ǽ ,/%&$%"/ȔǗǽǕʢǽ ǖǝǽ ,6)16/1"!"-"+!0,+1%" )&*$/,2-ǽ DEVELOPMENT PROPERTIES ǖǞǽ ,6)16/1"&0ǘǽǕʢ,+ ,*"01("+!*"/)!2+-1"+1"! )&*0ȀǖǽǕʢ,+ Emerald patented claims. ȥ ,/#,,1+,1"0ǖȒǜǾ0"" ,//"0-,+!&+$#,,1+,1"02+!"//,!2 &+$ ,,1+,1"0ǽ ǗǕǽ %"ǖǽǕʢ/,6)16/1"--)&"01,1%"),!" )&*0,+)6ǽ  ǝǽ %"/,6)16/1"&0ǖǽǕʢ2+1&)ǗǚǕǾǕǕǕ,2+ "0,#$,)!%3" ""+-/,!2 "!Ǿ ǖǽǚʢ1%"/"ƞ"/ǽ Ǘǖǽ +!!&1&,+)ǖǽǕʢ--)&"01,$,)!-/,!2 1&,+ "14""+ǚǕǕǾǕǕǕ,2+ "0 +!ǖǽǕ*&))&,+,2+ "0ǽ%"/,6)16&+ /"0"01,ǗǽǕʢ,+-/,!2 1&,+  Ǟǽ -"/1&,+&0 2//"+1)6&+-/,!2 1&,+Ȁ"01&*1"!-6Ȓ  (,# -&1)Ǿ/".2&0&1" &+"5 "00,#ǖǽǕ*&))&,+,2+ "0ǽ%&0/,6)16--)&"01,3/&,20 )&*0,+ 1,/,6)16-6*"+10Ǿ"5-" 1"!1,, 2/ 6ǗǕǗǕǽ the mining property. ǖǕǽ  ",/$"("/,6)16--)&"01,-/,!2 1&,+ ,3"ǝǕǕǾǕǕǕ,2+ "0ǽ EXPLORATION PROPERTIES ǖǖǽ  ,,0"("/,6)16--)&"01,-/,!2 1&,+ ,3"ǙǕǕǾǕǕǕ,2+ "0ǽ ǖǗǽ %"/,6)16 ,3"/0--/,5&*1")6ǘǕʢ,#1%" ,/12+!"-,0&1ǽ"0"/3"0  ǖǽ ,6)16-&!,+!,))/0-"/1,++",#,/" ,3"ǚǕǾǕǕǕ1,++"02-1,ǚǕǕǾǕǕǕ 11/& 21 )"1,,6) ,)!ȉ0/,6)16/"-/"0"+1ǘȡǜ,# ,)! ,/-ȉ0/"-,/1&+$,# tonnes. ǜǕʢ,#1%"1,1)/"0"/3"ǽ 2. Royalty payable on gold only. ǖǘǽ %&0&0*"1)01/"*4%"/" 6,6) ,)!&0"+1&1)"!1,Ǘǚʢ,#-6 )"$,)!  ǘǽ ,6)16/1"&0ǗǽǕʢ#,/$,)!+!ǖǽǚʢ#,/)),1%"/*"1)0ǽ 2+1&)ǚǗǚǾǕǕǕ,2+ "0,#-6 )"$,)!%3" ""+!")&3"/"!ȀǖǗǽǚʢ1%"/"ƞ"/Ǿ 4%"/" 61%"-2/ %0"-/& "#,/$,)!&0Ǘǚʢ,#1%",+!,+$,)!Ɯ5&+$-/& "0  Ǚǽ ,6)16-6 )",+))*&+"/)0Ǿ"5 "-1+& ("),/+6 6Ȓ-/,!2 10&+4%1"3"/ .2,1"!&++&1"!11"0!,))/0-"/,2+ " 61%",+1%"1",#")&3"/6ǽ form or state. ǖǙǽ ,6)16,+)6--)&"01," 1&,+ǗǞ4%& % 2//"+1)6%,)!0 ,21Ǟǚʢ,#1%"  ǚǽ ,6)16/1"&0".2)1,ǖǚʢ,#1%"-/, ""!0,#-/,!2 1&,+2+1&)ʏǖǾǜǛǕǾǕǕǕ%0 reserves reported for the property. An additional Cordilleran royalty applies ""+-&!ǽǗǽǕʢ/,6)16--)&"01,-/,!2 1&,+1%"/"ƞ"/ǽ 1,-,/1&,+,#" 1&,+Ǘǝǽ  Ǜǽ %"ǗǽǕʢ/,6)16--)&"01,-/,!2 1&,+#/,*+/",#1%"-/,-"/16 ǖǚǽ ,6)16,+)6--)&"01," 1&,+ǗǞ4%& % 2//"+1)6%,)!0 ,21Ǟǚʢ,#1%" /"#"//"!1,01%"Ȋ ",,3/,-"/1&"0Ǿȋ+!1%"ǘǽǕʢ/,6)16 reserves reported for the property. Additional Rayrock royalties apply to applies to production from an area of the property referred to as the " 1&,+0ǗǝǾǘǗ+!ǘǘȀ1%"0"/,6)16/1"03/6!"-"+!&+$,+-/"Ȓ"5&01&+$ Ȋ ,*"01("/,-"/1&"0ǽȋ /,6)1&"0ǽ%"6/, (/,6)1&"01(""ƛ" 1,+ "ǗǕǕǾǕǕǕ,2+ "0,#$,)!%3"  ǜǽ )&!&+$Ȓ0 )"/,6)16--)&"01,$,)!,+)6ǽ0)&!&+$Ȓ0 )"0 %"!2)"ț-/& "-"/ ""+-/,!2 "!#/,*,-"+-&1*&+"0,+1%"-/,-"/16ǽ0,# 2+"ǘǕǾǗǕǖǝǾ $,)!,2+ "Ȓ/,6)16/1"Ȝǿ"),4ʏǘǗǚȒǕǽǕʢȀʏǘǗǚȒǖǽǚʢȀʏǘǜǚȒǗǽǕʢǽ+ " --/,5&*1")6ǖǕǘǾǕǕǕ,2+ "0%3" ""+-/,!2 "!ǽ ʏǚǕǕǾǕǕǕ%0 ""+/" "&3"!&+$,)!/,6)16-6*"+10Ǿ1%"/1"4&))/"!2 "1, ǖǽǕʢ+!4&)),+)6 "&+"ƛ" 11$,)!-/& ",#ʏǘǚǕ-"/,2+ ",/%&$%"/ǽ%" EVALUATION PROPERTIES ǗǽǕʢ/,6)16--)&"01,0&)3"/+! ,--"/ǽ 1. Royal Gold considers and categorizes an exploration stage property to be an  ǝǽ -"/1,/%01%",-1&,+1,-2/ %0"1%""+1&/"ǖǽǕʢ#,/ʏǖ*&))&,+-/&,/1, Ȋ"3)21&,+01$"ȋ-/,-"/16&#*&+"/)&7"!*1"/&)%0 ""+&!"+1&Ɯ"!,+ the development of a mine on the property. 1%"-/,-"/16 21/"0"/3"0%3"6"11, "&!"+1&Ɯ"!ǽ%"ǽǽ" 2/&1&"0+!  Ǟǽ -"/1,/%01%",-1&,+1,-2/ %0"ǖǽǗǚʢ,#1%"Ǘǽǚʢ#,/ʏǖ*&))&,+1 5 %+$",**&00&,+!,"0+,1/" ,$+&7"1%"1"/*Ȋ*&+"/)&7"!*1"/&)ǽȋ +61&*"-/&,/1,-/,!2 1&,+!" &0&,+,/4&1%&+ǘǕ!601%"/"ƞ"/ǽ Investors are cautioned not to assume that any part or all of the mineralized *1"/&)&!"+1&Ɯ"!,+1%"0"-/,-"/1&"04&))"3"/ " ,+3"/1"!&+1,/"0"/3"0ǽ ǖǕǽ -"/1,/*6-2/ %0"ǖǽǚʢ,#1%"Ǘǽǚʢ1+61&*"#,/ʏǖǽǚ*&))&,+ǽ  Ǘǽ %"/,6)16&0ʏǖǽǕǕ-"/1,++",+1%"Ɯ/01ǚ*&))&,+1,++"0,#-/,!2 1&,+Ȁ ǖǖǽ %"ǖǽǕ1,ǘǽǕʢ0)&!&+$Ȓ0 )"/,6)16,+)6--)&"01,$,)!-/,!2 1&,+ǽ%" ʏǗǽǕǕ-"/1,++"1%"/"ƞ"/ǽ ǗǽǕʢ/,6)16--)&"01, ,**"/ &)-/,!2 1&,+,#))*&+"/)0"5 )2!&+$ !&*,+!0+!&+!201/&)*&+"/)0ǽ%"ǖǽǕʢ /,6)16--)&"01, ,**"/ &)  ǘǽ %"ǖǽǚʢ1,Ǘǽǚʢ0)&!&+$Ȓ0 )"/,6)16-601/1",#ǖǽǚʢ#,/1%"Ɯ/01 production of all diamonds and industrial minerals. ǜǚǾǕǕǕ,2+ "0-/,!2 "!&++6ǖǗ*,+1%-"/&,!+!1/1",#Ǘǽǚʢ,+ -/,!2 1&,+ ,3"ǜǚǾǕǕǕ,2+ "0!2/&+$1%1ǖǗ*,+1%-"/&,!ǽ ǖǗǽ -"/1,/%01%"/&$%11,-2/ %0"Ǘǽǚʢ,#1%"ǚǽǕʢ1+61&*"#,/ ʏǖ*&))&,+ǽ  Ǚǽ ,6)16--)&"0,+-/,!2 1&,+ ,3"ǖǕǾǕǕǕ,2+ "0ǽ ǖǘǽ ,6)16&0 --"!1ʏǖ*&))&,+ǽ  ǚǽ ,6)16&0 --"!1ǚǕǕǾǕǕǕ,2+ "0ǽ ǖǙǽ %"ǖǚǽǕʢ +!1%"ǖǙǽǕʢ --)61,!&ƛ"/"+1 )&*0,+1%"-/,-"/16ǽ Ǜǽ ,6)16/1"&0ǙǽǕʢ#,/$/!"01ǖǽǚ$ȡ1,/)"00+!Ǘǽǚʢ1$/!"0 ,3"ǖǽǚ$ȡ1ǽ ǖǚǽ %"ǗǽǕʢ " ,*"0-6 )",+ "ǙǕǕǾǕǕǕ,2+ "0%3" ""+-/,!2 "!ǽ  ǜǽ,6)16--)&"01,-/,!2 1&,+ ,3"ǙǕǾǕǕǕ,2+ "0+!&0 --"!1 ʏǖ*&))&,+ǽ ǖǛǽ ,6)16/1"3/&"0!"-"+!&+$,+-/"Ȓ"5&01&+$/,6)1&"0ț*5,#ǛǽǕʢȜǽ  ǝǽ,6)16/1"&0ǖǽǕʢ,+5-),/1&,+ )&*0+!ǗǽǕʢ,+ ,)! )&*0ǽ ǖǜǽ %"ǘǽǕʢ --)&"01,-/,!2 1&,+#/,*1%"-/,-"/1&"0#/,*4%& %$/"1"/ %"ǗǽǕʢ/,6)16,+ ,)! )&*0%0ǚǕʢ 26  (#,/ʏǖ*&))&,+ǽ 1%+ǛǕʢ,#1%"/"3"+2"0/"-/,'" 1"!1, "!"/&3"!#/,*$,)!+!0&)3"/ǽ %"ǖǕʢ --)&"01,-/,!2 1&,+#/,*1%"-/,-"/1&"0#/,*4%& %)"001%+  Ǟǽ ,6)16--)&"01,-/,!2 1&,+ ,3"ǛǜǚǾǕǕǕ,2+ "0ǽ ǛǕʢ,#1%"/"3"+2"0/"-/,'" 1"!1, "!"/&3"!#/,*$,)!+!0&)3"/ǽ ǖǕǽ  ,)!/,6)16/1"&0 0"!,+1%"-/& ",#0&)3"/-"/,2+ "ǽ0)&!&+$0 )" 0 %"!2)"ț-/& ",#0&)3"/-"/,2+ "Ȓ/,6)16/1"Ȝǿ"),4ʏǚǽǕǕȒǕǽǕʢȀʏǚǽǕǕ1, ʏǜǽǕǕȒǘǽǜǜǝʢȀ ,3"ʏǜǽǚǕȒǞǽǙǙǚʢǽ

21 CORPORATE RESPONSIBILITY

&1% '201 Ǘǘ "*-),6""0  /,00 #,2/ ,##& "0 &+ 1%/"" ǖǕ/&+ &-)"0#,/0201&+ )"!"3"),-*"+1&+1%"*&+&+$ countries, Royal Gold’s corporate footprint is modest. We and metals industry. Our assets are passive investments, nonetheless acknowledge international concerns related meaning that we do not conduct mining operations on the to climate change, sustainability and the protection of the properties in which we hold stream or royalty interests. global environment, particularly as those concerns may be However, Royal Gold seeks new investment opportunities &+Ɲ2"+ "! 61%"*&+&+$&+!201/6ǽ,6) ,)!&0 ,**&11"! with responsible operators, and we regard environmental to preserving and protecting the environment, promoting stewardship and commitment to sustainability as key aspects the health and safety of our employees, and respecting local ,#4"))Ȓ*+$"!*&+&+$-/,'" 10ǽ ,/!&+$)6Ǿ,2//"3&"4,# cultures and values in the communities where we invest. any new investment includes consideration of the operator’s commitment to these fundamentals. " ")&"3"/"0-,+0& )"*&+"/)!"3"),-*"+1 + "+"Ɯ1), ) communities and create sustainable value for all stakeholders. ƞ"/4"*("01/"*,//,6)16&+3"01*"+1Ǿ4"*,+&1,/1%" As a member of the World Gold Council, we endorse the ICMM ,+1&+2&+$"ƛ" 1&3"+"00,#1%",-"/1,/0ȉ"+3&/,+*"+1)+! ROYAL GOLD,ROYAL INC REPORT ANNUAL 2018

22              ǽ

social practices. Many of our operators implement the ICMM #"16Ǿ"+3&/,+*"+1)01"4/!0%&-+!0201&+ &)&16/" ǖǕ/&+ &-)"0,/02 0 /& "1,,1%"/&+1"/+1&,+) %/1"/0 also key elements of Royal Gold’s corporate culture. Our respecting environmental and social issues, and actively company policies promote a safe and healthy workplace and contribute in ways that positively impact the communities require strict adherence to legal and ethical standards in our 4%"/"1%"6*&+"ǽ""+ ,2/$"1%"&/"ƛ,/10+!,ƞ"+*(" 20&+"00-/ 1& "0ǽ%&0 2)12/" //&"0 "6,+!,2/,ƛ& "0Ǿ ,2/,4+Ɯ++ &) ,+1/& 21&,+0&+02--,/1,#1%"&/-/,$/*0ǽ 0+2* "/,#,2/ 2//"+1+!#,/*"/!&/" 1,/0Ǿ,ƛ& "/0+! employees are active in or otherwise support educational 1,2/"( ,)!/,'" 1&+)0(Ǿ4"4,/(4&1%,2/',&+1 &+01&121&,+0+!+,+Ȓ-/,Ɯ1,/$+&71&,+0#2/1%"/&+$02 % venture partner to support the local Tetlin native community causes as promotion of community health, elimination of by funding social, environmental and other initiatives, #,,!&+0" 2/&16+!-/,1" 1&,+,#1Ȓ/&0( %&)!/"+ǽ !*&+&01"/&+$0" ,+!/6+!-,01Ȓ0" ,+!/6"!2 1&,+) programs and providing other development opportunities to Tetlin village residents.

23 TOTAL RETURN TO SHAREHOLDERS (Includes reinvestment of dividends)

ANNUAL RETURN PERCENTAGE Years Ending June 30, ,*-+6*"ȡ +!"5 2018 ǗǕǖǜ ǗǕǖǛ ǗǕǖǚ ǗǕǖǙ Royal Gold, Inc. 20.11 9.59 19.30 -17.71 83.79 S&P 500 Index 14.37 17.90 3.99 7.42 24.61 PHLX Gold/Silver Sector Index 1.69 -16.72 55.80 -36.67 13.60

INDEXED RETURNS Years Ending June 30, 0""/&,! ,*-+6*"ȡ +!"5 2018 ǗǕǖǜ ǗǕǖǛ ǗǕǖǚ ǗǕǖǙ ǗǕǖǘ Royal Gold, Inc. 237.49 197.73 180.42 151.23 183.79 100 S&P 500 Index 187.70 164.11 139.20 133.86 124.61 100 PHLX Gold/Silver Sector Index 94.91 93.34 112.08 71.94 113.60 100

PHLX GOLD/SILVER SECTOR INDEX (^XAU) INDEX CONSTITUENTS

$+& ,$)"&+"01!ǽ Goldcorp Inc. +!$,)!"0,2/ "01!ǽ +$), ,)!0%+1&1!ǽ /*,+6 ,)!&+&+$,1!ǽ Royal Gold Inc. Barrick Gold Corp. Hecla Mining Co. +!01,/* ,)!1!ǽ Coeur Mining Inc. IAMGold Corp. " /&!$" ,)! + ǽ ,*-+&"&+02"+3"+12/ &+/,00 ,)!,/-ǽ & +6"Ȓ1&))41"/1!ǽ Eldorado Gold Corp. McEwen Mining Inc. &+&+$ + ǽ &/01'"01& &)3"/,/-ǽ New Gold Inc. Tahoe Resources Inc. /""-,/1Ȓ ,+ + ǽ Newmont Mining Corp. %"1,+/" &,20"1)0,/-ǽ ,)! &")!01!ǽ NovaGold Resources Inc. *+ ,)! + ǽ Gold Resource Corp. +*"/& +&)3"/,/-ǽ

COMPARISON OF CUMULATIVE FIVE-YEAR TOTAL RETURN

Royal Gold, Inc. S&P 500 Index PHLX Gold/Silver Sector Index

$300

$250

$200

$150

$100

$50

$0

ROYAL GOLD, INC GOLD, ROYAL REPORT ANNUAL 2018 June '13 June '14 June '15 June '16 June '17 June '18

24 /"-/"! 6ǔ ), )/("1 +1"))&$"+ "Ǿ!&3&0&,+,#ǔ ), ) + ǽ FORWARD LOOKING STATEMENTS

Cautionary “Safe Harbor” Statement Under the Private +!/,6)16-/,-"/1&"0Ȁ1%" &)&16,#,-"/1,/01,Ɯ++ " Securities Litigation Reform Act of 1995: With the exception project construction to completion and bring projects into of historical matters, the matters discussed in this report are production as expected, including development stage mining #,/4/!Ȓ),,(&+$011"*"+104&1%&+1%"*"+&+$,#1%"/&31" properties, mine and mill expansion projects and other " 2/&1&"0&1&$1&,+"#,/* 1,#ǖǞǞǚǽ2 %#,/4/!Ȓ),,(&+$ !"3"),-*"+10Ȁ3/&1&,+,# 12)-"/#,/*+ "#/,*1%" statements involve known and unknown risks, uncertainties, production estimates and forecasts made by the operators +!,1%"/# 1,/01%1 ,2)! 20" 12)/"02)101,!&ƛ"/ ,#1%,0"-/,-"/1&"0+!-/,'" 10Ȁ2+"5-" 1"!,-"/1&+$ ,010Ǿ materially from the projections and estimates contained decisions and activities of the operators of the Company’s %"/"&++!&+ )2!"Ǿ 21/"+,1)&*&1"!1,ǿ "+"Ɯ10/" "&3"! 01/"*+!/,6)16-/,-"/1&"0Ȁ %+$"0&+,-"/1,/0ȉ*&+&+$ ,/$"+"/1"! 6!&0 ,3"/6,#+"4/"0"/3"0+!-/,!2 1&,+Ȁ and processing techniques or stream delivery or royalty 1%"&+3"01*"+1&+),+$Ȓ)&3"!00"10-/,3&!&+$/"0,2/ "1, -6*"+1 ) 2)1&,+*"1%,!,),$&"0Ȁ/"0,)21&,+,#/"$2)1,/6 /"0"/3" ,+3"/0&,+2-0&!"Ȁ*&+1"++ ",#01/,+$ )+ " +!)"$)-/, ""!&+$0Ȁ2++1& &-1"!$/!"Ǿ$",),$& )Ǿ sheet and the ability to opportunistically invest at favorable seismic, metallurgical, environmental, processing or other 1&*"0&+1%"-/& " 6 )"Ǿ,ƞ"+4%"+ ,2+1"/-/1&"0*,01 -/, )"*01%",-"/1,/0*6"+ ,2+1"/11%"-/,-"/1&"0Ȁ +""!Ɯ++ &+$Ȁ &)&161,0,2/ " -&1)"ƛ& &"+1)6+!$/,4 operators’ inability to access sufficient raw materials, 1%" 20&+"00#/,*#/"" 0%Ɲ,4Ȁ*&+1"++ ",#)"+ 41"/Ǿ-,4"/,/,1%"//"0,2/ "0,/&+#/01/2 12/"Ȁ/"3&0&,+0 ,0101/2 12/"1,"5-+!+!*5&*&7"*/$&+0Ȁ-6*"+1 or inaccuracies in technical reports, reserve, resources ,#0201&+ )"+!$/,4&+$!&3&!"+!0Ȁ ")&"#1%10 2Ȓ +!-/,!2 1&,+"01&*1"0Ȁ %+$"0&+,-"/1,/0ȉ-/,'" 1 *4&))/"-/"0"+10&$+&Ɯ +1,-1&,+3)2"#,/0%/"%,)!"/0Ȁ -/*"1"/00-)+0,#1%",-"/1,/0/"/"Ɯ+"!Ȁ %+$"0  &)&16,#,2/ 20&+"00*,!")1,$"+"/1"01/,+$ 0%Ɲ,4 in estimates of reserves and mineralization by the operators and high margins with a lower cost structure and to provide ,#1%",*-+6ȉ001/"*+!/,6)16-/,-"/1&"0Ȁ ,+1"010 shareholders with a premium precious metals investment to the Company’s stream and royalty interests and title and with reduced risk, including the costs and risks associated other defects in the properties where the Company holds 4&1%*&+",-"/1&,+0Ȁ &)&161, 2&)!,2/+"1 0% )+ "1, 01/"*+!/,6)16&+1"/"010Ȁ1%"/"02)10,# 2//"+1,/-)++"! -,0&1&,+1%",*-+6#,/1%"+"51&+3"01*"+1 6 )"Ȁ1&*&+$ "5-),/1&,+ 1&3&1&"0Ȁ"//,/0,/!&0-21"0&+ ) 2)1&+$01/"* ,#1%"-/")&*&+/6" ,+,*& +)60&0/"02)10#,/1%""( deliveries or royalty payments, or deliveries or payments ,)! ,&+1"+12/"țȊ ȋȜ&+)0(Ȁ ,+1/& 21&,+01,,2/ +,1*!"&+ ,/!+ "4&1%01/"*,//,6)16$/""*"+10Ȁ #212/"/"02)10 6,2+1&))&$+Ǿ&+6&3"/Ǿ2" ),&"',Ǿ decisions and activities of the Company’s management 1%""ļ0.2&1,6/&1"" %-/,'" 1Ǿ00+!/"01"+! ƛ" 1&+$*/$&+0Ǿ20",# -&1)+!01/1"$6Ȁ1%")&.2&!&16 ,/1"7-/,'" 10Ȁ#212/"!"3"),-*"+101,&0"6ȉ06Ȁ ")&"# +!#212/"Ɯ++ &)+""!0,#1%",*-+6Ȁ" ,+,*& +! 1%11%",*-+6ȉ001/"*+!/,6)16Ɯ++ &+$-/,!2 10 */("1 ,+!&1&,+0Ȁ1%"&*- 1,##212/" .2&0&1&,+0+! will be an important source of capital for operators in the new 01/"*+!/,6)16Ɯ++ &+$1/+0 1&,+0Ȁ1%"&*- 1,# "+3&/,+*"+1Ȁ,-1&,+)&161,2/-/,!2 &+$-/,-"/1&"01%/,2$% &002+ "0,#!!&1&,+) ,**,+01, (Ȁ+!/&0(000, &1"! ,-"/1,/0ȉ&++,31&,+0Ǿ -&1)+!"5-),/1&,+Ȁ &)&16,# with conducting business in foreign countries, including the operators of our producing properties to successfully application of foreign laws to contract and other disputes, complete expansions, process improvements, exploration environmental laws, enforcement and uncertain political and -/,$/*0+!,1%"/-/,'" 10Ȁ/"$2)1,/6--/,3)0+""!"! economic environments. These risks and other factors are 1,2+1&))&$+Ȁ/"02)10#/,*-/"#"0& &)&16012!61, !&0 200"!&+*,/"!"1&)&+1%",*-+6ȉ0-2 )& Ɯ)&+$04&1% increase throughput and average annual gold production 1%"" 2/&1&"0+!5 %+$",**&00&,+ǽ,01,#1%"0"/&0(0 ƞ"/ǗǕǗǗ+!-,1"+1&)1, ,+3"/1/"0,2/ "01,/"0"/3"01 /" "6,+!1%",*-+6ȉ0 &)&161, ,+1/,)ǽ11"*"+10*!" 2" ),&"',Ȁ"5-" 11&,+1%1$/!2)!" )&+"&+$/!"4&)) herein are as of the date hereof and should not be relied upon ",ƛ0"1 6&*-/,3"!1%/,2$%-211+! ,)),Ȁ &)&161, as of any subsequent date. The Company’s past performance  %&"3" )"+!/6"/ǗǕǖǝ-/,!2 1&,+$2&!+ "100 is not necessarily indicative of its future performance. The +!/"01"Ȁ1"ļ0.2&1,Ǿ1%"1&*&+$,# ,**&00&,+&+$+! ,*-+6!&0 )&*0+6, )&$1&,+1,2-!1"+6#,/4/!Ȓ Ɯ/01$,)!-/,!2 1&,+11%""ļ0.2&1,6/&1"" %-/,'" 1Ǿ looking statements. Readers are cautioned not to put undue timing of adjustments to mill throughput and head grades /")&+ ",+#,/4/!Ȓ),,(&+$011"*"+10ǽ from the stockpile during commissioning and return to higher Third-party information: The Company does not own, grades and mill tonnages subsequent to commissioning, and develop or mine the properties on which it holds stream or 1/+0&1&,+1,+"4*&+&+$/"0&+ )"+!/ǗǕǖǝ+!ǗǕǖǞȀ /,6)16&+1"/"010Ǿ"5 "-1#,/,2/&+1"/"01&+ ǽ"/1&+ production from the Crossroads deposit at Cortez in late information provided in this report has been provided to the )"+!/ǗǕǖǝȀ &)&161,-2/ %0"+"400"10+!-/,3&!" Company by the operators of those properties or is publicly -,/1#,)&,$/,41%Ȁ+!,1%"/$/!"Ǿ-/,!2 1&,+Ǿ*&+")&#"+! 3&) )"&+#,/*1&,+Ɯ)"! 61%"0",-"/1,/04&1%--)&  )" reserves estimates from the operators of our stream and 0" 2/&1&"0/"$2)1,/6 ,!&"0Ǿ&+ )2!&+$1%"" 2/&1&"0+! royalty interests. 5 %+$",**&00&,+ǽ%",*-+6%0+,13"/&Ɯ"!Ǿ+!  1,/01%1 ,2)! 20" 12)/"02)101,!&ƛ"/*1"/&))6 is not in a position to verify, and expressly disclaims any #/,*1%"0"#,/4/!Ȓ),,(&+$011"*"+10&+ )2!"Ǿ*,+$ responsibility for the accuracy, completeness or fairness others: the risks inherent in the operation of mining ,#Ǿ02 %1%&/!Ȓ-/16&+#,/*1&,++!/"#"/0/"!"/01,1%" -/,-"/1&"0Ȁ!" /"0"!-/& ""+3&/,+*"+1#,/$,)!+!,1%"/ -2 )& /"-,/10Ɯ)"! 61%",-"/1,/0#,/&+#,/*1&,+/"$/!&+$ *"1)0,+4%& %,2/01/"*+!/,6)16&+1"/"010/"-&!Ȁ those properties. performance of and production at the Company’s stream 25 GLOSSARY

Concentrate: *&+"/)Ȓ/& %Ǿ&+1"/*"!&1"-/,!2 1, 1&+"! Probable Reserve: Ore reserves for which quantity and from processing ore, by gravity or flotation operations. grade are computed from information similar to that used Concentrates typically require additional processing to for proven reserves, but the sites for inspection, sampling , 1&+/"Ɯ+"!*"1)ǽ and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower Fixed-Rate Royalty: A royalty rate that stays constant. than that for proven reserves, is high enough to assume Grade: The metal content of ore. With precious metals, grade geological continuity between points of observation. is expressed as troy ounces per ton of ore or as grams per Proven Reserve: Ore reserves for which: (a) the quantity is 1,++",#,/"ǽ1/,6,2+ "&0,+"Ȓ14")ƞ%,#1/,6-,2+!,/ computed from dimensions revealed in outcrops, trenches, ǖǙǽǚǝǘ1/,6,2+ "0-"/3,&/!2-,&0-,2+!ǽ workings or drill holes, and grade is computed from the Gross Proceeds Royalty (GPR): A royalty in which payments /"02)10,#!"1&)"!0*-)&+$Ȁ+!ț Ȝ1%"0&1"0#,/&+0-" 1&,+Ǿ are made on contained ounces rather than recovered ounces. sampling and measurement are spaced so closely and the Gross Smelter Return (GSR) Royalty: !"Ɯ+"!-"/ "+1$" $",),$&  %/ 1"/&00,4"))!"Ɯ+"!1%10&7"Ǿ0%-"Ǿ!"-1% of the gross revenue from a resource extraction operation, and mineral content of reserves are well established. )"00Ǿ&#--)&  )"Ǿ "/1&+ ,+1/ 1Ȓ!"Ɯ+"! ,010-&! 6,/ Reserve: That part of a mineral deposit which could be charged to the operator. economically and legally extracted or produced at the time Gross Value (GV) Royalty: A defined percentage of the of the reserve determination. Reserves are categorized as gross value, revenue or proceeds from a resource extraction -/,3"+,/-/,  )"/"0"/3"0ț0""0"-/1"!"Ɯ+&1&,+0Ȝǽ operation, without deductions of any kind. Resource: A mineralized deposit which has been delineated by Metal Stream: A purchase agreement that provides, in !/&))&+$+!ȡ,/2+!"/$/,2+!0*-)&+$1,"01 )&0% ,+1&+2&16 exchange for an upfront advance payment, the right to and support an estimate of tonnage with an average grade of purchase all or a portion of one or more metals produced from the selected metals under Canadian securities regulations. a mine, at a price determined for the life of the transaction by Ȋ&+"/)&7"!/"0,2/ "0ȋ/"+,1/"0"/3"0+!/" 1"$,/&7"!Ǿ the purchase agreement. &+,/!"/,#&+ /"0&+$$",),$& ) ,+Ɯ!"+ "Ǿ&+1,Ȋ&+#"//"! /"0,2/ "0ǾȋȊ&+!& 1"!/"0,2/ "0ȋ+!Ȋ*"02/"!/"0,2/ "0ǽȋ Milling Royalty: A royalty on ore throughput at a mill. ,+",#1%"0"1"/*0/"/" ,$+&7"! 61%"ǽǽ" 2/&1&"0+! Mineralized Material: That part of a mineral system that Exchange Commission and are not permitted to be used in %0-,1"+1&)" ,+,*& 0&$+&Ɯ + "Ǿ 21&0+,1&+ )2!"!&+ !, 2*"+10Ɯ)"!4&1%1%"ǽ"!"/0/" 21&,+"!1%1 the proven and probable ore reserve estimates until further *&+"/)/"0,2/ "0 ++,1 " )00&Ɯ"!0/"0"/3"02+)"00 drilling and metallurgical work is completed, and until other and until it is demonstrated that they may be legally and economic and technical feasibility factors based upon such economically produced and, as a result, resources may work have been resolved. never be converted into reserves. "1/,Ɯ10 +1"/"01ț Ȝ,6)16ǿ!"Ɯ+"!-"/ "+1$" Royalty: The right to receive a percentage or other of the gross revenue from a resource extraction operation, denomination of mineral production from a mining operation. ƞ"//" ,3"/6,# "/1&+ ,+1/ 1Ȓ!"Ɯ+"!-/"Ȓ-/,!2 1&,+ Sliding-Scale Royalty: /,6)16/1"1%1Ɲ2 121"0 0"! ,010Ǿ+!ƞ"/!"!2 1&,+,# "/1&+ ,+1/ 1Ȓ!"Ɯ+"! ,+ ,+1/ 1Ȓ0-" &#&"!3/& )"002 %0*"1)-/& ",/ mining, milling, processing, transportation, administrative, production volume. marketing and other costs. Ton: 2+&1,#4"&$%1".2)1,ǗǾǕǕǕ-,2+!0,/ǞǕǜǽǗ(&),$/*0ǽ Net Smelter Return (NSR) Royalty: !"Ɯ+"!-"/ "+1$",# the gross revenue from a resource extraction operation, less a Tonne: 2+&1,#4"&$%1".2)1,ǗǾǗǕǙǽǛ-,2+!0,/ǖǾǕǕǕ proportionate share of incidental transportation, insurance, kilograms. /"Ɯ+&+$+!0*")1&+$ ,010ǽ Net Value Royalty (NVR): !"Ɯ+"!-"/ "+1$",#1%"$/,00 revenue from a resource extraction operation, less certain ,+1/ 1Ȓ!"Ɯ+"! ,010ǽ ROYAL GOLD,ROYAL INC REPORT ANNUAL 2018

26 FORM 10-K  

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LL  This document (including information incorporated herein by reference) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve a degree of risk and uncertainty due to various factors affecting Royal Gold, Inc. and its subsidiaries. For a discussion of some of these factors, see the discussion in Item 1A, Risk Factors, of this report. In addition, please see our note about forward-looking statements included in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), of this report.

Royal Gold does not own, develop, or mine the properties on which it holds stream or royalty interests, except for our interest in the Peak Gold, LLC joint venture (“Peak Gold JV”) as described further in this report. Certain information provided in this Annual Report on Form 10-K, including, without limitation, all reserves, historical production and production estimates, descriptions of properties and developments at properties included herein, has been provided to us by the operators of those properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission (the “SEC”). Royal Gold 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 the reader to the public reports filed by the operators for information regarding those properties.

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Gold equivalent ounces (GEOs): *(2VDUHFDOFXODWHGDV5R\DO*ROG¶VUHYHQXHGLYLGHGE\WKHDYHUDJHJROGSULFHIRUWKH SHULRG 

Gross smelter return (GSR) royalty:  $GHILQHGSHUFHQWDJHRIWKHJURVVUHYHQXHIURPDUHVRXUFHH[WUDFWLRQRSHUDWLRQ OHVVLIDSSOLFDEOHFHUWDLQFRQWUDFWGHILQHGFRVWVSDLGE\RUFKDUJHGWRWKHRSHUDWRU

Metal stream:  $SXUFKDVHDJUHHPHQWWKDWSURYLGHVLQH[FKDQJHIRUDQXSIURQWGHSRVLWSD\PHQWWKHULJKWWRSXUFKDVHDOO RUDSRUWLRQRIRQHRUPRUHPHWDOVSURGXFHGIURPDPLQHDWDSULFHGHWHUPLQHGIRUWKHOLIHRIWKHWUDQVDFWLRQE\WKH SXUFKDVHDJUHHPHQW

Mineralized material:  7KDWSDUWRIDPLQHUDOV\VWHPWKDWKDVSRWHQWLDOHFRQRPLFVLJQLILFDQFHEXWLVQRWLQFOXGHGLQWKH SURYHQDQGSUREDEOHUHVHUYHHVWLPDWHVXQWLOIXUWKHUGULOOLQJDQGPHWDOOXUJLFDOZRUNLVFRPSOHWHGDQGXQWLORWKHUHFRQRPLF DQGWHFKQLFDOIHDVLELOLW\IDFWRUVEDVHGRQVXFKZRUNKDYHEHHQUHVROYHG

Net revenue:  1HWUHYHQXHLVFDOFXODWHGDV5R\DO*ROG¶V5HYHQXHPLQXV&RVWRIVDOHV

Net smelter return (NSR) royalty:  $GHILQHGSHUFHQWDJHRIWKHJURVVUHYHQXHIURPDUHVRXUFHH[WUDFWLRQRSHUDWLRQOHVVD SURSRUWLRQDWHVKDUHRILQFLGHQWDOWUDQVSRUWDWLRQLQVXUDQFHUHILQLQJDQGVPHOWLQJFRVWV

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Corporate Information

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Available Information

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You should carefully consider the risks described below before making an investment decision. Our business, financial condition, results of operations, and cash flows could be materially adversely affected by any of these risks. The market or trading price of our securities could decline due to any of these risks. In addition, please see our note about forward- looking statements included in Part II, Item 7, MD&A of this Annual Report on Form 10-K. Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business, operations and stock price.

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Volatility in gold, silver, copper, nickel and other metal prices may have an adverse impact on the value of our stream and royalty interests and may reduce our revenues. Certain contracts governing our stream and royalty interests have features that may amplify the negative effects of a drop in metals prices.

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Our revenues are subject to operational and other risks faced by operators of our mining properties.

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Many of our stream and royalty interests are important to us and any adverse development related to these properties could adversely affect our revenues and financial condition.

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Problems concerning the existence, validity, enforceability, terms or geographic extent of our stream and royalty interests could adversely affect our business and revenues, and our interests may similarly be materially and adversely impacted by change of control, bankruptcy or the insolvency of operators.

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We have limited access to data and disclosure regarding the operation of the properties on which we have stream and royalty interests, which may limit our ability to assess the performance of a stream or royalty interest.

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Acquired stream and royalty interests, particularly on development stage properties, are subject to the risk that they may not produce anticipated revenues.

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Operators may interpret our stream and royalty interests in a manner adverse to us or otherwise may not abide by their contractual obligations, and we could be forced to take legal action to enforce our contractual rights.

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Potential litigation affecting the properties that we have stream and royalty interests in could have a material adverse effect on us.

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We may enter into acquisitions or other material transactions at any time.

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We may be unable to successfully acquire additional stream or royalty interests at appropriate valuations.

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We depend on our operators for the calculation of payments of our stream and royalty interests. We may not be able to detect errors and later payment calculations may call for retroactive adjustments.

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Development and operation of mines is very capital intensive and any inability of the operators of properties where we hold stream and royalty interests to meet liquidity needs, obtain financing or operate profitably could have material adverse effects on the value of and revenue from our stream and royalty interests.

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Certain of the agreements governing our stream and royalty interests contain terms that reduce or cap the revenues generated from the interests.

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Estimates of reserves and other mineralized material by the operators of mines in which we have stream and royalty interests are subject to significant revision.

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Estimates of production by the operators of mines in which we have stream and royalty interests are subject to change, and actual production may vary materially from such estimates.

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If title to mining claims, concessions, licenses or leases from governments on mine properties is not properly maintained by the operators, or is successfully challenged by third parties, our stream and royalty interests could be found to be invalid.

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Operations in foreign countries or other sovereign jurisdictions are subject to many risks, which could decrease our revenues.

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Opposition from indigenous people may delay or suspend development or operations at the properties where we hold stream and royalty interests, which could decrease our revenues.

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Changes in mining taxes and royalties payable to governments could decrease our revenues.

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The mining industry is subject to environmental risks in the U.S. and in the foreign jurisdictions where our interests are located, including risk associated with climate change.

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We are dependent upon information technology systems, which are subject to cyber threats, disruption, damage and failure.

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We depend on the services of our President and Chief Executive Officer and other key employees.

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Our disclosure controls and internal control over our financial reporting are subject to inherent limitations.

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We have incurred indebtedness in connection with our business and may in the future incur additional indebtedness that could limit cash flow available for our operations, limit our ability to borrow additional funds and, if we were unable to repay our debt when due, would have a material adverse effect on our business, results of operations, cash flows and financial condition.

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Our stock price may continue to be volatile and could decline.

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Conversion of the 2019 Notes may dilute the ownership interest of existing stockholders.

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We may change our practice of paying dividends.

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Certain provisions of Delaware law, our organizational documents, and the indenture governing the 2019 Notes could impede, delay or prevent an otherwise beneficial takeover or takeover attempt of us.

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Andacollo (Region IV, Chile)

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Mount Milligan (British Columbia, Canada)

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Pueblo Viejo (Sanchez Ramirez, Dominican Republic) 

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Overview

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Summary of Cash Flows

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Off-Balance Sheet Arrangements

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Fiscal Year Ended June 30, 2018, Compared with Fiscal Year Ended June 30, 2017

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Acquisition of Gold and Silver Stream at Pueblo Viejo

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ANNUAL MEETING OFFICERS AUDITORS The 2018 Annual Meeting of Stockholders TONY A. JENSEN Ernst & Young LLP of Royal Gold, Inc. will be held at 9:00 am /"0&!"+1+!%&"#5" 21&3"ƛ& "/ Denver, Colorado MST on Wednesday, November 14, 2018, at WILLIAM H. HEISSENBUTTEL the Ritz-Carlton Hotel, 1881 Curtis Street, %&"# &++ &)ƛ& "/+! Denver, Colorado 80202 USA. Vice President, Strategy TRANSFER AGENT Questions about shareholder accounts, MARK E. ISTO dividend payments, change of addresses, BOARD OF Vice President, Operations ),01 "/1&Ɯ 1"0Ǿ!&/" 1/"$&01/1&,+0601"* DIRECTORS BRUCE C. KIRCHHOFF (DRS), stock transfers and related matters should be directed to the transfer agent, WILLIAM M. HAYES Vice President, registrar and dividend disbursement agent Chairman General Counsel and Secretary listed below: Retired Mining Executive For holders of Royal Gold TONY A. JENSEN HEAD OFFICE /"0&!"+1+!%&"#5" 21&3"ƛ& "/ Common Stock (NYSE: RGLD) of Royal Gold, Inc. Royal Gold, Inc. Shareholder correspondence 1660 Wynkoop Street, Suite 1000 should be mailed to: C. KEVIN MCARTHUR Denver, Colorado 80202 USA Computershare Executive Chair of Tahoe Resources Inc. T: 303.573.1660 P.O. BOX 505000 E: [email protected] Louisville, Kentucky 40233-5000 USA JAMIE C. SOKALSKY W: www.royalgold.com Retired Mining Executive Overnight correspondence should be mailed to: CHRISTOPHER M.T. THOMPSON Computershare Retired Mining Executive TORONTO OFFICE 462 South 4th Street, Suite 1600 Royal Gold Corporation RONALD J. VANCE Louisville, Kentucky 40202 USA 220 Bay Street, Suite 500 Retired Mining Executive Toll Free: 800.962.4284 Toronto, Ontario M5J 2W4 T: 781.575.3120 SYBIL E. VEENMAN Canada 8 am – 8 pm ET Retired Mining Executive Shareholder website ZUG OFFICE www.computershare.com/investor

RGLD Gold AG Shareholder online inquiries Baarerstrasse 71 https://www-us.computershare.com/ 6300 Zug investor/Contact Switzerland

LEGAL COUNSEL Hogan Lovells US LLP Denver, Colorado BOARD OF DIRECTORS

"ƞ1,/&$%1ǿC. Kevin McArthur, William M. Hayes, Ronald J. Vance, Tony A. Jensen, Jamie C. Sokalsky, Sybil E. Veenman, Christopher M.T. Thompson

MANAGEMENT

William H. Mark E. Isto Tony A. Jensen /2 "ǽ&/ %%,ƛ Heissenbuttel Vice President, President and Vice President, %&"# &++ &)ƛ& "/+! Operations %&"#5" 21&3"ƛ& "/ General Counsel Vice President, Strategy and Secretary DESIGN: Watermark (www.watermark.agency) 1660 WYNKOOP STREET, SUITE 1000 DENVER, COLORADO 80202 WWW.ROYALGOLD.COM