8-K

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 2, 2018

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.)

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):

o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o      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 o

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. o

Item 2.02

On May 2, 2018, Royal Gold, Inc. (the “Company”) reported its third quarter fiscal 2018 results. Copies of the press release and an earnings presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.

The information furnished under this Item 2.02, including the exhibits, 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 May 2, 2018 regarding Third Fiscal Quarter 2018 Results.
99.2	Royal Gold, Inc. May 3, 2018 Earnings Presentation.

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.

	Royal Gold, Inc.
	(Registrant)
Dated:  May 3, 2018	By:	/s/ Bruce C. Kirchhoff
		Name:	Bruce C. Kirchhoff
		Title:	Vice President, General Counsel and Secretary

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EX-99.1

EXHIBIT 99.1

Royal Gold Reports Third Quarter 2018 Results

DENVER, COLORADO.  MAY 2, 2018: ROYAL GOLD, INC. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) reports a net loss of $153.7 million, or ($2.35) per share, on revenue of $116.0 million in its fiscal third quarter ended  March 31, 2018 (“third quarter”).  Third quarter reported earnings include non-cash charges of $184.9 million, net of tax.  Absent these impacts, adjusted net income(1) was $31.3 million, or $0.48 per share, up 32% from the prior year quarter.

Third Quarter Highlights Compared to Prior Year Quarter:

·      Revenue of $116 million, an increase of 8%

·      Operating cash flow of $105 million, an increase of 37%

·      Volume of 87,300 GEOs,(2) in line with the prior year quarter

·      Dividends paid of $16 million, an increase of 5%

·      Additional $75 million repaid on revolving credit facility

·      Average gold price of $1,329 per ounce, an increase of 9%

“We delivered another quarter of solid operating performance, which included our first full quarter sales of gold and silver from Rainy River,” commented Tony Jensen, President and CEO.  “While a non-cash impairment from Pascua-Lama impacted our reported earnings, we continue to believe that the project presents significant option value for Royal Gold shareholders.  In the near term, we look forward to improved production from Rainy River as it continues to mature, as well as growth from the Peñasquito Pyrite Leach Project and Cortez Crossroads, which are both expected to begin production late this calendar year.”

Recent Developments

Peak Gold Joint Venture

As of April 24, 2018, Royal Gold, through its wholly owned subsidiary, Royal Alaska, LLC, owns a 40% interest in and manages the Peak Gold Joint Venture (“Peak Gold JV”), for exploration and development of the Peak Gold Project located near Tok, Alaska.  CORE Alaska, LLC, a wholly

(1)Adjusted Net Income is a non-GAAP measure.  Please see page 15 for reconciliation.

(2)Gold Equivalent Ounces, (“GEOs”) are calculated as revenue divided by the average gold price for the same period. GEOs net of stream payments were 71,200 in the third quarter, compared to 69,400 in the prior year quarter.

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owned subsidiary of Contango ORE, Inc. (“CORE”), owns a 60% interest in the Peak Gold JV.  The approved exploration budget for 2018 is $9.1 million on a consolidated basis.

Royal Gold also owns net smelter return (“NSR”) royalties of 2.0% and 3.0% over separate areas comprising the Peak Gold Project, which has a maiden resource of 11.3 million tonnes grading  3.46 grams per tonne gold.(3)

In a separate transaction on April 5, 2018, Royal Gold entered into a purchase agreement with a private seller to purchase 809,744 shares of CORE common stock, equating to an approximately 13.6% equity interest in CORE.

Pascua-Lama

The Company owns a 0.78% to 5.45% sliding-scale NSR gold royalty and a 1.09% NSR copper royalty on the Pascua-Lama project, owned by Barrick Gold Corporation (“Barrick”).  The project straddles the border of Chile and Argentina.  Our royalty interests are applicable to all gold and copper production from the portion of the Pascua-Lama project lying on the Chilean side of the border.

On February 6, 2018, Barrick announced it reclassified Pascua-Lama’s proven and probable gold reserves(4) of approximately 14 million ounces as measured and indicated resources.(3)   A significant reduction in reserves or mineralized material is an indicator of potential impairment.

On April 23, 2018, Barrick announced that work performed to date on the prefeasibility study for a potential underground project at Pascua-Lama was suspended.  Barrick will continue to evaluate opportunities to de-risk the project while maintaining Pascua-Lama as an option for development in the future if economics improve and related risks can be mitigated.

An impairment charge of $239.4 million ($178.9 million net of taxes) was taken during the third quarter, resulting in a carrying value of $177.7 million as of March 31, 2018. As part of our impairment determination, the fair value for Pascua-Lama was estimated by calculating the net present value of future cash flows expected to be generated from mining the Pascua-Lama deposits subject to our royalty interest.

(3)The U.S. Securities and Exchange Commission does not recognize the term “resource.”  “Resources” are not reserves under the SEC’s regulations, but are categorized under the securities law regulations of certain foreign jurisdictions in order of increasing geological confidence into “inferred resources,” “indicated resources” and “measured resources.”  Investors are cautioned that resources cannot be classified as reserves unless and until it is demonstrated that they may be legally and economically extracted and produced and, 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.

(4)Cautionary Note to U.S. Investors Concerning Estimates of Proven and Probable Mineral Reserves and Measured and Indicated Mineral Resources: The mineral reserve and resource estimates reported by Barrick were prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves. Royal Gold has not reconciled the reserve and resource estimates provided by Barrick with definitions of reserves used by the U.S. Securities and Exchange Commission.

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Wassa and Prestea

On April 12, 2018, Golden Star announced that it more than doubled its inferred mineral resource(3) estimate for its Wassa underground mine in Ghana, to 5.2 million ounces of gold from 2.1 million ounces at year-end 2017.

Mount Milligan

As previously reported, Centerra Gold(“Centerra”) temporarily suspended mill operations at Mount Milligan on December 27, 2017 due to insufficient fresh water.  Mill operations restarted on February 5, 2018 with a single ball mill, and the second ball mill restarted on March 23, 2018.  Centerra reported on May 1, 2018 that Mount Milligan was operating at an average throughput of approximately 40,000 tonnes per day, and that once the spring snow melt is underway, throughput is expected to increase to a targeted average of 55,000 tonnes per day for the second half of the calendar year.

Centerra is pursuing more permanent permitting solutions to allow higher levels of pumping from current water sources and is developing additional ground water sources for Mount Milligan to proactively mitigate potential future water shortages during winter months.

Our third quarter results were not impacted by the temporary shutdown of the mill processing facility. Due to the timing of shipments and deliveries of gold and copper, we expect the impact of the temporary shutdown to be reflected in Royal Gold’s mid-calendar 2018 results, as some of the deliveries of gold and copper that were expected in the June through August 2018 period will be deferred to a later date.

Attributable Reserves

Royal Gold also announces updated estimates of ore reserves and mineralized material(5) attributable to the Company’s stream, royalty and similar interests as of December 31, 2017.  These 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.

On a gold equivalent basis(6), metals reserves attributable to Royal Gold were 6.3 million ounces, on a net reserve basis, at year end 2017, compared with 7.2 million ounces for the same period

(5)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 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.  Investors are cautioned not to assume that any part or all of the mineral deposits in this category will ever be converted into reserves.

(6)Gold equivalent basis is calculated as total attributable gold ounces plus non-gold metals calculated with the following ratios per ounce of gold for 2017, using a year-end gold price of $1,291 per ounce: 76 ounces of silver, 397 pounds of copper, 1,143 pounds of lead, 861 pounds of zinc, and 232 pounds of nickel.  For 2016, non-gold metals were calculated using a year-end gold price of $1,146: 71 ounces of silver, 458 pounds of copper, 1,273 pounds of lead, 988 pounds of zinc, and 252 pounds of nickel.

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ended 2016. The reduction in reserves was principally due to the reclassification of reserves to resources at Pascua-Lama, as well as net depletion.

Third Quarter Overview

Third quarter revenue was $116.0 million compared to $107.0 million in the prior year quarter. Stream and royalty revenue totaled $83.0 million and $33.0 million, respectively, for the third quarter.  Revenue increased due to higher gold and copper prices as well as increased stream sales from Wassa and Prestea, copper at Mount Milligan, and new production from Rainy River, partially offset by lower metal sales at Pueblo Viejo and Andacollo.

Third quarter ending inventory was comprised of 26,000 gold ounces and 659,000 silver ounces, an increase over the prior quarter due to deliveries received in late March.  We expect our fiscal fourth quarter 2018 sales related to our streaming agreements to be in line with the third quarter as inventory is expected to be reduced according to our routine sales procedures, offsetting lower expected deliveries from Mount Milligan.

Third quarter cost of sales of $21.3 million was below the $22.4 million recorded in the prior year quarter, driven by lower portfolio gold and silver sales.

General and administrative expenses increased to $8.1 million in the third quarter, compared to $5.4 million in the prior year quarter.  The increase was primarily related to an increase in legal costs of $1.3 million and an increase in non-cash compensation of $1.2 million.

Exploration costs, which are related to our Peak Gold JV, were $536,000 in the third quarter, a decrease from $2.7 million the prior year quarter, due to reduced field work during the winter months.

We recognized an income tax benefit totaling $45.9 million in the third quarter, compared with an income tax expense of $6.5 million in the prior year quarter.  This resulted in an effective tax rate of 22.9% in the current period, compared with 23.2% in the prior year quarter.  The third quarter tax benefit was related to the Pascua-Lama impairment and was somewhat offset by a $6 million increase to uncertain tax liabilities.

At March 31, 2018, we had current assets of $151.9 million compared to current liabilities of $43.5 million, resulting in working capital of $108.4 million.  This compares to current assets of $165.5 million and current liabilities of $41.6 million at December 31, 2017, resulting in working capital of $123.9 million.

During the third quarter, liquidity needs were met from our available cash resources and $94.7 million in revenue net of our streaming payments.  The Company repaid $75 million of the outstanding revolving credit facility during the quarter resulting in $925 million available and $75 million outstanding under the revolving credit facility as of March 31, 2018. Working capital, combined with the Company’s undrawn revolving credit facility, totaled approximately $1 billion of liquidity at March 31, 2018.

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PROPERTY HIGHLIGHTS

A summary of third quarter and historical production reported by operators of our stream and royalty properties can be found on Tables 1 and 2.  Calendar year 2018 operator production estimates of certain properties in which we have interests compared to actual production through March 31, 2018 can be found on Table 3.  Results of our streaming business for the third quarter, compared to the prior year quarter, can be found on Table 4.  Highlights at certain of the Company’s principal producing and development properties during the third quarter, compared to the prior year quarter, are detailed in our Annual Report on Form 10-K.

CORPORATE PROFILE

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.  The Company owns interests on 192 properties on six continents, including interests on 39 producing mines and 22 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, please contact:

Karli Anderson

Vice President Investor Relations

(303) 575-6517

Note:  Management’s conference call reviewing the third quarter results will be held on Thursday, May 3, 2018, at noon Eastern Time (10:00 a.m. Mountain Time).  The call will be webcast and archived on the Company’s website for a limited time.

Third Quarter Earnings Call Information:

Dial-In Numbers:	855-209-8260 (U.S.); toll free
	855-669-9657 (Canada); toll free
	412-542-4106 (International)
Conference Title:	Royal Gold
Webcast URL:	www.royalgold.com under Investors, Events & Presentations

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 statements about Barrick’s reclassification of gold reserves to mineralized material at Pascua-Lama and suspension of work on the underground project pre-feasibility study, the impact of the Company’s non-cash impairment of the Pascua-Lama royalty, and the option value of the Pascua-Lama project for the Company’s shareholders; improved production at Rainy River; growth from production at the Peñasquito Pyrite Leach Project and at Cortez Crossroads, and

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expected commencement of production at each; anticipated exploration spending at the Peak Gold Project and mineral resources reported for the Project; the agreement to purchase shares of CORE; the increase in estimated inferred mineral resource for Wassa underground; the impact of the temporary shutdown and subsequent restart of mill processing operations at Mount Milligan; and operators’ production estimates for calendar year 2018.  Net gold and metal reserves attributable to Royal Gold’s stream, royalty and other interests are subject to certain assumptions and, like reserves, do not reflect actual ounces that will be produced.  Like any stream, royalty or similar interest on a non-producing or not-yet-in-development project, our interests on development projects are subject to certain risks, such as the ability of the operators to bring the projects into production and operate in accordance with their feasibility studies and mine plans, and the ability of Royal Gold to make accurate assumptions regarding valuation and timing and amount of payments.  In addition, many of our interests are subject to risks associated with conducting business in a foreign country, including application of foreign laws to contract and other disputes, foreign environmental laws and enforcement and uncertain political and economic environments. Factors that could cause actual results to differ materially from the projections include, among others, precious metals, copper and nickel prices; performance of and production at the Company’s stream and royalty properties, including gold and copper production at Mount Milligan and gold and silver production at Pueblo Viejo; the ability of operators to finance project construction to completion and bring projects into production as expected, including development stage mining properties, mine and mill expansion projects and other development and construction projects; operators’ delays in securing or inability to secure or maintain necessary governmental permits; decisions and activities of the operators of the Company’s stream and royalty properties; unanticipated grade, environmental, geological, seismic, metallurgical, processing, liquidity or other problems the operators of the Company’s stream and royalty properties may encounter; operators’ inability to access sufficient raw materials, water or power; changes in operators’ project parameters as plans continue to be refined; changes in estimates of reserves and mineralization by the operators of the Company’s stream and royalty properties; contests to the Company’s stream and royalty interests and title and other defects in the properties where the Company holds stream and royalty interests; errors or disputes in calculating stream deliveries and royalty payments, or deliveries or payments not made in accordance with stream and royalty agreements; economic and market conditions; changes in laws governing the Company and its stream and royalty interests or the operators of the properties subject to such interests, and other subsequent events; as well as other factors described 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.  The Company disclaims any obligation to update any forward-looking statement made herein.  Readers are cautioned not to put undue reliance on forward-looking statements.

Statement Regarding Third-Party Information:  Certain information provided in this press release, including production estimates for calendar 2018, has been provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission.  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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TABLE 1

Third Quarter Fiscal 2018

Revenue and Operators’ Reported Production for Principal Stream and Royalty Interests

(In thousands, except reported production in oz. and lbs.)

		Three Months Ended				Three Months Ended
		March 31, 2018				March 31, 2017
				Reported				Reported
Stream/Royalty	Metal(s)	Revenue		Production(1)		Revenue		Production(1)
Stream:
Mount Milligan		$	47,807			$	35,112
	Gold			25,800	oz.			28,900	oz.
	Copper			4.3	Mlbs.			N/A
Pueblo Viejo(2)		$	15,734			$	24,524
	Gold			8,500	oz.			15,600	oz.
	Silver			260,800	oz.			322,000	oz.
Wassa and Prestea	Gold	$	8,350	6,300	oz.	$	6,563	5,400	oz.
Andacollo	Gold	$	7,186	5,400	oz.	$	10,398	8,500	oz.
Rainy River		$	3,902			$	N/A
	Gold			2,800	oz.			N/A
	Silver			11,100	oz.			N/A
Total stream revenue		$	82,979			$	76,597
Royalty:
Peñasquito		$	6,452			$	6,981
	Gold			91,200	oz.			137,500	oz.
	Silver			5.0	Moz.			4.8	Moz.
	Lead			26.0	Mlbs.			31.3	Mlbs.
	Zinc			88.0	Mlbs.			88.5	Mlbs.
Cortez	Gold	$	1,901	18,900	oz.	$	1,068	11,300	oz.
Other(3)	Various	$	24,651	N/A		$	22,326	N/A
Total royalty revenue		$	33,004			$	30,375
Total Revenue		$	115,983			$	106,972

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TABLE 1

Third Quarter Fiscal 2018

Revenue and Operators’ Reported Production for Principal Stream and Royalty Interests

(In thousands, except reported production in oz. and lbs.)

		Nine Months Ended				Nine Months Ended
		March 31, 2018				March 31, 2017
				Reported				Reported
Stream/Royalty	Metal(s)	Revenue		Production(1)		Revenue		Production(1)
Stream:
Mount Milligan		$	101,390			$	105,161
	Gold			57,100	oz.			83,500	oz.
	Copper			8.7	Mlbs.			N/A
Pueblo Viejo(2)		$	67,492			$	71,911
	Gold			35,900	oz.			40,200	oz.
	Silver			1.3	Moz.			1.2	Moz.
Andacollo	Gold	$	41,124	32,100	oz.	$	41,552	32,900	oz.
Wassa and Prestea	Gold	$	26,049	20,200	oz.	$	17,484	14,000	oz.
Rainy River		$	4,973			$	N/A
	Gold			3,600	oz.			N/A
	Silver			11,100	oz.			N/A
Total stream revenue		$	241,028			$	236,108
Royalty:
Peñasquito		$	20,439			$	19,935
	Gold			296,200	oz.			423,000	oz.
	Silver			15.9	Moz.			15.1	Moz.
	Lead			95.5	Mlbs.			97.8	Mlbs.
	Zinc			274.8	Mlbs.			232.1	Mlbs.
Cortez	Gold	$	7,823	73,800	oz.	$	4,942	47,600	oz.
Other(3)	Various	$	73,517	N/A		$	70,895	N/A
Total royalty revenue		$	101,779			$	95,772
Total revenue		$	342,807			$	331,880

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TABLE 2

Operators’ Historical Production

Reported Production For The Quarter Ended(1)

Property

Operator

Stream/Royalty

Metal(s)

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Stream:

Mount Milligan(4)

Centerra

35% of payable gold

Gold

25,800

oz.

12,600

oz.

18,600

oz.

19,800

oz.

28,900

oz.

18.75% of payable copper

Copper

4.3

Mlbs.

1.8

Mlbs.

2.6

Mlbs.

2.6

Mlbs.

N/A

Pueblo Viejo

Barrick (60)%

7.5% of gold produced up to 990,000 ounces; 3.75% therafter

Gold

8,500

oz.

14,500

oz.

12,900

oz.

10,500

oz.

15,600

oz.

75% of payable silver up to 50 million ounces; 37.5% therafter

Silver

260,800

oz.

469,600

oz.

536,600

oz.

374,500

oz.

322,000

oz.

Andacollo

Teck

100% of gold produced

Gold

5,400

oz.

17,000

oz.

9,700

oz.

14,900

oz.

8,500

oz.

Rainy River

New Gold

6.5% of gold produced up to 230,000 ounces; 3.25% therafter

Gold

2,800

oz.

800

oz.

N/A

N/A

N/A

60% of silver produced up to 3.1 millions ounces delivered; 30% thereafter

Silver

11,100

oz.

N/A

N/A

N/A

N/A

Wassa and Prestea(5)

Golden Star

10.5% of gold produced up to 240,000 ounces; 5.5% therafter

Gold

6,300

oz.

6,800

oz.

7,100

oz.

6,300

oz.

5,400

oz.

Royalty:

Peñasquito

Goldcorp

2.0% NSR

Gold

91,200

oz.

71,100

oz.

134,000

oz.

133,300

oz.

137,500

oz.

Silver

5.0

Moz.

5.1

Moz.

5.9

Moz.

5.6

Moz.

4.8

Moz.

Lead

26.0

Mlbs.

33.4

Mlbs.

36.2

Mlbs.

27.4

Mlbs.

31.3

Mlbs.

Zinc

88.0

Mlbs.

94.4

Mlbs.

92.4

Mlbs.

85.7

Mlbs.

88.5

Mlbs.

Cortez

Barrick

GSR1 and GSR2, GSR3, NVR1

Gold

18,900

oz.

25,000

oz.

29,900

oz.

16,600

oz.

11,300

oz.

FOOTNOTES

Tables 1 and 2

(1)Reported production relates to the amount of metal sales that are subject to our stream and royalty interests for the stated period, as reported to us by operators of the mines.

(2)The first silver stream deliveries were in March 2016, with the first silver sales made during the June 2016 quarter.

(3)Individually, no stream or royalty included within the “Other” category contributed greater than 5% of our total revenue for the entire period.

(4)Reflects the October 20, 2016 amendment to our Mount Milligan streaming agreement. Prior to the amendment, Royal Gold held a 52.25% gold stream.  Gold concentrate that was in transit at October 20, 2016 was delivered to us under the 52.25% gold stream.  Royal Gold began receiving gold and copper deliveries reflecting the amended stream agreement in April 2017.

(5)The gold stream percentage at Wassa and Prestea increased to 10.5% from 9.25%, effective January 1, 2018.

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TABLE 3

Calendar 2018 Operator’s Production Estimate vs Actual Production

	Calendar 2018 Operator’s Production			Calendar 2018 Operator’s Production
	Estimate(1)			Actual(2),(3)
	Gold	Silver	Base Metals	Gold	Silver	Base Metals
Stream/Royalty	(oz.)	(oz.)	(lbs.)	(oz.)	(oz.)	(lbs.)
Stream:
Andacollo(4)	66,700			14,000
Mount Milligan(5)	195,000-215,000		47 - 52 million	29,500		6.1 million
Pueblo Viejo(6)	585,000-615,000	Not provided		141,000	Not provided
Rainy River(7)	310,000-350,000	Not provided		39,300	0.1 million
Wassa and Prestea	230,000-255,000			57,600
Royalty:
Cortez GSR1	48,300			18,500
Cortez GSR2	2,200			400
Cortez GSR3	50,500			18,900
Cortez NVR1	31,600			11,900
Peñasquito(8)	310,000	Not provided		98,000	5.2 million
Lead			160 million			26.0 million
Zinc			300 million			88.7 million

(1)Production estimates received from our operators are for calendar 2018.  There can be no assurance that production estimates received from our operators will be achieved.  Please refer to our cautionary language regarding forward-looking statements and the statement regarding third party information contained in this press release, as well as the Risk Factors identified in Part I, Item 1A, of our Fiscal 2017 Form 10-K for information regarding factors that could affect actual results.

(2)Actual production figures shown are from our operators and cover the period January 1, 2018 through March 31, 2018.

(3)Actual production figures for Cortez are based on information provided to us by Barrick Gold Corporation, and actual production figures for Andacollo, Mount Milligan, Pueblo Viejo, Peñasquito (gold) and Wassa and Prestea are the publicly reported figures of the operators of those properties.

(4)The estimated and actual production figures shown for Andacollo are contained gold in concentrate.

(5)The estimated and actual production figures shown for Mount Milligan are payable gold and copper in concentrate.

(6)The estimated and actual production figures shown for Pueblo Viejo are payable gold in doré and represent Barrick’s 60% interest in Pueblo Viejo.

(7)The estimated gold production figures shown for Wassa and Prestea are payable gold in concentrate and doré.

(8)The estimated and actual gold production figures shown for Peñasquito are payable gold in concentrate.  The operator did not provide estimated silver production.

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TABLE 4

Stream Summary

	Three Months Ended		Three Months Ended		As of	As of
	March 31, 2018		March 31, 2017		March 31, 2018	June 30, 2017
Gold Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Mount Milligan	27,400	25,800	22,700	28,900	6,800	100
Pueblo Viejo	13,200	8,500	10,400	15,600	13,200	12,900
Andacollo	10,000	5,400	10,900	8,500	4,600	100
Wassa and Prestea	6,800	6,300	5,700	5,400	900	1,000
Rainy River	2,900	2,800	—	—	300	—
Total	60,300	48,800	49,700	58,400	25,800	14,100

	Three Months Ended		Three Months Ended		As of	As of
	March 31, 2018		March 31, 2017		March 31, 2018	June 30, 2017
Silver Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Pueblo Viejo	616,300	260,800	373,600	322,000	616,300	536,800
Rainy River	41,800	11,100	—	—	42,600	—
Total	658,100	271,900	373,600	322,000	658,900	536,800

	Three Months Ended		Three Months Ended		As of	As of
	March 31, 2018		March 31, 2017		March 31, 2018	June 30, 2017
Copper Stream	Purchases (tonnes)	Sales (tonnes)	Purchases (tonnes)	Sales (tonnes)	Inventory (tonnes)	Inventory (tonnes)
Mount Milligan	1,540	1,966	N/A	N/A	—	—

	Nine Months Ended		Nine Months Ended		As of	As of
	March 31, 2018		March 31, 2017		March 31, 2018	June 30, 2017
Gold Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Mount Milligan	63,800	57,100	76,100	83,500	6,800	100
Andacollo	36,500	32,100	35,400	32,900	4,600	100
Pueblo Viejo	36,300	35,900	39,700	40,200	13,200	12,900
Wassa and Prestea	20,200	20,200	14,500	14,000	900	1,000
Rainy River	3,900	3,600	—	—	300	—
Total	160,700	148,900	165,700	170,600	25,800	14,100

	Nine Months Ended		Nine Months Ended		As of	As of
	March 31, 2018		March 31, 2017		March 31, 2018	June 30, 2017
Silver Stream	Purchases (oz.)	Sales (oz.)	Purchases (oz.)	Sales (oz.)	Inventory (oz.)	Inventory (oz.)
Pueblo Viejo	1,346,500	1,267,000	1,239,400	1,188,600	616,300	536,800
Rainy River	53,700	11,100	—	—	42,600	—
Total	1,400,200	1,278,100	1,239,400	1,188,600	658,900	536,800

	Nine Months Ended		Nine Months Ended		As of	As of
	March 31, 2018		March 31, 2017		March 31, 2018	June 30, 2017
Copper Stream	Purchases (tonnes)	Sales (tonnes)	Purchases (tonnes)	Sales (tonnes)	Inventory (tonnes)	Inventory (tonnes)
Mount Milligan	2,414	1,988	N/A	N/A	—	—

11

ROYAL GOLD, INC.

Consolidated Balance Sheets

(In thousands except share data)

	March 31, 2018			June 30, 2017
ASSETS
Cash and equivalents	$	109,376		$	85,847
Royalty receivables	27,795			26,886
Income tax receivable	1,149			22,169
Stream inventory	12,699			7,883
Prepaid expenses and other	826			822
Total current assets	151,845			143,607
Stream and royalty interests, net	2,532,603			2,892,256
Other assets	68,999			58,202
Total assets	$	2,753,447		$	3,094,065
LIABILITIES
Accounts Payable	$	3,008		$	3,908
Dividends payable	16,361			15,682
Income tax payable	12,431			5,651
Withholding taxes payable	3,652			3,425
Other current liabilities	8,045			5,617
Total current liabilities	43,497			34,283
Debt	422,273			586,170
Deferred tax liabilities	103,221			121,330
Uncertain tax positions	36,616			25,627
Other long-term liabilities	17,435			6,391
Total liabilities	623,042			773,801
Commitments and contingencies
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued	—			—
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,309,018 and 65,179,527 shares outstanding, respectively	653			652
Additional paid-in capital	2,188,251			2,185,796
Accumulated other comprehensive income	21			879
Accumulated (losses) earnings	(100,173		)	88,050
Total Royal Gold stockholders’ equity	2,088,752			2,275,377
Non-controlling interests	41,653			44,887
Total equity	2,130,405			2,320,264
Total liabilities and equity	$	2,753,447		$	3,094,065

12

ROYAL GOLD, INC.

Consolidated Statements of Operations and Comprehensive (Loss) Income

(In thousands except for per share data)

	Three Months Ended						Nine Months Ended
	March 31,			March 31,			March 31,			March 31,
	2018			2017			2018			2017
Revenue	$	115,983		$	106,972		$	342,807		$	331,880
Costs and expenses
Cost of sales	21,345			22,419			61,627			67,582
General and administrative	8,100			5,402			24,555			23,447
Production taxes	423			389			1,568			1,331
Exploration costs	536			2,647			5,098			8,411
Depreciation, depletion and amortization	39,679			40,164			121,380			119,785
Impairments of royalty interests	239,364			—			239,364			—
Total costs and expenses	309,447			71,021			453,592			220,556
Operating (loss) income	(193,464		)	35,951			(110,785		)	111,324
Interest and other income	1,781			1,326			3,416			10,056
Interest and other expense	(8,294		)	(9,254		)	(25,946		)	(27,068		)
(Loss) income before income taxes	(199,977		)	28,023			(133,315		)	94,312
Income tax benefit (expense)	45,859			(6,492		)	(10,044		)	(18,724		)
Net (loss) income	(154,118		)	21,531			(143,359		)	75,588
Net loss attributable to non-controlling interests	468			2,130			3,573			5,921
Net (loss) income attributable to Royal Gold common stockholders	$	(153,650	)	$	23,661		$	(139,786	)	$	81,509
Net (loss) income	$	(154,118	)	$	21,531		$	(143,359	)	$	75,588
Adjustments to comprehensive (loss) income, net of tax
Unrealized change in market value of available-for-sale securities	(666		)	360			(858		)	1,182
Comprehensive (loss) income	(154,784		)	21,891			(144,217		)	76,770
Comprehensive loss attributable to non-controlling interests	468			2,130			3,573			5,921
Comprehensive (loss) income attributable to Royal Gold stockholders	$	(154,316	)	$	24,021		$	(140,644	)	$	82,691
Net (loss) income per share available to Royal Gold common stockholders:
Basic (loss) earnings per share	$	(2.35	)	$	0.36		$	(2.14	)	$	1.25
Basic weighted average shares outstanding	65,307,324			65,169,883			65,283,019			65,145,183
Diluted (loss) earnings per share	$	(2.35	)	$	0.36		$	(2.14	)	$	1.25
Diluted weighted average shares outstanding	65,307,324			65,274,926			65,283,019			65,267,201
Cash dividends declared per common share	$	0.25		$	0.24		$	0.74		$	0.71

13

ROYAL GOLD, INC.

Consolidated Statements of Cash Flows

(In thousands)

	Three Months Ended						Nine Months Ended
	March 31,			March 31,			March 31,			March 31,
	2018			2017			2018			2017
Cash flows from operating activities:
Net (loss) income	$	(154,118	)	$	21,531		$	(143,359	)	$	75,588
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion and amortization	39,679			40,164			121,380			119,785
Amortization of debt discount and issuance costs	3,787			3,451			11,200			10,202
Non-cash employee stock compensation expense	1,563			314			5,958			6,758
Impairments of royalty interests	239,364			—			239,364			—
Deferred tax benefit	(60,541		)	(3,055		)	(31,583		)	(6,266		)
Other	(41		)	—			(199		)	(4,638		)
Changes in assets and liabilities:
Royalty receivables	1,490			5,768			(909		)	(1,367		)
Stream inventory	(5,340		)	3,554			(4,816		)	2,865
Income tax receivable	26,217			(6,065		)	21,020			(6,117		)
Prepaid expenses and other assets	3,552			92			3,224			(743		)
Accounts payable	719			191			(939		)	(1,641		)
Income tax payable	(2,666		)	11,698			6,779			(422		)
Withholding taxes payable	201			(7,085		)	227			(5,449		)
Uncertain tax positions	6,429			1,289			10,989			7,341
Other liabilities	4,280			4,213			13,473			5,036
Net cash provided by operating activities	$	104,575		$	76,060		$	251,809		$	200,932
Cash flows from investing activities:
Acquisition of stream and royalty interests	(1,012		)	(10,903		)	(1,012		)	(203,721		)
Other	(1,157		)	(271		)	(1,251		)	1,503
Net cash used in investing activities	$	(2,169	)	$	(11,174	)	$	(2,263	)	$	(202,218	)
Cash flows from financing activities:
Borrowings from revolving credit facility	—			—			—			70,000
Repayment of revolving credit facility	(75,000		)	(45,000		)	(175,000		)	(45,000		)
Net payments from issuance of common stock	39			(298		)	(3,502		)	(2,618		)
Common stock dividends	(16,364		)	(15,680		)	(47,755		)	(45,715		)
Purchase of additional royalty interest from non-controlling interest	—			(24		)	—			(1,462		)
Other	163			218			240			(2,462		)
Net cash used in financing activities	$	(91,162	)	$	(60,784	)	$	(226,017	)	$	(27,257	)
Net increase (decrease) in cash and equivalents	11,244			4,102			23,529			(28,543		)
Cash and equivalents at beginning of period	98,132			83,988			85,847			116,633
Cash and equivalents at end of period	$	109,376		$	88,090		$	109,376		$	88,090

14

SCHEDULE A

Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

Adjusted Net (Loss) Income Reconciliation

Management of the Company uses adjusted net income (loss) to evaluate the Company’s operating performance, and for planning and forecasting future business operations.  The Company believes the use of adjusted net income (loss) allows investors and analysts to understand the results relating to receipt of revenue from its royalty interests and purchase and sale of gold from its streaming interests by excluding certain items that have a disproportionate impact on our results for a particular period.  The net income (loss) adjustments are presented net of tax generally at the Company’s statutory effective tax rate.  Management’s determination of the components of adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts.  Net income (loss) attributable to Royal Gold stockholders is reconciled to adjusted net income (loss) as follows:

	Three Months Ended					Nine Months Ended
	March 31,					March 31,
	(Unaudited, in thousands)					(Unaudited, in thousands)
	2018			2017		2018			2017
Net (loss) income attributable to Royal Gold common stockholders	$	(153,650	)	$	23,661	$	(139,786	)	$	81,509
Preliminary impacts of U.S. tax legislation	—			—		26,400			—
Income tax foreign currency election	132			—		16,032			—
Increase in uncertain tax positions	5,925			—		5,925			—
Impairments royalty interests, net of tax	178,856			—		178,856			—
Adjusted net income attributable to Royal Gold common stockholders	$	31,263		$	23,661	$	87,427		$	81,509
Net (loss) income attributable to Royal Gold common stockholders per basic share	$	(2.35	)	$	0.36	$	(2.14	)	$	1.25
Preliminary impacts of U.S. tax legislation	—			—		0.40			—
Income tax foreign currency election	—			—		0.25			—
Increase in uncertain tax positions	0.09			—		0.09			—
Impairments royalty interests, net of tax	2.74			—		2.74			—
Adjusted net income attributable to Royal Gold common stockholders per basic share	$	0.48		$	0.36	$	1.34		$	1.25
Net (loss) income attributable to Royal Gold common stockholders per diluted share	$	(2.35	)	$	0.36	$	(2.14	)	$	1.25
Preliminary impacts of U.S. tax legislation	—			—		0.40			—
Income tax foreign currency election	—			—		0.25			—
Increase in uncertain tax positions	0.09			—		0.09			—
Impairments royalty interests, net of tax	2.74			—		2.74			—
Adjusted net income attributable to Royal Gold common stockholders per diluted share	$	0.48		$	0.36	$	1.34		$	1.25

15

EX-99.2

Exhibit 99.2

Third Fiscal Quarter 2018 Results May 3, 2018 Royal Gold, Inc.

2 Forward-Looking Statements: This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from the projections and estimates contained herein and include, but are not limited to: expected and actual production at Rainy River, Wassa and Prestea and Mount Milligan; near-term growth from potential increased production at Rainy River and new production from Cortez Crossroads and Peñasquito Leach expected in calendar 2018; throughput, recovery and grade improvement at Rainy River; revenue generation at Rainy River organic growth from a diverse portfolio, including recent development and permitting activity, production start-up activity and reserve and production updates at certain properties; the preliminary resource estimate, planned exploration investment and the metallurgical testing and preliminary economic assessment work underway at the Peak Gold JV; long-term optionality associated with potential resource to reserve conversion at Pueblo Viejo, potential development of La Fortuna and successful resolution of Voisey’s Bay royalty litigation; continued delevering through use of cash flow to reduce debt, repayment of the Company’s revolver before June 30, 2018, repayment of convertible bonds maturing in June 2019 using the revolver and cash, liquidity, and positioning for new opportunities; expected stream sales and inventory levels for the fiscal fourth quarter; effective tax rate and depreciation, depletion and amortization forecasts; and statements concerning strong cash flow generation, solid balance sheet, organic growth, robust liquidity, amount and payment of dividends, financial performance and efficient capital structure, and mine life and reserves estimates and forecasts of throughput, recoveries and production from the operators of our stream and royalty interests. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the risks inherent in the operation of mining properties; a decreased price environment for gold and other metals on which our stream and royalty interests are determined; performance of and production at properties, and variation of actual production from the production estimates and forecasts made by the operators of those stream and royalty properties; decisions and activities of the Company’s management affecting margins, use of capital and changes in strategy; 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, metallurgical, environmental, processing or other problems at the properties; operators’ inability to access sufficient raw materials, water or power; inability of operators to bring projects into production as expected, including development stage mining properties, mine and mill expansion projects and other development and construction projects; revisions or inaccuracies in technical reports, reserve, resources and production estimates; changes in project parameters as plans of the operators are refined; the results of current or planned exploration activities; errors or disputes in calculating stream deliveries and royalty payments, or deliveries or payments under stream or royalty agreements; the liquidity and future financial needs of the Company; economic and market conditions; the impact of future acquisitions and stream and royalty financing transactions; the impact of issuances of additional common stock; and 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 environments. These risks and other factors are discussed in more detail in the Company’s public filings with the Securities and Exchange Commission. Statements made herein are as of the date hereof 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. Third-party information: Certain information provided 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. Cautionary Statement

Today’s Speakers Tony Jensen President and CEO Stefan Wenger CFO and Treasurer 3

Revenue of $116 million, up 8% First sales from Rainy River, higher gold price Reported loss of ($2.35) per share Reflects non-cash charges of $184.9 million, net of tax, primarily related to Pascua-Lama charge Adjusted earnings1 of $0.48 per share, up 32% Cash flow from operations of $105 million, up 37% Volume of 87,300 GEOs2, in line with last year Dividends of $16 million, up 5% Repayment of another $75 million of debt ~$1 billion of liquidity Another solid quarter 4 All period comparisons are to prior year quarter.

Rainy River, Wassa & Prestea, Mount Milligan Recent Portfolio Updates 5 Wassa UG inferred resource more than doubled to 5.2Moz3,7 Wassa UG grade of 4.5 grams per tonne, up 12% in CQ13 Reiterated: 230koz-255koz 2018 gold production expected3,4 Mount Milligan 17.5kptd average throughput in second quarter of operation3 87% average gold recovery achieved April 1-233 Throughput, grade and recovery expected to increase3,4 Rainy River Currently operating at 40ktpd3 Production resumed at both ball mills in March3 2018 guidance: 195-215koz gold, 47-52lbs copper3,4 Mount Milligan Wassa and Prestea

6 Cortez Crossroads Stripping continues, production expected to build in CY193 4.5% NVR & 5% GSR royalty 3.2Moz gold in reserves3,4 Mount Milligan Peñasquito Leach Commissioning carbon pre-flotation has begun3 Progress at 4/25/18: 86% complete3 Expected to add 1Moz gold, 44Moz silver to mine life3,4 Peñasquito Leach Focused on increasing and stabilizing process availability3 Study to increase throughput to 24ktpd from 21kptd3 Expected to become a Top 10 revenue generator for RGLD3,4 Rainy River Near-term growth

Development/permitting activity at: Back River (1.95% and 2.35% NSR after threshold production achieved) Production startup activity at: LaRonde Zone 5 (2% NSR) to begin CQ3 2018 Reserve & production updates include: Wharf (0-2% NSR) reserves up 36% South Laverton (1.5% NSR) reserves up 39% Marigold (2% NSR) reserves up 3.6% on our area of interest Dolores (3.25% NSR gold, 2% NSR silver) CY18 gold production guidance up 35%, silver up 6% Gwalia (1.5% NSR) reserves up 24% Leeville (1.8% NSR) reserves up 23% on our area of interest Twin Creeks (2% GPR6- gold) reserves up 45% on our area of interest Organic Growth from our Diverse Portfolio 7 Updates from our portfolio3 of 192 total assets (39 operating & 22 development)

Peak Gold Joint Venture Gold-silver-copper skarn deposit with a strong grade profile, near surface and near existing infrastructure Royal Gold holds 2% and 3% NSR royalties over certain areas and is managing partner of the Peak Gold JV Preliminary M&I resource estimate7,8 of 11.3 million tonnes grading 3.46 g/t ~$9.1m JV exploration investment planned for calendar 2018 Metallurgical testing underway PEA in process 8 Royal Gold holds a 3.0% net smelter return (“NSR”) royalty over the area of the Tetlin lease and certain State of Alaska mining claims and a 2.0% NSR royalty over certain other State of Alaska mining claims held by Peak Gold. Peak Gold JV holds a 675,000 acre lease with the Native Village of Tetlin and approximately 174,900 acres of state mining claims.

Long-Term Optionality 9 Pre-oxidation heap leach & flotation concentrate3 Potential ~7Moz resource to reserve conversion(100%)3 2017 scoping study followed by 2018 PFS3,4 Voisey’s Bay Pueblo Viejo NuevaUnión 1.4% NSR on gold and copper on ~30% of La Fortuna3 PFS recently completed, feasibility expected in H2 20193 La Fortuna expected to produce in years 4-183 2.7% NSR on all metals Reported 2017 production of 52kt Ni, 34kt Cu, 1.8kt Co3 Trial set to begin in September 2018 in St. John’s Voisey’s Bay

$75m Repaid Mar, 2018 10 Net Debt/EBITDA9 1.0x at 3-31-18 Focus on using cash flow to reduce debt, paid another $75m in March At current metals prices and assuming no changes to portfolio, we expect to: Repay the $75 million outstanding on our revolver before June 30, 2018 Repay principal of our $370 million bonds maturing June 2019 using RCF & cash Be positioned to pursue new opportunities Date Item ($USD millions) March 31, 2018 Undrawn Revolver $925m March 31, 2018 Working Capital $108m March 31, 2018 Total Liquidity $1,033m $45m Repaid Mar, 2017 $50m Repaid June, 2017 $50m Repaid Dec, 2017 $50m Repaid Sept, 2017 Delevering continues

FQ3 effective tax rate was 22.9% FQ3 ending inventory 26,000 gold ounces and 659,000 silver ounces Reflects deliveries received in late March FQ4 stream sales expected to be to be in-line with FQ3, as inventory is expected to be reduced according to our routine sales procedures and offsetting lower expected deliveries from Mount Milligan FY18 effective tax rate forecast range is 17-23% (down from 20% - 25%) Subject to any final revisions to our preliminary calculations on tax return FY18 DD&A forecast range is $450 - $470 per GEO Q3FY18 Results and Outlook 11

Strong cash flow generation Solid balance sheet Organic growth Robust liquidity

Streams (at April 30, 2018) Operator Mine Metal RGLD interest until RGLD interest until RGLD interest until RGLD pays (per unit) until RGLD pays (per ounce) until Reserve Remaining Mine Life (Years) CY2018 Operator Production Guidance (oz/lbs)2 Centerra Gold Mount Milligan Gold 35% LOM (life of mine) - - - - $435 LOM - - 20 195,000-215,000 Centerra Gold Mount Milligan Copper 18.75% LOM - - - - 15% of spot LOM - - 20 47,000-52,000 Barrick Pueblo Viejo Gold 7.50% 990koz 3.75% remaining LOM - - 30% of spot 550koz 60% of spot remaining LOM 25+ 585,000-615,000 Barrick Pueblo Viejo Silver 75% at fixed 70% recovery 50Moz 37.50% remaining LOM - - 30% of spot 23.1Moz 60% of spot - 25+ Not provided New Gold5 Rainy River Gold 6.50% 230koz 3.25% remaining LOM - - 25% of spot - - - 14 310,000-350.000 New Gold Rainy River Silver 60% 3.1Moz 30% remaining LOM - - 25% of spot - - - 14 Not provided Teck Andacollo Gold 100% 900koz 50% remaining LOM - - 15% of spot - - - 17 Not provided Golden Star Wassa/ Prestea Gold 10.5% 240koz 5.50% Remaining LOM - - 20% of spot 240koz 30% of spot thereafter 10 230,000-255,000 Key Royalties1 (at January 1, 2018) RGLD interest Until Goldcorp Peñasquito Gold Silver Lead Zinc 2.00% LOM 10 310,000 (gold) Barrick Cortez Gold Various LOM 12 TBA Agnico-Eagle & Yamana Malartic Gold 1-1.5% LOM 10 650,000 Newmont Leeville Gold 1.80% LOM 11 Not available KGHM Robinson Gold Copper 3.00% LOM 5 Not available Kirkland Lake Holt Gold 0.00013 x the gold price LOM 8 Not available Alamos Gold Mulatos Gold 1-5% capped; expect to reach in ~2019 2 150,000-160,000 Portfolio of Assets Diverse, Long Lived Properties 1 Includes largest royalties by revenue. An additional 28 royalties from producing mines in Royal Gold’s portfolio not shown. 2 Production estimates are received from our operators and there can be no assurance that production estimates received from our operators will be achieved. Please refer to our cautionary language regarding forward-looking statements on slide 2, as well as the Risk Factors identified in Part I, Item 1A, of our Fiscal 2017 10-K for information regarding factors that could affect actual results. 13

Adjusted EPS is a non-GAAP measure. Please see slide 15 for reconciliation. Gold Equivalent Ounces (“GEOs”) are calculated as revenue divided by the average gold price for the same period. Information has been provided to the Company by the operators of those properties or is publicly available information filed by those operators. Reserves information shown is as of December 31, 2017. References to portfolio reflect total property interests at May 2, 2018. Please see slide 2. Please see slide 13 for further information on Royal Gold’s royalty and streaming interests. New Gold expects to deliver 21.5koz gold and 185koz silver to Royal Gold from calendar 2018 production (January 16, 2018). GPR is a gross proceeds royalty, which is a royalty paid on contained ounces, rather than recovered ounces. The U.S. Securities and Exchange Commission does not recognize the term “resource.” “Resources” are not reserves under the SEC’s regulations, but are categorized under the securities law regulations of certain foreign jurisdictions in order of increasing geological confidence into “inferred resources,” “indicated resources” and “measured resources.” Investors are cautioned that resources cannot be classified as reserves unless and until it is demonstrated that they may be legally and economically extracted and produced and, 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. Peak Gold resource of 1.3Moz was calculated at $1,400/oz. Adjusted EBITDA is a non-GAAP measure. Please see page 16 for reconciliation. Endnotes 14

Adjusted Net Income (Loss) Reconciliation 15 Non-GAAP Financial Measures Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Adjusted Net (Loss) Income Reconciliation Management of the Company uses adjusted net income (loss) to evaluate the Company’s operating performance, and for planning and forecasting future business operations. The Company believes the use of adjusted net income (loss) allows investors and analysts to understand the results relating to receipt of revenue from its royalty interests and purchase and sale of gold from its streaming interests by excluding certain items that have a disproportionate impact on our results for a particular period. The net income (loss) adjustments are presented net of tax generally at the Company’s statutory effective tax rate. Management’s determination of the components of adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Royal Gold stockholders is reconciled to adjusted net income (loss) as follows: Adjusted Net Income (Loss) Reconciliation: Three Months Ended Nine Months Ended March 31, March 31, (Unaudited, in thousands) (Unaudited, in thousands) 2018 2017 2018 2017 Net (loss) income attributable to Royal Gold common stockholders (153,650) $ 23,661 $ (139,786) $ 81,509 $ Preliminary impacts of U.S. tax legislation — — 26,400 — Income tax foreign currency election 132 — 16,032 — Increase in uncertain tax positions 5,925 — 5,925 — Impairments royalty interests, net of tax 178,856 — 178,856 — Adjusted net income attributable to Royal Gold common stockholders 31,263 $ 23,661 $ 87,427 $ 81,509 $ Net (loss) income attributable to Royal Gold common stockholders per basic share (2.35) $ 0.36 $ (2.14) $ 1.25 $ Preliminary impacts of U.S. tax legislation — — 0.40 — Income tax foreign currency election — — 0.25 — Increase in uncertain tax positions 0.09 — 0.09 — Impairments royalty interests, net of tax 2.74 — 2.74 — Adjusted net income attributable to Royal Gold common stockholders per basic share 0.48 $ 0.36 $ 1.34 $ 1.25 $ Net (loss) income attributable to Royal Gold common stockholders per diluted share (2.35) $ 0.36 $ (2.14) $ 1.25 $ Preliminary impacts of U.S. tax legislation — — 0.40 — Income tax foreign currency election — — 0.25 — Increase in uncertain tax positions 0.09 — 0.09 — Impairments royalty interests, net of tax 2.74 — 2.74 — Adjusted net income attributable to Royal Gold common stockholders per diluted share 0.48 $ 0.36 $ 1.34 $ 1.25 $

Adjusted EBITDA Reconciliation 16 Adjusted EBITDA is defined by the Company as net income (loss) plus depreciation, depletion and amortization, non-cash charges, income tax expense, interest and other expense, and any impairment of mining assets, less non-controlling interests in operating loss (income) of consolidated subsidiaries, interest and other income, and any royalty portfolio restructuring gains or losses. Other companies may define and calculate this measure differently. Adjusted EBITDA identifies the cash generated in a given period that will be available to fund the Company's future operations, growth opportunities, shareholder dividends and to service the Company's debt obligations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. See the table below for a reconciliation of net income to Adjusted EBITDA. Three Months Ended Nine Months Ended March 31, March 31, (Unaudited, in thousands) (Unaudited, in thousands) 2018 2017 2018 2017 Net (loss) income (154,118) $ 21,531 $ (143,359) $ 75,588 $ Depreciation, depletion and amortization 39,679 40,164 121,380 119,785 Non-cash employee stock compensation 1,563 314 5,958 6,758 Impairments of royalty interests 239,364 — 239,364 — Interest and other, net 6,513 7,928 22,530 17,012 Income tax (benefit) expense (45,859) 6,492 10,044 18,724 Non-controlling interests in operating loss of consolidated subsidiaries 468 2,130 3,573 7,205 Adjusted EBITDA 87,610 $ 78,559 $ 259,490 $ 245,072 $

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