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): July 5, 2016

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):

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

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

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

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement.

On July 5, 2016, Royal Gold, Inc. (“RGI” or the “Company”) and its wholly-owned subsidiary, RGLD Gold AG (“RGLD”), entered into a binding Commitment Letter (the “Commitment Letter”) with Centerra Gold Inc. (“Centerra”) setting forth the terms and conditions of a future amendment to the Mount Milligan streaming agreement (the “Streaming Agreement”) among RGLD, Terrane Metals Corp. (“Terrane”), the Company and Thompson Creek Metals Company Inc. (“Thompson Creek”) in connection with the acquisition by Centerra of Thompson Creek by Plan of Arrangement under the Arrangement Agreement executed between Centerra and Thompson Creek as announced on July 5, 2016 (the “Acquisition”). The obligation of RGLD, RGI, Terrane and Thompson Creek to amend the Streaming Agreement is subject to the consummation of the Acquisition and other customary conditions set forth in the Commitment Letter. Under the Commitment Letter, RGI also agreed to an exclusivity arrangement with Centerra that prohibits RGI from negotiating and entering into any agreement with any person (other than Centerra) relating to Terrane and Thompson Creek’s obligations under the Streaming Agreement (including any amendments to, or termination of, the Streaming Agreement) until the earliest of (i) the closing or abandonment of the Acquisition, (ii) the date, if any, on which shareholders of Thompson Creek decline to approve the Acquisition or (iii) November 30, 2016.

Pursuant to the terms of the Commitment Letter, RGI and Centerra have agreed to amend the Streaming Agreement, effective on the closing of the Acquisition, as follows:

· The existing 52.25% gold streaming interest will be amended to 35.0%;

· RGLD will obtain a 18.75% copper streaming interest at Mount Milligan at a price equal to 15% of the spot price for each metric tonne of copper delivered;

· The existing restriction of $400 million on senior secured debt covered by the Mount Milligan assets will be extended until RGLD receives the full return of its $781.5 million deposit (the “Payment Deposit”);

· Until RGLD has received the full return of the Payment Deposit and an additional 35,000 metric tonnes of copper, Terrane will maintain a leverage ratio of total consolidated indebtedness to its earnings before interest, taxes, depreciation and amortization of no greater than 3:1 (including intercompany debt that ranks parri passu with or in priority to the Streaming Agreement);

· Upon the occurrence and during the pendency of an event of default by Terrane or Thompson Creek under the Streaming Agreement, Terrane will not make distributions of cash or property to any of its affiliates; and

· RGLD will enter into an intercreditor agreement with lenders providing financing to Centerra in connection with the Acquisition, pursuant to which RGLD will (i) retain its first priority security interest in 35.0% of the payable gold produced from Mount Milligan and all proceeds thereof, (ii) obtain a first priority security interest in 18.75% of the payable copper produced from Mount Milligan and all proceeds thereof, and (iii) otherwise agree to subordinate its security interest in the Mount Milligan project on terms and conditions substantially similar to those contained in RGLD’s existing intercreditor agreement.

The Commitment Letter contains customary representations and warranties that each party made to each other. The assertions embodied in those representations and warranties are being made solely for the purpose of the Commitment Letter, which governs the contractual rights and relationships, and allocates risks, among the parties thereto, and may be subject to important qualifications and limitations agreed to by RGI and Centerra in connection with negotiating their respective terms. Moreover, the representations and warranties may be subject to a contractual standard of materiality that may be different from that which may be viewed as material to stockholders. For the foregoing reasons, no person should rely on the representations and warranties made by the parties to the Commitment Letter as statements of factual information at the time they were made or otherwise.

Item 7.01 Regulation FD Disclosure.

On July 5, 2016, RGI announced the entry into the Commitment Letter. The press release is furnished as Exhibit 99.1 hereto. Also furnished herewith as Exhibit 99.2 is a presentation that accompanied a conference call held on July 5, 2016.

The information furnished under this Item 7.01, including the exhibit, 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.

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Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release dated July 5, 2016 regarding entry into the Commitment Letter.
99.2	Presentation dated July 5, 2016.

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:  July 5, 2016	By:	/s/ Bruce C. Kirchhoff
		Name:	Bruce C. Kirchhoff
		Title:	Vice President, General Counsel and Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated July 5, 2016 regarding entry into the Commitment Letter.
99.2	Presentation dated July 5, 2016.

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EX-99.1

Exhibit 99.1

Royal Gold, Inc. Supports Centerra Gold/Thompson Creek Transaction

Maintains Economic Interest at Mount Milligan

Commitment Letter Signed with Centerra Gold

DENVER, COLORADO.  JULY 5, 2016:  ROYAL GOLD, INC. (NASDAQ:RGLD; TSX:RGL) (together with its subsidiaries, “Royal Gold” or the “Company”) signed a commitment letter and binding term sheet with Centerra Gold Inc. (“Centerra”) related to the Company’s streaming interest at the Mount Milligan mine that is owned by Thompson Creek Metals Company Inc. (“Thompson Creek”). Centerra entered into a definitive arrangement agreement to acquire Thompson Creek and pay its outstanding bonds.

“Royal Gold has actively engaged with companies regarding Mount Milligan over the last ten months,” commented Tony Jensen, President and CEO of Royal Gold. “To broaden interest and maximize value, we demonstrated some flexibility in amending our gold stream to generate interest from gold companies. We are extremely pleased to support Centerra’s acquisition of Thompson Creek which delivers our two goals we have discussed for some time; namely, the retention of our economic value at Mount Milligan, without discount, and the introduction of a financially strong operator.”

Under the terms of the commitment letter, Royal Gold’s 52.25% gold streaming interest at Mount Milligan will be amended, conditional and effective on closing of Centerra’s acquisition of Thompson Creek, to a 35% gold stream and 18.75% copper stream. Royal Gold will continue to pay $435 per ounce of gold delivered and will pay 15% of the spot price per metric tonne of copper delivered. Royal Gold estimates this amendment to be value neutral on a discounted cash flow basis, and expects about two-thirds of its future net revenue from Mount Milligan will be gold related and one-third copper related over the next ten years. After transition to the amended stream, Royal Gold expects that approximately 85% of its total net revenue will come from precious metals and 15% from base metals.

Royal Gold’s security position related to Mount Milligan will remain unchanged with respect to gold and will be amended to include copper.

“Thompson Creek developed Mount Milligan into a world class asset that attracted interest from several quality operators,” Jensen stated. “We are especially pleased to welcome Centerra as a new operator, as we respect their operating and development skills. We view this overall transaction as favorable for the continued successful operation of the Mount Milligan mine and to all its stakeholders, including Royal Gold.”

Centerra’s proposed acquisition of Thompson Creek is subject to court approval of the Plan of Arrangement as well as approval of Thompson Creek shareholders and other customary conditions. Final closing is expected in the fall of 2016.

Royal Gold was advised by Goldman, Sachs & Co. as well as law firms Kirkland and Ellis, Hogan Lovells, and McCarthy Tétrault.

The Company will host a conference call to discuss these developments on Tuesday, July 5, 2016 at 2:30pm Mountain Daylight Time (4:30pm Eastern Daylight Time) and will be available by calling (855) 209-8260 (U.S.), (855) 669-9657 (Canada) or (412) 542-4106 (international), conference title “Royal Gold.” The call will be simultaneously broadcast on the Company’s website at www.royalgold.com under the “Presentations” section.

About Royal Gold

Royal Gold is a precious metals royalty and stream company engaged in the acquisition and management of precious metal royalties, streams and similar production based interests.  The Company owns interests on 193 properties on six continents, including interests on 38 producing mines and 24 development stage projects. Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol “RGLD,” and until July 8, 2016, on the Toronto Stock Exchange under the symbol “RGL.” The Company’s website is located at www.royalgold.com.

For further information, please contact:

Karli Anderson

Vice President Investor Relations

(303) 575-6517

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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 the proposed acquisition of Thompson Creek by Centerra, the approvals required to conclude the transaction, and the timing thereof; Royal Gold’s amended stream agreement; statements about the estimated economic value of the amended stream agreement; the approximate mix of revenue from precious metals and base metals; Royal Gold’s security position related to Mount Milligan; operators’ expectations about development, ramp-up, production and mine life; anticipated production and returns from our stream and royalty properties, including without limitation Mount Milligan. Factors that could cause actual results to differ materially from the projections include, among others, precious metals and copper prices; performance of and production at the Company's royalty and stream properties; the ability of operators of development properties to finance project construction to completion and bring projects into production as expected; operators’ delays in securing or inability to secure necessary governmental permits; decisions and activities of the operators of the Company's royalty and stream properties; unanticipated grade, environmental, geological, seismic, metallurgical, processing, liquidity or other problems the operators of the mining properties may encounter; completion of feasibility studies; 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 royalty and stream properties; contests to the Company’s royalty and stream interests and title and other defects to the Company’s royalty and stream properties; errors or disputes in calculating royalty and stream payments, or payments not made in accordance with royalty and stream agreements; economic and market conditions; risks associated with conducting business in foreign countries; changes in laws governing the Company and its royalty and stream properties or the operators of such properties; 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.

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EX-99.2

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx Mount Milligan Stream Update July 5, 2016 EXHIBIT 99.2

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx Cautionary Statement 2 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 : the proposed Arrangement Agreement between Centerra Gold and Thompson Creek Metals and receipt of approvals required to complete the Arrangement Agreement ; expected gold and copper production, cost, reserve and mine life estimates and forecasts from the operators of the Mount Milligan mine ; anticipated growth in the volume of metals subject to the Company’s royalty and stream interests ; elimination of market uncertainty related to Mount Milligan ; adequacy of liquidity ; sources and uses of capital ; projected cash balances and leverage amounts ; statements concerning Centerra’s cash position, net debt position, pro forma cash flows, dividend rates and market valuation ; statements concerning continued operation of Mount Milligan regardless of the operator’s financial situation ; and statements or estimates from operators of properties where we have royalty and stream interests regarding their projections of steady, increasing or decreasing production while in operation . Factors that could cause actual results to differ materially from these forward-looking statements include, among others : the risks inherent in construction, development and operation of mining properties, including those specific to new mines being developed and operated in foreign countries ; changes in gold, silver, copper, nickel and other metals prices ; performance of and production at the Company’s royalty and stream properties ; decisions and activities of the Company’s management ; unexpected operating costs ; decisions and activities of the operators of the Company’s royalty and stream properties ; changes in operators’ mining and processing techniques or royalty calculation methodologies ; unanticipated grade, geological, metallurgical, environmental, processing or other problems at the properties ; declining grades over the life of the Company’s royalty and stream properties ; inaccuracies in technical reports and reserve estimates ; revisions by operators of reserves, resources, mineralization or production estimates ; changes in project parameters as plans of the operators are refined ; the results of current or planned exploration activities ; discontinuance of exploration activities by operators seeking additional financing from the Company or third parties ; economic and market conditions ; variations between operators’ production estimates and our estimates of net GEOs ; operations on lands subject to aboriginal rights ; the ability of operators of development properties to finance construction to project completion and bring projects into production and operate them in accordance with feasibility studies ; challenges to the Company’s royalty interests, or title and other defects in the Company’s royalty properties ; errors or disputes in calculating royalty payments or stream deliveries, or payments or deliveries not made in accordance with royalty or stream agreements ; the liquidity and future financial needs of the Company ; the impact of future acquisitions and royalty and stream financing transactions ; adverse changes in applicable laws and regulations ; litigation ; 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 . July 5, 2016

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx Peñasquito 3 Mount Milligan – Parent Company is Thompson Creek Metals Company, Inc . (TCM) Located in British Columbia, Canada First (lowest) quartile of worldwide production costs 1 21 year mine life (reserves only) 2 » 5.7 Moz contained gold reserves » 2,185 Mlbs contained copper reserves Thompson Creek 2016 volume guidance of 55 - 65 Mlbs copper and 240 - 270 koz gold Mount Milligan Overview July 5, 2016 1 Based on Wood Mackenzie’s Q2 2016 global copper mine cost curve. C1 cash costs include direct cash costs associated with mining, processing and the realiz ati on of the concentrate or marketable product, with an allowance for by - product credits. C1 cash costs also include general and administrative costs directly related to mine production. 2 Based on reserves as reported by the operator as of December 31, 2015. Production subject to risks outlined on slide 2 . $0.00 $1.00 $2.00 $3.00 $4.00 0% 25% 50% 75% 100% 2016E C1 Cash Cost (US$ / lb) 2016E Cumulative Copper Production, Mlbs (%) Mount Milligan US$0.25 - $0.70/lb Cu

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx 4 Royal Gold – Mount Milligan History July 5, 2016 Royal Gold invested US$781m in three tranches (2010 - 2013 ) in exchange for a streaming interest over the life of the mine Existing stream agreement calls for Royal Gold to receive 52.25% of the payable gold in exchange for payments of $ 435/ oz over the life of the mine Achieved commercial production in February 2014 and design capacity in December 2015 Through May 31, 2016, Mount Milligan has delivered 207 koz of gold to Royal Gold and approximately US$156m in revenue net of stream payments A World Class Gold – Copper Mine

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx 5 Royal Gold was a Catalyst July 5, 2016 Thompson Creek Capital Structure » Debt, US$833m due from December 2017 to May 2019 » Cash, US$139m as of March 31, 2016 » Market Capitalization, ~US$100m Mount Milligan Importance to Royal Gold » 24% of GEO reserves » 27% of net revenue for the first three quarters of fiscal 2016 Our Goals » Maintain value » Obtain s trong operating and financial partner Royal Gold was a Catalyst » Engaged with many companies regarding Mount Milligan — Primary gold, primary b ase m etal, private equity/investment - oriented f irms » Royal Gold open to amend the gold stream to generate additional interest from gold companies while maintaining value » Led to a robust process and support of Thompson Creek - Centerra deal

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx Centerra and Thompson Creek entered into an Arrangement Agreement Centerra to acquire Thompson Creek, all stakeholders addressed » Mount Milligan streaming agreement amended — With combined gold - copper stream, Royal Gold maintains economic interest equivalent to the current arrangement » Cash consideration for the secured and unsecured bondholders » Centerra equity consideration for the Thompson Creek shareholders Closing conditional on Approvals: » C ourt approval of the Arrangement Agreement » Thompson Creek shareholder vote Closing expected in fall 2016 6 Mount Milligan Free Market Solution July 5, 2016

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx Royal Gold’s Mount Milligan economic interest, investment protection maintained » NAV n eutral to Royal Gold at consensus metal prices 1 , using differential discount rates 2 » Senior debt cap maintained » Leverage ratio covenant » Inter - creditor agreement survives Centerra is a f inancially strong partner » Established, profitable and diverse asset base » Centerra e nterprise value (EV) of US$936m and debt of just US$74m at March 31, 2016 » Robust pro forma cash flows support leverage, maturity schedule and terms of debt A seasoned operator with significant technical expertise » Centerra produced over 520 koz of gold in 2015 and over 10 Moz since 1997 » Talented and focused operating team Favorable value for all current and future stakeholders 7 Transaction Meets Royal Gold Goals July 5, 2016 1 Using average of analyst estimates for gold and copper prices as of June 27, 2016 2 5% discount rate for gold, 7.5% for copper

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx 8 Mount Milligan Stream Details July 5, 2016 Existing Stream: » 52.25% of gold, payment of $435/ oz of gold delivered Amended Stream: » 35% of gold, payment - $ 435/ oz of gold delivered » 18.75% of copper, payment – 15% of prevailing copper spot price per metric tonne delivered Amendment is value - neutral on a discounted cash flow basis 0 400,000 800,000 1,200,000 1,600,000 0 30,000 60,000 90,000 120,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Net Gold Equivalent Ounces 1 Current (left) Amended (left) Current Cumulative (right) Amended Cumulative (right) 1 Pro - Forma net gold equivalent ounces calculated as Royal Gold’s estimated revenue from Mount Milligan less applicable stream pay ments, divided by consensus gold price as of June 27, 2016. Production subject to risks outlined on slide 2.

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx 9 Favorable Metal Ratios July 5, 2016 Source: Bloomberg market data as of 01 - Jul - 2016 Note: US$ basis The current gold / copper price ratio is well above the historical average 1 and presents a buying opportunity 0 x 100 x 200 x 300 x 400 x 500 x 600 x 700 x 800 x 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Gold / Copper Ratio 20Y Ratio 10Y Ratio 602 x 386 x 374 x

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx 10 Gold Focused Royal Gold expects 75% of estimated net revenue from gold 1 on a pro - forma basis July 5, 2016 1 Pro - Forma includes expected silver from Pueblo Viejo and effect of Mount Milligan copper stream. FY17 Net Revenue from gold is e xpected to be approximately 81%. 0% 25% 50% 75% 100% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 FY16 To Date PF FY18-22 Gold Silver Other

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx Toronto - based, mid - tier gold producer » Successor to substantially all of the gold businesses of Cameco Corporation » IPO on TSX in 2004 Strong financial position » US$1.4b market capitalization » US$966m EV ( US$502m cash and cash equivalents, US$74m debt) 1 » Dividends paid each year since 2010 (cumulative US$248m to date) Low cost producer » Pro Forma 2016 gold production of approximately 700 koz at US$675 - $ 725/ oz and all - in sustaining costs (AISC) of US$850 - $ 925/oz 2 11 Centerra Gold will be a Strong Operator 1 March 31, 2016, before giving effect to the contemplated Thompson Creek transaction 2 Net of the stream, on a by - product basis Source: Centerra Gold public disclosure July 5, 2016

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx 12 Stream e conomics maintained Operationally and financially strong operator Investment protection Opportunistic purchase of copper component Expect to continue to have 75% of net revenue from gold Eliminates Mount Milligan interest market uncertainty Favorable to current and future stakeholders Royal Gold Supports Transaction July 5, 2016

IBDROOT \ PROJECTS \ IBD - NY \ HARDPAN2015 \ 584619_1 \ Presentations \ 34. 2016 - 07 - 05 Chess Investor Presentation \ RGLD Chess Investor Presentation - 2016 - 07 - 05 1230AM EST v02.pptx 1660 Wynkoop Street, #1000 Denver, CO 80202 - 1132 303.573.1660 info @royalgold.com www.royalgold.com 1660 Wynkoop Street, #1000 Denver, CO 80202 - 1132 303.573.1660 info @royalgold.com www.royalgold.com