POWER OF ATTORNEY
   	KNOW ALL BY THESE PRESENTS, that the undersigned hereby
constitutes and appoints Michelle A. Perry, with full power of
substitution, as the undersigned's true and lawful attorney-in-fact
to:
	(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer or director of Royal Gold, Inc.
(the "Company"), Form ID, Forms 3, 4, and 5 in accordance with
Section 16(a) of the Securities Exchange Act of 1934 and the rules
thereunder;
	(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to complete and
execute any such Form ID, Form 3, 4, or 5, complete and execute any
amendment or amendments thereto, and timely file such form with the
United States Securities and Exchange Commission and any stock
exchange or similar authority; and
	(3) take any other action of any type whatsoever in connection
with the foregoing which, in the opinion of such attorney-in-fact,
may be of benefit to, in the best interest of, or legally required
by, the undersigned, it being understood that the documents executed
by such attorney-in-fact on behalf of the undersigned pursuant to
this Power of Attorney shall be in such form and shall contain such
terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact's discretion.
	The undersigned hereby grants to each such attorney-in-fact full
power and authority to do and perform any and every act and thing
whatsoever requisite, necessary, or proper to be done in the exercise
of any of the rights and powers herein granted, as fully to all
intents and purposes as the undersigned might or could do if
personally present, with full power of substitution or revocation,
hereby ratifying and confirming all that such attorney-in-fact, or
such attorney-in-fact's substitute or substitutes, shall lawfully do
or cause to be done by virtue of this power of attorney and the
rights and powers herein granted.
	The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the undersigned,
are not assuming, nor is the Company assuming, any of the
undersigned's responsibilities to comply with Section 16 of the
Securities Exchange Act of 1934.
	This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4, and 5
with respect to the undersigned's holdings of and transactions in
securities issued by the Company, unless earlier revoked by the
undersigned in a signed writing delivered to the foregoing attorneys-
in-fact.
	IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed as of this 1st day of August 2023.
/s/Martin Raffield
Martin Raffield