Royal Gold, Inc. entered into a Sixth Amended and Restated Revolving Credit Agreement among Royal Gold, as the borrower, certain subsidiaries of Royal Gold, as guarantors, the lenders from time to time party thereto, and HSBC Bank USA, National Association, as administrative agent for the lenders. The Amended Revolving Credit Agreement replaces Royal Gold's $350 million revolving credit facility under the Fifth Amended and Restated Revolving Credit Agreement, dated as of May 30, 2012. The modifications implemented in the Amended Revolving Credit Agreement include, among others: (1) an increase in the maximum availability from $350 million to $450 million; (2) an extension of the final maturity from May 2017 to January 2019; (3) an increase of the accordion feature from $50 million to $150 million, which allows the Company to increase availability under the revolving credit facility at its option, subject to satisfaction of certain conditions, to $600 million; (4) a reduction in the commitment fee from 0.375% to 0.25% when the Company's leverage ratio is below specified levels; (5) a reduction in the drawn interest rate from LIBOR + 1.75% to LIBOR + 1.25% when the Company's leverage ratio is below specified levels; (6) removal of the secured debt ratio covenant, and (7) modification of the leverage ratio covenant to require that the company's leverage ratio be less than or equal to 3.5 to 1.0, with an increase to 4.0 to 1.0 for the two quarters following the completion of a material permitted acquisition.

The Amended Revolving Credit Agreement contains customary covenants limiting the ability of Royal Gold and its subsidiaries to, among other things, incur debt or liens, dispose of assets, enter into transactions with affiliates, make certain investments or consummate certain mergers, and contains a collateral package (that includes collateral interests over the Company's royalties at Pe asquito, Dolores, Mulatos, Cortez, Leeville, Goldstrike, Robinson, Canadian Malartic and Holt), which are substantially similar to those under the existing agreement.