Royal Gold : Royal Gold Announces Calendar 2008 Reserve Updates and Production Forecasts From Its Royalty Operators

April 30, 2008 at 03:07 pm

MarketScreener.com By

DENVER, April 30 /PRNewswire-FirstCall/ -- ROYAL GOLD, INC. (Nasdaq: RGLD; TSX: RGL), the leading precious metals royalty company, today announced updated estimates for ore reserves and additional mineralization, in addition to calendar 2008 production forecasts for its royalty portfolio. Updated reserves, additional mineralization and production estimates, as of December 31, 2007, are provided to the Company by the operators of its royalty properties or have been obtained by Royal Gold through publicly available information. Tables displaying this information are attached hereto.

At the end of calendar 2007, total precious metals reserves subject to the Company's royalty interests include 49.5 million ounces of gold and 1.0 billion ounces of silver. This reflects a net gain of 7.3 million ounces of gold and 420 million ounces of silver, representing a 17% increase in gold reserves and a 71% increase in silver reserves over the prior calendar year-end estimates.

Tony Jensen, President and Chief Executive Officer, commented, "We are pleased to report a significant increase in the total reserve base for our royalty portfolio. This growth incorporates the addition of eight new royalties and the on-going successes of our royalty operators in converting additional mineralized material into reserves. It also reflects the continued execution of our strategy to identify and acquire royalty properties with significant upside potential that are managed by top-quality operators. Our portfolio now includes 13 producing royalties and six development stage royalties all of which are contributing to our substantial precious metal reserve base."



    Royalty Profiles

    PRODUCING PROPERTIES

Goldstrike Mine (Nevada, U.S.)

Royal Gold holds a 0.9% net smelter return ("NSR") royalty covering a portion of the Betze-Post mine, known as the SJ Claims. The Betze-Post mine, which is part of the larger open pit Goldstrike operation, is operated by Barrick Gold Corporation. ("Barrick").

Barrick has advised the Company that it anticipates production of approximately 792,000 ounces of gold in calendar 2008 from the SJ Claims that are subject to the Company's royalty interest. The operator also reported that it has updated its ore reserve estimate for the SJ Claims, as of December 31, 2007, based on a gold price of $575 per ounce.

Leeville Mining Complex (Nevada, U.S.)

Royal Gold holds a 1.8% NSR royalty covering a majority of the underground Leeville Mining Complex. Leeville is operated by Newmont Mining Corporation ("Newmont").

Newmont has advised the Company that it anticipates production of approximately 415,000 ounces of gold in calendar 2008 subject to the Company's royalty interest. The operator also reported that it has updated its ore reserve estimates for the Leeville Mining Complex, as of December 31, 2007, based on a gold price of $575 per ounce.

Pipeline Mining Complex (Nevada, U.S.)

At the Pipeline Mining Complex, Royal Gold holds two sliding-scale gross smelter return royalties ("GSR1" and "GSR2"), a fixed-rate gross smelter return royalty ("GSR3"), and a net value royalty ("NVR1"). The GSR1 royalty rate is currently 5.0% and covers a majority of the Pipeline and South Pipeline deposits. The GSR2 royalty rate is currently 9.0% and covers the Crossroads area and a portion of the Gap deposit. The GSR3 royalty rate is fixed at 0.71% for the life of the mine and covers the same area as GSR1 and GSR2 combined. The 0.39% NVR1 royalty, net of minority interest, covers production from the GAS Claims, an area of interest of approximately 4,000 acres that includes the South Pipeline deposit and Crossroads area, but excludes the Pipeline deposit. The Company is currently receiving royalty revenue from all four royalties.

The Pipeline Mining Complex is a large open pit gold mining operation which is operated by Barrick.

Barrick has advised the Company that it anticipates production of approximately 367,000 ounces of gold in calendar 2008 subject to the Company's royalty interests. The operator has reported that it has updated its ore reserve estimates for the Pipeline Mining Complex, as of December 31, 2007, based on a gold price of $575 per ounce.

Mulatos Mine (Sonora, Mexico)

Royal Gold holds a sliding-scale NSR royalty at Mulatos, an open pit gold mine operated by Alamos Gold Inc. ("Alamos"). The sliding-scale ranges from 0.30%, at an average quarterly gold price of $299.99 per ounce or less, up to a maximum of 1.5% when the price of gold averages $400 per ounce or higher. The royalty is capped at two million ounces of gold production. As of March 31, 2008, the Company has received payment for approximately 180,000 cumulative ounces of gold since the royalty commenced in April 2006.

Alamos has advised the Company that it anticipates production of approximately 120,000 ounces of gold for calendar 2008 subject to the Company's royalty interest. The operator has reported that is has updated its reserve estimates for Mulatos, as of December 31, 2007, based on a gold price of $500 per ounce.

Bald Mountain Mine (Nevada, U.S.)

Royal Gold holds a sliding-scale NSR royalty that covers a portion of the Bald Mountain mine, an open pit gold mine operated by Barrick. Currently, the Company's royalty rate is 1.75%.

Barrick has advised the Company that it anticipates production of approximately 28,000 ounces of gold in calendar 2008 subject to the Company's royalty interest. The operator also reported that it has updated its ore reserve estimates for Bald Mountain, as of December 31, 2007, based on a gold price of $575 per ounce.

Williams Mine (Ontario, Canada)

Royal Gold holds a 0.72% NSR royalty on the Williams mine, an open pit and underground gold mining operation operated by the Williams Operating Corporation ("Williams"), a joint venture of Teck Cominco LTD (50%) and Barrick Gold Corporation (50%). Williams has advised the Company that it anticipates production of approximately 126,000 ounces of gold in calendar 2008 subject to the Company's royalty interest. The operator also reported that it has updated its ore reserve estimates, as of December 31, 2007, at a gold price of $575 per ounce.

El Chanate Mine (Sonora, Mexico)

Royal Gold holds a 2.0% - 4.0% sliding-scale NSR royalty and a 10.0% net profits interest ("NPI") royalty on the El Chanate mine, an open pit gold operation operated by Capital Gold Corporation ("Capital Gold"). The sliding-scale NSR royalty is currently at 4.0% and is capped at $17 million. The NPI royalty is capped at $1.0 million. As of March 31, 2008, approximately $700,000 has been applied to the $17.0 million cap on the NSR royalty. No payments have yet been made on the NPI royalty.

Capital Gold has advised the Company that it anticipates production of approximately 50,000 ounces of gold in calendar 2008 subject to the Company's royalty interest. The operator has reported that it has updated its ore reserve estimates, as of October 2007, at a gold price of $550 per ounce.

Taparko Mine (Burkina Faso, West Africa)

Royal Gold holds two initial concurrent production payments, both equivalent to GSR royalties, and two subsequent GSR royalties at the Taparko-Bouroum project, an open pit gold operation. The project is operated by High River Gold Mines Ltd. ("High River").

The first GSR-equivalent royalty ("TB-GSR1") is fixed at a rate of 15.0%. The second GSR-equivalent royalty ("TB-GSR2") is a sliding-scale royalty ranging from 0.0% to 10.0%, depending upon the price of gold. The TB-GSR2 royalty pays out at a rate of 4.3% when the average monthly gold price ranges between $385 and $430 per ounce. Outside of this range, the royalty rate is calculated by dividing the average monthly gold price by 100 for gold prices above $430 per ounce, or by dividing the average monthly gold price by 90 for gold prices below $385 per ounce (e.g., a $900 per ounce gold price results in a rate of 900/100 = 9.0%). Both TB-GSR1 and TB-GSR2 continue until either total production reaches 804,420 ounces of gold, or Royal Gold receives payments totaling $35 million under TB-GSR1, whichever occurs first. As of March 31, 2008, the Company has received payments totaling $2.9 million on production of 23,000 ounces of gold.

The two subsequent royalties consist of a 2.0% GSR perpetual royalty ("TB-GSR3"), applicable to gold production from defined portions of the Taparko-Bouroum project area, and a 0.75% GSR milling royalty ("TB-MR1"). The TB-MR1 applies to ore that is mined outside of the defined area of the Taparko-Bouroum project that is processed through the Taparko facilities, up to a maximum of 1.1 million tons per year. Both the TB-GSR3 and TB-MR1 royalties commence once TB-GSR1 and TB-GSR2, described earlier, have ceased.

High River informed the Company that it anticipates production of approximately 91,000 ounces of gold for calendar 2008 subject to the Company's royalty interests. The operator also reported that it has updated its ore reserve estimates for Taparko, as of December 31, 2007, based on a gold price of $800 per ounce.

Robinson Mine (Nevada, U.S.)

Royal Gold holds a 3.0% NSR royalty on the Robinson mine, an open pit copper mine with significant gold credits. The mine is operated by Quadra Mining Ltd. ("Quadra").

Quadra has advised the Company that it anticipates production of approximately 100,000 ounces of gold and 130 million pounds of copper in calendar year 2008 subject to the Company's royalty interest. The operator also reported that it has updated its ore reserve estimates for the Robinson mine, as of December 31, 2007, at a copper price of $2.50 per pound for calendar 2008 through 2012 and $1.75 per pound for the remainder of the mine life. Quadra does not use a gold price figure to define reserves because gold is produced as a by-product of copper.

Don Mario Mine (Chiquitos Province, Bolivia)

Royal Gold holds a 3.0% NSR royalty on the Don Mario mine, an open pit and underground mine operated by Orvana Minerals Corp. ("Orvana").

The operator at Don Mario has not provided the Company with a production estimate for calendar 2008. However, on February 11, 2008, the operator reported production of approximately 21,000 ounces of gold for their first fiscal quarter ended December 31, 2007. The operator previously reported ore reserve estimates for the Lower Mineralized Zone ("LMZ") of the Don Mario mine, as of November 1, 2005, based on a gold price of $400 per ounce. Royal Gold netted 2006 and 2007 annual production from the November 1, 2005 figures, to determine the remaining LMZ ore as of the operator's fiscal year-end, September 30, 2007, based upon reserve and production information from the operator's press releases dated December 5, 2005 and November 29, 2007. The operator previously reported ore reserve estimates for the Upper Mineralized Zone ("UMZ") as of October 2006, using a $400 per ounce gold price and a $6.00 per ounce silver price. Amounts shown in the tables for the UMZ reflect the operator's reserve estimates from October 2006.

El Limon Mine (Border of Chinandega and Leon Departments, Nicaragua)

Royal Gold holds a 3.0% NSR royalty on the El Limon mine, an open pit and underground gold mine operated by Central Sun Mining Inc. ("Central Sun").

Central Sun has advised the Company that it anticipates production of approximately 43,000 ounces of gold in calendar 2008 subject to the Company's royalty interest. The operator also reported that it has updated its ore reserve estimates, as of December 31, 2007, at a gold price of $550 per ounce.

Martha Mine (Santa Cruz Province, Argentina)

The Company holds a 2.0% NSR royalty on the Martha underground silver mine operated by Coeur d'Alene Mines Corporation ("Coeur").

Coeur has advised the Company that it anticipates production of approximately 5 million ounces of silver in calendar 2008 subject to the Company's royalty interest. The operator also reported that it has updated its ore reserve estimates for the Martha mine, as of December 31, 2007, based on a silver price of $11.00 per ounce.

Troy Mine (Montana, U.S.)

Royal Gold holds a 7.0% GSR royalty that covers the Troy underground copper and silver mine operated by Revett Minerals Inc. ("Revett"). This 7.0% GSR royalty extends until either cumulative production reaches approximately 9.9 million ounces of silver and 84.7 million pounds of copper, or Royal Gold receives $10.5 million in cumulative payments, whichever occurs first. The Company expects the cumulative payment threshold to be met first and, as of March 31, 2008, the Company has received approximately $7.1 million in cumulative payments and accruals from the Troy mine attributable to cumulative production of approximately 3.0 million ounces of silver and 26.0 million pounds of copper.

Royal Gold also holds a perpetual GSR royalty that begins at 6.1% on any production in excess of 11.0 million ounces of silver and 94.1 million pounds of copper. This 6.1% GSR royalty steps down to a perpetual 2.0% GSR royalty after cumulative production exceeds 12.7 million ounces of silver and 108.2 million pounds of copper.

Revett has advised the Company that it anticipates production of approximately 1.4 million ounces of silver and 12.5 million pounds of copper in calendar 2008 that are subject to the Company's royalties. Revett has also informed the Company that its updated ore reserve estimates, as of December 31, 2007, are based on a $10.00 per ounce silver price and a $2.25 per pound copper price.

DEVELOPMENT STAGE PROPERTIES

Penasquito Project (State of Zacatecas, Mexico)

Royal Gold holds a 2.0% NSR royalty on all metals on the Penasquito project under development by Goldcorp Inc. ("Goldcorp"). The Penasquito project, composed of two main deposits called Penasco and Chile Colorado, hosts one of the world's largest silver, gold and zinc reserves, while also containing large lead reserves. According to the operator, production from the oxide portion of the deposit is expected to commence in the second half of calendar 2008.

Goldcorp has informed the Company that it anticipates production of approximately 67,000 ounces of gold and 2.3 million ounces of silver in calendar year 2008 subject to the Company's royalty interest. The operator also reported that it has updated its ore reserve estimates, as of June 2007, at a gold price of $525 per ounce, a silver price of $10.00 per ounce, a lead price of $0.40 per pound, and a zinc price of $0.80 per pound.

Dolores (State of Chihuahua, Mexico)

Royal Gold holds a 1.25% NSR on gold in addition to a 2.0% NSR on both gold and silver production from the Dolores project which is under development by Minefinders Corporation Ltd. ("Minefinders"). The operator estimates that production will begin in the second quarter of calendar 2008. Once initial production commences, the 1.25% NSR will provide immediate revenue to Royal Gold. Revenue from the 2.0% NSR will begin after production reaches 75% of design capacity for a continuous three-month period.

Minefinders has advised the Company that it anticipates production of approximately 40,000 ounces of gold and 1.0 million ounces of silver in calendar year 2008 subject to the Company's royalty interests. A 43-101 technical report dated March 25, 2008, was filed on SEDAR updating the ore reserves for the project, at a gold price of $600 per ounce and a silver price of $10.00 per ounce.

Benso (Western Region, Ghana)

Royal Gold holds a 1.50% NSR royalty on the Benso project. The Benso gold deposit is currently being developed as a source of high grade ore for the Wassa processing plant. The operator of the property is Golden Star Resources ("Golden Star").

Golden Star has informed the Company that it anticipates production of approximately 25,000 ounces of gold in calendar year 2008 subject to the Company's royalty interest. The operator also reported that it has updated its ore reserve estimates, as of April 27, 2007, at a gold price of $480 per ounce.

Gold Hill (Nevada, U.S.)

Royal Gold holds a 1.0% - 2.0% sliding-scale NSR royalty on the Gold Hill deposit. The Gold Hill deposit, located just north of the Round Mountain gold mine, is controlled by Round Mountain Gold Corporation ("RMGC"), a joint venture between Kinross Gold Corporation, the operator, and Barrick. The sliding-scale ranges from 2.0% when the gold price is above $350 per ounce and slides to 1.0% when the price of gold falls to $350 per ounce or below. The royalty is effectively capped at $10 million as RMGC has the right, at any time, to purchase the royalty interest for $10 million less any royalty payments paid prior to the purchase option being exercised. The royalty is also subject to a minimum royalty payment of $100,000 per year.

Although RMGC's Gold Hill reserves are not separately detailed in their publicly available financial reports, Barrick Gold Corporation stated in its September 2006 Nevada Mine Tour presentation titled "Barrick in Nevada," posted on their web site, that as of December 31, 2005, there were 375,000 contained ounces in reserves that represent their 50% share of the project. According to public information, production is expected to commence in calendar 2011.

Marigold Mine (Nevada, U.S.)

Royal Gold holds a 2.0% NSR royalty on the Marigold mine, a large scale, multiple open pit operation, operated by Goldcorp. The 2.0% NSR royalty interest burdens the majority of six sections of the mine, containing a number of open pits, but does not cover the current mining in the Basalt/Antler area.

Based upon information from the operator, Royal Gold expects to begin receiving royalty revenue in calendar 2011. The operator reported that it has updated its ore reserve estimates, as of December 31, 2007, at a gold price of $550 per ounce.

Pascua-Lama (Huasco Province, Argentina/San Juan Province, Chile)

Royal Gold holds a 0.16% to 1.08% sliding-scale NSR royalty on the Pascua-Lama project. Pascua-Lama is owned by Barrick. The NSR royalty is applicable to all gold production from an area of interest in Chile. Royal Gold also holds a 0.216% fixed-rate copper royalty which applies to all of the copper reserves in Chile within the area of interest, but does not take effect until after January 1, 2017.

Barrick has advised the Company that it updated its ore reserve estimates, as of December 31, 2007, at a gold price of $575 per ounce. According to the operator, the project is ready for construction, pending resolution of tax and permitting issues.

Corporate Profile

Royal Gold, Inc. is a precious metals royalty Company engaged in the acquisition and management of precious metals royalty interests. Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol "RGLD," and on the Toronto Stock Exchange under the symbol "RGL." The Company's web page is located at http://www.royalgold.com.

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 regarding the on-going success of Royal Gold's royalty operators in converting additional mineralized material into reserves, and the producing and development stage royalties in contributing to Royal Gold's precious metal reserve base; the continued strategy to identify and acquire royalty properties with significant upside potential that are managed by top-quality operators; production estimates for calendar 2008 provided by third-party operators; reserves and mineralization estimates provided by third party operators, except in the case of the Don Mario mine where production was deducted from the operator's earlier reserve statement, or obtained from publicly available information; the sliding-scale features of our royalty structure at certain of our properties; changes in production estimates or commencement of production or construction from the operators of certain properties; and the expectation of the royalty payment caps at the Troy and Taparko mines to be met. Like any royalty on a non-producing or not yet in development project, our royalties 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 the ability of Royal Gold to make accurate assumptions regarding valuation and timing and amount of royalty payments. In addition, many of our royalty 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 include, among others, changes in precious metals prices, performance of and production at our royalty properties, decisions and activities of the operators of our royalty properties, mine completion, unanticipated grade, geological, metallurgical, processing or other problems the operators of the mining properties may encounter, changes in project parameters as plans continue to be refined, results of current or planned exploration activities, continued diversification of our royalty base, economic and market conditions, and future financial needs or opportunities, and the impact of any future acquisitions, as well as other factors described elsewhere in this press release and in our Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. Most of these factors relate to activities of the mine operators and 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.

TABLE 1 Royal Gold's Royalty Portfolio Proven and Probable Gold Reserves(1,2) For Producing Royalties as of December 31, 2007(3) PROVEN RESERVES Gold Avg. Gold Contained Tons of Ore Grade Ozs(5) PROPERTY ROYALTY(4) OPERATOR (millions) (oz/ton) (millions) Goldstrike(6) 0.9% NSR Barrick - - - (SJ Claims) Leeville 1.8% NSR Newmont - - - Mining Complex(6) Pipeline GSR1 0.40-5.0% GSR Barrick 4.47 0.092 0.410 (sliding-scale) Pipeline GSR2 0.72-9.0% GSR Barrick 1.30 0.029 0.037 (sliding-scale) Pipeline GSR3 0.71% GSR Barrick 5.77 0.078 0.448 Pipeline NVR1 0.39% NVR Barrick 3.71 0.054 0.201 Mulatos(8) 0.30-1.5% NSR Alamos 6.76 0.061 0.411 (sliding-scale) Bald Mountain(6) 1.75-3.5% NSR Barrick - - - (sliding-scale) PROBABLE RESERVES Gold Tons of Avg. Gold Contained Ore Grade Ozs(5) PROPERTY (millions) (oz/ton) (millions) Goldstrike(6) (SJ Claims) - - - Leeville Mining Complex(6) - - - Pipeline GSR1 27.70 0.045 1.239 Pipeline GSR2 10.62 0.022 0.236 Pipeline GSR3 38.32 0.038 1.475 Pipeline NVR1 33.53 0.035 1.186 Mulatos(8) 28.66 0.045 1.278 Bald Mountain(6) - - - PROVEN + PROBABLE RESERVES Gold Tons of Avg. Gold Contained Ore Grade Ozs(5) PROPERTY (millions) (oz/ton) (millions) Goldstrike(6) (SJ Claims) 52.49 0.133 6.960 Leeville Mining Complex(6) 5.06 0.427 2.161 Pipeline GSR1 32.18 0.051 1.6497 Pipeline GSR2 11.92 0.023 0.2747 Pipeline GSR3 44.09 0.044 1.9237 Pipeline NVR1 37.24 0.037 1.3877 Mulatos(8) 35.42 0.048 1.689 Bald Mountain(6) 31.46 0.028 0.889 TABLE 1 (cont.) Royal Gold's Royalty Portfolio Proven and Probable Gold Reserves(1,2) for Producing Royalties as of December 31, 2007(3) PROVEN RESERVES Gold Avg. Gold Contained Tons of Ore Grade Ozs(5) PROPERTY ROYALTY(4) OPERATOR (millions) (oz/ton) (millions) Williams 0.72% NSR Williams 7.24 0.073 0.528 Operating Corporation El Chanate 2.0-4.0% NSR Capital Gold 29.42 0.020 0.581 (sliding-scale) El Chanate 10.0% NPI Capital Gold 29.42 0.020 0.581 Taparko(9) 15.0% GSR High River - - - TB-GSR1 Taparko(9) 0.0-10.0% GSR High River - - - TB-GSR2 (sliding-scale) Taparko(9) 2.0% GSR High River - - - TB-GSR3 Robinson 3.0% NSR Quadra 96.89 0.007 0.669 Don Mario 3.0% NSR(12) Orvana LMZ - - - UMZ 1.18 0.041 0.049 El Limon 3.0% NSR Central Sun 0.17 0.176 0.030 PROBABLE RESERVES Gold Avg. Gold Contained Tons of Ore Grade Ozs(5) PROPERTY (millions) (oz/ton) (millions) Williams 2.69 0.119 0.319 El Chanate 14.07 0.018 0.251 El Chanate 14.07 0.018 0.251 Taparko(9) TB-GSR1 - - - Taparko(9) TB-GSR2 - - - Taparko(9) TB-GSR3 - - - Robinson 17.51 0.006 0.103 Don Mario - - - 4.82 0.041 0.200 El Limon 1.35 0.138 0.187 PROVEN + PROBABLE RESERVES Gold Avg. Gold Contained Tons of Ore Grade Ozs(5) PROPERTY (millions) (oz/ton) (millions) Williams 9.93 0.085 0.846 El Chanate 43.50 0.019 0.832 El Chanate 43.50 0.019 0.832 Taparko(9) TB-GSR1 3.70 0.082 0.303(10,11) Taparko(9) TB-GSR2 3.70 0.082 0.303(10,11) Taparko(9) TB-GSR3 6.06 0.082 0.497 Robinson 114.41 0.007 0.772 Don Mario 0.56 0.337 0.189(13) 6.01 0.041 0.249 El Limon 1.52 0.143 0.217 TABLE 1 (cont.) Royal Gold's Royalty Portfolio Proven and Probable Gold Reserves(1,2) for Development Properties as of December 31, 2007(3) PROVEN RESERVES Avg. Gold Tons of Gold Contained Ore Grade Ozs(5) PROPERTY ROYALTY(4) OPERATOR (millions) (oz/ton) (millions) Pascua-Lama(14) 0.16-1.08% NSR Barrick 35.71 0.053 1.900 (sliding-scale) Penasquito(15) 2.0% NSR Goldcorp Sulfide 470.57 0.017 7.855 Oxide 46.41 0.006 0.283 Benso 1.5% NSR Golden Star - - - Dolores 3.25% NSR Minefinders 62.42 0.023 1.454 Gold Hill(6) 1.0-2.0% NSR Kinross - - - (sliding-scale) Marigold(6,17) 2.0% NSR Goldcorp/Barrick - - - PROBABLE RESERVES Avg. Gold Gold Contained Tons of Ore Grade Ozs(5) PROPERTY (millions) (oz/ton) (millions) Pascua-Lama(14) 288.80 0.044 12.700 Penasquito(15) Sulfide 419.09 0.011 4.546 Oxide 75.29 0.005 0.367 Benso 2.54 0.099 0.252 Dolores 47.04 0.021 0.990 Gold Hill(6) - - - Marigold(6,17) - - - PROVEN + PROBABLE RESERVES Avg.Gold Tons of Ore Grade Gold Contained PROPERTY (millions) (oz/ton) Ozs(5)(millions) Pascua-Lama(14) 324.52 0.045 14.600 Penasquito(15) Sulfide 889.67 0.014 12.401 Oxide 121.69 0.005 0.650 Benso 2.54 0.099 0.252 Dolores 109.46 0.022 2.444 Gold Hill(6) - - 0.750(16) Marigold(6,17) 44.59 0.019 0.867 TABLE 1 (cont.) Royal Gold's Royalty Portfolio Proven and Probable Silver Reserves(1,18) for Producing Royalties as of December 31, 2007(3) PROVEN RESERVES Silver Tons of Avg. Silver Contained Ore Grade Ozs(5) PROPERTY ROYALTY(4) OPERATOR (millions) (oz/ton) (millions) Martha 2.0% NSR Coeurd'Alene 0.06 52.95 2.924 Don Mario 3.0% NSR(12) Orvana 1.18 1.59 1.877 UMZ Troy(9) 7.0% GSR Revett - - - 6.1% GSR - - - 2.0% GSR - - - PROBABLE RESERVES Silver Avg. Silver Contained Tons of Ore Grade Ozs(5) PROPERTY (millions) (oz/ton) (millions) Martha 0.10 54.55 5.369 Don Mario 4.82 1.30 6.276 Troy(9) - - - - - - - - - PROVEN + PROBABLE RESERVES Silver Avg. Silver Contained Tons of Ore Grade Ozs(5) PROPERTY (millions) (oz/ton) (millions) Martha 0.15 53.97 8.293 Don Mario 6.01 1.36 8.153 Troy(9) 2.01 1.18 2.379(19) 1.73 1.18 2.046 2.61 1.18 3.085 TABLE 1 (cont.) Royal Gold's Royalty Portfolio Proven and Probable Silver Reserves(1,18) for Development Properties as of December 31, 2007(3) PROVEN RESERVES Silver Avg. Silver Contained Tons of Ore Grade Ozs(5) PROPERTY ROYALTY(4) OPERATOR (millions) (oz/ton) (millions) Penasquito(15) 2.0% NSR Goldcorp 470.57 0.99 466.993 Sulfide 46.41 0.61 28.244 Oxide Dolores 2.0% NSR Minefinders 62.42 1.18 73.415 PROBABLE RESERVES Silver Avg. Silver Contained Tons of Ore Grade Ozs(5) PROPERTY (millions) (oz/ton) (millions) Penasquito(15) Sulfide 419.09 0.79 332.561 Oxide 75.29 0.48 36.061 Dolores 47.041 1.13 53.230 PROVEN + PROBABLE RESERVES Silver Avg. Silver Contained Tons of Ore Grade Ozs(5) PROPERTY (millions) (oz/ton) (millions) Penasquito(15) Sulfide 889.67 0.90 799.554 Oxide 121.69 0.53 64.305 Dolores 109.46 1.16 126.645 TABLE 1 (cont.) Royal Gold's Royalty Portfolio Proven and Probable Base Metal Reserves(1) for Producing Royalties as of December 31, 2007(3) COPPER(20) PROVEN RESERVES Copper Avg. Copper Contained Tons of Ore Grade lbs(5) (millions) (% Cu) (millions) PROPERTY ROYALTY(4) OPERATOR Robinson 3.0% NSR Quadra 96.89 0.61 1,188 Don Mario 3.0% NSR(12) Orvana UMZ 1.18 1.62 38 Troy(9) 7.0% Revett - - - 6.1% - - - 2.0% - - - PROBABLE RESERVES Copper Tons of Avg. Copper Contained Ore Grade lbs(5) PROPERTY (millions) (% Cu) (millions) Robinson 17.51 1.07 375 Don Mario 4.82 1.47 142 Troy(9) - - - - - - - - - PROVEN + PROBABLE RESERVES Copper Avg. Copper Contained Tons of Ore Grade lbs(5) PROPERTY (millions) (% Cu) (millions) Robinson 114.41 0.68 1,563 Don Mario 6.01 1.50 180 Troy(9) 1.94 0.54 21(19) 1.58 0.54 17 3.70 0.54 40 TABLE 1 (cont.) Royal Gold's Royalty Portfolio Proven and Probable Base Metal Reserves(1) for Development Properties as of December 31, 2007(3) ZINC(21) PROVEN RESERVES Zinc Avg. Zinc Contained Tons of Ore Grade lbs(5) PROPERTY ROYALTY(4) OPERATOR (millions) (% Zn) (millions) Penasquito(15) (sulfide) 2.0% NSR Goldcorp 470.57 0.78 7,363 PROBABLE RESERVES Zinc Avg. Zinc Contained Tons of Ore Grade lbs(5) PROPERTY (millions) (% Zn) (millions) Penasquito(15) 419.09 0.65 5,445 (sulfide) PROVEN + PROBABLE RESERVES Zinc Tons of Avg. Zinc Contained Ore Grade lbs(5) PROPERTY (millions) (% Zn) (millions) Penasquito(15) (sulfide) 889.67 0.72 12,809 LEAD(22) PROVEN RESERVES Lead Avg.Lead Contained Tons of Ore Grade lbs(5) PROPERTY ROYALTY(4) OPERATOR (millions) (% Pb) (millions) Penasquito(15) (sulfide) 2.0% NSR Goldcorp 470.57 0.36 3,439 PROBABLE RESERVES Lead Avg. Lead Contained Tons of Ore Grade lbs(5) PROPERTY (millions) (% Pb) (millions) Penasquito(15) (sulfide) 419.09 0.29 2,447 PROVEN + PROBABLE RESERVES Lead Avg. Lead Contained Tons of Ore Grade lbs(5) PROPERTY (millions) (% Pb) (millions) Penasquito(15) (sulfide) 889.67 0.33 5,886 FOOTNOTES TO TABLE 1 (1) Set forth below are the definitions of proven and probable reserves used by the U.S. Securities and Exchange Commission. Some of our royalty operators are Canadian issuers. Their definitions of "mineral reserve," "proven mineral reserve" and "probable mineral reserve" conform to the Canadian Institute of Mining, Metallurgy and Petroleum definitions of these terms as of the effective date of estimation as required by National Instrument 43-101 of the Canadian Securities Administrators. The Canadian definitions of "reserve," "proven (measured) reserves," and "probable (indicated) reserves" are different than those used by the SEC as defined below. "Reserve" is that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. "Proven (Measured) Reserves" are reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes, and the grade is computed from the results of detailed sampling, and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that the size, shape, depth and mineral content of the reserves are well established. "Probable (Indicated) Reserves" are reserves for which the quantity and grade are computed from information similar to that used for proven (measured) reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance of probable (indicated) reserves, although lower than that for proven (measured) reserves, is high enough to assume geological continuity between points of observation. (2) Gold reserves were calculated by the operators at the following per ounce prices: $800 - Taparko; $600 - Dolores; $575 - Pipeline Mining Complex, Goldstrike, Bald Mountain, Leeville, Williams and Pascua-Lama; $550 - El Chanate, El Limon and Marigold; $525 - Penasquito; $500 - Mulatos; $480 - Benso; $400 - Don Mario. Quadra does not use a gold price figure to define reserves as gold is produced as a by-product of copper. No gold price is reported for Gold Hill - see footnote 14. (3) Reserves have been calculated by the operators as of December 31, 2007, with the exception of the following properties: Don Mario (UMZ) - October 2006; Benso - April 2007; Penasquito - June 2007; and El Chanate - October 2007. The reserves at the Don Mario mine for the LMZ as of September 30, 2007, are based on publicly available reserve and production information dated December 5, 2005 and November 29, 2007. (4) See royalty definitions at end of release. (5) "Contained ounces" or "contained pounds" do not take into account losses in processing the ore. The amounts shown are 100% of the reserves subject to our royalty interests. (6) The operators at Goldstrike, Leeville, Bald Mountain, Gold Hill and Marigold did not provide a breakdown of proven and probable reserves. (7) GSR1, GSR2 and NVR1 reserves are a subset of the reserves covered by GSR3. (8) The Company's royalty is subject to a 2.0 million ounce cap on gold production. (9) Due to the royalty structure at the Taparko and Troy mines, reserves cannot be broken down into proven and probable. (10) TB-GSR1 and TB-GSR2 royalties are subject to the same reserve. (11) The reserves at High River have been adjusted, based on the operator's gold price assumption of $800 per ounce, to reflect the $35 million cap on the TB-GSR1 royalty. Upon meeting this cap, both the TB-GSR1 and TB-GSR2 royalties cease and the TB-GSR3 royalty becomes effective. The TB-GSR3 reserves represent the remaining reserves after subtracting the reserves associated with TB-GSR1 and TB-GSR2. (12) Don Mario reserves consist of a lower mineralized zone ("LMZ") and an upper mineralized zone ("UMZ"). (13) Reserves represent the operator's reserve estimates as of November 1, 2005, net of 2006 and 2007 annual production as reported by the operator. (14) Reserves shown represent the area of interest in Chile to which the royalty applies. (15) Operator reported reserve estimates by deposit types. A sulfide deposit is one in which the sulfide minerals predominate. An oxide deposit is one in which the oxide minerals predominate. (16) RMGC's Gold Hill reserves are not separately detailed in their publicly available financial reports. However, Barrick Gold Corporation stated in its September 2006 Nevada Mine Tour presentation titled "Barrick in Nevada," posted on their web site, that as of December 31, 2005, there were 375,000 contained ounces in reserves that represent their 50% share of the project. (17) The 2.0% NSR royalty interest burdens the majority of six sections of land, containing a number of open pits, but does not cover the current mining in the Basalt/Antler area. (18) Silver reserves were calculated by the operators at $11.00 per ounce for Martha; $10.00 per ounce for Penasquito; $10.00 per ounce for Troy, Penasquito, and Dolores; and $6.00 per ounce for Don Mario. (19) The reserves subject to the 7.0% GSR royalty have been adjusted downward by Royal Gold due to the expectation of meeting the monetary cap of $10.5 million in cumulative payments. Royal Gold used the operator's December 31, 2007 silver and copper reserve prices of $10.00 per ounce and $2.25 per pound, respectively, to calculate this adjustment. (20) Copper reserves were calculated by the operators at $2.50 per pound for Robinson for calendar years 2008 through 2012 and $1.75 for the remainder of the mine life; $2.25 per pound for Troy; and $1.00 for Don Mario (UMZ). (21) Zinc reserves were calculated by the operator at $0.80 per pound. (22) Lead reserves were calculated by the operator at $0.40 per pound. TABLE 2 Royal Gold's Royalty Portfolio Gold Additional Mineralized Material(1) For Producing Royalties as of December 31, 2007 AVERAGE GOLD ADDITIONAL GRADE MINERALIZED TONS (ounces per PROPERTY ROYALTY(2) OPERATOR MATERIAL (millions) ton) Mulatos 0.30 - 1.5% NSR Alamos Measured(3) 19.07 0.040 (sliding-scale) Indicated(3) 87.13 0.033 Inferred(3) - - Bald 1.75 - 3.5% NSR Barrick Measured & Mountain (sliding-scale) Indicated(3) 70.01 0.026 Inferred(3) - - Pipeline 0.40 - 5.0% GSR Barrick Measured(3,4) 2.89 0.025 GSR1 (sliding- scale) Indicated(3,4) 29.43 0.020 Inferred(3,4) 4.33 0.013 Pipeline 0.72 - 9.0% GSR Barrick Measured(3,4) 3.49 0.044 GSR2 (sliding-scale) Indicated(3,4) 24.70 0.039 Inferred(3,4) 0.94 0.019 Pipeline 0.71% GSR Barrick Measured(3,4) 6.38 0.035 GSR3 Indicated(3,4) 54.14 0.028 Inferred(3,4) 5.26 0.014 Pipeline 0.39% NVR Barrick Measured(3,4) 3.84 0.044 NVR1 Indicated(3,4) 28.67 0.037 Inferred(3,4) 3.38 0.012 Williams 0.72% NSR Williams Measured(3) 1.71 0.090 Operating Indicated(3) 2.37 0.154 Corporation Inferred(3) 6.21 0.127 El Chanate 2.0 - 4.0% NSR Capital Measured(3) 11.31 0.018 (sliding-scale) Gold Indicated(3) 32.85 0.020 Inferred(3) 6.15 0.021 El Chanate 10.0% NPI Capital Measured(3) 11.31 0.018 Gold Indicated(3) 32.85 0.020 Inferred(3) 6.15 0.021 Robinson 3.0% NSR Quadra Measured(3,5) 573.00 0.005 Indicated(3,5) 147.00 0.003 Inferred(3,5) 89.00 0.002 Goldstrike 0.9% NSR Barrick Measured(3) 2.76 0.055 (SJ Claims) Indicated(3) 4.06 0.050 Inferred(3) - - TABLE 2 Royal Gold's Royalty Portfolio (cont.) Gold Additional Mineralized Material(1) For Producing Royalties as of December 31, 2007 AVERAGE GOLD ADDITIONAL GRADE MINERALIZED TONS (ounces per PROPERTY ROYALTY(2) OPERATOR MATERIAL (millions) ton) Taparko 2% GSR High River Measured(3) - - Indicated(3) 2.51 0.082 Inferred(3) 1.22 0.083 Leeville 1.8% NSR Newmont Mining -(6) 0.64 0.446 Complex El Limon 3.0% NSR Central Sun Measured(3) 0.03 0.136 Indicated(3) 0.39 0.147 Inferred(3) - - Gold Additional Mineralized Material(1) for Development Properties as of December 31, 2007 AVERAGE GOLD ADDITIONAL GRADE MINERALIZED TONS (ounces per PROPERTY ROYALTY(2) OPERATOR MATERIAL (millions) ton) Penasquito(7) 2.0% NSR Goldcorp Measured(3) 109.24 0.008 (sulfide) Indicated(3) 591.71 0.006 Inferred(3) 1,299.61 0.007 Penasquito(7) 2.0% NSR Goldcorp Measured(3) 8.71 0.002 (oxide) Indicated(3) 38.25 0.003 Inferred(3) 45.19 0.004 Pascua-Lama 0.16-1.08% NSR Barrick Measured(3) 8.16 0.037 (sliding-scale) Indicated(3) 62.39 0.035 Inferred(3) 7.28 0.027 Dolores 3.25% NSR Minefinders Measured & Indicated(3) 7.70 0.090 Inferred(3) 33.45 0.020 Benso 1.5% NSR Golden Star Measured(3) - - Indicated(3) 0.45 0.072 Inferred(3) 0.67 0.099 TABLE 2 (cont.) Royal Gold's Royalty Portfolio Silver Additional Mineralized Material(1) for Producing Royalties as of December 31, 2007 ADDITIONAL AVERAGE SILVER MINERALIZED TONS GRADE PROPERTY ROYALTY(2) OPERATOR MATERIAL (millions) (ounces per ton) Troy 2.0% GSR Revett Measured(3) 35.16 1.46 Indicated(3) 10.93 1.05 Inferred(3) - - Martha 2.0% NSR Coeur d'Alene Measured(3) 0.039 46.33 Indicated(3) 0.053 29.78 Inferred(3) 0.072 27.53 Silver Additional Mineralized Material(1) for Development Properties as of December 31, 2007 ADDITIONAL AVERAGE SILVER MINERALIZED TONS GRADE PROPERTY ROYALTY(2) OPERATOR MATERIAL (millions) (ounces per ton) Penasquito(7) 2.0% NSR Goldcorp Measured(3) 109.24 0.65 (sulfide) Indicated(3) 591.71 0.56 Inferred(3) 1,299.61 0.38 Penasquito(7) 2.0% NSR Goldcorp Measured(3) 8.71 0.20 (oxide) Indicated(3) 38.25 0.21 Inferred(3) 45.19 0.38 Dolores 2.0% NSR Minefinders Measured & Indicated(3) 7.70 2.87 Inferred(3) 33.45 0.82 TABLE 2 (cont.) Royal Gold's Royalty Portfolio Base Metals Additional Mineralized Material(1) for Producing Royalties as of December 31, 2007 COPPER ADDITIONAL AVERAGE COPPER MINERALIZED TONS GRADE PROPERTY ROYALTY(2) OPERATOR MATERIAL (millions) (% Cu) Robinson 3.0% NSR Quadra Measured(3,5) 573.00 0.43 Indicated(3,5) 147.00 0.30 Inferred(3,5) 89.00 0.28 Troy 2.0% GSR Revett Measured(3) 35.16 0.72 Indicated(3) 10.93 0.46 Inferred(3) - - Base Metals Additional Mineralized Material(1) for Development Properties as of December 31, 2007 ZINC ADDITIONAL AVERAGE ZINC MINERALIZED TONS GRADE PROPERTY ROYALTY(2) OPERATOR MATERIAL (millions) (% Zn) Penasquito(7) 2.0% NSR Goldcorp Measured(3) 109.24 0.67 (sulfide) Indicated(3) 591.71 0.55 Inferred(3) 1,299.61 0.50 LEAD ADDITIONAL AVERAGE LEAD MINERALIZED TONS GRADE PROPERTY ROYALTY(2) OPERATOR MATERIAL (millions) (% Pb) Penasquito(7) 2.0% NSR Goldcorp Measured(3) 109.24 0.24 (sulfide) Indicated(3) 591.71 0.20 Inferred(3) 1,299.61 0.08 FOOTNOTES TO TABLE 2 (1) 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. The U.S. Securities and Exchange Commission does not recognize this term. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. (2) See royalty definitions at end of release. (3) Some of our royalty operators are Canadian issuers. Their definitions of "mineral resource," "measured mineral resource," "indicated mineral resource" and "inferred mineral resource" conforms to the Canadian Institute of Mining, Metallurgy and Petroleum definitions of those terms as of the effective date of estimation, as required by National Instrument 43-101 of the Canadian Securities Administrators. Mineral resources which are not mineral reserves do not have economic viability. Canadian issuers use the terms "mineral resources" and its subcategories "measured," "indicated" and "inferred" mineral resources. While such terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. (4) GSR1, GSR2 and NVR1 mineralized material are a subset of the mineralized material covered by GSR3. (5) Additional mineralized material does not include reserves, except at Robinson at the request of the operator. (6) The operator reported additional mineralization as non-reserve material and did not provide a breakdown. (7) Operator has reported estimates by deposit types. A sulfide deposit is one in which the sulfide minerals predominate. An oxide deposit is one in which the oxide minerals predominate. NOTE: Additional mineralization is not shown f

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05-09	BMO Capital Adjusts Price Target on Royal Gold to $160 From $162, Keeps Outperform Rating	MT
05-09	Transcript : Royal Gold, Inc., Q1 2024 Earnings Call, May 09, 2024

BMO Capital Adjusts Price Target on Royal Gold to $160 From $162, Keeps Outperform Rating	05-09	MT
Transcript : Royal Gold, Inc., Q1 2024 Earnings Call, May 09, 2024	05-09
Royal Gold Q1 Adjusted Income, Revenue Declines	05-08	MT
Earnings Flash (RGLD) ROYAL GOLD Reports Q1 EPS $0.91, vs. Street Est of $0.93	05-08	MT
Earnings Flash (RGLD) ROYAL GOLD Posts Q1 Revenue $148.9M, vs. Street Est of $153M	05-08	MT
Royal Gold, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	05-08	CI
Transcript : Royal Gold, Inc. - Analyst/Investor Day	04-17
Royal Gold, Inc. Provides Sales Guidance for the Year Ending December 31, 2024	04-17	CI
Transcript : Royal Gold, Inc. Presents at Gold Forum Europe 2024, Apr-09-2024 10:30 AM	04-09
North American Morning Briefing : Stocks Set for -2-	03-28	DJ
Stocks in motion: Gambling stocks in trouble, Cintas rises	03-27
Royal Gold Shares Rise Following BMO Capital Upgrade	03-27	MT
BMO Capital Upgrades Royal Gold to Outperform From Market Perform, Adjusts Price Target to $158 From $148	03-27	MT
Transcript : Royal Gold, Inc. Presents at Virtual Non-Deal Roadshow, Mar-13-2024 12:00 PM	03-13
Royal Gold Keeps Quarterly Dividend at $0.40 a Share, Payable April 19 to Shareholders of Record April 5	02-29	MT
Royal Gold, Inc. Announces Second Quarter Dividend, Payable on April 19, 2024	02-29	CI
Jefferies Starts Coverage on Royal Gold With Hold Rating, $117 Price Target	02-29	MT
Transcript : Royal Gold, Inc. Presents at BMO 33rd Global Metals, Mining & Critical Minerals Conference 2024, Feb-27-2024 09:00 AM	02-27
Cantor Fitzgerald Downgrades Royal Gold to Hold From Buy, Price Target is $115	02-16	MT
Transcript : Royal Gold, Inc., Q4 2023 Earnings Call, Feb 15, 2024	02-15
Royal Gold Q4 Adjusted Earnings Increase, Revenue Decline	02-14	MT
Royal Gold CEO Expects Continued Sales Growth From Newest Producers Bellevue, King of the Hills	02-14	MT
Earnings Flash (RGLD) ROYAL GOLD Reports Q4 Revenue $152.7M, vs. Street Est of $140.3M	02-14	MT
Earnings Flash (RGLD) ROYAL GOLD Posts Q4 EPS $0.95, vs. Street Est of $0.76	02-14	MT
Royal Gold, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	02-14	CI

	1st Jan change	Capi.
ROYAL GOLD, INC.	+5.19%	8.36B
NEWMONT CORPORATION	+2.66%	49B
AGNICO EAGLE MINES LIMITED	+24.70%	34.09B
BARRICK GOLD CORPORATION	-3.34%	29.74B
WHEATON PRECIOUS METALS CORP.	+14.90%	24.92B
NORTHERN STAR RESOURCES LIMITED	+7.47%	11.13B
ANGLOGOLD ASHANTI PLC	+30.44%	10.17B
KINROSS GOLD CORPORATION	+29.43%	9.34B
POLYUS	-.--%	8.57B
ALAMOS GOLD INC.	+20.20%	6.24B

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