Cautionary “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical matters, the matters discussed in this report 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 investment in a lower risk vehicle; a geopolitically stable portfolio; Royal Gold’s business strategy; that the Company’s portfolio will provide shareholders with price appreciation, production expansion and reserve increases through exploration; that the Company has a thoroughly diversified portfolio; the expectation of further production gains in fiscal 2012 from the Peñasquito, Holt, Wolverine, and Canadian Malartic mines; that Pascua-Lama and Mt. Milligan will become our largest revenue sources once they reach full production; that our royalty option on the KSM project will be an excellent entry point into this deposit; that our exploration and development properties represent potential future value; that Royal Gold has a bright future due to the current supply and demand factors for gold; that our growing cash flow will allow us to invest internally generated funds and reduce our need for external resources; that we want to grow our business and offer our shareholders an attractive return; and operator estimated proven and probable reserves, production, production or mine start-up, and mill throughput. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, declines in gold and other metals prices; the performance of our producing royalty properties; unanticipated grade, geological, metallurgical, processing or other problems at the royalty properties; as well as other factors described elsewhere in this report and our report on Form 10-K (see Part I, Item 1A, Risk Factors). The reader is urged to read the Risk Factors in connection with the risks inherent in our forward-looking statements. We disclaim any obligation to update any forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements.