Royal Gold, Inc. acquires and manages precious metal royalties and streams, with a primary focus on gold. The Company’s portfolio provides investors with a unique opportunity to capture value in the precious metals sector without incurring many of the costs and risks associated with mine operations.

To acquire a royalty, Royal Gold buys a percentage of the metal produced from a mineral property in exchange for an initial payment without assuming any responsibility for the actual mining operation. Existing royalties are acquired outright from either a mineral resource company or a private party; new royalties are created by providing capital to an operator or explorer in exchange for a royalty. Precious metal streams are obtained by providing financing to base metal operators, allowing them to monetize their precious metal by-product production. A metal stream is similar to a royalty but typically has a smaller front end payment, and requires that payments be made as metal is delivered over the life of the mine. In either case, Royal Gold does not have to contribute to the exploration, operating, or capital costs at the mine after our investment is made.

Royal Gold owns a large portfolio of producing, development, evaluation and exploration stage royalties and streams located in some of the world’s most prolific gold regions. With this high quality portfolio, Royal Gold maintains upside potential through any exploration successes by the operators and benefits when new reserves are discovered and produced.

This successful business model generates strong cash flow and high margins with a lower cost structure, providing shareholders with a premium precious metals investment.

Royal Gold is a Denver-based Company, traded on the Nasdaq Global Select Market, under the symbol “RGLD,” and on the Toronto Stock Exchange, under the symbol “RGL.”

NOTES:

1. Certain information, including the Company’s audited financial statements, required to be included in this Annual Report is contained in the Form 10-K.
2. We do not own or operate the properties on which we have royalty and similar interests and therefore much of the information in this Annual Report regarding the properties is provided to us by the operators, including reserves, production estimates and status of the development at the properties.