FORWARD LOOKING STATEMENTS 2013 Interactive Annual Report

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 that Royal Gold’s portfolio provides investors an opportunity to capture value in the precious metals sector; that the Company will maintain upside potential through production expansion and reserve increases through exploration; that the Company’s business model will generate strong cash flow and high margins with a lower cost structure; that Royal Gold’s business model allows revenue growth without adding significant overhead costs; the expectation that Mt. Milligan will be our largest future source of revenue, potentially representing a 50% increase in net gold equivalents at current prices and full production; that we should see meaningful revenue contributions commencing at or near the beginning of calendar 2014 from Mt. Milligan; the expection that Pascua-Lama will commence production in calendar 2016 and contribute towards the Company’s long-term growth; the expectation that Royal Gold’s cornerstone properties will have mine lives over two decades and will provide a stable foundation over many years; that our asset diversification will provide more consistent financial results; the magnitude of production growth at Peñasquito once sufficient water is available; and estimated proven and probable reserves, production estimates, time frames for construction and mine start-up, and mill throughput reported by the operators of our various properties. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, changes 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; economic and market conditions, 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.