FORWARD LOOKING STATEMENTS 2014 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 the Company’s business model allows revenue growth without adding significant overhead costs; that the Company’s business model allows for tight control on costs; that the Company is in an excellent financial position; that this is an excellent time to add new royalty and stream interests; that the Company’s fiscal year 2014 investments have excellent development potential; that the Company seeks opportunities believed to provide strong total shareholder return; that Mt. Milligan, once in full production, could become the largest gold stream in the business; that Pascua-Lama is a world class deposit that could become one of the Company’s largest sources of revenue; and estimated proven and probable reserves, production estimates, time frames for construction and startup, and mill throughput recovery and grade reported by various operators. 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 the Company’s producing royalty properties; unanticipated grade, geological, metallurgical, processing or other problems at the royalty properties; economic and market conditions, changes in operators’ mining and processing techniques, 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.