calendar year 2012 portofolio

1 August 17, 2012

PRODUCTIONESTIMATES 11

Tons(M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) Ounces

United States

Barrick1.75 - 2.5% NSR 12

BarrickGSR10.40 - 5.0% GSR 13

GSR20.40 - 5.0% GSR 13

GSR30.71% GSR NVR10.39% NVR

Kinross/Barrick1.0 - 2.0% NSR 16,17

0.9% NSR (MACE) 17

Barrick0.9% NSR

Newmont1.8% NSR

Goldcorp/Barrick2.0% NSR

0.015

0.023

0.017 14 26.13 0.016 14 7.42

0.000 0.00 0.000 0.00

0.015 14 106,00096.84 0.023 2.267 14 1.80

531,000

Leeville0.00 0.000 8.72 0.033 5.56 0.03952.33 0.101 5.285

0.009 11,400

Goldstrike (SJ Claims)

0.371 10.70 0.013 0.00 0.000 0.4424.61

ADDITIONAL MINERALIZED MATERIAL 7,8,9

Gold Contained Ozs 10

Measured

PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES 4,5,6

Gold 2

61.90

120.75

0.00 0.000 84,000

Cortez (Pipeline)0.019 1.852 24.62 0.019 0.00 0.00098.03

TonsAverage Gold

GradeAverage Gold

Grade

Bald Mountain

3.55 0.014 140.033 3.936 14 0.32

Indicated Inferred

Tons of OreAverage Gold

Grade

0.015 14 3.58 0.014 14

6.19 0.015 14

106,0000.026 1.611 14 1.56 0.017 14 23.50 0.016 14

0.016 14 83,000

Gold Hill (DEV) 151.545 14 1.54 0.016 14 22.72 0.015 14 5.8666.60

Average Gold Grade

0.000 112,500 18

AND ROYALTY/METAL STREAM 3

Tons

3.81 0.232 0.882 3.09 0.23 0.09 0.13 1.00 0.28 254,000

Marigold

204.56 0.015 3.105 0.00

A f D b 1 1

ROYALGOLD,INC Royalty/Metal Stream Portfolio

As of December 31, 2011 1

2 August 17, 2012

PRODUCTION

TonsAverage Gold

Grade TonsAverage Gold


Grade ESTIMATES 11

(M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) Ounces

United States (cont.)

Atna Resources3.0% NSR - Cordilleran 56,57 0.369

2.94% NSR - Rayrock 56,58

Pershing Gold2.0% NSR

KGHM3.0% NSR

Barrick3.0% NSR

Golden Queen3.0% NSR

Newmont2.0% GV

Goldcorp0.0 - 2.0% NSR 21

Canada

Agnico-Eagle2.0% NSR

Osisko1.0 - 1.5% NSR 22 0.017166.08 0.029 4.756

N.A. 0.00 0.000 10.81 0.071 5.03 0.1183.49 0.055 0.191

0.058 0.978 1.33 0.024 106.30

55,0000.00 0.000 0.00 0.000 0.00 0.00024.10 0.024 0.586

0.000 9,4000.150 0.00 0.000 0.00 0.000 0.001.62 0.093

33.71 0.019 0.015 N.A.

0.004 Not Reported

Soledad Mountain (DEV)

0.812 372.81 0.005 249.85 0.005 72.14143.09 0.006

Average Gold Grade


Measured Indicated Inferred

PROVEN + PROBABLE RESERVES 4,5,6 ADDITIONAL MINERALIZED MATERIAL 7,8,9

Tons of Ore

Gold -- continued 2

PROPERTY, OPERATOR

0.015 N.A.

Robinson 200.000

Ruby Hill

16.78

0.00 0.000 6.53 0.017 2.720.00 0.000

Relief Canyon (DEV) 19

Pinson (DEV)

0.043 4.87 0.097 3.06

Wharf

Bousquet-Cadillac-Joannes (DEV)

N.A. 1.75 0.645 21.77


0.286

0.021 5.78 0.034 Not Reported

Twin Creeks1.102 12.50 0.034

Canadian Malartic

35.2853.34 0.021

565,0000.44 0.016 11.64 0.019 12.45

A f D b 1 1



3 August 17, 2012

PRODUCTION

TonsAverage Gold



Grade ESTIMATES 11


Canada (cont.)

St Andrew Goldfields0.00013 x gold price

Capstone Mining1.6% NSR

Thompson Creek52.25% of payable gold 23

Anaconda Mining7.5% NPI

Copper Fox3.5% NPI

Chieftain Metals12.5% of payable gold 25,26

Barrick0.97% NSR

Yukon Zinc0.0 - 9.445% NSR 27

Mexico

Pan American Silver3.25% NSR

Dolores

0.017 79.15 0.014 30.46 0.011 49,000 - 53,000 55109.50 0.017 1.849 79.14

0.000 0.43 0.118 1.80 0.046 Not Reported 4.14 0.047 0.193 0.00

Not Reported

Wolverine 2.00 0.110 2.74 0.069 2.94 0.12716.62 0.069 1.139

N.A.

Williams0.00 0.000 6.65 0.076 1.20 0.0480.00 0.000 0.000

N.A.

Tulsequah Chief (DEV) 1944.53 0.007 1,096.69 0.005 332.13 0.004905.00 0.006 5.570

0.00 0.000 0.28 0.062 N.A.

Schaft Creek (DEV) 242.90 0.060 0.175 0.00 0.000

Kutcho Creek (DEV)

PROVEN + PROBABLE RESERVES 4,5,6 ADDITIONAL MINERALIZED MATERIAL 7,8,9

Tons of Ore

Gold -- continued 2

PROPERTY, OPERATOR

Pine Cove (DEV)0.006 181.11 0.006 22.60 0.006 N.A. 531.75 0.011 6.020 66.14

N.A.

Mt. Milligan (DEV)0.00 0.000 0.92 0.019 1.20 0.01011.51 0.011 0.124

Average Gold Grade


Measured Indicated InferredAND ROYALTY/METAL STREAM 3

Holt

2.65 0.156 0.415 3.29 0.159 3.09 0.184 5.33 0.168 45,000 - 50,000



4 August 17, 2012

PRODUCTION

TonsAverage Gold



Grade ESTIMATES 11


Mexico (cont.)

AuRico Gold2.0 - 4.0% NSR 28

Alamos1.0 - 5.0% NSR 29

Goldcorp2.0% NSR(Oxide)2.0% NSR(Sulfide)

Central and South America

Teck75% of payable gold (NSR) 31

Orvana3.0% NSR

Minera IRL2.0% NSR

B2Gold3.0% NSR

Nyrstar0.0 - 3.0% NSR 34

0.000 3.97 0.026 2.26 0.038 N.A. 0.89 0.121 0.108 0.00

El Limon

1.26 0.006 48,000 - 50,0001.81 0.138 0.249 0.00

12,500 32,33

Don Nicolas (DEV)0.22 0.038 0.55 0.019 0.33 0.0356.28 0.042 0.265

Peñasquito 30

Mulatos

71.66 0.033 2.388 8.62 0.034 85.07 0.029 19.22 0.026 200,000 - 220,000

60,000 32

Don Mario3.78 0.004 59.17 0.003 26.68 0.003476.61 0.004 1.799

0.006

Andacollo

16.010 150.18 0.005 565.41 0.005 161.71


Tons of Ore Average Gold

Grade


0.005370,000 - 390,000 200.530 4.49 0.001 27.35 0.002 61.96138.25 0.004

1,260.67 0.013



Gold -- continued 2

El Chanate

67.82 0.019 1.284 1.28 0.011 1.82 0.013 0.61 0.013 78,000 - 88,000

0.000 1.23 0.128

1.10 0.045 2.17 0.042 Not Reported 3.90 0.059 0.231 0.53 0.068

El Toqui


A f D b 1 1

A f D b 1 1



5 August 17, 2012

PRODUCTION

TonsAverage Gold



Grade ESTIMATES 11


Central and South America (cont.)

Amarillo Gold1.0% NSR

Coeur d'Alene2.0% NSR

Barrick0.78 - 5.23% NSR 36

Radius Gold4.0% NSR

Australia

Kagara1.5% NSR

Kentor Gold1.5 - 2.5% NSR 38

Evolution Mining0.5% NSR

St Barbara1.5% NSR 0.177 175,000 - 190,000 392.301 3.70 0.117 6.67 0.160 7.3610.60 0.217

0.012 Not Reported 0.001 0.60 0.001 0.77 0.009 0.640.76 0.002

0.032 N.A.

Gwalia Deeps0.009 0.06 0.032 0.09 0.031 0.120.30 0.030

0.044 N.A.

Edna May (DEV)0.000 0.00 0.000 0.00 0.000 11.680.00 0.000

N.A.

Martha

0.05 0.011 0.001 0.00 0.000 0.04 0.010 0.00 0.000 400 - 500

Tambor (DEV)0.046 14.680 18.14

0.0390.050 0.946 0.11 0.176 4.02 0.052 4.00

Pascua-Lama (DEV) 35



Grade

PROVEN + PROBABLE RESERVES 4,5,6


Mara Rosa (DEV)

18.87

2.81 0.077 N.A.

Balcooma 37

0.000 0.000 0.00 0.000 0.50

N.A. 0.030 159.66 0.025320.65

Measured Indicated

0.1150.00

Gold -- continued 2

PROPERTY, OPERATOR

21.04 0.033

Burnakura (DEV) 19

InferredAND ROYALTY/METAL STREAM 3

A f D b 1 1



6 August 17, 2012

PRODUCTION

TonsAverage Gold



Grade ESTIMATES 11


Australia (cont.)

St Barbara1.5% NSR

Phillips River1.0 - 1.5% GSR 40

Reed Resources1.5% NSRA$10 per gold ounce produced 41

Reed Resources1.5 - 2.5% NSR 42

Reed Resources0.45% NSR

Saracen1.5% NSR

St Barbara1.5% NSR

West Africa

Avocet2.5% GSR

High River

Inferred



Grade



Gold -- continued 2

Measured Indicated

0.000 3.02 0.092 4.36 0.077 N.A.

Meekatharra (Yaloginda) (DEV)

3.27 0.051

1.37 0.083 0.114 0.00

0.000 11.08 0.051 6.93 0.0500.165

0.000 0.99 0.088 4.22 0.0582.0% GSR 43 7.77 0.079 0.614 0.00

N.A.

South Laverton0.00

19.67 0.040 160,000

Taparko

148,000

0.050 1.848 19.71 0.049 43.48 0.03937.28

0.00 0.000 90,000 - 100,000 39

Inata

0.061 0.232 0.00 0.000 0.00 0.0003.81

0.037

Kundip (DEV)

3.10 0.098 0.305 0.00 0.000 4.12 0.084 0.36 0.155 N.A.

0.04616.99

6.93 0.097

Meekatharra (Reedys) (DEV) N.A.

King of the Hills

1.77 0.125 0.221 0.00 0.000 0.35 0.329 0.54 0.141 55,000 - 60,000 39

Meekatharra (Paddy's Flat)

7.25


0.062 0.451 0.00 0.000 11.08 0.116

18.42 0.044 110,000 - 120,000 39

Southern Cross0.045 0.759 10.43 45.41

A f D b 1 1



7 August 17, 2012

TonsAverage Silver

Grade TonsAverage Silver


Grade Ounces(M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) (M)

United States

Kinross/Barrick1.0 - 2.0% NSR 15,16

Golden Queen3.0% NSR

Revett3.0% GSR

Canada


Copper Fox3.5% NPI

Chieftain Metals22.5% of payable silver 46,47

Yukon Zinc 0.0 - 9.445% NSR 27

Mexico

Pan American Silver2.0% NSR 2.8 - 3.4 5579.14 0.898 79.15 0.762 30.46 0.530109.50 0.963 105.476

Not Reported

Dolores

0.00 0.000 0.43 24.062 1.80 10.7334.14 9.546 39.475

N.A.

Wolverine0.00 0.000 6.65 2.786 1.20 2.0950.00 0.000 0.000

N.A.

Tulsequah Chief (DEV) 190.00 0.000 0.00 0.000 0.00 0.000905.00 0.051 46.455

N.A.

Schaft Creek (DEV) 240.00 0.000 0.92 1.829 1.20 0.89511.51 1.009 11.618

1.4 45

Kutcho Creek (DEV)

45.56 1.359 2.41 1.479 11.00 1.40010.53 1.182 12.448

N.A.

Troy12.50 0.505 33.71 0.330 35.28 0.32053.34 0.372 19.860

0.088 0.025

Soledad Mountain (DEV)5.203 10.70 0.192 0.00 0.000 0.4424.61 0.211

Gold Hill (DEV)

Tons of Ore Average Silver

GradeSilver Contained

Ozs 10


Silver 44

PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES 4,5,6 ADDITIONAL MINERALIZED MATERIAL 7,8,9

PRODUCTION ESTIMATES 11




8 August 17, 2012

TonsAverage Silver



Grade Ounces(M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) (M)

Mexico

Goldcorp2.0% NSR(Oxide) 2.0% NSR(Sulfide)


Orvana3.0% NSR

Minera IRL2.0% NSR


Coeur d'Alene2.0% NSR

Australia

Kagara1.5% NSR 0.987 Not Reported 0.380 0.60 0.382 0.77 0.793 0.640.76 0.498

0.000 0.7 - 0.9

Balcooma 37

0.671 0.00 0.000 0.04 12.150 0.000.05 12.660

0.04923.0 - 24.0 20

1,260.67

0.502 Not Reported

Martha1.317 0.53 0.341 1.10 0.661 2.173.90 0.337

0.105 N.A.

El Toqui0.130 0.00 0.000 3.97 0.100 2.260.89 0.146

0.727 917.100 150.18 0.38 565.41 0.36 161.71

Silver -- continued 44


1.108 0.5 32,33

Don Nicolas (DEV)8.362 0.22 1.313 0.55 1.138 0.336.28 1.331

Silver Contained Ozs 10


Don Mario


Tons of Ore Average Silver

Grade

Peñasquito 30

138.25 0.312 43.120 4.49 0.13 27.35 0.11 61.96


0.257




9 August 17, 2012

TonsAverage Base Metal Grade Tons

Average Base Metal Grade Tons

Average Base Metal Grade Pounds

(M) (%) (M) (M) (%) (M) (%) (M) (%) (M)

United States

Nord Resources2.5% NSR

KGHM3.0% NSR

Revett3.0% GSR

Canada

Nyrstar1.0% NSR


Copper Fox3.5% NPI

Vale2.7% NSR 0.00 Not Reported 667.736 0.00 0.00 0.00 0.00 0.0024.03 1.39

0.24 N.A.

Voisey's Bay5421.371 44.53 0.36 1,096.69 0.27 332.13905.00 0.30

1.74 N.A.

Schaft Creek (DEV) 24462.678 0.00 0.00 0.92 4.43 1.2011.51 2.01

1.63 N.A.

Kutcho Creek (DEV)11.355 0.00 0.00 0.00 0.00 3.070.68 0.84

0.40 11.5 45

Caber (DEV)

98.924 45.56 0.66 2.41 0.80 11.0010.53 0.47

0.27 Not Reported

Troy1,329.473 372.81 0.37 249.85 0.33 72.14143.09 0.46

0.00 Not Reported

Robinson 20656.000 0.00 0.00 0.00 0.00 0.00111.20 0.29


COPPER 48

Johnson Camp


Tons of Ore Average Base Metal Grade


Base Metal Contained Lbs 10


Base Metals




10 August 17, 2012




(M) (%) (M) (M) (%) (M) (%) (M) (%) (M)


Orvana3.0% NSR

Barrick1.05% NSR 49

Australia

Kagara1.5% NSR

Europe

Inmet1.5% NSR

Mexico

Goldcorp2.0% NSR(Sulfide)



1,768.11

0.54 Not Reported 27.434 0.53 0.19 1.10 0.76 2.173.90 0.35

0.13 155.0 - 160.0 20

El Toqui

6,166.00 150.18 0.14 565.41 0.12 161.711,260.67 0.22

0.00 136.0 - 151.2

LEAD 50

Peñasquito

0.00 0.00 1.27 0.69 0.0016.16 5.47

1.46 Not Reported

Las Cruces

32.466 0.60 3.00 0.77 1.30 0.640.76 2.13

0.049 N.A.

Balcooma 37

548.18 15.44 0.056 137.73 0.060 18.96320.92 0.085

1.49 12.1 32,33185.28 0.22 1.37 0.55 1.32 0.336.28 1.47


COPPER 48 (cont.)

Don Mario






Base Metals -- continued

Pascua-Lama (DEV)


A f D b 1 1



11 August 17, 2012




(M) (%) (M) (M) (%) (M) (%) (M) (%) (M)

Australia

Kagara1.5% NSR

Canada

Breakwater1.0% NSR


Mexico

2.0% NSR(Sulfide)



Australia

Kagara1.5% NSR Not Reported 0.60 0.30 0.77 7.20 0.64 4.520.76 1.92 29.274

5.49 Not Reported

Balcooma 37

511.993 0.53 9.07 1.10 8.03 2.173.90 6.56

El Toqui

0.37 565.41 0.32 161.71 0.26 310.0 - 325.0 201,260.67 0.53 14,775.753 150.18

Goldcorp

2.04 N.A.

Peñasquito

734.300 0.00 0.00 0.92 4.40 1.2011.51 3.19

N.A.

Kutcho Creek (DEV)0.00 0.00 0.00 0.00 3.07 3.140.68 8.58 116.036

1.93 Not Reported

ZINC 51

Caber (DEV)

7.879 0.60 0.10 0.77 2.40 0.640.76 0.52


LEAD 50 (cont.)

Balcooma 37








A f D b 1 1



12 August 17, 2012




(M) (%) (M) (M) % (M) % (M) (%) (M)

Canada

Vale2.7% NSR

Australia

Minmetals Resources2.0% NSR

Xstrata1.5% NSR

Canada

Vale2.7% NSR

Canada

Copper Fox3.5% NPI 332.13 0.01 N.A. 0.02 352.936 44.53 0.02 1,096.69 0.02905.00

Not Reported

Schaft Creek (DEV) 24

0.00 0.00 0.00 0.00 0.00 0.0024.03 0.12 59.767

Voisey's Bay

0.87 37.80 0.93 14.33 0.64 Not Reported 1.30 2.31 60.151 15.60

MOLYBDENUM 54

COBALT 53

Mt. Goode (Cosmos)1.11 5.18 0.94 15.43 0.94 N.A. 0.00 0.00 0.000 3.75

Avebury (DEV) 19

0.00 0.00 0.00 0.00 0.00 Not Reported 24.03 2.49 1,198.763 0.00

Voisey's Bay

Average Base Metal Grade



PROVEN + PROBABLE RESERVES 4,5,6 ADDITIONAL MINERALIZED MATERIAL7,8,9

Tons of Ore


PROPERTY, OPERATORPRODUCTION ESTIMATES 11

NICKEL 52




13 August 17, 2012

1

2

3

4

5

6

7

“Proven (Measured) Reserves” are reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes, and the grade iscomputed 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 definedthat 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 sitesfor inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance of probable (indicated) reserves, although lowerthan that for proven (measured) reserves, is high enough to assume geological continuity between points of observation.

See royalty definitions on page 17.Set forth below are the definitions of proven and probable reserves used by the U.S. Securities and Exchange Commission.

Reserves have been reported by the operators as of December 31, 2011, with the exception of the following properties: Meekatharra (Reedys, Paddy’s Flat and Yaloginda) –March 2012; Taparko – January 2012; Mara Rosa – October 2011; Merlin Orbit and South Laverton – September 2011; Balcooma, Edna May, Gwalia Deeps and SouthernCross – June 2011; Schaft Creek – May 2011; Soledad – April 2011; Kutcho Creek – February 2011; Kundip and Pascua-Lama (copper only) – December 2010; Pine Cove– June 2010; Mt. Milligan – October 2009; and Caber – July 2007.

Gold reserves were calculated by the operators at the following per ounce prices: $1,457 – Soledad; $1,400 – Inata; A$1,400 – Southern Cross; A$1,300 – Meekatharra;$1,255 – Bousquet-Cadillac-Joannes; $1,250 – El Chanate, El Limon, Martha, South Laverton, Taparko and Wharf; A$1,250 – Gwalia Deeps and King of the Hills; $1,200 –Bald Mountain, Canadian Malartic, Cortez, Dolores, Gold Hill, Goldstrike, Leeville, Pascua-Lama, Peñasquito, Twin Creeks and Williams; $1,150 – Mulatos; $1,100 – DonMario, Don Nicolas, Holt and Mara Rosa; $1,000 – Robinson; $983 – Pine Cove; $850 – Andacollo; and $690 – Mt. Milligan. Schaft Creek is at a $5.05 net smelter returncut-off grade (metal price assumptions used by the operator were $658 per ounce gold; $10.90 per ounce silver; $1.93 per pound copper; and $14.70 per pound molybdenum).No gold price was reported for Balcooma, Edna May, El Toqui, Kundip, Kutcho Creek, Marigold and Wolverine.

Footnotes

“Reserve” is that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.

Royal Gold has disclosed a number of reserve estimates that are provided by royalty operators that are foreign issuers and are not based on the U.S. Securities and ExchangeCommission's definitions for proven and probable reserves. For Canadian issuers, 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. For Australian issuers, definitions of "mineral reserve," "proven mineral reserve," and "probable mineral reserve" conform withthe Australasian Code for Reporting of Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining andMetallurgy, Australian Institute of Geoscientists and Minerals Council of Australia, as amended ("JORC Code").

The reserves reported are either estimates received from the various operators or are based on royalty documentation material provided to Royal Gold or which is derived fromrecent publicly-available information from the operators of the various properties or various recent National Instrument 43-101 or JORC Code reports filed by operators.Accordingly, Royal Gold is not able to reconcile the reserve estimates prepared in reliance on National Instrument 43-101 or JORC Code with definitions of the U.S.Securities and Exchange Commission.

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 untilfurther drilling and metallurgical work is completed, and until other economic and technical feasibility factors based upon such work have been resolved. The U.S. Securitiesand 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 beconverted into reserves.

A f D b 31 2009

A f D b 31 2009



14 August 17, 2012

8

9

10

11

12

13

14

15

16

17

18

19

Some of the royalty operators are Canadian and Australian issuers. Canadian and Australian issuers use the terms "mineral resources" and its subcategories "measured,""indicated" and "inferred" mineral resources. For Canadian issuers, the definitions of "mineral resource," "measured mineral resource," "indicated mineral resource" and"inferred mineral resource" conform to the Canadian Institute of Mining, Metallurgy and Petroleum definitions of those terms as of the effective date of estimation, as requiredby National Instrument 43-101 of the Canadian Securities Administrators. For Australian issuers, the definitions of "mineral resource," "measured mineral resource,""indicated mineral resource" and "inferred mineral resource" conform with the JORC Code. While such terms are recognized and required by Canadian and Australianregulations, the U.S. Securities and Exchange Commission does not recognize them. In each case, the mineralized material reported hereunder are estimates previouslydisclosed by the relevant operator, without reference to the underlying data used to calculate the estimates. Accordingly, Royal Gold is not able to reconcile the estimatesprepared in reliance on National Instrument 43-101 or JORC Code with terms recognized by the U.S. Securities and Exchange Commission. Investors are cautioned not toassume that any part or all of the mineral deposits in these categories will ever be converted into reserves.

The additional mineralized material reported are either estimates received by the various operators or are based on royalty documentation material provided to Royal Gold orwhich is derived from recent publicly-available information from the operators of the various properties or various recent National Instrument 43-101 or JORC Code reportsfiled by operators. Accordingly, Royal Gold is not able to reconcile the resource estimates prepared in reliance on National Instrument 43-101 or JORC Code with definitionsof the U.S. Securities and Exchange Commission. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be convertedinto reserves.

The estimates and production reports are prepared by the operators of the mining properties. Royal Gold does not participate in the preparation or verification of the operators’estimates or production reports and has not independently assessed or verified the accuracy of such information. Please refer to our cautionary statement regarding forward-looking statements and to the risk factors identified in our Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission for informationregarding factors that could affect actual results. NSR sliding-scale schedule (price of gold per ounce – royalty rate): Below $375 – 1.75%; >$375 to $400 – 2.0%; >$400 to $425 – 2.25%; >$425 – 2.5%. All price points arestated in 1986 dollars and are subject to adjustment in accordance with a blended index comprised of labor, diesel fuel, industrial commodities and mining machinery.GSR sliding-scale schedule (price of gold per ounce – royalty rate): Below $210 – 0.40%; $210 to $229.99 – 0.50%; $230 to $249.99 – 0.75%; $250 to $269.99 – 1.30%;$270 to $309.99 – 2.25%; $310 to $329.99 – 2.60%; $330 to $349.99 – 3.00%; $350 to $369.99 – 3.40%; $370 to $389.99 – $3.75%; $390 to $409.99 – 4.0%; $410 to$429.99 – 4.25%; $430 to $449.99 – 4.50%; $450 to $469.99 – 4.75%; $470 and higher – 5.00%.

The operators at Avebury, Burnakura, Relief Canyon and Tulsequah Chief have not declared reserves.Production guidance reflects the entire project. Operator has not provided a breakdown of production by royalty interest.

NVR1 and GSR3 reserves and additional mineralized material are subsets of the reserves and additional mineralized material covered by GSR1 and GSR2.Round Mountain, a joint venture between Kinross and Barrick, has the right, at any time, to purchase the royalty interest for $10.0 million less any royalty payments paid priorto the purchase option being exercised. The royalty is subject to a minimum royalty payment of $100,000 per year.The sliding-scale NSR royalty will pay 2.0% when the price of gold is above $350 per ounce and 1.0% when the price of gold falls to $350 per ounce or below. The 0.9% NSR applies to the MACE claims. The operator did not break out reserves or resources subject to the 0.9% NSR. Production subject to the 1.0% to 2.0% NSRsliding-scale royalty is expected to commence in the second half of calendar 2012.

Footnotes (continued)

“Contained ounces” or “contained pounds” do not take into account recovery losses in mining and processing the ore. A f D b 1 5

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This is a metal stream whereby the purchase price for gold ounces delivered is $450 per ounce on the first 48,000 ounces of gold; $500 per ounce thereafter, or the prevailing market price, if lower.

NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to under $350 – 0.0%; $350 to under $400 – 0.5%; $400 to under $500 – 1.0%; $500 or higher –2.0%.NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $350 – 1.0%; above $350 – 1.5%.


This is a metal stream whereby the purchase price for gold ounces delivered is $435 per ounce, or the prevailing market price of gold, if lower; no inflation adjustment.

NSR sliding-scale schedule (price of gold per ounce - royalty rate): less than or equal to $325 – 0.78%; $400 – 1.57%; $500 – $2.72%; $600 – 3.56%; $700 – 4.39%; greaterthan or equal to $800 – 5.23%. Royalty is interpolated between lower and upper endpoints.

This is a metal stream whereby Royal Gold is entitled to 12.5% of payable gold until 48,000 ounces of payable gold have been delivered; 7.5% thereafter.Reserves have not been updated since the 2008 43-101 technical report; resources were updated on May 1, 2011.

Gold royalty rate is based on the price of silver per ounce. NSR sliding-scale schedule (price of silver per ounce – royalty rate): Below $5.00 – 0.0%; $5.00 to $7.50 –3.778%; >$7.50 – 9.445%. The NSR sliding-scale royalty is capped once payments of approximately $17 million have been received. As of March 31, 2012, payments of approximately $11.9 millionhave been recognized. NSR sliding-scale schedule (price of gold per ounce - royalty rate): less than $300 – 2.0%; $300 to $350 – 3.0%; greater than $350 – 4.0%.The Company’s royalty is subject to a 2.0 million ounce cap on gold production. There have been approximately 855,000 ounces of cumulative production as of March 31,2012. NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $299.99 – 1.0%; $300 to $324.99 – 1.50%; $325 to $349.99 – 2.0%; $350 to $374.99 –3.0%; $375 to $399.99 – 4.0%; $400 or higher – 5.0%.Operator reports reserves by material type. The sulfide material will be processed by milling. The oxide material will be processed by heap leaching.The royalty rate is 75% until 910,000 payable ounces of gold have been produced; 50% thereafter. There have been approximately 86,000 cumulative payable ouncesproduced as of March 31, 2012. Gold is produced as a by-product of copper.Recovered metal is contained in concentrate and is subject to third party treatment charges and recovery losses.Production guidance for October 2011 through September 2012.All metals are paid based on zinc prices. NSR sliding-scale schedule (price of zinc per pound – royalty rate): Below $0.50 – 0.0%; $0.50 to below $0.55 – 1.0%; $0.55 tobelow $0.60 – 2.0%; $0.60 or higher – 3.0%.

Royalty applies to all gold production from an area of interest in Chile. Only that portion of the reserves pertaining to our royalty interest in Chile is reflected here.Approximately 20% of the royalty is limited to the first 14.0 million ounces of gold produced from the project. Also, 24% of the royalty can be extended beyond 14.0 millionounces produced for $4.4 million. In addition, a one-time payment totaling $8.4 million will be made if gold prices exceed $600 per ounce for any six-month period within thefirst 36 months of commercial production.

Production estimates reflect payable metal and are subject to third party treatment charges. On July 10, 2012, Golcorp lowered its production guidance from 1) 425,000ounces of gold to between 370,000 to 390,000 ounces; 2) 26.0 million ounces of silver to between 23.0 million to 24.0 million; 3) 180.0 million pounds of lead to between155.0 million to 160.0 million pounds; and 4) 400.0 million pounds of zinc to between 310.0 million to 325.0 million pounds.



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Figures reflect reserves associated with the entire property. The operator did not provide a detailed breakdown of the reserves and additional mineralized material subject toRoyal Gold's royalty interest. Therefore, a portion of the reserves is not subject to Royal Gold’s royalty interest.


Production guidance for July 2011 through June 2012.Royalty pays 1.0% for the first 250,000 ounces of production and then 1.5% for production above 250,000 ounces.The A$10 per ounce royalty applies on production above 50,000 ounces.The 1.5% to 2.5% NSR sliding-scale royalty applies to cumulative production above 300,000 ounces at both the Burnakura and Meekatharra-Reedys properties. Once300,000 ounces have been produced, the royalty begins paying at a per year rate of 1.5% for the next 75,000 ounces per year produced and at a rate of 2.5% on productionabove 375,000 ounces per year. Cumulative production is estimated at 268,000 ounces as of December 31, 2011.The 2.0% GSR royalty applies to gold production from defined portions of the Taparko-Bouroum project area. There is also a 0.75% GSR milling royalty that applies to orethat 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.

Silver reserves were calculated by the operators at the following prices per ounce: $39.63 – Soledad; $30.00 – Gold Hill; $25.00 – Don Nicolas; $24.00 – Martha; $23.00 –Dolores; $20.00 – Don Mario and Peñasquito; and $19.61 – Troy. Schaft Creek is at a $5.05 NSR cut-off grade (metal price assumptions used by the operator were $658 perounce gold; $10.90 per ounce silver; $1.93 per pound copper; and $14.70 per pound molybdenum). No silver price was reported for Balcooma, El Toqui, Kutcho Creek andWolverine. Recovered metal is contained in concentrate and is subject to third party recovery losses.This is a metal stream whereby Royal Gold is entitled to 22.5% of payable silver until 2.78 million ounces of payable silver have been delivered; 9.75% thereafter.This is a metal stream whereby the purchase price for silver ounces delivered is $5.00 per ounce on the first 2.78 million ounces of silver; $7.50 per ounce thereafter, or theprevailing market price of the metal, if lower. Copper reserves were calculated by the operators at the following prices per pound: $3.25 – Voisey's Bay; $3.23 – Troy; $2.75 – Don Mario and Robinson; $2.50 – JohnsonCamp; $2.25 – Las Cruces; and $1.60 – Mt. Milligan. Schaft Creek is at a $5.05 NSR cut-off grade (metal price assumptions used by the operator were $658 per ounce gold;$10.90 per ounce silver; $1.93 per pound copper; and $14.70 per pound molybdenum). No copper reserve price was reported for Balcooma, Caber or Kutcho Creek.Royalty applies to all copper production from an area of interest in Chile. Only that portion of the reserves pertaining to our royalty interest in Chile is reflected here. Thisroyalty will take effect after January 1, 2017. Copper reserves are as of December 31, 2010.Lead reserve price was calculated by the operator at Peñasquito at $0.80 per pound. No lead reserve price was reported for Balcooma or El Toqui.Zinc reserve price was calculated by the operator at Peñasquito at $0.85 per pound. No zinc reserve price was reported for Balcooma, Caber, El Toqui or Kutcho Creek.\

Cobalt reserve price was calculated by the operator at Voisey's Bay at $16.37 per pound.Nickel reserve price was calculated by the operator at Voisey's Bay at $8.97 per pound. No nickel price was reported for Mt. Goode.

The 1.5% to 2.5% NSR sliding-scale royalty applies to cumulative production above 300,000 ounces at both the Burnakura and Meekatharra-Reedys properties. Once300,000 ounces have been produced, the royalty begins paying at a per year rate of 1.5% for the next 75,000 ounces per year produced and at a rate of 2.5% on productionabove 375,000 ounces per year. Cumulative production is estimated at 268,000 ounces as of December 31, 2011.

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NOTE: Not included in the Royalty/Metal Stream Portfolio are Allan, Belcourt, Merlin Orbit, Paddington, Rambler North, Skyline and three oil and gas properties.

Schaft Creek is at a $5.05 NSR cut-off grade (metal price assumptions used by the operator were $658 per ounce gold; $10.90 per ounce silver; $1.93 per pound copper; and$14.70 per pound molybdenum).

Royalty only applies to Section 29 which currently holds about 95% of the reserves reported for the property.An additional Cordilleran royalty applies to a portion of Section 28.Additional Rayrock royalties apply to Sections 28, 32 and 33; these royalty rates vary depending on pre-existing royalties. The Rayrock royalties take effect once 200,000ounces of gold have been produced from the property. As of March 31, 2012, approximately 103,000 ounces have been produced.

The production forecast only includes production for the nine-month period from April 1 to December 31, 2012, representing the period of Pan American's ownerwhip in2012. For the first quarter of CY2012, production was approximately 14,500 ounces of gold and 0.9M ounces of silver as reported by Minefinders.

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Net Profits Interest (“NPI”) Royalty - a defined percentage of the gross revenue from a resource extraction operation, after recovery of certain contract-defined pre-productioncosts, and after deduction of certain contract-defined mining, milling, processing, transportation, administrative, marketing and other costs.

Gross Value ("GV") Royalty - a defined percentage of the gross revenue from a resource extraction operation, less certain contract-defined costs, if any.

The Company’s royalty portfolio contains several different types of royalties which are defined as follows:

Contained Gold Returned ("CGR") Royalty - a royalty in which payments are made on contained ounces rather than recovered ounces.Gross Smelter Return (“GSR”) Royalty - a defined percentage of the gross revenue from a resource extraction operation, less, if applicable, certain contract-defined costspaid by or charged to the operator.

Net Smelter Return (“NSR”) Royalty - a defined percentage of the gross revenue from a resource extraction operation, less a proportionate share of incidental transportation,

Royalty - The right to receive a percentage or other denomination of mineral production from a resource extraction operations.

Net Value Royalty (“NVR”) - a defined percentage of the gross revenue from a resource extraction operation, less certain contract-defined transportation costs, milling costsand taxes.

Definitions

Metal Stream - a metal purchase agreement that provides, in exchange for an upfront payment, the right to purchase all or a portion of one or more metals produced from amine, at a price determined for the life of the transaction by the purchase agreement.

Royalty Portfolio A f D b 1 A f D b 31 2008

