tony jensen president and ceo...nasdaq: rgld | cautionary statement 2 this presentation contains...

NASDAQ: RGLD

Tony Jensen

President and CEO

January 2018

NASDAQ: RGLD

|

Cautionary Statement

2

This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Suchforward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materiallyfrom the projections and estimates contained herein and include, but are not limited to: statements concerning commercial production at RainyRiver, statements about Centerra’s statements regarding availability of water sources for Mount Milligan operations, re-starting partial or fulloperations at Mount Milligan, and future production at Mount Milligan, and our statements about the impact of operational issues at MountMilligan on Royal Gold’s results and the likely timing of such impact; estimated production at Wassa and Prestea, preliminary results of streamingvolume, the impact of recently-enacted tax reform on Royal Gold’s financial results, cash flow generation, and operating cash flow growth in Q1FY18 building on record fiscal year 2017 performance; quickly delevering; embedded growth and sequential growth catalysts and estimatedproduction at Rainy River, Cortez Crossroads and Peñasquito Pyrite Leach in calendar 2017 and 2018; diverse portfolio; strong margins; leanstructure; strategic capital allocation and strong net revenue on capital deployed, with significant mine life remaining; equity stewardship; dividendreturns and historic and current compounded annual growth rate in dividends per share, annual yield and operating cash flow yield; focus on totalshareholder return; ability of Rainy River project to complete main tailings storage facility and ramp-up to capacity; expected start-up date forCortez Crossroads; expected accelerated start-up date for and estimated production from the Pyrite Leach project; estimated production at each ofRainy River, Cortez Crossroads and the Pyrite Leach project; mine life and reserves estimates and forecasts of throughput, recoveries andproduction from the operators of our stream and royalty interests; and lack of additional funding requirements. Factors that could cause actualresults to differ materially from these forward-looking statements include, among others: the risks inherent in the operation of mining properties; adecreased price environment for gold and other metals on which our stream and royalty interests are determined; performance of and productionat properties, and variation of actual production from the production estimates and forecasts made by the operators of those stream and royaltyproperties; decisions and activities of the Company’s management affecting margins, use of capital and changes in strategy; unexpected operatingcosts, decisions and activities of the operators of the Company’s stream and royalty properties; changes in operators’ mining and processingtechniques or stream or royalty calculation methodologies; resolution of regulatory and legal proceedings; unanticipated grade, geological,metallurgical, environmental, processing or other problems at the properties; revisions or inaccuracies in technical reports, reserve, resources andproduction estimates; changes in project parameters as plans of the operators are refined; the results of current or planned exploration activities;errors or disputes in calculating stream deliveries and royalty payments, or deliveries or payments under stream or royalty agreements; theliquidity and future financial needs of the Company; economic and market conditions; the impact of future acquisitions and stream and royaltyfinancing transactions; the impact of issuances of additional common stock; and risks associated with conducting business in foreign countries,including application of foreign laws to contract and other disputes, environmental laws, enforcement and uncertain political and economicenvironments. These risks and other factors are discussed in more detail in the Company’s public filings with the Securities and ExchangeCommission. Statements made herein are as of the date hereof and should not be relied upon as of any subsequent date. The Company’s pastperformance is not necessarily indicative of its future performance. The Company disclaims any obligation to update any forward-lookingstatements.

Third-party information: Certain information provided in this presentation has been provided to the Company by the operators of propertiessubject to our stream and royalty interests, or is publicly available information filed by these operators with applicable securities regulatory bodies,including the Securities and Exchange Commission. The Company has not verified, and is not in a position to verify, and expressly disclaims anyresponsibility for the accuracy, completeness or fairness of such third-party information and refers readers to the public reports filed by theoperators for information regarding those properties.

NASDAQ: RGLD

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Rainy River declared commercial production in October 2017Rainy became our 40th1 producing property within a portfolio of 197 total interests

Centerra announced temporary suspension of Mount MilliganRestart at partial capacity expected late January, full capacity in approximately April

Another $50 million in debt paid in December 2017 quarter$850 million available under revolver

GSR stream rate expanded to 10.5% on 1-1-18Wassa and Prestea

Step-up in original streaming agreement

RGLD Q2FY18 Sales announced 1-9-1862,000 GEOs2

Up 17% from prior year quarter

US Tax Reform signed into law Positive long-term impact

Certain balance sheet assets and liabilities to be reassessed, expect to recognize as-yet undetermined financial statement impacts in Q2FY18 results

Recent Developments

3

1 Reflects portfolio on October 30, 2017.2 Gold Equivalent Ounces (“GEOs”) are calculated as revenue divided by the average gold price for the same period.

NASDAQ: RGLD

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DisciplineEfficiency

20+ Year Track Record

Cash flow generation

Quickly delevering

Embedded growth

Diverse portfolio

Strong margins

Lean structure

Strategic capital allocation

Equity stewardship

Dividend returns

4

Performance

NASDAQ: RGLD

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0x

5x

10x

15x

20x

25x

30x

35x

40xHistorical OCF multiple1

OCF Multiple +1 Standard Deviation

Q1FY18 cash flow growth building on FY17 records…

Cash Flow Generation

5

$173

$147

$192

$170

$266

$282

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$0

$50

$100

$150

$200

$250

$300

12 monthsJun-30-2013





LTM Sept-30-2017

Cash from Operations Gold Price

OCF average = $170m per year

Go

ld P

rice in U

S Do

llars

Cas

h f

rom

Op

erat

ion

s in

USD

Mill

ion

s

Cash from operations vs gold price

..yet RGLD is trading at a discount to historical levels

RGLD at 19x vs historical of 23x and peers at 25x

OC

F M

ult

iple

1 Multiple calculated as reported cash from operations.

NASDAQ: RGLD

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$45mRepaid

March 31, 2017

$50mRepaid

June 30, 2017

$50mRepaid

Sept 5, 2017

Quickly DeleveringPerformance

6

Another $50 million in debt repaid in December, 2017 quarter

$50mRepaid

December, 2017

NASDAQ: RGLD

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Sequential growth catalysts in calendar 2017 and 2018, bought and paid for

Rainy River - 2017

1 Information has been provided to the Company by the operators of those properties or is publicly available information filed bythese operators. Please see page 2.

2 See slide 19 for details on the scope of Royal Gold’s streaming and these royalty interests.

Rainy River - 2017

Embedded Growth

Rainy River - 2017

New Gold: Commercial production began October 20171

Stream on 6.5% of gold and 60% of silver1,2

3.9Moz gold in reserves; 10.0Moz silver in reserves1,2

Rainy River - 2017

Performance

7

Cortez Crossroads - 2018

Barrick: CY18 startup expected1 and stripping underway

4.5% NVR & 5% GSR royalty2

3.2Moz gold in reserves1

Peñasquito Leach – CQ418

Goldcorp: Commissioning accelerated to CQ4181

Progress at 9/30/17: 40% complete1

Expected to add 1Moz gold, 44Moz silver to mine life1

NASDAQ: RGLD

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Rainy River - 2017Rainy River - 2017Rainy River - 2017

Performance

8

Cortez Crossroads - 2018

Commercial Production at Rainy River

1 Information has been provided to the Company by the operators of those properties or is publicly available information filed bythese operators. Please see page 2.

2 See slide 19 for details on the scope of Royal Gold’s streaming and royalty interests.

Ball Mill and SAG Mill

Favorable jurisdiction in Canada

204 km2 land package

Schedule 2 Amendment completed1

Approval received to complete construction of the main tailings storage facility1

Commercial production declared October 19, which was 2 weeks ahead of schedule1

Achieved 18,500 tonnes per day, or 88% of capacity for the period Oct 1-241,2

Tailings Starter Facility

Land Position

NASDAQ: RGLD

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Diverse PortfolioEfficiencyEfficiency

9

1 Producing properties not highlighted in the map include Allan, Bald Mountain, Canadian Malartic, Dolores, Don Mario, El Limon, Gold Hill, Goldstrike, Gwalia, Holt, King of the Hills, Las Cruces, Leeville, Marigold, Meekathara, Mulatos, Rambler North, Robinson, Ruby Hill, Skyline, Soledad Mountain, South Laverton, Southern Cross, Taparko, Twin Creeks, Wharf, Williams and others.

2 Reflects portfolio on October 30, 2017.3 In FQ1 2018.

Rainy River is our 40th producing property1

197 total property interests (all minerals); 40 producing and 23 in development2

87% of revenue from precious metals3

89% of revenue from Canada, Chile, US, Mexico and Dominican Republic3

NASDAQ: RGLD

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Our gross margin is within the top 6% of S&P 500 constituents

Strong MarginsEfficiency

Source: S&P Capital iQ as of September 19, 2017. Gross margin calculated as total revenue less cost of goods sold, divided by total revenue. A total of 456 of the S&P 500 constituents reported positive gross margin in the trailing 12 months.

10

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Gross margin, last 12 months

S&P 500 Constituent

RGLD, 80% margin

Gro

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NASDAQ: RGLD

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$0 $10,000,000 $20,000,000

NasdaqGS:MAR

NYSE:APH

NYSE:UHS

NYSE:M

NYSE:LEG

NYSE:OMC

NasdaqGS:FAST

NYSE:KSS

NYSE:AJG

NasdaqGS:FISV

NasdaqGS:IDXX

NasdaqGS:INFO

NasdaqGS:NAVI

NYSE:UTX

NYSE:SEE

NYSE:IT

NYSE:WFC

NYSE:DPS

NYSE:K

NYSE:TMO

NYSE:ALK

NYSE:JPM

NYSE:BAC

NYSE:CAT

NYSE:ADS

NYSE:UAA

NYSE:GPN

NYSE:TAP

NYSE:AMG

NasdaqCM:AMD

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NasdaqGS:PDCO

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NYSE:UNH

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NYSE:CF

NYSE:PXD

NYSE:NRG

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$25m(REIT)

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$3m

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$19m$11m (REIT)

S&P

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Revenue per employee

Our revenue per employee is higher than 497 of the S&P 500

Lean StructureEfficiency

Source: S&P Capital iQ as of September 19, 2017. Revenue per employee calculated as total reported revenue for the trailing 12 months, divided by total reported employees. 498 of the S&P 500 companies report total employees.

11

NASDAQ: RGLD

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We maintained a strong balance sheet and deployed capital opportunistically

Strategic Capital AllocationDiscipline

12

Rainy River

Cortez Crossroads

Gold price at the time of recent transaction agreements

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Nov-01-2011 Nov-01-2012 Nov-01-2013 Nov-01-2014 Nov-01-2015 Nov-01-2016

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Royalty

Pueblo Viejo

Wassa & Prestea

Andacollo

RainyRiver

Sep-1-2017

NASDAQ: RGLD

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-$2,000

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Capital Deployed

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Strong net revenue on capital deployed, with significant mine life remaining

Strategic Capital AllocationDiscipline

13

1 Net revenue calculated as gross revenue less cost of goods sold (COGS) for streaming payments.2 Weighted average remaining mine life calculated by weighting each property’s current remaining mine life in years by the

proven and probable reserves for the year ended 2016, based on data provided by the operators of those mines.3 Net Revenue includes Andacollo, Pueblo Viejo, Wassa and Prestea only.

NASDAQ: RGLD

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RGLD has 14 million outstanding shares less than the next-highest GDX member

Equity StewardshipDiscipline

14* Company with an incorporation date that pre-dates Royal Gold, which was incorporated in 1981.

NASDAQ: RGLD

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Rainy River

Cortez Crossroads

19% CAGR in dividends per share since 2001, and currently equates to $1.00 per share, a 1.2% annual yield, and an average 22% OCF yield1

Dividend ReturnsDiscipline

1 Calculated as reported cash from operations divided by common dividends paid during the same period. 2017 reflects trailingtwelve months as reported through September 30, 2017. 2018 reflects approved dividend. 15

27% 29%

12%

21%19%

25% 26%23%

34%30%

15%18%

25%

36%

29%

35%

22%

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$0.10

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Dividend Per Share Operating Cash Flow Yield Average Gold Price (source: Kitco)

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NASDAQ: RGLD

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Highly Skilled Board Leadership

Jamie SokalskyIndependent Director;

Former President and CEO, Barrick Gold Corporation

Kevin McArthur Independent Director; Executive Chair, Tahoe

Resources and Former CEO and Director, Goldcorp, Inc.

Tony JensenDirector; President and CEO,

Royal Gold, Inc.

William HayesIndependent Director and

Chairman of the Board; Former EVP, Placer Dome Inc.

Ronald J. Vance Independent Director; Former SVP Corporate Development,

Teck Resources

Christopher M.T. ThompsonIndependent Director; Former Chairman and CEO, Gold Fields

Limited

Sybil VeenmanIndependent Director; Former

Senior Vice President and General Counsel, Barrick Gold Corporation

Discipline

16

NASDAQ: RGLD

|Source: YCharts

20+ Years of Solid PerformancePerformance

17

-200

0

200

400

600

800

1,000

1,200

1,400

Gold Price in US Dollars % Change Royal Gold Total Return Price % Change

S&P 500 Total Return Level % Change

RGLD+1261%

S&P 500+287%

Gold Price+313%

%

%

%

%

%

%

%

%

%

20-year total shareholder return

Perc

enta

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To

tal R

etu

rn P

rice

Our focus is total shareholder return (TSR)

1660 Wynkoop Street, #1000

Denver, CO 80202

303.573.1660

[email protected]

www.royalgold.com

NASDAQ: RGLD

NASDAQ: RGLD

|

Streams (at September 30, 2017)

Operator Mine Metal RGLD interest untilRGLD

interestuntil

RGLD interest

untilRGLD pays (per unit)

untilRGLD pays (per ounce)

until

ReserveRemaining Mine Life

(Years)

CY2017Operator

Production Guidance

(oz/Mlbs)2

Centerra GoldMount

MilliganGold 35%

LOM (life of mine)

$435 LOM 21 235,000-255,000

Centerra GoldMount

MilliganCopper 18.75% LOM - - - - 15% of spot LOM - - 21

Low end of 55-65Mlbs

Barrick Pueblo Viejo Gold 7.50% 990koz 3.75%remaining

LOM- - 30% of spot 550koz 60% of spot

remaining LOM

25+ 635,000-650,000

Barrick Pueblo Viejo Silver75% at fixed

70% recovery50Moz 37.50%

remaining LOM

- - 30% of spot 23.1Moz 60% of spotremaining

LOM25+ Not provided

New Gold Rainy River Gold 6.50% 230koz 3.25%remaining

LOM- - 25% of spot - - - 14

Production began Oct 2017

New Gold Rainy River Silver 60% 3.1Moz 30%remaining

LOM- - 25% of spot - - - 14

Production began Oct 2017

Teck Andacollo Gold 100% 900koz 50%remaining

LOM- - 15% of spot - - - 17 TBA

Golden StarWassa/Prestea

Gold 9.25% 12/31/2017 10.50% 240koz 5.50% LOM 20% of spot 240koz 30% of spot 10 255,000-280,000

Key Royalties1 (at Sept 30, 2017) RGLD interest Until

Goldcorp PeñasquitoGold Silver Lead Zinc

2.00% LOM 10 410,0000 (gold)

Barrick Cortez Gold Various LOM 12 TBA

Agnico-Eagle & Yamana

Malartic Gold 1-1.5% LOM 10 Not available

Newmont Leeville Gold 1.80% LOM 11 Not available

KGHM RobinsonGold

Copper3.00% LOM 5 Not available

Kirkland Lake Holt Gold0.00013 x the

gold priceLOM 8 Not available

Alamos Gold Mulatos Gold 1-5%

capped; expect to reach in ~2019

2 150,000-160,000

Portfolio of AssetsDiverse, Long Lived Properties

1 Includes largest royalties by revenue. An additional 28 royalties from producing mines in Royal Gold’s portfolio not shown. 2 Production estimates are received from our operators and there can be no assurance that production estimates received from

our operators will be achieved. Please refer to our cautionary language regarding forward-looking statements on slide 2, as wellas the Risk Factors identified in Part I, Item 1A, of our Fiscal 2017 10-K for information regarding factors that could affect actualresults.

19

NASDAQ: RGLD

|

We provide capital in exchange for a life-of-mine percentage of the production

• via a streaming or royalty interest

• we do not operate any mines

Diverse portfolio of 40 producing mines & 197 total property interests; operators include:

Inherent growth in portfolio

• no additional funding commitments

• $916 million of liquidity at 9-30-17

24 employees, $5.5B market cap

80% gross margin

17 consecutive years of dividend increases

• $1.00/share current annual dividend

Longevity – in business since 1981 in Denver

Gold Investment Opportunity with a Dividend and Reserve Optionality

About Royal Gold

20Risk

Return

ETF

Physical Gold

Index Funds

Major Operators

Intermediate Operators

Exploration

Junior Operators

1 Reflects portfolio on October 30, 2017.

1

1660 Wynkoop Street, #1000

Denver, CO 80202

303.573.1660

[email protected]

www.royalgold.com

NASDAQ: RGLD

tony jensen president and ceo...nasdaq: rgld | cautionary statement 2 this presentation contains...

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