Royal Gold, Inc. (NASDAQ:RGLD) Q3 2020 Earnings Conference Call May 7, 2020 ET Company Participants Alistair Baker - Vice President of Investor Relations & Business Development Bill Heissenbuttel - President & Chief Executive Officer Paul Libner - Chief Financial Officer & Treasurer Mark Isto - Executive Vice President & Chief Operating Officer Conference Call Participants Josh Wolfson - RBC Capital Markets Brian MacArthur - Raymond James Adam Graf - B. Riley FBR Tanya Jakusconek - Scotiabank Operator Good ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2020 Table of Contents or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-13357 Royal Gold, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 84-0835164 (State or O ...

| --- | --- | --- | |-----------------------------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | BMO Global Metals & Mining Conference | | | | | | | | Bill Heissenbuttel, President & CEO February 2020 NASDAQ: RGLD | | | | | | | | | | | 2 Cautionary Statement Cautionary "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation ...

Financial Data and Key Metrics Changes - Revenue increased by 27% to a record $124 million, driven by a 5% increase in volume to 83,500 gold equivalent ounces and higher average realized precious metal prices [8][33] - Earnings for the quarter were $41.3 million or $0.63 per share, representing a 75% increase compared to the prior-year quarter [38] - Operating cash flow was strong at $78 million, with approximately $1 billion in liquidity available for new business opportunities [9][40] Business Line Data and Key Metrics Changes - Stream segment volume for the quarter was 60,000 gold equivalent ounces, in line with previous expectations, with gold accounting for 74% of revenue [34][35] - Higher sales from Andacollo contributed to the increase in revenue, while lower royalty revenue was noted from Cortez [33] - At Mount Milligan, total stream sales were higher due to a significant increase in copper contribution, with strong deliveries of both gold and copper [21] Market Data and Key Metrics Changes - Gold and silver prices increased by 21% and 19% respectively, while copper prices decreased by 5% year-on-year [34] - At Rainy River, gold production for the calendar year was 253,800 ounces, within the annual guidance range [24] Company Strategy and Development Direction - The company aims to continue seeking disciplined growth opportunities in precious metals, focusing on gold and measuring success on a per-share basis [46][47] - The management team emphasizes a proven and well-established strategy, with no intention to change direction [46][47] Management's Comments on Operating Environment and Future Outlook - Management noted positive developments at key properties, including the end of strikes at Andacollo and Penasquito, and operational improvements at Mount Milligan and Rainy River [10][27] - The company anticipates stream segment sales for the upcoming quarter to be similar to previous guidance, with inventories expected to be in the range of 30,000 to 35,000 gold equivalent ounces [40] Other Important Information - The company made an initial contribution of $66 million toward the Khoemacau project development, with further contributions expected in 2020 [42] - The company reported a strong liquidity position with cash of almost $81 million and working capital of $92 million at the end of December [40][41] Q&A Session Summary Question: Is there a study ongoing on Rainy River similar to Mount Milligan? - Yes, New Gold is conducting a new technical report on Rainy River, with results expected on February 13 [51] Question: Will impairments by operators affect the carrying value of assets? - An impairment by an operator does not directly result in an impairment of the company's interest; analysis will be conducted once data is released [53] Question: What opportunities are seen in the market with higher gold prices? - Most transactions are expected to be between $200 million and $500 million, with a focus on project development and M&A opportunities [63]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Incorporation) Identification No.) 1660 Wynkoop Street, Suite 1000 Denver, Colorado 80202 (Address of Principal Executive Offices) (Zip Code) (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

or Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended June 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission File Number 001‑13357 Royal Gold, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdiction of ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the Quarterly Period Ended March 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 10-Q For the transition period from to (Mark One) Commission File Number: 001-13357 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Royal Gold, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 84-0835164 (State or O ...