CIBC 21st Annual Whistler Institutional Investor Conference

1. NASDAQ: RGLD
CIBC 2018
Whistler Institutional Conference
Tony Jensen
President and CEO
January 24, 2018

2. NASDAQ: RGLD
|
Cautionary Statement
2
This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual
results to differ materially from the projections and estimates contained herein and include, but are not limited to: statements
concerning cash flow generation, and operating cash flow growth in Q1 FY18 building on record fiscal year 2017 performance; quickly
delevering; embedded growth and sequential growth catalysts and estimated production at Rainy River, Cortez Crossroads and
Peñasquito Pyrite Leach in 2018; diverse portfolio; strong margins; lean structure; strategic capital allocation and strong net revenue
on capital deployed, with significant mine life remaining; equity stewardship; dividend returns and historic and current compounded
annual growth rate in dividends per share, annual yield and operating cash flow yield; focus on total shareholder return; ability of
Rainy River project to complete main tailings storage facility and ramp-up to capacity; expected start-up date for Cortez Crossroads;
expected accelerated start-up date for and estimated production from the Pyrite Leach project; estimated production at each of Rainy
River, Cortez Crossroads and the Pyrite Leach project; mine life and reserves estimates and forecasts of throughput, recoveries and
production from the operators of our stream and royalty interests; and lack of additional funding requirements. Factors that could
cause actual results to differ materially from these forward-looking statements include, among others: the risks inherent in the
operation of mining properties; a decreased price environment for gold and other metals on which our stream and royalty interests
are determined; performance of and production at properties, and variation of actual production from the production estimates and
forecasts made by the operators of those stream and royalty properties; decisions and activities of the Company’s management
affecting margins, use of capital and changes in strategy; unexpected operating costs, decisions and activities of the operators of the
Company’s stream and royalty properties; changes in operators’ mining and processing techniques 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 and production
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; the liquidity and future financial needs of the Company; economic and market conditions; the impact of future
acquisitions and stream and royalty financing 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 economic environments. These risks and other factors are discussed in more detail in
the Company’s public filings with the Securities and Exchange Commission. Statements made herein are as of the date hereof and
should not be relied upon as of any subsequent date. The Company’s past performance is not necessarily indicative of its future
performance. The Company disclaims any obligation to update any forward-looking statements.
Third-party information: Certain information provided in this presentation has been provided to the Company by the operators of
properties subject 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 any responsibility for the accuracy, completeness or fairness of such third-party information and
refers readers to the public reports filed by the operators for information regarding those properties.

3. NASDAQ: RGLD
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Creating Long Term Value
Cash flow generation
Embedded growth
Strong margins
Lean structure
Equity stewardship
Dividend returns
3
DisciplineEfficiencyPerformance

4. NASDAQ: RGLD
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0x
5x
10x
15x
20x
25x
30x
35x
40x
Historical OCF multiple1
OCF Multiple +1 Standard Deviation
Q1FY18 cash flow growth
building on FY17 records…
Performance - Cash Flow Generation
4
$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 months
Jun-30-2013
12 months
Jun-30-2014
12 months
Jun-30-2015
12 months
Jun-30-2016
12 months
Jun-30-2017
LTM Sept-30-
2017
Cash from Operations Gold Price
OCF average = $170m per year
GoldPriceinUSDollars
CashfromOperationsinUSDMillions
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
OCFMultiple
1 Multiple calculated as reported cash from operations

5. NASDAQ: RGLD
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Sequential growth catalysts, 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 by
these operators. Please see page 2.
Rainy River - 2017
Performance - Embedded Growth
Rainy River - 2017
New Gold: Commercial production began October 20171
Stream on 6.5% of gold and 60% of silver1
3.9Moz gold in reserves; 10.0Moz silver in reserves1
Rainy River – Ramp 2018
5
Cortez Crossroads - 2018
Barrick: CY18 startup expected1 and stripping underway
4.5% NVR & 5% GSR royalty
3.2Moz gold in reserves1
Peñasquito Leach – CQ418
Goldcorp: Commissioning accelerated to CQ4181
Construction progress at 1/16/18: 62% complete1
Expected to add 1Moz gold, 44Moz silver to mine life1

6. NASDAQ: RGLD
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Our gross margin is within the top 6% of S&P 500 constituents
0%
20%
40%
60%
80%
100%
NYSE:FLR
NYSE:ADM
NasdaqGS:ESRX
NYSE:LLL
NYSE:SLB
NasdaqGS:EXPD
NasdaqGS:PCAR
NYSE:FTI
NYSE:TXT
NYSE:CNC
NYSE:LYB
NYSE:UPS
NYSE:GD
NYSE:DLPH
NYSE:ADS
NYSE:HRL
NYSE:ALL
NasdaqGS:PDCO
NYSE:CSRA
NYSE:PH
NYSE:CMI
NYSE:DTE
NYSE:DVA
NasdaqGS:HSIC
NYSE:HPE
NYSE:DAL
NYSE:TRV
NYSE:IP
NYSE:CAG
NYSE:CB
NasdaqGS:AAL
NYSE:ACN
NYSE:PRU
NYSE:CI
NYSE:APH
NasdaqGS:DISH
NYSE:HD
NasdaqGS:MU
NYSE:LNT
NYSE:FCX
NasdaqGS:ULTA
NYSE:WEC
NYSE:LUV
NasdaqGS:QRVO
NYSE:ALB
NYSE:WM
NYSE:CMS
NYSE:EIX
NYSE:SIG
NYSE:DGX
NYSE:M
NYSE:AEP
NYSE:GLW
NYSE:AON
NYSE:CCL
NYSE:UHS
NYSE:ROK
NasdaqGS:ADP
NYSE:YUM
NYSE:FL
NYSE:ALLE
NasdaqGS:AMAT
NYSE:NKE
NasdaqGS:VIAB
NYSE:DIS
NYSE:CHD
NYSE:PNW
NYSE:IBM
NYSE:DUK
NYSE:MSI
NYSE:VFC
NYSE:STZ
NYSE:LVLT
NYSE:SNA
NYSE:AZO
NYSE:MON
NasdaqGS:XRAY
NasdaqGS:REGN
NYSE:NEE
NasdaqGS:GRMN
NYSE:CTL
NYSE:RMD
NYSE:ORCL
NYSE:KORS
NYSE:DPS
NYSE:CL
NasdaqGS:INFO
NasdaqGS:NTAP
NasdaqGS:INTC
NYSE:TIF
NasdaqGS:CSCO
NasdaqGS:VRSK
NasdaqGS:HOLX
NasdaqGS:MNST
NasdaqGS:AKAM
NYSE:EQR
NYSE:AMT
NasdaqGS:CMCS.A
NasdaqGS:WYNN
NYSE:EQT
NYSE:ARE
NYSE:MCO
NYSE:ZBH
NYSE:LLY
NYSE:PLD
NYSE:ABBV
NYSE:PFE
NYSE:SPG
NasdaqGS:FFIV
NasdaqGS:CTXS
NasdaqGS:CDNS
NYSE:GS
NasdaqGS:CELG
NYSE:DFS
Gross Margin, Last 12 Months
S&P 500 Constituent
RGLD, 80% margin
GrossMargin
Source: S&P Capital iQ. 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 last 12 months.
Efficiency - Strong Margins
6

7. 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
NYSE:NI
NYSE:VNO
NYSE:BF.B
NYSE:PEG
NasdaqGS:PDCO
NYSE:CHD
NYSE:UNH
NYSE:AIG
NYSE:TRV
NasdaqGS:SNI
NYSE:HPQ
NasdaqGS:VRSN
NYSE:CF
NYSE:PXD
NYSE:NRG
NYSE:NBL
NYSE:DHI
NasdaqGS:CBOE
NasdaqGS:GILD
NYSE:VTR
$25M
(REIT)
$1M
$1.3M
$3m
$2M
$19M$11M
(REIT)
S&P500Constituent
Revenue per employee
Source: S&P Capital iQ. Revenue per employee calculated as total reported revenue for the last 12 months, divided by total reported
employees. 498 of the S&P 500 companies report total employees.
Efficiency - Lean Structure
Our revenue per employee is higher than 497 of the S&P 500
7

8. NASDAQ: RGLD
|
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
RoyalGold,Inc.
*TorexGoldResourcesInc
EndeavourMiningCorporation
RandgoldResourcesLimited
OsiskoGoldRoyaltiesLtd.
*SSRMiningInc.
FortunaSilverMinesInc.
*PanAmericanSilverCorp.
SandstormGoldLtd.
KlondexMinesLtd.
FirstMajesticSilverCorp.
KirklandLakeGoldLtd.
GuyanaGoldfieldsInc.
DetourGoldCorporation
Franco-NevadaCorporation
*CoeurMining,Inc.
*AgnicoEagleMinesLimited
*CompañíadeMinasBuenaventuraS.A.A.
CenterraGoldInc.
AlamosGoldInc.
*McEwenMiningInc.
TahoeResourcesInc.
SEMAFOInc.
*HeclaMiningCompany
*AngloGoldAshantiLimited
WheatonPreciousMetalsCorp.
IAMGOLDCorporation
HarmonyGoldMiningCompanyLimited
RegisResourcesLimited
StBarbaraLimited
*NewmontMiningCorporation
NewGoldInc.
IndependenceGroupNL
NorthernStarResourcesLimited
OceanaGoldCorporation
EldoradoGoldCorporation
ResoluteMiningLimited
*NewcrestMiningLimited
SaracenMineralHoldingsLimited
*GoldFieldsLimited
*GoldcorpInc.
SibanyeGoldLimited
YamanaGoldInc.
B2GoldCorp.
*CentaminPlc
BarrickGoldCorporation
*KinrossGoldCorporation
EvolutionMiningLimited
GDX Constituents Sorted by Shares Outstanding
MillionsofSharesOutstanding
atJune30,2017
RGLD has 14 million outstanding sharesless than the next-highest GDX member
Discipline
* Company with an incorporation date that pre-dates Royal Gold, which was incorporated in 1981.
Discipline - Equity Stewardship
8

9. 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
Discipline - Dividend Returns
1 Calculated as reported cash from operations divided by common dividends paid during the same period. 9
27% 29%
12%
21%
19%
25% 26%
23%
34%
30%
15%
18%
25%
36%
29%
35%
22%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
Dividend Per Share Operating Cash Flow Yield Average Gold Price (source: Kitco)
AnnualDividendsPerShare
GoldPriceinUSDollars
Latest increase

10. NASDAQ: RGLD
|
Highly Skilled Board Leadership
Jamie Sokalsky
Independent Director;
Former President and CEO,
Barrick Gold Corporation
Kevin McArthur
Independent Director;
Executive Chair, Tahoe
Resources and Former CEO
and Director, Goldcorp, Inc.
Tony Jensen
Director; President and CEO,
Royal Gold, Inc.
William Hayes
Independent 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. Thompson
Independent Director; Former
Chairman and CEO, Gold Fields
Limited
Sybil Veenman
Independent Director; Former
Senior Vice President and General
Counsel, Barrick Gold Corporation
10

11. 1660 Wynkoop Street, #1000
Denver, CO 80202
303.573.1660
info@royalgold.com
www.royalgold.com
NASDAQ: RGLD