Tony Jensen, President and CEO of BAML Canada Mining, discussed Royal Gold's strategy and vision. Royal Gold provides capital to mining companies in exchange for gold production from their mines. Royal Gold focuses on investing in long-lived, high-quality assets that produce mainly gold. It pays a growing dividend from the cash flow of its portfolio of streaming and royalty agreements on producing mines. Royal Gold aims to create long-term value for shareholders by leveraging gold prices and reserves through disciplined capital allocation.

1. BAML Canada Mining
Fireside Chat
Tony Jensen
President and CEO
September 8, 2016

2. Cautionary Statement
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: anticipated production and returns from our stream and royalty
properties; Centerra’s proposed acquisition of Thompson Creek Metals and the receipt of approvals related thereto; the proposed amendment to our
stream agreement at Mount Milligan and that such amendment will be value neutral to the Company; Centerra’s plans to improve recoveries at
Mount Milligan as proposed owner of Mount Milligan; estimated percentages of precious and base metals expected from Mount Milligan and from the
Company’s other stream and royalty interests; adequacy of liquidity; sources and uses of capital; projected cash balances and leverage amounts;
statements concerning the Company’s dividend rates and market valuation; return on investment expectations; production, cost, mine life and
reserves and resources estimates and forecasts from the operators of the Company’s stream and royalty properties; and statements or estimates from
operators of properties where we have stream and royalty interests regarding the timing of development, construction progress, commencement of
production, or their projections of steady, increasing or decreasing production once in operation. Factors that could cause actual results to differ
materially from these forward‐looking statements include, among others: the risks inherent in construction, development and operation of mining
properties, including those specific to new mines being developed and operated in foreign countries; changes in gold, silver, copper, nickel and other
metals prices; performance of and production at properties; decisions and activities of the Company’s management; unexpected operating costs,
decisions and activities of the operators of the Company’s royalty and stream properties; changes in operators’ mining and processing techniques or
royalty calculation methodologies; resolution of regulatory and legal proceedings (including with Vale regarding Voisey’s Bay); unanticipated grade,
geological, metallurgical, environmental, processing or other problems at the properties; inaccuracies in technical reports and reserve estimates;
revisions by operators of reserves, resources, mineralization or production estimates; changes in project parameters as plans of the operators are
refined; the results of current or planned exploration activities; the ability of operators of development properties to finance construction to project
completion and bring projects into production and operate them in accordance with feasibility studies; errors or disputes in calculating royalty
payments or stream deliveries, or payments or deliveries not made in accordance with royalty or stream agreements; the liquidity and future financial
needs of the company; economic and market conditions; variations between operators’ production estimates and our estimates of net GEOs; the
impact of future acquisitions and royalty and stream financing transactions; litigation; 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: The Company does not own, develop or mine the properties on which it holds stream or royalty interests. Certain
information provided in this presentation has been provided to the Company by the operators of those properties 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
2September 8, 2016

3.  We provide capital in exchange for a life-of-mine
percentage of the production, usually gold, via a
streaming or royalty interest
 Longevity – in business since 1981 in Denver, CO
 21 employees, $5B market cap
 $0.92/share current annual dividend; 15
consecutive years of dividend increases
 7.3 million ounces of current gold equivalent
reserves subject to our interest, with upside
potential
 Revenue from 38 currently producing mines
within a portfolio of 193 total property interests;
operators include:
3
NASDAQ:RGLD
September 8, 2016
Risk
Return
ETF
Physical Gold
Index Funds
Major Operators
Intermediate Operators
Exploration
Junior Operators
Gold Investment Opportunity with a Dividend and Reserve Optionality

4. 4
Royal Gold Vision & Strategy
We create long term value by providing leverage and optionality to gold price
and reserve upside by:
 Providing a portfolio of assets in some of the best gold districts in the world
 Maintaining a fixed cost structure
 Capital allocation discipline
Gold Focused Invest at the
Troughs and
be Patient at
the Top
Reinvest Free
Cash Flow in
Long Lived
Properties
Be the Most
Valuable, Not
Necessarily
the Largest
September 8, 2016
Pay a
Growing and
Sustainable
Dividend

5. 5
Gold Focused
Royal Gold expects ~75% of estimated net revenue from gold1 on a pro-forma basis
September 8, 2016
1 Pro-Forma includes expected silver from Pueblo Viejo and effect of the proposed amendment to the Mount Milligan copper stream.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Gold Silver Other

6. 6
Reinvest Cash Flow in Long Lived Properties
September 8, 2016
Disciplined
capital
allocation
80% of our portfolio asset value is in mines with reserve life >15 years,1 including:
0
5
10
15
20
25
Mt. Milligan Andacollo Voisey's Bay Pueblo
Viejo
Pascua
Lama
Cortez Canadian
Malartic
Rainy River Peñasquito Leeville Robinson Golden Star Holt Mulatos
Years of remaining mine life Years in production since we've owned it
2
1 Based on reserves and mine life reported by the operators of our stream and royalty properties through December, 2015 by the operators of the
properties.
2 Mulatos subject to cap and remaining mine life shown reflects estimated cap.

7. 7September 8, 2016
Disciplined
capital
allocation
Cornerstone properties generate cash flow and lead to more diversification:
Andacollo
Mount Milligan
Peñasquito
$0
$50
$100
$150
$200
$250
$300
$350
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Voisey’s Bay
Pueblo
Viejo
Wassa and
Prestea
Reinvest Cash Flow in Long Lived Properties
In$USDMillions
Fiscal Years

8. $1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
$1,900
8
Mt. Milligan II
Wassa and Prestea
Andacollo Stream
Our history has been to deploy capital near a trough; gold price up ~20% since
Pueblo Viejo transaction
Mt. Milligan I
SpotGoldPriceinUSDollars
Pueblo Viejo
RGLD Last Equity
Raise at $1773 gold
Rainy River
September 8, 2016
Invest at the Troughs, Be Patient at the Top

9. $0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
GG
Royal Gold
FNV
OR
SLW
AEM
ABX
NEM
HL
0
0.2
0.4
0.6
0.8
1
1.2
1.4
15 straight years of dividend increases
Dividend increased in calendar 2016 to $0.92 per share
27% payout ratio of adjusted operating cash flow in FY2016
21% compound annual growth rate (CAGR) since 2001
Equates to 1.2% annual yield (August 25, 2016)
9
AnnualDividendsPaidPerShare
Calendar Years
DividendYield2
Pay a Growing and Sustainable Dividend
September 8, 2016
Source: Ycharts. Values as of August 25, 2016.

10. 10
We have demonstrated positive stewardship of shareholder capital
We focus on value per share metrics
September 8, 2016
Most Valuable, Not Necessarily the Largest
0
50
100
150
200
250
300
350
400
450
500
2008 2009 2010 2011 2012 2013 2014 2015 2016
SLW FNV RGLD
RGLD share count unchanged since 2012
Millions of Common Shares Outstanding
Net Gold Equivalent Ounces (GEO’s) per Million Shares1
1. Net Gold Equivalent Ounces calculated as reported revenue less cost of goods sold divided by
average gold price. Source for revenue, cost of goods sold and shares outstanding was S&P Capital IQ.
Source for average gold price was Kitco.
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2008 2009 2010 2011 2012 2013 2014 2015 LTM
SLW FNV RGLD

11. 1660 Wynkoop Street, #1000
Denver, CO 80202-1132
303.573.1660
info@royalgold.com
www.royalgold.com
1660 Wynkoop Street, #1000
Denver, CO 80202-1132
303.573.1660
info@royalgold.com
www.royalgold.com