Royal Gold Completes Acquisition of Barrick Gold's Royalty Portfolio


    DENVER, Oct. 6 /CNW/ -- ROYAL GOLD, INC. (Nasdaq: RGLD; TSX: RGL), the
leading precious metals royalty company, today announced the closing of its
acquisition of the royalty portfolio from Barrick Gold Corporation
("Barrick"), effective October 1, 2008.  Consideration to Barrick for the
transaction was approximately $150 million net cash and a restructuring of
Royal Gold's royalty positions at Barrick's Cortez Pipeline Mining Complex
("Cortez") in Nevada, valued at $31.5 million.  The cash portion of the
purchase price for the transaction was paid from Royal Gold's cash on hand. 
The Company initially announced the execution of a definitive agreement to
acquire Barrick Gold's royalty portfolio on July 31, 2008.
    The royalty portfolio consists of royalties on 72 properties, including 8
producing royalties, 2 development stage properties, 19 evaluation stage
properties, and 43 exploration projects.  Approximately 75% of the portfolio
consists of precious metals royalties.  See Tables 1 through 4 for a list of
all the royalty properties acquired in the transaction along with calendar
2008 first half production and revenue figures for the majority of the
producing properties.
    Royalties on 77 properties were included in the Barrick royalty portfolio
at the time Royal Gold entered into the definitive purchase agreement with
Barrick.  As previously announced, several royalties in the portfolio were
subject to rights of first refusal ("ROFR") or buy down rights.  Of the 77
properties initially included in the royalty portfolio, three properties were
transferred to third parties upon the exercise of ROFRs and two properties
were removed from the transaction.  The removal of these five royalties
reduced the purchase price by $210,000.  Osisko Mining did not exercise its
ROFR on the Malartic property.  In addition, one evaluation stage property,
having an attributed value for purposes of the transaction of approximately
$1.0 million, remains subject to a ROFR which is due to expire by the end of
October 2008.  This royalty will either be transferred to Royal Gold following
expiration  or waiver of the ROFR, or transferred by Barrick to the
ROFR-holder if the ROFR is exercised in accordance with its terms.
    Royal Gold holds four gold royalty interests at Cortez, consisting of two
sliding-scale gross smelter return ("GSR") royalties ("GSR1" and "GSR2"), a
fixed-rate GSR royalty ("GSR3") and a net value return royalty ("NVR1").  The
restructuring of Royal Gold's royalty positions at Cortez consisted of the
following: (1) a reduction of Royal Gold's GSR2 sliding-scale royalty, from a
range of 0.72% to 9.0%, to match the current GSR1 sliding-scale royalty rate
ranging from 0.40% to 5.0%, and (2) the elimination of Royal Gold's interest
in the 0.71% GSR3 royalty and the 0.39% NVR1 royalty on the mining claims that
comprise the undeveloped Crossroads deposit.  The GSR3 and NVR1 royalties that
cover areas outside of the Crossroads deposit at Cortez were not affected by
this transaction.  The Crossroads deposit continues to be subject to Royal
Gold's GSR2 royalty at the reduced royalty rate.
    As a result of the transaction, Royal Gold now holds a total of 22
producing royalties, 6 development stage properties, 27 evaluation stage
properties and 64 exploration projects.About Royal GoldRoyal Gold is the leading precious metals royalty company engaged in the
acquisition and management of precious metals royalty interests.  Royal Gold
is publicly-traded on the NASDAQ Global Select Market under the symbol "RGLD,"
and on the Toronto Stock Exchange under the symbol "RGL."  The Company's web
page is located at http://www.royalgold.com.
    Cautionary "Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995:  With the exception of historical matters, the
matters discussed in this press release are forward-looking statements that
involve risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements contained herein.  Such
forward-looking statements include statements regarding operator's estimates
of reserves, additional mineralized material and the price of potash per ton
for 2008, and the estimated closing date for the acquisition of any royalty in
the Barrick royalty portfolio that was not transferred at the closing of the
transaction. Like any royalty acquisition that contains significant assets
that are not producing or not yet in development, the royalties in the royalty
portfolio that are in development, evaluation or exploration stages are
subject to certain risks, such as the ability of the operator to bring the
project into production and operate in accordance with the feasibility study
and the ability of Royal Gold to make accurate assumptions regarding
valuation, timing and amount of royalty payments.  In addition, the royalties
are subject to certain risks associated with conducting business in foreign
countries, including application of foreign laws to contract and other
disputes, foreign environmental laws and enforcement and uncertain political
and economic environments.  Furthermore, the acquisition of royalties from
Barrick, like any royalty acquisition, involves risks that operators of mining
projects and holders of mining claims, tenements, concessions or other land
interests may contest the existence or extent of one or more of the royalty
interests. While Royal Gold seeks to confirm the validity of royalties it
acquires, there can be no assurance that such disputes will not arise.  As a
general matter, royalty interests in mining projects or properties are subject
to uncertainties and complexities arising from the application of contract and
property laws governing private parties or the local or national governments.
Factors that could cause actual results to differ materially from projections
include, among others, the exercise of rights of first offer and rights of
first refusal on royalties acquired, precious metals and other commodity
prices, decisions and activities of the operators of the various properties,
unanticipated grade, geological, metallurgical, processing or other problems
the operators may encounter, changes in project parameters as plans continue
to be refined, economic and market conditions, as well as other factors
described elsewhere in this press release and in the Company's Annual Report
on Form 10-K, and other filings with the Securities and Exchange Commission.
Most of these factors are beyond the Company's ability to predict or control.
The Company disclaims any obligation to update any forward-looking statement
made herein.  Readers are cautioned not to put undue reliance on forward-
looking statements.TABLE 1
                          BARRICK ROYALTY PORTFOLIO
                     PRODUCING AND DEVELOPMENT PROPERTIES
                           RESERVES (1),(2),(3),(4)GOLD/SILVERPRODUCINGProperty           Location             Ownership   NSR Rate %    MetalMulatos (6)      Sonora, Mexico        Alamos Gold 0.70 - 3.50    Gold
    Siguiri (7)      Siguiri, Guinea       AngloGold   0.00 - 1.875   Gold
                                           Ashanti
    Balcooma         Queensland,           Kagara          1.50       Gold
                     Australia
    Balcooma         Queensland,           Kagara          1.50      Silver
                     Australia
    El Toqui (10)    Aysen Region,         Breakwater   1.0 - 3.0     Gold
                     Chile                 Resources
    Wharf (11)       South Dakota, U.S.    Goldcorp     0.00 - 2.0    GoldDEVELOPMENTHolt/Holloway    Ontario, Canada       St Andrew     0.00013      Gold
                                           Goldfields    AU price
    Meekatharra (12) W.A., Australia       Mercator Gold  AUD$10      Gold
    (Paddy's Flat)                                      per ouncePRODUCINGAverage       Contained   First Half CY'08
    Property        Tons of       Grade        Ounces(5)  Production  Revenue
                    Ore(M)        (opt)           (M)        (oz)      ($M)Mulatos (6)      35.42        0.048          1.689      70,091      2.3
    Siguiri (7)     122.22        0.022          2.629     172,553      3.4
    Balcooma         1.12         0.016          0.018    2,504 (8)   1.8 (9)
    Balcooma         1.12          1.64          1.842   257,200 (8)    (9)
    El Toqui (10)    5.20         0.032          0.167      9,610       0.3
    Wharf (11)       8.95         0.025          0.220      28,700      0.4DEVELOPMENTHolt/Holloway    2.95         0.165          0.486       -       -
    Meekatharra (12) 2.19         0.140          0.308       -       -
    (Paddy's Flat)BASE METALSPRODUCINGProperty       Location       Ownership       NSR Rate %      MetalMt. Goode      W.A.,          Xstrata            1.50        Nickel
    (Cosmos)       Australia
    Balcooma       Queensland,    Kagara             1.50        Copper
                   Australia
    Balcooma       Queensland,    Kagara             1.50         Zinc
                   Australia
    Balcooma       Queensland,    Kagara             1.50         Lead
                   Australia
    El Toqui (10)  Aysen Region,  Breakwater       1.0 - 3.0      Zinc
                   Chile          Resources
    Koolanooka     W.A.,          Midwest         AUD$0.25/t    Iron Ore
                   AustraliaAverage    Contained    First Half CY'08
    Property        Tons of         Grade       Lbs(5)  Production  Revenue
                    Ore(M)          (%)         (M)      (tons)      ($M)Mt. Goode        1.31           4.45         116     1,722        1.0
    (Cosmos)
    Balcooma         2.18           3.1         135    16,443 (8)     (9)
    Balcooma         1.12           8.3         185    19,950 (8)     (9)
    Balcooma         1.12           3.3          73     3,537 (8)     (9)
    El Toqui (10)    5.20           7.3         759      18,089       0.5
    Koolanooka       0.40            -           -        (13)       (13)POTASHPRODUCINGProperty     Location         Ownership           NSR Rate %   ElementAllan (14)   Saskatchewan,  Potash Corporation   $0.36 - 1.44  Potash
                 Canada         of Saskatchewan         per tonAverage      Contained    First Half CY'08
                               Grade        Tons(5)   Production  Revenue
    Property     Tons (M)       (%)           (M)       (tons)     ($M)Allan (14)    348.33        25.9           90        (12)       0.4TABLE 1
                          BARRICK ROYALTY PORTFOLIO
                PRODUCING AND DEVELOPMENT PROPERTIES FOOTNOTES(1)  Set forth below are definitions for proven and probable reserves
          used by the U.S. Securities and Exchange Commission."Reserve" is that part of a mineral deposit which could be
          economically and legally extracted or produced at the time of the
          reserve determination."Proven (Measured) Reserves" are reserves for which (a) quantity is
          computed from dimensions revealed in outcrops, trenches, workings or
          drill holes, and the grade is computed 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 defined
          that 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 sites for inspection, sampling
          and measurement are farther apart or are otherwise less adequately
          spaced.  The degree of assurance of probable (indicated) reserves,
          although lower than that for proven (measured) reserves, is high
          enough to assume geological continuity between points of
          observation.In this press release, 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 Exchange
          Commission'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 with the
          Australasian Code for Reporting of Mineral Resources and Ore
          Reserves prepared by the Joint Ore Reserves Committee of the
          Australasian Institute of Mining and Metallurgy, Australian
          Institute of Geoscientists and Minerals Council of Australia, as
          amended ("JORC Code").  In each case, the reserves reported
          hereunder are estimates previously disclosed by the relevant
          operator, without reference to the underlying data used to calculate
          the estimates.  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.(2)  Estimated reserves subject to the Barrick royalty portfolio
          interests.  Each listed royalty is based on royalty documentation
          material provided to Royal Gold by Barrick.  Except for Mulatos,
          Royal Gold has not been supplied with reserve information directly
          from the operator.  This information is derived from recent
          publicly-available information from the operators of the various
          properties or various recent National Instrument 43-101 or JORC Code
          reports filed by operators.  A portion of the reported reserves may
          not be subject to Royal Gold's royalty interests and/or may be
          subject to contractual limitations such as production caps, monetary
          caps, and the extent of claim, concession or tenement boundaries.(3)  Reserves have been calculated by the operators as of December 31,
          2007, with the exception of the following properties:  Balcooma and
          Mt. Goode - June 30, 2007; Holt/Holloway - June 1, 2008; Meekatharra
          (Paddy's Flat) - September 19, 2007. The Koolanooka reserves are
          based on an above ground stockpile of iron ore fines and are not
          calculated as of a specific date.(4)  Gold reserves were calculated by the operators at the following per
          ounce prices:  $775 - Holt/Holloway; $650 - Wharf; $600 - Siguiri
          and El Toqui; $500 - Mulatos.  Gold reserve prices for Balcooma
          and Meekatherra (Paddy's Flat) were not available.Silver reserve price for Balcooma was not available.Base metal reserves were calculated by the operators at the
          following price per pound:  $1.12 per pound zinc for El Toqui and
          US$5.00 per pound of nickel for Mt. Goode.  Base metal reserve
          prices for copper, zinc and lead at Balcooma were not available. The
          Koolanooka reserves are based on an above ground stockpile of iron
          ore fines and not at any specific price.Potash price for Allen was not available.(5)  "Contained Ounces," "Contained Pounds" or "Contained Tons" do not
          take into account losses in processing the ore.(6)  The royalty is capped at 2.0 million ounces of production.  There
          has been approximately 248,000 ounces of cumulative production as of
          June 30, 2008.  NSR sliding-scale schedule (price of gold per ounce
          - royalty rate):  $0.00 to $299.99 - 0.70%; $300 to $324.99 - 1.05%;
          $325 to $349.99 - 1.4%; $350 to $374.99 - 2.10%; $375 to $399.99 -
          2.80%; $400 or higher - 3.5%.(7)  The royalty is capped on a dollar basis and approximately $13
          million remains to be paid as of June 30, 2008.  NSR sliding-scale
          schedule (price of gold per ounce - royalty rate as of 3/31/08):  $0
          to 478.10 - 0.00%; $478.10 to $546.41 - 0.625%; $546.42 to $580.57 -
          0.875%; $580.58 to $614.72 - 1.125%; $614.73 to $648.87 - 1.50%;
          above $648.87 - 1.875%.  The sliding-scale schedule is based on the
          average of the United States, Australian and Canadian Consumer Price
          Indices on a quarterly basis.  The most current rate available is
          reflected herein.(8)  Metal in concentrate.  Figures represent 100% of reported production
          and may include production that is not subject to the royalty.(9)  Total first-half CY08 revenue from the Balcooma royalty is estimated
          to be $1.8 million.  A breakdown of revenue by metal was not
          available.(10) NSR sliding-scale schedule (price of zinc per pound - royalty rate):
          $0.50 to below $0.55 - 1.0%; $0.55 to below $0.60 - 2.0%; $0.60 or
          higher - 3.0%.  Gold is produced as a by-product of zinc.  Royalty
          currently held in trust by Barrick for Royal Gold pending receipt of
          necessary consents.(11) 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%.(12) Royalty applies on production above 50,000 ounces.(13) Current production and/or revenue figures are not available.(14) The royalty applies to 40% of production.  The royalty rate is $1.44
          per ton for the first 600,000 tons on which the royalty is paid,
          reducing to $0.72 per ton on 600,000-800,000 tons and to $0.36 per
          ton above 800,000 tons.  The sliding-scale is applicable when the
          price of potash drops below $23 per ton.  Given the current North
          American market price for potash, the complete sliding-scale
          schedule is not presented here. In addition, there is a $0.25 per
          ton royalty payable on annual production up to 600,000 tons.TABLE 2
                          BARRICK ROYALTY PORTFOLIOPRODUCING AND DEVELOPMENT PROPERTIES
                 ADDITIONAL MINERALIZED MATERIAL (1),(2),(3)GOLD/SILVERPRODUCINGProperty         Location        Ownership     NSR Rate %       MetalMulatos (4)     Sonora, Mexico   Alamos Gold  0.70 - 3.50       Gold
    Siguiri (5)     Siguiri, Guinea  AngloGold    0.00 - 3.75       Gold
                                     Ashanti
    Wharf (6)       South Dakota,    Goldcorp         2.0           Gold
                    U.S.DEVELOPMENTHolt/Holloway   Ontario, Canada  St Andrew     0.00013 x        Gold
    (7), (8)                         Goldfields     Au price
    Meekatharra (9) Queensland,      Mercator        AUD$10         Gold
    (Paddy's Flat)  Australia        Gold          per ouncePRODUCINGMeasured             Indicated          Inferred
                            Average              Average           Average
                    Tons     Grade       Tons     Grade     Tons    Grade
                     (M)     (opt)        (M)     (opt)      (M)     (opt)Mulatos (4)     12.31    0.029       58.47    0.027     70.79    0.027
    Siguiri (5)     1.10     0.021       20.70    0.027     63.60    0.027
    Wharf (6)       3.42     0.020       5.26     0.021     4.42     0.025DEVELOPMENTHolt/Holloway   1.46     0.194       2.11     0.200     1.18    0.226
    (7), (8)
    Meekatharra (9)   -        -         17.51    0.039     8.74    0.040
    (Paddy's Flat)BASE METALSPRODUCINGProperty        Location         Ownership     NSR Rate %       MetalMt. Goode       W.A., Australia  Xstrata          1.50         Nickel
    (Cosmos)
    Balcooma        Queensland,      Kagara           1.50         Copper
                    Australia
    Balcooma        Queensland,      Kagara           1.50          Zinc
                    Australia
    Balcooma        Queensland,      Kagara           1.50          Lead
                    Australia
    El Toqui        Aysen Region,    Breakwater    1.0 - 3.0        Zinc
    (8), (10)       Chile            ResourcesMeasured           Indicated            Inferred
                         Average          Average             Average
                Tons      Grade      Tons  Grade        Tons   Grade
                (M)       (%)        (M)    (%)         (M)     (%)Mt. Goode  15.41      0.95      30.72  0.70       13.89     0.76
    (Cosmos)
    Balcooma     -         -        1.87   3.7           -         -
    Balcooma     -         -        0.77   6.7         0.01      7.8
    Balcooma     -         -        0.77   2.8         0.01      3.6
    El Toqui        Measured and Indicated             5.25      7.1
    (8), (10)          5.89 tons @ 8.1%(1)   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 until further drilling and
          metallurgical work is completed, and until other economic and
          technical feasibility factors based upon such work have been
          resolved.  Mineralized material that is not mineral reserves does
          not have economic viability.  The U.S. Securities and Exchange
          Commission does not recognize the term "mineralized material."
          Investors are cautioned not to assume that any part or all of the
          mineralized material shown will ever be converted into reserves.(2)   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 required by 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 Australian regulations, the
          U.S. Securities and Exchange Commission does not recognize them.  In
          each case, the mineralized material reported hereunder are estimates
          previously disclosed by the relevant operator, without reference to
          the underlying data used to calculate the estimates.  Accordingly,
          Royal Gold is not able to reconcile the estimates prepared 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 to assume that any part or all of the
          mineral deposits in these categories will ever be converted into
          reserves.(3)   Each listed royalty is based on royalty documentation material
          provided to Royal Gold by Barrick.  Royal Gold has not been supplied
          with additional mineralized material information directly from the
          operator.  This information is derived from recent publicly-
          available information from the operators of the various properties
          or various recent National Instrument 43-101 or JORC Code reports
          filed by operators.  Additional mineralized material shown in the
          table may include additional mineralized material that is not
          subject to the royalty interests and/or may be subject to
          contractual limitations such as production caps, monetary caps, and
          the extent of claim, concession or tenement boundaries.  Additional
          mineralized material estimates are based on information available
          from the operators as of December 31, 2007 with the exception of the
          following properties: Holt/Holloway - June 1, 2008; Meekatharra
          (Paddy's Flat) - September 19, 2007; Mt. Goode and Balcooma - June
          30, 2007.(4)   The royalty is capped at 2.0 million ounces of production.  There
          has been approximately 248,000 ounces of cumulative production as of
          June 30, 2008.  NSR sliding-scale schedule (price of gold per ounce
          - royalty rate):  $0.00 to $299.99 - 0.70%; $300 to $324.99 - 1.05%;
          $325 to $349.99 - 1.40%; $350 to $374.99 - 2.10%; $375 to $399.99 -
          2.80%; $400 or higher - 3.5%.(5)   The royalty is capped on a dollar basis and approximately $13
          million remains to be paid as of June 30, 2008.  NSR sliding-scale
          schedule (price of gold per ounce - royalty rate as of 3/31/08):
          $0.00 to $478.10 - 0.00%; $478.10 to $546.41 - 0.625%; $546.42 to
          $580.57 - 0.875%; $580.58 to $614.72 - 1.125%; $614.73 to $648.87 -
          1.50%; above $648.87 - 1.875%.  The sliding-scale is based on the
          average of the United States, Australian and Canadian Consumer Price
          Indices on a quarterly basis.  The most current rate available is
          reflected herein.(6)   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%.(7)   Royalty applies on production above 400,000 ounces.(8)   Additional mineralized material does not include reserves, except at
          Holt/Holloway and El Toqui where the operator includes reserves in
          the Measured and Indicated category.(9)   Royalty applies on production above 50,000 ounces.(10)  NSR sliding-scale schedule (price of zinc per pound - royalty rate):
          $0.50 to below $0.55 - 1.0%; $0.55 to below $0.60 - 2.0%; $0.60 or
          higher - 3.0%.  The operator did not break down additional
          mineralized material into "Measured" and "Indicated" categories.
          Royalty currently held in trust by Barrick for Royal Gold pending
          receipt of necessary consents.TABLE 3
                            BARRICK ROYALTY PORTFOLIOEVALUATION STAGE PROPERTIES(1)EVALUATIONProperty            Location       Ownership          Royalty RateBellevue            Australia      Siberia Mining     2.00% NSR
    Keith Kilkenny      Australia      Saracen Gold Mines AUD$6/oz (2)
     (Monty's Dam)                                        AUD$10/oz (3)
    Kundip              Australia      Tectonic           1.00-1.50%
                                       Resources          NSR (4)
    Paddington          Australia      Norton Goldfields  1.75% NSR
    Phillips Find       Australia      Barra Resources    AUD$10/oz (5)
    Red Dam             Australia      Carbine Resources  2.50% GSR
    Reedy's Burnakura   Australia      ATW Venture        1.50-2.50%
                                       Australia          (6), (7)
    Reedy's Mercator    Australia      Mercator           1.50-2.50% (7)
    Yalgoo JV           Australia      Prosperity         AUD$0.3363/t (8)
    (Emerald Eclipse)                  Resources (Yalgoo)
    Back River          Canada         Dundee Precious    1.95% NSR (9)
    (George Lake                       Metals             2.35% NSR (9)
    and Goose Lake)
    Bousquet-Cadillac-  Canada         Agnico Eagle       2.00% NSR
    Joannes
    Kutcho Creek        Canada         Sherwood Copper    1.60% NSR
    Malartic            Canada         Osisko             2.00-3.00%
                                                          NSR (10)
    Rambler Mill        Canada         Rambler Metals     C$1/t (11)
    Rambler North       Canada         Rambler Metals     2.00% NSR
    Getchell -          United States  Newmont            2.00% GSR (12)
    Twin Creeks
    Idaho Almaden       United States  Freegold Ventures  1.00-2.00%
                                                          NSR (13)
    Niblack             United States  Abacus Minerals    1.00-3.00%
                                                          NSR (14)
    Wildcat             United States  Monex              1.00% NSR
                                       ExplorationsTABLE 3
                          BARRICK ROYALTY PORTFOLIO
                     EVALUATION STAGE PROPERTY FOOTNOTES(1)  Each listed royalty rate is based on royalty documentation material
          provided to Royal Gold by Barrick.  Royal Gold considers and
          categorizes an exploration stage property to be an "evaluation
          stage" property if additional mineralized material has been
          identified on the property but reserves have yet to be identified.
          The U.S. Securities and Exchange Commission does not recognize the
          term "mineralized material."  Investors are cautioned not to assume
          that any part or all of the mineralized material identified on these
          properties will ever be converted into reserves.(2)  Royalty applies to production above 265,745 ounces.(3)  Royalty applies to production above 160,333 ounces.(4)  Royalty pays 1.0% for the first 250,000 ounces of production and
          then 1.5% for production above 250,000 ounces.(5)  Royalty applies to production above 40,000 ounces and is capped at a
          maximum of $1.0 million.(6)  Royalty subject to right of first refusal.(7)  Royalty applies to cumulative production at both the Burnakura and
          Mercator properties above 300,000 ounces.  Once 300,000 ounces is
          produced, the royalty rate is 1.5% for the first 75,000 ounces per
          year and 2.5% above 75,000 ounces per year.(8)  Royalty calculation is 0.75 x AUD$Au price/AUD$470 x grade/2.5 g/t.
          Royal Gold's share of the royalty is 44.85% of the calculated
          royalty figure.(9)  Royalty rate is 2.35% on George Lake and 1.95% on Goose Lake.
          Royalty on George Lake applies to production above 800,000 ounces.
          Royalty on Goose Lake applies to production above 400,000 ounces.(10) Royalty is subject to a buy down right of $1.0 - $1.5 million,
          depending on the price of gold, exercisable at any time for one-half
          of the royalty.   NSR sliding-scale (price of gold per ounce -
          royalty rate):  $0.00-$350 - 2.0%; above $350 - 3.0%.(11) Royalty is paid on per ton fed to the mill.(12) Royalty applies to production above 50,000 ounces.(13) A $325,000 payment is due upon production of first 100,000 ounces.
          Once production reaches 200,000 ounces, the royalty begins paying at
          the following rate schedule (price of gold per ounce- royalty rate):
          $0.00 to $425 - 1.0%; $425 and above - 2.0%.(14) Royalty rate is 1.0% for each ton of ore at a NSR value of less than
          $115 per ton of ore; 2.0% for each ton of ore at a NSR value between
          $115 and $135 per ton of ore, and 3.0% for each ton of ore at a
          NSR value greater than $135 per ton of ore.TABLE 4
                            BARRICK ROYALTY PORTFOLIO
                            EXPLORATION PROPERTIES(1)EXPLORATION
    Property            Location       Ownership          Royalty Rate
    Barmedman           Australia      Templar Resources  12.50% NPI
    Biddy Well          Australia      View Gold          1.50% NSR
    Buttercup Bore      Australia      Apex Gold and      2.00% CGR
                                       Legend Mining
    Calarie             Australia      Tri Origin         1.50% NSR
    (Tri Origin)                       Minerals
    Croesus             Australia      Bellamel Mining    AUD$1.25/
                                                          tonne (2)
    Lake Ballard        Australia      Cape Lambert       0.6% NSR
                                       Iron Ore
    Meekatharra         Australia      Triumph Mining (3) AUD$1/t (4)
    (Sabbath)
    Mt. Fisher          Australia      Gerald Brewer      AUD$5/oz (5)
    Mt. Goode Bellevue  Australia      Xstrata            2.00% NSR (6)
                                                          1.50% NSR 6
    North Well          Australia      Norilsk            2.50-4.00%
    Chilkoot                                              NSR (7)
    Quidong             Australia      Stirling Minerals  2.50% NSR
    Red Hill            Australia      Cullen             2.50% NSR
                                       Exploration (8)
    Wembley Durack      Australia      Horseshoe Gold     1.00% NSR
    (Glengarry JV)                     Mine
    West Westonia       Australia      Westonia           0.50% NSR
    West Wyalong        Australia      Golden Cross       2.50% NSR
    Ashmore             Canada         Hol-Lac Gold       1.50% NSR
                                       Mines
    Carswell Lake       Canada         Talisman Energy    5.00% NSR
                                       Inc. (50%)
                                       Far West
                                       Mining (50%)
    Denton Thornloe     Canada         West Timmings      1.50% NSR
                                       Mining
    Duverny             Canada         Les Ressources     15% NVR (9)
                                       Arianne            2.00% NSR (9)
    Franquet            Canada         Campbell           2.00% NSR (10)
                                       Resources          3.00% NSR (10)
    Gauthier            Canada         Contact Diamond    3.00% NSR
    Godfrey II          Canada         Moneta Porcupine   2.00% NSR
                                       Mines
    Golden Bear         Canada         Goldcorp           2.00% NSR
    Hinkey's Pond       Canada         Altius Resources   2.00% NSR
    Kizmet              Canada         Rimfire Minerals   1.00% NSR
    McKenzie Red Lake   Canada         Goldcorp           1.00% NSR
                                       St Andrews
                                       Goldfields
    Mike's Lake         Canada         Dynamite           2.00% NSR
                                       Resources
    Motherlode          Canada         Yukon-Nevada Gold  2.00% NSR
    Greyhound
    Noyon               Canada         Campbell           3.00% NSR
                                       Resources
    Pine Cove           Canada         New Island         7.50% NPI
                                       Resources (70%)
                                       Anaconda Gold (30%)
    Rambler South       Canada         Altius Resources   2.00% NSR
    Shasta              Canada         Sable Resources    0.50% NSR
    Swanson             Canada         Agnico Eagle       2.00% NSR
                                       Mines Ltd.
    Tak                 Canada         Southern Rio       5.00% NSR
                                       Resources
    Wilanour            Canada         Goldcorp           15.00% NPI
    Bulldog/Creede      United States  Hecla/Emerald      3.00% NSR (11)
                                       Ranch JV           1.00% NSR (11)
    Doby George         United States  Western            2.00% NSR
                                       Exploration
    Keystone (12)       United States  Energy Fuels       2.00% NSR
                                       Corporation
    La Jara             United States  Laramide           $0.25/lb (13)
                                       Resources
    Reese River         United States  X-Cal Resources    2.00% NSR
    San Rafael          United States  Unknown            2.00% GSR
    Silver Cloud        United States  Geologix           2.00% NSR
                                       Exploration
    Wood Gulch          United States  Western            5.00% NSR
                                       ExplorationTABLE 4
                          BARRICK ROYALTY PORTFOLIO
                       EXPLORATION PROPERTIES FOOTNOTES(1)  Each listed royalty rate is based on royalty documentation material
          provided to Royal Gold by Barrick.(2)  Royalty paid on dollars per tonne of ore above 50,000 tonnes up to
          500,000 tonnes.(3)  Triumph Mining has granted Dourado Resources an option to purchase
          the mining lease subject to the royalty.(4)  Royalty applies on production above 10,000 ounces.(5)  Royalty applies on production up to 500,000 ounces.(6)  Royalty rate is 2.0% for gold and 1.5% for all other metals.(7)  Royalty rate is 4.0% for grades at 1.5 g/t or less and 2.5% at
          grades above 1.5 g/t.(8)  Cullen Exploration has granted a right to Red Hill Iron to earn a
          70% in all minerals (other than iron ore) produced from the
          tenements subject to the royalty.(9)  Royalty is capped on a dollar basis and applies on production until
          $1,760,000 has been paid.  The 2.0% NSR applies on production
          thereafter.(10) The 3.0% NSR royalty applies to production from an area of the
          property referred to as the "Homestake Properties" and the 2.0% NSR
          royalty applies to production from an area of the property referred
          to as the "GeoNova Properties."(11) Royalty rate is 3.0% on Homestake and Emerald unpatented claims;
          1.0% on Emerald patented claims.(12) Royalty currently held in trust by Barrick for Royal Gold pending
          additional information about property ownership and receipt of
          necessary consents.(13) Royalty is payable per pound of uranium produced above 8 million
          pounds.ROYALTY DEFINITIONSThe Company's royalty portfolio contains several different types of
royalties which are defined as follows:
    Royalty -- the right to receive a percentage or other denomination of
mineral production from a resource extraction operation.
    Gross Smelter Return ("GSR") Royalty -- a defined percentage of the gross
revenue from a resource extraction operation, less, if applicable, certain
contract-defined costs paid 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, insurance, refining, and smelting costs.
    Net Value Royalty ("NVR") -- a percentage of the gross revenue from a
resource extraction operation, less certain contract-defined costs.
    Net Profits Interest ("NPI") Royalty -- a defined percentage of the gross
revenue from a resource extraction operation, after recovery of certain
contract-defined pre-production costs, and after deduction of certain
    contract-defined mining, milling, processing, transportation,
administrative, marketing and other costs.
    Contained Gold Returned ("CGR") -- a royalty in which payments are made
on contained ounces rather than recovered ounces.
    Royal Gold, Inc.



For further information: Karen Gross, Vice President and Corporate
Secretary of Royal Gold, Inc., +1-303-573-1660 Web Site:
http://www.royalgold.com