Royal Gold Announces Calendar 2007 Reserve Increases and Production Forecasts From Its Royalty Operators



    DENVER, April 10 /CNW/ -- ROYAL GOLD, INC. (Nasdaq:   RGLD; TSX: RGL), the
leading precious metals royalty company, today announced ore reserves and
additional mineralization estimates, updated for calendar 2007, as well as
production forecasts for its royalty properties. These reserves, additional
mineralization and production estimates as of December 31, 2006, are provided
to us by the operators of our royalty properties or have been obtained through
publicly available information:

    
    - SJ Claims, Goldstrike mine -- Barrick Goldstrike Mines Inc;
    - Leeville Mining Complex -- Newmont Mining Corporation;
    - Pipeline Mining Complex -- Barrick Gold U.S. Inc.;
    - Bald Mountain mine -- Barrick Gold U.S. Inc.;
    - Mulatos mine -- Alamos Gold Inc.;
    - Robinson mine -- Quadra Mining Ltd.;
    - Troy mine -- Revett Minerals Inc.;
    - Martha mine -- Coeur d'Alene Mines Corporation;
    - Penasquito project -- Goldcorp Inc.;
    - Pascua-Lama project -- Compania Minera Nevada Ltd. and Barrick
       Exploraciones Argentina S.A.;
    - Taparko-Bouroum project -- High River Gold Mines Ltd.; and,
    - Gold Hill deposit -- Kinross Gold Corporation.
    

    Tony Jensen, President and Chief Executive Officer, commented, "We are
pleased to report a substantial increase in the total reserve base for our
royalty portfolio.  Our reserve increases reflect the transformational growth
Royal Gold has experienced over the past year due to the addition of royalties
on long-life, world-class deposits and the on-going successes of our royalty
operators in converting additional mineralized material into reserves.  The
Company is well positioned for continued growth and cash generation in 2007
and beyond."
    At the end of calendar 2006, total precious metals reserves subject to
the Company's royalty interests include 42.2 million ounces of gold and 595
million ounces of silver.  This total reflects a net gain of 20.8 million
ounces of gold and 576 million ounces of silver, representing a 97% increase
in gold reserves and a thirty-fold increase in silver reserves over the prior
calendar year estimates.

    
    Royalty Definitions
    
    The Company's royalty portfolio contains several different types of
royalties which are defined as follows:

    Gross Smelter Return ("GSR") Royalty -- a defined percentage of the gross
revenue from a resource extraction operation, with no deduction for any 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.
    Royalty -- the right to receive a percentage or other denomination of
mineral production from a mining operation.

    Tables displaying royalty reserves (Table 1), additional mineralization
(Table 2), and estimated calendar 2007 production (Table 3) related to Royal
Gold's various royalty interests as of December 31, 2006, follow the property
profiles.

    Royalty Profiles

    PRODUCING PROPERTIES

    
    SJ Claims, Goldstrike Mine (Eureka County, Nevada)
    
    The Company owns a 0.9% NSR royalty covering a portion of the Betze-Post
mine, known as the SJ Claims.  The Betze-Post mine, which is a portion of the
larger Goldstrike operation, is operated by Barrick Goldstrike Mines Inc.
("BGMI").
    BGMI has advised the Company that it anticipates production of
approximately 799,000 ounces of gold in calendar 2007 from the SJ Claims that
are subject to the Company's royalty interest.  The operator also reported
that it has updated its ore reserve estimate for the SJ Claims, as of December
31, 2006, based on a $475 gold price per ounce.

    
    Leeville Mining Complex (Eureka County, Nevada)
    
    Royal Gold holds a 1.8% carried working interest, which calculates as a
NSR royalty covering a majority of the underground Leeville Mining Complex
("Leeville"), operated by Newmont Mining Corporation ("Newmont").
    Newmont has advised the Company that it anticipates production of
approximately 337,000 ounces of gold at Leeville in calendar 2007, subject to
the Company's royalty interest.  The operator has also informed the Company
that it has updated its ore reserve estimates for the Leeville Mining Complex,
as of December 31, 2006, based on a gold price of $500 per ounce.

    
    Pipeline Mining Complex (Lander County, Nevada)
    
    At the Pipeline Mining Complex, the Company holds two sliding-scale gross
smelter return royalties ("GSR1" and "GSR2"), a fixed-rate gross smelter
return royalty ("GSR3"), and a net value royalty ("NVR1").  The GSR1 royalty
covers a majority of the Pipeline and South Pipeline deposits and the GSR2
("Super") royalty covers Crossroads and a portion of the Gap deposit.  The
GSR2 royalty pays out at a rate that is 80% higher than that of GSR1, at all
gold prices.  The GSR3 royalty rate is fixed at 0.71% for the life of the mine
and covers the same area as GSR1 and GSR2 combined.  The 0.39% NVR1 royalty
covers production from the GAS Claims, an area of interest of approximately
4,000 acres that includes the South Pipeline deposit and Crossroads area, but
not the Pipeline deposit.  Current production from the Pipeline Mining Complex
is subject to all four royalties.
    The Pipeline Mining Complex is owned by the Cortez Joint Venture
("Cortez"), a joint venture between Barrick Cortez Inc. (60%), a subsidiary of
Barrick Gold Corporation, and Kennecott Explorations (Australia) Ltd. (40%), a
subsidiary of Rio Tinto.  The Cortez Joint Venture is managed by Barrick Gold
U.S. Inc. ("BGUS").
    BGUS has advised the Company that the Pipeline Mining Complex is expected
to produce approximately 491,000 ounces of gold in calendar 2007 that are
subject to the Company's royalty interests.  BGUS has also informed the
Company that it has updated its ore reserve estimates for the Pipeline Mining
Complex, as of December 31, 2006, based on a gold price of $475 per ounce.

    
    Bald Mountain Mine (White Pine County, Nevada)
    
    Royal Gold holds a sliding-scale NSR royalty that covers a portion of the
Bald Mountain mine, operated by BGUS.  Currently, the Company's royalty rate
is at 1.75%.
    BGUS has advised the Company that it anticipates production of
approximately 91,000 ounces of gold in calendar 2007 from the portion of the
Bald Mountain mine that is subject to the Company's royalty interest.  BGUS
has also advised the Company that it has updated its ore reserve estimates for
Bald Mountain, as of December 31, 2006, based on a gold price of $475 per
ounce.

    
    Mulatos Mine (Sonora, Mexico)
    
    Royal Gold holds a sliding-scale NSR royalty at Mulatos, an open pit,
heap leach gold mine owned and operated by Alamos Gold Inc. ("Alamos").  The
sliding-scale ranges from 0.30%, at an average quarterly gold price of $299.99
per ounce or below, up to a maximum of 1.5% when the price of gold averages
$400 per ounce or higher.  The royalty is capped at two million ounces of gold
production.
    Alamos has informed the Company that it anticipates production of
approximately 150,000 ounces of gold for calendar 2007 that are subject to the
Company's royalty interest and that it has updated its ore reserve estimates
for Mulatos, as of December 31, 2006, based on a gold price of $500 per ounce.

    
    Robinson Mine (White Pine County, Nevada)
    
    Royal Gold holds a 3.0% NSR royalty on the Robinson mine, an open pit
copper mine with significant gold credits.  The operator is Quadra Mining Ltd.
("Quadra").
    Quadra has informed the Company that in calendar year 2007 it anticipates
production of approximately 68,000 ounces of gold and 136.3 million pounds of
copper subject to the Company's royalty interest.  Quadra has also advised the
Company that it has updated its ore reserve estimates for the Robinson mine,
as of December 31, 2006, based on material mined and adjustments in
metallurgical performance, at a gold price of $500 per ounce and a copper
price of $1.15 per pound.

    
    Troy Mine (Lincoln County, Montana)
    
    Royal Gold holds a 7.0% GSR royalty that covers the Troy underground mine
operated by Revett Silver Company, a subsidiary of Revett Minerals Inc.
("Revett").  This 7.0% GSR royalty extends until either cumulative production
reaches approximately 9.9 million ounces of silver and 84.6 million pounds of
copper, or Royal Gold receives $10.5 million in cumulative payments, whichever
occurs first.  As of December 31, 2006, the Company has received approximately
$3.5 million in cumulative payments.
    Royal Gold also holds a GSR royalty that begins at 6.1% on any production
in excess of 11.0 million ounces of silver and 94.1 million pounds of copper.
This 6.1% GSR royalty steps down to a perpetual 2.0% GSR royalty after
cumulative production has exceeded 12.7 million ounces of silver and 108.2
million pounds of copper.
    Revett has advised the Company that it anticipates production of
approximately 2.0 million ounces of silver and 16.0 million pounds of copper
in calendar 2007 that are subject to the Company's royalties.  Revett has also
informed the Company that its updated ore reserve estimates, as of December
31, 2006, are based on an $11 per ounce silver price and a $2.00 per pound
copper price.

    
    Martha Mine (Santa Cruz Province, Argentina)
    
    The Company holds a 2.0% NSR royalty on the Martha silver mine operated
by Coeur d'Alene Mines Corporation ("Coeur").
    Coeur has informed the Company that it anticipates the Martha mine will
produce approximately 2.7 million ounces of silver in calendar 2007 that are
subject to Royal Gold's royalty interest.  Coeur has also advised the Company
that it has updated its ore reserve estimates for the Martha mine, as of
December 31, 2006, based on a silver price of $8.00 per ounce.

    DEVELOPMENT STAGE PROPERTIES

    
    Penasquito Project (State of Zacatecas, Mexico)
    
    Royal Gold holds a 2.0% NSR royalty on the Penasquito project under
development by Goldcorp Inc.  The Penasquito project, composed of two main
deposits called Penasco and Chile Colorado, hosts one of the world's largest
silver, gold and zinc reserves, while also containing large lead reserves.
    On February 23, 2007, Goldcorp reported updated ore reserve estimates for
Penasquito, as of December 31, 2006, based on a gold price of $450 per ounce,
a silver price of $7.00 per ounce, a zinc price of $0.60 per pound, and a lead
price of $0.30 per pound.  According to the operator, production is expected
to commence in late calendar 2008.

    
    Pascua-Lama (Argentina/Chile border)
    
    Royal Gold holds a sliding-scale NSR royalty on the Pascua-Lama project.
Pascua-Lama is owned by Compania Minera Nevada Ltd. and Barrick Exploraciones
Argentina S.A., subsidiaries of Barrick Gold Corporation, and is located on
the border between Argentina and Chile.  The NSR royalty, ranging from 0.16%
to 1.08% depending on the average price of gold during the quarter, is
applicable to all gold production from an area of interest in Chile. According
to the owner's technical report dated March 30, 2005, approximately 80% of the
reserves are located in Chile.  Royal Gold also holds a 0.216% fixed-rate
copper royalty which applies to all of the copper reserves in Chile within the
area of interest, but does not take effect until after January 1, 2017.
    On February 22, 2007, Barrick Gold Corporation reported updated ore
reserve estimates for Pascua-Lama, as of December 31, 2006, based on a gold
price of $475 per ounce.  The owners are targeting production in calendar
2010.

    
    Taparko Mine (Burkina Faso, West Africa)
    
    Royal Gold holds two initial concurrent production payments, both
equivalent to GSR royalties, and two subsequent GSR royalties at the Taparko-
Bouroum project, an open pit gold operation.  The project, operated by High
River Gold Mines Ltd. ("High River"), is in the final stages of construction.
Based upon estimates from the operator, Royal Gold expects to begin receiving
royalty revenue in the second half of calendar 2007.
    The first GSR-equivalent royalty ("TB-GSR1") is fixed at a rate of 15.0%.
The second GSR-equivalent royalty ("TB-GSR2") pays out at a rate of 4.3% when
the average monthly gold price ranges between $385 and $430 per ounce, and
changes to a sliding-scale royalty when the average monthly gold price is
outside of this range.  The calculated rate, expressed as a percentage, is
determined by dividing the average monthly gold price by 100 for gold prices
above $430 per ounce, or by dividing the average monthly gold price by 90 for
gold prices below $385 per ounce (e.g., a $650 per ounce gold price results in
a rate of 650/100 = 6.5%).  Both TB-GSR1 and TB-GSR2 continue until either
production reaches 804,420 ounces of gold, or payments totaling $35 million
under TB-GSR1 are received by Royal Gold, whichever comes first.
    The two subsequent royalties consist of a 2.0% GSR perpetual royalty
("TB- GSR3"), applicable to gold production from defined portions of the
Taparko- Bouroum project area, and a 0.75% GSR milling royalty ("TB-MR1"). 
The TB-MR1 applies to ore that is mined outside of the defined area of the
Taparko- Bouroum project that is processed through the Taparko facilities up
to a maximum of 1.1 million tons per year.  Both the TB-GSR3 and TB-MR1
royalties commence once TB-GSR1 and TB-GSR2, described earlier, have ceased.
    High River has also informed the Company that it anticipates production
of approximately 62,000 ounces of gold for calendar 2007 that are subject to
the Company's royalty interests.  High River has also advised the Company its
ore reserve estimates for the Taparko mine, as of December 31, 2006, were
based on a gold price of $400 per ounce.

    
    Gold Hill (Nye County, Nevada)
    
    Royal Gold holds a sliding-scale NSR royalty on the Gold Hill deposit.
The Gold Hill deposit, located just north of the Round Mountain gold mine, is
controlled by Round Mountain Gold Corporation ("RMGC"), a joint venture
between Kinross Gold Corporation, the operator, and Barrick Gold Corporation.
The sliding-scale ranges from 2.0% when the gold price is above $350 per ounce
and slides to 1.0% when the price of gold falls to $350 per ounce or below.
The royalty is effectively capped at $10 million as RMGC has the right, at any
time, to purchase the royalty interest for $10 million less any royalty
payments paid prior to the purchase option being exercised.  The royalty is
also subject to a minimum royalty payment of $100,000 per year.
    Although RMGC's Gold Hill reserves are not separately detailed in their
publicly available financial reports, Barrick Gold Corporation stated in its
September 2006 Nevada Mine Tour presentation titled "Barrick in Nevada,"
posted on their web site, that as of December 31, 2005, there were 375,000
contained ounces in reserves that represent their 50% share of the project.
According to the operator, production is expected to commence when permitting
is completed and equipment from the Round Mountain pit expansion becomes
available.

    
    Corporate Profile
    
    Royal Gold, Inc. is a precious metals royalty Company engaging 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 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 projections or estimates contained herein.  Such
forward-looking statements include statements regarding continued growth and
cash generation, production estimates for calendar 2007 provided by
third-party operators, reserves and mineralization estimates provided by third
party operators, the sliding-scale features of our royalty structure at the
Pipeline Mining Complex, Bald Mountain, Mulatos, Taparko, Gold Hill and
Pascua-Lama, construction completion and commencement of royalty revenue at
Taparko, continued ramp-up in production at the Leeville and Troy projects,
and changes in production estimates or commencement of production from the
operators of certain properties.  Like any royalty acquisition on a
non-producing or not yet in development project, the Taparko, Penasquito and
Pascua-Lama projects are subject to certain risks, such as the ability of the
operators to bring the projects into production and operate in accordance with
their feasibility studies and the ability of Royal Gold to make accurate
assumptions regarding valuation and timing and amount of royalty payments.  In
addition, the acquired royalty interests and the projects are subject to risks
associated with conducting business in a foreign country, including
application of foreign laws to contract and other disputes, foreign
environmental laws and enforcement and uncertain political and economic
environments. Factors that could cause actual results to differ materially
include, among others, changes in precious metals prices, decisions and
activities of the operators of our royalty properties, mine completion,
unanticipated grade, geological, metallurgical, processing or other problems
the operators of the mining properties may encounter, changes in project
parameters as plans continue to be refined, results of current or planned
exploration activities, continued diversification of our royalty base,
economic and market conditions, and future financial needs or opportunities,
and the impact of any future acquisitions, as well as other factors described
elsewhere in this press release and in our Annual Report on Form 10-K, and
other filings with the Securities and Exchange Commission.  Most of these
factors relate to activities of the mine operators and 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
                          Royal Gold's Royalty Portfolio

                     Proven and Probable Gold Reserves (1,2)
                             as of December 31, 2006

                                                      PROVEN RESERVES

                                                           Avg.      Gold
                                                 Tons      Gold    Contained
                                                of Ore     Grade    Ozs(4)
    PROPERTY          ROYALTY(3)   OPERATOR    (millions) (oz/ton) (millions)

    SJ Claims         0.9% NSR     Barrick         --        --        --
    - Goldstrike(5)                Goldstrike
                                   Mines Inc.

    Leeville
     Mining Complex   1.8% NSR     Newmont      0.029(6)  0.310(6)  0.009(6)
     (West Leeville
      and Carlin
      East)

    Pipeline GSR1  0.40-5.0% GSR   Barrick       10.8     0.043     0.466
                  (sliding-scale)  Gold
                                   U.S. Inc.

    Pipeline GSR2  0.72-9.0% GSR   Barrick        2.3     0.016     0.037
                  (sliding-scale)  Gold
                                   U.S. Inc.

    Pipeline GSR3    0.71% GSR     Barrick       13.1     0.038     0.502
                                   Gold
                                   U.S. Inc.

    Pipeline NVR1    0.39% NVR     Barrick        9.6     0.029     0.275
                                   Gold
                                   U.S. Inc.
    Bald
     Mountain(5)   1.75-3.5% NSR   Barrick         --        --        --
                  (sliding-scale)  Gold
                                   U.S. Inc.

    Mulatos        0.30-1.5% NSR   Alamos         8.2     0.059     0.483
                  (sliding-scale)

    Robinson          3.0% NSR     Quadra       129.7     0.008     1.000



                                                     PROVEN + PROBABLE
                       PROBABLE RESERVES                 RESERVES

                              Avg.     Gold                 Avg.      Gold
                    Tons     Gold    Contained     Tons     Gold    Contained
                   of Ore    Grade     Ozs(4)     of Ore    Grade    Ozs(4)
    PROPERTY     (millions) (oz/ton) (millions) (millions) (oz/ton) (millions)

    SJ Claims
     - Goldstrike(5)   --       --         --     60.5     0.132     7.977

    Leeville
     Mining
     Complex
     (West
     Leeville
      and Carlin
      East)           5.1(7)  0.454(7)  2.339(7)   5.2     0.454     2.348

    Pipeline GSR1    56.4     0.029     1.632     67.1     0.031     2.097(8)

    Pipeline GSR2    13.2     0.015     0.192     15.5     0.015     0.228(8)

    Pipeline GSR3    69.5     0.026     1.823     82.7     0.028     2.326(8)

    Pipeline NVR1    52.7     0.024     1.273     62.3     0.025     1.549(8)

    Bald Mountain(5)   --        --        --     51.5     0.039     2.024

    Mulatos          35.6     0.044     1.574     43.8     0.047     2.057

    Robinson          5.3     0.006     0.033    134.9     0.008     1.034

    See footnotes to Table 1 on page 14.



                                 TABLE 1 (cont.)
                          Royal Gold's Royalty Portfolio

                 Proven and Probable Gold Reserves (cont.) (1,2)
                             as of December 31, 2006

                                                     PROVEN RESERVES

                                                          Avg.      Gold
                                                 Tons     Gold    Contained
                                                of Ore    Grade     Ozs(4)
    PROPERTY        ROYALTY(3)      OPERATOR  (millions) (oz/ton) (millions)

    Penasquito        2.0% NSR      Goldcorp     75.2     0.008     0.591
    (9,10)
    (oxide)

    Penasquito        2.0% NSR      Goldcorp    295.3     0.018     5.175
    (9,10)
    (sulfide)

    Pascua-Lama(9) 0.16-1.08% NSR   Compania     38.2     0.053     2.029
                   (sliding-scale)  Minera
                                    Nevada Ltd.
                                    and Barrick
                                    Exploraciones
                                    Argentina S.A.

    Taparko(9)        15.0% GSR     High River     --        --        --
    TB-GSR1

    Taparko(9)        4.3% GSR      High River     --        --        --
    TB-GSR2        (or a sliding-
                       scale)

    Gold Hill(9)    1.0-2.0% NSR    Kinross        --        --        --
                   (sliding-scale)


                                                     PROVEN + PROBABLE
                       PROBABLE RESERVES                 RESERVES

                              Avg.     Gold                 Avg.      Gold
                    Tons     Gold    Contained     Tons     Gold    Contained
                   of Ore    Grade     Ozs(4)     of Ore    Grade     Ozs(4)
    PROPERTY     (millions) (oz/ton) (millions) (millions) (oz/ton) (millions)

    Penasquito       20.7     0.010     0.202      95.9    0.008    0.793
    (9,10)
    (oxide)

    Penasquito      230.4     0.017     4.013     525.7    0.017    9.188
    (9,10)
    (sulfide)

    Pascua-Lama(9)  352.8     0.042    14.959     391.0    0.043   16.988(11)

    Taparko(9)
    TB-GSR1           9.5     0.087     0.830       9.5    0.087    0.830(12)

    Taparko(9)
    TB-GSR2           9.5     0.087     0.830       9.5    0.087    0.830(12)

    Gold Hill(9)       --        --        --        --       --       --(13)

    See footnotes to Table 1 on page 14.



                                 TABLE 1 (cont.)
                          Royal Gold's Royalty Portfolio

                    Proven and Probable Silver Reserves (1,14)
                             as of December 31, 2006

                                                     PROVEN RESERVES

                                                          Avg.    Silver
                                                Tons     Silver  Contained
                                               of Ore    Grade    Ozs(4)
    PROPERTY        ROYALTY(3)    OPERATOR   (millions) (oz/ton) (millions)

    Troy(15)         7.0% GSR       Revett         --        --         --
                     6.1% GSR                      --        --         --
                     2.0% GSR                      --        --         --

    Martha           2.0% NSR       Coeur       0.033      64.0      2.118
                                    d'Alene

    Penasquito       2.0% NSR       Goldcorp     75.2     0.705     53.014
    (9,10)
    (oxide)

    Penasquito       2.0% NSR       Goldcorp    295.3     1.034    305.339
    (9,10)
    (sulfide)


                                                     PROVEN + PROBABLE
                       PROBABLE RESERVES                 RESERVES

                              Avg.     Silver               Avg.     Silver
                    Tons     Silver  Contained    Tons     Silver   Contained
                   of Ore    Grade     Ozs(4)     of Ore    Grade     Ozs(4)
    PROPERTY     (millions) (oz/ton) (millions) (millions) (oz/ton) (millions)

    Troy(15)           --        --        --      9.03     1.14     10.323
                       --        --        --      1.79     1.14      2.046
                       --        --        --      1.22     1.14      1.339

    Martha          0.066      60.0     3.966     0.099     61.3      6.084

    Penasquito       20.7     0.653    13.525      95.9    0.694     66.539
    (9,10)
    (oxide)

    Penasquito      230.4     0.881   202.983     525.7    0.967    508.322
    (9,10)
    (sulfide)

    See footnotes to Table 1 on page 14.



                               TABLE 1 (cont.)
                        Royal Gold's Royalty Portfolio

                 Proven and Probable Base Metal Reserves (1)
                           as of December 31, 2006

    COPPER(16)
                                                      PROVEN RESERVES

                                                           Avg.     Copper
                                                Tons      Copper  Contained
                                               of Ore     Grade     lbs(4)
    PROPERTY        ROYALTY(3)     OPERATOR  (millions)   (% Cu)  (millions)

    Robinson         3.0% NSR       Quadra      129.7      0.69      1,787

    Troy(15)         7.0%           Revett         --        --         --
                     6.1%                          --        --         --
                     2.0%                          --        --         --


    COPPER(16)
                         PROBABLE RESERVES        PROVEN + PROBABLE RESERVES

                              Avg.     Copper              Avg.    Copper
                    Tons     Copper   Contained   Tons    Copper  Contained
                   of Ore    Grade     lbs(4)    of Ore    Grade   lbs(4)
    PROPERTY     (millions)  (% Cu)  (millions) (millions) (% Cu) (millions)

    Robinson          5.3      0.73        77     134.9     0.69     1,863

    Troy (15)          --        --        --      7.89     0.54    84.914
                       --        --        --      1.58     0.54    16.978
                       --        --        --      2.72     0.54    29.286



    ZINC(17)
                                                     PROVEN RESERVES

                                                          Avg.      Zinc
                                                 Tons     Zinc    Contained
                                                of Ore    Grade     lbs(4)
    PROPERTY       ROYALTY(3)       OPERATOR  (millions) (% Zn)  (millions)

    Penasquito     2.0% NSR         Goldcorp    295.3      0.81      4,768
    (9,10)
    (sulfide)


    ZINC(17)
                        PROBABLE RESERVES        PROVEN + PROBABLE RESERVES

                              Avg.      Zinc                Avg.     Zinc
                    Tons      Zinc    Contained    Tons    Zinc   Contained
                   of Ore    Grade     lbs(4)     of Ore   Grade    lbs(4)
    PROPERTY     (millions)  (% Zn)  (millions) (millions) (% Zn) (millions)

    Penasquito      230.4      0.70     3,214     525.7     0.76     7,982
    (9,10)
    (sulfide)



    LEAD(18)
                                                     PROVEN RESERVES

                                                          Avg.      Lead
                                                 Tons     Lead   Contained
                                                of Ore    Grade    lbs(4)
    PROPERTY       ROYALTY(3)       OPERATOR  (millions) (% Pb)  (millions)

    Penasquito
    (9,10)
    (sulfide)      2.0% NSR         Goldcorp    295.3      0.38      2,251


    LEAD(18)
                        PROBABLE RESERVES        PROVEN + PROBABLE RESERVES

                              Avg.      Lead               Avg.     Lead
                    Tons      Lead    Contained    Tons    Lead   Contained
                   of Ore    Grade     lbs(4)     of Ore   Grade    lbs(4)
    PROPERTY     (millions)  (% Pb)  (millions) (millions) (% Pb) (millions)

    Penasquito      230.4      0.31     1,432     525.7     0.35    3,683
    (9,10)
    (sulfide)

    See footnotes to Table 1 on page 14.



                             FOOTNOTES TO TABLE 1

    (1)  Set forth below are the definitions of proven and probable reserves
         used by the U.S. Securities and Exchange Commission.  Some of our
         royalty operators are Canadian issuers.  Their 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.  The Canadian definitions of "reserve,"
         'proven (measured) reserves," and "probable (indicated) reserves" are
         different than those used by the SEC as defined below.

         "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.

    (2)  Gold reserves were calculated by the various operators at the
         following per ounce price: $400 - Taparko; $450 - Penasquito;
         $475 - Cortez Pipeline and South Pipeline, SJ Claims, Bald Mountain,
         and Pascua-Lama; $500 - Leeville, Robinson and Mulatos; and $535 -
         Cortez Gap.

    (3)  See royalty definitions on page two.

    (4)  "Contained ounces" or "contained pounds" do not take into account
         losses in processing the ore.  The amounts shown are 100% of the
         reserves subject to our royalty interests.

    (5)  The operator at SJ and Bald Mountain did not provide a breakdown of
         proven and probable reserves.

    (6)  Proven reserves for Carlin East.

    (7)  Probable reserves for West Leeville.

    (8)  GSR1, GSR2 and NVR1 reserves are a subset of the reserves covered by
         GSR3.

    (9)  Development stage property.

    (10) Operator reported reserve estimates by deposit types.  An oxide
         deposit is one in which the oxide minerals predominate.  A sulfide
         deposit is one in which the sulfide minerals predominate.

    (11) Royalty applies to all gold production from an area of interest in
         Chile.  According to Compania Minera Nevada Ltd.'s and Barrick
         Exploraciones Argentina S.A.'s technical report dated March 30, 2005,
         approximately 80% of these reserves are located in Chile.

    (12) TB-GSR1 and TB-GSR2 royalties are subject to the same reserve.

    (13) RMGC's Gold Hill reserves are not separately detailed in their
         publicly available financial reports. However, Barrick Gold
         Corporation stated in its September 2006 Nevada Mine Tour
         presentation titled "Barrick in Nevada," posted on their web site,
         that as of December 31, 2005, there were 375,000 contained ounces in
         reserves that represent their 50% share of the project.

    (14) Silver reserves were calculated by the operators at $11.00 per ounce
         for Troy, $8.00 per ounce for Martha and $7.00 per ounce for
         Penasquito.

    (15) Due to the royalty structure at the Troy mine, reserves cannot be
         broken down into proven and probable.

    (16) Copper reserves were calculated by the operators at $2.00 per pound
         for Troy and $1.15 for Robinson.

    (17) Zinc reserves were calculated by the operator at $0.60 per pound.

    (18) Lead reserves were calculated by the operator at $0.30 per pound.



                                     TABLE 2
                          Royal Gold's Royalty Portfolio

                     Gold Additional Mineralized Material (1)
                             as of December 31, 2006

                                                                   AVERAGE
                                                                     GOLD
                                        ADDITIONAL     TONS OF      GRADE
                                        MINERALIZED      ORE       (ounces
    PROPERTY    ROYALTY(2)   OPERATOR    MATERIAL     (millions)   per ton)

    Leeville    1.8% NSR      Newmont     Measured        0.021      0.300
     Mining                               Indicated          --         --
     Complex                              Inferred          1.4      0.373
     (West
     Leeville
     and Carlin
     East)

    Pipeline 0.40 - 5.0% GSR  Barrick     Measured (3,4)    2.5      0.030
    GSR1     (sliding-scale)  Gold        Indicated (3,4)   9.6      0.032
                              U.S. Inc.   Inferred (3,4)    2.4      0.018

    Pipeline 0.72 - 9.0% GSR  Barrick     Measured (3,4)    5.7      0.041
    GSR2     (sliding-scale)  Gold        Indicated (3,4)  15.1      0.043
                              U.S. Inc.   Inferred (3,4)  0.037      0.039

    Pipeline 0.71% GSR        Barrick     Measured (3,4)    8.1      0.038
    GSR3                      Gold        Indicated (3,4)  24.8      0.038
                              U.S. Inc.   Inferred (3,4)    2.4      0.018

    Pipeline 0.39% NVR        Barrick     Measured (3,4)    6.4      0.040
    NVR1                      Gold        Indicated (3,4)  19.0      0.027
                              U.S. Inc.   Inferred (3,4)    1.9      0.014

    Bald
    Mountain 1.75 - 3.5% NSR  Barrick     Measured &
             (sliding-scale)  Gold        Indicated (3)     7.6      0.036
                              U.S. Inc.   Inferred (3)       --         --

    Mulatos  0.30 - 1.5% NSR  Alamos      Measured (3)     12.8      0.042
    (5,6)    (sliding-scale)              Indicated (3)    82.5      0.035
                                          Inferred (3)       --         --

    Penasquito  2.0% NSR      Goldcorp    Measured (3)     17.7      0.004
    (7,8)                                 Indicated (3)    23.3      0.004
    (oxide)                               Inferred (3)    189.6      0.002

    Penasquito  2.0% NSR      Goldcorp    Measured (3)    126.1      0.009
    (7,8)                                 Indicated (3)   173.1      0.008
    (sulfide)                             Inferred (3)  2,650.6      0.005

    See footnotes to Table 2 on page 18.



                               TABLE 2 (Cont.)
                        Royal Gold's Royalty Portfolio

                  Silver Additional Mineralized Material (1)
                           as of December 31, 2006

                                                                    AVERAGE
                                                                    SILVER
                                        ADDITIONAL     TONS OF      GRADE
                                        MINERALIZED      ORE        (ounces
    PROPERTY    ROYALTY(2)   OPERATOR    MATERIAL     (millions)    per ton)

    Troy        2.0% GSR      Revett      Measured (3)     35.1        1.46
                                          Indicated (3)    10.1        0.99
                                          Inferred (3)       --          --

    Martha      2.0% NSR      Coeur       Measured        0.019        39.4
                              d'Alene     Indicated       0.031        39.2
                                          Inferred        0.063        45.8

    Penasquito  2.0% NSR      Goldcorp    Measured (3)     17.7       0.397
    (6,7)                                 Indicated (3)    23.3       0.508
    (oxide)                               Inferred (3)    189.6       0.167

    Penasquito  2.0% NSR      Goldcorp    Measured (3)    126.1       0.769
    (6,7)                                 Indicated (3)   173.1       0.758
    (sulfide)                             Inferred (3)  2,650.6       0.321

    See footnotes to Table 2 on page 18.



                                 TABLE 2 (Cont.)
                          Royal Gold's Royalty Portfolio

                 Base Metals Additional Mineralized Material (1)
                             as of December 31, 2006

    COPPER
                                                                   AVERAGE
                                        ADDITIONAL     TONS OF      COPPER
                                        MINERALIZED      ORE        GRADE
    PROPERTY    ROYALTY(2)   OPERATOR    MATERIAL     (millions)    (% Cu)

    Troy        2.0% GSR      Revett      Measured (3)     35.1       0.72
                                          Indicated (3)    10.1       0.36
                                          Inferred (3)       --         --


    ZINC
                                                                   AVERAGE
                                        ADDITIONAL     TONS OF      ZINC
                                        MINERALIZED      ORE        GRADE
    PROPERTY    ROYALTY(2)   OPERATOR    MATERIAL     (millions)    (% Zn)

    Penasquito  2.0% NSR      Goldcorp    Measured (3)    126.1       0.76
    (7,8)                                 Indicated (3)   173.1       0.66
    (sulfide)                             Inferred (3)  2,650.6       0.29


    LEAD
                                                                   AVERAGE
                                        ADDITIONAL     TONS OF      LEAD
                                        MINERALIZED      ORE        GRADE
    PROPERTY   ROYALTY(2)    OPERATOR    MATERIAL     (millions)    (% Pb)

    Penasquito  2.0% NSR      Goldcorp    Measured (3)    126.1       0.34
    (7,8)                                 Indicated (3)   173.1       0.30
    (sulfide)                             Inferred (3)  2,650.6       0.10

    See footnotes to Table 2 on page 18.



                               FOOTNOTES TO TABLE 2

    (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.  The U.S. Securities and Exchange Commission does not
         recognize this term.  Investors are cautioned not to assume that any
         part or all of the mineral deposits in these categories will ever be
         converted into reserves.

    (2)  See royalty definitions on page two.

    (3)  Some of our royalty operators are Canadian issuers.  Their
         definitions of "mineral resource," "measured mineral resource,"
         "indicated mineral resource" and "inferred mineral resource" conforms
         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.  Mineral resources which are not mineral reserves do
         not have economic viability.  Canadian issuers use the terms "mineral
         resources" and its subcategories "measured," "indicated" and
         "inferred" mineral resources.  While such terms are recognized and
         required by Canadian regulations, the U.S. Securities and Exchange
         Commission does not recognize them.  Investors are cautioned not to
         assume that any part or all of the mineral deposits in these
         categories will ever be converted into reserves.

    (4)  GSR1, GSR2 and NVR1 mineralized material are a subset of the
         mineralized material covered by GSR3.

    (5)  The Company's royalty is subject to a 2.0 million ounce cap on gold
         production.

    (6)  Cut-off grade of 0.015 ounces per ton.

    (7)  Development stage property.

    (8)  Operator has reported estimates by deposit types.  An oxide deposit
         is one in which the oxide minerals predominate.  A sulfide deposit is
         one in which the sulfide minerals predominate.

    NOTE:  Mineralized material was not reported by the operators for SJ
    Claims-Goldstrike, Robinson, Taparko, and Pascua-Lama.



                                     TABLE 3
                          Royal Gold's Royalty Portfolio

                     Calendar Year 2007 Production Estimates


    ROYALTY                    OPERATOR           METAL      PRODUCTION(1)

    SJ Claims
     -Goldstrike          Barrick Goldstrike      Gold        799,000 oz

    Leeville Mining
     Complex (West
     Leeville and
     Carlin East)              Newmont            Gold        337,000 oz

    Pipeline GSR1       Barrick Gold U.S. Inc.    Gold        479,000 oz

    Pipeline GSR2       Barrick Gold U.S. Inc.    Gold         13,000 oz

    Pipeline GSR3       Barrick Gold U.S. Inc.    Gold        491,000 oz

    Pipeline NVR1       Barrick Gold U.S. Inc.    Gold        265,000 oz

    Bald Mountain       Barrick Gold U.S. Inc.    Gold         91,000 oz

    Mulatos                  Alamos Gold          Gold        150,000 oz

    Robinson(2)             Quadra Mining         Gold         68,000 oz

    Robinson(2)             Quadra Mining        Copper   136.3 million lbs.

    Troy(2)                     Revett           Silver     2.0 million oz

    Troy(2)                     Revett           Copper    16.0 million lbs.

    Martha(2)               Coeur d'Alene        Silver     2.7 million oz

    Taparko TB-GSR1           High River          Gold         62,000 oz

    Taparko TB-GSR2           High River          Gold         62,000 oz

    (1)  Production estimates were provided by the various operators and are
         in ounces for gold and silver, and pounds for copper.

    (2)  Recovered metal is contained in concentrate.

    




For further information:

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

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