Royal Gold Announces Substantial Reserve Increases and Production Forecasts Associated With Its Royalty Interests



    
    - Gold reserves increase 30% to 64.2 million ounces

    - Silver reserves increase 16% to 1.2 billion ounces

    
    DENVER, May 20 /PRNewswire-FirstCall/ -- ROYAL GOLD, INC. (Nasdaq:   RGLD;
TSX: RGL), a leading precious metals royalty company, today announced  updated
estimates for ore reserves, additional mineralization, and calendar 2009
production forecasts for its royalty portfolio.  Updated reserves, additional
mineralization and production estimates, as of December 31, 2008, are provided
to the Company by the operators of its royalty properties or have been
obtained by Royal Gold through publicly available information.

    At the end of calendar 2008, total precious metals reserves subject to
the Company's royalty interests include 64.2 million ounces of gold and 1.2
billion ounces of silver.  This reflects a net gain of 14.7 million ounces of
gold and 167 million ounces of silver, representing a 30 % increase in gold
reserves and a 16% increase in silver reserves over the prior calendar
year-end.

    Tony Jensen, President and Chief Executive Officer, commented, "We are
pleased to report   significant increases in our precious metal reserves. Our
reserve growth is largely a result of the portfolio of royalties we acquired
in the Barrick transaction and the on-going successes of our royalty operators
in converting additional mineralized material into reserves, particularly at
the Penasquito, Cortez, Canadian Malartic and Mulatos properties.  This
increase reinforces our strategy to identify and acquire royalty properties
with significant upside potential that are managed by top-quality operators."
    

    PRINCIPAL PRODUCING PROPERTIES

    
    Summarized below are our principal producing and development properties. 
The Company considers both historical and future expected revenues in
determining which royalties in our portfolio are principal to our business.
    

    Cortez - Pipeline Mining Complex (USA, Nevada)

    
    The Cortez Pipeline Mining Complex is a large surface gold mining
operation operated by Barrick.  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 GSR1 and GSR2 royalty rate is currently 5.0% and covers a majority of
the Pipeline, South Pipeline, Crossroads area and a portion of the Gap
deposit.  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, except for the Crossroads
deposit.  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, but excludes the Pipeline and Crossroads deposits. The Company is
currently receiving royalty revenue from all four royalties.
    

    Robinson Mine (USA, Nevada)

    
    Royal Gold holds a 3.0% net smelter return ("NSR") royalty on the
Robinson mine, a surface copper mine with significant gold credits.  The mine
is operated by Quadra Mining Ltd. ("Quadra").
    

    Leeville Mining Complex (USA, Nevada)

    
    Royal Gold holds a 1.8% NSR royalty covering a majority of the
underground Leeville Mining Complex.  Leeville is operated by Newmont Mining
Corporation ("Newmont").
    

    Goldstrike Mine - SJ Claims (USA, Nevada)

    
    Royal Gold holds a 0.9% NSR royalty covering a portion of the Betze-Post
gold mine, known as the SJ Claims.  The Betze-Post mine, which is part of the
larger surface Goldstrike operation, is operated by Barrick Gold Corporation
("Barrick").
    

    Penasquito Mine (Mexico, Zacatecas)

    
    Royal Gold holds a 2.0% NSR royalty on all metals produced from the
Penasquito project operated by Goldcorp Inc. ("Goldcorp").  The Penasquito
project, a surface mine composed of two main deposits called Penasco and Chile
Colorado, hosts one of the world's largest gold, silver, and zinc reserves,
while also containing large lead reserves.  Production commenced in June 2008
from the oxide portion of the deposit.  Start-up of the first sulfide circuit
is scheduled to begin in the second half of calendar 2009 with production from
the second sulfide circuit commencing in the second half of calendar 2010.
    

    Mulatos Mine (Mexico, Sonora)

    
    Royal Gold holds a 1.0% - 5.0% NSR sliding-scale royalty, currently
paying at 5.0%.  Mulatos is a surface gold mine operated by Alamos Gold Inc.
("Alamos").  The royalty is capped at two million ounces of gold production. 
As of March 31, 2009, approximately 370,000 cumulative ounces of gold have
been produced.
    

    Taparko Mine (West Africa, Burkina Faso)

    
    Royal Gold holds two initial concurrent production payments, both
equivalent to GSR royalties, and two subsequent GSR royalties at the
Taparko-Bouroum project, a surface gold operation.  The project is operated by
High River Gold Mines Ltd. ("High River").

    The first GSR-equivalent royalty ("TB-GSR1") is fixed at a rate of 15.0%.
The second GSR-equivalent royalty ("TB-GSR2") is a sliding-scale royalty
ranging from 0.0% to 10.0%, depending upon the price of gold.  The TB-GSR2
royalty pays out at a rate of 4.3% when the average monthly gold price ranges
between $385 and $430 per ounce.  Outside of this range, the royalty rate is
calculated 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 $900 per ounce gold price results in
a rate of 900/100 = 9.0%).  Both TB-GSR1 and TB-GSR2 continue until either
total production reaches 804,420 ounces of gold, or Royal Gold receives
payments totaling $35 million under TB-GSR1, whichever occurs first.  As of
March 31, 2009, the Company has recognized revenue totaling $8.8 million on
production of 67,000 ounces of gold.

    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.
    

    Siguiri (West Africa, Guinea)

    
    Royal Gold holds a 0.0% - 1.875% NSR sliding-scale royalty currently
paying 1.875%. Siguiri is a surface gold mine operated by AngloGold Ashanti
("AngloGold").  The royalty is subject to a dollar cap of approximately $12.0
million.  As of March 31, 2009, approximately $9.3 million remains under the
cap.
    

    Dolores (Mexico, Chihuahua)

    
    Royal Gold holds a 1.25% NSR on gold and a 2.0% NSR on both gold and
silver production from the Dolores project, a surface gold and silver mine
operated by Minefinders Corporation Ltd. ("Minefinders").  Initial production
and associated royalty revenue from the 1.25% NSR royalty commenced in the
fourth quarter of calendar 2008.  On May 1, 2009, the 2.0% NSR royalty on both
gold and silver became effective.
    

    KEY DEVELOPMENT STAGE PROPERTIES

    Pascua-Lama (Chile, Region III)

    
    Royal Gold holds a 0.16% - 1.08% sliding-scale NSR royalty on the
Pascua-Lama project.  Pascua-Lama is owned by Barrick.   The NSR royalty is
applicable to all gold production from an area of interest 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 May 7, 2009, Barrick announced that it is proceeding to construction
with the Pascua-Lama project, and that it has finalized the project's economic
parameters, received key construction permits, and satisfactorily resolved key
outstanding fiscal matters with the governments of Chile and Argentina. 
Commissioning is expected in late 2012 and production in early 2013.
    

    Canadian Malartic (Canada, Quebec)

    
    Royal Gold holds a 2.0% - 3.0% sliding-scale NSR royalty on the Canadian
Malartic gold project owned by Osisko Mining Corporation ("Osisko").  The NSR
royalty is subject to a buy down right of $1.0 - $1.5 million depending upon
the price of gold, and is exercisable at any time for one half of the royalty.
 Osisko is currently developing the Canadian Malartic gold deposit as a
large-scale surface mining operation.
    

    OTHER DEVELOPMENTS

    Benso (Ghana, Western Region)

    
    In October 2007, Royal Gold purchased a 1.5% NSR royalty on the Benso
gold concession from FairWest Energy Corporation for $1.875 million.  Benso is
located in Ghana and operated by Golden Star Resources Ltd ("Golden Star"). 
The royalty was subject to a buy back right by Golden Star for Cdn$4.0 million
(US$3.4 million).  Golden Star exercised its right to repurchase the royalty
in May 2009.   Since production at the property commenced in August 2008,
Royal Gold has received $1.0 million in royalty revenue.
    

    RESERVE AND PRODUCTION INFORMATION

    
    The attached Tables contain information regarding the reserves,
additional mineralization, and production for all of the Company's producing
and development properties.  Tables 1 and 2 show all of our royalty interests
with associated reserves and additional mineralized material and are organized
by metal and geographic location.  Our royalty interests represent only a
percentage interest in the reserves and production described in the attached
tables.  Those percentage interests are based on the terms of the royalty
interests applicable to the properties.  For further information about our
royalty interests, please see our Annual Report on Form 10-K, as well as our
other public reports.
    

    CORPORATE PROFILE

    
    Royal Gold is a precious metals royalty company engaged in the
acquisition and management of precious metal royalty interests.  The Company
owns royalties on 117 properties on five continents, including royalties on 27
producing mines and 9 development stage projects. 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 website is
located at www.royaltygold.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 the on-going success
of Royal Gold's royalty operators in converting additional mineralized
material into reserves; the Company's strategy to identify and acquire royalty
properties with significant upside potential that are managed by top-quality
operators; production estimates for calendar 2009 provided by third-party
operators;  reserves and additional mineralization estimates provided by or
derived from information provided by third party operators; the sliding-scale
features of our royalty structure at certain of our properties; or
commencement of production or construction from the operators of certain
properties; and the expectation of the royalty payment caps at the Troy and
Taparko mines to be met. Like any royalty on a non-producing or not yet in
development project, our royalties on development 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, many of our royalty
interests 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,
performance of and production at our royalty properties, 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, economic and market conditions,
and future financial needs of our operators, 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.  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
                           Royal Gold's Royalty Portfolio
                    Proven and Probable Gold Reserves (1),(2),(3)
                            as of December 31, 2008 (4),(5)
    

    Mines are in production unless noted as development ("DEV")


    
                                                   PROVEN RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Bald       1.75 -
     Moun-     3.5%                 USA,
     tain(8)   NSR        Barrick   Nevada          -         -          -
    

    
    Cortez
     (Pipe-    0.40 -
     line)     5.0%                 USA,
     GSR1      GSR        Barrick   Nevada       3.80     0.095      0.360
    

    
    Cortez
     (Pipe-    0.40 -
     line)     5.0%                 USA,
     GSR2      GSR        Barrick   Nevada       8.29     0.038      0.312
    

    
    Cortez
     (Pipe-
     line)     0.71%                USA,
     GSR3      GSR        Barrick   Nevada       5.48     0.076      0.414
    

    
    Cortez
     (Pipe-
     line)     0.39%                USA,
     NVR1      NVR        Barrick   Nevada       3.69     0.047      0.173
    

    
    Gold       1.0 -
     Hill      2.0%       Kinross/  USA,
     (DEV)     NSR        Barrick   Nevada       0.28     0.013      0.004
    

    
    Gold-      0.9%                 USA,
     strike(8) NSR        Barrick   Nevada          -         -          -
    

    
    Lee-       1.8%                 USA,
     ville(8)  NSR        Newmont   Nevada          -         -          -
    

    
    Mari-
     gold(10)  2.0%       Goldcorp/ USA,
     (DEV)     NSR        Barrick   Nevada      11.75     0.021      0.251
    

    
    Robinson   3.0%                 USA,
               NSR        Quadra    Nevada     130.04     0.007      0.884
    

    
    Twin       2.0%                 USA,
     Creeks(8) GPR        Newmont   Nevada          -         -          -
    


    
                                                   PROBABLE RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Bald       1.75 -
     Moun-     3.5%                 USA,
     tain(8)   NSR        Barrick   Nevada          -         -          -
    

    
    Cortez
     (Pipe-    0.40 -
     line)     5.0%                 USA,
     GSR1      GSR        Barrick   Nevada      24.14     0.051      1.227
    

    
    Cortez
     (Pipe-    0.40 -
     line)     5.0%                 USA,
     GSR2      GSR        Barrick   Nevada      74.65     0.032      2.362
    

    
    Cortez
     (Pipe-
     line)     0.71%                USA,
     GSR3      GSR        Barrick   Nevada      41.32     0.039      1.619
    

    
    Cortez
     (Pipe-
     line)     0.39%                USA,
     NVR1      NVR        Barrick   Nevada      38.46     0.037      1.419
    

    
    Gold       1.0 -
     Hill      2.0%       Kinross/  USA,
     (DEV)     NSR        Barrick   Nevada      31.08     0.015      0.459
    

    
    Gold-      0.9%                 USA,
     strike(8) NSR        Barrick   Nevada          -         -          -
    

    
    Lee-       1.8%                 USA,
     ville(8)  NSR        Newmont   Nevada          -         -          -
    

    
    Mari-
     gold(10)  2.0%       Goldcorp/ USA,
     (DEV)     NSR        Barrick   Nevada      23.89     0.018      0.433
    

    
    Robinson   3.0%                 USA,
               NSR        Quadra    Nevada       4.10     0.005      0.021
    

    
    Twin       2.0%                 USA,
     Creeks(8) GPR        Newmont   Nevada          -         -          -
    


    
                                              PROVEN + PROBABLE RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Bald       1.75 -
     Moun-     3.5%                 USA,
     tain(8)   NSR        Barrick   Nevada      27.45     0.026      0.720
    

    
    Cortez
     (Pipe-    0.40 -
     line)     5.0%                 USA,
     GSR1      GSR        Barrick   Nevada      27.94     0.057    1.587(9)
    

    
    Cortez
     (Pipe-    0.40 -
     line)     5.0%                 USA,
     GSR2      GSR        Barrick   Nevada      82.95     0.032    2.674(9)
    

    
    Cortez
     (Pipe-
     line)     0.71%                USA,
     GSR3      GSR        Barrick   Nevada      46.79     0.043    2.033(9)
    

    
    Cortez
     (Pipe-
     line)     0.39%                USA,
     NVR1      NVR        Barrick   Nevada      42.15     0.038    1.592(9)
    

    
    Gold       1.0 -
     Hill      2.0%       Kinross/  USA,
     (DEV)     NSR        Barrick   Nevada      31.37     0.015      0.463
    

    
    Gold-      0.9%                 USA,
     strike(8) NSR        Barrick   Nevada      47.82     0.121      5.768
    

    
    Lee-       1.8%                 USA,
     ville(8)  NSR        Newmont   Nevada       7.68     0.328      2.518
    

    
    Mari-
     gold(10)  2.0%       Goldcorp/ USA,
     (DEV)     NSR        Barrick   Nevada      35.63     0.019      0.683
    

    
    Robinson   3.0%                 USA,
               NSR        Quadra    Nevada     134.14     0.007      0.905
    

    
    Twin       2.0%                 USA,
     Creeks(8) GPR        Newmont   Nevada          -         -      0.080



    

    
                                     TABLE 1 (cont.)
                             Royal Gold's Royalty Portfolio
                      Proven and Probable Gold Reserves (1),(2),(3)
                              as of December 31, 2008 (4),(5)
    

    Mines are in production unless noted as development ("DEV")


    
                                                   PROVEN RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Wharf(11)  0.0 -
               2.0%               USA,
               NSR       Goldcorp S. Dakota     11.61     0.023      0.270
    

    
    Canadian
     Malartic  2.0 -
     (8),(12)  3.0%      Osisko   Canada,
     (DEV)     NSR       Mining   Quebec            -         -          -
    

    
                         St.
    Holt-      0.00013   Andrew
     Holloway  x Gold    Gold-    Canada,
     (13)(DEV) Price     fields   Ontario        0.11     0.187      0.021
    

    
                        New Island
                        Resources/
    Pine Cove  7.5%     Anaconda  Canada,
     (DEV)     NPI      Mining    Newfoundland   0.00     0.000      0.000
    

    
    Williams   0.72%              Canada,
               NSR       Barrick  Ontario        7.78     0.073      0.567
    

    
    Dolores    1.25%
     (14)      NSR
               2.0%      Mine-    Mexico,
               NSR(15)   finders  Chihuahua     62.42     0.023      1.454
    

    
    El         2.0 -
     Chanate   4.0%      Capital  Mexico,
     (16)      NSR       Gold     Sonora        23.03     0.023      0.519
    


    
    Mulatos    1.0 -
     (17)      5.0%               Mexico,
               NSR       Alamos   Sonora        13.01     0.050      0.649
    

    
    Penasquito
     (18)      2.0%               Mexico,
     (Oxide)   NSR       Goldcorp Zacatecas     63.71     0.006      0.360
    

    
    Penasquito
     (18)
     (Sulfide) 2.0%               Mexico,
     (DEV)     NSR       Goldcorp Zacatecas    618.62     0.018     11.390
    


    
                                                   PROBABLE RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Wharf(11)  0.0 -
               2.0%               USA,
               NSR       Goldcorp S. Dakota      1.39     0.022      0.030
    

    
    Canadian
     Malartic  2.0 -
     (8),(12)  3.0%      Osisko   Canada,
     (DEV)     NSR       Mining   Quebec            -         -          -
    

    
                         St.
    Holt-      0.00013   Andrew
     Holloway  x Gold    Gold-    Canada,
     (13)(DEV) Price     fields   Ontario        2.84     0.164      0.466
    

    
                        New Island
                        Resources/
    Pine Cove  7.5%     Anaconda  Canada,
     (DEV)     NPI      Mining    Newfoundland   2.57     0.081      0.207
    

    
    Williams   0.72%              Canada,
               NSR       Barrick  Ontario        1.80     0.103      0.185
    

    
    Dolores    1.25%
     (14)      NSR
               2.0%      Mine-    Mexico,
               NSR(15)   finders  Chihuahua     47.04     0.021      0.990
    

    
    El         2.0 -
     Chanate   4.0%      Capital  Mexico,
     (16)      NSR       Gold     Sonora        24.52     0.020      0.395
    


    
    Mulatos    1.0 -
     (17)      5.0%               Mexico,
               NSR       Alamos   Sonora        39.52     0.035      1.397
    

    
    Penasquito
     (18)      2.0%               Mexico,
     (Oxide)   NSR       Goldcorp Zacatecas    137.40     0.003      0.430
    

    
    Penasquito
     (18)
     (Sulfide) 2.0%               Mexico,
     (DEV)     NSR       Goldcorp Zacatecas    493.53     0.011      5.250
    


    
                                              PROVEN + PROBABLE RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Wharf(11)  0.0 -
               2.0%               USA,
               NSR       Goldcorp S. Dakota     13.00     0.023      0.300
    

    
    Canadian
     Malartic  2.0 -
     (8),(12)  3.0%      Osisko   Canada,
     (DEV)     NSR       Mining   Quebec       150.56     0.031      4.727
    

    
                         St.
    Holt-      0.00013   Andrew
     Holloway  x Gold    Gold-    Canada,
     (13)(DEV) Price     fields   Ontario        2.95     0.165      0.487
    

    
                        New Island
                        Resources/
    Pine Cove  7.5%     Anaconda  Canada,
     (DEV)     NPI      Mining    Newfoundland   2.57     0.081      0.207
    

    
    Williams   0.72%              Canada,
               NSR       Barrick  Ontario        9.57     0.079      0.752
    

    
    Dolores    1.25%
     (14)      NSR
               2.0%      Mine-    Mexico,
               NSR(15)   finders  Chihuahua    109.46     0.022      2.444
    

    
    El         2.0 -
     Chanate   4.0%      Capital  Mexico,
     (16)      NSR       Gold     Sonora        47.55     0.022      0.913
    


    
    Mulatos    1.0 -
     (17)      5.0%               Mexico,
               NSR       Alamos   Sonora        52.53     0.039      2.046
    

    
    Penasquito
     (18)      2.0%               Mexico,
     (Oxide)   NSR       Goldcorp Zacatecas    201.11     0.004      0.800
    

    
    Penasquito
     (18)
     (Sulfide) 2.0%               Mexico,
     (DEV)     NSR       Goldcorp Zacatecas  1,112.15     0.015     16.630



    

    
                                  TABLE 1 (cont.)
                          Royal Gold's Royalty Portfolio
                    Proven and Probable Gold Reserves (1),(2),(3)
                           as of December 31, 2008 (4),(5)
    

    Mines are in production unless noted as development ("DEV")

    
                                                   PROVEN RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    

    
    Don Mario                     Bolivia,
     (8),(19)  3.0%               Chiquitos
     (LMZ)     NSR       Orvana   Province          -         -          -
    

    
    El Limon   3.0%               Nicaragua,
               NSR       B2Gold   El Limon       0.08     0.157      0.012
    

    
    El Toqui   1.0 -
               3.0%      Break-   Chile,
     (20)      NSR       water    Region XI      0.73     0.105      0.077
    

    
                                  Argentina,
    Martha     2.0%      Coeur    Santa Cruz
               NSR       d'Alene  Province       0.02      0.07      0.001
    

    
    Pascua-    0.16 -
     Lama(21)  1.08%              Chile,
    (DEV)      NSR       Barrick  Region III    36.10     0.053      1.917
    

    
    Balcooma   1.5%               Australia,
     (22)      NSR       Kagara   Queensland     0.35     0.020      0.007
    

    
    Meeka-
     tharra    A$10.00
     (23)      per
     (Paddy's  gold               Australia,
     Flat)     ounce     Mercator Western
     (DEV)     produced  Gold     Australia      0.00     0.000      0.000
    

    
    Siguiri    0.0 -     Anglo-   West
     (24)      1.875%    gold     Africa,
               NSR       Ashanti  Guinea        61.87     0.016      1.010
    


    
                                                   PROBABLE RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    

    
    Don Mario                     Bolivia,
     (8),(19)  3.0%               Chiquitos
     (LMZ)     NSR       Orvana   Province          -         -          -
    

    
    El Limon   3.0%               Nicaragua,
               NSR       B2Gold   El Limon       1.20     0.135      0.162
    

    
    El Toqui   1.0 -
     (20)      3.0%      Break-   Chile,
               NSR       water    Region XI      2.95     0.070      0.207
    

    
                                  Argentina,
    Martha     2.0%      Coeur    Santa Cruz
               NSR       d'Alene  Province       0.06      0.04      0.002
    

    
    Pascua-    0.16 -
     Lama(21)  1.08%              Chile,
    (DEV)      NSR       Barrick  Region III   288.60     0.044     12.698
    

    
    Balcooma   1.5%               Australia,
     (22)      NSR       Kagara   Queensland     2.44     0.008      0.019
    

    
    Meeka-
     tharra    A$10.00
     (23)      per
     (Paddy's  gold               Australia,
     Flat)     ounce     Mercator Western
     (DEV)     produced  Gold     Australia      2.19     0.140      0.308
    

    
    Siguiri    0.0 -     Anglo-   West
     (24)      1.875%    gold     Africa,
               NSR       Ashanti  Guinea        73.98     0.030      2.240
    


    
                                              PROVEN + PROBABLE RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    

    
    Don Mario                     Bolivia,
     (8),(19)  3.0%               Chiquitos
     (LMZ)     NSR       Orvana   Province       0.21     0.290      0.060
    

    
    El Limon   3.0%               Nicaragua,
               NSR       B2Gold   El Limon       1.28     0.136      0.174
    

    
    El Toqui   1.0 -
     (20)      3.0%      Break-   Chile,
               NSR       water    Region XI      3.68     0.077      0.284
    

    
                                  Argentina,
    Martha     2.0%      Coeur    Santa Cruz
               NSR       d'Alene  Province       0.08      0.04      0.003
    

    
    Pascua-    0.16 -
     Lama(21)  1.08%              Chile,
    (DEV)      NSR       Barrick  Region III   324.70     0.045     14.615
    

    
    Balcooma   1.5%               Australia,
     (22)      NSR       Kagara   Queensland     2.79     0.009      0.026
    

    
    Meeka-
     tharra    A$10.00
     (23)      per
     (Paddy's  gold               Australia,
     Flat)     ounce     Mercator Western
     (DEV)     produced  Gold     Australia      2.19     0.140      0.308
    

    
    Siguiri    0.0 -     Anglo-   West
     (24)      1.875%    gold     Africa,
               NSR       Ashanti  Guinea       135.85     0.024      3.250



    

    
                                    TABLE 1 (cont.)
                           Royal Gold's Royalty Portfolio
                    Proven and Probable Gold Reserves (1),(2),(3)
                            as of December 31, 2008 (4),(5)
    

    Mines are in production unless noted as development ("DEV")

    
                                                   PROVEN RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Taparko
     (25)      15.0% GSR          West
     TB-GSR1   and 0.0 -          Africa,
     and       10.0%     High     Burkina
     TB-GSR2   GSR       River    Faso              -         -          -
    

    
                                  West
    Taparko                       Africa,
     (25)      2.0%      High     Burkina
     TB-GSR3   GSR       River    Faso              -         -          -
    


    
                                                   PROBABLE RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Taparko
     (25)      15.0% GSR          West
     TB-GSR1   and 0.0 -          Africa,
     and       10.0%     High     Burkina
     TB-GSR2   GSR       River    Faso              -         -          -
    

    
                                  West
    Taparko                       Africa,
     (25)      2.0%      High     Burkina
     TB-GSR3   GSR       River    Faso              -         -          -
    


    
                                              PROVEN + PROBABLE RESERVES
                                                         Avg.      Gold
                                             Tons of     Gold    Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Taparko
     (25)      15.0% GSR          West
     TB-GSR1   and 0.0 -          Africa,
     and       10.0%     High     Burkina
     TB-GSR2   GSR       River    Faso           3.09    0.085  0.262(26),(27)
    

    
                                  West
    Taparko                       Africa,
     (25)      2.0%      High     Burkina
     TB-GSR3   GSR       River    Faso           6.42    0.085      0.544



    

    
                                  TABLE 1 (cont.)
                           Royal Gold's Royalty Portfolio
                  Proven and Probable Silver Reserves (1),(2),(3)
                            as of December 31, 2008 (5),(28)
    

    Mines are in production unless noted as development ("DEV")


    
                                                   PROVEN RESERVES
                                                          Avg.     Silver
                                             Tons of     Silver   Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Troy(25)   7.0%
               GSR(29)
               6.1%
               GSR(29)
               2.0%               USA,
               GSR(29)   Revett   Montana           -         -          -
    

    
    Dolores    2.0%      Mine-    Mexico,
     (14)      NSR(15)   finders  Chihuahua     62.42      1.18     73.415
    


    
    Penasquito
     (18)      2.0%               Mexico,
     (Oxide)   NSR       Goldcorp Zacatecas     63.71      0.54     34.300
    

    
    Penasquito
     (18)
     (Sulfide) 2.0%               Mexico,
     (DEV)     NSR       Goldcorp Zacatecas    618.62      0.99    611.500
    


    
    El Toqui   1.0 -
     (20)      3.0%      Break-   Chile,
               NSR       water    Region XI      0.73      0.15      0.106
    

    
                                  Argentina,
    Martha     2.0%      Coeur    Santa Cruz
               NSR       d'Alene  Province       0.02     55.86      0.992
    

    
    Balcooma   1.5%               Australia,
     (22)      NSR       Kagara   Queensland     0.35      1.87      0.654
    



    
                                                   PROBABLE RESERVES
                                                          Avg.     Silver
                                             Tons of     Silver   Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Troy(25)   7.0%
               GSR(29)
               6.1%
               GSR(29)
               2.0%               USA,
               GSR(29)   Revett   Montana           -         -          -
    

    
    Dolores    2.0%      Mine-    Mexico,
     (14)      NSR(15)   finders  Chihuahua     47.04      1.13     53.230
    


    
    Penasquito
     (18)      2.0%               Mexico,
     (Oxide)   NSR       Goldcorp Zacatecas    137.40      0.28     37.800
    

    
    Penasquito
     (18)
     (Sulfide) 2.0%               Mexico,
     (DEV)     NSR       Goldcorp Zacatecas    493.53      0.73    362.100
    


    
    El Toqui   1.0 -
     (20)      3.0%      Break-   Chile,
               NSR       water    Region XI      2.95      0.38      1.121
    

    
                                  Argentina,
    Martha     2.0%      Coeur    Santa Cruz
               NSR       d'Alene  Province       0.06     31.22      1.817
    

    
    Balcooma   1.5%               Australia,
     (22)      NSR       Kagara   Queensland     2.44      0.41      1.003
    


    
                                              PROVEN + PROBABLE RESERVES
                                                          Avg.     Silver
                                             Tons of     Silver   Contained
                                               Ore       Grade     Ozs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)  (oz/ton) (millions)
    Troy(25)   7.0%
               GSR(29)                           0.48      1.19   0.569(30)
               6.1%
               GSR(29)                           1.72      1.19      2.046
               2.0%               USA,
               GSR(29)   Revett   Montana        0.98      1.19      1.164
    

    
    Dolores    2.0%      Mine-    Mexico,
     (14)      NSR(15)   finders  Chihuahua    109.46      1.16    126.645
    


    
    Penasquito
     (18)      2.0%               Mexico,
     (Oxide)   NSR       Goldcorp Zacatecas    201.11      0.36     72.100
    

    
    Penasquito
     (18)
     (Sulfide) 2.0%               Mexico,
     (DEV)     NSR       Goldcorp Zacatecas  1,112.15      0.88    973.600
    


    
    El Toqui   1.0 -
     (20)      3.0%      Break-   Chile,
               NSR       water    Region XI      3.68      0.33      1.227
    

    
                                  Argentina,
    Martha     2.0%      Coeur    Santa Cruz
               NSR       d'Alene  Province       0.08     36.96      2.809
    

    
    Balcooma   1.5%               Australia,
     (22)      NSR       Kagara   Queensland     2.79      0.59      1.657



    

    
                                    TABLE 1 (cont.)
                            Royal Gold's Royalty Portfolio
                  Proven and Probable Base Metal Reserves (1),(2),(3)
                             as of December 31, 2008 (5)
    

    Mines are in production unless noted as development ("DEV")

    
    COPPER (31)
                                                    PROVEN RESERVES
                                                          Avg.     Copper
                                             Tons of     Copper   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Cu)  (millions)
    Robinson   3.0%               USA,
               NSR       Quadra   Nevada       130.04      0.55      1,420
    

    
    Troy(25)   7.0%
               GSR(29)
               6.1%
               GSR(29)
               2.0%               USA,
               GSR(29)   Revett   Montana           -         -          -
    

    
    El Toqui   1.0 -     Break-   Chile,
     (20)      3.0%      water    Region XI      0.00      0.00          0
               NSR
    


    
    Balcooma   1.5%               Australia,
     (22)      NSR       Kagara   Queensland     0.35      1.30          9
    



    
                                                   PROBABLE RESERVES
                                                          Avg.     Copper
                                             Tons of     Copper   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Cu)  (millions)
    Robinson   3.0%               USA,
               NSR       Quadra   Nevada         4.10      0.42         35
    

    
    Troy(25)   7.0%
               GSR(29)
               6.1%
               GSR(29)
               2.0%               USA,
               GSR(29)   Revett   Montana           -         -          -
    

    
    El Toqui   1.0 -
     (20)      3.0%      Break-   Chile,
               NSR       water    Region XI      2.95      0.10          6
    


    
    Balcooma   1.5%               Australia,
     (22)      NSR       Kagara   Queensland     2.44      3.05        149
    


    
                                              PROVEN + PROBABLE RESERVES
                                                          Avg.     Copper
                                             Tons of     Copper   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Cu)  (millions)
    Robinson   3.0%               USA,
               NSR       Quadra   Nevada       134.14      0.54      1,455
    

    
    Troy(25)   7.0%
               GSR(29)                           0.44      0.57       5(30)
               6.1%
               GSR(29)                           1.50      0.57         17
               2.0%               USA,
               GSR(29)   Revett   Montana        2.38      0.57         27
    

    
    El Toqui   1.0 -
     (20)      3.0%      Break-   Chile,         2.95      0.10          6
               NSR       water    Region XI
    


    
    Balcooma   1.5%               Australia,
     (22)      NSR       Kagara   Queensland     2.79      2.83        158



    

    
                                    TABLE 1 (cont.)
                           Royal Gold's Royalty Portfolio
                 Proven and Probable Base Metal Reserves (1),(2),(3)
                              as of December 31, 2008 (5)
    

    Mines are in production unless noted as development ("DEV")

    
    ZINC (32)
                                                    PROVEN RESERVES
                                                          Avg.     Zinc
                                             Tons of      Zinc   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Zn)  (millions)
    Penasquito
     (18)
     (Sulfide)   2.0%             Mexico,
     (DEV)       NSR     Goldcorp Zacatecas    618.62      0.77      9,587
    

    
    El Toqui     1.0 -
     (20)        3.0%    Break-   Chile,
                 NSR     water    Region XI      0.73      7.30        106
    

    
    Balcooma     1.5%             Australia,
     (22)        NSR     Kagara   Queensland     0.35      7.20         50
    


    
                                                   PROBABLE RESERVES
                                                          Avg.     Zinc
                                             Tons of      Zinc   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Zn)  (millions)
    Penasquito
     (18)
     (Sulfide)   2.0%             Mexico,
     (DEV)       NSR     Goldcorp Zacatecas    493.53      0.59      5,776
    

    
    El Toqui     1.0 -
     (20)        3.0%    Break-   Chile,
                 NSR     water    Region XI      2.95      7.10        419
    

    
    Balcooma     1.5%             Australia,
     (22)        NSR     Kagara   Queensland     2.44      0.43         21
    


    
                                              PROVEN + PROBABLE RESERVES
                                                          Avg.     Zinc
                                             Tons of      Zinc   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Zn)  (millions)
    Penasquito
     (18)
     (Sulfide)   2.0%             Mexico,
     (DEV)       NSR     Goldcorp Zacatecas  1,112.15      0.69     15,364
    

    
    El Toqui     1.0 -
     (20)        3.0%    Break-   Chile,
                 NSR     water    Region XI      3.68      7.14        525
    

    
    Balcooma     1.5%             Australia,
     (22)        NSR     Kagara   Queensland     2.79      1.28         71



    

    LEAD (33)

    
                                                    PROVEN RESERVES
                                                          Avg.     Lead
                                             Tons of      Lead   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Pb)  (millions)
    Penasquito
     (18)
     (Sulfide)   2.0%             Mexico,
     (DEV)       NSR     Goldcorp Zacatecas    618.62      0.36      4,437
    

    
    El Toqui     1.0 -
     (20)        3.0%    Break-   Chile,
                 NSR     water    Region XI      0.73      0.20          3
    

    
    Balcooma     1.5%             Australia,
     (22)        NSR     Kagara   Queensland     0.35      2.60         18
    


    
                                                   PROBABLE RESERVES
                                                          Avg.     Lead
                                             Tons of      Lead   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Pb)  (millions)
    Penasquito
     (18)
     (Sulfide)   2.0%             Mexico,
     (DEV)       NSR     Goldcorp Zacatecas    493.53      0.27      2,633
    

    
    El Toqui     1.0 -
     (20)        3.0%    Break-   Chile,
                 NSR     water    Region XI      2.95      0.50         30
    

    
    Balcooma     1.5%             Australia,
     (22)        NSR     Kagara   Queensland     2.44      0.19          9
    


    
                                              PROVEN + PROBABLE RESERVES
                                                          Avg.     Lead
                                             Tons of      Lead   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Pb)  (millions)
    Penasquito
     (18)
     (Sulfide)   2.0%             Mexico,
     (DEV)       NSR     Goldcorp Zacatecas  1,112.15      0.32      7,070
    

    
    El Toqui     1.0 -
     (20)        3.0%    Break-   Chile,
                 NSR     water    Region XI      3.68      0.44         33
    

    
    Balcooma     1.5%             Australia,
     (22)        NSR     Kagara   Queensland     2.79      0.49         27



    

    
                                   TABLE 1 (cont.)
                          Royal Gold's Royalty Portfolio
             Proven and Probable Base Metal and Other Reserves (1),(2),(3)
                           as of December 31, 2008 (5)
    

    Mines are in production unless noted as development ("DEV")

    
    NICKEL (34)
                                                    PROVEN RESERVES
                                                          Avg.     Nickel
                                             Tons of     Nickel   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Ni)  (millions)
    Mt. Goode                     Australia,
     (8)       1.5%               Western
     (Cosmos)  NSR       Xstrata  Australia         -         -          -
    



    
                                                   PROBABLE RESERVES
                                                          Avg.     Nickel
                                             Tons of     Nickel   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Ni)  (millions)
    Mt. Goode                     Australia,
     (8)       1.5%               Western
     (Cosmos)  NSR       Xstrata  Australia         -         -          -
    


    
                                              PROVEN + PROBABLE RESERVES
                                                          Avg.     Nickel
                                             Tons of     Nickel   Contained
                                               Ore       Grade     Lbs(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   (% Ni)  (millions)
    Mt. Goode                     Australia,
     (8)       1.5%               Western
     (Cosmos)  NSR       Xstrata  Australia      1.21      4.12        101
    



    
    POTASH (35)
                                                    PROVEN RESERVES
                                                                 Finished
                                                                 Product
                                             Tons of      Avg.   Contained
                                               Ore        K20     Tons(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   Grade  (millions)
    Allan(36), $0.36 -    Potash
     (37)      $1.44 per  Corp-
               ton and    oration
               $0.25/ton  of       Canada,
                          Saskat-  Saskat-
                          chewan   chewan           -         -          -
    


    
                                                   PROBABLE RESERVES
                                                                 Finished
                                                                 Product
                                             Tons of      Avg.   Contained
                                               Ore        K20     Tons(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   Grade  (millions)
    Allan(36), $0.36 -    Potash
     (37)      $1.44 per  Corp-
               ton and    oration
               $0.25/ton  of       Canada,
                          Saskat-  Saskat-
                          chewan   chewan           -         -          -
    


    
                                              PROVEN + PROBABLE RESERVES
                                                                 Finished
                                                                 Product
                                             Tons of      Avg.   Contained
                                               Ore        K20     Tons(7)
    PROPERTY  ROYALTY(6) OPERATOR LOCATION  (millions)   Grade  (millions)
    Allan(36), $0.36 -    Potash
     (37)      $1.44 per  Corp-
               ton and    oration
               $0.25/ton  of       Canada,
                          Saskat-  Saskat-
                          chewan   chewan      361.55     25.90        n/a

    


    
    (1)  Set forth below are the definitions of 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.
    

    
    (2)  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").
    

    
    (3)  The reserves reported are either estimates received by the various
         operators or are based on royalty documentation material provided to
         Royal Gold or which 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.  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.
    

    
    (4)  Gold reserves were calculated by the operators at the following per
         ounce prices: $800 - Robinson and Taparko; $775 - Canadian Malartic
         and Holt-Holloway; $750 - El Chanate, Don Mario, Martha and Williams;
         $725 - Bald Mountain, Cortez (Pipeline Mining Complex), Gold Hill;
         Goldstrike, Leeville, Marigold, Pasca-Lama, Penasquito, Twin Creeks
         and Wharf; $720 - Siguiri; $700 - Mulatos; $600 - Dolores and El
         Toqui; $550 - El Limon, and $425 - Pine Cove.  No gold price is
         reported for Balcooma and Meekatharra.
    

    
    (5)  Reserves have been reported by the operators as of December 31, 2008,
         with the exception of the following properties:  Dolores - March 25,
         2008; Balcooma - June 30, 2008; Don Mario - September 30, 2008; Mt.
         Goode - October 31, 2008; and Pine Cove - March 18, 2005.
    

    (6)  See royalty definitions on page 27.

    
    (7)  "Contained ounces" or "contained pounds" do not take into account
         recovery losses in processing the ore.
    

    
    (8)  The operators at Allan, Bald Mountain, Canadian Malartic, Don Mario,
         Goldstrike, Leeville, Mt. Goode and Twin Creeks did not provide a
         breakdown of proven and probable reserves.
    

    
    (9)  NVR1 and GSR3 reserves are subsets of the reserves covered by GSR1
         and GSR2 reserves.
    

    
    (10) The 2.0% NSR royalty interest covers the majority of six sections of
         land, containing a number of open pits, but does not cover the
         current mining in the Basalt/Antler area.
    

    
    (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 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 schedule (price of gold per
         ounce - royalty rate):  $0.00 - $350 - 2.0%; above $350 - 3.0%.
    

    
    (13) Royalty applies on production above 400,000 ounces.  In November
         2008, the operator made application to a court in Ontario, Canada
         for a declaration that it is not obligated to pay the entire royalty
         defined under the royalty agreement and to dispute the royalty rate.
         The operator claims that its predecessor in interest is responsible
         for payment of some or all of the royalty.
    

    
    (14) Dolores reserve numbers have not been updated since material was
         used for late 2008 commissioning activities.
    

    (15) The 2.0% royalty became effective on May 1, 2009.

    
    (16) The NSR sliding-scale royalty is capped once payments of
         approximately $17 million have been received.  As of March 31, 2009,
         payments of $1.8 million for the sliding-scale NSR royalty have been
         recognized.
    

    
    (17) The Company's royalty is subject to a 2.0 million ounce cap on gold
         production. There have been approximately 370,000 ounces of
         cumulative production, as of March 31, 2009. NSR sliding-scale
         schedule (price of gold per ounce - royalty rate):  $0.00 to $299.99
         - 1.0%; $300 to $324.99 - 1.50%; $325 to $349.99 - 2.0%; $350 to
         $374.99 - 3.0%; $375 to $399.99 - 4.0%; $400 or higher - 5.0%.
    

    
    (18) Operator reported reserve estimates by material types.  The sulfide
         material will be processed by milling.   The oxide material will be
         processed using heap leaching.
    

    
    (19) The Don Mario reserves are contained in the lower mineralized zone
         ("LMZ"). The upper mineralized zone ("UMZ") is currently the subject
         of a feasibility study which is not yet public.
    

    
    (20) NSR sliding-scale schedule (price of zinc per ounce - 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.  The
         royalty is currently held in trust by Barrick for Royal Gold pending
         receipt of necessary consents and assignments.
    

    
    (21) Royalty applies to all gold production from an area of interest in
         Chile.  Only that portion of the reserves pertaining to our royalty
         interest in Chile is reflected here.
    

    
    (22) A portion of the reported reserves may not be subject to Royal
         Gold's royalty interests.
    

    (23) Royalty applies on production above 50,000 ounces.

    
    (24) The royalty is capped on a dollar basis and approximately $9.3
         million remains unrecognized as of March 31, 2009.  NSR sliding-
         scale schedule (price of gold per ounce - royalty rate as of
         3/31/09):  $0.00 to $478.10 - 0.0%; $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.
    

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

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

    
    (27) The reserves at Taparko have been adjusted by Royal Gold based on
         actual 2008 depletion and on the operator's reserve gold price
         assumption of $800 per ounce, to reflect the $35 million cap on the
         TB-GSR1 royalty.  Upon meeting this cap, both the TB-GSR1 and TB-
         GSR2 royalties cease and the TB-GSR3 royalty becomes effective.  The
         TB-GSR3 reserves represent the remaining reserves after subtracting
         the reserves associated with TB-GSR1 and TB-GSR2.
    

    
    (28) Silver reserves were calculated by the operators at the following
         prices per ounce:  $13.25 - Martha; $12.00 - Penasquito and Troy;
         $11.00 - El Toqui; and $10.00 - Dolores.  No silver price is
         available for Balcooma.
    

    
    (29) The 7.0% GSR 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 March 31, 2009, Royal Gold
         has recognized approximately $10.0 million in royalty revenue which
         is attributable to cumulative production of approximately 4.1
         million ounces of silver and 35.8 million pounds of copper.  The
         6.1% royalty begins on production in excess of 11.0 million ounces
         of silver and 94.1 million pounds of copper.  This 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.
    

    
    (30) The reserves subject to the 7.0% GSR royalty have been calculated by
         Royal Gold based on the expectation of meeting the monetary cap of
         $10.5 million in cumulative payments.  Royal Gold used the
         operator's December 31, 2008 silver and copper reserve prices of
         $12.00 per ounce and $2.25 per pound, respectively, to calculate
         this adjustment.
    

    
    (31) Copper reserves were calculated by the operators at $2.00 per pound
         for Robinson; $2.25 per pound for Troy; $2.50 - El Toqui.  No copper
         price is available for Balcooma.
    

    
    (32) Zinc reserves were calculated by the operators at the following
         price per pound: $1.00 - El Toqui; and $0.80 - Penasquito.  No zinc
         price is available for Balcooma.
    

    
    (33) Lead reserves were calculated by the operators at the following
         price per pound: $0.50 - Penasquito and $0.70 - El Toqui.  No lead
         price is available for Balcooma.
    

    (34) Nickel reserve price was not available.

    (35) Potash reserve price was not available.

    
    (36) The reserve calculation parameters used by the operator to determine
         reserves can be found in their 2008 Form 10-K.
    

    
    (37) 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 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.
    

    NOTES:

    
    Lluvia de Oro - This property was acquired in the Battle Mountain
    transaction.  The various parties claiming interest in the mining
    concessions subject to this royalty have disputed any royalty obligation.
    

    
    Koolanooka - The Koolanooka reserves are based on an above ground
    stockpile of iron ore fines and not at any specific price.
    

    
    The operators at Reedy's Burnakura and Relief Canyon do not report reserve
    information, only additional mineralized material.

    


    
                                         TABLE 2
                             Royal Gold's Royalty Portfolio
                     Gold Additional Mineralized Material (1),(2),(3)
                                 as of December 31, 2008
    

    
                                                                 ADDITIONAL
                                                                MINERALIZED
    PROPERTY                       ROYALTY (4)       OPERATOR     MATERIAL
    

    
    Bald Mountain                  1.75 - 3.5% NSR   Barrick       Measured
                                                                   and
                                                                   Indicated
    

    
    Cortez (Pipeline) GSR1         0.40 - 5.0% GSR   Barrick       Measured
                                                                   Indicated
                                                                   Inferred
    

    
    Cortez (Pipeline) GSR2         0.40 - 5.0% GSR   Barrick       Measured
                                                                   Indicated
                                                                   Inferred
    

    
    Cortez (Pipeline) GSR3         0.71% GSR         Barrick       Measured
                                                                   Indicated
                                                                   Inferred
    

    
    Cortez (Pipeline) NVR1         0.39% NVR         Barrick       Measured
                                                                   Indicated
                                                                   Inferred
    

    
    Goldstrike - SJ Claims         0.9% NSR          Barrick       Measured
                                                                   Indicated
                                                                   Inferred
    

    
    Leeville (6)                   1.8% NSR          Newmont       Non Reserve
                                                                    Material
    

    
    Marigold (7)                   2.0% NSR          Goldcorp /    Measured
                                                      Barrick
                                                                   Indicated
                                                                   Inferred
    

    
    Relief Canyon                  4.0% NSR          Firstgold     Measured
                                                                   Indicated
                                                                   Inferred
    

    
    Robinson (8)                   3.0% NSR          Quadra        Measured
    (includes reserves)                                            Indicated
                                                                   Inferred
    

    
    Wharf                          0.0 - 2.0% NSR    Goldcorp      Measured
                                                                   Indicated
                                                                   Inferred
    

    
    Holt-Holloway                  0.00013 x Gold    St. Andrew    Measured
                                    Price            Goldfields    Indicated
                                                                   Inferred
    

    
    Williams                       0.72% NSR         Barrick       Measured
                                                                   Indicated
                                                                   Inferred
    

    
    Dolores (9)                    3.25% NSR         Minefinders   Measured
                                                                    and
                                                                   Indicated
                                                                   Inferred
    


    
                                                    AVERAGE
                                                     GOLD
                                        TONS OF      GRADE
                                        MATERIAL    (ounces
    PROPERTY                           (millions)   per ton)
    Bald Mountain                         23.02      0.023
                                              -          -
    

    
    Cortez (Pipeline) GSR1                 4.08      0.020 (5)
                                          48.06      0.016 (5)
                                           5.77      0.016 (5)
    

    
    Cortez (Pipeline) GSR2                 0.81      0.017 (5)
                                           6.96      0.015 (5)
                                           1.14      0.017 (5)
    

    
    Cortez (Pipeline) GSR3                 4.85      0.019 (5)
                                          54.35      0.016 (5)
                                           6.03      0.016 (5)
    

    
    Cortez (Pipeline) NVR1                 2.46      0.018 (5)
                                          25.52      0.015 (5)
                                           2.68      0.013 (5)
    

    
    Goldstrike - SJ Claims                 1.07      0.064
                                           2.67      0.053
                                           0.31      0.106
    

    Leeville (6)                           0.81      0.392


    
    Marigold (7)                           8.47      0.016
                                          33.55      0.015
                                          48.53      0.013
    

    
    Relief Canyon                          0.00      0.000
                                           0.00      0.000
                                          30.48      0.022
    

    
    Robinson (8)                         572.95      0.005
    (includes reserves)                  146.71      0.003
                                          88.88      0.002
    

    
    Wharf                                  2.27      0.022
                                           1.95      0.021
                                           0.51      0.020
    

    
    Holt-Holloway                          1.46      0.194
                                           2.11      0.200
                                           1.18      0.226
    

    
    Williams                               1.11      0.054
                                           0.57      0.114
                                              -          -
    

    
    Dolores (9)                            7.70      0.090
                                              -          -
    




    
                                TABLE 2 (cont.)
                       Royal Gold's Royalty Portfolio
                  Gold Additional Mineralized Material (1),(2)
                            as of December 31, 2008
    

    
                                                         ADDITIONAL
    PROPERTY          ROYALTY (3)       OPERATOR         MINERALIZED
                                                           MATERIAL
    

    
    El Chanate        2.0 - 4.0% NSR    Capital Gold       Measured
                                                           Indicated
                                                           Inferred
    

    
    Mulatos           1.0 - 5.0% NSR    Alamos             Measured
                                                           Indicated
                                                           Inferred
    

    
    Penasquito (10)   2.0% NSR          Goldcorp           Measured
    (Oxide)                                                Indicated
                                                           Inferred
    

    
    Penasquito (10)   2.0% NSR          Goldcorp           Measured
    (Sulfide)                                              Indicated
                                                           Inferred
    

    
    Don Mario (11)    3.0% NSR          Orvana Minerals    Measured
    (UMZ)                                                  Indicated
                                                           Inferred
    

    
    El Limon          3.0% NSR          B2Gold             Measured
                                                           Indicated
                                                           Inferred
    

    
    El Toqui          1.0 - 3.0% NSR    Breakwater         Measured and
                                                           Indicated
                                                           Inferred
    


    
    Martha            2.0% NSR          Coeur d'Alene      Measured
                                                           Indicated
                                                           Inferred
    

    
    Pascua-Lama        0.16 - 1.08%     Barrick            Measured
                       NSR                                 Indicated
                                                           Inferred
    


    
    Balcooma (12)     1.5% NSR          Kagara             Measured
                                                           Indicated
                                                           Inferred
    

    
    Meekatharra       A$10.00 per       Mercator Gold      Measured and
                       gold                                Indicated
    (Paddy's Flat)    ounce produced                       Inferred
    

    
    Reedy's
     Burnakura        1.5 - 2.5% NSR    ATW Gold           Measured
                                                           Indicated
                                                           Inferred
    


    
                                             AVERAGE
                                              GOLD
                               TONS OF       GRADE
                              MATERIAL      (ounces
    PROPERTY                 (millions)      per ton)
    

    
    El Chanate                   5.63          0.020
                                17.85          0.018
                                 5.98          0.024
    

    
    Mulatos                     11.76          0.030
                                46.27          0.028
                                35.91          0.029
    

    
    Penasquito (10)              6.35          0.002
    (Oxide)                     33.51          0.002
                                43.67          0.003
    

    
    Penasquito (10)            122.60          0.007
    (Sulfide)                  555.26          0.007
                               777.80          0.007
    

    
    Don Mario (11)               1.86          0.039
    (UMZ)                        4.98          0.040
                                 0.35          0.037
    

    
    El Limon                     0.26          0.211
                                 0.36          0.132
                                 2.69          0.156
    

    
    El Toqui                     1.74          0.060
                                    -              -
    


    
    Martha                       0.00          0.030
                                 0.04          0.020
                                 0.03          0.050
    

    
    Pascua-Lama                  8.16          0.037
                                62.39          0.035
                                 7.28          0.027
    

    
    Balcooma (12)                0.00          0.000
                                 1.20          0.011
                                 0.63          0.018
    

    
    Meekatharra                 17.51          0.039
    (Paddy's Flat)               8.74          0.040
    


    
    Reedy's Burnakura            0.08          0.288
                                 0.21          0.204
                                 0.16          0.158
    



    
                                    TABLE 2 (cont.)
                            Royal Gold's Royalty Portfolio
                      Gold Additional Mineralized Material (1),(2)
                                as of December 31, 2008
    


    
                                                                     AVERAGE
                                                                       GOLD
                                               ADDITIONAL  TONS OF    GRADE
                                              MINERALIZED  MATERIAL  (ounces
    PROPERTY        ROYALTY (3)    OPERATOR    MATERIAL   (millions)  per ton)
    

    
    Siguiri     0.0 - 1.875% NSR   AngloGold   Measured and
                                    Ashanti     Indicated    39.14     0.023
                                                Inferred     70.64     0.026
    

    
    Taparko         2.0% GSR       High River  Measured       0.00     0.000
     TB-GSR3                                    Indicated     0.00     0.000
                                                Inferred      1.27     0.073
    



    
                                  TABLE 2 (cont.)
                           Royal Gold's Royalty Portfolio
                    Silver Additional Mineralized Material (1),(2)
                              as of December 31, 2008
    

    
                                                            ADDITIONAL
                                                             MINERALIZED
    PROPERTY          ROYALTY (3)        OPERATOR            MATERIAL
    

    
    Troy              2.0% GSR           Revett              Measured
                                                             Indicated
                                                             Inferred
    

    
    Dolores (9)       2.0% NSR           Minefinders         Measured and
                                                              Indicated
                                                             Inferred
    

    
    Penasquito (10)   2.0% NSR           Goldcorp            Measured
    (Oxide)                                                  Indicated
                                                             Inferred
    

    
    Penasquito (10)   2.0% NSR           Goldcorp            Measured
    (Sulfide)                                                Indicated
                                                             Inferred
    

    
    Don Mario (11)    3.0% NSR           Orvana Minerals     Measured
    (UMZ)                                                    Indicated
                                                             Inferred
    

    
    El Toqui          1.0 - 3.0% NSR     Breakwater          Measured and
                                                              Indicated
                                                             Inferred
    

    
    Martha            2.0% NSR           Coeur d'Alene       Measured
                                                             Indicated
                                                             Inferred
    

    
    Balcooma (12)     1.5% NSR           Kagara              Measured
                                                             Indicated
                                                             Inferred
    



    
                                           AVERAGE
                                            SILVER
                            TONS OF         GRADE
                            MATERIAL       (ounces
    PROPERTY               (millions)       per ton)
    Troy                      38.26           1.43
                              10.93           0.91
                               0.00           0.00
    

    
    Dolores (9)                7.70           2.87
                                  -              -
    

    
    Penasquito (10)            6.35           0.13
    (Oxide)                   33.51           0.15
                              43.67           0.23
    

    
    Penasquito (10)          122.60           0.54
    (Sulfide)                555.26           0.54
                             777.80           0.49
    

    
    Don Mario (11)             1.86           1.25
    (UMZ)                      4.98           1.30
                               0.35           1.19
    

    
    El Toqui                   1.74           0.35
                                  -              -
    

    
    Martha                     0.00          32.03
                               0.04          29.44
                               0.03          46.96
    

    
    Balcooma (12)              0.00           0.00
                               1.20           0.92
                               0.63           1.71
    



    
                                 TABLE 2 (cont.)
                         Royal Gold's Royalty Portfolio
                 Base Metals Additional Mineralized Material (1),(2)
                            as of December 31, 2008
    


    
    COPPER
                                                           ADDITIONAL
                                                           MINERALIZED
    PROPERTY          ROYALTY            OPERATOR            MATERIAL
    

    
    Robinson (8)      3.0% NSR           Quadra              Measured
                                                             Indicated
                                                             Inferred
    

    
    Troy              2.0% GSR           Revett              Measured
                                                             Indicated
                                                             Inferred
    

    
    Don Mario (11)    3.0% NSR           Orvana Minerals     Measured
    (UMZ)                                                    Indicated
                                                             Inferred
    

    
    El Toqui          1.0 - 3.0% NSR     Breakwater          Measured and
                                                             Indicated
                                                             Inferred
    

    
    Balcooma (12)     1.5% NSR           Kagara              Measured
                                                             Indicated
                                                             Inferred
    


    
    COPPER
                            TONS OF        AVERAGE
                            MATERIAL        GRADE
    PROPERTY               (millions)       (% Cu)
    Robinson (8)             572.95          0.43
                             146.71          0.30
                              88.88          0.28
    

    
    Troy                      38.26          0.71
                              10.93          0.41
                                  -             -
    

    
    Don Mario (11)             1.86          1.26
    (UMZ)                      4.98          1.49
                               0.35          1.63
    

    
    El Toqui                   1.74          0.10
                                  -             -
    

    
    Balcooma (12)              0.00          0.00
                               1.20          1.53
                               0.63          0.90
    


    
    ZINC
                                                             ADDITIONAL
                                                             MINERALIZED
    PROPERTY          ROYALTY            OPERATOR            MATERIAL
    

    
    Penasquito (10)   2.0% NSR           Goldcorp            Measured
    (Sulfide)                                                Indicated
    (DEV)                                                    Inferred
    

    
    El Toqui          1.0 - 3.0% NSR     Breakwater          Measured and
                                                             Indicated
                                                             Inferred
    

    
    Balcooma (12)     1.5% NSR           Kagara              Measured
                                                             Indicated
                                                             Inferred
    


    
    ZINC
                            TONS OF        AVERAGE
                            MATERIAL        GRADE
    PROPERTY               (millions)       (% Zn)
    

    
    Penasquito (10)          122.60          0.55
    (Sulfide)                555.26          0.55
    (DEV)                    777.80          0.56
    

    
    El Toqui                   1.74          8.10
                                  -             -
    

    
    Balcooma (12)              0.00          0.00
                               1.20          4.96
                               0.63          6.42
    


    
                                 TABLE 2 (cont.)
                        Royal Gold's Royalty Portfolio
             Base Metals and Other Additional Mineralized Material (1)
                            as of December 31, 2008
    

    
    LEAD
                                                           ADDITIONAL
                                                           MINERALIZED
    PROPERTY            ROYALTY           OPERATOR          MATERIAL
    

    
    Penasquito (10)     2.0% NSR          Goldcorp          Measured
    (Sulfide)                                               Indicated
                                                            Inferred
    

    
    El Toqui            1.0 - 3.0% NSR    Breakwater        Measured and
                                                            Indicated
                                                            Inferred
    

    
    Balcooma (12)       1.5% NSR          Kagara            Measured
                                                            Indicated
                                                            Inferred
    


    
    LEAD
                            TONS OF      AVERAGE
                            MATERIAL      GRADE
    PROPERTY               (millions)     (% Pb)
    Penasquito (10)          122.60        0.19
    (Sulfide)                555.26        0.19
                             777.80        0.18
    El Toqui                   1.74        0.44
                                  -           -
    

    
    Balcooma (12)              0.00        0.00
                               1.20        2.41
                               0.63        2.32
    


    
    POTASH
                                                  ADDITIONAL  TONS OF  AVERAGE
                                                  MINERALIZED MATERIAL   GRADE
    PROPERTY        ROYALTY       OPERATOR          MATERIAL (millions)(% K20)
    

    
    Allan      $0.36 - $1.44/ ton   Potash          Measured   1,270.95  25.90
                  and $0.25/ton    Corporation of   Indicated      0.00   0.00
                                   Saskatchewan     Inferred   4,293.46  25.90
    


    FOOTNOTES TO TABLE 2

    
    INFORMATION PROVIDED IN TABLE 2 SHOULD ALSO BE READ IN CONJUNCTION WITH
    FOOTNOTE INFORMATION PROVIDED IN TABLE 1 AS RELATED TO THE VARIOUS
    PROPERTIES
    

    
    (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)  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)  The additional mineralized material reported are either estimates
         received by the various operators or are based on royalty
         documentation material provided to Royal Gold or which 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.  Accordingly, Royal Gold is not
         able to reconcile the resource estimates prepared in reliance on
         National Instrument 43-101 or JORC Code with definitions of the U.S.
         Securities and Exchange Commission.
    

    (4)  See royalty definitions on page 28.

    
    (5)  NVR1 and GSR3 additional mineralized material are subsets of the
         additional mineralized material covered by GSR1 and GSR2 reserves.
    

    
    (6)  The operator reported additional mineralization as non-reserve
         material and did not provide a breakdown.
    

    
    (7)  The 2.0% NSR royalty interest covers the majority of six sections of
         land, containing a number of open pits, but does not cover the
         current mining in the Basalt/Antler area.
    

    
    (8)  Additional mineralized material estimates include reserves at the
         request of the operator.
    

    
    (9)  Dolores additional mineralized material numbers have not been updated
         since material was used for late 2008 commissioning activities.
    

    
    (10) Operator has reported estimates by material types.  The sulfide
         material will be processed by milling.  The oxide material will be
         processed by heap leaching.
    

    
    (11) The Don Mario additional mineralized material is contained in the
         upper mineralized zone ("UMZ").  The UMZ is currently the subject of
         a feasibility study which is not yet public.
    

    
    (12) A portion of the reported additional mineralized material may not be
         subject to Royal Gold's royalty interests.
    

    
    NOTE:  Additional mineralized material was not reported by the operators
    for the following properties:  Canadian Malartic, Gold Hill, Mt. Goode,
    Pine Cove and Twin Creeks.
    



    
                                        TABLE 3
                            Royal Gold's Royalty Portfolio
                      Calendar Year 2009 Production Estimates (1)
    

    ROYALTY                  OPERATOR             METAL     PRODUCTION (2)

    UNITED STATES

    
    Bald Mountain             Barrick              Gold       2,000 oz
    Cortez-Pipeline GSR1      Barrick              Gold       345,296 oz
    Cortez-Pipeline GSR2      Barrick              Gold       614 oz
    Cortez-Pipeline GSR3      Barrick              Gold       345,910 oz
    Cortez-Pipeline NVR1      Barrick              Gold       72,863 oz
    Goldstrike (SJ Claims)    Barrick              Gold       440,879 oz
    Leeville Mining Complex   Newmont              Gold       426,212 oz
    Relief Canyon (3)         Firstgold            Gold       Not available
    Robinson (4)              Quadra               Gold       100,000 oz
    Robinson (4)              Quadra               Copper     140 million lbs
    Troy (5)                  Revett               Silver     1.7 million oz
    Troy (5)                  Revett               Copper     14.2 million lbs
    Twin Creeks               Newmont              Gold       51,861 oz
    Wharf                     Goldcorp             Gold       57,500 oz
    

    CANADA

    
    Allan (3)                 Potash Corporation   Potash     Not available
                              of Saskatchewan
    Williams                  Barrick              Gold       166,019 oz
    

    MEXICO

    
    Dolores                   Minefinders          Gold       100,000 oz
    Dolores                   Minefinders          Silver     2,000,000 oz
    El Chanate                Capital Gold         Gold       55,000 oz
    Mulatos                   Alamos               Gold       145,000 oz
    



    
                                      TABLE 3 (cont.)
                             Royal Gold's Royalty Portfolio
                       Calendar Year 2009 Production Estimates (1)
    



    ROYALTY                     OPERATOR             METAL   PRODUCTION (2)

    
    MEXICO (cont.)
    Penasquito                  Goldcorp             Gold     70,000 oz
    

    Penasquito                  Goldcorp             Silver   2.3 million oz

    CENTRAL AND SOUTH AMERICA

    
    El Limon                    B2Gold               Gold     43,000 oz
    Don Mario (3)               Orvana Minerals      Gold     Not available
    El Toqui                    Breakwater           Gold     36,000 oz
    El Toqui                    Breakwater           Silver   7,000 oz
    El Toqui                    Breakwater           Zinc     15 million lbs
    Martha (4)                  Coeur d'Alene        Gold     10,000 oz
    Martha (4)                  Coeur d'Alene        Silver   3 million oz
    

    
           AUSTRALIA
    Balcooma (3,4)              Kagara               Copper   Not available
    Balcooma (3,4)              Kagara               Zinc     Not available
    Reedy's Burnakura           ATW Gold             Gold     35,000 oz
    Mt. Goode (Cosmos) (6)      Xstrata              Nickel   35.3 million lbs
    

    
           WEST AFRICA
    Siguiri                     AngloGold Ashanti    Gold     300,000 oz
    Taparko TB-GSR1 and         High River           Gold     63,000 oz (7)
    TB-GSR2 (3)
    


    ROYALTY DEFINITIONS

    
    INFORMATION PROVIDED IN TABLE 3 SHOULD ALSO BE READ IN CONJUNCTION WITH
    FOOTNOTE INFORMATION PROVIDED IN TABLE 1 AS RELATED TO THE VARIOUS
    PROPERTIES
    

    
    (1)  The estimates and production reports are prepared by the operators of
         the mining properties.  Royal Gold does not participate in the
         preparation or verification of the operator's estimates or production
         reports and has not independently assessed or verified the accuracy
         of such information.  Please refer to our cautionary statement
         regarding forward-looking statements and to the risk factors
         identified in our Annual Report on Form 10-K and our other filings
         with the Securities and Exchange Commission for information regarding
         factors that could affect actual results.
    

    
    (2)  Production estimates were provided by the various operators and are
         in ounces for gold and silver; pounds for copper, zinc, and nickel;
         and tons for potash.
    

    
    (3)  The operators are in the process of updating or have not provided
         calendar 2009 production guidance.
    

    
    (4)  Recovered metal is contained in concentrate and is subject to third
         party treatment charges and recovery losses.
    

    
    (5)  Recovered metal is contained in concentrate and is subject to third
         party recovery losses.
    

    
    (6)  Not all of the production may be attributable to Royal Gold's royalty
         interest.
    

    
    (7)  The operator provided a calendar 2009 production range between 63,000
         to 76,000 ounces.
    



    ROYALTY DEFINITIONS

    
    The 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 defined percentage of the gross revenue from
    a resource extraction operation, less certain contract-defined
    transportation costs, milling costs and taxes.
    

    
    Net Profits Interest Royalty ("NPI") - 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.
    

    
    Gross Proceeds Royalty ("GPR") - a royalty in which payments are made on
    contained ounces rather than recovered ounces.




    Royal Gold, Inc.
    




For further information:

For further information: Karen Gross, Vice President and Corporate
Secretary of Royal Gold, Inc., +1-303-575-6504 Web Site:
http://www.royalgold.com

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ROYAL GOLD, INC.

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