UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549	
 	
FORM 8-K	
 	
CURRENT REPORT	
 	
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934	
 	
August 12, 2003
Date of Report (Date of earliest event reported)

	
ROYAL GOLD, INC.	
(Exact name of registrant as specified in its charter)	
 	
Delaware	0-5664	84-0835164	
(State or other jurisdiction	(Commission	(IRS Employer	
of incorporation)	File Number)	Identification No.)	
 	
1660 Wynkoop Street, Suite 1000, Denver, CO       	80202-1132	
(Address of principal executive offices)           	(Zip Code)	
 	
303-573-1660
(Registrant's telephone number, including area code)	

Item 7.	Financial Statements and Exhibits	
 	 	
 (c)	Exhibits	
 	 	 	
Number	 	Description	
	 	 	
99.1	 	Press release dated August 12, 2003, "Royal Gold Announces Year End Results and Record Revenues for Fiscal 2003."	
 	 	
Item 12.	Results of Operations and Financial Condition	
 	 	
The following information is furnished pursuant to Item 9 "Regulation FD Disclosure" and Item 12 "Results of Operations and financial Condition."	
 	
On August 12, 2003, Royal Gold, Inc. announced record year end results and record revenues for fiscal 2003. The information contained in the press release dated August 12, 2003, regarding the Company's year end results is incorporated herein by reference and is filed as Exhibit 99.1 hereto.	

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 SIGNATURES	
 	
 Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.	
 	
	Royal Gold, Inc.	
 	(Registrant)	
	 	
	By:	/s/ Karen Gross                                   	
	Name:	Karen Gross	
	Title:	Vice President & Corporate Secretary	
 	
 Dated: August 12, 2003	

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INDEX TO EXHIBITS	
 	 	
 Exhibit No.	Description	
		
99.1	Press release dated August 12, 2003, "Royal Gold Announces Year End Results and Record Revenues for Fiscal 2003."	

4

	
 	Exhibit 99.1	

FOR IMMEDIATE RELEASE:	FOR FURTHER INFORMATION CONTACT :	
 	 	
 	Stanley Dempsey, Chairman and CEO
Karen Gross, Vice President & Corporate Secretary
(303) 573-1660	

ROYAL GOLD ANNOUNCES YEAR END RESULTS AND
RECORD REVENUES FOR FISCAL 2003	
 	
           DENVER, COLORADO. AUGUST 12, 2003: ROYAL GOLD, INC . (NASDAQ:RGLD; TSX:RGL) today announced that it had record revenues of $15,788,212 million for fiscal 2003 (June 30), as compared to $12,323,071 in fiscal 2002.	
          The Company reported net income of $6,752,346, or $0.34 per basic share for fiscal 2003. For the 2003 fiscal year there were non-cash charges for deferred tax expense of $1,708,053, or $0.09 per basic share. Net income for fiscal 2003 compares to net income of $10,698,723, or $0.60 per diluted share for fiscal 2002. Included in fiscal 2002 year-end earnings was the recognition of a deferred tax asset of $6,849,687, which increased earnings by $0.38 per share.	
          Free cash flow for fiscal 2003 was approximately $11.2 million, or 71% of revenues, compared to $8.9 million or 72% of revenues in fiscal 2002. Free cash flow is a non-GAAP financial measure which the Company defines as operating income plus depreciation, depletion and amortization, non-cash charges, and adding back any impairment of mining assets. For a reconciliation of free cash flow to the most directly comparable GAAP financial measure, see Schedule A-Reconciliation.	

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          For the fourth quarter ended June 30, 2003, royalty revenue was $3,717,089, compared to $3,461,299 for the same period in fiscal 2002. The Company reported net income of $1,621,338, or $0.08 per basic share, as compared to net income of $7,352,856, or $0.36 per basic share, for the fourth quarter of fiscal 2002. The fiscal 2002 fourth quarter included the recognition of the deferred tax asset noted above, or $0.38 per basic share.	
          At June 30, 2003, the Company had working capital of $34.3 million. Current assets were $36,801,548, compared to current liabilities of $2,505,981, for a current ratio of 15 to 1. General and administrative expenses were $1,966,283 as compared to $1,874,952 in fiscal 2002.	
          Stanley Dempsey, Chairman and CEO stated, "We had another great year. We had record revenues, and have grown the Company to hold royalty positions at the three top mining complexes in the U.S. We increased our annual dividend by one-third to $0.10 per share and our free cash flow remains strong, at $11.2 million for the fiscal year."	
REVIEW OF OPERATIONS	
Pipeline Mining Complex, Lander County, Nevada	
          The Company owns two sliding-scale gross smelter return royalties ("GSR1" and "GSR2"), a fixed gross royalty ("GSR3"), and a net value royalty ("NVR1") on the Pipeline Mining Complex. The GSR1 royalty covers the current mine footprint, and the GSR2 ("Super") royalty covers any reserves that are developed on the claim block lying outside the current mine footprint. The GSR2 royalty pays out at a rate that is 80% higher than that of GSR1, at all gold prices. The GSR3 royalty is a 0.71% fixed rate for the life of the mine. The 0.37% NVR1 royalty covers production from the GAS Claims, an area of interest of approximately 4,000 acres including the South Pipeline deposit and Crossroads area, but not including the Pipeline pit. The NVR1 is calculated by deducting processing-related costs, but this royalty is not burdened by mining costs.	
          The Pipeline Mining Complex is owned by the Cortez Joint Venture ("Cortez"), a joint venture between Placer Cortez Inc. (60%), a subsidiary of Placer Dome Inc., and Kennecott Explorations (Australia) Ltd. (40%), a subsidiary of Rio Tinto.	
          For the fourth quarter of fiscal 2003, the Pipeline Mining Complex produced 226,505 ounces of gold, providing $3,164,209 of royalty revenue to Royal Gold. This compares to 295,668 ounces of gold produced, providing $3,221,654 of royalty revenue to Royal Gold, for the same quarter in fiscal 2002.	

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          For fiscal 2003, the Pipeline Mining Complex produced 1,061,071 ounces of gold, providing $13,953,232 of royalty revenue, as compared to 1,174,276 ounces of gold produced, which provided royalty revenues of $11,658,527 in fiscal 2002. The increase in revenue reflects higher gold prices in the period.	
          For the fourth quarter of fiscal 2003, the average gold price was $347 per ounce and Royal Gold's GSR1 royalty rate was 3.00% of production. Current production from the Pipeline Mining Complex is subject to GSR1, GSR3, and NVR1.	
          For calendar 2003, that operator has advised that the Pipeline Mining Complex will produce about 1.0 million ounces of gold subject to the Company's royalties.	
Leeville Project, Eureka County, Nevada	
          Royal Gold acquired a 1.8% net smelter return ("NSR") royalty in December 2002, covering a majority of the Leeville project ("Leeville"). Leeville is an underground mine, currently under development by Newmont Mining Corporation. Newmont has announced its intention to initiate production at Leeville in late 2005 or early 2006. Current production on the Leeville royalty land is derived from underground operations on a portion of the Carlin East deposit. During the fourth quarter, the Carlin East deposit produced 21,269 ounces of gold, which were subject to Royal Gold's royalty interest, providing $134,643 in royalty revenue. For fiscal 2003, the Carlin East deposit produced 64,265 ounces of gold subject to Royal Gold's royalty interest, providing $409,729 of royalty revenue.	
          For calendar 2003, the operator has advised that the Carlin East deposit will produce approximately 110,000 ounces of gold subject to the Company's royalty.	
SJ Claims (Goldstrike Mine), Eureka County, Nevada	
          Royal Gold acquired a 0.9% NSR royalty in December 2002, covering a portion of the Betze-Post open pit at the Goldstrike mine known as the SJ Claims. The Goldstrike mine is operated by Barrick Gold Corporation ("Barrick"). During the fourth quarter, the SJ Claims produced 105,872 ounces of gold, which were subject to Royal Gold's interest, providing $291,345 in royalty revenue. For fiscal year 2003, the SJ Claims produced 239,124 ounces of gold subject to Royal Gold's interest, providing $720,724 of royalty revenue.	
          For calendar 2003, the operator has advised that the SJ Claims will produce 395,866 ounces of gold subject to the Company's royalty.	

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Bald Mountain, White Pine County, Nevada	
          Royal Gold owns a 1.75% net smelter returns royalty ("NSR") that burdens a portion of the Bald Mountain mine, operated by Placer Dome U.S. Inc. During the quarter, the Bald Mountain mine produced 18,331 ounces of gold, which were subject to Royal Gold's interest, providing $112,588 in royalty revenue. For fiscal 2003, the Bald Mountain mine produced 113,420 ounces of gold, which were subject to Royal Gold's interest, providing $652,107 in royalty revenue.	
          For calendar 2003, the operator has advised that Bald Mountain has exceeded its original production forecast, but has not yet prepared a new production forecast for the year.	
South American Properties (Argentina)	
          The Company holds a 2% NSR on the Martha silver mine operated by Coeur d'Alene Mines Corporation. Royalty revenue for fiscal 2003 was $52,420 .	
Fiscal 2004 Outlook	
           "We expect our royalty portfolio to continue to generate good cash flow and earnings in fiscal 2004, especially with the strength of the gold price. The sliding-scale features of our royalty structure at the Pipeline Mining Complex were designed to increase payouts to Royal Gold as the gold price increases, and we have been rewarded in fiscal 2002 and 2003 for this stepped price royalty structure. In addition, we protected our downside with step decreases and floors on our sliding-scale royalties and our fixed price royalties. With the current strong gold price environment, our royalty structure continues to give us exposure to improved revenues. We also continue to pursue acquisitions to expand our royalty portfolio," Dempsey said.	
          Royal Gold is a precious metals royalty company engaging in the acquisition and management of precious metal royalty interests. Royal Gold is publicly traded on the NASDAQ National Market System under the symbol "RGLD," and on the Toronto Stock Exchange under the symbol "RGL." The Company's web page is located at www.royalgold.com .	
Note: Management's conference call reviewing fiscal 2003 will be held today at 10:00 a.m. mountain time (noon Eastern time) and is available by calling 800-603-2779 or 706-634-7230. The call will be simultaneously carried on the Company's web site at www.royalgold.com under the "Presentation" section. A replay on the web site will be available approximately two hours after the call ends. Audio replays will be available about two hours after the call and until August 19, 2003, by dialing 800-642-1687 or 706-645-9291, access number 2077504.	

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_____________________	
 	
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 production levels for calendar 2003, royalty acquisitions, cash flow and earnings, and the sliding-scale features of our royalty structure at the Pipeline Mining Complex. Factors that could cause actual results to differ materially from projections include, among others, precious metals prices, decisions and activities of the operators of our royalty properties, unanticipated grade, geological, metallurgical, processing or other problems the operators of the mining properties may encounter, changes in project parameters as plans continue to be refined, results of current or planned exploration activities, economic and market conditions, future financial needs or opportunities, and the impact of any future acquisitions, as well as other factors described elsewhere in this press release and in our Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. Most of these factors 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.	
The Company discloses information on free cash flow and free cash flow as a percentage of revenues in its reporting. The Company defines free cash flow by operating income plus depreciation, depletion and amortization, non-cash charges, and adding back any impairment of mining assets. While we believe free cash flow is a useful measure of the Company's performance, we also want to advise that this is not a measure recognized by generally accepted accounting principles. See Schedule A- Reconciliation, attached to this press release.	

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ROYAL GOLD, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited) 

For The Years Ended June 30,	
							
ASSETS		         2003         			         2002        		
							
Current assets							
   Cash and cash equivalents	$	33,485,543		$	11,104,140		
   Royalty receivables		3,125,437			3,022,214		
   Prepaid expenses and other		             190,568			           165,238		
Total current assets		        36,801,548			       14,291,592		
Royalty interests in mineral properties, net		43,559,743			7,426,687		
Office furniture, equipment and improvements, net		72,551			91,518		
Available for sale securities		457,584			583,771		
Deferred tax asset		5,454,500			6,849,687		
Other assets		              12,746			            346,825		
Total assets	$	     86,358,672		$	       29,590,080		
		===========			===========		
LIABILITIES AND STOCKHOLDERS' EQUITY							
							
Current liabilities							
   Accounts payable	$	1,126,591		$	698,136		
   Dividend payable		1,032,735			1,354,022		
   Accrued compensation		200,000			150,000		
   Other		146,655			              99,667		
Total current liabilities		          2,505,981			         2,301,825		
Deferred tax liability		8,746,702			-		
Other long term liabilities		113,489			120,525		
Commitments and contingencies							
Stockholders' equity							
   Common stock, $.01 par value, authorized 40,000,000
     shares; and issued 20,883,914 and 18,279,840 shares,
     respectively		208,838			182,798		
Additional paid-in capital		100,612,048			57,389,220		
Accumulated other comprehensive income (loss)		64,963			184,981		
Accumulated deficit		      (24,796,477	)		      (29,492,397	)	
Treasury stock, at cost (229,226 shares) 		        (1,096,872	)		       (1,096,872	)	
Total stockholders' equity		        74,992,500			       27,167,730		
Total liabilities and stockholders' equity	$	       86,358,672		$	       29,590,080		
		===========			===========		

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ROYAL GOLD, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME
(Unaudited)

 For The Years Ended June 30,	
										
		       2003       			       2002       			       2001       		
Royalty revenues	$	15,788,212		$	12,323,071		$	5,963,153		
										
Costs and expenses										
   Costs of operations		1,346,890			971,068			784,993		
   General and administrative		1,966,283			1,874,952			1,715,512		
   Non-cash employee stock option
     compensation expense		-			1,484,371			-		
   Exploration and business development		1,232,853			618,308			774,060		
   Impairment of mining assets		165,654			-			490,215		
   Depreciation, depletion and amortization		      2,854,839			      2,289,104			      1,270,621		
Total costs and expenses		      7,566,519			      7,237,803			      5,035,401		
										
Operating income		      8,221,693			      5,085,268			         927,752		
										
Interest and other income		383,957			138,671			258,010		
Loss on marketable securities		-			(1,171,679	)		-		
Gain on sale of other assets		158,396			-			-		
Interest and other expense		        (126,968	)		(124,672	)		          (24,234	)	
Income before income taxes		8,637,078			3,927,588			1,161,528		
										
Deferred tax (expense) benefit		(1,708,053	)		6,849,687			-		
Current tax expense		       (176,679 	)		          (78,552	)		          (23,231	)	
Net income	$	6,752,346		$	10,698,723		$	1,138,297		
		==========			==========			==========		
Adjustments to other comprehensive income										
   Unrealized gain (loss) on available for
     sale securities		        (120,018	)		         184,981			        (153,257	)	
Comprehensive income	$	6,632,328		$	10,883,704		$	985,040		
		==========			==========			==========		
Basic earnings per share	$	0.34		$	0.60		$	0.06		
		==========			==========			==========		
Basic weighted average shares outstanding		19,795,949			17,930,767			17,765,877		
										
Diluted earnings per share	$	0.33		$	0.59		$	0.06		
		==========			==========			==========		
Diluted weighted average shares outstanding		20,231,638			18,170,225			17,770,735		

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ROYAL GOLD, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 For The Years Ended June 30,	
										
		       2003     			       2002     			       2001     		
Cash flows from operating activities										
										
Net income	$	6,752,346		$	10,698,723		$	1,138,297		
Adjustments to reconcile net income to net
  cash provided by operating activities										
										
     Depreciation and depletion		2,854,839			2,289,104			1,270,621		
     Loss on marketable securities		-			1,171,679			-		
     Deferred tax expense (benefit)		1,708,053			(6,849,687	)				
     Impairment of mining assets		165,654			-			490,215		
     Non-cash employee option
     compensation expense		-			1,484,371			-		
     Gain on sale of other assets		(158,396	)		-			-		
     Other		220,346			111,603			90,472		
										
     (Increase) decrease in:										
        Royalty receivables		95,390			(1,803,067	)		542,119		
        Prepaid expenses and other assets		(8,528	)		51,734			65,265		
										
     Increase (decrease) in:										
        Accounts payable and accrued liabilities		61,421			268,984			(308,424	)	
        Other liabilities		          (7,036	)		         (6,575	)		           2,403		
										
Net cash provided by operating
  activities		  11,684,089			    7,416,869			    3,290,968		

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ROYAL GOLD, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)

 For The Years Ended June 30,	
										
		       2003       			       2002       			       2001       		
Cash flows from investing activities										
   Capital expenditures for property
      and equipment	$	(24,067	)	$	(34,945	)	$	(2,195,454	)	
   Acquisition, net of cash acquired
      of $853,480		(2,296,179	)		-			-		
   Proceeds from marketable securities		-			19			-		
   Purchase of available for sale securities		-			-			(250,000	)	
   Proceeds from sale of other assets		         277,283			                      			                      		
Net cash used in investing activities		     (2,042,963	)		          (34,926	)		     (2,445,454	)	
 										
Cash flows from financing activities										
   Dividends paid		(2,377,713	)		(894,490	)		(885,004	)	
   Purchase of common stock		-			-			(53,242	)	
   Proceeds from issuance of common
      stock		    15,117,990			           38,409			           23,850		
Net cash provided by (used in)
   financing activities		    12,740,277			        (856,081	)		        (914,396	)	
										
Net increase (decrease) in cash and
   equivalents		    22,381,403			      6,525,862			          (68,882	)	
Cash and equivalents at beginning of year		    11,104,140			      4,578,278			      4,647,160		
Cash and equivalents at end of year	$	33,485,543		$	11,104,140		$	4,578,278		
		==========			==========			==========		
Supplemental Information:	
The Company declared a dividend on common stock of $ 2,056,426 during fiscal 2003, which was paid in semi-annual payments in January and July 2003 of $ 1,023,691 and $ 1,032,735, respectively. The Company declared a dividend on common stock of $1,354,022 during fiscal 2002, which was paid in July 2002. The Company declared a dividend on common stock of $894,491 during fiscal 2001, which was paid in July of 2001	

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SCHEDULE A - RECONCILIATION	
Non-GAAP Financial Measures	
The Company computes and discloses free cash flow, and free cash flow as a percentage of revenues, as non-GAAP financial measures. Free cash flow is defined by the Company as operating income plus depreciation, depletion and amortization, non-cash charges, and adding back any impairment of mining assets. Management believes that free cash flow, and free cash flow as a percentage of revenues, are useful measures of performance of our royalty portfolio. Free cash flow identifies the cash generated in a given period that will be available to fund the Company's future operations, growth opportunities, and shareholder dividends. Free cash flow, as defined, is most directly comparable to operating income in the Statements of Operations. Below is a reconciliation to operating income:	
						
		   For The Three Months Ended   			     For the Fiscal Year Ended     	
		June 30,
       2003       			June 30,
       2002       			June 30,
       2003       			June 30,
        2002       	
Operating income	$	1,168,020		$	506,600		$	8,221,693		$	5,085,268	
Depreciation and depletion		929,856			598,300			2,854,839			2,289,104	
Non-cash employee stock
   option compensation    expense		-			1,484,371			-			1,484,371	
Impairment of mining assets		         165,654			                    -			         165,654			                   -	
Free cash flow	$	2,263,530		$	2,589,271		$	11,242,186		$	8,858,743	
		=========			=========			=========			=========	

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