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
 
Date of Report (Date of earliest event reported): April 27, 2015
 
ROYAL GOLD, INC.
(Exact name of registrant as specified in its charter)

Delaware	 	001-13357	 	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)	
 
Registrant’s telephone number, including area code:  303-573-1660

(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
Item 1.01                    Entry into a Material Definitive Agreement.
 
On April 29, 2015, Royal Gold, Inc. (the “Company”) entered into Amendment No. 1 (the “Amendment”) to the Sixth Amended and Restated Revolving Credit Agreement, dated as of January 29, 2014 (the “Revolving Credit Agreement”), by and among the Company, certain subsidiaries of the Company as guarantors, certain lenders from time to time party thereto, and HSBC Bank USA, National Association, as administrative agent for the lenders. A summary of the terms of the Revolving Credit Agreement as originally entered into may be found in the Current Report on Form 8-K filed by the Company on January 30, 2014, which summary is incorporated herein by reference.
 
The Amendment revises the Revolving Credit Agreement to increase the maximum availability thereunder from $450 million to $650 million and eliminates the $150 million accordion feature. Except as set forth in the Amendment, all other terms and conditions of the Revolving Credit Agreement remain in full force and effect.
 
As of April 29, 2015, the Company had no amounts outstanding under the Revolving Credit Agreement.
 
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
 
Item 2.02                    Results of Operations and Financial Condition.
 
On April 30, 2015, the Company reported its third quarter fiscal 2015 results. Copies of the press release and an earnings presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.
 
The information furnished under this Item 2.02, including the exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing.
 
Item 2.03                    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
 
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.
 
Item 7.01                    Regulation FD Disclosure.
 
On April 30, 2015, the Company announced reserve updates as of December 31, 2014 provided by the operators of the Company’s royalty and stream properties, or obtained by the Company from publicly available information. The press release dated April 30, 2015 is furnished as Exhibit 99.3 hereto. The reserves and other information for the Company’s royalty portfolio is furnished as Exhibit 99.4 hereto and is incorporated by reference.
 
The information furnished under this Item 7.01, including the exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing.
 
Item 8.01                    Other Events.
 
Redemption of Exchangeable Shares
 
On April 27, 2015, the Company announced that the directors of RG Exchangeco Inc. have established June 30, 2015 as the redemption date for the outstanding exchangeable shares of RG Exchangeco Inc. and RGLD Gold (Canada) Inc. has exercised its redemption call right and will acquire all of the outstanding exchangeable shares on the redemption date. A copy of the press release is filed as Exhibit 99.5 to this report.
 
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Description of Common Stock
 
The following summarizes the material terms and provisions of the Company’s common stock and various provisions of the Company’s restated certificate of incorporation, as amended, and amended and restated bylaws. For additional information about the terms of the Company’s common stock, please refer to the Company’s certificate of incorporation, bylaws and the First Amended and Restated Rights Agreement, dated as of September 10, 2007 (the “stockholder rights agreement”). The terms of the Company’s common stock may also be affected by the Delaware General Corporation Law. The summary below is not intended to be complete and is qualified by reference to the provisions of applicable law and the Company’s certificate of incorporation, bylaws and stockholder rights agreement. This information is being filed in order that it may be incorporated by reference into future registration statements of the Company.
 
The Company’s authorized capital stock consists of 100,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share. As of April 23, 2015, there were 65,187,520 issued and outstanding shares of common stock and one share of preferred stock, designated as The Special Voting Preferred Stock, issued or outstanding. In addition, as of such date, there were 4,482 exchangeable shares of RG Exchangeco Inc., a wholly-owned Canadian subsidiary of the Company, outstanding which are exchangeable at any time into shares of the Company’s common stock on a one-for-one basis and entitle their holders to voting and economic rights that are, as nearly as practicable, equivalent to the voting and economic rights of shares of Royal Gold common stock. Rights to purchase Series A Junior Participating Preferred Stock, $0.01 par value per share (the “Series A Preferred Stock”) have been distributed to holders of the Company’s common stock under the stockholder rights agreement. A maximum of 500,000 shares of Series A Preferred Stock is currently authorized for issuance upon exercise of these rights.
 
The Company’s common stock is currently listed and traded on the NASDAQ Global Select Market and Toronto Stock Exchange.
 
Holders of common stock are entitled to one vote for each share held in the election of directors and on all other matters submitted to a vote of stockholders and do not have any cumulative voting rights. Holders of common stock are entitled to receive ratably such dividends, if any, when, as and if declared by the board of directors, out of funds legally available therefor, subject to any preferential dividend rights of any outstanding preferred stock.
 
Upon the liquidation, dissolution, or winding up of the Company, the holders of common stock are entitled to receive ratably the net assets of the Company available after payment of all debts and other liabilities, subject to the prior rights of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption, or conversion rights other than the right, when exercisable, to purchase one one-thousandth of a share of Series A Preferred Stock. The outstanding shares of common stock are fully paid and non-assessable.
 
The Company’s certificate of incorporation and bylaws include provisions that may have the effect of discouraging, delaying or preventing a change in control or an unsolicited acquisition proposal that a stockholder might consider favorable, including a proposal that might result in the payment of a premium over the market price for the shares held by stockholders. These provisions are summarized in the following paragraphs.
 
Classified Board of Directors .  The Company’s certificate of incorporation provides for the Company’s board of directors to be divided into three classes of directors serving staggered three year terms. The classification of the board of directors has the effect of requiring at least two annual stockholder meetings, instead of one, to replace a majority of the members of the board of directors.
 
Authorized but Unissued or Undesignated Capital Stock .  The Company’s authorized capital stock consists of 100,000,000 shares of common stock and 10,000,000 shares of preferred stock. The authorized but unissued (and in the case of preferred stock, undesignated) stock may be issued by the board of directors in one or more transactions. In this regard, the Company’s certificate of incorporation grants the board of directors broad power to establish the rights and preferences of authorized and unissued preferred stock. The issuance of shares of preferred stock pursuant to the board of directors’ authority described above could decrease the amount of earnings and assets available for distribution to holders of common stock and adversely affect the rights and powers, including voting rights, of such holders and may have the effect of delaying, deferring or preventing a change in control. The board of
 
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directors does not currently intend to seek stockholder approval prior to any issuance of preferred stock, unless otherwise required by law.
 
Special Meetings of Stockholders .  The Company’s bylaws provide that special meetings of the Company’s stockholders may be called only by the Company’s chairman of the board of directors, chief executive officer, president or board of directors. Stockholders do not have the right to call special meetings or to bring business before special meetings.
 
Stockholder Action by Written Consent .  Under Delaware law, unless otherwise provided in a corporation’s certificate of incorporation, any action that may be taken at a meeting of stockholders may be taken without a meeting and without prior notice if a written consent is signed by the holders of the minimum number of votes necessary to authorize the action at a meeting at which all shares entitled to vote were present and voted. The Company’s bylaws provide the same standard for written consent and require a stockholder seeking to take action by written consent to give written notice to the Company’s secretary requesting that the board of directors fix a record date and include in such notice certain specified information and representations regarding (i) each person whom the stockholder proposes to nominate for election or re-election as a director, (ii) any other business the stockholder proposes to take by written consent, (iii) the stockholder giving notice and the beneficial owner, if any, or any affiliate or associate thereof, on whose behalf the nomination or proposal is made (collectively, the “Proposing Stockholder”), (iv) any agreements, arrangements and understandings between the Proposing Stockholder and any other person in connection with the proposal of such business or nominations by the stockholder, (v) whether the Proposing Stockholder is a holder of record of stock and entitled to vote, and (vi) whether the Proposing Stockholder is or intends to be part of a group that intends to solicit consents from stockholders.
 
Notice Procedures .  The Company’s bylaws establish advance notice procedures with regard to all stockholder proposals to be brought before meetings of the Company’s stockholders, including proposals relating to the nomination of candidates for election as directors and amendments to the Company’s certificate of incorporation or bylaws. These procedures provide that, as to matters not sought to be included in the Company’s proxy statement, the stockholder must give timely notice of such stockholder proposals in writing to the Company’s secretary prior to the meeting and update or supplement such notice, as required by the Company’s bylaws. All stockholder proposals must also otherwise be a proper matter for stockholder action pursuant to the Company’s certificate of incorporation, the Company’s bylaws and applicable law. Generally, to be timely a stockholder’s notice must be received by the secretary at the principal executive offices of the Company (a) in the case of an annual meeting, not less than 90 nor more than 120 calendar days prior to the first anniversary of the preceding year’s annual meeting (provided, however, that if the date of the annual meeting is more than 30 days before or more than 30 days after such anniversary date, notice by the stockholder must be so delivered, or mailed and received, not less than 90 nor more than 120 calendar days before such annual meeting, or not more than 10 calendar days following the day on which public announcement of the date of such meeting is first made by the Company), or (b) in the case of a special meeting, not more than 120 calendar days before such special meeting nor less than the later of (i) 90 calendar days prior to such meeting or (ii) if a public announcement is first made of the date of the special meeting less than 100 calendar days prior to such meeting, 10 calendar days following such public announcement. Stockholders are not permitted to make proposals to be brought before any special meeting of the Company’s stockholders other than the nomination of candidates for election as directors where the stated purpose for such special meeting includes the election of directors.
 
Any such notice must include certain specified information and representations regarding (i) each person whom the stockholder proposes to nominate for election or re-election as a director, (ii) any other business the stockholder proposes to bring before the meeting, (iii) the Proposing Stockholder, (iv) any agreements, arrangements and understandings between the Proposing Stockholder and any other person in connection with the proposal of such business or nominations by the stockholder, (v) whether the Proposing Stockholder is a holder of record of stock and entitled to vote, and (vi) whether the Proposing Stockholder is or intends to be part of a group that intends (a) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Company’s outstanding capital stock required to approve or adopt the proposal and/or (b) otherwise to solicit proxies from stockholders in support of such proposal. As to matters sought to be included in the Company’s proxy statement, stockholders must comply with Rule 14a-8 under the Exchange Act.
 
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Item 9.01                    Financial Statements and Exhibits.
 
(d) Exhibits

Exhibit
No.	 	Description	
10.1	 	Amendment No. 1 to Sixth Amended and Restated Revolving Credit Agreement, dated April 29, 2015.	
99.1	 	Press Release dated April 30, 2015 regarding Third Fiscal Quarter 2015 Results.	
99.2	 	Royal Gold, Inc. April 30, 2015 Earnings Presentation.	
99.3	 	Press Release dated April 30, 2015 announcing Ore Reserves.	
99.4	 	Calendar year 2015 Royalty Portfolio.	
99.5	 	Press Release dated April 27, 2015 announcing Redemption of Exchangeable Shares.	
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	Royal Gold, Inc.	 	
 	(Registrant)	 	
 	 	 	
Dated:  April 30, 2015	By:	/s/ Bruce C. Kirchhoff	
 	 	Name:	Bruce C. Kirchhoff	
 	 	Title:	Vice President, General Counsel and Secretary	

EXHIBIT INDEX

Exhibit
No.	 	Description	
10.1	 	Amendment No. 1 to Sixth Amended and Restated Revolving Credit Agreement, dated April 29, 2015.	
99.1	 	Press Release dated April 30, 2015 regarding Third Fiscal Quarter 2015 Results.	
99.2	 	Royal Gold, Inc. April 30, 2015 Earnings Presentation.	
99.3	 	Press Release dated April 30, 2015 announcing Ore Reserves.	
99.4	 	Calendar year 2015 Royalty Portfolio.	
99.5	 	Press Release dated April 27, 2015 announcing Redemption of Exchangeable Shares.	
 
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Exhibit 10.1
 
AMENDMENT NO. 1
TO SIXTH AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
 
THIS AMENDMENT NO. 1 TO SIXTH AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (the “ Amendment ”), dated as of April 29, 2015, is made and entered into by and among ROYAL GOLD, INC., a corporation organized and existing under the laws of the State of Delaware, as the borrower (“ Royal Gold ” or the “ Borrower ”), HIGH DESERT MINERAL RESOURCES, INC., a corporation organized and existing under the laws of the State of Delaware, as a guarantor (“ High Desert ”), RG EXCHANGECO INC., an amalgamated corporation validly existing under the Canada Business Corporations Act, as a guarantor (“ RG Exchangeco ”), RG MEXICO, INC., a corporation organized and existing under the laws of the State of Delaware, as a guarantor (“ RG Mexico ”), those additional guarantors identified as a “Guarantor” on the signature pages hereto and such additional guarantors from time to time party hereto, as guarantors (collectively, the “ Additional Guarantors ”) (with each of High Desert, RG Exchangeco, RG Mexico and the Additional Guarantors being individually referred to herein as a “ Guarantor ” and collectively referred to herein as the “ Guarantors ”), those banks and financial institutions identified as a “Lender” on the signature pages hereto and such other banks or financial institutions as may from time to time become parties to this Agreement as a lender (individually, each a “ Lender ” and collectively, the “ Lenders ”), and HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States (in its individual capacity, “ HSBC Bank ”), as administrative agent (in such capacity, the “ Administrative Agent ”) for the Lenders.
 
RECITALS
 
A.                                     The Borrower, the Guarantors, the Lenders, the Administrative Agent, and the other parties thereto entered into that certain Sixth Amended and Restated Revolving Credit Agreement dated as of January 29, 2014 (as amended, modified, supplemented, continued or restated prior to the date hereof, the “ Credit Agreement ”).
 
B.                                     The Borrower, the Guarantors, the Lenders and the Administrative Agent now desire to: (i) increase the Committed Amount available under the Credit Agreement to a maximum aggregate amount of Six Hundred Fifty Million Dollars ($650,000,000), (ii) delete and eliminate the reference to the availability of the Incremental Loans, and (iii) otherwise amend, ratify and confirm the Credit Agreement as set forth herein and to ratify and confirm the other Credit Documents.
 
AGREEMENT
 
NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties herein set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
 
1.                                       Defined Terms .   Capitalized terms used but not defined in this Amendment shall have the meanings given thereto in the Credit Agreement.
 
2.                                       Agreements and Amendments to the Credit Agreement .
 
a.                                       Subject to the terms and conditions set forth herein and pursuant to the requirements of the Credit Agreement, including Section 10.1 thereof, the Credit Agreement is hereby

 
amended to the extent necessary to give effect to the provisions of this Amendment and to incorporate the provisions of this Amendment into the Credit Agreement.  The Credit Agreement, together with this Amendment (upon its effectiveness), shall be read together and have effect so far as practicable as though the provisions thereof and the relevant provisions hereof are contained in one document.
 
b.                                       The Borrower, the Guarantors, the Lenders, and the Administrative Agent hereby agree that the Committed Amount available to the Borrower under the Credit Agreement, subject to the terms and conditions set forth therein, shall be increased to a maximum aggregate amount of Six Hundred Fifty Million Dollars ($650,000,000), and each reference in the Credit Agreement and the other Credit Documents to the amount $450,000,000 shall be deemed to refer to the amount $650,000,000.
 
c.                                        The Credit Agreement is hereby amended by deleting the defined term “Additional Lenders” therefrom and substituting the following therefor:
 
“ Additional Lenders ” shall mean such banks and financial institutions that from time to time become party to this Agreement as lenders after the Closing Date, including each Purchasing Lender that joins the Agreement in accordance with Section 10.07.
 
d.                                       The Credit Agreement is hereby amended by deleting the defined term “Commitment Percentage” therefrom and substituting the following therefor:
 
“ Commitment Percentage ” shall mean, for each Lender, the percentage identified as its Commitment Percentage on the Lenders’ Administrative Details Schedule, as such Commitment Percentage may be adjusted pursuant to any Assignment Agreement pursuant to which an Additional Lender became a Lender hereunder or a Lender purchases an additional Commitment, in each case in connection with any assignment made in accordance with the provisions of Section 10.7(c).
 
e.                                        The Credit Agreement is hereby amended by deleting the defined term “Committed Amount” therefrom and substituting the following therefor:
 
“Committed Amount” shall mean the maximum aggregate principal amount of Loans that may be made by the Lenders hereunder, subject to the terms and conditions herein, at any time, with the Committed Amount being equal to Six Hundred Fifty Million Dollars ($650,000,000).
 
f.                                         The Credit Agreement is hereby amended by deleting the defined term “Loan” therefrom and substituting the following therefor:
 
“ Loan ” shall have the meaning set forth in Section 2.1(a).
 
g.                                        The Credit Agreement is hereby amended by deleting Schedule 1.1(b) (Lenders’ Administrative Details Schedule) therefrom and substituting therefor the Lenders’ Administrative Details Schedule attached hereto as Schedule 1.
 
h.                                       The Credit Agreement is hereby amended by deleting Section 2.15 therefrom and substituting the following therefor:
 
[ RESERVED ]
 
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i.                                           The Credit Agreement is hereby amended by deleting the defined terms “Additional Incremental Lender”, “Incremental Loan”, “Commitment Increase”, “Loan Increase Effective Date”, and “Incremental Increase Joinder”, and deleting all references thereto contained in the Credit Agreement.
 
j.                                          The Credit Agreement is hereby amended by deleting Exhibit L therefrom.
 
k.                                       The Borrower, the Guarantors, the Lenders and the Administrative Agent hereby agree that the Credit Agreement, as amended hereby, is continued, ratified and confirmed, and shall remain in full force and effect in accordance with its terms.
 
l.                                           As a condition to the Administrative Agent and the Lenders entering into this Amendment, the Borrower and the Guarantors hereby irrevocably confirm and agree that each Guaranty, Security Agreement, Pledge Agreement, Mortgage, the Quebec Security Documents and the other Security Documents and the other Credit Documents executed by the Borrower and/or any other Credit Party, and all guaranties, grants of security, debentures, mortgages, liens, deeds, pledges and rights thereunder, are hereby continued, ratified and confirmed, remain in full force and effect, remain fully perfected, and apply to the Credit Agreement as amended hereby.
 
m.                                   This Amendment and all other Instruments executed and delivered by the Borrower, the Guarantors or any other Credit Party in connection with this Amendment are and shall be deemed to be “Credit Documents” for all purposes.
 
3.                                       Representations and Warranties .
 
a.                                       Each Credit Party hereby remakes and restates each of its representations and warranties in the Credit Agreement and the other Credit Documents, effective as of the date of this Amendment, which representations and warranties are incorporated herein by reference as if fully set forth herein.
 
b.                                       Each Credit Party hereby further represents and warrants that (i) it has the corporate power and authority, and the legal right, to execute, deliver and perform this Amendment, (ii) this Amendment has been duly authorized, executed and delivered by each Credit Party, (iii) no consent or authorization of any Governmental Authority or other Person is required in connection with this Amendment, (iv) this Amendment constitutes a legal, valid and binding obligation of each Credit Party, enforceable against each Credit Party in accordance with its terms (except as limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws or equitable principles affecting enforcement of creditors’ rights generally at the time in effect), (v) no Default or Event of Default has occurred and is continuing or will occur as a result of the consummation of the transactions contemplated hereby or as a result of the continuation of the Credit Agreement, and (vi) the Recitals set forth above are true and correct in all respects.
 
4.                                       Conditions Precedent .   This Amendment shall become effective as of the date hereof upon (and only upon) satisfaction of the following conditions precedent:
 
a.                                       The Administrative Agent shall have received the following Credit Documents, each of even date herewith and duly executed by the Borrower and the applicable Credit Parties: (i) this Amendment; (ii) a Ratification; (iii) a Canadian Ratification; (iv) an amended and restated Note payable to the order of each Lender in the principal amount of such Lender’s Commitment, in form and content satisfactory to the Administrative Agent; (v) amendments to each of the Mortgages, in form and content
 
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satisfactory to the Administrative Agent; (vi) an Officer’s Certificate; (vii) a Secretary’s Certificate; and (viii) a Compliance Certificate.
 
b.                                       The Administrative Agent shall have received: (i) current good standing certificates for each Credit Party; (ii) with respect to Liens and the Collateral, (x) searches of all Lien filings, registrations and records deemed necessary by the Administrative Agent, and copies of any documents, filings and Instruments on file in such jurisdictions, with results satisfactory to the Administrative Agent, (y) all financing statements, registrations, filings or other Instruments for each appropriate jurisdiction as is necessary, in the Administrative Agent’s sole discretion, to perfect, or maintain the perfection of, the Administrative Agent’s security interest in the Collateral, and (z) all stock or membership certificates evidencing the Capital Stock pledged to the Administrative Agent pursuant to the Pledge Agreements, together with duly executed in blank, undated stock or transfer powers attached thereto to the extent not previously delivered to Administrative Agent; and (iii) opinions of legal counsel for the Credit Parties, dated the date hereof and addressed to the Administrative Agent and the Lenders in form and substance reasonably acceptable to the Administrative Agent.
 
c.                                        The Borrower shall have paid to the Administrative Agent an upfront fee equal to Thirty (30) basis points (0.30%) on the additional Committed Amount of $200,000,000 established by this Amendment (the “ Amendment Upfront Fee ”), which will be distributed by the Administrative Agent to the Lenders providing the new Committed Amount on a pro rata basis. The Amendment Upfront Fee will be fully earned and payable on and as of the date of this Amendment.  No portion of the Amendment Upfront Fee is refundable to the Borrower, in whole or in part, under any circumstances.
 
d.                                       The Administrative Agent shall have received such other Instruments, certificates, information and opinions as the Administrative Agent may reasonably request, in each case, in form and substance reasonably satisfactory to the Administrative Agent.
 
5.                                       Miscellaneous Provisions .
 
a.                                       This Amendment is a Credit Document.  The Credit Agreement, as amended by this Amendment, is hereby ratified, approved, confirmed, extended and continued in each and every respect, and the parties hereto agree that the Credit Agreement remains in full force and effect in accordance with its terms.  Nothing contained herein shall be construed to release, terminate or act as a novation of, in whole or in part, any Credit Document or any guaranty, lien, mortgage, deed, debenture, indenture, pledge or security interest granted pursuant thereto.  All references to the Credit Agreement in each of the Credit Documents and in any other document or instrument shall hereafter be deemed to refer to the Credit Agreement as amended hereby.  The Credit Documents shall remain unchanged and in full force and effect, except as provided in this Amendment or any other Instrument entered into and delivered in connection herewith, and the Credit Documents are hereby ratified, confirmed, extended and continued in full force and effect in all respects.  This Amendment shall not be construed as a waiver or amendment of any other provision of the Credit Agreement or the other Credit Documents or for any purpose, except as expressly set forth herein, or a consent to any other, further or future action on the part of the Borrower or the other Credit Parties that would require the waiver or consent of the Administrative Agent or any Lender.  The parties hereto hereby agree that the terms and conditions of Article 10 of the Credit Agreement shall apply hereto as if fully set forth herein.
 
b.                                       This Amendment shall be governed by and construed in accordance with the laws of the State of New York, excluding that body of law relating to conflict of laws.
 
c.                                        This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
 
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original and all of which taken together shall constitute one and the same agreement.  This Amendment may be validly executed and delivered by facsimile, portable document format (.pdf) or other electronic transmission, and a signature by facsimile, portable document format (.pdf) or other electronic transmission shall be as effective and binding as delivery of a manually executed original signature.
 
d.                                       Neither the Administrative Agent nor any Lender has waived, and none of them does hereby waive, any Default or Event of Default under the Credit Agreement or any other Credit Document, whether known or unknown, as to which the rights of the Administrative Agent and the Lenders shall remain reserved in all respects.  There are no verbal agreements or informal understandings between the Administrative Agent and/or any Lender, on the one hand, and the Credit Parties, on the other hand, nor will any such verbal agreements or understandings be entered into or deemed to exist.  The execution, delivery and effectiveness of this Amendment shall not operate or be deemed to operate as a waiver of any rights, powers or remedies of the Administrative Agent or any Lender under the Credit Agreement or any other Credit Document or constitute a waiver of any provision thereof (except as expressly set forth herein).  The Administrative Agent and the Lenders hereby expressly reserve and retain all rights, remedies, privileges, powers, claims and actions under the Credit Agreement, the Credit Documents and applicable law.  The Administrative Agent and the Lenders reserve the right to take all additional and further action available under the Credit Agreement, the Credit Documents and applicable law, at any time and from time to time.
 
e.                                        This Amendment shall be binding upon and inure to the benefit of the Administrative Agent, the Lenders, the Borrower, each other Credit Party, and their respective successors and assigns permitted by the Credit Agreement.
 
f.                                         The Borrower and the other Credit Parties agree and confirm that (i) they have been advised by counsel in the negotiation, execution and delivery of the Amendment, (ii) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Borrower or any other Credit Party arising out of or in connection with this Amendment or the Credit Agreement and the relationship between the Administrative Agent and Lenders, on one hand, and the Borrower and the other Credit Parties, on the other hand, in connection herewith is solely that of debtor and creditor and (iii) no joint venture or partnership exists among the Borrower or the other Credit Parties and the Lenders or the Administrative Agent.
 
g.                                        The Credit Parties agree and confirm that they are engaged in related businesses and integrated to such an extent that the financial strength and flexibility of each Credit Party has a direct, tangible and immediate impact on the success of the other Credit Parties.  Each Guarantor agrees and confirms (i) that it will derive substantial direct and indirect benefit from the extensions of credit to the Borrower under the Credit Agreement and the increase in the Committed Amount as set forth in this Amendment and (ii) that it entered into the Guaranty and will continue such Guaranty in contemplation of such benefits.
 
h.                                       The Borrower shall pay all reasonable costs, fees and expenses paid or incurred by the Administrative Agent incident to this Amendment, the Credit Agreement and the transactions contemplated hereby and thereby, including, without limitation, the reasonable fees and expenses of the Administrative Agent’s counsel in connection with the negotiation, preparation, delivery and execution of this Amendment and any related documents and instruments.
 
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the date first above written.
 
BORROWER :

 	ROYAL GOLD, INC. ,	
 	a Delaware corporation	
 	 	 	
 	By:	/s/ Stefan Wenger	
 	Name:	Stefan Wenger	
 	Title:	Chief Financial Officer and Treasurer	
 
GUARANTORS :

 	HIGH DESERT MINERAL RESOURCES, INC. ,	
 	a Delaware corporation	
 	 	 	
 	By:	/s/ Bruce C. Kirchhoff	
 	Name:	Bruce C. Kirchhoff	
 	Title:	Vice President and Secretary	
 	 	 	
 	RG MEXICO, INC. ,	
 	a Delaware corporation	
 	 	 	
 	By:	/s/ Bruce C. Kirchhoff	
 	Name:	Bruce C. Kirchhoff	
 	Title:	Vice President and Secretary	
 	 	 	
 	RG EXCHANGECO INC. ,	
 	an amalgamated corporation validly existing under the Canada Business Corporations Act	
 	 	 	
 	By:	/s/ Bruce C. Kirchhoff	
 	Name:	Bruce C. Kirchhoff	
 	Title:	Vice President and Secretary	
 
ADMINISTRATIVE AGENT:

 	HSBC BANK USA, NATIONAL ASSOCIATION ,
as Administrative Agent	
 	 	 	
 	By:	/s/ Joseph A. Lloret	
 	Name:	Joseph A. Lloret	
 	Title:	Vice President	
 
[signature pages continue]

 

LENDER :	 	 	
 	HSBC BANK USA, NATIONAL ASSOCIATION ,	
 	as a Lender	
 	 	 	
 	By:	/s/ Alexandra Barrows	
 	Name:	Alexandra Barrows	
 	Title:	Vice President	
 	 	 	
LENDER :	 	 	
 	THE BANK OF NOVA SCOTIA ,	
 	as a Lender	
 	 	 	
 	By:	/s/ Ray Clarke	
 	Name:	Ray Clarke	
 	Title:	Managing Director	
 	 	 	
 	By:	/s/ Sally Regenstreif	
 	Name:	Sally Regenstreif	
 	Title:	Associate	
 	 	 	
LENDER :	 	 	
 	CANADIAN IMPERIAL BANK OF COMMERCE ,	
 	as a Lender	
 	 	 	
 	By:	/s/ Jens Paterson	
 	Name:	Jens Paterson	
 	Title:	Executive Director	
 	 	 	
 	By:	/s/ Peter Rawlins	
 	Name:	Peter Rawlins	
 	Title:	Executive Director	
 	 	 	
LENDER :	 	 	
 	GOLDMAN SACHS BANK USA ,	
 	as a Lender	
 	 	 	
 	By:	/s/ Rebecca Kratz	
 	Name:	Rebecca Kratz	
 	Title:	Authorized Signatory	
 	 	 	
LENDER :	 	 	
 	BANK OF AMERICA, N.A. ,	
 	as a Lender	
 	 	 	
 	By:	/s/ Michael T. Letsch	
 	Name:	Michael T. Letsch	
 	Title:	Senior Vice President	

 
Schedule 1
 
Lenders’ Administrative Details Schedule

Lender	 	Commitment Percentage	 	Commitment Amount	 	
HSBC Bank USA, National Association	 	30.000000000	%	$	195,000,000	 	
The Bank of Nova Scotia	 	29.230769231	%	$	190,000,000	 	
Canadian Imperial Bank of Commerce	 	19.230769231	%	$	125,000,000	 	
Goldman Sachs Bank USA	 	10.769230769	%	$	70,000,000	 	
Bank of America, N.A	 	10.769230769	%	$	70,000,000	 	

 

Exhibit 99.1

 
Royal Gold Reports Record Volume in its Third Fiscal Quarter 2015 Results
 
DENVER, COLORADO. APRIL 30, 2015:  ROYAL GOLD, INC. (NASDAQ:RGLD; TSX:RGL) (together with its subsidiaries, “Royal Gold” or the “Company”) reports results for its third fiscal quarter ended March 31, 2015 (“third quarter”), including revenue of $74.1 million, up 28% from the same period a year ago, and Adjusted EBITDA(1) of $57.7 million, up 16% from the prior year quarter. Streaming revenue was $29.7 million, while royalty revenue was $44.4 million.
 
The Company reports net income attributable to Royal Gold stockholders (“net income”) of $25.0 million, or $0.38 per basic share for the third quarter, compared with net income of $20.1 million, or $0.31 per share from the same period a year ago.  The increase in our earnings per share was attributable to higher stream revenue from Mount Milligan and a lower effective tax rate.
 
Third Quarter Highlights Compared with the Year-Ago Quarter:
 
·                   Record volume of 60,823 Gold Equivalent Ounces (“GEO’s”), up 36%;
·                   Adjusted EBITDA of $57.7 million, up 16%;
·                   Operating cash flow of $65.9 million, up 47%;
·                   Net income of $0.38 per share, up 23%; and
·                   Higher revenue at Mount Milligan, Cortez, Mulatos, and Robinson, amongst others.
 
The average gold price was $1,218 per ounce for the third quarter, down 6% from $1,293 per ounce in the year ago quarter.
 
Tony Jensen, President and CEO, commented, “Our record volume and robust cash flow reflect the quality of our portfolio.  We observed production gains from many properties in our third quarter, which more than offset the lower gold price.  Looking forward to the remainder of calendar 2015, we anticipate strengthening production at Peñasquito, the continued ramp-up at Mount Milligan, and the startup of production at Phoenix as sources of future volume growth.”

(1)  The Company defines Adjusted EBITDA, a non-GAAP financial measure, as net income plus depreciation, depletion and amortization, non-cash charges, income tax expense, interest and other expense, and any impairment of mining assets, less non-controlling interests in operating income of consolidated subsidiaries, interest and other income, and any royalty portfolio restructuring gains or losses (see Schedule A).
 
1 

 
Adjusted EBITDA for the third quarter was $57.7 million ($0.89 per basic share), representing 78% of revenue, compared with Adjusted EBITDA of $49.7 million ($0.76 per basic share), or 86% of revenue, for the year ago quarter.  Adjusted EBITDA, as a percentage of revenue, was lower in the third quarter due to the inclusion of ongoing stream payments to Mount Milligan of $435 per ounce of gold, which are recorded as a cost of sales and totaled $10.5 million during the third quarter.
 
As of March 31, 2015, the Company had a working capital surplus of $733.9 million.  Current assets were $759.6 million compared to current liabilities of $25.7 million, for a current ratio of 30 to 1.
 
The Company reported an effective tax rate of 4% for the third quarter.  The U.S. Dollar has appreciated significantly against the Canadian Dollar, resulting in the recognition of unrealized foreign currency gains upon re-measurement of certain of our deferred tax liabilities during the period. We recorded tax benefits of $8.1 million during the third quarter related to these unrealized gains.  On a per share basis, these deferred tax benefits resulted in additional earnings per share of $0.12 for the three months ended March 31, 2015.
 
RECENT DEVELOPMENTS
 
Amendment to Revolving Credit Facility
 
On April 29, 2015, Royal Gold entered into Amendment No. 1 to the Sixth Amended and Restated Revolving Credit Agreement whereby Royal Gold increased the maximum availability from $450 million to $650 million and eliminated the $150 million accordion feature.  There were no other changes to the Sixth Amended and Restated Revolving Credit Agreement, including debt covenants, maturity date, commitment fee and interest rates.
 
Mount Milligan Gold Stream
 
On April 16, 2015, Thompson Creek reported that the ramp-up at Mount Milligan continues, with production of approximately 46,100 ounces of payable gold in the quarter ended March 31, 2015.
 
During the third quarter, Royal Gold, through a wholly-owned subsidiary, purchased approximately 26,200 ounces of physical gold, which came from a combination of provisional and final settlements associated with shipments of concentrate from Mount Milligan. The Company sold approximately 24,200 ounces of gold during the third quarter at an average price of $1,226 per ounce, and had approximately 6,800 ounces of gold in inventory as of March 31, 2015.
 
For the quarter ended March 31, 2015, average daily mill throughput was 39,569 tonnes per day, improving to 50,000 to 54,000 tonnes per day during the last half of March.  Thompson Creek expects to achieve design throughput of approximately 60,000 tonnes per day by calendar year-end.
 
2 

 
Phoenix Gold Project Stream
 
On April 14, 2015, Rubicon Minerals (“Rubicon”) announced that mill commissioning at the Phoenix Gold Project (“Phoenix”) commenced ahead of schedule, and reiterated that Phoenix remains on track for production in mid-2015.  Rubicon also announced that it completed 85% of the original underground development planned prior to the start of production.
 
The Company’s final commitment payment of $12.8 million as part of its Phoenix stream acquisition was made in February 2015.
 
Peñasquito
 
On April 9, 2015, Goldcorp reported that it integrated its Concentrate Enrichment Process (“CEP”) and Pyrite Leach Process into a single Metallurgical Enhancement Project (“MEP”). The MEP entered the feasibility study phase, which Goldcorp expects to be completed in early 2016.  Goldcorp indicated that the study is expected to form the basis of a new life-of-mine plan for Peñasquito, and could extend the mine life by more than five years through increased recoveries, the conversion of off-spec lead concentrates to on-spec, the conversion of copper from penalties to payables, and lower mining costs through minimization of re-handling and simplified mining of complex ores.
 
Ilovitza Project Gold Stream
 
On January 12, 2015, Euromax Resources (“Euromax”) announced that it closed a private placement with the European Bank for Reconstruction and Development (“EBRD”).
 
During the third quarter, Royal Gold paid its first $7.5 million deposit on the Ilovitza stream, which was conditioned upon Euromax raising an additional $5 million in equity, which was satisfied by the EBRD investment, and the satisfaction of certain other conditions.  As of March 31, 2015, the Company had a remaining commitment, subject to certain conditions, of $167.5 million.  Euromax completed a prefeasibility study for the Ilovitza project which estimates a 23 year mine life and a production startup in calendar 2018.
 
PROPERTY HIGHLIGHTS
 
Highlights at certain of the Company’s principal producing and development properties during the third quarter, compared with the prior fiscal year quarter ended March 31, 2014 are listed below. Production for our producing properties reflects the actual production subject to our interests reported to us by the various operators or from the operator’s publicly available information.
 
Principal Producing Properties
 
Andacollo — Payable gold production in concentrates decreased 8% as a result of lower mill production over the last few months.  Harder ore and unplanned maintenance downtime in the concentrator impacted copper concentrate shipments early in calendar 2015, while a failure of the tailings thickener and scheduled maintenance impacted mill production in the March quarter,
 
3 

 
which may impact our June quarter. We are currently expecting a stronger second half of the year at Andacollo.
 
Cortez — Production at Cortez increased 59% over the prior year quarter as surface mining activity increased at the Pipeline Complex, where our royalty applies, while no significant mining activity occurred in these areas during the prior year quarter.  While Barrick expects production subject to our royalty interests to be lower in calendar 2015, stripping of the Crossroads Deposit is scheduled to begin in 2015 where reserves subject to our interest total 3 million ounces.
 
Holt — Production decreased 8% as both ore milled and the ore grade were lower.  Zone 4 contributed 70% of the ore and Zone 6 contributed the remainder.  Although lower than the December 2014 quarter, throughput of 1,200 tonnes per day was in line with the calendar 2014 production rate.  Mill recoveries were at their expected 95% level for the current quarter.
 
Mount Milligan — Production increased 18% to 46,100 ounces of payable gold during the quarter. However, throughput and production were impacted by frozen and plugged feeders and unscheduled mechanical issues. Thompson Creek implemented action plans to address the issues.  Mill throughput averaged 39,569 tonnes per day during the quarter, compared to 33,278 tonnes per day for the prior year quarter.  Throughput improved during the last half of March 2015, achieving 50,000 to 54,000 tonnes per day.
 
Mulatos — Production attributable to our royalty interest increased 24%, aided by the timing of the final settlement of gold that was produced at the end of the fourth calendar quarter of 2014, but for which settlement with the refinery had not yet occurred.
 
Peñasquito — Payable gold production subject to Royal Gold’s royalty interest, which lags Goldcorp’s reported production due to the timing of concentrate shipments, increased nearly 50% over the prior year quarter to approximately 174,000 ounces, while silver, lead and zinc production decreased by 16%, 13% and 8%, respectively, over the prior year quarter.  Goldcorp expects the gold production for calendar 2015 to be weighted to the second half of the calendar year as mining will move into the higher-grade portions of the Peñasco pit beginning next quarter.
 
Robinson — Gold and copper production significantly increased over the prior year quarter.  The increase in production is due to the planned mine sequence moving back to the higher-grade Ruth pit, compared to production from the Liberty pit in the prior year quarter.
 
Voisey’s Bay — Nickel production decreased 7%, as the Voisey’s Bay mill experienced unplanned maintenance in January to repair the SAG mill.  The operation then returned to full production.  Copper production increased 8%.
 
Vale reports that the ramp-up of its new Long Harbour Processing Plant is underway with the plant producing over 500 tonnes of finished nickel in 1Q15.  The plant is currently operating on a blend of nickel matte from its Indonesian operations and Voisey’s Bay concentrate and will process only Voisey’s Bay concentrate as of the end of 2015.  Anticipating this transition, the Company has engaged in discussions with Vale concerning calculation of the royalty once
 
4 

 
Voisey’s Bay nickel concentrates are processed at Long Harbour.  While the Company may continue to engage in these discussions, there is no assurance that the Company and Vale will reach agreement on the proper calculation under the terms of the royalty agreement.
 
Historically, Vale has supplied the Company with Voisey’s Bay nickel concentrate shipment data on a monthly basis, and copper concentrate shipment data on a quarterly basis.  This data has allowed us to estimate our Voisey’s Bay quarterly royalty revenue for financial reporting purposes.  We did not receive all of this data for the months relevant to the royalty payments due for the December 2014 and March 2015 quarters.  Consequently, our March 2015 quarterly revenue estimate is based on historic concentrate shipment data, as well as an adjustment to our estimated December 2014 quarterly revenue based upon the actual royalty payment received in February 2015.  For future reporting periods, the Company intends to recognize Voisey’s Bay royalty revenue on a cash basis, or in the period in which actual payment information is received from Vale.  Accordingly, the revenue recognized for the Voisey’s Bay royalty for the June 2015 quarter may only include adjustments from the estimated March 2015 quarterly revenue.
 
Third quarter production and revenue for the Company’s principal royalty and stream interests are shown in Tables 1 and 2, historical production data is shown in Table 3, and a comparison of operators’ 2015 production estimates to actual production is shown in Table 4.  For more detailed information about each of our principal royalty and stream properties, please refer to the Company’s most recent Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website located at www.sec.gov, or our website located at www.royalgold.com .
 
CORPORATE PROFILE
 
Royal Gold is a precious metals royalty and stream company engaged in the acquisition and management of precious metal royalties, streams, and similar production based interests.  The Company owns interests on 196 properties on six continents, including interests on 38 producing mines and 23 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.royalgold.com .
 
For further information, please contact:
 
Karli Anderson
Vice President Investor Relations
(303) 575-6517
 
Note: Management’s conference call reviewing the third quarter results will be held Thursday, April 30, at 10:00 a.m. Mountain Time (noon Eastern Time) and will be available by calling (855) 209-8260 (North America) or (412) 542-4106  (international), conference title “Royal Gold.”  The call will be simultaneously broadcast on the Company’s website at www.royalgold.com under the “Presentations” section.  A replay of this webcast will be available on the Company’s website approximately two hours after the call ends.
 
5 

 
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 about the Company’s ability to invest in additional quality properties, operators’ expectations of construction, ramp up, production, and mine life, resolution of regulatory and legal proceedings (including with Vale regarding Voisey’s Bay), and other developments at various mines.  Factors that could cause actual results to differ materially from the projections include, among others, precious metals, copper and nickel prices; performance of and production at the Company’s royalty and stream properties; the ability of the various operators to bring projects into production as expected; delays in the operators securing or their inability to secure necessary governmental permits; decisions and activities of the operators of the Company’s royalty and stream properties; unanticipated grade, geological, metallurgical, processing, liquidity or other problems the operators of the mining properties may encounter; completion of feasibility studies; changes in operators’ project parameters as plans continue to be refined; changes in estimates of reserves and mineralization by the operators of the Company’s royalty and stream properties; contests to the Company’s royalty and stream interests and title and other defects to the Company’s royalty and stream properties; errors or disputes in calculating royalty and stream payments, or payments not made in accordance with royalty and stream agreements; economic and market conditions; risks associated with conducting business in foreign countries; changes in laws governing the Company and its royalty and stream properties or the operators of such properties; and other subsequent events; as well as other factors described in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, 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.
 
6 

 
TABLE 1
Third Quarter Fiscal 2015
Revenue and Reported Production for Principal Royalty and Stream Interests
Three Months Ended March 31, 2015 and March 31, 2014
(In thousands, except reported production in oz. and lbs.)

 	 	 	 	Three Months Ended	 	Three Months Ended	 	
 	 	 	 	March 31, 2015	 	March 31, 2014	 	
 	 	 	 	 	 	Reported	 	 	 	Reported	 	
Royalty/Stream	 	2015	 	Revenue	 	Production (1)	 	Revenue	 	Production (1)	 	
Stream:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mount Milligan	 	Gold	 	$	29,718	 	24,200	 	oz.	 	$	5,953	 	4,500	 	oz.	 	
Royalty:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Andacollo	 	Gold	 	$	8,507	 	9,500	 	oz.	 	$	10,197	 	10,400	 	oz.	 	
Peñasquito	 	 	 	$	7,253	 	 	 	 	 	$	7,262	 	 	 	 	 	
 	 	Gold	 	 	 	177,200	 	oz.	 	 	 	118,700	 	oz.	 	
 	 	Silver	 	 	 	6.0	 	Moz.	 	 	 	7.1	 	Moz.	 	
 	 	Lead	 	 	 	39.5	 	Mlbs.	 	 	 	45.3	 	Mlbs.	 	
 	 	Zinc	 	 	 	82.6	 	Mlbs.	 	 	 	90.1	 	Mlbs.	 	
Cortez	 	Gold	 	$	5,025	 	65,200	 	oz.	 	$	3,021	 	41,100	 	oz.	 	
Holt	 	Gold	 	$	3,208	 	16,700	 	oz.	 	$	3,848	 	17,600	 	oz.	 	
Mulatos	 	Gold	 	$	2,538	 	42,500	 	oz.	 	$	2,162	 	34,400	 	oz.	 	
Voisey’s Bay	 	 	 	$	1,919	 	 	 	 	 	$	6,311	 	 	 	 	 	
 	 	Nickel	 	 	 	17.2	 	Mlbs.	 	 	 	39.9	 	Mlbs.	 	
 	 	Copper	 	 	 	N/A	 	 	 	 	 	9.7	 	Mlbs.	 	
Robinson	 	 	 	$	1,866	 	 	 	 	 	$	1,010	 	 	 	 	 	
 	 	Gold	 	 	 	10,800	 	oz.	 	 	 	3,900	 	oz.	 	
 	 	Copper	 	 	 	29.1	 	Mlbs.	 	 	 	10.7	 	Mlbs.	 	
Other	 	Various	 	$	14,076	 	N/A	 	 	 	$	17,984	 	N/A	 	 	 	
Total Revenue	 	 	 	$	74,110	 	 	 	 	 	$	57,748	 	 	 	 	 	
 
7 

 
TABLE 2
Third Quarter Fiscal 2015
Revenue and Reported Production for Principal Royalty and Stream Interests
Nine Months Ended March 31, 2015 and March 31, 2014
(In thousands, except reported production in oz. and lbs.)

 	 	 	 	Nine Months Ended	 	Nine Months Ended	 	
 	 	 	 	March 31, 2015	 	March 31, 2014	 	
 	 	 	 	 	 	Reported	 	 	 	Reported	 	
Royalty/Stream	 	Metal(s)	 	Revenue	 	Production (1)	 	Revenue	 	Production (1)	 	
Stream:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mount Milligan	 	Gold	 	$	66,693	 	53,900	 	oz.	 	$	8,591	 	6,600	 	oz.	 	
Royalty:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Andacollo	 	Gold	 	$	28,599	 	31,000	 	oz.	 	$	39,089	 	40,400	 	oz.	 	
Peñasquito	 	 	 	$	19,936	 	 	 	 	 	$	20,824	 	 	 	 	 	
 	 	Gold	 	 	 	445,300	 	oz.	 	 	 	366,000	 	oz.	 	
 	 	Silver	 	 	 	17.6	 	Moz.	 	 	 	19.8	 	Moz.	 	
 	 	Lead	 	 	 	110.2	 	Mlbs.	 	 	 	132.2	 	Mlbs.	 	
 	 	Zinc	 	 	 	252.0	 	Mlbs.	 	 	 	233.8	 	Mlbs.	 	
Cortez	 	Gold	 	$	14,761	 	185,100	 	oz.	 	$	4,540	 	55,100	 	oz.	 	
Voisey’s Bay	 	 	 	$	13,645	 	 	 	 	 	$	19,244	 	 	 	 	 	
 	 	Nickel	 	 	 	53.8	 	Mlbs.	 	 	 	96.8	 	Mlbs.	 	
 	 	Copper	 	 	 	44.0	 	Mlbs.	 	 	 	70.8	 	Mlbs.	 	
Holt	 	Gold	 	$	9,043	 	45,800	 	oz.	 	$	10,452	 	47,500	 	oz.	 	
Mulatos	 	Gold	 	$	6,301	 	105,300	 	oz.	 	$	7,340	 	116,200	 	oz.	 	
Robinson	 	 	 	$	5,600	 	 	 	 	 	$	4,896	 	 	 	 	 	
 	 	Gold	 	 	 	22,500	 	oz.	 	 	 	21,800	 	oz.	 	
 	 	Copper	 	 	 	74.5	 	Mlbs.	 	 	 	50.5	 	Mlbs.	 	
Other	 	Various	 	$	39,861	 	N/A	 	 	 	$	52,044	 	N/A	 	 	 	
Total Revenue	 	 	 	$	204,439	 	 	 	 	 	$	167,020	 	 	 	 	 	
 
8 

 
TABLE 3
Historical Production

 	 	 	 	 	 	 	 	Reported Production For The Quarter Ended (1)	 	
Property	 	2015	 	Operator	 	Metal(s)	 	Mar. 31, 2015	 	Dec. 31, 2014	 	Sep. 30, 2014	 	Jun. 30, 2014	 	Mar. 31, 2014	 	
Andacollo (2)	 	75%	 	Teck	 	Gold	 	9,500	 	oz.	 	10,500	 	oz.	 	11,000	 	oz.	 	10,000	 	oz.	 	10,400	 	oz.	 	
Cortez (3)	 	GSR1 and GSR2, GSR3, NVR1	 	Barrick	 	Gold	 	65,200	 	oz.	 	60,400	 	oz.	 	59,500	 	oz.	 	40,300	 	oz.	 	41,100	 	oz.	 	
Holt	 	0.00013 x quarterly average gold price	 	St Andrew Goldfields	 	Gold	 	16,700	 	oz.	 	14,300	 	oz.	 	14,800	 	oz.	 	15,600	 	oz.	 	17,600	 	oz.	 	
Mount Milligan (4)	 	Gold stream - 52.25% of payable gold	 	Thompson Creek	 	Gold	 	24,200	 	oz.	 	14,300	 	oz.	 	15,300	 	oz.	 	14,400	 	oz.	 	4,500	 	oz.	 	
Mulatos (5)	 	1.0% - 5.0% NSR	 	Alamos	 	Gold	 	42,500	 	oz.	 	34,500	 	oz.	 	28,400	 	oz.	 	33,600	 	oz.	 	34,400	 	oz.	 	
Peñasquito	 	2.0% NSR	 	Goldcorp	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Gold	 	177,200	 	oz.	 	125,000	 	oz.	 	143,100	 	oz.	 	168,100	 	oz.	 	118,700	 	oz.	 	
 	 	 	 	 	 	Silver	 	6.0	 	Moz.	 	5.1	 	Moz.	 	6.5	 	Moz.	 	7.8	 	Moz.	 	7.1	 	Moz.	 	
 	 	 	 	 	 	Lead	 	39.5	 	Mlbs.	 	29.5	 	Mlbs.	 	41.3	 	Mlbs.	 	43.2	 	Mlbs.	 	45.3	 	Mlbs.	 	
 	 	 	 	 	 	Zinc	 	82.6	 	Mlbs.	 	84.0	 	Mlbs.	 	85.4	 	Mlbs.	 	77.0	 	Mlbs.	 	90.1	 	Mlbs.	 	
Robinson	 	3.0% NSR	 	KGHM	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Gold	 	10,800	 	oz.	 	5,100	 	oz.	 	6,600	 	oz.	 	5,800	 	oz.	 	3,900	 	oz.	 	
 	 	 	 	 	 	Copper	 	29.1	 	Mlbs.	 	19.3	 	Mlbs.	 	26.1	 	Mlbs.	 	19.1	 	Mlbs.	 	10.7	 	Mlbs.	 	
Voisey’s Bay	 	2.7% NSR	 	Vale	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Nickel	 	17.2	 	Mlbs.	 	19.6	 	Mlbs.	 	17.1	 	Mlbs.	 	26.9	 	Mlbs.	 	39.9	 	Mlbs.	 	
 	 	 	 	 	 	Copper	 	NA	 	 	 	30.1	 	Mlbs.	 	22.0	 	Mlbs.	 	9.7	 	Mlbs.	 	9.7	 	Mlbs.	 	
 
9 

 
FOOTNOTES
Tables 1, 2 and 3

(1)	Reported production relates to the amount of metal sales that are subject to our royalty and stream interests for the stated period, as reported to us by operators of the mines.	
 	 	
(2)	The royalty rate is 75% until 910,000 payable ounces of gold have been produced — 50% thereafter. There have been approximately 248,000 cumulative payable ounces produced as of March 31, 2015. Gold is produced as a by-product of copper.	
 	 	
(3)	Royalty percentages: GSR1 and GSR2 — 0.40 to 5.0% (sliding-scale): GSR3 — 0.71%; NVR1 — 1.0140% excluding Crossroads and 0.6186% for Crossroads.	
 	 	
(4)	For our streaming interest at Mount Milligan, our revenue is a product of the reported production, our 52.25% stream interest, an applicable provisional percentage (for the first 12 shipments only) and an average gold sale price for the period.	
 	 	
(5)	The Company’s royalty is subject to a 2.0 million ounce cap on gold production. There have been approximately 1.37 million ounces of cumulative production as of March 31, 2015. 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%.	
 
10 

 
TABLE 4
Calendar 2015 Operators’ Production Estimate

 	 	 	 	Calendar 2015 Operator’s Production	 	
 	 	Calendar 2015 Operator’s Production Estimate (1),(2)	 	Actual (3)	 	
Royalty/Stream	 	Gold	 	Silver	 	Base Metals	 	Gold	 	Silver	 	Base Metals	 	
 	 	(oz.)	 	(oz.)	 	(lbs.)	 	(oz.)	 	(oz.)	 	(lbs.)	 	
Andacollo(4)	 	52,200	 	—	 	—	 	10,300	 	—	 	—	 	
Cortez GSR1	 	104,100	 	—	 	—	 	48,200	 	—	 	—	 	
Cortez GSR2	 	27,900	 	—	 	—	 	17,000	 	—	 	—	 	
Cortez GSR3	 	132,000	 	—	 	—	 	65,200	 	—	 	—	 	
Cortez NVR1	 	97,200	 	—	 	—	 	48,300	 	—	 	—	 	
Holt	 	64,000	 	—	 	—	 	16,200	 	—	 	—	 	
Mount Milligan(5)	 	220,000-240,000	 	—	 	—	 	46,100	 	—	 	—	 	
Mulatos(6)	 	150,000-170,000	 	—	 	—	 	N/A	 	—	 	—	 	
Peñasquito(7),(8)	 	700,000-750,000	 	24-26 million	 	—	 	155,600	 	—	 	—	 	
Lead	 	 	 	 	 	175-185 million	 	 	 	 	 	N/A	 	
Zinc	 	 	 	 	 	400-415 million	 	 	 	 	 	N/A	 	

(1)              There can be no assurance that production estimates received from our operators will be achieved.  Please refer to our cautionary language regarding forward-looking statements preceding Table 1 above, as well as the Risk Factors identified in Part I, Item 1A, of our Fiscal 2014 10-K for information regarding factors that could affect actual results.
 
(2)              The operators of our Voisey’s Bay and Robinson royalty interests did not release public production guidance for calendar 2015.
 
(3)              Actual production figures for Andacollo and Cortez are based on information provided to us by the operators, and actual production figures for Holt, Mount Milligan, Mulatos and Peñasquito (gold) are the operators’ publicly reported figures.
 
(4)              The estimated production figure shown for Andacollo is contained gold in concentrate.
 
(5)              The estimated and actual production figures shown for Mount Milligan are payable gold in concentrate.
 
(6)              Actual production was not available from the operator as of the date of this press release.
 
(7)              The estimated gold and silver production figures reflect payable gold and silver in concentrate and doré, while the estimated lead and zinc production figures reflect payable metal in concentrate.
 
(8)              The actual gold production figure for gold reflects payable gold in concentrate and doré as reported by the operator.  The actual production for silver, lead and zinc were not publicly available.  The Company’s royalty interest at Peñasquito includes gold, silver, lead and zinc.
 
11 

 
ROYAL GOLD, INC.
Consolidated Balance Sheets
(Unaudited, in thousands except share data)

 	 	March 31,	 	June 30,	 	
 	 	2015	 	2014	 	
ASSETS	 	 	 	 	 	
Cash and equivalents	 	$	715,228	 	$	659,536	 	
Royalty receivables	 	39,486	 	46,654	 	
Income tax receivable	 	—	 	21,947	 	
Prepaid expenses and other	 	4,911	 	7,840	 	
Total current assets	 	759,625	 	735,977	 	
 	 	 	 	 	 	
Royalty and stream interests, net	 	2,109,702	 	2,109,067	 	
Available-for-sale securities	 	5,619	 	9,608	 	
Other assets	 	35,081	 	36,892	 	
Total assets	 	$	2,910,027	 	$	2,891,544	 	
 	 	 	 	 	 	
LIABILITIES	 	 	 	 	 	
Accounts payable	 	2,205	 	3,897	 	
Dividends payable	 	14,342	 	13,678	 	
Foreign withholding taxes payable	 	198	 	2,199	 	
Income tax payable	 	3,170	 	—	 	
Other current liabilities	 	5,791	 	2,730	 	
Total current liabilities	 	25,706	 	22,504	 	
 	 	 	 	 	 	
Debt	 	319,484	 	311,860	 	
Deferred tax liabilities	 	135,666	 	169,865	 	
Uncertain tax positions	 	15,461	 	13,725	 	
Other long-term liabilities	 	694	 	1,033	 	
Total liabilities	 	497,011	 	518,987	 	
 	 	 	 	 	 	
Commitments and contingencies	 	 	 	 	 	
 	 	 	 	 	 	
EQUITY	 	 	 	 	 	
Preferred stock, $.01 par value, authorized 10,000,000 shares authorized; and 0 shares issued	 	—	 	—	 	
Common stock, $.01 par value, 100,000,000 shares authorized; and 65,029,065 and 64,578,401 shares outstanding, respectively	 	650	 	646	 	
Exchangeable shares, no par value, 1,806,649 shares issued, less 1,802,167 and 1,426,792 redeemed shares, respectively	 	197	 	16,718	 	
Additional paid-in capital	 	2,168,675	 	2,147,650	 	
Accumulated other comprehensive loss	 	(4,149	)	(160	)	
Accumulated earnings	 	184,644	 	189,871	 	
Total Royal Gold stockholders’ equity	 	2,350,017	 	2,354,725	 	
Non-controlling interests	 	62,999	 	17,832	 	
Total equity	 	2,413,016	 	2,372,557	 	
Total liabilities and equity	 	$	2,910,027	 	$	2,891,544	 	
 
12 

 
ROYAL GOLD, INC.
Consolidated Statements of Operations and Comprehensive Income
 (Unaudited, in thousands except share data)

 	 	For The Three Months Ended	 	For The Nine Months Ended	 	
 	 	March 31,	 	March 31,	 	March 31,	 	March 31,	 	
 	 	2015	 	2014	 	2015	 	2014	 	
Revenue	 	$	74,110	 	$	57,748	 	$	204,439	 	$	167,020	 	
 	 	 	 	 	 	 	 	 	 	
Costs and expenses	 	 	 	 	 	 	 	 	 	
Cost of sales	 	10,542	 	1,940	 	23,452	 	2,875	 	
General and administrative	 	5,545	 	3,866	 	21,197	 	15,093	 	
Production taxes	 	935	 	1,723	 	4,356	 	5,110	 	
Exploration Costs	 	155	 	—	 	155	 	—	 	
Depreciation, depletion and amortization	 	24,783	 	21,605	 	67,273	 	66,676	 	
Impairment of royalty and stream interests	 	—	 	—	 	28,339	 	—	 	
Total costs and expenses	 	41,960	 	29,134	 	144,772	 	89,754	 	
 	 	 	 	 	 	 	 	 	 	
Operating income	 	32,150	 	28,614	 	59,667	 	77,266	 	
 	 	 	 	 	 	 	 	 	 	
Interest and other income	 	435	 	1,837	 	714	 	1,986	 	
Interest and other expense	 	(6,433	)	(5,990	)	(19,502	)	(17,580	)	
Income before income taxes	 	26,152	 	24,461	 	40,879	 	61,672	 	
 	 	 	 	 	 	 	 	 	 	
Income tax expense	 	(1,041	)	(3,980	)	(3,172	)	(15,133	)	
Net income	 	25,111	 	20,481	 	37,707	 	46,539	 	
Net income attributable to non-controlling interests	 	(97	)	(338	)	(559	)	(535	)	
Net income attributable to Royal Gold common stockholders	 	$	25,014	 	$	20,143	 	$	37,148	 	$	46,004	 	
 	 	 	 	 	 	 	 	 	 	
Net income	 	$	25,111	 	$	20,481	 	$	37,707	 	$	46,539	 	
Adjustments to comprehensive income, net of tax	 	 	 	 	 	 	 	 	 	
Unrealized change in market value of available-for-sale securities	 	(2,168	)	(127	)	(3,988	)	(2,415	)	
Comprehensive income	 	22,943	 	20,354	 	33,719	 	44,124	 	
Comprehensive income attributable to non-controlling interests	 	(97	)	(338	)	(559	)	(535	)	
Comprehensive income attributable to Royal Gold stockholders	 	$	22,846	 	$	20,016	 	$	33,160	 	$	43,589	 	
 	 	 	 	 	 	 	 	 	 	
Net income per share available to Royal Gold common stockholders:	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	$	0.38	 	$	0.31	 	$	0.57	 	$	0.71	 	
Basic weighted average shares outstanding	 	65,033,547	 	64,963,605	 	64,999,331	 	64,895,464	 	
Diluted earnings per share	 	$	0.38	 	$	0.31	 	$	0.57	 	$	0.71	 	
Diluted weighted average shares outstanding	 	65,129,362	 	65,082,780	 	65,122,313	 	65,012,901	 	
Cash dividends declared per common share	 	$	0.22	 	$	0.21	 	$	0.65	 	$	0.62	 	
 
13 

 
ROYAL GOLD, INC.
Consolidated Statements of Cash Flows
(Unaudited, in thousands)

 	 	For The Three Months Ended	 	For The Nine Months Ended	 	
 	 	March 31,	 	March 31,	 	March 31,	 	March 31,	 	
 	 	2015	 	2014	 	2015	 	2014	 	
Cash flows from operating activities:	 	 	 	 	 	 	 	 	 	
Net income	 	$	25,111	 	$	20,481	 	$	37,707	 	$	46,539	 	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	 	 	 	 	 	 	
Depreciation, depletion and amortization	 	24,783	 	21,605	 	67,273	 	66,676	 	
Non-cash employee stock compensation expense	 	836	 	(470	)	3,660	 	1,289	 	
Gain on distribution to non-controlling interest	 	—	 	(259	)	—	 	(259	)	
Amortization of debt discount	 	2,611	 	2,418	 	7,624	 	7,138	 	
Impairment of royalty and stream interests	 	—	 	—	 	28,339	 	—	 	
Tax benefit of stock-based compensation exercises	 	—	 	(112	)	(74	)	(320	)	
Deferred tax benefit	 	(17,096	)	(4,964	)	(34,199	)	(13,002	)	
Changes in assets and liabilities:	 	 	 	 	 	 	 	 	 	
Royalty receivables	 	(2,172	)	845	 	7,168	 	8,175	 	
Prepaid expenses and other assets	 	1,127	 	(672	)	4,471	 	12,329	 	
Accounts payable	 	(560	)	1,005	 	(1,742	)	194	 	
Foreign withholding taxes payable	 	(2	)	(1,425	)	(2,001	)	(11,533	)	
Income taxes payable (receivable)	 	26,969	 	3,075	 	25,191	 	(4,551	)	
Other liabilities	 	4,313	 	3,353	 	4,777	 	2,411	 	
Net cash provided by operating activities	 	$	65,920	 	$	44,880	 	$	148,194	 	$	115,086	 	
 	 	 	 	 	 	 	 	 	 	
Cash flows from investing activities:	 	 	 	 	 	 	 	 	 	
Acquisition of royalty and stream interests	 	(21,607	)	(31,603	)	(60,341	)	(79,692	)	
Tulsequah stream termination	 	10,000	 	—	 	10,000	 	—	 	
Other	 	446	 	281	 	(71	)	227	 	
Net cash used in investing activities	 	$	(11,161	)	$	(31,322	)	$	(50,412	)	$	(79,465	)	
 	 	 	 	 	 	 	 	 	 	
Cash flows from financing activities:	 	 	 	 	 	 	 	 	 	
Net proceeds from issuance of common stock	 	—	 	467	 	775	 	561	 	
Common stock dividends	 	(14,343	)	(13,674	)	(41,712	)	(39,706	)	
Purchase of additional royalty interest from non-controlling interest	 	—	 	(11,522	)	—	 	(11,522	)	
Debt issuance costs	 	—	 	(1,284	)	—	 	(1,284	)	
Distribution to non-controlling interests	 	(316	)	(834	)	(1,227	)	(1,913	)	
Tax expense of stock-based compensation exercises	 	—	 	112	 	74	 	320	 	
Net cash used in financing activities	 	$	(14,659	)	$	(26,735	)	$	(42,090	)	$	(53,544	)	
Net increase (decrease) in cash and equivalents	 	40,100	 	(13,177	)	55,692	 	(17,923	)	
Cash and equivalents at beginning of period	 	675,128	 	659,289	 	659,536	 	664,035	 	
Cash and equivalents at end of period	 	$	715,228	 	$	646,112	 	$	715,228	 	$	646,112	 	
 
14 

 
SCHEDULE A
 
Non-GAAP Financial Measures
 
The Company computes and discloses Adjusted EBITDA.  Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is defined by the Company as net income plus depreciation, depletion and amortization, non-cash charges, income tax expense, interest and other expense, and any impairment of mining assets, less non-controlling interests in operating income of consolidated subsidiaries, interest and other income, and any royalty portfolio restructuring gains or losses. Other companies may define and calculate this measure differently.  Management believes that Adjusted EBITDA is a useful measure of the performance of our royalty and stream portfolio. Adjusted EBITDA identifies the cash generated in a given period that will be available to fund the Company’s future operations, growth opportunities, shareholder dividends and to service the Company’s debt obligations. This information differs from measures of performance determined in accordance with U.S. generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. Below is a reconciliation of net income to Adjusted EBITDA.
 
Royal Gold, Inc.
Adjusted EBITDA Reconciliation

 	 	For The Three Months Ended	 	For The Nine Months Ended	 	
 	 	March 31,	 	March 31,	 	
 	 	(Unaudited, in thousands)	 	(Unaudited, in thousands)	 	
 	 	2015	 	2014	 	2015	 	2014	 	
 	 	 	 	 	 	 	 	 	 	
Net income	 	$	25,111	 	$	20,481	 	$	37,707	 	$	46,539	 	
Depreciation, depletion and amortization	 	24,783	 	21,605	 	67,273	 	66,676	 	
Non-cash employee stock compensation	 	836	 	(470	)	3,660	 	1,289	 	
Allowance for uncollectible royalty receivables	 	—	 	—	 	2,997	 	—	 	
Impairment of royalty and stream interests	 	—	 	—	 	28,339	 	—	 	
Interest and other income	 	(435	)	(1,837	)	(714	)	(1,986	)	
Interest and other expense	 	6,433	 	5,990	 	19,502	 	17,580	 	
Income tax expense	 	1,041	 	3,980	 	3,172	 	15,133	 	
Non-controlling interests in operating income of consolidated subsidiaries	 	(97	)	(80	)	(559	)	(277	)	
Adjusted EBITDA	 	$	57,672	 	$	49,669	 	$	161,377	 	$	144,954	 	
 
15 

 

	Third Quarter 2015 Results April 30, 2015 SOLID PORTFOLIO. SOLID FUTURE. Exhibit 99.2	

	2 Cautionary Statement This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from the projections and estimates contained herein and include, but are not limited to: the production estimates from the operators of the Company’s properties; the ramp-up of the Mount Milligan mine; construction progress at the Phoenix Gold project; anticipated growth in the volume of metals subject to the Company’s royalty interests; the impact of exchange rates on the Company’s full year effective tax rate; and statements or estimates regarding projected steady, increasing or decreasing production; and estimates of timing of commencement of production from operators of properties where we have royalty interests, including operator estimates. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the risks inherent in construction, development and operation of mining properties, including those specific to a new mine being developed and operated by a base metals company; changes in gold, silver, copper, nickel and other metals prices; performance of and production at the Company’s royalty properties; decisions and activities of the Company’s management; unexpected operating costs; decisions and activities of the operators of the Company’s royalty and stream properties; changes in operators’ mining and processing techniques or royalty calculation methodologies; resolution of regulatory and legal proceedings (including with Vale regarding Voisey’s Bay); unanticipated grade, geological, metallurgical, environmental, processing or other problems at the properties; inaccuracies in technical reports and reserve estimates; revisions by operators of reserves, mineralization or production estimates; changes in project parameters as plans of the operators are refined; the results of current or planned exploration activities; discontinuance of exploration activities by operators; economic and market conditions; operations on lands subject to First Nations or Native American jurisdiction in Canada and the United States; the ability of operators to bring non-producing and not-yet-in-development projects into production and operate in accordance with feasibility studies; challenges to the Company’s royalty interests, or title and other defects in the Company’s royalty properties; errors or disputes in calculating royalty payments, or payments not made in accordance with royalty agreements; future financial needs of the Company; the impact of future acquisitions and royalty and streaming financing transactions; adverse changes in applicable laws and regulations; litigation; and risks associated with conducting business in foreign countries, including application of foreign laws to contract and other disputes, environmental laws, enforcement and uncertain political and economic environments. These risks and other factors are discussed in more detail in the Company’s public filings with the Securities and Exchange Commission. Statements made herein are as of the date hereof and should not be relied upon as of any subsequent date. The Company’s past performance is not necessarily indicative of its future performance. The Company disclaims any obligation to update any forward-looking statements. Endnotes located on pages 14-15. April 30, 2015	

	Today’s Speakers April 30, 2015 3 Tony Jensen President and CEO Bill Heissenbuttel VP Corporate Development & Operations Stefan Wenger CFO and Treasurer	

	Financial Results compared to prior year quarter: Revenue of $74.1 million, up 28% Streaming revenue of $29.7 million Royalty revenue of $44.4 million Adjusted EBITDA1 of $57.7 million, up 16% $14.3 million in dividends paid, up 5% Record volume of 60,832 (gross basis) Gold Equivalent Ounces (GEO’s), up 36%2 Operating cash flow of $65.9 million, up 47% Sources of volume growth through remainder of 2015: Strengthening production at Peñasquito Continued ramp-up at Mount Milligan Startup of production at Phoenix Third Fiscal Quarter 2015 Highlights 4 April 30, 2015	

	Royal Gold sold 24,200 ounces in the March quarter Hereafter, all deliveries to Royal Gold will be based solely on final settlement timing and volumes, which can take three to five months after concentrate is produced at the mine Thompson Creek reports average daily mill throughput of 50k to 54k tonnes per day (tpd) during the last half of the March quarter, expecting to reach 60ktpd by calendar year-end1 5 Growth April 30, 2015 Mount Milligan 0 10 20 30 Dec 2013 Quarter Mar 2014 Quarter June 2014 Quarter Sept 2014 Quarter Dec 2014 Quarter Mar 2015 Quarter Qtrly Run Rate at Design Capacity Thousands of Mount Milligan ounces sold by Royal Gold	

	6 Growth Peñasquito 2015 production volume expected to increase 20-30% Metallurgical Enhancement Process (MEP) feasibility study at Peñasquito could extend mine life by 5 years Community engagement and consultation underway at El Morro April 30, 2015 Upside potential at Peñasquito1 RGLD 2% NSR, Gold/Silver/Lead/Zinc at Peñasquito RGLD 1.4% NSR Gold/Copper on ~30% of El Morro	

	7 Growth As of mid-April 20151: Royal Gold commitment fully funded Mill commissioning process has commenced Over 11,000 tonnes of mill feed already stockpiled Remains on schedule for projected initial production in mid-2015 April 30, 2015 Phoenix	

	Gold Equivalent Ounce Waterfall 8 Gold Equivalent Ounces (GEO’s) April 30, 2015 Includes Mount Milligan GEO’s net of our stream payment Gold Equivalent Ounces (GEO’s) 25,000 30,000 35,000 40,000 45,000 50,000 55,000 Net GEO's Q314 vs Q315 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 Net GEO’s Q215 vs Q315	

	2015 Operator Estimates Stronger 2nd half of the year expected at Andacollo, Mount Milligan, Mulatos and Peñasquito (65% of our revenue in Q315) should more than offset lower 2nd half at Cortez No volume guidance available from Voisey’s Bay, but it was a nominal percentage of revenue in Q3 15 GEO Reserves of 5.3 million ounces at year-end 2014, compared with 5.6 million ounces at year-end 2013, lower due primarily to depletion9 Calendar 2015 Operator’s Production Estimate 1, 2 Calendar 2015 Operator's Production Actual Through March 31, 20153 Royalty/Stream Gold Silver Base Metals Gold Silver Base Metals (oz.) (oz.) (lbs.) (oz.) (oz.) (lbs.) Andacollo4 52,200 - - 10,300 - - Cortez GSR1 104,100 - - 48,200 - - Cortez GSR2 27,900 - - 17,000 - - Cortez GSR3 132,000 - - 65,200 - - Cortez NVR1 97,200 - - 48,300 - - Holt 64,000 - - 16,200 - - Mount Milligan5 220,000-240,000 - - 46,100 - - Mulatos6 150,000-170,000 - - N/A - - Penasquito7,8 700,000-750,000 24-26 million - 155,600 N/A - Lead 175-185 million N/A Zinc 400-415 million N/A 9 April 30, 2015	

	10 Financial Overview April 30, 2015 Financial Results compared to prior year quarter: Revenue of $74.1 million, up 28% DD&A rate of $408 per gold equivalent ounce, down 16% EPS of $0.38 per share, up 23% How tax impacted the third quarter results: US Dollar appreciated vs Canadian Dollar and resulted in $8 million non-cash gain on lower deferred tax liabilities This gain drove our effective tax rate to 4% in the quarter Looking forward: A 5% movement in the Canadian dollar exchange rate would potentially impact full year effective tax rate by ~7 points	

	$180M $370M converts due 2019 * $760M Working Capital Capital to invest Over $1.4 billion available at a time when royalty/stream financing is needed Includes current commitments outstanding for Goldrush ($6M), and Peak Gold ($5M) Conditional commitments for Ilovitza ($167.5M) and Peak Gold ($25M) are in the dotted lines $US millions $1,410.0 Working capital & undrawn credit at 4-30-15 -$6.0 Goldrush -$5.0 Peak Gold Joint Venture payment $1,399.0 Estimated liquidity balance before conditional commitments -$167.5 Ilovitza 2nd payment and construction payments -$25.0 Peak Gold Joint Venture payment $1,206.5 Estimated liquidity balance inclusive of conditional commitments Net of future commitments ($m) Current commitments Conditional commitments Opportunity April 30, 2015 $650M Revolver 11	

	12 What Makes Royal Gold Unique April 30, 2015 Growth Quality Opportunity	

	Endnotes SOLID PORTFOLIO. SOLID FUTURE.	

	Many of the matters in these endnotes and the accompanying slides constitute forward-looking statements and are subject to numerous risks, which could cause actual results to differ. See complete Cautionary Statement on page 2. Endnotes PAGE 4 THIRD FISCAL QUARTER 2015 HIGHLIGHTS The Company defines Adjusted EBITDA, a non-GAAP financial measure, as net income plus depreciation, depletion and amortization, non-cash charges, income tax expense, interest and other expense, and any impairment of mining assets, less non-controlling interests in operating income of consolidated subsidiaries, interest and other income, and any royalty portfolio restructuring gains or losses (see Schedule A to the Company’s earnings press release dated April 30, 2015). On a gross basis. On a net basis (net of our Mount Milligan stream payments) we reported volume of 52,332 net GEO’s, up 21% PAGE 5 GROWTH 1. Source is Thompson Creek Metals’ press release dated April 16, 2015. PAGE 6 GROWTH Source is Goldcorp’s investor day presentation, April 9, 2015. The Company only has interests in Peñasquito and El Morro and does not have interests in the other projects listed. PAGE 7 GROWTH Source is Rubicon Minerals’ press release dated April 27, 2015. 14 April 30, 2015	

	Endnotes PAGE 9 OPERATOR ESTIMATES 1. There can be no assurance that production estimates received from our operators will be achieved. Please refer to our cautionary language regarding forward-looking statements on page 2, as well as the Risk Factors identified in Part I, Item 1A, of our Fiscal 2014 10-K for information regarding factors that could affect actual results. 2. The operators of our Voisey’s Bay and Robinson royalty interests did not release public production guidance for calendar 2015. 3. Actual production figures for Andacollo and Cortez are based on information provided to us by the operators, and actual production figures for Holt, Mount Milligan, Mulatos and Peñasquito (gold) are the operators’ publicly reported figures. 4. The estimated production figure shown for Andacollo is contained gold in concentrate. 5. The estimated and actual production figures shown for Mount Milligan are payable gold in concentrate. 6. Actual production was not available from the operator as of the date of this presentation. 7. The estimated gold and silver production figures reflect payable gold and silver in concentrate and doré, while the estimated lead and zinc production figures reflect payable metal in concentrate. 8. The actual gold production figure for gold reflects payable gold in concentrate and doré as reported by the operator. The actual production for silver, lead and zinc were not publicly available. The Company’s royalty interest at Peñasquito includes gold, silver, lead and zinc. 9. See Royal Gold’s press release on reserves dated April 30, 2015. 15 April 30, 2015	

	Property Portfolio April 30, 2015	

	1660 Wynkoop Street Denver, CO 80202-1132 303.573.1660 info@royalgold.com www.royalgold.com SOLID PORTFOLIO. SOLID FUTURE.	

Exhibit 99.3

 
Royal Gold Announces Ore Reserves and Mineralized Material(1) Associated with its Interests
 
DENVER, COLORADO.  APRIL 30, 2015:  ROYAL GOLD, INC. (NASDAQ: RGLD; TSX: RGL), is announcing updated estimates for ore reserves and mineralized material(1) as of December 31, 2014.  These figures are provided by the operators, or obtained by Royal Gold through publicly available information, for properties on which the Company holds royalties, streams and similar interests.
 
At the end of calendar 2014, precious metals reserves on properties subject to the Company’s interests were approximately 73.7 million ounces of gold and 764.0 million ounces of silver.  This compares to reserves of approximately 78.4 million ounces of gold and 824.4 million ounces of silver estimated as of December 31, 2013.
 
After applying the Company’s interests to the reserves noted above, net gold reserves(2) attributable to Royal Gold totaled approximately 5.1 million ounces, compared with 5.3 million ounces at year-end 2013.  On a gold equivalent basis, using a ratio of approximately 50:1 of silver to gold, precious metals reserves attributable to Royal Gold totaled approximately 5.3 million ounces, on a net reserve basis, compared with 5.6 million ounces for the same period ended 2013.  The reserve reductions were primarily due to depletion.
 
The complete Royalty/Metal Stream Portfolio, which includes the ore reserves and mineralized material(1) subject to the Company’s interests on producing and development properties, can be found on our website.
 
For further information about our royalties, metal streams and similar interests, please see our Annual Report on Form 10-K, as well as our other public reports.

(1)          The U.S. Securities and Exchange Commission does not recognize this term.  Mineralized material is not part of proven and probable reserves and may never be converted into reserves.
(2)          Net gold reserves are calculated net of per ounce payments for the Company’s gold streams, such as Mount Milligan.
 
1 

 
CORPORATE PROFILE
 
Royal Gold is a precious metals royalty and stream company engaged in the acquisition and management of precious metal royalties, streams, and similar production based interests.  The Company owns interests on 196 properties on six continents, including interests on 38 producing mines and 23 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.royalgold.com .
 
For further information, please contact:
 
Karli Anderson
Vice President Investor Relations
(303) 575-6517
 
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 reserves and additional mineralization estimates provided by the operators or obtained by Royal Gold through publicly available information; the sliding-scale features of our royalty structure at certain of our properties; and estimates of commencement of production at projects in development.  Net gold and metal reserves attributable to Royal Gold’s royalty, stream and other interests are subject to certain assumptions and, like reserves, do not reflect actual ounces that will be produced.  Like any royalty, stream or similar interest on a non-producing or not-yet-in-development project, our interests 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 payments.  In addition, many of our 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 and stream properties, decisions and activities of the operators of our royalty and stream 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 in the Company’s Annual Report on Form 10-K, Quarterly Report on Form 10-Q, 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.
 
2 

Exhibit 99.4

 ROYALGOLD, INC	Royalty/Metal Stream Portfolio
As of December 31, 2014 (1)	

GOLD (2)	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Gold	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Gold	 	Contained Ozs	 	 	 	Average Gold	 	 	 	Average Gold	 	 	 	Average Gold	 	
 	 	Tons of Ore	 	Grade	 	(10)	 	Tons	 	Grade	 	Tons	 	Grade	 	Tons	 	Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(opt)	 	(M)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	
United States	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bald Mountain	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Barrick	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.75 - 2.5% NSR (11)	 	15.91	 	0.027	 	0.423	 	77.06	 	0.021	 	0.00	 	0.000	 	0.00	 	0.000	 	
Cortez (Pipeline)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Barrick	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GSR1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.40 - 5.0% GSR (12)	 	22.72	 	0.030	 	0.671	 	1.90	 	0.019	 	20.74	 	0.019	 	2.60	 	0.022	 	
GSR2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.40 - 5.0% GSR (12)	 	92.45	 	0.034	 	3.134	 	0.45	 	0.015	 	5.58	 	0.016	 	11.22	 	0.014	 	
GSR3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.71% GSR (13)	 	34.18	 	0.025	 	0.867	 	2.34	 	0.018	 	26.07	 	0.018	 	3.54	 	0.019	 	
NVR1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.01% NVR (13)	 	18.81	 	0.030	 	0.555	 	1.47	 	0.014	 	16.97	 	0.014	 	1.99	 	0.010	 	
NVR1C	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.62% NVR (13)	 	80.99	 	0.036	 	2.938	 	0.02	 	0.000	 	0.25	 	0.008	 	10.28	 	0.014	 	
Gold Hill (14)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Kinross/Barrick	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.0% - 2.0% NSR (15),(16)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.6% - 0.9% NSR (M-ACE) (15),(16)	 	6.55	 	0.019	 	0.124	 	0.18	 	0.008	 	2.13	 	0.011	 	1.35	 	0.012	 	
Goldstrike (SJ Claims)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Barrick	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.9% NSR	 	43.95	 	0.097	 	4.266	 	0.05	 	0.061	 	0.00	 	0.000	 	0.27	 	0.069	 	
Leeville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Newmont	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.8% NSR	 	5.18	 	0.219	 	1.131	 	0.27	 	0.131	 	0.07	 	0.265	 	0.77	 	0.235	 	
 
1 

 

GOLD (2)	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Gold	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Gold	 	Contained Ozs	 	 	 	Average Gold	 	 	 	Average Gold	 	 	 	Average Gold	 	
 	 	Tons of Ore	 	Grade	 	(10)	 	Tons	 	Grade	 	Tons	 	Grade	 	Tons	 	Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(opt)	 	(M)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	
United States (cont.)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marigold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Silver Standard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	144.99	 	0.014	 	1.997	 	0.00	 	0.000	 	0.00	 	0.000	 	0.00	 	0.000	 	
Pinson	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Atna Resources	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cordillleran - 3.0% NSR (17),(18)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rayrock - 2.94% NSR (18),(19)	 	7.56	 	0.064	 	0.483	 	14.84	 	0.033	 	3.88	 	0.091	 	2.50	 	0.292	 	
Robinson	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
KGHM	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.0% NSR	 	143.09	 	0.006	 	0.812	 	372.81	 	0.005	 	249.85	 	0.005	 	72.14	 	0.004	 	
Ruby Hill	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Barrick	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.0% NSR	 	1.73	 	0.014	 	0.024	 	3.19	 	0.025	 	204.42	 	0.019	 	24.94	 	0.040	 	
Soledad Mountain (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Golden Queen	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.0% NSR (20)	 	51.05	 	0.019	 	0.984	 	1.04	 	0.029	 	39.99	 	0.013	 	23.58	 	0.010	 	
Twin Creeks	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Newmont	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% GV	 	1.46	 	0.108	 	0.158	 	0.08	 	0.055	 	0.22	 	0.055	 	0.00	 	0.000	 	
Wharf	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Coeur Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.0% - 2.0% NSR (21)	 	19.63	 	0.022	 	0.432	 	0.00	 	0.000	 	0.00	 	0.000	 	0.00	 	0.000	 	
 
2 

 

GOLD (2)	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Gold	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Gold	 	Contained Ozs	 	 	 	Average Gold	 	 	 	Average Gold	 	 	 	Average Gold	 	
 	 	Tons of Ore	 	Grade	 	(10)	 	Tons	 	Grade	 	Tons	 	Grade	 	Tons	 	Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(opt)	 	(M)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	
Canada	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Back River (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sabina Gold & Silver	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
George Lake	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.35% NSR (22)	 	1.40	 	0.145	 	0.203	 	0.00	 	0.000	 	5.85	 	0.157	 	5.25	 	0.180	 	
Goose Lake	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.94576% NSR (23)	 	15.12	 	0.168	 	2.537	 	9.43	 	0.157	 	0.00	 	0.000	 	3.15	 	0.272	 	
Canadian Malartic	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agnico Eagle/Yamana	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.0% - 1.5% NSR (24)	 	116.03	 	0.030	 	3.503	 	1.37	 	0.019	 	12.33	 	0.022	 	9.55	 	0.019	 	
Holt	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
St Andrew Goldfields	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.00013 x gold price	 	3.11	 	0.141	 	0.439	 	4.08	 	0.116	 	2.67	 	0.122	 	7.82	 	0.139	 	
Kutcho Creek (DEV) Capstone Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capstone Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	11.51	 	0.011	 	0.124	 	0.00	 	0.000	 	0.92	 	0.019	 	1.20	 	0.010	 	
Mount Milligan Thompson Creek	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Thompson Creek	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
52.25% of payable gold (25)	 	597.57	 	0.010	 	6.182	 	47.67	 	0.014	 	87.12	 	0.007	 	11.12	 	0.010	 	
Pine Cove (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Anaconda Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
7.5% NPI	 	2.91	 	0.060	 	0.175	 	0.00	 	0.000	 	0.00	 	0.000	 	0.28	 	0.062	 	
Schaft Creek (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper Fox/Teck	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.5% NPI	 	1037.05	 	0.006	 	5.775	 	12.36	 	0.005	 	304.83	 	0.005	 	658.29	 	0.005	 	
 
3 

 

GOLD (2)	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Gold	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Gold	 	Contained Ozs	 	 	 	Average Gold	 	 	 	Average Gold	 	 	 	Average Gold	 	
 	 	Tons of Ore	 	Grade	 	(10)	 	Tons	 	Grade	 	Tons	 	Grade	 	Tons	 	Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(opt)	 	(M)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	
Canada (cont.)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Williams	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Barrick	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.97% NSR	 	10.45	 	0.067	 	0.703	 	0.28	 	0.111	 	33.89	 	0.036	 	1.37	 	0.133	 	
Mexico	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Dolores	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pan American Silver	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.25% NSR	 	66.03	 	0.026	 	1.718	 	14.77	 	0.008	 	24.14	 	0.018	 	5.40	 	0.030	 	
Mulatos	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Alamos	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.0 - 5.0% NSR (26)	 	93.24	 	0.019	 	1.732	 	85.27	 	0.032	 	0.00	 	0.000	 	7.75	 	0.034	 	
Peñasquito (27)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Goldcorp	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Oxide)	 	98.92	 	0.008	 	0.850	 	0.00	 	0.000	 	128.63	 	0.006	 	26.94	 	0.006	 	
2.0% NSR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Sulfide)	 	602.94	 	0.016	 	9.700	 	0.00	 	0.000	 	556.39	 	0.008	 	19.26	 	0.004	 	
Central and South America	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Andacollo	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Teck	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
75% NSR (28)	 	485.54	 	0.003	 	1.614	 	14.59	 	0.003	 	147.33	 	0.003	 	58.53	 	0.003	 	
Don Mario	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Orvana	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.0% NSR	 	1.70	 	0.037	 	0.064	 	2.78	 	0.057	 	0.08	 	0.055	 	0.05	 	0.037	 	
 
4 

 

GOLD (2)	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Gold	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Gold	 	Contained Ozs	 	 	 	Average Gold	 	 	 	Average Gold	 	 	 	Average Gold	 	
 	 	Tons of Ore	 	Grade	 	(10)	 	Tons	 	Grade	 	Tons	 	Grade	 	Tons	 	Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(opt)	 	(M)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	
Central and South America (cont.)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Don Nicolas (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Compañía Inversora en Minas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	1.33	 	0.148	 	0.196	 	0.15	 	0.103	 	4.72	 	0.036	 	3.38	 	0.043	 	
El Limon	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
B2Gold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.0% NSR	 	1.52	 	0.142	 	0.216	 	0.00	 	0.000	 	1.39	 	0.172	 	1.74	 	0.138	 	
El Morro (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Goldcorp/New Gold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.4% NSR (29)	 	198.10	 	0.013	 	2.674	 	6.54	 	0.015	 	24.00	 	0.011	 	320.33	 	0.006	 	
El Toqui	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nyrstar	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.0% - 3.0% NSR (30)	 	4.15	 	0.047	 	0.194	 	0.86	 	0.037	 	3.81	 	0.019	 	4.55	 	0.022	 	
Mara Rosa (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Amarillo Gold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.0% NSR	 	18.87	 	0.050	 	0.946	 	0.11	 	0.176	 	4.02	 	0.052	 	4.00	 	0.039	 	
Pascua-Lama (DEV) (31)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Barrick	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.78% - 5.23% NSR (32)	 	320.65	 	0.046	 	14.680	 	18.14	 	0.030	 	159.66	 	0.025	 	21.04	 	0.033	 	
Australia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Celtic/Wonder North (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SR Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	1.51	 	0.064	 	0.097	 	0.04	 	0.067	 	2.43	 	0.059	 	3.51	 	0.052	 	
Balcooma (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Snow Peak Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	0.76	 	0.002	 	0.001	 	0.60	 	0.001	 	0.77	 	0.009	 	0.64	 	0.012	 	
 
5 

 

GOLD (2)	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Gold	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Gold	 	Contained Ozs	 	 	 	Average Gold	 	 	 	Average Gold	 	 	 	Average Gold	 	
 	 	Tons of Ore	 	Grade	 	(10)	 	Tons	 	Grade	 	Tons	 	Grade	 	Tons	 	Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(opt)	 	(M)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	
Australia (cont.)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gwalia Deeps	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
St Barbara	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	10.86	 	0.204	 	2.220	 	3.57	 	0.173	 	4.56	 	0.208	 	3.40	 	0.159	 	
King of the Hills	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
St Barbara	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	0.50	 	0.127	 	0.063	 	0.00	 	0.000	 	0.92	 	0.234	 	0.00	 	0.302	 	
Kundip (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Silver Lake Resources	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.0 - 1.5% GSR (33)	 	3.10	 	0.099	 	0.307	 	0.00	 	0.000	 	1.74	 	0.100	 	5.02	 	0.061	 	
Meekatharra (Nannine) (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Metals X Limited	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	0.00	 	0.000	 	0.000	 	0.00	 	0.000	 	0.00	 	0.000	 	0.00	 	0.000	 	
Meekatharra (Paddy’s Flat) (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Metals X Limited	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
A$10 per gold ounce produced (34)	 	3.86	 	0.125	 	0.483	 	0.00	 	0.000	 	25.68	 	0.035	 	15.32	 	0.046	 	
Meekatharra (Reedys) (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Metals X Limited	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% - 2.5% NSR (35)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.0% NSR (35)	 	0.99	 	0.092	 	0.092	 	0.00	 	0.000	 	0.77	 	0.099	 	4.96	 	0.068	 	
Meekatharra (Yaloginda)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Metals X Limited	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.45% NSR	 	3.86	 	0.007	 	0.028	 	0.00	 	0.000	 	9.37	 	0.043	 	10.58	 	0.043	 	
 
6 

 

GOLD (2)	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Gold	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Gold	 	Contained Ozs	 	 	 	Average Gold	 	 	 	Average Gold	 	 	 	Average Gold	 	
 	 	Tons of Ore	 	Grade	 	(10)	 	Tons	 	Grade	 	Tons	 	Grade	 	Tons	 	Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(opt)	 	(M)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	
Australia (cont.)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Red Dam (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Phoenix Gold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.5% GSR	 	1.76	 	0.063	 	0.111	 	0.00	 	0.000	 	0.95	 	0.048	 	2.23	 	0.047	 	
South Laverton	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Saracen	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	13.49	 	0.060	 	0.803	 	2.10	 	0.075	 	35.69	 	0.042	 	20.12	 	0.049	 	
Southern Cross (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
China Hanking Holdings	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	1.58	 	0.075	 	0.119	 	0.31	 	0.090	 	11.09	 	0.107	 	9.72	 	0.110	 	
West Africa	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Inata	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Avocet	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.5% GSR	 	5.82	 	0.056	 	0.326	 	9.89	 	0.051	 	25.04	 	0.051	 	32.15	 	0.047	 	
Taparko	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nord Gold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% GSR (36)	 	7.16	 	0.081	 	0.578	 	2.19	 	0.038	 	0.22	 	0.129	 	0.12	 	0.060	 	
Asia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Svetloye (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Polymetal	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.0% NSR	 	8.07	 	0.082	 	0.664	 	0.00	 	0.000	 	0.69	 	0.050	 	0.51	 	0.087	 	
 
7 

 

SILVER (37)	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Silver	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Silver	 	Contained Ozs	 	 	 	Average Silver	 	 	 	Average Silver	 	 	 	Average Silver	 	
 	 	Tons of Ore	 	Grade	 	(10)	 	Tons	 	 Grade	 	Tons	 	 Grade	 	Tons	 	Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(opt)	 	(M)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	
United States	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold Hill (14)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Kinross/Barrick	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.0% - 2.0% NSR (15),(16)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.6% - 0.9% NSR (M-ACE) (15),(16)	 	6.55	 	0.278	 	1.823	 	0.18	 	0.277	 	2.13	 	0.252	 	1.35	 	0.176	 	
Soledad Mountain (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Golden Queen	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.0% NSR (20)	 	51.05	 	0.324	 	16.516	 	1.04	 	0.319	 	39.99	 	0.215	 	23.58	 	0.210	 	
Troy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revett	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.0% GSR	 	16.46	 	1.038	 	17.080	 	48.46	 	1.351	 	5.30	 	2.013	 	1.50	 	0.707	 	
Canada	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Kutcho Creek (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capstone Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	11.51	 	1.009	 	11.618	 	0.00	 	0.000	 	0.92	 	1.829	 	1.20	 	0.895	 	
Schaft Creek (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper Fox/Teck	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.5% NPI	 	1037.05	 	0.050	 	51.895	 	12.36	 	0.043	 	304.83	 	0.047	 	658.29	 	0.048	 	
Mexico	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Dolores	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pan American Silver	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	66.03	 	0.971	 	64.100	 	14.77	 	0.494	 	24.14	 	0.762	 	5.40	 	0.815	 	
 
8 

 

SILVER (37)	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Silver	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Silver	 	Contained Ozs	 	 	 	Average Silver	 	 	 	Average Silver	 	 	 	Average Silver	 	
 	 	Tons of Ore	 	Grade	 	(10)	 	Tons	 	 Grade	 	Tons	 	 Grade	 	Tons	 	Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(opt)	 	(M)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	(M)	 	(opt)	 	
Mexico (cont.)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Peñasquito (27)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Goldcorp	 	 	 	 	 	 	 	`	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Oxide)	 	98.92	 	0.824	 	81.520	 	0.00	 	0.000	 	128.63	 	0.501	 	26.94	 	0.400	 	
2.0% NSR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Sulfide)	 	602.94	 	0.879	 	529.650	 	0.00	 	0.000	 	556.39	 	0.664	 	19.26	 	0.568	 	
Central and South America	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Don Mario	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Orvana	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.0% NSR	 	1.70	 	1.069	 	1.821	 	2.78	 	1.223	 	0.08	 	2.035	 	0.05	 	1.672	 	
Don Nicolas (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Compañía Inversora en Minas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	1.33	 	0.302	 	0.401	 	0.15	 	0.412	 	4.72	 	0.145	 	3.38	 	0.103	 	
El Toqui	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nyrstar	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.0 - 3.0% NSR (30)	 	4.15	 	0.329	 	1.364	 	0.86	 	0.234	 	3.81	 	0.562	 	4.55	 	0.586	 	
Australia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balcooma (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Snow Peak Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	0.76	 	0.498	 	0.380	 	0.60	 	0.382	 	0.77	 	0.793	 	0.64	 	0.987	 	
Asia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Svetloye (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Polymetal	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.0% NSR	 	8.07	 	0.095	 	0.765	 	0.00	 	0.000	 	0.69	 	0.063	 	0.51	 	0.124	 	
 
9 

 

BASE METALS	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Base Metal	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Base	 	Contained Lbs	 	 	 	Average Base	 	 	 	Average Base	 	 	 	Average Base	 	
 	 	Tons of Ore	 	Metal Grade	 	(10)	 	Tons	 	Metal Grade	 	Ton	 	Metal Grade	 	Tons	 	Metal Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(%)	 	(M)	 	(M)	 	(%)	 	(M)	 	(%)	 	(M)	 	(%)	 	
COPPER (38)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
United States	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Johnson Camp	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nord Resources	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.5% NSR	 	111.20	 	0.30	%	656.000	 	0.00	 	0.00	%	0.00	 	0.00	%	0.00	 	0.00	%	
Robinson	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
KGHM	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.0% NSR	 	143.09	 	0.47	%	1329.473	 	372.81	 	0.37	%	249.85	 	0.33	%	72.14	 	0.27	%	
Troy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revett	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.0% GSR	 	16.46	 	0.36	%	119.750	 	48.46	 	0.66	%	5.30	 	0.70	%	1.50	 	0.30	%	
Canada	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Caber (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nyrstar	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.0% NSR	 	0.68	 	0.84	%	11.355	 	0.00	 	0.00	%	0.00	 	0.00	%	3.07	 	1.63	%	
Kutcho Creek (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capstone Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	11.51	 	2.01	%	462.678	 	0.00	 	0.00	%	0.92	 	4.43	%	1.20	 	1.74	%	
Shaft Creek (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper Fox/Teck	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.5% NPI	 	1037.05	 	0.27	%	5630.715	 	12.36	 	0.31	%	304.83	 	0.23	%	658.29	 	0.22	%	
 
10 

 

BASE METALS	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Base Metal	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Base	 	Contained Lbs	 	 	 	Average Base	 	 	 	Average Base	 	 	 	Average Base	 	
 	 	Tons of Ore	 	Metal Grade	 	(10)	 	Tons	 	Metal Grade	 	Ton	 	Metal Grade	 	Tons	 	Metal Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(%)	 	(M)	 	(M)	 	(%)	 	(M)	 	(%)	 	(M)	 	(%)	 	
COPPER (cont.) (38)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada (cont.)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Voisey’s Bay (39)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Vale	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.7% NSR	 	16.20	 	1.32	%	428.093	 	0.00	 	0.00	%	43.53	 	0.89	%	6.72	 	0.98	%	
Central and South America	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Don Mario	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Orvana	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.0% NSR	 	1.70	 	1.23	%	42.038	 	2.78	 	1.74	%	0.08	 	1.97	%	0.05	 	1.72	%	
El Morro (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Goldcorp/New Gold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.4% NSR (29)	 	198.10	 	0.49	%	1959.099	 	6.54	 	0.51	%	24.00	 	0.39	%	320.33	 	0.24	%	
Pascua-Lama (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Barrick	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.05% NSR (40)	 	320.65	 	0.09	%	548.177	 	0.00	 	0.00	%	0.00	 	0.00	%	0.00	 	0.00	%	
Australia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balcooma (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Snow Peak Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	0.76	 	2.13	%	32.466	 	0.60	 	3.00	%	0.77	 	1.30	%	0.64	 	1.46	%	
Europe	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Las Cruces	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
First Quantum	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	9.74	 	4.88	%	950.302	 	0.00	 	0.00	%	0.00	 	0.00	%	0.19	 	4.08	%	
 
11 

 

BASE METALS	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Base Metal	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Base	 	Contained Lbs	 	 	 	Average Base	 	 	 	Average Base	 	 	 	Average Base	 	
 	 	Tons of Ore	 	Metal Grade	 	(10)	 	Tons	 	Metal Grade	 	Ton	 	Metal Grade	 	Tons	 	Metal Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(%)	 	(M)	 	(M)	 	(%)	 	(M)	 	(%)	 	(M)	 	(%)	 	
LEAD (41)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mexico	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Peñasquito	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Goldcorp	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Sulfide)	 	602.94	 	0.28	%	3757.000	 	0.00	 	0.00	%	556.39	 	0.22	%	19.26	 	0.24	%	
Central and South America	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
El Toqui	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nyrstar	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.0 - 3.0% NSR (30)	 	4.15	 	0.27	%	22.509	 	0.86	 	0.18	%	3.81	 	0.35	%	4.55	 	0.41	%	
Australia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balcooma (DEV) El Toqui (28)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Snow Peak Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	0.76	 	0.52	%	7.879	 	0.60	 	0.10	%	0.77	 	2.40	%	0.64	 	1.93	%	
ZINC (42)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Caber (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nyrstar	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.0% NSR	 	0.68	 	8.58	%	116.036	 	0.00	 	0.00	%	0.00	 	0.00	%	3.07	 	3.14	%	
Kutcho Creek (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capstone Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	11.51	 	3.19	%	734.300	 	0.00	 	0.00	%	0.92	 	4.40	%	1.20	 	2.04	%	
 
12 

 

BASE METALS	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Base Metal	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Base	 	Contained Lbs	 	 	 	Average Base	 	 	 	Average Base	 	 	 	Average Base	 	
 	 	Tons of Ore	 	Metal Grade	 	(10)	 	Tons	 	Metal Grade	 	Ton	 	Metal Grade	 	Tons	 	Metal Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(%)	 	(M)	 	(M)	 	(%)	 	(M)	 	(%)	 	(M)	 	(%)	 	
ZINC (cont.) (42)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mexico	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Peñasquito	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Goldcorp	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.0% NSR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Sulfide)	 	602.94	 	0.68	%	9081.000	 	0.00	 	0.00	%	556.39	 	0.48	%	19.26	 	0.48	%	
Central and South America	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
El Toqui	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nyrstar	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
0.0 - 3.0% NSR (30)	 	4.15	 	5.96	%	493.712	 	0.86	 	7.29	%	3.81	 	4.72	%	4.55	 	4.27	%	
Australia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balcooma (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Snow Peak Mining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1.5% NSR	 	0.76	 	1.92	%	29.274	 	0.60	 	0.30	%	0.77	 	7.20	%	0.64	 	4.51	%	
NICKEL (43)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Voisey’s Bay (39)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Vale	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.7% NSR	 	16.20	 	2.37	%	767.297	 	0.00	 	0.00	%	43.53	 	1.89	%	6.72	 	2.29	%	
COBALT (44)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Voisey’s Bay (39)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Vale	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2.7% NSR	 	16.20	 	0.11	%	35.957	 	0.00	 	0.00	%	43.53	 	0.11	%	6.72	 	0.15	%	
 
13 

 

BASE METALS	 	PROVEN + PROBABLE RESERVES (4),(5),(6)	 	ADDITIONAL MINERALIZED MATERIAL (7),(8),(9)	 	
 	 	 	 	 	 	Base Metal	 	Measured	 	Indicated	 	Inferred	 	
 	 	 	 	Average Base	 	Contained Lbs	 	 	 	Average Base	 	 	 	Average Base	 	 	 	Average Base	 	
 	 	Tons of Ore	 	Metal Grade	 	(10)	 	Tons	 	Metal Grade	 	Ton	 	Metal Grade	 	Tons	 	Metal Grade	 	
OPERATOR, PROPERTY AND ROYALTY (3)	 	(M)	 	(%)	 	(M)	 	(M)	 	(%)	 	(M)	 	(%)	 	(M)	 	(%)	 	
MOLYBDENUM (45)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Schaft Creek (DEV)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper Fox/Teck	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3.5% NPI	 	1037.05	 	0.02	%	373.340	 	12.36	 	0.01	%	304.83	 	0.01	%	658.29	 	0.02	%	
 
14 

 

Footnotes

(1)	Reserves have been reported by the operators of record as of December 31, 2014, with the exception of the following properties: Svetloye — January 1, 2015; Don Mario — September 30, 2014; Gwalia, King of the Hills, Kundip and South Laverton — June 30, 2014; Back River and Red Dam — February 28, 2014; Troy, Wharf and Williams — December 31, 2013; Celtic/Wonder North — November 21, 2013; Schaft Creek — December 31, 2012; Southern Cross — June 30, 2012; Don Nicolas, Johnson Camp, Pascua-Lama and Robinson — December 31, 2011; Mara Rosa — October 28, 2011; Balcooma — June 30, 2011; Kutcho Creek — February 15, 2011; Pine Cove — June 30, 2010; and Caber — July 18, 2007.	
 	 	
(2)	Gold reserves were calculated by the operators at the following per ounce prices: $1,450 — Kundip; A$1,400 — Celtic/Wonder North, Meekatharra (Nannine, Paddy’s Flat, Reedys and Yaloginda), South Laverton and Southern Cross; A$1,390 — King of the Hills; $1,366 — Schaft Creek; $1,350 — El Toqui; A$1,310 — Red Dam; $1,300 — Canadian Malartic, El Limon, El Morro, Leeville, Marigold, Peñasquito, Pinson, Svetloye, Twin Creeks and Wharf; $1,250 — Back River, Dolores, Holt, Inata, Mount Milligan, Mulatos, Soledad Mountain and Taparko; A$1,250 — Gwalia Deeps; $1,200 — Andacollo, Gold Hill and Pascua-Lama; $1,100 — Bald Mountain, Cortez, Don Mario, Don Nicolas, Goldstrike, Mara Rosa, Ruby Hill and Williams; $1,000 — Robinson; and $983 — Pine Cove. No gold price was reported for Balcooma, Caber or Kutcho Creek.	
 	 	
(3)	See royalty definitions on page 19.	
 	 	
(4)	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.	
 	 	
(5)	Royal Gold has disclosed a number of reserve estimates that are provided by 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”). Royal Gold does not reconcile the reserve estimates provided by the operators with definitions of reserves used by the U.S. Securities and Exchange Commission.	
 
15 

 

(6)	The reserves reported are either estimates received from the various operators or are based on 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.	
 	 	
(7)	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.	
 	 	
(8)	Some of the 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.	
 	 	
(9)	The additional mineralized material reported are either estimates received by the various operators or are based on 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. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves.	
 	 	
(10)	“Contained ounces” or “contained pounds” do not take into account recovery losses in mining and processing the ore.	
 	 	
(11)	NSR sliding-scale schedule (price of gold per ounce — royalty rate): Below $375 — 1.75%; >$375 to $400 — 2.0%; >$400 to $425 — 2.25%; >$425 — 2.5%. All price points are stated in 1986 dollars and are subject to adjustment in accordance with a blended index comprised of labor, diesel fuel, industrial commodities and mining machinery.	
 	 	
(12)	GSR sliding-scale schedule (price of gold per ounce — royalty rate): Below $210 — 0.40%; $210 to $229.99 — 0.50%; $230 to $249.99 — 0.75%; $250 to $269.99 — 1.30%; $270 to $309.99 — 2.25%; $310 to $329.99 — 2.60%; $330 to $349.99 — 3.00%; $350 to $369.99 — 3.40%; $370 to $389.99 — $3.75%; $390 to $409.99 — 4.0%; $410 to $429.99 — 4.25%; $430 to $449.99 — 4.50%; $450 to $469.99 — 4.75%; $470 and higher — 5.00%.	
 
16 

 

(13)	NVR1 and GSR3 reserves and additional mineralized material are subsets of the reserves and additional mineralized material covered by GSR1 and GSR2.	
 	 	
(14)	The royalty is capped at $10 million. As of March 31, 2015, royalty payments of approximately $2.15 million have been received.	
 	 	
(15)	The 1.0% to 2.0% sliding-scale schedule (price of gold per ounce — royalty rate): Below $350 — 1.0%; > $350 — 2.0%. The 0.6% to 0.9% NSR sliding-scale schedule (price of gold per ounce — royalty rate): Below $300 — 0.6%; $300 to $350 — 0.7%; > $350 to $400 — 0.8%; > $400 — 0.9%. The silver royalty rate is based on the price of gold.	
 	 	
(16)	The 0.6% to 0.9% sliding-scale NSR applies to the M-ACE claims. The operator did not break out reserves or resources subject to the M-ACE claims royalty.	
 	 	
(17)	Royalty only applies to Section 29 which currently holds about 95% of the reserves reported for the property.	
 	 	
(18)	An additional Cordilleran royalty applies to a portion of Section 28.	
 	 	
(19)	Additional Rayrock royalties apply to Sections 28, 32 and 33; these royalty rates vary depending on pre-existing royalties. The Rayrock royalties take effect once 200,000 ounces of gold have been produced from open pit mines on the property. As of March 31, 2015, approximately 103,000 ounces have been produced.	
 	 	
(20)	Royalty is capped at $300,000 plus simple interest.	
 	 	
(21)	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%.	
 	 	
(22)	George Lake royalty applies to production above 800,000 ounces.	
 	 	
(23)	Goose Lake royalty applies to production above 400,000 ounces.	
 	 	
(24)	NSR sliding-scale schedule (price of gold per ounce — royalty rate): $0.00 to $350 — 1.0%; above $350 — 1.5%.	
 	 	
(25)	This is a metal stream whereby the purchase price for gold ounces delivered is $435 per ounce, or the prevailing market price of gold, if lower; no inflation adjustment.	
 	 	
(26)	The Company’s royalty is subject to a 2.0 million ounce cap on gold production. There have been approximately 1.37 million ounces of cumulative production as of March 31, 2015. 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%.	
 	 	
(27)	Operator reports reserves by material type. The sulfide material will be processed by milling. The oxide material will be processed by heap leaching.	
 	 	
(28)	The royalty rate is 75% until 910,000 payable ounces of gold have been produced; 50% thereafter. There have been approximately 248,000 cumulative payable ounces produced as of March 31, 2015. Gold is produced as a by-product of copper.	
 	 	
(29)	The royalty covers approximately 30% of the La Fortuna deposit. Reserves attributable to Royal Gold’s royalty represent 3/7 of Goldcorp’s reporting of 70% of the total reserve.	
 	 	
(30)	All metals are paid based on zinc prices. NSR sliding-scale schedule (price of zinc per pound — royalty rate): Below $0.50 — 0.0%; $0.50 to below $0.55 — 1.0%; $0.55 to below $0.60 — 2.0%; $0.60 or higher — 3.0%.	
 
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(31)	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. Approximately 20% of the royalty is limited to the first 14.0 million ounces of gold produced from the project. Also, 24% of the royalty can be extended beyond 14.0 million ounces produced for $4.4 million. In addition, a one-time payment totaling $8.4 million will be made if gold prices exceed $600 per ounce for any six-month period within the first 36 months of commercial production.	
 	 	
(32)	NSR sliding-scale schedule (price of gold per ounce — royalty rate): less than or equal to $325 — 0.78%; $400 — 1.57%; $500 — $2.72%; $600 — 3.56%; $700 — 4.39%; greater than or equal to $800 — 5.23%. Royalty is interpolated between lower and upper endpoints.	
 	 	
(33)	The royalty rate is 1.0% until 250,000 ounces of gold have been recovered; 1.5% thereafter.	
 	 	
(34)	The A$10 per ounce royalty applies on production above 50,000 ounces.	
 	 	
(35)	The 1.5% to 2.5% NSR sliding-scale royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12 month period and at a rate of 2.5% on production above 75,000 ounces during that 12 month period. The 1.0% NSR royalty applies to the Rand area only.	
 	 	
(36)	There is a 0.75% GSR milling royalty that 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.	
 	 	
(37)	Silver reserves were calculated by the operators at the following prices per ounce: $25.96 — Schaft Creek; $25.00 — Don Nicolas; $24.69 — Troy; $23.00 — El Toqui; $22.50 — Svetloye; $22.00 — Peñasquito; $20.00 — Don Mario and Gold Hill; $18.50 — Dolores; and $17.00 — Soledad. No silver price was reported for Balcooma or Kutcho Creek.	
 	 	
(38)	Copper reserves were calculated by the operators at the following prices per pound: $3.52 — Schaft Creek; $3.35 — Troy and Voisey’s Bay; $3.00 — El Morro and Mount Milligan; $2.75 — Don Mario, Las Cruces and Robinson; $2.50 — Johnson Camp; and $2.00 — Pascua-Lama. No copper reserve price was reported for Balcooma, Caber or Kutcho Creek.	
 	 	
(39)	Additional mineralized material figures are from December 31, 2005 and have not been updated by the operator.	
 	 	
(40)	Royalty applies to all copper production from an area of interest in Chile. Only that portion of the reserves pertaining to our royalty interest in Chile is reflected here. This royalty will take effect after January 1, 2017.	
 	 	
(41)	Lead reserve price was calculated by the operators at the following prices per pound: $1.04 — El Toqui; and $0.90 — Peñasquito. No lead reserve price was reported for Balcooma.	
 	 	
(42)	Zinc reserve price was calculated by the operators at the following prices per pound: $1.13 — El Toqui; and $0.90 — Peñasquito. No zinc reserve price was reported for Balcooma, Caber or Kutcho Creek.	
 	 	
(43)	Nickel reserve price was calculated by the operator at the following price per pound: $7.47 — Voisey’s Bay.	
 	 	
(44)	Cobalt reserve price was calculated by the operator at the following price per pound: $12.95 — Voisey’s Bay.	
 	 	
(45)	Molybdenum reserve price was calculated by the operator at the following price per pound: $15.30 — Schaft Creek.	
 	 	
 	NOTE:  Not included in the Royalty/Metal Stream Portfolio are Allan, Belcourt, Rambler North, Sega, Skyline and one oil and gas property.	
 
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Definitions
 
The Company’s royalty portfolio contains several different types of royalties or similar interests which are defined as follows:
 
Contained Gold Returned (“CGR”) Royalty:  A royalty in which payments are made on the contained ounces in a deposit rather than ounces recovered from metallurgical processing.
 
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.
 
Gross Value (“GV”) Royalty:  A defined percentage of the gross value, revenue or proceeds from a resource extraction operation, without deductions of any kind.
 
Metal Stream:  An agreement that provides, in exchange for an upfront payment, the right to purchase all or a portion of the precious metals produced from a base metal mine, at a price determined for the life of the transaction by the agreement.
 
Milling Royalty (“MR”):   A royalty on ore throughput at a mill.
 
Net Profits Interest (“NPI”) Royalty:  A defined percentage of the gross revenue from a resource extraction operation, after recovery of certain contract-defined pre-production costs, and after deduction of certain contract-defined mining, milling, processing, transportation, administrative, marketing and other costs.
 
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 costs.
 
Royalty:   The right to receive a percentage or other denomination of mineral production from a resource extraction operation.
 
19 

Exhibit 99.5
 
RGLD Gold (Canada) Inc. Exercises Redemption Call Right to Acquire All Outstanding Exchangeable Shares on June 30, 2015
 
DENVER, April 27, 2015 /CNW/ - ROYAL GOLD, INC. (“Royal Gold” or the “Company”) (NASDAQ: RGLD; TSX: RGL) and its wholly-owned subsidiaries RGLD Gold (Canada) Inc. (“Callco”) and RG Exchangeco Inc. (“Canco”) announced today that the directors of Canco have established June 30, 2015 as the redemption date (the “Redemption Date”) for the outstanding exchangeable shares in the capital of Canco (“Exchangeable Shares”) and Callco has exercised its redemption call right and will acquire all of the outstanding Exchangeable Shares on the Redemption Date.
 
The Exchangeable Shares were issued in conjunction with the acquisition of International Royalty Corporation by Royal Gold and Canco on February 22, 2010. The terms of the Exchangeable Shares permit their redemption on a date to be established by the directors of Canco once there are fewer than 750,000 Exchangeable Shares outstanding (other than shares held by Royal Gold or its affiliates). As of April 20, 2015, there were approximately 5,000 Exchangeable Shares outstanding.
 
On the Redemption Date, holders of Exchangeable Shares will be entitled to receive, for each Exchangeable Share held, one share in the capital stock of Royal Gold plus any declared and unpaid dividends on an Exchangeable Share held by a holder on a dividend record date which occurred prior to the date of the acquisition of such share by Callco. On and after the Redemption Date, former holders of the Exchangeable Shares will no longer be entitled to exercise any of the rights of holders in respect thereof, other than the entitlement to the foregoing consideration.
 
A cover letter from Canco providing additional information with respect to the purchase of the Exchangeable Shares, along with a Notice of Exercise of Redemption Call Right and a Letter of Transmittal, will be mailed today to registered holders of the Exchangeable Shares. Copies of such documents will be filed on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
 
Computershare Investor Services Inc. will act as depositary in connection with the purchase of the Exchangeable Shares by Callco.
 
About Royal Gold, Inc.
 
Royal Gold is a precious metals royalty and stream company engaged in the acquisition and management of precious metal royalties, streams, and similar production based interests. The Company owns interests on 193 properties on six continents, including interests on 37 producing mines and 21 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.royalgold.com .
 
SOURCE Royal Gold, Inc.
 
For further information:
 
Karli Anderson, Vice President Investor Relations, 303-575-6517