NASDAQ: RGLD

Goldman Sachs Global Metalsand Mining Conference

Stefan WengerCFO and TreasurerNovember 29, 2017

NASDAQ: RGLD

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Cautionary Statement

2

This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actualresults to differ materially from the projections and estimates contained herein and include, but are not limited to: statementsconcerning cash flow generation, and operating cash flow growth in Q1 FY18 building on record fiscal year 2017 performance; quicklydelevering; embedded growth and sequential growth catalysts and estimated production at Rainy River, Cortez Crossroads andPeñasquito Pyrite Leach in calendar 2017 and 2018; diverse portfolio; strong margins; lean structure; strategic capital allocation andstrong net revenue on capital deployed, with significant mine life remaining; equity stewardship; dividend returns and historic andcurrent compounded annual growth rate in dividends per share, annual yield and operating cash flow yield; focus on total shareholderreturn; ability of Rainy River project to complete main tailings storage facility and ramp-up to capacity; expected start-up date forCortez Crossroads; expected accelerated start-up date for and estimated production from the Pyrite Leach project; estimatedproduction at each of Rainy River, Cortez Crossroads and the Pyrite Leach project; mine life and reserves estimates and forecasts ofthroughput, recoveries and production from the operators of our stream and royalty interests; and lack of additional fundingrequirements. Factors that could cause actual results to differ materially from these forward-looking statements include, amongothers: the risks inherent in the operation of mining properties; a decreased price environment for gold and other metals on whichour stream and royalty interests are determined; performance of and production at properties, and variation of actual productionfrom the production estimates and forecasts made by the operators of those stream and royalty properties; decisions and activities ofthe Company’s management affecting margins, use of capital and changes in strategy; unexpected operating costs, decisions andactivities of the operators of the Company’s stream and royalty properties; changes in operators’ mining and processing techniques orstream or royalty calculation methodologies; resolution of regulatory and legal proceedings; unanticipated grade, geological,metallurgical, environmental, processing or other problems at the properties; revisions or inaccuracies in technical reports, reserve,resources and production estimates; changes in project parameters as plans of the operators are refined; the results of current orplanned exploration activities; errors or disputes in calculating stream deliveries and royalty payments, or deliveries or paymentsunder stream or royalty agreements; the liquidity and future financial needs of the Company; economic and market conditions; theimpact of future acquisitions and stream and royalty financing transactions; the impact of issuances of additional common stock; andrisks 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 inmore detail in the Company’s public filings with the Securities and Exchange Commission. Statements made herein are as of the datehereof and should not be relied upon as of any subsequent date. The Company’s past performance is not necessarily indicative of itsfuture performance. The Company disclaims any obligation to update any forward-looking statements.Third-party information: Certain information provided in this presentation has been provided to the Company by the operators ofproperties subject to our stream and royalty interests, or is publicly available information filed by these operators with applicablesecurities regulatory bodies, including the Securities and Exchange Commission. The Company has not verified, and is not in a positionto verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of such third-party information andrefers readers to the public reports filed by the operators for information regarding those properties.

NASDAQ: RGLD

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DisciplineEfficiency

20+ Year Track Record

Cash flow generationQuickly deleveringEmbedded growth

Diverse portfolio Strong marginsLean structure

Strategic capital allocation Equity stewardshipDividend returns

3

Performance

NASDAQ: RGLD

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Operating cash flow growth in Q1FY18 building on record FY17 performanceGold price essentially flat

Cash Flow GenerationPerformance

4

$173

$147

$192

$170

$266

$282

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$0

$50

$100

$150

$200

$250

$300

12 monthsJun-30-2013

12 monthsJun-30-2014

12 monthsJun-30-2015

12 monthsJun-30-2016

12 months Jun-30-2017

LTM Sept-30-2017

Cash from Operations Gold Price

OCF average = $170m per year

Gold Price in US Dollars

Cash

from

Ope

ratio

ns in

U

SD M

illio

ns

Cash from operations vs gold price

NASDAQ: RGLD

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$45mRepaid

March 31, 2017

$50mRepaid

June 30, 2017

$50mRepaid

Sept 5, 2017

Quickly DeleveringPerformance

5

<1.6x net debt to EBITDA,1 liquidity of over $900 million, both at 9-30-17

1 The term “EBITDA” is a non-GAAP financial measure. See slide 19 for additional information.

NASDAQ: RGLD

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Sequential growth catalysts in calendar 2017 and 2018, bought and paid for

Rainy River - 2017

1 Information has been provided to the Company by the operators of those properties or is publicly available information filed bythese operators. Please see page 2.

2 See slide 18 for details on the scope of Royal Gold’s streaming and these royalty interests.

Rainy River - 2017

Embedded Growth

Rainy River - 2017

New Gold: Commercial production began October 20171

Stream on 6.5% of gold and 60% of silver1,2

3.9Moz gold in reserves; 10.0Moz silver in reserves1,2

Rainy River - 2017

Performance

6

Cortez Crossroads - 2018

Barrick: CY18 startup expected1 and stripping underway 4.5% NVR & 5% GSR royalty2

3.2Moz gold in reserves1

Peñasquito Leach – CQ418

Goldcorp: Commissioning accelerated to CQ4181

Progress at 9/30/17: 40% complete1

Expected to add 1Moz gold, 44Moz silver to mine life1

NASDAQ: RGLD

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Rainy River - 2017Rainy River - 2017Rainy River - 2017

Performance

7

Cortez Crossroads - 2018

Commercial Production at Rainy River

1 Information has been provided to the Company by the operators of those properties or is publicly available information filed bythese operators. Please see page 2.

2 See slide 18 for details on the scope of Royal Gold’s streaming and royalty interests.

Ball Mill and SAG Mill

Favorable jurisdiction in Canada204 km2 land package

Schedule 2 Amendment completed1

Approval received to complete construction of the main tailings storage facility1

Commercial production declared October 19, which was 2 weeks ahead of schedule1

Achieved 18,500 tonnes per day, or 88% of capacity for the period Oct 1-241,2

Tailings Starter Facility

Land Position

NASDAQ: RGLD

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Diverse PortfolioEfficiencyEfficiency

8

1 Producing properties not highlighted in the map include Allan, Bald Mountain, Canadian Malartic, Dolores, Don Mario, El Limon, Gold Hill, Goldstrike, Gwalia, Holt, King of the Hills, Las Cruces, Leeville, Marigold, Meekathara, Mulatos, Rambler North, Robinson, Ruby Hill, Skyline, Soledad Mountain, South Laverton, Southern Cross, Taparko, Twin Creeks, Wharf, Williams and others.

2 Reflects portfolio on October 30, 2017.3 In FQ1 2018.

Rainy River is our 40th producing property1

197 total property interests (all minerals); 40 producing and 23 in development2

87% of revenue from precious metals3

89% of revenue from Canada, Chile, US, Mexico and Dominican Republic3

NASDAQ: RGLD

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Our gross margin is within the top 6% of S&P 500 constituents

Strong MarginsEfficiency

Source: S&P Capital iQ as of September 19, 2017. Gross margin calculated as total revenue less cost of goods sold, divided by total revenue. A total of 456 of the S&P 500 constituents reported positive gross margin in the trailing 12 months.

9

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Gross margin, last 12 months

S&P 500 Constituent

RGLD, 80% margin

Gros

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NASDAQ: RGLD

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$0 $10,000,000 $20,000,000NasdaqGS:MAR

NYSE:APHNYSE:UHS

NYSE:MNYSE:LEG

NYSE:OMCNasdaqGS:FAST

NYSE:KSSNYSE:AJG

NasdaqGS:FISVNasdaqGS:IDXXNasdaqGS:INFONasdaqGS:NAVI

NYSE:UTXNYSE:SEE

NYSE:ITNYSE:WFCNYSE:DPS

NYSE:KNYSE:TMO

NYSE:ALKNYSE:JPMNYSE:BACNYSE:CATNYSE:ADSNYSE:UAANYSE:GPNNYSE:TAP

NYSE:AMGNasdaqCM:AMD

NYSE:NINYSE:VNONYSE:BF.BNYSE:PEG

NasdaqGS:PDCONYSE:CHDNYSE:UNHNYSE:AIGNYSE:TRV

NasdaqGS:SNINYSE:HPQ

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NYSE:PXDNYSE:NRGNYSE:NBLNYSE:DHI

NasdaqGS:CBOENasdaqGS:GILD

NYSE:VTR

$25m(REIT)

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S&P

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Revenue per employee

Our revenue per employee is higher than 497 of the S&P 500

Lean StructureEfficiency

Source: S&P Capital iQ as of September 19, 2017. Revenue per employee calculated as total reported revenue for the trailing 12 months, divided by total reported employees. 498 of the S&P 500 companies report total employees.

10

NASDAQ: RGLD

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We maintained a strong balance sheet and deployed capital opportunistically

Strategic Capital AllocationDiscipline

11

Rainy River

Cortez Crossroads

Gold price at the time of recent transaction agreements

Gold

Pric

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US

Dolla

rs

$0

$100

$200

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$700

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$1,300

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Nov-01-2011 Nov-01-2012 Nov-01-2013 Nov-01-2014 Nov-01-2015 Nov-01-2016

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Royalty

Pueblo Viejo

Wassa & Prestea

Andacollo

RainyRiver

Sep-1-2017

NASDAQ: RGLD

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-$2,000

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Strong net revenue on capital deployed, with significant mine life remaining

Strategic Capital AllocationDiscipline

12

1 Net revenue calculated as gross revenue less cost of goods sold (COGS) for streaming payments.2 Weighted average remaining mine life calculated by weighting each property’s current remaining mine life in years by the

proven and probable reserves for the year ended 2016, based on data provided by the operators of those mines.3 Net Revenue includes Andacollo, Pueblo Viejo, Wassa and Prestea only.

NASDAQ: RGLD

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RGLD has 14 million outstanding shares less than the next-highest GDX member

Equity StewardshipDiscipline

13* Company with an incorporation date that pre-dates Royal Gold, which was incorporated in 1981.

NASDAQ: RGLD

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Rainy River

Cortez Crossroads

19% CAGR in dividends per share since 2001, and currently equates to $1.00 per share, a 1.2% annual yield, and an average 22% OCF yield1

Dividend ReturnsDiscipline

1 Calculated as reported cash from operations divided by common dividends paid during the same period. 2017 reflects trailingtwelve months as reported through September 30, 2017. 2018 reflects approved dividend.

14

27% 29%

12%

21%19%

25% 26%23%

34%30%

15%18%

25%

36%

29%35%

22%

$0

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$1.00Dividend Per Share Operating Cash Flow Yield Average Gold Price (source: Kitco)

Annu

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NASDAQ: RGLD

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Highly Skilled Board Leadership

Jamie SokalskyIndependent Director;

Former President and CEO, Barrick Gold Corporation

Kevin McArthur Independent Director; Executive Chair, Tahoe

Resources and Former CEO and Director, Goldcorp, Inc.

Tony JensenDirector; President and CEO,

Royal Gold, Inc.

William Hayes Independent Director and Chairman of the

Board; Former EVP, Placer Dome Inc.

Ronald J. Vance Independent Director; Former SVP Corporate Development,

Teck Resources

Christopher M.T. ThompsonIndependent Director; Former Chairman and CEO, Gold Fields

Limited

Sybil VeenmanIndependent Director; Former

Senior Vice President and General Counsel, Barrick Gold Corporation

Discipline

15

NASDAQ: RGLD

|Source: YCharts

20+ Years of Solid PerformancePerformance

16

-200

0

200

400

600

800

1,000

1,200

1,400

Gold Price in US Dollars % Change Royal Gold Total Return Price % ChangeS&P 500 Total Return Level % Change

RGLD+1261%

S&P 500+287%

Gold Price+313%

%

%

%

%

%

%

%

%

%

20-year total shareholder return

Perc

enta

ge C

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e in

Tota

l Ret

urn

Pric

e

Our focus is total shareholder return (TSR)

1660 Wynkoop Street, #1000Denver, CO 80202303.573.1660info@royalgold.comwww.royalgold.com

NASDAQ: RGLD

NASDAQ: RGLD

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Streams (at September 30, 2017)

Operator Mine Metal RGLD interest until RGLD interest until RGLD

interest until RGLD pays (per unit) until RGLD pays

(per ounce) until

ReserveRemaining Mine Life

(Years)

CY2017Operator

Production Guidance (oz/lbs)2

Centerra Gold Mount Milligan Gold 35% LOM (life of

mine) $435 LOM 21 235,000-255,000

Centerra Gold Mount Milligan Copper 18.75% LOM - - - - 15% of spot LOM - - 21 Low end of 55-

65Mlbs

Barrick Pueblo Viejo Gold 7.50% 990koz 3.75% remaining LOM - - 30% of spot 550koz 60% of spot remaining

LOM 25+ 635,000-650,000

Barrick Pueblo Viejo Silver 75% at fixed 70% recovery 50Moz 37.50% remaining

LOM - - 30% of spot 23.1Moz 60% of spot remaining LOM 25+ Not provided

New Gold Rainy River Gold 6.50% 230koz 3.25% remaining LOM - - 25% of spot - - - 14 Production began

Oct 2017

New Gold Rainy River Silver 60% 3.1Moz 30% remaining LOM - - 25% of spot - - - 14 Production began

Oct 2017

Teck Andacollo Gold 100% 900koz 50% remaining LOM - - 15% of spot - - - 17 TBA

Golden Star Wassa/Prestea Gold 9.25% 12/31/2017 10.50% 240koz 5.50% LOM 20% of spot 240koz 30% of spot 10 255,000-280,000

Key Royalties1 (at Sept 30, 2017) RGLD interest Until

Goldcorp Peñasquito Gold Silver Lead Zinc 2.00% LOM 10 410,0000 (gold)

Barrick Cortez Gold Various LOM 12 TBA

Agnico-Eagle & Yamana Malartic Gold 1-1.5% LOM 10 Not available

Newmont Leeville Gold 1.80% LOM 11 Not available

KGHM Robinson Gold Copper 3.00% LOM 5 Not available

Kirkland Lake Holt Gold 0.00013 x the gold price LOM 8 Not available

Alamos Gold Mulatos Gold 1-5%

capped; expect to reach in ~2019

2 150,000-160,000

Portfolio of AssetsDiverse, Long Lived Properties

1 Includes largest royalties by revenue. An additional 28 royalties from producing mines in Royal Gold’s portfolio not shown. 2 Production estimates are received from our operators and 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 slide 2, as wellas the Risk Factors identified in Part I, Item 1A, of our Fiscal 2017 10-K for information regarding factors that could affect actualresults.

18

NASDAQ: RGLD

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Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally acceptedaccounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordancewith GAAP.

Our management uses Adjusted EBITDA and Adjusted Net Income as measures of operating performance to assist in comparing performance fromperiod to period on a consistent basis; as a measure for planning and forecasting overall expectations and for evaluating actual results against suchexpectations; in communications with the board of directors, stockholders, analysts and investors concerning our financial performance; as usefulcomparisons to the performance of our competitors; and as metrics of certain management incentive compensation calculations. We believe thatthese measures are used by and are useful to investors and other users of our financial statements in evaluating our operating performance becausethey provide an additional tool to evaluate our performance without regard to special and non-core items, which can vary substantially from companyto company depending upon accounting methods, book value of assets and capital structure. We have provided reconciliations of all non-GAAPmeasures to their nearest U.S. GAAP measures and have consistently applied the adjustments within our reconciliations in arriving at each non-GAAPmeasure. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are oftenconsidered non-recurring. Such adjustments are subjective and involve significant management judgment.

Adjusted EBITDA Reconciliation

Adjusted EBITDA is defined by the Company as net income (loss) 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 loss (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.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 withU.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. See the tablebelow for a reconciliation of net income to Adjusted EBITDA.

Non-GAAP Financial Measures andAdjusted EBITDA Reconciliation

19

For The Three Months EndedSeptember 30,

(Unaudited, in thousands)2017 2016

Net income 26,548$ 26,955$ Depreciation, depletion and amortization 39,692 40,102 Non-cash employee stock compensation 2,373 4,144 Interest and other, net 7,600 6,748 Income tax expense 7,544 7,188 Non-controlling interests in operating loss of consolidated subsidiaries 2,083 2,984

Adjusted EBITDA 85,840$ 88,121$

1660 Wynkoop Street, #1000Denver, CO 80202303.573.1660info@royalgold.comwww.royalgold.com

NASDAQ: RGLD