Royal Gold Press Releases

Royal Gold Announces Third Quarter Dividend

Royal Gold Announces Reserve and Production Forecasts Associated with its Interests

Royal Gold Reports Results for Third Quarter Fiscal Year 2013

Royal Gold Announces Two New Appointments

Royal Gold Provides Update on Pascua-Lama

Royal Gold Announces Fiscal 2013 Third Quarter Earnings Call

Royal Gold Announces Second Quarter Dividend

Royal Gold Announces Election of Ronald J. Vance to Fill New Board Seat

Royal Gold Reports Results for Second Quarter Fiscal Year 2013

Royal Gold Announces Fiscal 2013 Second Quarter Earnings Call

Wed, 29 May 2013 13:53:00 -0400

DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ:RGLD; TSX:RGL), today announced that its Board of Directors has declared its third quarter dividend of US$0.20 per share of common stock. The dividend is payable on July 19, 2013 to shareholders of record at the close of business on July 5, 2013. The quarterly dividend of US$0.20 is also payable to holders of exchangeable shares of RG Exchangeco. This dividend is designated as an “eligible dividend” for Canadian tax purposes.

Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metals royalties and similar interests. The Company owns interests on 205 properties on six continents, including interests on 36 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.

Source: Royal Gold, Inc.

Royal Gold, Inc.

Karli Anderson, 303-575-6517

Vice President Investor Relations

Thu, 02 May 2013 08:20:00 -0400

DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (TSX: RGL), today announced updated estimates for ore reserves and mineralized material¹ as of December 31, 2012, and calendar 2013 production estimates with respect to properties in its portfolio. These figures are provided by the operators, or obtained by Royal Gold through publicly available information, for properties on which the Company holds royalties and similar interests.

At the end of calendar 2012, precious metals reserves on properties subject to the Company’s interests, net of depletion, were approximately 82.8 million ounces of gold and 1.15 billion ounces of silver. This compares to reserves of approximately 84.5 million ounces of gold and 1.2 billion ounces of silver estimated as of December 31, 2011. The reserve reductions were due mainly to production depletion.

After applying the Company’s interests to the reserves noted above, net gold reserves attributable to Royal Gold totaled approximately 5.7 million ounces. 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 6.2 million ounces, on a net reserve basis. Both net gold and net precious metals reserves attributable to Royal Gold’s interests remained constant year-over-year.

The attached table contains highlights of production information related to our producing interests provided by the operators of those properties. The complete Royalty/Metal Stream Portfolio, which includes reserves, mineralized material¹, and production subject to the Company's interests on producing and development properties can be found on our website.

For further information about our royalties and similar interests, please see our Annual Report on Form 10-K, as well as our other public reports.

CORPORATE PROFILE

Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metal royalties and similar interests. The Company’s current portfolio consists of 205 properties on six continents, including interests on 36 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.

Cautionary "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: With the exception of historical matters, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained herein. Such forward-looking statements include statements regarding production estimates for calendar 2013 provided by the operators; 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. Net gold and metal reserves attributable to Royal Gold’s royalty and other interests are subject to certain assumptions and, like reserves, do not reflect actual ounces that will be produced. Like any royalty 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 properties, decisions and activities of the operators of our royalty properties, mine completion, unanticipated grade, geological, metallurgical, processing or other problems the operators of the mining properties may encounter, changes in project parameters as plans continue to be refined, economic and market conditions, and future financial needs of our operators, as well as other factors described 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.

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.

TABLE 1

Royal Gold’s Royalty Portfolio

Calendar Year 2013 Production Estimates ^1,2

PROPERTY

ROYALTY

OPERATOR

METAL

PRODUCTION

ESTIMATES

UNITED STATES

Bald Mountain

1.75% to 2.5% NSR ³

Barrick

Gold

44,000 oz

Cortez - GSR1 and GSR2

0.40% to 5.0% GSR ⁴

Barrick

Gold

64,000 oz

Cortez - GSR3

0.71% GSR

Barrick

Gold

64,000 oz

Cortez - NVR1

0.39% NVR

Barrick

Gold

53,000 oz

Gold Hill

1.0% to 2.0% NSR ^5,6

Kinross/Barrick

Gold

50,000 to 60,000 oz

Gold Hill

1.0% to 2.0% NSR ^5,6

Kinross/Barrick

Silver

80,000 to 90,000 oz

Goldstrike (SJ Claims)

0.9% NSR

Barrick

Gold

383,000 oz

Leeville

1.8% NSR

Newmont

Gold

228,000 oz

Marigold

2.0% NSR

Goldcorp/Barrick

Gold

100,000 oz ⁷

Pinson

3.0% NSR – Cordilleran ^8,9
2.94% NSR – Rayrock ^8,10

Atna Resources

Gold

65,000 to 70,000 oz

Ruby Hill

3.0% NSR

Barrick

Gold

91,000 oz

Twin Creeks

2.0% GV

Newmont

Gold

3,000 oz

Wharf

0.0% to 2.0% NSR ¹¹

Goldcorp

Gold

55,000 to 60,000 oz

CANADA

Canadian Malartic

1.0% to 1.5% NSR ¹²

Osisko

Gold

409,000 oz ¹³

Holt

0.00013 x Au price

St Andrew Goldfields

Gold

52,250 to 57,750 oz ¹⁴

Mt. Milligan

52.25% of the payable gold ¹⁵

Thompson Creek

Gold

Q3/Q4 ¹⁶

TABLE 1 (cont.)

Royal Gold’s Royalty Portfolio

Calendar Year 2013 Production Estimates ^1,2

PROPERTY

ROYALTY

OPERATOR

METAL

PRODUCTION

ESTIMATES

MEXICO

Dolores

3.25% NSR

Pan American Silver

Gold

63,500 to 68,000 oz

Dolores

2.0% NSR

Pan American Silver

Silver

3.25 to 3.45 million oz

El Chanate

2.0% to 4.0% NSR ¹⁷

AuRico Gold

Gold

17,000 oz ¹⁸

Mulatos

1.0% to 5.0% NSR ¹⁹

Alamos

Gold

180,000 to 200,000 oz

Peñasquito

2.0% NSR

Goldcorp

Gold

360,000 to 400,000 oz ²⁰

Peñasquito

2.0% NSR

Goldcorp

Silver

20 to 21 million oz ²⁰

Peñasquito

2.0% NSR

Goldcorp

Lead

145 to 160 million lbs ²⁰

Peñasquito

2.0% NSR

Goldcorp

Zinc

285 to 305 million lbs ²⁰

CENTRAL AND SOUTH AMERICA

Andacollo ²¹

75% of payable gold (NSR)

Teck

Gold

63,000 oz ²⁰

Don Mario

3.0% NSR

Orvana

Gold

12,000 oz ^20,22

Don Mario

3.0% NSR

Orvana

Silver

650,000 oz ^20,22

Don Mario

3.0% NSR

Orvana

Copper

12 million lbs ^20,22

El Limon

3.0% NSR

B2Gold

Gold

54,000 to 58,000 oz

AUSTRALIA

Gwalia Deeps

1.5% NSR

St Barbara

Gold

175,000 to 190,000 oz ²³

King of the Hills

1.5% NSR

St Barbara

Gold

55,000 to 60,000 oz ²³

Meekatharra Gold
Project (Yaloginda)

0.45% NSR

Reed Resources

Gold

100,000 to 150,000 oz

South Laverton

1.5% NSR

Saracen

Gold

125,000 to 135,000 oz ²³

AFRICA

Inata

2.5% GSR

Avocet

Gold

135,000 oz

Taparko

2.0% GSR

High River

Gold

127,000 oz

EUROPE

Las Cruces

1.5% NSR

Inmet

Copper

151 to 159 million lbs ²⁴

FOOTNOTES TO TABLE 1

¹ Reported production is subject to our royalty interests, as reported to us by the operators of the mines, unless otherwise noted.

^2. The estimates and production reports are prepared by the operators of the mining properties. Royal Gold does not participate in the preparation or verification of the operators’ estimates or production reports and has not independently assessed or verified the accuracy of such information. Please refer to our cautionary statement regarding forward-looking statements and to the risk factors identified in our Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission for information regarding factors that could affect actual results.

³ 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 and higher – 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.

⁴ 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%; $370.00 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%.

⁵ Round Mountain, a joint venture between Kinross and Barrick, has the right, at any time, to purchase the royalty interest for $10.0 million less any royalty payments paid prior to the purchase option being exercised. The royalty is subject to a minimum royalty payment of $100,000 per year, which is capped at $1.0 million. As of March 31, 2013, minimal royalty payments totaling $975,000 have been received. Once all royalty payments and the minimum royalty payment equals $10.0 million, the royalty terminates.

⁶ The 1.0% to 2.0% sliding-scale NSR royalty will pay 2.0% when the price of gold is above $350 per ounce and 1.0% when the price of gold falls to $350 per ounce or below. The silver royalty rate is based on the price of gold.

⁷ Total property production guidance of 142,500 to 150,000 ounces of gold reflects Barrick’s and Goldcorp’s combined interest and has been calculated from Goldcorp’s guidance of 95,000 to 100,000 ounces, which reflects their 66.7% interest. Reported guidance reflects production estimate from our area of interest.

⁸ Production forecast applies to Section 29 which currently holds about 95% of the reserves reported for the project.

⁹ An additional Cordilleran royalty applies to a portion of Section 28.

¹⁰ Additional Rayrock royalties apply to Sections 28, 32 and 33; these royalty rates vary depending on pre-existing royalties. The Rayrock royalties have a 200,000 ounce threshold that must be met in the pre-existing open pits before they become payable. As of March 31, 2012, approximately 103,000 ounces have been produced.

¹¹ NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to under $350 – 0.0%; $350 to under $400 – 0.5%; $400 to under $500 – 1.0%; $500 or higher – 2.0%.

¹² NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $350 – 1.0%; above $350 – 1.5%.

¹³ The operator’s production guidance is 485,000 to 510,000 ounces of gold for the entire project.

¹⁴ The operator estimates that production at the Holt mine will comprise approximately 55% of their total production of 95,000 to 105,000 ounces for calendar 2013.

¹⁵ 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. Payable factor is fixed at 97% of contained gold in concentrate.

¹⁶ Thompson Creek’s guidance is that production is scheduled to commence in the third calendar quarter of calendar 2013, with commercial production expected in the fourth quarter.

¹⁷ The NSR sliding-scale royalty is capped once payments of approximately $17 million have been received. NSR sliding-scale schedule (price of gold per ounce – royalty rate): less than $300 – 2.0%; $300 to $350 – 3.0%; greater than $350 – 4.0%.

¹⁸ Au Rico’s guidance for calendar 2013 is 70,000 to 80,000 ounces. The royalty payment cap of $17 million was reached with production of 17,000 ounces as of March 31, 2013.

¹⁹ The Company’s royalty is subject to a 2.0 million ounce cap on gold production. There have been approximately 1.1 million ounces of cumulative production, as of March 31, 2013. 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%.

²⁰ Recovered metal is contained in concentrate and is subject to third party treatment charges and recovery losses

²¹ The royalty rate is 75% until 910,000 payable ounces of gold have been produced; 50% thereafter. There have been approximately 155,000 cumulative payable ounces produced as of March 31, 2013. Gold is produced as a by-product of copper.

²² Production guidance for October 2012 through September 2013.

²³ Production guidance for July 2012 through June 2013.

²⁴ Inmet’s guidance for 2013 is 68,500 to 72,000 tonnes of copper, which converts to 151 to 159 million pounds of copper.

NOTE: The Table does not include production guidance for properties that the operators did not provide information. These properties are: Allan, Balcooma, Johnson Camp , Mt. Goode, Robinson, Skyline, Sega, Tambor, Troy, Voisey’s Bay, Williams, Wolverine, and three oil and gas royalties.

DEFINITIONS

The Company’s royalty portfolio contains several different types of royalties or similar interests which are defined as follows:

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.

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.

Source: Royal Gold, Inc.

Royal Gold, Inc.

Karen Gross, 303-575-6504

Vice President and Corporate Secretary

Thu, 02 May 2013 08:10:00 -0400

Royalty revenue of $74.2 million, a 7% increase year-over-year
Operating cash flow totaled $68.1 million, a 43% increase year-over-year

DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ:RGLD) (TSX:RGL) today announced net income attributable to Royal Gold stockholders of $6.5 million, or $0.10 per basic share, on royalty revenue of $74.2 million for the third quarter of fiscal 2013. This compares to net income attributable to Royal Gold stockholders of $26.0 million, or $0.44 per basic share, on royalty revenue of $69.6 million for the third quarter of fiscal 2012.

Results for the quarter were impacted by two items. First, a non-cash loss was recognized on available-for-sale securities of $12.1 million associated with the common shares of Seabridge Gold, Inc. that were acquired as part of the June 2011 transaction regarding the Kerr-Sulphurets-Mitchell Project. Second, a higher income tax expense of $6.9 million was recognized during the quarter related to adjustments resulting from the filing of our June 30, 2012 income tax return. The after tax effect of the securities loss and tax adjustments on basic earnings per share was $0.17 and $0.10, respectively. Excluding these items, net income attributable to Royal Gold stockholders would have been $24.3 million, or $0.37 per basic share for the fiscal third quarter.

For the nine-month period ended March 31, 2013, royalty revenue was a record $231.9 million and net income attributable to Royal Gold stockholders was $58.5 million, or $0.93 per basic share. This compares to nine-month royalty revenue of $202.9 million and net income attributable to Royal Gold stockholders of $71.9 million, or $1.27 per basic share, for the nine-month period ended March 31, 2012. The after tax effect of the securities loss and tax adjustments (described above) on net income attributable to Royal Gold stockholders for the nine-month period ended March 31, 2013, was $12.1 million, or $0.17 per basic share, and $6.9 million, or $0.11 per basic share, respectively. Excluding these items, net income attributable to Royal Gold stockholders for the nine-month period ended March 31, 2013, would have been $76.3 million, or $1.22 per basic share.

Adjusted EBITDA¹for the third quarter of fiscal 2013 was $66.1 million representing 89% of revenue, compared to Adjusted EBITDA of $63.6 million or 91% of revenue for the prior year period. Cash flow from operations for the quarter was $68.1 million, or $1.05 per basic share, compared with $47.5 million, or $0.81 basic per share, for the third quarter of fiscal 2012.

The 7% increase in revenue for the quarter was largely driven by increased production at Andacollo and Holt, and the continued ramp up at Wolverine. These increases were partially offset during the period by production declines at Peñasquito and Voisey’s Bay, as well as lower gold and other metal prices. The average price of gold for the quarter was $1,632 per ounce compared with $1,691 per ounce for the comparable period, a decrease of 3%.

As of March 31, 2013, the Company had a working capital surplus of $727.4 million. Current assets were $749.0 million (including $673.1 million in cash and equivalents), compared to current liabilities of $21.6 million, resulting in a current ratio of approximately 35 to 1. In addition to available working capital, the Company has $350 million available under its revolving line of credit.

Tony Jensen , President and CEO, commented, “Achieving another quarter of strong royalty revenue despite lower year-over-year average gold prices, highlights the strength of our royalty portfolio. We expect to add Mt. Milligan to our producing portfolio of assets in the near future as production is scheduled to commence in the third calendar quarter of this year. In addition, our strong financial position allows us to seek new business opportunities as we look to expand our high quality portfolio.”

PROPERTY HIGHLIGHTS

Highlights at certain of the Company’s principal producing and development properties during the quarter ended March 31, 2013 are listed below. We advise readers to refer to the public statements of the operators of each of these properties for more complete information.

Producing Properties

Andacollo – Teck reported that average daily throughput for the quarter was about 47,000 tonnes. Production increased primarily due to higher mill throughput and higher ore grades. Over the past few quarters, Andacollo has established steady state operations.

Holt – St Andrew Goldfields reported that progress continues on mine development that should allow for an incremental increase in production by the end of calendar 2013.

Mulatos – Alamos reported that increased gold production was primarily attributable to higher crusher throughput and a full quarter of production from the Escondida high-grade zone that was in commissioning in the prior year.

Peñasquito – Goldcorp’s annual guidance for Peñasquito anticipated lower production in the first half of calendar 2013 as the mine moves from a lower grade portion of the pit to higher grade ore. Goldcorp also reported that ongoing studies to develop a long-term water strategy continue to progress and that they have identified a new water source within their current permitted basin that has the potential to supply sufficient water to continue the plant ramp-up to full design capacity. Goldcorp noted that current water availability is expected to be sufficient to achieve calendar 2013 production guidance of 360,000 to 400,000 ounces of gold.

Robinson – KGHM reported that copper production increased due to improved mill recovery and higher productivity in the mine.

Voisey’s Bay – Vale reported that copper production was impacted during the quarter due primarily to feed availability as a result of a crusher failure and a severe snow storm that delayed haulage from the mine.

In late March 2013, the Government of Newfoundland and Labrador announced amendments to their Voisey’s Bay Development Agreement including a commitment from Vale to pursue underground mining to extend the mine life. The agreement also allows Vale to continue processing concentrate outside of the province while construction is being finalized at the Long Harbour processing plant.

Wolverine – Yukon Zinc continues to make production improvements at the Wolverine mine. They have reported that process circuit modifications and the integration of new equipment have enabled these improvements.

Development Properties

Mt. Milligan – As of the end of December 2012, Thompson Creek estimated that project completion was at 81%. They also reported that the Mt. Milligan project remains on schedule with initial production to commence in the third calendar quarter of 2013, followed by commercial production expected in the fourth calendar quarter of 2013.

Pascua-Lama – As of March 31, 2013, Barrick reported it had spent approximately $4.8 billion on the construction of the Pascua-Lama project. About 70% of the structural steel was erected for the process plant facility, 65% of the concrete has been poured, 55% of earthworks was completed, and the ore conveyance tunnel was approximately 80% complete.

During the fourth quarter of calendar 2012, Barrick reported that pre-stripping activities in Chile were halted to address increased dust in the open pit area and that the project has since strengthened dust mitigation and control measures. In addition, regulatory restrictions have also been placed on the project due to the need to repair and improve certain aspects of the water management system in Chile. Completion of measures to address these aspects is targeted for the first quarter of calendar 2014.

Subsequently, Barrick suspended construction work on the Chilean side of the project in April in response to a preliminary injunction issued by a Chilean court. The action alleges non-compliance with the environmental requirements of the project’s Chilean environmental approval. Construction activities in Argentina, where the majority of the project’s critical infrastructure is located, including the process plant and tailings storage facility, were not affected.

Given these pending regulatory and legal issues, Barrick stated on April 24, 2013, that they were unable to fully assess the impact on the capital budget, operating costs and schedule of the project.

Additional Property Information

Third quarter fiscal 2013 production and revenue for the Company’s principal interests are shown in Table 1 and historical production data is shown in Table 2. For more detailed information about each of our principal interests, 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

Note: Management’s conference call reviewing the third quarter results will be held today at 10:00 a.m. Mountain Time (noon Eastern Time) and will be available by calling (800) 603-2779 (North America) or (973) 200-3960 (international), access #85827550. The call will be simultaneously broadcast on the Company’s website at www.royalgold.com under “Events and Presentations” in the Investor section of the website. A replay of this webcast will be available on the Company’s website approximately two hours after the call ends.

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 expectation of adding revenue from Mt. Milligan in the near future; that production at Mt. Milligan will commence in the third calendar quarter with commercial production in the fourth calendar quarter; that our strong financial position will allow us to seek new business opportunities and expand our high quality portfolio; the impact on the Pascua-Lama project of pending regulatory issues and the preliminary injunction suspending construction work on the Chilean side of the project; and the operators’ expectation of production, construction, mine development, reaching design capacity, throughput, water availability and other developments. 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 properties; decisions and activities of the operators of the Company's various properties; unanticipated grade, geological, metallurgical, processing or other problems the operators of the mining properties may encounter; delays in the operators securing or their inability to secure necessary governmental permits; changes in operator’s project parameters as plans continue to be refined; economic and market conditions; the ability of the various operators to bring projects into production as expected; regulatory and legal issues; the suspension of certain activities on the Pascua-Lama project; and other subsequent events; 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.

________________________

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 from consolidated subsidiaries, interest and other income, and any royalty portfolio restructuring gains or losses (see Schedule A).

TABLE 1

Third Quarter Fiscal 2013

Royalty Production and Revenue for Principal Royalty Interests

PROPERTY

ROYALTY

OPERATOR

METAL(S)

THREE MONTHS ENDED

MARCH 31, 2013

MARCH 31, 2012

Royalty

Revenue

($ millions)

Reported

Production¹

Royalty

Revenue

($ millions)

Reported

Production¹

Andacollo^2,3

75% NSR

Teck

Gold

23.11

18,966 oz.

16.78

13,174 oz.

Voisey's Bay³

2.7% NSR

Vale

Nickel

Copper

9.20

44.7M lbs.

15.6M lbs.

10.73

50.9M lbs.

9.7M lbs.

Peñasquito³

2.0% NSR

Goldcorp

Gold

Silver

Lead

Zinc

5.37

68,214 oz.

3.9M oz.

24.2M lbs.

50.4M lbs.

9.16

87,517 oz.

6.6M oz.

52.4M lbs.

75.9M lbs.

Holt

0.00013 x quarterly

average gold price

St Andrew

Goldfields

Gold

5.17

14,950 oz.

3.28

8,839 oz.

Mulatos⁴

1.0% to 5.0% NSR

Alamos

Gold

4.79

59,489 oz.

4.23

50,493 oz.

Robinson³

3.0% NSR

KGHM

Gold

Copper

2.74

10,036 oz.

24.8M lbs.

2.61

5,673 oz.

23.8M lbs.

Canadian Malartic⁵

1.0% to 1.5% NSR

Osisko

Gold

2.0

88,053 oz.

2.35

90,845 oz.

Leeville

1.8% NSR

Newmont

Gold

1.72

56,697 oz.

1.96

64,291 oz.

Cortez⁶

GSR1 and GSR2

GSR3

NVR1

Barrick

Gold

2.11

16,041 oz.

2.60

23,362 oz.

Las Cruces³

1.5% NSR

Inmet

Copper

2.07

38.3M lbs.

1.71

29.9M lbs.

Wolverine^3,7

0.0% to

9.445% NSR

Yukon Zinc

Gold

Silver

2.28

4,063 oz.

903,486 oz.

0.85

393 oz.

326,017 oz.

Dolores

3.25% NSR

2.0% NSR

Pan American

Silver

Gold

Silver

1.05

12,304 oz.

670,965 oz.

1.35

14,510 oz.

858,600 oz.

Other Royalty

Properties⁸

Various

12.56

N/A

12.03

N/A

Total Royalty Revenue

74.17

69.64

FOOTNOTES

¹			Reported production relates to the amount of metal sales that are subject to our royalty interests for the periods ended March 31, 2013 and March 31, 2012, as reported to us by the 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 155,000 cumulative payable ounces produced as of March 31, 2013. Gold is produced as a by-product of copper.

³			Revenues consist of provisional payments for concentrates produced during the current period and final settlements for prior production periods.

⁴			The Company’s royalty is subject to a 2.0 million ounce cap on gold production. There have been approximately 1.1 million ounces of cumulative production, as of March 31, 2013. 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%.

⁵			NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $350 – 1.0%; above $350 – 1.5%.

⁶			Royalty percentages: GSR1 and GSR2 – 0.40 to 5.0% (sliding-scale); GSR3 – 0.71%; NVR1 – 0.39%.

⁷			Gold royalty rate is based on the price of silver per ounce. NSR sliding-scale schedule (price of silver per ounce – royalty rate): Below $5.00 – 0.0%; $5.00 to $7.50 – 3.778%; >$7.50 – 9.445%.

⁸			“Other” includes all of the Company’s non-principal producing royalties for the periods ended March 31, 2013 and 2012. Individually, no royalty included within “Other” contributed greater than 5% of our total royalty revenue for any of the periods.

TABLE 2

Historical Production

PROPERTY²

ROYALTY

OPERATOR

METAL(S)

REPORTED PRODUCTION¹

FOR THE QUARTER ENDED

March 31,

2013

December 31,

2012

September 30,

2012

June 30,

2012

March 31,

2012

Andacollo

75% NSR

Teck

Gold

18,966 oz.

18,015 oz.

15,937 oz.

11,908 oz.

13,174 oz.

Canadian

Malartic

1.0% to 1.5%

NSR

Osisko

Gold

88,053 oz.

96,276 oz.

91,737 oz.

91,734 oz.

90,845 oz.

Cortez

GSR1 and GSR2

GSR3

NVR1

Barrick

Gold

16,041 oz.

18,232 oz.

25,751 oz.

26,845 oz.

23,362 oz.

Dolores

3.25% NSR

2.0% NSR

Pan American

Silver

Gold

Silver

12,304 oz.

670,965 oz.

14,976 oz.

854,739 oz.

13,244 oz.

773,369 oz.

10,085 oz.

643,972 oz.

14,510 oz.

858,600 oz.

Holt

0.00013 x

quarterly average

gold price

St Andrew

Goldfields

Gold

14,950 oz.

15,076 oz.

12,870 oz.

11,469 oz.

8,839 oz.

Las Cruces

1.5% NSR

Inmet

Copper

38.3M lbs.

46.2M lbs.

37.3M lbs.

29.9M lbs.

Leeville

1.8% NSR

Newmont

Gold

56,697 oz.

69,754 oz.

68,026 oz.

36,582 oz.

64,291 oz.

Mulatos

1.0% to 5.0%

NSR

Alamos

Gold

59,489 oz.

61,311 oz.

42,310 oz.

46,077 oz.

50,493 oz.

Peñasquito

2.0% NSR

Goldcorp

Gold

Silver

Lead

Zinc

68,214 oz.

3.9M oz.

24.2M lbs.

50.4M lbs.

91,017 oz.

4.6M oz.

23.7M lbs.

73.6M lbs.

131,239 oz.

7.4M oz.

41.7M lbs.

96.6M lbs.

90,554 oz.

6.0M oz.

42.2M lbs.

90.8M lbs.

87,517 oz.

6.6M oz.

52.4M lbs.

75.9M lbs.

Robinson

3.0% NSR

KGHM

Gold

Copper

10,036 oz.

24.8M lbs.

11,603 oz.

41.1M lbs.

9,072 oz.

36.9M lbs.

9,191 oz.

32.5M lbs.

5,673 oz.

23.8M lbs.

Voisey's Bay

2.7% NSR

Vale

Nickel

Copper

44.7M lbs.

15.6M lbs.

28.8M lbs.

31.2M lbs.

33.9M lbs.

43.6M lbs.

30.6M lbs.

2.9M lbs.

50.9M lbs.

9.7M lbs.

Wolverine

0.0% to

9.445% NSR

Yukon Zinc

Gold

Silver

4,063 oz.

903,486 oz.

3,203 oz.

742,874 oz.

1,200 oz.

494,496 oz.

842 oz.

338,736 oz.

393 oz.

326,017 oz.

¹			Reported production relates to the amount of metal sales that are subject to our royalty interests for the stated period, as reported to us by the operators of the mines.

²			See individual property footnotes on page 7.


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

	March 31,			June 30,
	2013			2012
ASSETS
Cash and equivalents	$	673,103		$	375,456
Royalty receivables		59,019			53,946
Income tax receivable		10,379			11,046
Prepaid expenses and other current assets		6,484			4,760
Total current assets		748,985			445,208

Royalty interests in mineral properties, net		2,104,043			1,890,988
Available-for-sale securities		14,154			15,015
Other assets		26,678			21,834
Total assets	$	2,893,860		$	2,373,045

LIABILITIES
Accounts payable	$	2,446		$	2,615
Dividends payable		13,009			8,947
Other current liabilities		6,188			3,647
Total current liabilities		21,643			15,209

Debt		299,961			293,248
Net deferred tax liabilities		172,209			178,716
Uncertain tax positions		20,172			19,469
Other long-term liabilities		2,016			2,974
Total liabilities		516,001			509,616

Commitments and contingencies

EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 1 share issued		-			-
Common stock, $.01 par value, 100,000,000 shares authorized; and 64,170,310 and 58,614,221 shares outstanding, respectively		642			586
Exchangeable shares, no par value, 1,806,649 shares issued, less 1,139,361 and 1,007,823 redeemed shares, respectively		29,367			35,156
Additional paid-in capital		2,140,410			1,656,357
Accumulated other comprehensive (loss) income		(113	)		(13,763	)
Accumulated earnings		183,586			160,123
Total Royal Gold stockholders’ equity		2,353,892			1,838,459
Non-controlling interests		23,967			24,970
Total equity		2,377,859			1,863,429
Total liabilities and equity	$	2,893,860		$	2,373,045


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

	Three Months Ended						Nine Months Ended
	March 31,			March 31,			March 31,			March 31,
	2013			2012			2013			2012
Royalty revenues	$	74,166		$	69,638		$	231,898		$	202,944

Costs and expenses
General and administrative		7,163			4,431			18,953			15,786
Production taxes		2,422			2,593			7,098			7,690
Depreciation, depletion and amortization		21,649			19,721			64,269			58,360
Restructuring on royalty interests in mineral properties		-			-			-			1,328
Total costs and expenses		31,234			26,745			90,320			83,164

Operating income		42,932			42,893			141,578			119,780

Loss on available-for-sale securities		(12,121	)		-			(12,121	)		-
Interest and other income		129			476			268			3,798
Interest and other expense		(5,757	)		(1,552	)		(18,914	)		(4,939	)
Income before income taxes		25,183			41,817			110,811			118,639

Income tax expense		(18,286	)		(14,864	)		(51,062	)		(41,297	)
Net income		6,897			26,953			59,749			77,342
Net income attributable to non-controlling interests		(433	)		(954	)		(1,299	)		(5,438	)
Net income attributable to Royal Gold stockholders	$	6,464		$	25,999		$	58,450		$	71,904

Net income	$	6,897		$	26,953		$	59,749		$	77,342
Adjustments to comprehensive income, net of tax
Unrealized change in market value of available for sale securities		(71	)		3,904			(67	)		(8,357	)
Realized loss on available-for-sale securities		10,246			-			13,716			-
Comprehensive income		17,072			30,857			73,398			68,985
Comprehensive income attributable to non-controlling interests		(433	)		(954	)		(1,299	)		(5,438	)
Comprehensive income attributable to Royal Gold stockholders	$	16,639		$	29,903		$	72,099		$	63,547

Net income per share available to Royal Gold common stockholders:
Basic earnings per share	$	0.10		$	0.44		$	0.93		$	1.27
Basic weighted average shares outstanding		64,837,598			58,953,216			62,723,061			56,486,455
Diluted earnings per share	$	0.10		$	0.44		$	0.93		$	1.26
Diluted weighted average shares outstanding		64,994,517			59,169,314			62,917,454			56,738,805
Cash dividends declared per common share	$	0.20		$	0.15		$	0.55		$	0.41


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

	Three Months Ended						Nine Months Ended
	March 31,			March 31,			March 31,			March 31,
	2013			2012			2013			2012
Cash flows from operating activities:
Net income	$	6,897		$	26,953		$	59,749		$	77,342
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		21,649			19,721			64,269			58,360
Loss on available-for-sale securities		12,121			-			12,121			-
Amortization of debt discount		2,265			-			6,713			-
Non-cash stock-based compensation expense		1,909			1,494			5,808			5,560
Restructuring on royalty interests in mineral properties		-			-			-			1,328
Gain on distribution to non-controlling interest		(74	)		(441	)		(162	)		(3,725	)
Tax benefit of stock-based compensation exercises		-			(231	)		(1,214	)		(3,317	)
Deferred tax benefit		(3,666	)		133			(5,832	)		(714	)
Changes in assets and liabilities:
Royalty receivables		11,735			2,435			(5,073	)		(13,258	)
Prepaid expenses and other assets		15,435			(1,257	)		(4,223	)		128
Accounts payable		79			(122	)		(581	)		(316	)
Income tax payable (receivable)		(3,175	)		1,214			(1,349	)		3,161
Other liabilities		2,913			(2,433	)		2,287			(1,647	)
Net cash provided by operating activities	$	68,088		$	47,466		$	132,513		$	122,902

Cash flows from investing activities:
Acquisition of royalty interests in mineral properties		(62,049	)		(45,480	)		(277,081	)		(193,662	)
Proceeds on sale of Inventory - restricted		119			672			237			5,514
Other		(17	)		(29	)		(55	)		(157	)
Net cash (used in) investing activities	$	(61,947	)	$	(44,837	)	$	(276,899	)	$	(188,305	)

Cash flows from financing activities:
Proceeds from the issuance of common stock		(5	)		268,523			473,771			271,440
Borrowing from credit facility		-			-			-			100,000
Repayment of debt		-			(173,900	)		-			(211,700	)
Common stock dividends		(13,010	)		(8,345	)		(30,925	)		(20,554	)
Distribution to non-controlling interests		(754	)		(1,602	)		(2,027	)		(7,917	)
Tax benefit of stock-based compensation exercises		-			231			1,214			3,317
Net cash (used in) provided by financing activities	$	(13,769	)	$	84,907		$	442,033		$	134,586
Net (decrease) increase in cash and equivalents		(7,628	)		87,536			297,647			69,183
Cash and equivalents at beginning of period		680,731			95,802			375,456			114,155
Cash and equivalents at end of period	$	673,103		$	183,338		$	673,103		$	183,338

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 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
	March 31,
	(Unaudited, in thousands)
	2013			2012

Net income	$	6,897		$	26,953
Depreciation, depletion and amortization		21,649			19,721
Non-cash employee stock compensation		1,909			1,494
Realized loss on available-for-sale securities		12,121			-
Interest and other expense, net		5,628			1,076
Income tax expense		18,286			14,864
Non-controlling interests in operating income of consolidated subsidiaries		(359	)		(513	)
Adjusted EBITDA	$	66,131		$	63,595

	For The Nine Months Ended
	March 31,
	(Unaudited, in thousands)
	2013			2012

Net income	$	59,749		$	77,342
Depreciation, depletion and amortization		64,269			58,360
Non-cash employee stock compensation		5,808			5,560
Restructuring on royalty interests in mineral properties		-			1,328
Realized loss on available-for-sale securities		12,121			-
Interest and other expense, net		18,646			1,141
Income tax expense		51,062			41,297
Non-controlling interests in operating income of consolidated subsidiaries		(1,137	)		(1,713	)
Adjusted EBITDA	$	210,518		$	183,315

Source: Royal Gold, Inc.

Royal Gold, Inc.

Karen Gross

Vice President and Corporate Secretary

(303) 575-6504

Wed, 01 May 2013 17:43:00 -0400

DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ:RGLD) (TSX:RGL), today announced the appointment of Karli Anderson as Vice President, Investor Relations. Ms. Anderson brings over 15 years’ progressive experience in finance, investor relations and capital markets to Royal Gold. She will join the Company from Newmont Mining Corporation, where she serves as Senior Director, Investor Relations. Previously, Ms. Anderson led the investor relations function at Coeur d’Alene Mines Corporation and Evergreen Energy, Inc. She currently serves as Chairman of the Board of Directors of the Denver Gold Group.

Beginning her new role with Royal Gold on May 15, Ms. Anderson will be responsible for directing the strategic planning, on-going development and coordination of all investor relation activities and external communications for the Company, with a secondary set of responsibilities related to establishing and maintaining human resource policies and compensation programs. After a period of transition, Ms. Anderson will succeed Vice President and Corporate Secretary Karen Gross , who has led Royal Gold’s investor relations function since 1987 and informed the Company of her retirement which will now become effective on July 1, 2013. Ms. Gross’ corporate secretarial duties will be assumed by the Company’s current Vice President and General Counsel.

The Company also announced the appointment of Jason Hynes as Director, Business Development and Global Sales, a new position that will be located in Zug, Switzerland. Mr. Hynes joins the Company from Sabina Gold & Silver Corp. where he serves as Vice President, Corporate Development. In addition to business development skills, he also brings over seven years of experience assisting mining companies in investment banking with National Bank Financial’s Mergers & Acquisitions and Global Mining & Metals groups in Toronto and Vancouver where he was most recently a Director, Global Mining & Metals.

Beginning his new role with Royal Gold on July 8, Mr. Hynes will be responsible for global metal purchase and sale agreements for RGLD Gold AG, a subsidiary company of Royal Gold. He will also assist Bill Heissenbuttel , Vice President Corporate Development, in expanding business development activities and in establishing and maintaining professional corporate relationships overseas.

Tony Jensen , President and CEO, said, “Karli’s financial proficiency, industry relationships, and communications skills will complement our existing management team, broaden the message of Royal Gold’s value proposition, and build on the excellent foundation created by Karen. Jason’s expertise in finance and business development activities, strong commercial and technical acumen, and thorough understanding of the precious metals business will prove valuable as we seek to grow our Company. We are very pleased to have both Karli and Jason join the Royal Gold team. At the same time, we congratulate Karen on a wonderful career and sincerely thank her for her dedication to Royal Gold.”

Ms. Anderson holds a Master of Business Administration degree with a specialization in Finance from the Wharton School at the University of Pennsylvania and a Bachelor of Science degree from Ohio University in Athens, Ohio.

Mr. Hynes holds a Master of Business Administration degree with a specialization in Finance from the University of Toronto’s Rotman School of Management and an Honours Bachelor of Science in Electrical Engineering from Queen’s University at Kingston, Ontario.

Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metal royalties and similar interests. The Company’s portfolio consists of 205 properties on six continents, including interests on 37 producing mines and 28 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.

Royal Gold, Inc.

Karen Gross, 303-575-6504

Vice President and Corporate Secretary

Wed, 10 Apr 2013 20:43:00 -0400

DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ:RGLD) (TSX:RGL) announced that Barrick Gold Corporation today reported that it was aware of press reports of a preliminary injunction affecting the Chilean portion of the Pascua-Lama project. Barrick later reported that it is suspending construction work on the Chilean side of the project while working to address environmental and other regulatory requirements; that construction activities in Argentina, where the majority of Pascua-Lama’s critical infrastructure is located, are not affected; and that it is too early to assess the impact, if any, on the overall capital budget and schedule of the project.

CORPORATE PROFILE

Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metal royalties and similar interests. The Company’s portfolio consists of 206 properties on six continents, including interests in 36 producing mines and 31 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.

Royal Gold, Inc.

Karen Gross

Vice President and Corporate Secretary

(303) 575-6504

Tue, 26 Mar 2013 11:26:00 -0400

DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ:RGLD)(TSX: RGL) today announced that its third quarter results will be released before the market opens for trading on Thursday, May 2, 2013, followed by a conference call that day at noon Eastern Time (10:00 a.m. Mountain Time). The call will be webcast and archived on the Company’s website for a limited time.

Fiscal 2013 Third Quarter Conference Call Information:

About Royal Gold

Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metals royalties and similar interests. The Company owns interests on 206 properties on six continents, including interests on 39 producing mines and 28 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

Royal Gold

Karen Gross, 303-575-6504

Vice President and Corporate Secretary

Thu, 14 Mar 2013 11:13:00 -0400

DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ:RGLD)(TSX:RGL), today announced that its Board of Directors has declared its second quarter dividend of US$0.20 per share of common stock. The dividend is payable on April 19, 2013 to shareholders of record at the close of business on April 5, 2013. The quarterly dividend of US$0.20 is also payable to holders of exchangeable shares of RG Exchangeco. This dividend is designated as an “eligible dividend” for Canadian tax purposes.

Source: Royal Gold

Royal Gold

Karen Gross, 303-575-6504

Vice President and Corporate Secretary

Tue, 26 Feb 2013 11:11:00 -0500

DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ:RGLD)(TSX:RGL), today announced the expansion of its Board of Directors from seven to eight members, and the election of Ronald J. Vance to fill the newly created position.

Mr. Vance has over 30 years of experience in the mining industry as a senior executive in the areas of corporate development, marketing, project development, and finance. His career has included working with some of the world’s largest mining companies executing large-scale transactions, building strategic commercial relationships and managing corporate and structured financing arrangements.

Currently, Mr. Vance is Senior Vice President, Corporate Development for Teck Resources Limited. Prior to joining Teck, he was Managing Director/Senior Advisor for Rothschild Inc., where he led structured finance and investment banking teams responsible for advising clients in the natural resources sector on mergers and acquisitions, financings and other strategic initiatives. Before his tenure at Rothschild, he served as Vice President Marketing and later as Vice President Project Development at Newmont Mining Corporation. Mr. Vance holds an MBA from Columbia University and a B.A. degree from Hobart College.

Stanley Dempsey , Chairman of the Board, commented, “We are pleased to have Ron join our Board. His extensive experience in the areas of corporate development and finance, with deep knowledge of the mining industry, will be an excellent complement to our existing Board.”

Source: Royal Gold

Royal Gold

Karen Gross, 303-575-6504

Vice President and Corporate Secretary

Thu, 31 Jan 2013 08:00:00 -0500

Record royalty revenue of $79.9 million , a 16% increase year-over-year
Record Adjusted EBITDA¹of $73.4 million , an 18% increase year-over-year

DENVER --(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ:RGLD) (TSX:RGL) today announced net income attributable to Royal Gold stockholders of $27.2 million , or $0.42 per basic share, on record royalty revenue of $79.9 million for the second quarter of fiscal 2013. This compares to net income attributable to Royal Gold stockholders of $23.4 million , or $0.42 per basic share, on royalty revenue of $68.8 million for the second quarter of fiscal 2012.

For the six-month period ended December 31, 2012 , royalty revenue was $157.7 million and net income attributable to Royal Gold stockholders was $52.0 million , or $0.84 per basic share. This compares to royalty revenue of $133.3 million and net income attributable to Royal Gold stockholders of $45.9 million , or $0.83 per basic share, for the six-month period ended December 31, 2011 .

Adjusted EBITDA¹for the second quarter of fiscal 2013 was a record $73.4 million representing 92% of revenue, an increase of 18% compared to Adjusted EBITDA of $62.1 million or 90% of revenue for the prior year period. Cash flow from operations for the quarter was $10.9 million , or $0.17 per basic share compared with $29.3 million or $0.53 per share for the second quarter of fiscal 2012. Cash flow from operations was negatively impacted by provisional income tax payments of $22.6 million normally due during the quarter, and the timing of a withholding tax payment of $17.2 million , which is expected to be recovered in future periods.

The 16% increase in revenue for the quarter was largely driven by increased production at Andacollo, Holt, Robinson, Mulatos, Las Cruces, Canadian Malartic and Wolverine, as well as the higher average price of gold and other metals. These increases were partially offset during the period by production declines at Voisey’s Bay, Cortez, Leeville and Dolores. The average price of gold for the quarter was $1,722 per ounce compared with $1,688 per ounce for the comparable period, an increase of 2%.

As of December 31, 2012 , the Company had a working capital surplus of $762.5 million . Current assets were $781.1 million (including $680.7 million in cash and equivalents), compared to current liabilities of $18.6 million , resulting in a current ratio of approximately 42 to 1. In addition to available working capital, the Company had $350 million available under its revolving line of credit.

Tony Jensen , President and CEO, commented, “Our broad and diverse portfolio of assets continues to provide strong financial results as demonstrated by our record quarterly royalty revenue and Adjusted EBITDA. During the quarter, the majority of our producing properties performed well and, in particular, Andacollo recorded record gold production. We were also pleased that Las Cruces reached its design capacity, and several other properties continued to make steady progress toward targeted production levels.”

RECENT DEVELOPMENTS

Acquisition of Additional Royalty Option on the KSM Project

In December, the Company increased the net smelter return (“NSR”) royalty option it may acquire on the Kerr-Sulphurets-Mitchell (“KSM”) project from 1.25% to 2.0%. The net cost to acquire the option was approximately $3.6 million . The Company now holds the right to purchase either a 1.25% NSR royalty for C$100 million , or a 2.0% NSR royalty for C$160 million on all of the gold and silver production from the project, payable in three equal installments over a 540-day period following exercise of its purchase right. The options to purchase the NSR royalty will remain exercisable for 60 days following Royal Gold’s satisfaction that the project has received all material approvals and permits, has sufficient committed funding for construction, and certain other conditions have been met.

PROPERTY HIGHLIGHTS

Highlights at certain of the Company’s principal producing and development properties during the quarter ended December 31, 2012 are listed below:

Producing Properties

Andacollo – Gold production increased during the quarter due to higher grade ore and improved recoveries. Teck continues to increase mill throughput rates as they de-bottleneck and optimize the plant.

Canadian Malartic – Osisko reported that fourth quarter gold production totaled 101,544 ounces with calendar 2012 output of 388,478 ounces. During the quarter, throughput was affected by a 6-day shutdown to complete the installation of the second pebble crusher and to make modifications to various conveying systems in the crushing and grinding circuits. Osisko also announced calendar 2013 gold production guidance of between 485,000 and 510,000 ounces.

Cortez – Barrick continued to prioritize production from their higher grade Cortez Hills operations that is not covered by our royalty interest. As a result, production decreased during the period.

Dolores – Pan American announced that calendar 2013 capital expenditures will include construction of a third leach pad, significant pre-stripping and the systematic rehabilitation of the mining fleet. Pan American also announced calendar 2013 production guidance of between 3.25 million to 3.45 million ounces of silver and between 63,500 to 68,000 ounces of gold.

Holt – St Andrew Goldfields reported production of 15,082 ounces of gold for the quarter with mill recoveries at 94%. The operator stated that construction of a new ore pass is complete and that it expects to see increased production capacity once commissioning is finalized in mid-January.

Las Cruces – Inmet announced that calendar 2012 copper production at Las Cruces increased by more than 60% to 67,700 tonnes from 42,100 tonnes in calendar 2011. The operator also announced calendar 2013 production guidance of between 68,500 to 72,000 tonnes of copper.

Leeville – A portion of the mine production at Leeville was derived from an area outside of our royalty interest resulting in a decrease in royalty revenue over the prior period.

Mulatos – Alamos reported record production of 67,800 ounces of gold during the fourth quarter achieving its production guidance for the year of 200,000 ounces of gold. Production for the quarter benefitted from higher than budgeted throughput and grade from the gravity mill in addition to record levels of quarterly crusher throughput that averaged 17,900 tonnes of ore per day.

Peñasquito – Goldcorp reported that water availability issues limited mill throughput rates. They plan to bring additional water wells into production within the Cedros Basin in addition to new dewatering wells within the Chile Colorado pit. The additional water wells in calendar 2013 are expected to increase mill throughput to 105,000 tonnes per day. A hydrology study is underway to develop a long-term water strategy and is expected to be completed during the first half of 2013. Goldcorp also announced calendar 2013 production guidance of between 360,000 to 400,000 ounces of gold and between 20 to 21 million ounces of silver.

Voisey’s Bay – The variability in Vale’s shipping schedule continues to result in uneven metal sales quarter-over-quarter. Copper sales for the quarter were lower than expected due to increased sales during the period ended September 30, 2012 .

Wolverine – Yukon Zinc stated that production growth during the quarter was due to increased throughput, as they continue to ramp up to design capacity, with improved metallurgical performance and recoveries in the mill.

Development Properties

Mt. Milligan – Thompson Creek announced that they received notification from the Department of Fisheries and Oceans approving its fish habitat compensation plan, as required by Environment Canada's Metal Mining Effluent Regulations. This approval was the final step to authorize deposition of tailings material into the zero discharge tailings storage facility and the final authorization required to operate the Mt. Milligan mine. Thompson Creek also reiterated that the Mt. Milligan project remains on schedule with commercial production expected in the fourth quarter of calendar 2013.

Pascua-Lama – Barrick reported that construction management has been transferred to Fluor and that the project team has been significantly strengthened. As disclosed with its third quarter 2012 financial results, Barrick indicated it expected initial gold production in the second half of 2014, and that the definitive estimate of costs and schedule for the project would be complete by the time of its 2012 year-end results in mid-February.

Additional Property Information

Second quarter fiscal 2013 production and revenue for the Company’s principal interests are shown in Table 1 and historical production data is shown in Table 2. For more detailed information about each of our principal interests, 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 company engaged in the acquisition and management of precious metals royalties and similar interests. The Company owns interests on 205 properties on six continents, including interests on 39 producing mines and 28 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.

Note: Management’s conference call reviewing the second quarter results will be held today at 10:00 a.m. Mountain Time ( noon Eastern Time ) and will be available by calling (800) 603-2779 ( North America ) or (973) 200-3960 (international), access #85826820. 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.

________________________

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 assets continuing to deliver strong financial results; further production increases at Andacollo, Peñasquito, Canadian Malartic, Holt, and Wolverine; and the operators’ expectation of production, construction, ramp up, reaching design capacity, throughput, water availability 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 properties; decisions and activities of the operators of the Company's various properties; unanticipated grade, geological, metallurgical, processing or other problems the operators of the mining properties may encounter; delays in the operators securing or their inability to secure necessary governmental permits; changes in operator’s project parameters as plans continue to be refined; economic and market conditions; the ability of the various operators to bring projects into production as expected; and other subsequent events; 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.

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 from consolidated subsidiaries, interest and other income, and any royalty portfolio restructuring gains or losses (see Schedule A).

TABLE 1
Second Quarter Fiscal 2013
Royalty Production and Revenue for Principal Royalty Interests

PROPERTY

ROYALTY

OPERATOR

METAL(S)

THREE MONTHS ENDED

DECEMBER 31, 2012

DECEMBER 31, 2011

Royalty
Revenue
($ millions)

Reported
Production¹

Royalty
Revenue
($ millions)

Reported
Production¹

Andacollo^2,3

75% NSR

Teck

Gold

23.13

18,015 oz.

16.18

13,070 oz.

Voisey's Bay³

2.7% NSR

Vale

Nickel
Copper

7.41

28.8M lbs.
31.2M lbs.

12.04

27.4M lbs.
78.6M lbs.

Peñasquito³

2.0% NSR

Goldcorp

Gold
Silver
Lead
Zinc

6.61

91,017 oz.
4.6M oz.
23.7M lbs.
73.6M lbs.

6.31

67,827 oz.
5.0M oz.
40.2M lbs.
78.4M lbs.

Holt

0.00013 x quarterly average gold price

St Andrew Goldfields

Gold

5.81

15,076 oz.

4.23

11,461 oz.

Mulatos⁴

1.0% to 5.0% NSR

Alamos

Gold

5.25

61,311 oz.

3.57

43,223 oz.

Robinson³

3.0% NSR

KGHM

Gold
Copper

4.67

11,603 oz.
41.1M lbs.

1.95

7,193 oz.
21.1M lbs.

Canadian Malartic⁵

1.0% to 1.5% NSR

Osisko

Gold

2.51

96,276 oz.

1.53

54,141 oz.

Leeville

1.8% NSR

Newmont

Gold

2.15

69,754 oz.

3.10

102,946 oz.

Cortez⁶

GSR1 and GSR2
GSR3
NVR1

Barrick

Gold

2.06

18,232 oz.

2.66

23,609 oz.

Las Cruces³

1.5% NSR

Inmet

Copper

2.03

38.3M lbs.

1.48

28.1M lbs.

Wolverine^3,7

0.0% to 9.445% NSR

Yukon Zinc

Gold
Silver

1.98

3,203 oz.
742,874 oz.

0.83

294 oz.
366,922 oz.

Dolores

3.25% NSR
2.0% NSR

Pan American Silver

Gold
Silver

1.38

14,976 oz.
854,739 oz.

1.67

20,663 oz.
887,007 oz.

Other Royalty Properties⁸

Various

14.88

N/A

13.29

N/A

Total Royalty Revenue

79.87

68.84

FOOTNOTES

1			Reported production relates to the amount of metal sales that are subject to our royalty interests for the periods ended December 31, 2012 and December 31, 2011, as reported to us by the 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 132,000 cumulative payable ounces produced as of December 31, 2012. Gold is produced as a by-product of copper.

3			Revenues consist of provisional payments for concentrates produced during the current period and final settlements for prior production periods.
4			The Company’s royalty is subject to a 2.0 million ounce cap on gold production. There have been approximately 1.0 million ounces of cumulative production, as of December 31, 2012. 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%.

5			NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $350 – 1.0%; above $350 – 1.5%.

6			Royalty percentages: GSR1 and GSR2 – 0.40 to 5.0% (sliding-scale); GSR3 – 0.71%; NVR1 – 0.39%.

7			Gold royalty rate is based on the price of silver per ounce. NSR sliding-scale schedule (price of silver per ounce – royalty rate): Below $5.00 – 0.0%; $5.00 to $7.50 – 3.778%; >$7.50 – 9.445%.

8			“Other” includes all of the Company’s non-principal producing royalties for the periods ended December 31, 2012 and 2011. Individually, no royalty included within “Other” contributed greater than 5% of our total royalty revenue for any of the periods.

TABLE 2
Historical Production

PROPERTY²

ROYALTY

OPERATOR

METAL(S)

REPORTED PRODUCTION¹
FOR THE QUARTER ENDED

September 30,
2012

June 30,
2012

March 31,
2012

December 31,
2011

Andacollo

75% NSR

Teck

Gold

15,937 oz.

11,908 oz.

13,174 oz.

13,070 oz.

Peñasquito

2.0% NSR

Goldcorp

Gold
Silver
Lead
Zinc

131,239 oz.
7.4M oz.
41.7M lbs.
96.6M lbs.

90,554 oz.
6.0M oz.
42.2M lbs.
90.8M lbs.

87,517 oz.
6.6M oz.
52.4M lbs.
75.9M lbs.

67,827 oz.
5.0M oz.
40.2M lbs.
78.4M lbs.

Voisey's Bay

2.7% NSR

Vale

Nickel
Copper

33.9M lbs.
43.6M lbs.

30.6M lbs.
2.9M lbs.

50.9M lbs.
9.7M lbs.

27.4M lbs.
78.6M lbs.

Holt

0.00013 x quarterly average gold price

St Andrew Goldfields

Gold

12,870 oz.

11,469 oz.

8,839 oz.

11,461 oz.

Robinson

3.0% NSR

KGHM

Gold
Copper

9,072 oz.
36.9M lbs.

9,191 oz.
32.5M lbs.

5,673 oz.
23.8M lbs.

7,193 oz.
21.1M lbs.

Mulatos

1.0% to 5.0% NSR

Alamos

Gold

42,310 oz.

46,077 oz.

50,493 oz.

43,223 oz.

Cortez

GSR1 and GSR2
GSR3
NVR1

Barrick

Gold

25,751 oz.

26,845 oz.

23,362 oz.

23,609 oz.

Las Cruces

1.5% NSR

Inmet

Copper

46.2M lbs.

37.3M lbs.

29.9M lbs.

28.1M lbs.

Canadian Malartic

1.0% to 1.5% NSR

Osisko

Gold

91,737 oz.

91,734 oz.

90,845 oz.

54,141 oz.

Leeville

1.8% NSR

Newmont

Gold

68,026 oz.

36,582 oz.

64,291 oz.

102,946 oz.

Wolverine

0.0% to 9.445% NSR

Yukon Zinc

Gold
Silver

1,200 oz.
494,496 oz.

842 oz.
338,736 oz.

393 oz.
326,017 oz.

294 oz.
366,922 oz.

Dolores

3.25% NSR
2.0% NSR

Pan American Silver

Gold
Silver

13,244 oz.
773,369 oz.

10,085 oz.
643,972 oz.

14,510 oz.
858,600 oz.

20,663 oz.
887,007 oz.

¹			Reported production relates to the amount of metal sales that are subject to our royalty interests for the stated period, as reported to us by the operators of the mines.

²			See individual property footnotes on page 7.

¹			Reported production relates to the amount of metal sales that are subject to our royalty interests for the stated period, as reported to us by the operators of the mines.

²			See individual property footnotes on page 7.


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

	December 31,			June 30,
	2012			2012
ASSETS
Cash and equivalents	$	680,731		$	375,456
Royalty receivables		70,754			53,946
Income tax receivable		7,204			11,046
Prepaid expenses and other current assets		22,361			4,760
Total current assets		781,050			445,208

Royalty interests in mineral properties, net		2,063,604			1,890,988
Available for sale securities		18,489			15,015
Other assets		23,904			21,834
Total assets	$	2,887,047		$	2,373,045

LIABILITIES
Accounts payable	$	2,255		$	2,615
Dividends payable		13,010			8,947
Other current liabilities		3,288			3,647
Total current liabilities		18,553			15,209

Debt		297,697			293,248
Net deferred tax liabilities		175,875			178,716
Uncertain tax positions		19,821			19,469
Other long-term liabilities		2,353			2,974
Total liabilities		514,299			509,616

Commitments and contingencies

EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 1 share issued		-			-
Common stock, $.01 par value, 100,000,000 shares authorized; and 64,162,252 and 58,614,221 shares outstanding, respectively		642			586
Exchangeable shares, no par value, 1,806,649 shares issued, less 1,131,303 and 1,007,823 redeemed shares, respectively		29,722			35,156
Additional paid-in capital		2,138,153			1,656,357
Accumulated other comprehensive (loss) income		(10,289	)		(13,763	)
Accumulated earnings		190,131			160,123
Total Royal Gold stockholders’ equity		2,348,359			1,838,459
Non-controlling interests		24,389			24,970
Total equity		2,372,748			1,863,429
Total liabilities and equity	$	2,887,047		$	2,373,045


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

	Three Months Ended						Six Months Ended
	December 31,			December 31,			December 31,			December 31,
	2012			2011			2012			2011
Royalty revenues	$	79,870		$	68,842		$	157,732		$	133,307

Costs and expenses
General and administrative		5,720			5,057			11,790			11,355
Production taxes		2,197			2,946			4,676			5,097
Depreciation, depletion and amortization		21,120			21,419			42,620			38,639
Restructuring on royalty interests in mineral properties		-			-			-			1,328
Total costs and expenses		29,037			29,422			59,086			56,419

Operating income		50,833			39,420			98,646			76,888

Interest and other income		29			489			139			3,322
Interest and other expense		(6,988	)		(1,609	)		(13,157	)		(3,387	)
Income before income taxes		43,874			38,300			85,628			76,823

Income tax expense		(16,315	)		(14,051	)		(32,776	)		(26,433	)
Net income		27,559			24,249			52,852			50,390
Net income attributable to non-controlling interests		(342	)		(838	)		(865	)		(4,484	)
Net income attributable to Royal Gold stockholders	$	27,217		$	23,411		$	51,987		$	45,906

Net income	$	27,559		$	24,249		$	52,852		$	50,390
Adjustments to comprehensive income, net of tax
Unrealized change in market value of available for sale securities		(1,572	)		(6,958	)		3,474			(12,262	)
Comprehensive income		25,987			17,291			56,326			38,128
Comprehensive income attributable to non-controlling interests		(342	)		(838	)		(865	)		(4,484	)
Comprehensive income attributable to Royal Gold stockholders	$	25,645		$	16,453		$	55,461		$	33,644

Net income per share available to Royal Gold common stockholders:

Basic earnings per share	$	0.42		$	0.42		$	0.84		$	0.83
Basic weighted average shares outstanding		63,941,686			55,329,463			61,688,776			55,259,009
Diluted earnings per share	$	0.42		$	0.42		$	0.84		$	0.82
Diluted weighted average shares outstanding		64,137,237			55,574,814			61,905,549			55,533,248
Cash dividends declared per common share	$	0.20		$	0.15		$	0.35		$	0.26


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

	Six Months Ended
	December 31,			December 31,
	2012			2011
Cash flows from operating activities:
Net income	$	52,852		$	50,390
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		42,620			38,639
Gain on distribution to non-controlling interest		(88	)		(3,284	)
Non-cash stock-based compensation expense		3,900			4,066
Tax benefit of stock-based compensation exercises		(1,214	)		(3,086	)
Restructuring on royalty interests in mineral properties		-			1,328
Deferred tax benefit		(2,166	)		(847	)
Amortization of debt discount		4,448			-
Changes in assets and liabilities:
Royalty receivables		(16,808	)		(15,693	)
Prepaid expenses and other assets		(19,659	)		1,385
Accounts payable		(661	)		(194	)
Income tax receivable		1,827			1,947
Other liabilities		(626	)		785
Net cash provided by operating activities	$	64,425		$	75,436

Cash flows from investing activities:
Acquisition of royalty interests in mineral properties		(215,032	)		(148,182	)
Proceeds on sale of Inventory - restricted		118			4,842
Other		(38	)		(128	)
Net cash (used in) investing activities	$	(214,952	)	$	(143,468	)

Cash flows from financing activities:
Borrowing from credit facility		-			100,000
Repayment of debt		-			(37,800	)
Common stock dividends		(17,915	)		(12,209	)
Distribution to non-controlling interests		(1,273	)		(6,315	)
Proceeds from the issuance of common stock		473,776			2,917
Tax benefit of stock-based compensation exercises		1,214			3,086
Net cash provided by financing activities	$	455,802		$	49,679
Net increase (decrease) in cash and equivalents		305,275			(18,353	)
Cash and equivalents at beginning of period		375,456			114,155
Cash and equivalents at end of period	$	680,731		$	95,802

SCHEDULE A

Non-GAAP Financial Measures


Royal Gold, Inc. Adjusted EBITDA Reconciliation

	For The Three Months Ended
	December 31,
	2012			2011
	(Unaudited, in thousands)

Net income	$	27,559		$	24,249
Depreciation, depletion and amortization		21,120			21,419
Non-cash employee stock compensation		1,805			1,868
Interest and other income		(29	)		(489	)
Interest and other expense		6,988			1,609
Income tax expense		16,315			14,051
Non-controlling interests in operating income of consolidated subsidiaries		(342	)		(572	)
Adjusted EBITDA	$	73,416		$	62,135


	For The Six Months Ended
	December 31,
	2012			2011
	(Unaudited, in thousands)

Net income	$	52,852		$	50,390
Depreciation, depletion and amortization		42,620			38,639
Non-cash employee stock compensation		3,900			4,066
Restructuring on royalty interests in mineral properties		-			1,328
Interest and other income		(139	)		(3,322	)
Interest and other expense		13,157			3,387
Income tax expense		32,776			26,433
Non-controlling interests in operating income of consolidated subsidiaries		(777	)		(1,200	)
Adjusted EBITDA	$	144,389		$	119,721

Source: Royal Gold, Inc.

Royal Gold, Inc.

Karen Gross

Vice President and Corporate Secretary

(303) 575-6504

Dial-In Numbers:

800-603-2779 (U.S. and Canada)

973-200-3960 (International)

Conference ID#:

Webcast URL:

www.royalgold.com under Investor Relations, Presentations

Mon, 07 Jan 2013 11:51:00 -0500

DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ:RGLD)(TSX:RGL) today announced that its second quarter 2013 results will be released before the market opens for trading on Thursday, January 31, 2013, followed by a conference call that day at noon Eastern Time (10:00 a.m. Mountain Time). The call will be webcast and archived on the Company’s website for a limited time.

Fiscal 2013 Second Quarter Earnings Call Information:

	Dial-In Numbers:				800-603-2779 (U.S. and Canada)
					973-200-3960 (International)
	Conference ID#:				85826820
	Webcast URL:				www.royalgold.com under Investor Relations, Presentations

About Royal Gold

Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metals royalties and similar interests. The Company's portfolio consists of 205 properties on six continents, including interests on 39 producing mines and 28 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

Royal Gold

Karen Gross, 303-575-6504

Vice President and Corporate Secretary