Royal Gold Acquires Gold Stream on Teck's Carmen de Andacollo Mine

Royal Gold, Inc.

("RGI") announces that its wholly owned subsidiary RGLD Gold AG ("Royal Gold" or the "Company") entered into a $525 million gold offtake agreement with Compañía Minera Teck Carmen de Andacollo ("CMCA"), a 90% owned subsidiary of Teck Resources Limited ("Teck"). The transaction will encompass certain exploitation concessions by CMCA on the Carmen de Andacollo copper-gold mine, any mining concessions acquired within a 1.5 kilometer area of interest, and certain other mining concessions that CMCA may acquire. The offtake agreement on Carmen de Andacollo is separate and distinct from the former royalty of Royal Gold Chile Limitada, a wholly owned subsidiary of RGI ("RG Chile"), on the Carmen de Andacollo mine, which was terminated with an economic effective date of June 30, 2015. Tony Jensen, President and Chief Executive Officer of RGI, commented, "This stream gives Royal Gold a larger interest in gold from Andacollo for a longer period and increases our optionality to new discoveries through an expanded area of interest. This transaction is yet another step towards our goal of adding new business to diversify and balance our revenue sources, and we are pleased to do so with a high quality partner such as Teck." Transaction Details Royal Gold made a $525 million advance payment in cash to CMCA CMCA will deliver to Royal Gold 100% of payable gold from Carmen de Andacollo until 900,000 ounces have been delivered, and 50% thereafter, subject to a fixed payable percentage of 89% Royal Gold will also pay CMCA 15% of the monthly average gold price for the month preceding the delivery date Transaction Highlights for Royal Gold Larger economic interest in terms of duration and gold interest in Carmen de Andacollo relative to RG Chile's prior royalty Expanded footprint encompassing additional mineral rights and a 1.5 kilometer area of interest relative to RG Chile's prior royalty Estimated average annual deliveries of approximately 41,000 payable gross gold ounces over the life of mine (50,000 payable gross ounces over the first five years) Proven and probable reserves of 1.6 million contained gold ounces grading 0.11 g/t gold and a 22 year mine life reported by Teck as of December 31, 2014 Long operating history including 5+ years of concentrator operations and prior relationship with RG Chile Well-respected partner in Teck, Canada's largest diversified resource company Adds to the Company's strong geopolitical footprint with another investment in Chile About the Offtake Agreement between Royal Gold and CMCA The offtake agreement is effective July 1, 2015, and applies to all final settlements of gold received on or after that date Deliveries to Royal Gold will be made monthly Royal Gold plans to sell the gold within a few weeks of receiving each delivery Revenue from the delivered gold will be recognized after the sale has occurred Royal Gold expects to begin receiving gold deliveries in its first fiscal quarter of 2016 (ended September 30, 2015)