Market Overview

Royal Gold Provides Update on its Fiscal 2019 Second Quarter


Royal Gold, Inc. (NASDAQ:RGLD) (together with its subsidiaries,
"Royal Gold" or the "Company") today announced that its wholly owned
subsidiary, RGLD Gold AG, sold approximately 56,000 gold equivalent
ounces comprised of approximately 44,000 gold ounces, 545,000 silver
ounces and 1,100 tonnes of copper related to its streaming agreements
during its fiscal 2019 second quarter ended December 31, 2018 ("second
quarter"). The Company had approximately 17,000 gold ounces, 511,000
silver ounces and 400 tonnes of copper in inventory at December 31, 2018.

RGLD Gold AG's average realized gold, silver and copper prices for the
second quarter were $1,219 per ounce, $14.45 per ounce, and $6,092 per
tonne ($2.76 per pound), respectively, compared to $1,221, $15.25, and
$5,800 ($2.63 per pound) in the prior quarter, respectively. Cost of
sales was approximately $327 per gold equivalent ounce for the second
quarter using the quarterly average silver-gold ratio of approximately
84 to 1 and copper-gold ratio of approximately 0.20 tonnes per ounce,
compared to $288 per gold equivalent ounce in the prior quarter. Cost of
sales is specific to our stream agreements and is the result of the
Company's purchase of gold, silver or copper for cash payments at a set
contractual price, or a percentage of the prevailing market price of
gold, silver or copper when purchased.

As previously announced and anticipated, reduced sales were experienced
during the second quarter from Mount Milligan due to rail transportation
issues experienced in July 2018, and from Pueblo Viejo due to a change
to the provisional payment schedule that resulted in lower deliveries in
the first quarter with correspondingly lower sales in the second quarter.

Conference Call

Royal Gold's second quarter results will be released after the market
close on Wednesday, February 6, 2019, followed by a conference call the
next 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 2019 Second Quarter Earnings Call Information:
Dial-In Numbers:   855-209-8260 (U.S.); toll free
855-669-9657 (Canada); toll free
412-542-4106 (International)
Conference Title: Royal Gold
Webcast URL:
under Investors, Events & Presentations


About Royal Gold

Royal Gold is a precious metals stream and royalty company engaged in
the acquisition and management of precious metal streams, royalties, and
similar production-based interests. At December 31, 2018, the Company
owns interests on 191 properties on six continents, including interests
on 41 producing mines and 17 development stage projects. Royal Gold is
publicly traded on the Nasdaq Global Select Market under the symbol
"RGLD." The Company's website is located at

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
preliminary results of streaming sales volume, inventory, average
realized price per ounce and per tonne, cost of sales per gold
equivalent ounce, reduced sales during the second quarter due to rail
transportation issues experienced at Mount Milligan in July 2018, and
changes to the provisional payment schedule at Pueblo Viejo that
resulted in lower deliveries in the 2019 first fiscal quarter and
correspondingly lower sales in the second quarter. 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 stream and royalty properties, including
gold and copper production at Mount Milligan, gold production at
Andacollo and Wassa and Prestea, and gold and silver production at
Pueblo Viejo and Rainy River; changes in estimates of reserves and
mineralization by the operators of the Company's stream and royalty
properties; errors or disputes in calculating or accounting for stream
and royalty deliveries and payments, or deliveries and payments not made
in accordance with stream and royalty agreements; economic and market
conditions; risks associated with conducting business in foreign
countries; changes in laws governing the Company and its stream and
royalty properties or the operators of such properties; and other
subsequent events; as well as other factors described in the Company's
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other
filings with the Securities and Exchange Commission. Most of these
factors are beyond the Company's ability to predict or control. The
Company disclaims any obligation to update any forward-looking statement
made herein. Readers are cautioned not to put undue reliance on
forward-looking statements.

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