Market Overview

Royal Gold Announces Attributable Reserves

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Royal Gold, Inc. (NASDAQ:RGLD) (together with its subsidiaries,
"Royal Gold" or the "Company," "we" or "our") announces updated
estimates for ore reserves attributable1 to the Company's
stream, royalty and similar interests as of December 31, 2018. Reserve
figures are provided by the operators of properties on which the Company
holds these interests or are obtained by Royal Gold through publicly
available information.

Gold reserves of 3.8 million attributable ounces were 8.9% lower than
the prior calendar year primarily due to mining depletion at Mount
Milligan, Carmen de Andacollo and Pueblo Viejo. Silver reserves of 50
million attributable ounces were 22.2% higher due to the acquisition of
the Khoemacau stream interest during the current fiscal year. On an
attributable gold equivalent basis2, gold makes up
approximately 66% of reserves while silver contributes approximately 10%.

A summary of attributable reserves for all metals is presented in the
table below.

Metal       Attributable Reserves    
      Units       Dec. 31, 2017       Dec. 31, 2018       Change
Gold       M oz       4.2       3.8       -8.9%
Silver       M oz       41       50       22.2%
Copper       M lb       460       440       -4.3%
Lead       M lb       72       73       1.2%
Zinc       M lb       182       181       -0.5%
Nickel       M lb       41       39       -5.1%
Cobalt       M lb       2.5       2.3       -8.0%
Molybdenum       M lb       4.3       4.3       0.0%
                       

On a gold equivalent basis, attributable reserves3 to Royal
Gold were 5.8 million ounces compared to 6.4 million ounces at calendar
year-end 2017. The decrease was due to generally lower Metal Prices for
the non-gold metals included in the calculation of gold equivalent
ounces, as shown in the table below, and mining depletion experienced in
the year. The impact of lower prices on gold equivalent reserves was
nearly equal to the effect of mining depletion.

Metal       Metal Prices Used for GEO Calculation    
      $ / Unit       Dec. 31, 2017       Dec. 31, 2018       Change
Gold       $/oz       1,291       1,279       -0.9%
Silver       $/oz       16.87       15.47       -8.3%
Copper       $/lb    
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