Royal Gold, Inc.

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Royal Gold, Inc. Smart Growth Annual
Meeting November 2001
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Cautionary Safe Harbor Statement
UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995. Some matters contained in this
presentation are forward-looking statements that
involve risks and uncertainties that could cause
actual events to differ materially from
projections or estimates. Such forward-looking
statements include comments regarding future cash
flow, earnings, and revenues, timing and amounts
of future production, and mineralization and
reserves. Factors that could cause actual
results to differ materially from such
projections include changes in precious metals
prices, various decisions and activities of mine
operators, unanticipated grade, geological,
metallurgical, or processing problems, changes in
project parameters as plans are refined, and the
results of current or planned exploration
activities. These and other factors are
discussed in more detail in the Companys filings
with the Securities and Exchange Commission. The
Company disclaims any obligation to update any
forward-looking statements.
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Welcome
Welcome to Royal Golds Annual Meeting
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Great Results

• (in millions except per share amounts)
• First
• Fiscal Quarter
• 2001 2002
• Revenue 6.0 2.8
• Operating Income 0.9 1.4
• Operating Cash Flow 2.7 2.0

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A Unique Investment

• Low risk exposure to precious metals
• Leverage to the gold price
• Exposure to precious metals without direct
  operating risk
• No capital commitments

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Strategy
Royal Gold The Royalty Company of Choice
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Royal Golds Plan

• Control costs leading to even higher margins
• Increase cash flow, on a per share basis
• Sustain and eventually increase dividends

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Strengths

• Exposure to world class ore bodies
• Attractive risk/reward profile
• Growth potential
• High margins
• Market position
• Strong management
• No debt clean balance sheet
• Dividends
• Available line of credit

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Smart Growth

• Quality assets and quality operators
• Increase revenues only on a profitable basis
• No marginal transactions
• Dont overpay for acquisitions

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Producing Royalty Reserves

• 
  
  
• 
  Tons/Tonnes Grade Contained
  Royalty
• Royalty
  (mm) (opt/gpt) oz1
  Ounces
• Pipeline Complex 2.25 gsr2 151.3 / 137.3 .047
  / 1.6 7,058,482 158,816
• Pipeline Complex 0.71 gsr 151.3 / 137.3 .047 /
  1.6 7,058,482 49,409
• Pipeline Complex3 0.37 nvr4 122.4 /
  111.0 .041 / 1.4 5,060,840 18,725
• Bald Mountain 1.75 nsr 11.5 / 10.4 .047 /
  1.6 332,151 5,813

• Operators reserve estimates as of December 2000.
• At a gold price of 270-310/oz (sliding-scale GSR
  royalty varies with the gold price).
• This royaltys area of interest covers South
  Pipeline and Crossroads area, but not the
  Pipeline pit.
• NVR is calculated by deducting processing-related
  costs, but royalty is not burdened by mining
  costs.

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Pipeline Mining Complex Low Cost Mine

• 4 royalties on one of the best mines in the world
• Stated cash cost of 73/oz in nine months of
  calendar 2001
• Production of gt1 million ounces for the past
  three years
• Mine plan optimization
• Cost reductions

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Pipeline Mining Complex Reserves Resources

• Proven Probable Reserves
• 7.1 million contained ounces
• (December 31, 2000 _at_ 300 AU)
• Resources are open

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Pipeline Mining Complex GSR Sliding Scale
Royalties

• 
  Pipeline / Gas Claims
• 
  S. Pipeline GSR2
• Price of Gold GSR1 Super Royalty
• Below 210 0.40 0.72
• 210 - 229.99 0.50 0.90
• 230 - 249.99 0.75 1.35
• 250 - 269.99 1.30 2.34
• 270 - 309.99 2.25 4.05
• 310 - 329.99 2.60 4.68
• 330 - 349.99 3.00 5.40
• 350 - 369.99 3.40 6.12
• 370 - 389.99 3.75 6.75
• 390 - 409.99 4.00 7.20
• 410 - 429.99 4.25 7.65
• 430 - 449.99 4.50 8.10
• 450 - 469.99 4.75 8.55
• 470 and above 5.00 9.00

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Pipeline Mining ComplexRoyal Golds Royalties
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Pipeline Mining Complex Claim Boundary
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Pipeline Mining Complex Royalty Footprint
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Crossroads Yesterday
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Crossroads Today
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FY 2002 Royalty Revenues
A 50 increase in the gold price provides a 200
increase in revenues
18.0
16.0
14.0
12.0
10.0
Revenues ( in millions)
8.0
6.0
4.0
2.0
0.0
250
275
300
325
350
375
Gold Price ( / ounce)
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GSR1 Leverage

• December 31, 2000
• Gold Price Royalty Ounces
• gt 250 91,760
• gt 270 158,816
• gt 310 183,521
• gt 330 211,754
• gt 350 239,988

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GSR1 Leverage
12.0
10.0
8.0
20
Revenues ( in millions)
6.0
10
27
60
4.0
2.0
0.0
285
313
341
Gold Price ( / ounce)
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Bald Mountain

• Royalty
• 1.75 NSR
• Reserves
• 332,000 oz
• (11.5 mm tons _at_ 0.029 opt 10.4 mm tonnes _at_ 1.0
  gpt)
• Resource
• 691,600 oz
• (9.1 mm tons _at_ 0.076 opt 8.3 mm tonnes _at_ 2.60
  gpt)

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Bald Mountain Royalty Reserves Revenue

• Royalty reserve ounces
• 5,813 oz
• 70,000 ounces in fiscal 2002
• Reserve life of 4 years
• Revenue
• 410,000/yr (275 Au)
• 446,000/yr (300 Au)
• 483,000/yr (325 Au)

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Yamana Resources Location Royalty

• Location
• Santa Cruz Province, Argentina
• Land
• 365,000 acres (148,000 hectares)
• Royalty
• 2 net smelter returns royalty

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Yamana Resources Prospects Production

• Prospects
• Bacon DSO at the Martha Mine
• Martinetas High-grade gold at Coyote
• Project Status

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Extraordinary Margins

• Royalty Revenues 84 increase
• Operating Cash Flow 71 of revenues
• Net Income 51 of revenues
  
  
  (before non-cash charge)

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Shares Market Price

• Shares outstanding 17.9 million
• (Fully Diluted) 18.9 million
• Market Cap 99 million
• NASDAQ RGLD
• TSE RGL
• Management Ownership 30

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Why Own Gold Stocks

• Provides safe haven in troubled times
• Share price appreciation
• Dividends
• Growth through expansion of reserves
• Liquidity

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Why Own Royal Gold

• A producing royalty portfolio that provides
• Low risk exposure to precious metals
• Operating cash flow and profits
• Strong upside gains as the price of gold
  increases
• Downside protection if the price of gold falls
• Dividends

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Royal Gold www.royalgold.com

• Royal Gold shares should be a core asset
• in every investment portfolio.