<SEC-DOCUMENT>0001104659-23-058541.txt : 20230510
<SEC-HEADER>0001104659-23-058541.hdr.sgml : 20230510
<ACCEPTANCE-DATETIME>20230510172305
ACCESSION NUMBER:		0001104659-23-058541
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230510
DATE AS OF CHANGE:		20230510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYAL GOLD INC
		CENTRAL INDEX KEY:			0000085535
		STANDARD INDUSTRIAL CLASSIFICATION:	MINERAL ROYALTY TRADERS [6795]
		IRS NUMBER:				840835164
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13357
		FILM NUMBER:		23907797

	BUSINESS ADDRESS:	
		STREET 1:		1144 15TH STREET
		STREET 2:		SUITE 2500
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		303-573-1660

	MAIL ADDRESS:	
		STREET 1:		1144 15TH STREET
		STREET 2:		SUITE 2500
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYAL GOLD INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYAL RESOURCES CORP
		DATE OF NAME CHANGE:	19870517

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYAL RESOURCES EXPLORATION INC
		DATE OF NAME CHANGE:	19810716
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)
of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934 (Amendment No.
 &numsp;&numsp;&numsp;&numsp;&numsp;&numsp;)</B></P>

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by the Registrant </FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by a Party other than the Registrant</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary Proxy Statement </FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Confidential, For Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))
</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive Proxy Statement </FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive Additional Materials </FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting Material Under Rule&nbsp;14a-12</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="tm2315265d1_defa14aimg001.jpg" ALT=""></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">Royal Gold, Inc. </FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if Other
Than the Registrant)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PAYMENT OF FILING FEE (CHECK ALL BOXES THAT APPLY):</P>

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">No fee required </FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee paid previously with preliminary materials </FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee computed on table in exhibit required by Item&nbsp;25(b) per Exchange
Act Rules 14a6(i)(1) and 0-11</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Explanatory Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On May 10, 2023, Royal Gold, Inc. (&ldquo;Royal
Gold&rdquo;) submitted to Glass Lewis a Report Feedback Statement (&ldquo;RFS&rdquo;) regarding Glass Lewis&rsquo;s proxy paper with respect
to Royal Gold&rsquo;s 2023 Annual Meeting of Stockholders.&nbsp; The RFS is reproduced in its entirety below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="tm2315265d1_defa14aimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 10, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Stockholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We appreciate the opportunity to respond directly
to the Glass Lewis proxy paper published on May&nbsp;3, 2023, regarding the 2023 Annual Meeting of Stockholders of Royal Gold, Inc. (&ldquo;Royal
Gold&rdquo;) scheduled for May 25, 2023.&nbsp; In its proxy paper, Glass Lewis recommends that Royal Gold stockholders (i)&nbsp;vote against
Royal Gold&rsquo;s proposal to amend its restated certificate of incorporation to reflect a recent amendment to Delaware Law and limit
the liability of certain officers (&ldquo;Officer Exculpation&rdquo;) and (ii)&nbsp;vote against the longest-tenured member of Royal Gold&rsquo;s
Compensation, Nominating and Governance Committee that is up for election due to gender diversity concerns.&nbsp; We disagree with Glass
Lewis&rsquo;s recommendations for the reasons outlined below and believe that the information in this letter, along with our definitive
proxy statement filed with the US Securities and Exchange Commission on April&nbsp;10, 2023 (the &ldquo;Proxy Statement&rdquo;), will
be helpful to you as you cast your vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Officer Exculpation Proposal</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In its paper, Glass Lewis stated that it believes
that officers should be held to the highest standard when carrying out their duties to stockholders, that the proposed amendment essentially
removes liability for an officer&rsquo;s breach of his or her duty of care, and that such protections are counter to the interest of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We agree that officers should be accountable to stockholders and held
to high standards of conduct. However, the mechanisms used to promote accountability must be balanced. Exposing our officers to second-guessing
by the plaintiffs&rsquo; bar does little to promote accountability while resulting in significant costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 2022, the Delaware legislature
recognized that plaintiffs were bringing far too many nuisance lawsuits against officers for breaches of the duty of care. These lawsuits
sought to second-guess the decisions officers made in complex and high-pressure situations. In most of those cases, officers faced the
prospect of personal liability for doing their jobs in pursuing transactions intended to increase stockholder value. Even worse, many
of these lawsuits lacked legal merit, often being based on marginal disclosure matters in the hope of a quick settlement. The Delaware
legislature accordingly amended the Delaware General Corporation Law to permit the exculpation of officers for breaches of the duty of
care. This proposal is simply an effort to include in Royal Gold&rsquo;s Certificate of Incorporation the same limitation of liability
as might appear in the certificate of incorporation of a new Delaware company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We note that directors have been provided
exculpation from breaches of the duty of care under Delaware law and the certificates of incorporation of most Delaware corporations
for several decades. The officer exculpation proposed is less protective than that provided to directors, and we believe it reflects
a balanced and appropriate response to today&rsquo;s litigation environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">The proposed
amendment would </FONT>not exculpate officers from liability when an officer is disloyal or acts in bad faith and preserves the ability
for stockholders to bring claims by or in the right of the corporation for breaches of the duty of care. <FONT STYLE="background-color: white">As
a result, the traditional checks against officers remain, as claims may still be brought for breach of the fiduciary duty of loyalty or
actions taken in bad faith and our Board and stockholders (bringing suits derivatively on behalf of the corporation subject to demand
requirements) may still bring fiduciary claims against officers. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Royal Gold&rsquo;s most critical business activity is the acquisition
of stream and royalty acquisitions. Exculpation of officers benefits Royal Gold and its stockholders in numerous ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>First, our board wants officers of Royal Gold to pursue value-creating transactions without fear of personal liability. Officers often
are required to make decisions on crucial matters and in response to time-sensitive opportunities and challenges. Royal Gold has consistently
succeeded in creating value for our stockholders, in large part through the efforts of our officers in identifying and pursuing attractive
acquisition opportunities. Our officers are already accountable to our board. If our officers become more risk averse in the face of increased
duty of care litigation &ndash; litigation which our most significant competitors do not face as Canadian companies &ndash; our business
and our stockholders could suffer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Second, our stockholders ultimately bear the costs of increased litigation. Like other public companies, Royal Gold indemnifies its
officers for violations of the duty of care. If those payments were to occur, the impact would be to reduce cash available for our core
business. D&amp;O insurance premiums have already increased as the result of frivolous litigation. The Glass Lewis report does not mention
the potential benefits to stockholders of a reduction of litigation costs and insurance premiums, which we believe far outweigh any benefits
stockholders may have from the ability to bring duty of care claims against officers. Additionally, Royal Gold has a small team of people,
and defending against litigation is time consuming and distracts from our ability to pursue actions that create stockholder value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Third, our board believes that providing for the exculpation of officers will enhance Royal Gold&rsquo;s ability to attract and retain
quality officers. Royal Gold already faces recruiting headwinds in light of the increasingly litigious environment facing officers of
U.S. public companies and the SEC rules applicable to officers. For example, the SEC recently adopted rules requiring the clawback of
compensation from officers in the event of a restatement of financial statements regardless of any misconduct on the part of an officer. Our board believes that exculpating Royal Gold&rsquo;s officers from
liability for breaches of the duty of care is a meaningful step in making Royal Gold a more attractive option for talented executives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Royal Gold is not alone in seeking to exculpate officers from duty of care claims. As of the date of this letter, several hundred public
companies have proposed amendments to their certificates of incorporation to limit officer liability. We believe that exculpation of officers
will eventually become standard among Delaware corporations for the reasons stated above, much like the exculpation of directors became
standard among Delaware corporations after the Delaware legislature first permitted director exculpation in the 1980s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>For these reasons, we recommend
stockholders vote FOR the amendment of our restated certificate of incorporation to limit officer liability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Gender Diversity </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In its paper, Glass Lewis recommended a vote against C. Kevin McArthur,
the longest-tenured member of our Compensation, Nominating and Governance Committee that is up for election, due to not meeting Glass
Lewis&rsquo;s 30% board gender diversity threshold, despite Royal Gold having a 29% gender diverse board. Royal Gold has a board of seven
directors, and, of Royal Gold&rsquo;s six independent directors, 33-1/3% are gender diverse. Glass Lewis&rsquo;s recommendation does not
recognize Royal Gold&rsquo;s commitment to board diversity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Royal Gold recognizes that a diversity of skills, thought and experience
benefits companies by providing a broad range of perspectives and insights. Royal Gold continues to focus on increasing the diversity
of its board. As we noted in our Proxy Statement, we have committed to seeking highly qualified board candidates with a diversity of race,
ethnicity and gender in each candidate pool. Over the past six years, we have significantly increased the diversity of our board by adding
diverse candidates with skills and experience in important areas to replace long-standing board members upon retirement. We have added
to our board two new directors, both of whom are diverse: Sybil Veenman (2017) and Fabianna Chubbs (2020). In addition, our board elected
Ms. Veenman as chair of our Compensation, Nominating and Governance Committee effective April 1, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have increased the diversity of our board with
each of our last two new directors and will continue to focus on diversity as part of our board refreshment process.&nbsp; We also believe
it is in the best interests of our stockholders for us to find the right director who will enhance our board&rsquo;s knowledge, skills,
and experience, rather than trying to meet a Glass Lewis deadline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. McArthur brings to our board experience in
areas important to the operations and strategy of Royal Gold, including, in particular, Mr. McArthur&rsquo;s extensive experience managing
mining operations as the chief executive officer of major precious metals mining companies and serving in positions focused on mine operations
and project development with major international mining companies. As Royal Gold&rsquo;s board evaluates significant investments in royalty
and stream interests in mining properties around the world, Mr. McArthur&rsquo;s experience and expertise is invaluable as he provides
an important and unique perspective in our investment review process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>For these reasons, we recommend
stockholders vote FOR the re-election of Kevin McArthur to our board.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We invite our stockholders
to review our Proxy Statement and welcome engagement with our stockholders at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%">/s/ William Heissenbuttel</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William Heissenbuttel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President and Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Royal Gold, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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