<SEC-DOCUMENT>0000085535-25-000162.txt : 20251105
<SEC-HEADER>0000085535-25-000162.hdr.sgml : 20251105
<ACCEPTANCE-DATETIME>20251105165410
ACCESSION NUMBER:		0000085535-25-000162
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		17
FILED AS OF DATE:		20251105
DATE AS OF CHANGE:		20251105
EFFECTIVENESS DATE:		20251105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYAL GOLD INC
		CENTRAL INDEX KEY:			0000085535
		STANDARD INDUSTRIAL CLASSIFICATION:	MINERAL ROYALTY TRADERS [6795]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				840835164
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-291291
		FILM NUMBER:		251454877

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>forms-3asrxassumedsandstor.htm
<DESCRIPTION>S-3ASR
<TEXT>
<html><head><title>Form S-3ASR - Assumed Sandstorm Stock Options</title></head><body><div style="background-color:#E4E4E4;font-family:Arial, Sans Serif;word-wrap:break-word"><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:8.25pt;position:absolute;top:43pt;width:612pt"><font style="font-family:&#39;Calibri&#39;, sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre"> <font style="display:inline-block;height:8.25pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div id="i62a3514eb7314d069bd7e2763e6c587c_1" style="position:absolute;top:72pt"></div><div style="line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:143.87pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">As filed with the Securities and Exchange Commission on November 5, 2025</font><font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:88pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:411.72pt;position:absolute;white-space:pre">Registration No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="position:absolute;top:104pt;width:612pt"><div style="font-size:0pt;left:73.5pt;position:absolute;top:0pt;width:465pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td></tr><tr style="height:5.25pt"><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td></tr></table></div></div></div><div style="line-height:12.19pt;position:absolute;top:117.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:18pt;font-style:normal;font-weight:bold;left:234.26pt;position:absolute;white-space:pre">UNITED STATES<font style="display:inline-block;height:12.19pt"></font></font></div><div style="line-height:12.19pt;position:absolute;top:135.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:18pt;font-style:normal;font-weight:bold;left:112.31pt;position:absolute;white-space:pre">SECURITIES AND EXCHANGE COMMISSION <font style="display:inline-block;height:12.19pt"></font></font></div><div style="line-height:8.12pt;position:absolute;top:153.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:12pt;font-style:normal;font-weight:bold;left:243.84pt;position:absolute;white-space:pre">Washington, D.C. 20549 <font style="display:inline-block;height:8.12pt"></font></font></div><div style="position:absolute;top:177.25pt;width:612pt"><div style="font-size:0pt;left:213pt;position:absolute;top:0pt;width:186pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td></tr><tr style="height:5.25pt"><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td></tr></table></div></div></div><div style="line-height:12.19pt;position:absolute;top:192pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:18pt;font-style:normal;font-weight:bold;left:263.77pt;position:absolute;white-space:pre">FORM S-3<font style="display:inline-block;height:12.19pt"></font></font></div><div style="line-height:8.12pt;position:absolute;top:216pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:12pt;font-style:normal;font-weight:bold;left:220.2pt;position:absolute;white-space:pre">REGISTRATION STATEMENT<font style="display:inline-block;height:8.12pt"></font></font></div><div style="line-height:8.12pt;position:absolute;top:228pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:12pt;font-style:normal;font-weight:bold;left:284.68pt;position:absolute;white-space:pre">UNDER<font style="display:inline-block;height:8.12pt"></font></font></div><div style="line-height:8.12pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:12pt;font-style:normal;font-weight:bold;left:218.02pt;position:absolute;white-space:pre">THE SECURITIES ACT OF 1933<font style="display:inline-block;height:8.12pt"></font></font></div><div style="position:absolute;top:264pt;width:612pt"><div style="font-size:0pt;left:213pt;position:absolute;top:0pt;width:186pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td></tr><tr style="height:5.25pt"><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td></tr></table></div></div></div><div style="line-height:13.54pt;position:absolute;top:280.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:20pt;font-style:normal;font-weight:bold;left:236.01pt;position:absolute;white-space:pre">Royal Gold, Inc.<font style="display:inline-block;height:13.54pt"></font></font></div><div style="line-height:5.2pt;position:absolute;top:300.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:7.5pt;font-style:normal;font-weight:normal;left:228.68pt;position:absolute;white-space:pre">(Exact name of registrant as specified in its charter) <font style="display:inline-block;height:5.2pt"></font></font></div><div style="position:absolute;top:317.75pt;width:612pt"><div style="font-size:0pt;left:71.25pt;position:absolute;top:0pt;width:469.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:222.75pt" rowspan="1" colspan="1"></td><td style="padding:0;width:24pt" rowspan="1" colspan="1"></td><td style="padding:0;width:222.75pt" rowspan="1" colspan="1"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:0pt;width:222.75pt"><div><div style="line-height:6.77pt;position:absolute;top:2.63pt;width:222.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:91.12pt;position:absolute;text-decoration:none;white-space:pre">Delaware<font style="display:inline-block;height:6.77pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:222.75pt;position:absolute;top:0pt;width:24pt"><div><div style="line-height:5.2pt;position:absolute;top:2.63pt;width:24pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:7.5pt;font-style:normal;font-weight:normal;left:0pt;position:absolute;text-decoration:none;white-space:pre">&#160;<font style="display:inline-block;height:5.2pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:246.75pt;position:absolute;top:0pt;width:222.75pt"><div><div style="line-height:6.77pt;position:absolute;top:2.63pt;width:222.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:87.21pt;position:absolute;text-decoration:none;white-space:pre">84-0835164<font style="display:inline-block;height:6.77pt"></font></font></div></div></div></td></tr><tr style="height:11.25pt"><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:14.25pt;width:222.75pt"><div><div style="line-height:5.2pt;position:absolute;top:2.63pt;width:222.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:7.5pt;font-style:normal;font-weight:normal;left:21.84pt;position:absolute;text-decoration:none;white-space:pre">(State or other jurisdiction of incorporation or organization)<font style="display:inline-block;height:5.2pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:222.75pt;position:absolute;top:14.25pt;width:24pt"><div><div style="line-height:5.2pt;position:absolute;top:2.63pt;width:24pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:7.5pt;font-style:normal;font-weight:normal;left:0pt;position:absolute;text-decoration:none;white-space:pre">&#160;<font style="display:inline-block;height:5.2pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:246.75pt;position:absolute;top:14.25pt;width:222.75pt"><div><div style="line-height:5.2pt;position:absolute;top:2.63pt;width:222.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:7.5pt;font-style:normal;font-weight:normal;left:53.03pt;position:absolute;text-decoration:none;white-space:pre">(IRS Employer Identification Number)<font style="display:inline-block;height:5.2pt"></font></font></div></div></div></td></tr></table></div></div></div><div style="line-height:6.77pt;position:absolute;top:360.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:248.28pt;position:absolute;white-space:pre">1144 15<font style="display:inline-block;height:6.77pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:6.5pt;font-style:normal;font-weight:bold;left:280.78pt;position:absolute;top:-2.3694999999999995pt;vertical-align:super;white-space:pre">th<font style="display:inline-block;height:4.4005pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:286.55pt;position:absolute;white-space:pre">&#160;Street, Suite 2500<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:370.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:254.22pt;position:absolute;white-space:pre">Denver, Colorado 80202<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:380.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:277.67pt;position:absolute;white-space:pre">303-573-1660<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:5.2pt;position:absolute;top:393.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:7.5pt;font-style:normal;font-weight:normal;left:131.95pt;position:absolute;white-space:pre">(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)<font style="display:inline-block;height:5.2pt"></font></font></div><div style="position:absolute;top:411.25pt;width:612pt"><div style="font-size:0pt;left:213pt;position:absolute;top:0pt;width:186pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td></tr><tr style="height:5.25pt"><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td></tr></table></div></div></div><div style="line-height:6.77pt;position:absolute;top:423pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:272.82pt;position:absolute;white-space:pre">David Crandall<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:433pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:161.86pt;position:absolute;white-space:pre">Vice President, Corporate Secretary, and Chief Compliance Officer<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:443pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:271.01pt;position:absolute;white-space:pre">Royal Gold, Inc.<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:453pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:248.28pt;position:absolute;white-space:pre">1144 15<font style="display:inline-block;height:6.77pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:6.5pt;font-style:normal;font-weight:bold;left:280.78pt;position:absolute;top:-2.3694999999999995pt;vertical-align:super;white-space:pre">th<font style="display:inline-block;height:4.4005pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:286.55pt;position:absolute;white-space:pre">&#160;Street, Suite 2500<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:463pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:254.22pt;position:absolute;white-space:pre">Denver, Colorado 80202<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:473pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:277.67pt;position:absolute;white-space:pre">303-573-1660<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:5.2pt;position:absolute;top:486pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:7.5pt;font-style:normal;font-weight:normal;left:154.72pt;position:absolute;white-space:pre">(Name, address, including zip code, and telephone number, including area code, of agent for service)<font style="display:inline-block;height:5.2pt"></font></font></div><div style="position:absolute;top:507pt;width:612pt"><div style="font-size:0pt;left:213pt;position:absolute;top:0pt;width:186pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td></tr><tr style="height:5.25pt"><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td></tr></table></div></div></div><div style="line-height:6.93pt;position:absolute;top:520.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;white-space:pre">Approximate date of commencement of proposed sale to the public&#58;&#160; <font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:364.85pt;position:absolute;white-space:pre">From time to time after this registration <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:532.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">statement becomes effective.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:547.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:559.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">plans, please check the following box&#58; &#9744;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:574.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:586.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:7.28pt;position:absolute;top:598.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">reinvestment plans, check the following box&#58;&#160; <font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;null&#39;, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;left:256.8pt;position:absolute;white-space:pre">&#9745;<font style="display:inline-block;height:7.28pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:613.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:625.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">please check the following box and list the Securities Act registration statement number of the earlier effective <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:637.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">registration statement for the same offering&#58;&#160; &#9744;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:652.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:664.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">following box and list the Securities Act registration statement number of the earlier effective registration statement <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:676.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">for the same offering&#58;&#160; &#9744;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:7.28pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">the following box&#58;&#160; <font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;null&#39;, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;left:150.82999999999998pt;position:absolute;white-space:pre">&#9745;<font style="display:inline-block;height:7.28pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:111pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:123pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:135pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">check the following box&#58;&#160; &#9744;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:150pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:162pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">a smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:174pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">&#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#34;emerging growth company&#34; in Rule 12b-2 of the Exchange <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:186pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">Act.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:8.32pt;position:absolute;top:201pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:96pt;position:absolute;white-space:pre">Large accelerated filer&#160; <font style="display:inline-block;height:8.32pt"></font></font><font style="font-family:&#39;null&#39;, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;left:190.8pt;position:absolute;white-space:pre">&#9745;<font style="display:inline-block;height:8.32pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:12pt;font-style:normal;font-weight:normal;white-space:pre"><font style="left:198.61pt;position:absolute"><font style="display:inline-block;height:8.32pt;width:161.39pt"></font></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:360pt;position:absolute;white-space:pre">Accelerated filer&#160; &#9744;<font style="display:inline-block;height:8.32pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:218.4pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:96pt;position:absolute;white-space:pre">Non-accelerated filer&#160; &#9744;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:8pt;font-style:normal;font-weight:normal;white-space:pre"><font style="left:193.37pt;position:absolute"><font style="display:inline-block;height:6.93pt;width:166.63pt"></font></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:360pt;position:absolute;white-space:pre">Smaller reporting company&#160; &#9744;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:233.4pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;white-space:pre"><font style="left:72pt;position:absolute"><font style="display:inline-block;height:6.93pt;width:37.54pt"></font></font><font style="left:109.53999999999999pt;position:absolute"><font style="display:inline-block;height:6.93pt;width:250.46pt"></font></font><font style="left:360pt;position:absolute">Emerging growth company&#160; &#9744;<font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:248.4pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:260.4pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">transition period for complying with any new or revised financial accounting standards provided pursuant to Section <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:272.4pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre">7(a)(2)(B) of the Securities Act.&#160; &#9744;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="position:absolute;top:284.4pt;width:612pt"><div style="font-size:0pt;left:72pt;position:absolute;top:0pt;width:465pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td></tr><tr style="height:5.25pt"><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td></tr></table></div></div></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div id="i62a3514eb7314d069bd7e2763e6c587c_251" style="position:absolute;top:72pt"></div><div style="line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">PROSPECTUS<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:259.08pt;position:absolute;text-decoration:none;white-space:pre">ROYAL GOLD, INC.<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:234.49pt;position:absolute;text-decoration:none;white-space:pre">689,637 Shares of Common Stock<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:219.52pt;position:absolute;text-decoration:none;white-space:pre">Issuable Upon Exercise of Stock Options<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:144pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:146.48pt;position:absolute;text-decoration:none;white-space:pre">Under the Sandstorm Gold Ltd. Amended and Restated Stock Option Plan<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:168pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">This prospectus relates to 689,637 shares of Royal Gold, Inc.&#8217;s (&#8220;Royal Gold&#8221; or the &#8220;Company&#8221;) common stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:180pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">issuable upon the exercise of stock options assumed by Royal Gold pursuant to the terms of the Arrangement <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:192pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Agreement (the &#8220;Arrangement Agreement&#8221;), dated as of July 6, 2025, by and among Royal Gold, International <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:204pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Royalty Corporation, and Sandstorm Gold Ltd. (&#8220;Sandstorm&#8221;), which stock options are currently outstanding and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:216pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">held by eligible former directors, employees, and consultants of Sandstorm. On October 20, 2025, Royal Gold <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:228pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">completed the acquisition of Sandstorm, and at the effective time of the acquisition (the &#8220;Effective Time&#8221;), Royal <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Gold assumed outstanding stock options granted pursuant to the Sandstorm Gold Ltd. Amended and Restated Stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:252pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Option Plan (the &#8220;Plan&#8221;). Eligible former directors, employees and consultants of Sandstorm refer to individuals <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:264pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">who were former directors, employees, or consultants of Sandstorm as of the Effective Time.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:288pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The Company will receive the proceeds from the sale of shares of common stock pursuant to the exercise of any <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:300pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stock options under the Plan.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:324pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">This prospectus contains a general description of the shares of common stock that may be issued upon exercise of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:336pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the assumed stock options pursuant to the Plan. You should read this prospectus, together with the documents we <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:348pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">incorporate by reference, carefully before you invest in our common stock.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold&#8217;s common stock is traded on the Nasdaq Global Select Market under the symbol &#8220;RGLD.&#8221;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Investing in our common stock involves risks. See &#8220;Risk Factors&#8221; beginning on page 2 of this prospectus and <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:408pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">the risks and uncertainties described in the documents Royal Gold files with the Securities and Exchange <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:420pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Commission that are incorporated in this prospectus by reference.<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Neither the Securities and Exchange Commission nor any state securities commission has approved or <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:456pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:468pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">representation to the contrary is a criminal offense.<font style="display:inline-block;height:6.77pt"></font></font></div><div style="position:absolute;top:492pt;width:612pt"><div style="font-size:0pt;left:213pt;position:absolute;top:0pt;width:186pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td></tr><tr style="height:5.25pt"><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td></tr></table></div></div></div><div style="line-height:6.93pt;position:absolute;top:514.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:218.01pt;position:absolute;text-decoration:none;white-space:pre">This prospectus is dated November 5, 2025.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:304.61pt;position:absolute;white-space:pre">i<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div id="i62a3514eb7314d069bd7e2763e6c587c_4" style="position:absolute;top:72pt"></div><div style="line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:252.15pt;position:absolute;text-decoration:none;white-space:pre">TABLE OF CONTENTS<font style="display:inline-block;height:6.77pt"></font></font></div><div style="position:absolute;top:96pt;width:612pt"><div style="font-size:0pt;left:72pt;position:absolute;top:0pt;width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:443.25pt" rowspan="1" colspan="1"></td><td style="padding:0;width:24.75pt" rowspan="1" colspan="1"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:0pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre">Page<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:14.25pt;width:443.25pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:3.67pt;width:443.25pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="#i35e8434110754201a9218eb6aa8263b1_140337">ABOUT THIS PROSPECTUS</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:14.25pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:10.99pt;position:absolute;text-decoration:none;white-space:pre">i<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:28.5pt;width:443.25pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:3.67pt;width:443.25pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="#i35e8434110754201a9218eb6aa8263b1_140338">WHERE YOU CAN FIND MORE INFORMATION</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:28.5pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:9.6pt;position:absolute;text-decoration:none;white-space:pre">ii<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:42.75pt;width:443.25pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:3.67pt;width:443.25pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="#i35e8434110754201a9218eb6aa8263b1_140339">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:42.75pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:9.6pt;position:absolute;text-decoration:none;white-space:pre">ii<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:57pt;width:443.25pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:3.67pt;width:443.25pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="#i35e8434110754201a9218eb6aa8263b1_140893">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:57pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:8.22pt;position:absolute;text-decoration:none;white-space:pre">iii<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:71.25pt;width:443.25pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:3.67pt;width:443.25pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="#i97e63ac736be4db4b6fedaa2b9424f25_4016">PROSPECTUS SUMMARY</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:71.25pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:9.87pt;position:absolute;text-decoration:none;white-space:pre">1<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:85.5pt;width:443.25pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:3.67pt;width:443.25pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="#i1bdecfb646aa47ed99cf3beade74ea5c_86969">RISK FACTORS</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:85.5pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:9.87pt;position:absolute;text-decoration:none;white-space:pre">2<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:99.75pt;width:443.25pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:3.67pt;width:443.25pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="#i1bdecfb646aa47ed99cf3beade74ea5c_86970">USE OF PROCEEDS</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:99.75pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:9.87pt;position:absolute;text-decoration:none;white-space:pre">2<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:114pt;width:443.25pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:3.67pt;width:443.25pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="#i1bdecfb646aa47ed99cf3beade74ea5c_86971">DESCRIPTION OF CAPITAL STOCK</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:114pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:9.87pt;position:absolute;text-decoration:none;white-space:pre">2<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:128.25pt;width:443.25pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:3.67pt;width:443.25pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="#i1bdecfb646aa47ed99cf3beade74ea5c_86972">PLAN OF DISTRIBUTION</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:128.25pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:9.87pt;position:absolute;text-decoration:none;white-space:pre">7<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:142.5pt;width:443.25pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:3.67pt;width:443.25pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="#i1bdecfb646aa47ed99cf3beade74ea5c_86973">LEGAL MATTERS</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:142.5pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:9.87pt;position:absolute;text-decoration:none;white-space:pre">7<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:156.75pt;width:443.25pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:3.67pt;width:443.25pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="#i1bdecfb646aa47ed99cf3beade74ea5c_86974">EXPERTS</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:443.25pt;position:absolute;top:156.75pt;width:24.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:24.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:9.87pt;position:absolute;text-decoration:none;white-space:pre">7<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr></table></div></div></div><div style="position:absolute;top:284pt;width:612pt"><div style="font-size:0pt;left:213pt;position:absolute;top:0pt;width:186pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td><td style="padding:0;width:93pt" rowspan="1" colspan="1"></td></tr><tr style="height:5.25pt"><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"></td></tr></table></div></div></div><div style="font-size:12pt;line-height:6.77pt;position:absolute;top:306.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:240.76pt;position:absolute;text-decoration:none;white-space:pre">ABOUT THIS PROSPECTUS<font style="display:inline-block;height:6.77pt"></font><font id="i35e8434110754201a9218eb6aa8263b1_140337"></font></font></div><div style="line-height:6.93pt;position:absolute;top:330.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">This prospectus contains summaries of certain provisions contained in some of the contracts, agreements or other <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:342.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">documents described herein, but reference is made to the actual documents for complete information. All of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:354.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">summaries are qualified in their entirety by reference to the actual documents. Copies of some of the documents <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:366.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">referred to herein have been filed or incorporated by reference as exhibits to the registration statement of which this <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:378.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">prospectus is a part, and you may obtain copies of those documents as described in the section entitled &#8220;Where You <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:390.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Can Find More Information.&#8221; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:414.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">We are responsible for the information contained and incorporated by reference in this prospectus, any prospectus <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:426.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">supplement and any related free writing prospectus we prepare or authorize. We have not authorized anyone to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:438.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">provide you with different information, and we take no responsibility for any other information that others may give <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:450.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">you. We are not making an offer of these securities in any jurisdiction where the offer is not permitted or in which <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:462.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make an <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:474.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">offer or solicitation. The information in this prospectus, any prospectus supplement, any free writing prospectus and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:486.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">any document incorporated by reference is only accurate as of the date of the respective documents in which the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:498.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">information appears. Our business, financial condition, results of operations and prospects may have changed since <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:510.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">those dates.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:534.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Unless we otherwise indicate or unless the context requires, all references in this prospectus to&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:558.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">&#8220;Royal Gold,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Royal Gold, Inc., and where appropriate, its <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:570.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">subsidiaries&#59; and<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:594.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">&#8220;common stock&#8221; means our common stock, par value $0.01 per share.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="font-size:12pt;line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:193.71pt;position:absolute;text-decoration:none;white-space:pre">WHERE YOU CAN FIND MORE INFORMATION<font style="display:inline-block;height:6.77pt"></font><font id="i35e8434110754201a9218eb6aa8263b1_140338"></font></font></div><div style="line-height:6.93pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">We file annual, quarterly and current reports, proxy statements and other information with the Securities and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Exchange Commission (the &#8220;SEC&#8221;). The SEC maintains an internet site at www.sec.gov, which contains reports, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">proxy and information statements and other information regarding issuers that file electronically with the SEC, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">including us. You may also find our SEC filings under the heading &#8220;Investor Resources&#8221; on our website at <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:144pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">www.royalgold.com. The information on our website is not a part of this prospectus or any prospectus supplement.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="font-size:12pt;line-height:6.77pt;position:absolute;top:168pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:151.24pt;position:absolute;text-decoration:none;white-space:pre">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE<font style="display:inline-block;height:6.77pt"></font><font id="i35e8434110754201a9218eb6aa8263b1_140339"></font></font></div><div style="line-height:6.93pt;position:absolute;top:192pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The SEC allows us to &#8220;incorporate by reference&#8221; information into this prospectus. This means that we can disclose <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:204pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">important information to you by referring you to another document filed separately with the SEC. The information <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:216pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">incorporated by reference is considered to be part of this prospectus, and those documents that are filed after the date <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:228pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of this prospectus and prior to the termination or completion of this offering will be considered a part of this <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">prospectus. Information that we file later with the SEC will automatically update and supersede the previously filed <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:252pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">information and the information contained in this prospectus. We incorporate by reference the documents listed <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:264pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">below and any future filings we will make with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:276pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), other than any portions of the respective filings <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:288pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">that were furnished, rather than filed, pursuant to Item 2.02 or Item 7.01 of Current Reports on Form 8-K (including <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:300pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">exhibits related thereto) or other applicable SEC rules, prior to the termination or completion of this offering under <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:312pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">this prospectus&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:336pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">our <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:123.83pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000012/rgld-20241231.htm">Annual Report on Form 10-K filed with the SEC on February 13, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:407.81pt;position:absolute;text-decoration:none;white-space:pre">&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:360pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">our Quarterly Reports on Form 10-Q filed with the SEC on <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:346.98pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/85535/000008553525000083/rgld-20250331.htm">May 8, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:397.8pt;position:absolute;text-decoration:none;white-space:pre"> and <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:417.23pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/85535/000008553525000125/rgld-20250630.htm">August 7, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:478.61pt;position:absolute;text-decoration:none;white-space:pre">&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">our Current Reports on Form 8-K, excluding any information furnished under Items 2.02 or 7.01 thereof, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">filed with the SEC on <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:197.07999999999998pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000085535/000008553525000017/rgld-20250213.htm">February 20, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:270.65999999999997pt;position:absolute;text-decoration:none;white-space:pre">, <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:275.65999999999997pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000085535/000008553525000061/rgld-20250317.htm">March 21, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:339.24pt;position:absolute;text-decoration:none;white-space:pre">, <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:344.24pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000085535/000008553525000071/rgld-20250416.htm">April 18, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:402.83pt;position:absolute;text-decoration:none;white-space:pre">, <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:407.83pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000085535/000008553525000085/rgld-20250522.htm">May 27, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:463.65pt;position:absolute;text-decoration:none;white-space:pre">, <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:468.65pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/85535/000008553525000092/rgld-20250626.htm">July 1, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:517.81pt;position:absolute;text-decoration:none;white-space:pre">, <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:522.81pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/85535/000008553525000107/rgld-20250706.htm">July </a><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:408pt;width:612pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/85535/000008553525000107/rgld-20250706.htm">10, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:143pt;position:absolute;text-decoration:none;white-space:pre">, <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:148pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/85535/000008553525000143/rgld-20251009.htm">October 9, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:212.68pt;position:absolute;text-decoration:none;white-space:pre">, and <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:234.61pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000085535/000008553525000149/rgld-20251020.htm">October 21, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:304.28999999999996pt;position:absolute;text-decoration:none;white-space:pre">&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:432pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the portions of our <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:184.62pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/85535/000008553525000132/rgld-20250902.htm">definitive proxy statement filed on September 2, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:400.5pt;position:absolute;text-decoration:none;white-space:pre"> under the headings &#8220;Unaudited <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">Pro Forma Condensed Combined Financial Information&#8221; and &#8220;Notes to Unaudited Pro Forma Condensed <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:456pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">Combined Financial Information&#8221; and pages F-1 through F-45 of such definitive proxy statement&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:480pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">Sandstorm's <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:158.94pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1434614/000162828025015698/sand-20241231.htm">Annual Report on Form 40-F</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:276.1pt;position:absolute;text-decoration:none;white-space:pre"> for the fiscal year ended December 31, 2024, filed on March 31, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:492pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">2025&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:516pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">Sandstorm&#8217;s Report on Form 6-K filed on <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:278.16999999999996pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/Archives/edgar/data/1434614/000162828025038949/sandstorm6-k_q22025.htm">August 7, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:339.55pt;position:absolute;text-decoration:none;white-space:pre"> (first of two filings)&#59; and<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:540pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the description of our securities contained in <font style="display:inline-block;height:6.93pt"></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:288.06pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000012/rgld-20241231xex41descript.htm">Exhibit 4.1 to our Annual Report on Form 10-K filed with the </a><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:552pt;width:612pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:underline;white-space:pre"><a style="color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000012/rgld-20241231xex41descript.htm">SEC on February 13, 2025</a><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:214.9pt;position:absolute;text-decoration:none;white-space:pre">.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:576pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">We will provide a copy of the documents we incorporate herein by reference, at no cost, to any person, including <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:588pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">any beneficial owner, who receives this prospectus. You may request a copy of any or all of these documents by <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:600pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">writing or telephoning us at&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:624pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:272.69pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold, Inc.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:636pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:248.95pt;position:absolute;text-decoration:none;white-space:pre">1144 15th Street, Suite 2500<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:648pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:268.1pt;position:absolute;text-decoration:none;white-space:pre">Denver, CO 80202<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:660pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:258pt;position:absolute;text-decoration:none;white-space:pre">Attn&#58; Investor Relations<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:672pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:251.04pt;position:absolute;text-decoration:none;white-space:pre">Telephone&#58; (303) 573-1660<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:301.84pt;position:absolute;white-space:pre">iii<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="font-size:12pt;line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:117.5pt;position:absolute;text-decoration:none;white-space:pre">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS<font style="display:inline-block;height:6.77pt"></font><font id="i35e8434110754201a9218eb6aa8263b1_140893"></font></font></div><div style="line-height:6.93pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">This prospectus, any prospectus supplement and the documents incorporated herein by reference include or will <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">include &#8220;forward-looking statements&#8221; within the meaning of U.S. federal securities laws. Forward-looking <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of future performance, and actual results may differ materially from these statements. Forward-looking statements <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:144pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">are often identified by words like &#8220;will,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:156pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">&#8220;anticipate,&#8221; &#8220;plan,&#8221; &#8220;forecast,&#8221; &#8220;potential,&#8221; &#8220;intend,&#8221; &#8220;continue,&#8221; &#8220;project,&#8221; or negatives of these words or similar <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:168pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">expressions.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:192pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Forward-looking statements include, among others, statements regarding the following&#58; our expected financial <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:204pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">performance and outlook, including sales volume, revenue, expenses, tax rates, earnings, and cash flows&#59; operators&#8217; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:216pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">expected operating and financial performance and other anticipated developments relating to their properties and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:228pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">feasibility studies, technical reports, mine plans, capital requirements, liquidity, and capital expenditures&#59; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:252pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">opportunities for investments, acquisitions and other transactions&#59; anticipated benefits from investments, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:264pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">acquisitions, and other transactions&#59; receipt and timing of future metal deliveries, including deferred amounts at <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:276pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Pueblo Viejo&#59; the timing and amount of future benefits and obligations in connection with the Mount Milligan Cost <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:288pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Support Agreement&#59; anticipated liquidity, capital resources, financing, and stockholder returns&#59; borrowings and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:300pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">repayments under our revolving credit facility&#59; expected benefits from the acquisitions of Sandstorm and Horizon <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:312pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Copper Corp. (&#8220;Horizon&#8221;)&#59; and prices for gold, silver, copper, and other metals.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:336pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Factors that could cause actual results to differ materially from these forward-looking statements include, among <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:348pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">others, the following&#58; changes in the price of gold, silver, copper, or other metals&#59; operating activities or financial <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:360pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">performance of properties on which we hold stream or royalty interests, including variations between actual and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">forecasted performance, operators&#8217; ability to complete projects on schedule and as planned, operators&#8217; changes to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:408pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions&#59; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:420pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon&#59; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:432pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">failure to realize the anticipated benefits from the Sandstorm and Horizon transactions in the timeframe expected or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">at all&#59; risks associated with joint arrangement interests acquired as part of the transactions&#59; changes of control of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:456pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">properties or operators&#59; contractual issues involving our stream or royalty agreements&#59; the timing of deliveries of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:468pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">metals from operators and our subsequent sales of metal&#59; risks associated with doing business in foreign countries&#59; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:480pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">increased competition for stream and royalty interests&#59; environmental risks, including those caused by climate <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:492pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">change&#59; potential cyber-attacks, including ransomware&#59; our ability to identify, finance, value, and complete <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:504pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">investments, acquisitions, or other transactions&#59; adverse economic and market conditions&#59; effects of health <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:516pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">epidemics and pandemics&#59; changes in laws or regulations governing us, operators, or operating properties&#59; changes <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:528pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">in management and key employees&#59; as well as other factors described elsewhere in this prospectus, any prospectus <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:540pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">supplement, our most recent Annual Report on Form 10-K and in the other filings we make with the SEC. Most of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:552pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:564pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">this prospectus, any prospectus supplement or our reports filed with the SEC could also have material adverse <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:576pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">effects on forward-looking statements.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:600pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:612pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">any forward-looking statements, except as required by law. You are cautioned not to put undue reliance on forward-<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:624pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">looking statements.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="background-image:url(&#39;data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHN0eWxlPSJwb2ludGVyLWV2ZW50czpub25lIj48cGF0aCBzdHlsZT0iZmlsbDp0cmFuc3BhcmVudDtzdHJva2U6IzAwMDAwMDtzdHJva2UtbGluZWNhcDpzcXVhcmU7c3Ryb2tlLXdpZHRoOjEuMDFwdCIgZD0iTSA3Mi42NyA3Mi42NyBWIDk4My4zMyBIIDc0My4zMyBWIDcyLjY3IEggNzIuNjciPjwvcGF0aD48L3N2Zz4=&#39;);background-size:612pt 792pt;height:792pt;position:absolute;width:612pt;z-index:-9223372036854775805"></div><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:303.5pt;position:absolute;white-space:pre">1<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div id="i62a3514eb7314d069bd7e2763e6c587c_188" style="position:absolute;top:72pt"></div><div style="font-size:12pt;line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:245.06pt;position:absolute;text-decoration:none;white-space:pre">PROSPECTUS SUMMARY<font style="display:inline-block;height:6.77pt"></font><font id="i97e63ac736be4db4b6fedaa2b9424f25_4016"></font></font></div><div style="line-height:6.94pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">This summary highlights selected information contained elsewhere in this prospectus or incorporated by reference <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">in this prospectus, and does not contain all of the information that you need to consider in making your investment <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">decision. You should carefully read the entire prospectus and any applicable prospectus supplement or free writing <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">prospectus, including the risks of investing in our securities discussed under the heading &#8220;Risk Factors&#8221; and under <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:144pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">similar headings in the other documents that are incorporated by reference into this prospectus. You should also <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:156pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">carefully read the information incorporated by reference into this prospectus, including the financial statements <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:168pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">incorporated by reference into this prospectus, and the exhibits to the registration statement of which this <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:180pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">prospectus is a part.<font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:204pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">The Company<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:228pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold, Inc. acquires and manages precious metal streams, royalties, and similar interests. We seek to acquire <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">existing stream and royalty interests or to finance projects that are in production, development or in the exploration <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:252pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stage in exchange for stream or royalty interests. We do not conduct mining operations on the properties in which <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:264pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">we hold stream and royalty interests and are generally not required to contribute to capital costs, environmental <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:276pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">costs, or other operating costs on the properties.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:300pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">We were incorporated under the laws of the State of Delaware on January 5, 1981. Our principal executive offices <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:312pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">are located at 1144 15th Street, Suite 2500, Denver, Colorado 80202. Our telephone number is (303) 573-1660. We <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:324pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">maintain a website at www.royalgold.com. Information presented or accessed through our website is not <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:336pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">incorporated into, or made a part of, this prospectus.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:360pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Assumption of Sandstorm Stock Options<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">On October 20, 2025, Royal Gold completed the acquisition of Sandstorm, and at the Effective Time of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">acquisition, Royal Gold assumed outstanding stock options granted pursuant to the Plan. At the Effective Time, each <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:408pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">assumed stock option, whether vested or unvested, fully vested pursuant to the terms of the Plan and became <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:420pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">exercisable to purchase from Royal Gold that number of shares of Royal Gold common stock equal to the product of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:7.28pt;position:absolute;top:432pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">(1)<font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;null&#39;, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;left:83.66pt;position:absolute;text-decoration:none;white-space:pre">&#160;<font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:86.43pt;position:absolute;text-decoration:none;white-space:pre">the number of Sandstorm common shares that were issuable upon exercise of such stock option immediately <font style="display:inline-block;height:7.28pt"></font></font></div><div style="line-height:7.28pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">before the Effective Time, multiplied by (2)<font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;null&#39;, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;left:247.59pt;position:absolute;text-decoration:none;white-space:pre">&#160;<font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:250.36pt;position:absolute;text-decoration:none;white-space:pre">0.0625 (the &#8220;Exchange Ratio&#8221;) (rounded down to the nearest whole <font style="display:inline-block;height:7.28pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:456pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">number of shares of Royal Gold common stock), at an exercise price equal to the quotient determined by dividing <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:7.28pt;position:absolute;top:468pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">(x)<font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;null&#39;, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;left:83.66pt;position:absolute;text-decoration:none;white-space:pre">&#160;<font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:86.43pt;position:absolute;text-decoration:none;white-space:pre">the exercise price per Sandstorm common share at which the applicable stock option was exercisable <font style="display:inline-block;height:7.28pt"></font></font></div><div style="line-height:7.28pt;position:absolute;top:480pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">immediately prior to the Effective Time, by (y)<font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;null&#39;, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;left:260.63pt;position:absolute;text-decoration:none;white-space:pre">&#160;<font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:263.4pt;position:absolute;text-decoration:none;white-space:pre">the Exchange Ratio (rounded up to the nearest whole cent).<font style="display:inline-block;height:7.28pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:504pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">This prospectus relates to 689,637 shares of Royal Gold common stock issuable upon the exercise of assumed stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:516pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">options held by eligible former directors, employees, and consultants of Sandstorm. Eligible former directors, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:528pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">employees, and consultants of Sandstorm refer to individuals who were former directors, employees, or consultants <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:540pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of Sandstorm as of the Effective Time. No further stock option grants will be made under the Plan. Royal Gold has <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:552pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">also filed a registration statement on Form S-8 relating to 21,143 shares issuable upon the exercise of assumed stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:564pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">options held by individuals who were employees and consultants to Royal Gold following the Effective Time.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:303.5pt;position:absolute;white-space:pre">2<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div id="i62a3514eb7314d069bd7e2763e6c587c_195" style="position:absolute;top:72pt"></div><div style="font-size:12pt;line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:268.65pt;position:absolute;text-decoration:none;white-space:pre">RISK FACTORS<font style="display:inline-block;height:6.77pt"></font><font id="i1bdecfb646aa47ed99cf3beade74ea5c_86969"></font></font></div><div style="line-height:6.93pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">An investment in our common stock involves risks. You should carefully consider the risks incorporated by <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">reference to our most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Current Reports on Form 8-K and all other information contained or incorporated by reference into this prospectus, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">as updated by our subsequent filings under the Exchange Act, and the risk factors and other information contained in <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:144pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">any applicable prospectus supplement before acquiring our common stock. The occurrence of any of these risks <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:156pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">could cause you to lose all or a part of your investment in our common stock. See &#8220;Where You Can Find More <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:168pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Information&#8221; included elsewhere in this prospectus. In addition, please see &#8220;Cautionary Statement Regarding <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:180pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Forward-Looking Statements&#8221; in this prospectus, where we describe additional uncertainties associated with our <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:192pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">business and the forward-looking statements included or incorporated by reference in this prospectus.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="font-size:12pt;line-height:6.77pt;position:absolute;top:216pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:259.64pt;position:absolute;text-decoration:none;white-space:pre">USE OF PROCEEDS<font style="display:inline-block;height:6.77pt"></font><font id="i1bdecfb646aa47ed99cf3beade74ea5c_86970"></font></font></div><div style="line-height:6.93pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The net proceeds from the sales of shares of our common stock pursuant to the exercise of any assumed stock option <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:252pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">held by former directors, employees or consultants under the Plan, if any, will be used for our general corporate <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:264pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">purposes, which may include repayment or refinancing of debt, acquisitions, or working capital. We have no basis <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:276pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">for estimating the number of shares of common stock that will ultimately be sold pursuant to the exercise of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:288pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">assumed stock options.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="font-size:12pt;line-height:6.77pt;position:absolute;top:312pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:220.63pt;position:absolute;text-decoration:none;white-space:pre">DESCRIPTION OF CAPITAL STOCK<font style="display:inline-block;height:6.77pt"></font><font id="i1bdecfb646aa47ed99cf3beade74ea5c_86971"></font></font></div><div style="line-height:6.77pt;position:absolute;top:336pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">General<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:360pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The following description of our capital stock summarizes the material terms and provisions of our capital stock and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">various provisions of our restated certificate of incorporation, as amended (the &#8220;certificate of incorporation&#8221;), and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">amended and restated bylaws, as amended (the &#8220;bylaws&#8221;). For additional information about the terms of our capital <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stock, please refer to our certificate of incorporation and bylaws. The terms of our capital stock may also be affected <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:408pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">by the general corporation law of the state of Delaware. The summary below is not intended to be complete and is <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:420pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">qualified by reference to the provisions of applicable law and our certificate of incorporation and bylaws.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Our authorized capital stock consists of 200,000,000 shares of common stock, par value $0.01 per share and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:456pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">10,000,000 shares of preferred stock, par value $0.01 per share.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:480pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Description of Common Stock<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:504pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Holders of common stock are entitled to one vote for each share held in the election of directors and on all other <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:516pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">matters submitted to a vote of stockholders and do not have any cumulative voting rights. Holders of common stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:528pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">are entitled to receive ratably such dividends, if any, when, as and if declared by the board of directors, out of funds <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:540pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">legally available therefor, subject to any preferential dividend rights of any outstanding preferred stock.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:564pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Upon the liquidation, dissolution, or winding up of the Company, the holders of common stock are entitled to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:576pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">receive ratably the net assets of the Company available after payment of all debts and other liabilities, subject to the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:588pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">prior rights of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:600pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">redemption, or conversion rights. The outstanding shares of common stock are fully paid and non-assessable.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:624pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Description of Preferred Stock<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:648pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Our preferred stock may be issued from time to time in one or more series, without stockholder approval. Subject to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:660pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">limitations prescribed by law, the board of directors is authorized to determine the voting powers (if any), <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:672pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">designations, preferences and relative, participating, optional or other special rights, and qualifications, limitations or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:684pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">restrictions thereof, for each series of preferred stock that may be issued, and to fix the number of shares of each <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:696pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">such series. Thus, the board of directors, without stockholder approval, could authorize the issuance of preferred <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:708pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stock with voting, conversion and other rights that could adversely affect the voting power and other rights of <font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:303.5pt;position:absolute;white-space:pre">3<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">holders of common stock or other series of preferred stock or that could have the effect of delaying, deferring or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">preventing a change in control of the Company.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Preferred stock will be issued under a certificate of designations relating to each series of preferred stock, subject to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">our certificate of incorporation. When a particular series of preferred stock is issued, the applicable certificate of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">designations will describe the specific terms of the securities, including&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:156pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the title and stated value of the preferred stock&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:180pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the number of shares of the preferred stock authorized and the dividend and liquidation preference per <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:192pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">share&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:216pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the dividend rate(s), period(s) and&#47;or payment date(s) or method(s) of calculation of such rates, periods or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:228pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">dates applicable to the preferred stock&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:252pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">whether the preferred stock will have preemptive rights&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:276pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the sinking fund provisions, if applicable, for the preferred stock&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:300pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the redemption provisions, if applicable, for the preferred stock&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:324pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">whether the preferred stock will be convertible into or exchangeable for other securities and, if so, the terms <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:336pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">and conditions of conversion or exchange, including the conversion price or exchange ratio and the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:348pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">conversion or exchange period (or the method of determining the same)&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">whether the preferred stock will have voting rights and the terms of the voting rights, if any&#59; and<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">any other specific terms, preferences or rights of, or limitations or restrictions on, the preferred stock.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:420pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Anti-Takeover Provisions<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Effect of Delaware Anti-takeover Statute<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:468pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">We are subject to Section 203 of the Delaware General Corporation Law, an anti-takeover law. In general, Section <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:480pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">203 prohibits a Delaware corporation from engaging in any business combination with any interested stockholder <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:492pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">for a period of three years following the date that the stockholder became an interested stockholder, unless&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:516pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">prior to that date, the board of directors of the corporation approved either the business combination or the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:528pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">transaction that resulted in the stockholder becoming an interested stockholder&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:552pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:564pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:576pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the transaction commenced, excluding for purposes of determining the number of shares of voting stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:588pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">outstanding (but not the voting stock owned by the interested stockholder) those shares owned (i) by <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:600pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">persons who are directors and also officers and (ii) employee stock plans in which employee participants do <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:612pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">not have the right to determine confidentially whether shares held subject to the plan will be tendered in a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:624pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">tender or exchange offer&#59; or<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:648pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">on or subsequent to that date, the business combination is approved by the board of directors of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:660pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">corporation and authorized at an annual or special meeting of stockholders, and not by written consent, by <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:7.28pt;position:absolute;top:672pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the affirmative vote of at least 66<font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;null&#39;, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;left:240.58pt;position:absolute;text-decoration:none;white-space:pre">&#8532;<font style="display:inline-block;height:7.28pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:248.91pt;position:absolute;text-decoration:none;white-space:pre">% of the outstanding voting stock that is not owned by the interested <font style="display:inline-block;height:7.28pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:684pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">stockholder.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:303.5pt;position:absolute;white-space:pre">4<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Section 203 defines &#8220;business combination&#8221; to include the following&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">any merger or consolidation involving the corporation and the interested stockholder&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">interested stockholder&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:156pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:168pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">any stock of the corporation to the interested stockholder&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:192pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">any transaction involving the corporation that has the effect of increasing the proportionate share of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:204pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">stock of any class or series of the corporation beneficially owned by the interested stockholder&#59; or<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:228pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">financial benefits provided by or through the corporation.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:264pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:276pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the outstanding voting stock of the corporation, or who beneficially owns 15% or more of the outstanding voting <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:288pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stock of the corporation at any time within a three year period immediately prior to the date of determining whether <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:300pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">such person is an interested stockholder, and any entity or person affiliated with, controlling, or controlled by any of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:312pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">these entities or persons.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:336pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Certificate of Incorporation and Bylaws Provisions<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:360pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Our certificate of incorporation and bylaws include provisions that may have the effect of discouraging, delaying or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">preventing a change in control or an unsolicited acquisition proposal that a stockholder might consider favorable, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">including a proposal that might result in the payment of a premium over the market price for the shares held by <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stockholders. These provisions are summarized in the following paragraphs.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:420pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Classified Board of Directors<font style="display:inline-block;height:6.94pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:190.5pt;position:absolute;text-decoration:none;white-space:pre">. Our certificate of incorporation provides for our board of directors to be divided into <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:432pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">three classes of directors serving staggered three-year terms. The classification of the board of directors has the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">effect of requiring at least two annual stockholder meetings, instead of one, to replace a majority of the members of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:456pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the board of directors.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:480pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Authorized but Unissued or Undesignated Capital Stock<font style="display:inline-block;height:6.94pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:296.82pt;position:absolute;text-decoration:none;white-space:pre">. Our authorized capital stock consists of 200,000,000 shares <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:492pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of common stock and 10,000,000 shares of preferred stock. The authorized but unissued (and in the case of preferred <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:504pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stock, undesignated) stock may be issued by the board of directors in one or more transactions. In this regard, our <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:516pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">certificate of incorporation grants the board of directors broad power to establish the rights and preferences of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:528pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">authorized and unissued preferred stock. The issuance of shares of preferred stock pursuant to the board of directors&#8217; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:540pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">authority described above could decrease the amount of earnings and assets available for distribution to holders of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:552pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">common stock and adversely affect the rights and powers, including voting rights, of such holders and may have the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:564pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">effect of delaying, deferring or preventing a change in control. The board of directors does not currently intend to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:576pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">seek stockholder approval prior to any issuance of preferred stock, unless otherwise required by law.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:600pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Special Meetings of Stockholders<font style="display:inline-block;height:6.94pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:204.9pt;position:absolute;text-decoration:none;white-space:pre">. Our bylaws provide that special meetings of our stockholders may be called only <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:612pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">by our chair of the board of directors, chief executive officer, president or board of directors. Stockholders do not <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:624pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">have the right to call special meetings or to bring business before special meetings.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:648pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Stockholder Action by Written Consent<font style="display:inline-block;height:6.94pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:227.93pt;position:absolute;text-decoration:none;white-space:pre">. Under Delaware law, unless otherwise provided in a corporation&#8217;s <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:660pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">certificate of incorporation, any action that may be taken at a meeting of stockholders may be taken without a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:672pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">meeting and without prior notice if a written consent is signed by the holders of the minimum number of votes <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:684pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">necessary to authorize the action at a meeting at which all shares entitled to vote were present and voted. Our bylaws <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:696pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">provide the same standard for action by written consent and require a stockholder seeking to take action by written <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:708pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">consent to give written notice to our secretary requesting that the board of directors fix a record date and include in <font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:303.5pt;position:absolute;white-space:pre">5<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">such notice certain specified information and representations regarding (i) each person whom the stockholder <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">proposes to nominate for election or re-election as a director, (ii) any other business the stockholder proposes to take <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">by written consent, (iii) the stockholder giving notice and the beneficial owner, if any, or any affiliate or associate <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">thereof, on whose behalf the nomination or proposal is made (collectively, the &#8220;Proposing Stockholder&#8221;), (iv) any <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">agreements, arrangements and understandings between the Proposing Stockholder and any other person in <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">connection with the proposal of such business or nominations by the stockholder, (v) whether the Proposing <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:144pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Stockholder is a holder of record of stock and entitled to vote, and (vi) whether the Proposing Stockholder is or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:156pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">intends to be part of a group that intends to solicit consents from stockholders.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.94pt;position:absolute;top:180pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Notice Procedures<font style="display:inline-block;height:6.94pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:146.62pt;position:absolute;text-decoration:none;white-space:pre">. Our bylaws establish advance notice procedures with regard to all stockholder proposals to be <font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:192pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">brought before meetings of our stockholders, including proposals relating to the nomination of candidates for <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:204pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">election as directors and amendments to our certificate of incorporation or bylaws. These procedures provide that, as <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:216pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">to matters not sought to be included in the Company&#8217;s proxy statement, the stockholder must give timely notice of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:228pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">such stockholder proposals in writing to our secretary prior to the meeting and update or supplement such notice, as <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">required by our bylaws. All stockholder proposals must also otherwise be a proper matter for stockholder action <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:252pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">pursuant to our certificate of incorporation, our bylaws and applicable law. Generally, to be timely, a stockholder&#8217;s <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:264pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">notice must be received by the secretary at the principal executive offices of the Company (a) in the case of an <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:276pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">annual meeting, not less than 90 nor more than 120 calendar days prior to the first anniversary of the preceding <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:288pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">year&#8217;s annual meeting (provided, however, that if the date of the annual meeting is more than 30 days before or more <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:300pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">than 30 days after such anniversary date, notice by the stockholder must be so delivered, or mailed and received, not <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:312pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">less than 90 nor more than 120 calendar days before such annual meeting, or not more than 10 calendar days <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:324pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">following the day on which public announcement of the date of such meeting is first made by the Company), or (b) <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:336pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">in the case of a special meeting, not earlier than the 120th calendar day before such special meeting nor later than the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:348pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">later of (i) the 90th calendar day prior to such meeting or (ii) the 10th calendar day following the day on which <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:360pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">public announcement of the date of such special meeting is first made by the Company. Stockholders are not <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">permitted to make proposals to be brought before any special meeting of our stockholders other than the nomination <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of candidates for election as directors where the stated purpose for such special meeting includes the election of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">directors.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:420pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Any such notice must include certain specified information and representations regarding (i) each person whom the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:432pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stockholder proposes to nominate for election or re-election as a director, (ii) any other business the stockholder <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">proposes to bring before the meeting, (iii) the Proposing Stockholder, (iv) any agreements, arrangements and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:456pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">understandings between the Proposing Stockholder and any other person in connection with the proposal of such <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:468pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">business or nominations by the stockholder, (v) whether the Proposing Stockholder is a holder of record of stock and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:480pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">entitled to vote, and (vi) whether the Proposing Stockholder is or intends to be part of a group that intends (a) to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:492pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">deliver a proxy statement and&#47;or form of proxy to holders of at least the percentage of the Company&#8217;s outstanding <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:504pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">capital stock required to approve or adopt the proposal and&#47;or (b) otherwise to solicit proxies from stockholders in <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:516pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">support of such proposal. As to matters sought to be included in the Company&#8217;s proxy statement in accordance with <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:528pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Rule 14a-8 under the Exchange Act, stockholders must comply with the requirements of Rule 14a-8.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:552pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Limitation of Director and Officer Liability<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:576pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Our certificate of incorporation provides that no director or officer of the Company shall be liable to the Company or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:588pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">to its stockholders for monetary damages for breach of fiduciary duty as a director or officer, as applicable, except to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:600pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the extent such an exemption from liability or limitation thereof is not permitted under the Delaware General <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:612pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Corporation Law as presently in effect or as the same may hereafter be amended. This provision does not eliminate <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:624pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">any liability of&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:648pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">a director or officer for any breach of the director&#8217;s or officer&#8217;s duty of loyalty to the Company or its <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:660pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">stockholders&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:684pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">a director or officer for acts or omissions not in good faith or which involve intentional misconduct or a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:696pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">knowing violation of law&#59;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:303.5pt;position:absolute;white-space:pre">6<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">a director under Section 174 of the Delaware General Corporation Law (relating to the declaration of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">dividends and purchase or redemption of shares in violation of the Delaware General Corporation Law)&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">a director or officer for any transaction from which the director or officer derived an improper personal <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">benefit&#59; or<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:144pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">an officer in any action by or in the right of the Company.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:168pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">In addition, this provision does not limit our rights or the rights of our stockholders, in appropriate circumstances, to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:180pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">seek equitable remedies such as injunctive or other forms of non-monetary relief. Such remedies may not be <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:192pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">effective in all cases.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:216pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Indemnification Arrangements<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Our bylaws provide that the Company shall indemnify our directors and officers to the fullest extent permitted by <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:252pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Delaware law as it presently exists or may be amended. In addition, our bylaws provide that the Company shall pay <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:264pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the expenses (including attorneys&#8217; fees) incurred by a director of officer in defending any proceeding in advance of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:276pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">its final disposition provided the Company has received an undertaking by the director or officer to repay all <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:288pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">amounts advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:300pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Our bylaws and the Delaware General Corporation Law further provide that such indemnification is not exclusive of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:312pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">any other rights to which such individuals may be entitled under the bylaws, any agreement, any vote of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:324pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stockholders or disinterested directors, or otherwise.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:348pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">We have entered into indemnification agreements with all of our current directors and officers to assure them that <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:360pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">they will be indemnified to the fullest extent permitted by the laws of the state of Delaware in effect on the date of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the agreements or as such laws may from time to time be amended to increase the scope of such permitted <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">indemnification. The indemnification agreements provide our directors and officers indemnification against, among <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">other things, any and all expenses, damages, losses, liabilities, judgments, payments, fines, penalties (whether civil, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:408pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">criminal or other), awards and amounts paid in settlement (including all interest, assessments and other charges paid <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:420pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">or incurred in connection with or with respect to any of the foregoing), provide for the advancement of expenses <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:432pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">incurred by the director or officer in connection with any proceeding and obligate the director or officer to repay <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold for all amounts so advanced if it is subsequently determined, as provided in the indemnification <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:456pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">agreements, that the director or officer is not entitled to indemnification. The indemnification agreements also <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:468pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">provide certain methods and presumptions for determining whether the director or officer is entitled to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:480pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">indemnification, among other matters, as set forth in such agreement. However, we are not required to indemnify a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:492pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">director or officer on account of certain claims, including, among others, (i) claims relating to profits made from the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:504pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">purchase and sale (or sale and purchase) of securities of the Company within the meaning of Section 16(b) of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:516pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Exchange Act&#59; (ii) claims relating to reimbursements made to the Company under certain provisions of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:528pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Sarbanes-Oxley Act of 2002 or under any compensation recoupment or clawback agreement, award or policy of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:540pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Company&#59; or (iii) claims initiated by a director or officer against the Company or its directors, officers, employees or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:552pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">other indemnitees, subject to certain exceptions.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:576pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Our bylaws also provide that the Company may, to the extent authorized by the board of directors, provide rights to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:588pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">indemnification and to the advancement of expenses to employees and agents of the Company similar to those <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:600pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">conferred to directors and officers, as described above.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:624pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:636pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">persons controlling Royal Gold pursuant to our certificate of incorporation, our bylaws or any indemnification <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:648pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">agreement, Royal Gold has been informed that in the opinion of the SEC such indemnification is against public <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:660pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">policy as expressed under the Securities Act and is therefore unenforceable.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:684pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Transfer Agent<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:708pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The transfer agent for our common stock is Computershare Trust Company.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:303.5pt;position:absolute;white-space:pre">7<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="font-size:12pt;line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:246.03pt;position:absolute;text-decoration:none;white-space:pre">PLAN OF DISTRIBUTION<font style="display:inline-block;height:6.77pt"></font><font id="i1bdecfb646aa47ed99cf3beade74ea5c_86972"></font></font></div><div style="line-height:6.93pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The prospectus relates to 689,637 shares of Royal Gold common stock issuable upon the exercise of assumed stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">options held by eligible former directors, employees, and consultants of Sandstorm. Eligible former directors, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">employees and consultants of Sandstorm refer to individuals who were former directors, employees, or consultants <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of Sandstorm as of the Effective Time. The shares of Royal Gold common stock offered by this prospectus are listed <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:144pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">on the Nasdaq Global Select Market. We will pay all of the costs of this offering, other than any exercise price of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:156pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">any assumed stock options. No commissions, discounts, concessions, or other compensation will be paid to any <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:168pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">underwriter or broker-dealer in connection with such issuance. For a description of the Plan, see &#8220;Appendix A&#8212;Plan <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:180pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Prospectus.&#8221;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:204pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The decision to exercise the assumed stock options to purchase shares of Royal Gold common stock will be made <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:216pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">pursuant to each option holder&#8217;s evaluation of his or her best interests. Our board of directors does not make any <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:228pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">recommendation to the option holders.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="font-size:12pt;line-height:6.77pt;position:absolute;top:252pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:262.56pt;position:absolute;text-decoration:none;white-space:pre">LEGAL MATTERS<font style="display:inline-block;height:6.77pt"></font><font id="i1bdecfb646aa47ed99cf3beade74ea5c_86973"></font></font></div><div style="line-height:6.93pt;position:absolute;top:276pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The validity of the common stock being offered by this prospectus has been passed upon for us by David Crandall, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:288pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Vice President, Corporate Secretary, and Chief Compliance Officer of Royal Gold. Mr. Crandall is a full-time <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:300pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">employee of Royal Gold and owns Royal Gold securities.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="font-size:12pt;line-height:6.77pt;position:absolute;top:324pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:282.96pt;position:absolute;text-decoration:none;white-space:pre">EXPERTS<font style="display:inline-block;height:6.77pt"></font><font id="i1bdecfb646aa47ed99cf3beade74ea5c_86974"></font></font></div><div style="line-height:6.93pt;position:absolute;top:348pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The consolidated financial statements of Royal Gold, Inc. appearing in Royal Gold, Inc.&#8217;s Annual Report (Form 10-<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:360pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">K) for the year ended December 31, 2024, and the effectiveness of Royal Gold, Inc.&#8217;s internal control over financial <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">reporting as of December 31, 2024 have been audited by Ernst &#38; Young LLP, independent registered public <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">accounting firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">consolidated financial statements&#160; are incorporated herein by reference in reliance upon such reports given on the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:408pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">authority of such firm as experts in accounting and auditing.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:432pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The audited historical financial statements of Sandstorm included in Exhibit 99.2 of Sandstorm&#8217;s Report on Form <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">40-F filed for the fiscal year ended December 31, 2024, have been so incorporated in reliance on the report of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:456pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">PricewaterhouseCoopers LLP, independent registered public accounting firm, given on the authority of said firm as <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:468pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">experts in auditing and accounting.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:492pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The audited historical financial statements of Horizon included on pages F-2 through F-29 of Royal Gold&#8217;s <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:504pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">definitive proxy statement filed on September 2, 2025, have been so incorporated in reliance on the report of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:516pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">PricewaterhouseCoopers LLP, independent auditors, given on the authority of said firm as experts in auditing and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:528pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">accounting.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div id="i62a3514eb7314d069bd7e2763e6c587c_7" style="position:absolute;top:72pt"></div><div style="line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:219.94pt;position:absolute;text-decoration:none;white-space:pre">APPENDIX A &#8212; PLAN PROSPECTUS<font style="display:inline-block;height:6.77pt"></font></font></div><div id="i62a3514eb7314d069bd7e2763e6c587c_328" style="position:absolute;top:102pt"></div><div style="line-height:6.77pt;position:absolute;top:102pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:259.08pt;position:absolute;text-decoration:none;white-space:pre">ROYAL GOLD, INC.<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:124pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:246.72pt;position:absolute;text-decoration:none;white-space:pre">1144 15th Street, Suite 2500<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:136pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:254.22pt;position:absolute;text-decoration:none;white-space:pre">Denver, Colorado 80202<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:148pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:249.64pt;position:absolute;text-decoration:none;white-space:pre">Telephone&#58; (303) 573-1660<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:170pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:272.96pt;position:absolute;text-decoration:none;white-space:pre">PROSPECTUS<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:192pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:169.24pt;position:absolute;text-decoration:none;white-space:pre">Sandstorm Gold Ltd. Amended and Restated Stock Option Plan<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:204pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:185.11pt;position:absolute;text-decoration:none;white-space:pre">(assumed by Royal Gold, Inc. effective October 20, 2025)<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:72pt;position:absolute">To&#58;<font style="display:inline-block;height:6.93pt;width:130.13pt"></font></font><font style="left:216pt;position:absolute">Holders of Stock Options under the Sandstorm Gold Ltd. Amended and Restated <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:252pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:216pt;position:absolute;text-decoration:none;white-space:pre">Stock Option Plan <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:276pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:72pt;position:absolute">Date of Prospectus&#58;<font style="display:inline-block;height:6.93pt;width:65.75pt"></font></font><font style="left:216pt;position:absolute">November 5, 2025<font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:300pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:72pt;position:absolute">Securities Offered&#58;<font style="display:inline-block;height:6.93pt;width:68.28pt"></font></font><font style="left:216pt;position:absolute">689,637 shares of Royal Gold, Inc. (&#8220;Royal Gold&#8221;) common stock, par value <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:312pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:216pt;position:absolute;text-decoration:none;white-space:pre">$0.01 per share (the &#8220;Common Stock&#8221;), subject to adjustment, as described <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:324pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:216pt;position:absolute;text-decoration:none;white-space:pre">herein, issuable upon the exercise of stock options held by eligible former <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:336pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:216pt;position:absolute;text-decoration:none;white-space:pre">directors, employees, and consultants of Sandstorm Gold Ltd. (&#8220;Sandstorm&#8221;)&#59; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:348pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:216pt;position:absolute;text-decoration:none;white-space:pre">and<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:216pt;position:absolute;text-decoration:none;white-space:pre">21,143 shares of Common Stock subject to adjustment, as described herein, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:216pt;position:absolute;text-decoration:none;white-space:pre">issuable upon the exercise of stock options held by individuals who were <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:216pt;position:absolute;text-decoration:none;white-space:pre">employees and consultants to Royal Gold following the effective time of Royal <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:408pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:216pt;position:absolute;text-decoration:none;white-space:pre">Gold&#8217;s acquisition of Sandstorm.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:432pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Market for<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:72pt;position:absolute">Common Stock&#58;<font style="display:inline-block;height:6.93pt;width:78.77pt"></font></font><font style="left:216pt;position:absolute">Nasdaq Global Select Market<font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:468pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:72pt;position:absolute">Trading Symbol&#58; <font style="display:inline-block;height:6.93pt;width:73.5pt"></font></font><font style="left:216pt;position:absolute">RGLD<font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:490pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:98.5pt;position:absolute;text-decoration:none;white-space:pre">___________________________________________________________________________________<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:514pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:155.7pt;position:absolute;text-decoration:none;white-space:pre">This document constitutes part of a prospectus covering securities that <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:526pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:163.9pt;position:absolute;text-decoration:none;white-space:pre">have been registered under the Securities Act of 1933, as amended.<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:548pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:263.5pt;position:absolute;text-decoration:none;white-space:pre">_________________<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:572pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:88.74pt;position:absolute;white-space:pre">NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:584pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:119.16pt;position:absolute;white-space:pre">COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:596pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:133.73pt;position:absolute;white-space:pre">PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS.<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:608pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:133.18pt;position:absolute;white-space:pre">ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.<font style="display:inline-block;height:6.77pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:270.21pt;position:absolute;text-decoration:underline;white-space:pre">Table of Contents<font style="display:inline-block;height:6.93pt"></font></font></div><div style="position:absolute;top:99pt;width:612pt"><div style="font-size:0pt;left:72pt;position:absolute;top:0pt;width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:447pt" rowspan="1" colspan="1"></td><td style="padding:0;width:21pt" rowspan="1" colspan="1"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:0pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">DESCRIPTION OF THE PLAN<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:0pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-1<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:14.25pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">What Is The Plan&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:14.25pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-1<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:28.5pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">What Was The Purpose Of The Plan&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:28.5pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-1<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:42.75pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Who Administers The Plan&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:42.75pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-1<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:57pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Who Is Eligible To Receive Stock Options Under The Plan&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:57pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-2<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:71.25pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">What Happened To The Stock Options At The Effective Time&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:71.25pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-2<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:85.5pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">How Many Shares May Be Issued Under The Plan And What Is The Source Of The Shares&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:85.5pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-2<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:99.75pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:2.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Are The Stock Options Subject To Adjustment Following Share Reorganizations, Special Distributions, And <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:12.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Corporate Reorganizations&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:99.75pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:12.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-2<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:123pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">How Do I Know The Terms Of My Stock Option&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:123pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-3<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:137.25pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">What Is The Exercise Price Of My Stock Option&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:137.25pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-3<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:151.5pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">How Many Shares Of Common Stock Are Subject To My Stock Option&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:151.5pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-3<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:165.75pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">How Long Do I Have To Exercise My Stock Option Before It Expires&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:165.75pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-3<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:180pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">How Do I Exercise My Stock Option&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:180pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-3<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:194.25pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">What Happens To My Stock Options If I Terminate Employment Or Service&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:194.25pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-4<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:208.5pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">What Effect Does A Change Of Control Of Royal Gold, Inc. Have On My Stock Option&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:208.5pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-4<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:222.75pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">May The Plan Or Outstanding Stock Options Be Amended Or Terminated&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:222.75pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-5<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:237pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Are Stock Options Under The Plan Subject To Clawback Or Restrictions On Transfer&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:237pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-5<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:251.25pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">When Does The Plan Terminate&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:251.25pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-5<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:265.5pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Are Stock Options Under The Plan Transferable&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:265.5pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-5<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:279.75pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Will The Company Provide Reports With Respect To Stock Options To The Participants&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:279.75pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-6<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:294pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">TAX CONSIDERATIONS<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:294pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-6<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:308.25pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">What Are The United States Federal Income Tax Consequences Of Stock Options Under The Plan&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:308.25pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-6<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:322.5pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Tax Withholding<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:322.5pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-6<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:336.75pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Section 409A<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:336.75pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-7<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:351pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">What Are The Tax Consequences Of Stock Options Under The Plan In Canada&#63;<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:351pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-7<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:365.25pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">AVAILABLE INFORMATION&#59; DOCUMENTS INCORPORATED BY REFERENCE<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:365.25pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-7<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:379.5pt;width:447pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:447pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">CONCLUSION<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:447pt;position:absolute;top:379.5pt;width:21pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:21pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">A-8<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr></table></div></div></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.22pt;position:absolute;white-space:pre">A-1<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div id="i62a3514eb7314d069bd7e2763e6c587c_345" style="position:absolute;top:72pt"></div><div style="line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:245.34pt;position:absolute;text-decoration:none;white-space:pre">SANDSTORM GOLD LTD.<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:185.38pt;position:absolute;text-decoration:none;white-space:pre">AMENDED AND RESTATED STOCK OPTION PLAN<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:147.06pt;position:absolute;text-decoration:none;white-space:pre">(ASSUMED BY ROYAL GOLD, INC. EFFECTIVE OCTOBER 20, 2025)<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:118pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:236.46pt;position:absolute;text-decoration:none;white-space:pre">DESCRIPTION OF THE PLAN<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:140pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The following description of the Sandstorm Gold Ltd. Amended and Restated Stock Option Plan (the &#8220;Plan&#8221;) is <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:152pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">intended to outline for you, and help you better understand, the provisions of the Plan. This description is not a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:164pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">complete statement of the Plan. You may request a copy of the Plan by contacting us at the address listed under <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:176pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">&#8220;What Information Is Available About Royal Gold, Inc. and the Plan&#63;&#8221; in this prospectus. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:198pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold, Inc. may be referred to in this prospectus as &#8220;Royal Gold,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; or &#8220;us.&#8221;&#160; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:210pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Except where the context otherwise requires, these terms as used in this description shall include any of our parent <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:222pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">or subsidiary corporations, whether present or future, and any other business venture (including, without limitation, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:234pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">a joint venture or limited liability company) in which we have a controlling interest, as determined by our Board of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:246pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Directors (the &#8220;Board&#8221;).<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:268pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Capitalized terms not defined in the prospectus will have the same meaning as defined in the Plan. In the case of any <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:280pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">conflict between this prospectus and the Plan, the Plan document will govern.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:302pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">What Is The Plan&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:325.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The Plan provided the directors, senior officers, employees, and eligible consultants of Sandstorm Gold Ltd. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:337.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">(&#8220;Sandstorm&#8221;) with the opportunity to receive awards of stock options to purchase Sandstorm common shares. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:349.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Following the effective time of Royal Gold&#8217;s acquisition of Sandstorm on October 20, 2025 (the &#8220;Effective Time&#8221;), <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:361.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold assumed all outstanding stock options issued under the Plan pursuant to the Arrangement Agreement, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:373.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">dated July 6, 2025 (the &#8220;Arrangement Agreement&#8221;), among Royal Gold, International Royalty Corporation, and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:385.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Sandstorm, and the related Plan of Arrangement (the &#8220;Plan of Arrangement&#8221;). The Plan is neither qualified under <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:397.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">section 401(a) of the Internal Revenue Code of 1986, as amended, nor subject to any provisions of the Employee <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:409.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Retirement Income Security Act of 1974, as amended. The Plan was initially adopted September 12, 2008 and most <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:421.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">recently amended May 30, 2025.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:443.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">What Was The Purpose Of The Plan&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:466.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The purpose of the Plan was to give to eligible persons, as additional compensation, the opportunity to participate in <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:478.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the success of Sandstorm by granting to such individuals stock options, exercisable over periods of up to five (5) <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:490.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">years as determined by the board of directors of Sandstorm, to buy Sandstorm common shares at a price not less <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:502.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">than the market price prevailing on the date the option is granted and as approved by the board of directors of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:514.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Sandstorm. Following the Effective Time, no additional stock options may be granted under the Plan.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:536.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Who Administers The Plan&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:559.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The Board has full and final authority in its discretion, but subject to the express provisions of the Plan, to interpret <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:571.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan and to make all other <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:583.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">determinations deemed necessary or advisable in respect of the Plan. The interpretation and construction of any <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:595.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">provision of the Plan by the Board is final and conclusive, provided that if any questions arise at any time with <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:607.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">respect to the option price or number of unissued option shares deliverable upon exercise of a stock option following <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:619.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">a share reorganization, special distribution or corporate reorganization, such questions will be conclusively <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:631.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">determined by the Company&#8217;s auditor, or, if the Company&#8217;s auditor declines to so act, any other firm of chartered <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:643.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">accountants in Vancouver, British Columbia, that the Board may designate and who will have access to all <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:655.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">appropriate records and such determination will be binding upon the Company and all option holders. The Board has <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:667.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">delegated its authority under the Plan to its Compensation, Nominating and Governance Committee (the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:679.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">&#8220;Committee&#8221;). Administration of the Plan is the responsibility of the appropriate officers of the Company and all <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:691.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">costs in respect thereof shall be paid by the Company.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.22pt;position:absolute;white-space:pre">A-2<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Who Is Eligible To Receive Stock Options Under The Plan&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:95.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Following the Effective Time, no additional stock options may be granted under the Plan, and only option holders at <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:107.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the Effective Time hold stock options outstanding under the Plan.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:129.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">What Happened To The Stock Options At The Effective Time&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:152.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">At the Effective Time&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:174.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold assumed the Plan and stock options outstanding under the Plan relating to 11,372,748 <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:186.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">Sandstorm common shares.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:208.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:absolute;text-decoration:none;white-space:pre">&#8226;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">Pursuant to the Arrangement Agreement and the Plan of Arrangement, each assumed stock option, whether <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:220.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">vested or unvested, fully vested pursuant to the terms of the Plan and became exercisable to purchase from <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:232.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold that number of shares of Royal Gold common stock, par value $0.01 per share (the &#8220;Common <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:244.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">Stock&#8221;), equal to the product of (1)&#160;the number of Sandstorm common shares that were issuable upon <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:256.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">exercise of such stock option immediately before the Effective Time, multiplied by (2) 0.0625 (the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:268.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">&#8220;Exchange Ratio&#8221;) (rounded down to the nearest whole number of shares of Royal Gold common stock), at <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:280.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">an exercise price equal to the quotient determined by dividing (x) the exercise price per Sandstorm common <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:292.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">share at which the applicable stock option was exercisable immediately prior to the Effective Time, by (y) <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:304.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:absolute;text-decoration:none;white-space:pre">the Exchange Ratio (rounded up to the nearest whole cent). <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:326.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">How Many Shares May Be Issued Under The Plan And What Is The Source Of The Shares&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:349.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">As of the date of this prospectus, stock options to purchase 710,780 shares of Common Stock are outstanding, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:361.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">consisting of 689,637 shares of Common Stock issuable upon the exercise of stock options held by eligible former <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:373.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">directors, employees, and consultants of Sandstorm and 21,143 shares of Common Stock issuable upon the exercise <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:385.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of stock options held by individuals who were employees and consultants to Royal Gold following the Effective <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:397.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Time. The Company has registered with the SEC the offer and sale of 689,637 shares of Common Stock issuable <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:409.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">upon the exercise of stock options held by eligible former directors, employees, and consultants of Sandstorm on a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:421.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">registration statement on Form S-3 and the offer and sale of 21,143 shares of Common Stock issuable upon the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:433.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">exercise of stock options held by individuals who were employees and consultants to Royal Gold following the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:445.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Effective Time on a registration statement on Form S-8.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:467.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Shares of Common Stock issued under the Plan may consist of authorized but unissued shares or treasury shares.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:489.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Following the Effective Time, no additional stock options may be granted under the Plan. The shares underlying <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:501.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stock options that expire or are terminated, surrendered or cancelled will not be available again for purposes of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:513.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Plan.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:535.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Are The Stock Options Subject To Adjustment Following Share Reorganizations, Special Distributions, And <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:547.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Corporate Reorganizations&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:569.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">In the event of any share reorganization, the exercise price for the stock options will be adjusted to a price per share <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:581.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">which is the product of the exercise price in effect immediately before that effective date or record date and a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:593.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">fraction, the numerator of which is the total number of shares of Common Stock outstanding on that effective date or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:605.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">record date before giving effect to the share reorganization, and the denominator of which is the total number of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:617.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">shares that are or would be outstanding immediately after such effective date or record date after giving effect to the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:629.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">share reorganization. In addition, the number of unissued shares for which the stock option is exercisable will be <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:641.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">adjusted by multiplying the number of unissued shares for which the stock option is exercisable immediately before <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:653.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">such effective date or record date by a fraction which is the reciprocal of the fraction described in foregoing <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:665.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">sentence. If the foregoing adjustment would result in a fractional share, the fraction will be disregarded as no <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:677.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">fractional shares may be issued under this Plan, and the option holder will receive the next lowest whole number of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:689.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">shares and will not receive any other form of compensation (cash or otherwise) for the fractional interest. All such <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:701.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">adjustments shall be conclusive, final and binding for all purposes of this Plan.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.22pt;position:absolute;white-space:pre">A-3<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">In the event of a special distribution (which excludes cash dividends other than cash dividends which the Board has <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">determined to be outside the normal course), effective immediately after the record date at which holders of shares <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of Common Stock are determined for purposes of the special distribution, for each stock option the exercise price <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">will be reduced, and the number of unissued shares for which the stock option is exercisable will be correspondingly <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">increased, by such amount, if any, as is determined by the Board in its sole and unfettered discretion to be <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">appropriate in order to properly reflect any diminution in value of the shares issuable upon exercise of the stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:144pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">options as a result of such special distribution.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:166pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">In the event of a corporate reorganization, holders of stock options may elect to purchase (at the times, for the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:178pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">consideration, and subject to the terms and conditions set out in the Plan) and will accept on the exercise of such <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:190pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stock options, in lieu of the unissued shares for which the stock options are exercisable which the holders would <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:202pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">otherwise have been entitled to purchase, the kind and amount of shares or other securities or property that they <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:214pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">would have been entitled to receive as a result of the corporate reorganization if, on the effective date thereof, they <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:226pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">had been holders of all shares issuable upon exercise of the stock options or if appropriate, as otherwise determined <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:238pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">by the Board.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:260pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">How Do I Know The Terms Of My Stock Option&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:283.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Each stock option granted under the Plan was accompanied by an award agreement. The award agreement describes <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:295.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the stock option, the number of shares that are subject to the stock option, when the stock option became exercisable <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:307.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">and when it expires, and any additional terms and restrictions applicable to your stock option. You should read your <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:319.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">award agreement along with the Plan. In addition, Royal Gold distributed letters to each of the option holders <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:331.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">specifying the adjustments to the terms of the stock options discussed above under &#8220;What Happened To The Stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:343.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Options At the Effective Time&#63;&#8221; (the &#8220;Assumption Letters&#8221;).<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:365.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">What Is The Exercise Price Of My Stock Option&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:388.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The exercise price of your stock option is set forth in the Assumption Letter relating to your stock option. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:410.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">How Many Shares Of Common Stock Are Subject To My Stock Option&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:433.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The Assumption Letter states the number of shares of our Common Stock subject to your stock option.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:455.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">How Long Do I Have To Exercise My Stock Option Before It Expires&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:479.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">You may exercise your stock option up to 5&#58;00 p.m. local time on the expiry date described in your award <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:491.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">agreement. The term of your stock option is set forth in your award agreement and was determined by the Sandstorm <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:503.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">board of directors. All of the outstanding stock options are fully vested as of the date of this prospectus.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:525.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">In the event that the expiry date of a stock option falls during, or within 5 trading days of, a trading blackout period <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:537.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">imposed by the Company, the expiry date of such stock option shall automatically be extended to a date which is 10 <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:549.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">trading days following the end of such blackout period (the &#8220;Extension Period&#8221;)&#59; provided that if an additional <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:561.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">blackout period is subsequently imposed by the Company during the Extension Period, then such Extension Period <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:573.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">shall be deemed to commence following the end of such additional blackout period to enable the exercise of such <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:585.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stock option within 10 trading days following the end of the last imposed blackout period.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:607.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">How Do I Exercise My Stock Option&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:630.5pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">You may exercise your stock option by delivering to the Company a notice specifying the number of shares of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:642.5pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Common Stock in respect of which the stock option is exercised together with payment in full of the exercise price <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:654.5pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">for such shares. Upon notice and payment there will be a binding contract for the issue of the shares in respect of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:666.5pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">which the stock option is exercised, upon and subject to the provisions of the Plan. Delivery of a check payable to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:678.5pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the Company in the amount of the exercise price constitutes payment of the exercise price unless the check is not <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:690.5pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">honored upon presentation in which case the stock option will not have been validly exercised. As of the date of this <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:702.5pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">prospectus, option holders may provide notice of exercise to the Company through Shareworks, access to which has <font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.22pt;position:absolute;white-space:pre">A-4<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">been granted to each option holder. Alternatively, option holders may provide notice, and arrange for payment of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">exercise price, by contacting Royal Gold&#8217;s Corporate Secretary at&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:106pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:265.92pt;position:absolute;text-decoration:none;white-space:pre">Corporate Secretary<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:118pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:272.69pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold, Inc.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:130pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:248.95pt;position:absolute;text-decoration:none;white-space:pre">1144 15th Street, Suite 2500<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:142pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:256.44pt;position:absolute;text-decoration:none;white-space:pre">Denver, CO 80202-1161<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:154pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:273.5pt;position:absolute;text-decoration:none;white-space:pre">1-303-573-1660<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:166pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:235.52pt;position:absolute;text-decoration:none;white-space:pre">corporatesecretary&#64;royalgold.com<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:188pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">When you pay the exercise price for your stock option, you also must pay to us the amount of any applicable <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:200pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">withholding taxes that are due as a result of your exercise of your stock option. See the discussion in the &#8220;Tax <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:212pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Withholding&#8221; description under &#8220;Tax Considerations&#8221; for a discussion of how you can meet this tax withholding <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:224pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">obligation. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:246pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">What Happens To My Stock Options If I Terminate Employment Or Service&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:269.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The stock option will continue to be exercisable as set forth in the award agreement regardless of any termination of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:281.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">employment or service with the Company.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:303.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">What Effect Does A Change Of Control Of Royal Gold, Inc. Have On My Stock Option&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:326.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">If a bona fide offer (an &#8220;Offer&#8221;) for shares of Common Stock is made to the option holders or to stockholders of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:338.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Company generally, which Offer, if accepted in whole or in part, would result in the offeror becoming a control <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:350.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">person of the Company, the Company will notify each option holder of the Offer, whereupon all stock options may <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:362.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">be exercised in whole or in part so as to permit the option holders to tender the shares of Common Stock issuable <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:374.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">upon exercise of the stock options. However, if&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:108pt;position:absolute">(a)<font style="display:inline-block;height:6.93pt;width:24.91pt"></font></font><font style="left:144pt;position:absolute">the Offer is not completed within the time specified therein&#59; or<font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:418.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:108pt;position:absolute">(b)<font style="display:inline-block;height:6.93pt;width:24.34pt"></font></font><font style="left:144pt;position:absolute">all of the shares of Common Stock tendered pursuant to the Offer are not taken up or paid for by <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:430.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:144pt;position:absolute;text-decoration:none;white-space:pre">the offeror in respect thereof,<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:452.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">then the shares of Common Stock received upon such exercise, or in the case of clause (b) above, the shares of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:464.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Common Stock that are not taken up and paid for, may be returned by the option holder to the Company and the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:476.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stock option will be reinstated as if it had not been exercised and the Company will refund the exercise price.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:498.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">If at any time when a stock option remains unexercised, an Offer is made by an offeror, the Board may declare that <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:510.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the expiry date for the exercise of all unexercised stock options granted under the Plan is accelerated so that all stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:522.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">options will either be exercised or will expire prior to the date upon which shares of Common Stock must be <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:534.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">tendered pursuant to the Offer. The Board will give each option holder as much notice as possible of the acceleration <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:546.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of the stock options under this section, except that not less than 5 business days&#8217; notice is required and more than 30 <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:558.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">days&#8217; notice is not required.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:580.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">In the event of a Change of Control (as defined in the Plan), all stock options may be exercised in whole or in part <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:592.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">by the holder from such applicable date until the applicable expiry dates. If an option holder elects to exercise stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:604.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">options following a Change of Control, the option holder will be entitled to receive, and will accept, in lieu of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:616.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">number of shares of Common Stock to which such option holder was entitled upon such exercise, the kind and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:628.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">amount of shares and other securities, property or cash which such option holder could have been entitled to receive <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:640.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">as a result of such Change of Control, on the effective date thereof, had the option holder been the registered holder <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:652.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of the number of shares of Common Stock to which the option holder was entitled to purchase upon exercise of such <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:664.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">stock options.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.22pt;position:absolute;white-space:pre">A-5<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">May The Plan Or Outstanding Stock Options Be Amended Or Terminated&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:95.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The Board may at any time and from time to time, and without stockholder approval, amend any provision of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:107.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Plan, or any stock options granted thereunder, or terminate the Plan, subject to any applicable regulatory or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:119.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">exchange requirements or approvals at the time of such amendment or termination, provided that the Board may not <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:131.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">(i) make any amendment which reduces the exercise price of any stock option or cancel or terminate a stock option <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:143.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">prior to its expiry for the purpose of re-issuing stock options to the same holders with a reduced exercise price, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:155.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">except in the case of an adjustment following a corporate reorganization&#59; (ii) make any amendment which extends <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:167.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the expiry date of any stock option beyond the original expiry date, except in the case of an extension due to a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:179.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Blackout Period&#59; (iii) make any amendment which would permit a stock option granted under the Plan to be <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:191.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">transferable or assignable by any holder other than as currently permitted under the Plan&#59; or make any amendment to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:203.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">section 6.7 of the Plan so as to increase the ability of the Board to amend the Plan without stockholder approval, in <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:215.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">each case without having first obtained the approval of a majority of the holders of the shares of Common Stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:227.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">voting at a duly called and held meeting of holders of shares. In addition, any amendment or termination will not <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:239.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">materially and adversely alter the terms of conditions of any stock option or materially or adversely impair any right <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:251.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of any option holder under any stock option granted prior to the date of any such amendment or termination without <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:263.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the consent of such option holder.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:285.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">If the Plan is terminated, the provisions of the Plan and any administrative guidelines, and other rules adopted by the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:297.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Board and in force at such time, will continue in effect so long as any stock options under the Plan or any rights <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:309.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">pursuant thereto remain outstanding. However, notwithstanding the termination of the Plan, the Board may make <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:321.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">any amendments to the Plan or stock options it would be entitled to make if the Plan were still in effect.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:343.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Are Stock Options Under The Plan Subject To Clawback Or Restrictions On Transfer&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:366.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The Company has adopted an Incentive Compensation Recoupment Policy which applies to the current and former <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:378.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">executive officers of the Company. As of the date of this prospectus, none of the option holders is an executive <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:390.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">officer of the Company. If, in the future, an option holder were to become an executive officer of the Company, such <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:402.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">option holder would be subject to the Company&#8217;s Incentive Compensation Recoupment Policy or any successor <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:414.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">policy.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:436.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Any option holder who is an employee, officer, director or qualifying consultant of the Company will be subject to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:448.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the transfer restrictions set forth in the Company&#8217;s Insider Trading Policy, including limitations on selling shares of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:460.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Common Stock issuable upon exercise of the stock option during a blackout period or selling such shares while in <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:472.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">possession of material nonpublic information.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:494.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">When Does The Plan Terminate&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:517.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">All of the stock options have an expiry date ending on or before December 15, 2028. Subject to any extensions to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:529.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the expiry dates as summarized in this prospectus, the Plan will terminate following the exercise or expiration of all <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:541.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of the stock options.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:563.9pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Are Stock Options Under The Plan Transferable&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:587.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The stock options are non-assignable and non-transferable by the option holder otherwise than by will or the laws of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:599.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">descent and distribution, and are exercisable only by the holder during the lifetime of the holder and only by the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:611.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">holder&#8217;s legal representative after the death of the holder, provided however, that stock options may be assigned to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:623.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">certain holding entities subject to the terms and conditions of the Plan. An improper transfer of any stock option will <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:635.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">not create any rights in the purported transferee, will cause the immediate termination of the stock options and the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:647.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Company will not issue any shares of Common Stock upon the attempted exercise of improperly transferred stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:659.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">options. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:681.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Additionally, the interests of any eligible participant under the Plan are not subject to the claims of creditors or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:693.2pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">subject to any lien, obligation, or liability of such participant to any party, and no award and no right under any such <font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.22pt;position:absolute;white-space:pre">A-6<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">award may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the laws of descent or distribution.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:106pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Will The Company Provide Reports With Respect To Stock Options To The Participants&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:128pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">No reports with respect to stock options granted under the Plan are furnished on a regular basis&#59; however, a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:140pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">participant will be furnished, free of charge, upon request to the principal executive officer of the Company, a report <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:152pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">of stock options granted to and exercised by such participant under the Plan.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:174pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:248.66pt;position:absolute;text-decoration:none;white-space:pre">TAX CONSIDERATIONS<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:197.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">You are urged to consult your own tax advisors as to the specific tax consequences to you with respect to stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:209.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">options granted under the Plan. This information is provided only in summary form and it is not meant to address <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:221.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">individual tax consequences related to participation in the Plan described in this prospectus.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:243.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">What Are The United States Federal Income Tax Consequences Of Stock Options Under The Plan&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:266.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The current United States federal income tax treatment of stock options under the Plan is generally described below. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:278.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">This description of tax consequences is not a complete description. There may be different income tax consequences <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:290.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">under certain circumstances, and there may be gift and estate tax consequences. Local, state, foreign and other taxing <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:302.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">authorities may also tax awards under the Plan. This summary is not binding on the tax authorities or a court. We <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:314.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">cannot assure you that the tax consequences contained in this discussion will not be challenged by the local tax <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:326.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">authorities or that they will be sustained by a court if challenged by the tax authorities. This summary is based on <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:338.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">applicable law as in effect on the date hereof, which is subject to change, possibly with retroactive effect, or to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:350.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">different interpretation by the local tax authorities in which case the interpretation of the tax authorities will always <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:362.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">govern. You are urged to consult with your tax advisor concerning the application of the general principles discussed <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:374.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">below and the application of other tax laws to your own situation.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">There generally are no United States federal income tax consequences to you or to us upon the grant of a stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:408.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">option under the Plan.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:430.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Upon the exercise of a stock option under the Plan, you generally will recognize ordinary income in an amount equal <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:442.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">to the excess of the fair market value of the shares of Common Stock at the time of exercise over the exercise price. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:454.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">We generally will be entitled to a corresponding federal income tax deduction.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:476.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Upon the sale of the shares of Common Stock acquired upon the exercise of a stock option under the Plan, you will <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:488.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">have a capital gain or loss in an amount equal to the difference between the amount realized on the sale and your tax <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:500.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">basis in the shares (the exercise price plus the amount of income recognized at the time of exercise). The capital gain <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:512.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">tax rate will depend on the length of time you held the shares and other factors.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:534.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre;width:73.04pt">Tax Withholding<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:556.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The exercise of each stock option granted under the Plan is subject to the condition that if at any time the Company <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:568.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:580.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">desirable in respect of such exercise, such exercise is not effective unless such withholding has been effected to the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:592.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">satisfaction of the Company. In such circumstances, the Company may require that the option holder pay to the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:604.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Company, in addition to and in the same manner as the exercise price for the shares of Common Stock, such amount <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:616.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">as the Company is obliged to remit to the relevant tax authority in respect of the exercise of the stock option. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:628.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Alternatively, the Company shall have the right in its discretion to satisfy any such liability for withholding or other <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:640.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">required deduction amounts by retaining or acquiring any shares acquired upon exercise of any stock option, or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:652.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">retaining any amount payable, which would otherwise be issued or delivered, provided or paid to an option holder <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:664.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">by the Company, whether or not such amounts are payable under the Plan.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.22pt;position:absolute;white-space:pre">A-7<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.77pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre;width:55.8pt">Section 409A<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:94pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Stock options granted under the Plan will generally not be subject to Section 409A as long as the exercise price is <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:106pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">not less than the fair market value of the underlying shares on the date of grant. If the requirements of Section 409A <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:118pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">are not met, the recipient may be required to include deferred compensation in taxable income and pay a 20% <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:130pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">penalty tax and additional interest on the amount required to be included in income. We make no representation as to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:142pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">compliance with, or exemption from, Section 409A and you should consult your own personal tax advisor for <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:154pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">further guidance with respect to Section 409A.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:176pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">What Are The Tax Consequences Of Stock Options Under The Plan In Canada&#63;<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:199.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">You generally will not recognize taxable income upon the grant of a stock option. Upon the exercise of the stock <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:211.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">option, you generally will recognize taxable income in an amount equal to the excess of the fair market value of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:223.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">shares of Common Stock at the time of exercise over the exercise price. This income will be treated as compensation <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:235.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">income and taxed at your marginal tax rate.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:257.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Generally, you will recognize income (or loss) in the year in which you subsequently sell or otherwise dispose of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:269.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">shares of Common Stock acquired under the stock option. If the shares are held as capital property, then when you <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:281.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">sell the shares, you generally will recognize capital gain or loss. You will be responsible for reporting the sale of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:293.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">shares of Common Stock to the tax authorities and paying any taxes due as required by applicable law.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:315.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:119.87pt;position:absolute;text-decoration:none;white-space:pre">AVAILABLE INFORMATION&#59; DOCUMENTS INCORPORATED BY REFERENCE <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:338.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:underline;white-space:pre">Company Information<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:360.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold, Inc. is a Delaware corporation that maintains its principal executive offices at 1144 15th Street, Suite <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">2500, Denver, Colorado 80202. The telephone number of the Company&#8217;s principal executive offices is (303) <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">573-1660.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:406.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:underline;white-space:pre">Where You Can Find More Information<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:428.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The Company is subject to the informational requirements of the Securities Exchange Act of 1934 (the &#8220;Exchange <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:440.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Act&#8221;), and in accordance with the Exchange Act, we file annual, quarterly, and current reports, proxy statements, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:452.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">and other information with the Securities and Exchange Commission (the &#8220;SEC&#8221;). SEC filings are available at the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:464.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">SEC&#8217;s website at www.sec.gov.<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:199.66pt;position:absolute;text-decoration:underline;white-space:pre"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:486.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:underline;white-space:pre">Certain Information We Are Incorporating By Reference<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:508.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.97pt">The SEC allows us to &#8220;incorporate by reference&#8221; information that we file with the SEC. Incorporation by reference<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.97pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:520.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.85pt">allows us to disclose important information to our stockholders by referring them to those other documents. The<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.85pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:532.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.87pt">information incorporated by reference is an important part of this prospectus, and information that we later file with<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.87pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:544.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.92pt">the SEC will automatically update and supersede this information. Documents incorporated by reference include our<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:556.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.83pt">most recent Annual Report on Form 10-K and reports that we have filed with the SEC subsequent to the end of our<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.8299999999999pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:568.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.93pt">most recent fiscal year or will file with the SEC in the future, such as reports on Forms 8-K, 10-K, and 10-Q and any<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:580.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:83.22pt">amendments thereto.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:604.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.97pt">Copies of any or all of these documents incorporated by reference, excluding exhibits to these documents that are<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.97pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:616.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.87pt">not specifically incorporated by reference, or a copy of the Plan, will be provided, upon written or oral request,<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.87pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:628.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.96pt">without charge to any participant in the Plan. We also will provide you, without charge, upon written or oral request,<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.96pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:640.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.97pt">annual reports, proxy statements, and other communications distributed to our stockholders generally, if you do not<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.97pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:652.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.91pt">otherwise receive such material. All written or oral requests for documents or information with respect to the Plan,<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:664.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:467.96pt">its administrators, or the administration of the Plan should be directed to our Corporate Secretary at 1144 15th<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.96pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:676.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:468pt">Street, Suite 2500, Denver, CO 80202-1161, or by contacting our Corporate Secretary at 1-303-573-1660 or<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:540pt;position:absolute;white-space:pre;width:2.5pt"> <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:688.6pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;white-space:pre;width:410.4pt">corporatesecretary&#64;royalgold.com. Additional information about the Plan is available on Shareworks.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.22pt;position:absolute;white-space:pre">A-8<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">A supplement to this prospectus may be furnished to participants in the Plan from time to time as appropriate to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">reflect changes in the information contained in this prospectus, such as material amendments to the Plan.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:106pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:272.12pt;position:absolute;text-decoration:none;white-space:pre">CONCLUSION<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:129.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">This summary of material terms of the Plan is intended to provide participants with basic information on important <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:141.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">provisions of the Plan. Because it is a summary, it does not contain all the details of the Plan. Notwithstanding this <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:153.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">summary or any oral or written representations made to participants, the Plan document serves as the final authority <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:165.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">in all matters relating to the Plan. In addition, the Company reserves the right to interpret and construe the Plan <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:177.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">documents. This summary may not be used to contradict or vary the terms of the Plan.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:199.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">No person has been authorized to give any information or to make any representations other than those <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:211.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">contained in this prospectus, and, if given or made, such information or representations must not be relied <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:223.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">upon as having been authorized. This prospectus does not constitute an offer to sell or the solicitation of an <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:235.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">offer to buy any securities other than the securities to which it relates or an offer to sell or the solicitation of <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:247.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. Neither the <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:259.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">delivery of this prospectus nor any sale made hereunder will, under any circumstances, create any <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:271.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">implication that there has been no change in the affairs of the company since the date hereof or that the <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:283.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">information contained herein is correct as of any time subsequent to its date.<font style="display:inline-block;height:6.77pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="-sec-extract:summary;left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.5pt;position:absolute;white-space:pre">II-1<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="-sec-extract:summary;left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div id="i62a3514eb7314d069bd7e2763e6c587c_10" style="position:absolute;top:72pt"></div><div style="line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:287.26pt;position:absolute;text-decoration:none;white-space:pre">PART II <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:175.66pt;position:absolute;text-decoration:none;white-space:pre">INFORMATION NOT REQUIRED IN THE PROSPECTUS<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Item&#160;14. Other Expenses of Issuance and Distribution<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The estimated expenses to be borne by us in connection with the issuance and distribution of the securities being <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:144pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">registered, other than underwriting discounts and commissions, are set forth below. All the amounts shown are <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:156pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">estimates except the registration fee paid to the Securities and Exchange Commission.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="position:absolute;top:180pt;width:612pt"><div style="font-size:0pt;left:72pt;position:absolute;top:0pt;width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:429.75pt" rowspan="1" colspan="1"></td><td style="padding:0;width:38.25pt" rowspan="1" colspan="1"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:0pt;width:429.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:429.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">SEC registration fee<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:429.75pt;position:absolute;top:0pt;width:38.25pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:38.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:8.12pt;position:absolute;text-decoration:none;white-space:pre">$7,754<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:14.25pt;width:429.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:429.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Accounting fees and expenses<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:429.75pt;position:absolute;top:14.25pt;width:38.25pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:38.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:3.12pt;position:absolute;text-decoration:none;white-space:pre">$20,000<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:28.5pt;width:429.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:429.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Legal fees and expenses<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:429.75pt;position:absolute;top:28.5pt;width:38.25pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:38.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:8.12pt;position:absolute;text-decoration:none;white-space:pre">$5,000<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:42.75pt;width:429.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:429.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Miscellaneous<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:429.75pt;position:absolute;top:42.75pt;width:38.25pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:38.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:8.12pt;position:absolute;text-decoration:none;white-space:pre">$2,246<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:57pt;width:429.75pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:429.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:absolute;text-decoration:none;white-space:pre">Total<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:429.75pt;position:absolute;top:57pt;width:38.25pt"><div><div style="line-height:6.93pt;position:absolute;top:3.67pt;width:38.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:3.12pt;position:absolute;text-decoration:none;white-space:pre">$35,000<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr></table></div></div></div><div id="i62a3514eb7314d069bd7e2763e6c587c_136" style="position:absolute;top:268.25pt"></div><div style="line-height:6.77pt;position:absolute;top:268.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Item&#160;15. Indemnification of Directors and Officers<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:292.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Set forth below is a description of certain provisions of the Delaware General Corporation Law, Royal Gold&#8217;s <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:304.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">certificate of incorporation and bylaws, and certain indemnification agreements between Royal Gold and its <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:316.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">directors and officers. The description is intended only as a summary and is qualified in its entirety by reference to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:328.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the Delaware General Corporation Law, Royal Gold&#8217;s certificate of incorporation and bylaws, and the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:340.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">indemnification agreements, a form of which has been filed by Royal Gold with the SEC.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:364.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Delaware General Corporation Law<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:388.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Under Section 145 of the Delaware General Corporation Law, a corporation may indemnify its directors, officers, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:400.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">employees and agents and its former directors, officers, employees and agents and those who serve, at the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:412.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">corporation&#8217;s request, in such capacities with another enterprise, against expenses (including attorneys&#8217; fees), as well <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:424.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">as judgments, fines and settlements in nonderivative lawsuits, actually and reasonably incurred in connection with <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:436.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the defense of any action, suit or proceeding in which they or any of them were or are made parties or are threatened <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:448.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">to be made parties by reason of their serving or having served in such capacity. The Delaware General Corporation <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:460.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Law provides, however, that such person must have acted in good faith and in a manner he or she reasonably <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:472.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">believed to be in (or not opposed to) the best interest of the corporation and, in the case of a criminal action, such <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:484.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">person must have had no reasonable cause to believe his or her conduct was unlawful. In addition, the Delaware <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:496.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">General Corporation Law does not permit indemnification in an action or suit by or in the right of the corporation, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:508.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">where such person has been adjudged liable to the corporation, unless, and only to the extent that, a court determines <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:520.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">that such person fairly and reasonably is entitled to indemnity for expenses the court deems proper in light of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:532.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">liability adjudication. Indemnity is mandatory to the extent a claim, issue or matter has been successfully defended. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:544.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The Delaware General Corporation Law provides that a corporation has the power to purchase and maintain <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:556.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">insurance on behalf of any person described above, whether or not the corporation would have the power to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:568.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">indemnify such person against such liability under the provisions of the Delaware General Corporation Law.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:592.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Section 102 of the Delaware General Corporation Law allows a corporation to eliminate or limit the personal <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:604.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">liability of directors and officers of a corporation to the corporation or its stockholders for monetary damages for a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:616.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">breach of fiduciary duty as a director or officer, except where the director or officer breached his or her duty of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:628.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, or obtained an <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:640.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">improper personal benefit, or where a director authorized the payment of a dividend or approved a stock repurchase <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:652.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">in violation of Delaware law. In addition, Section 102 of the Delaware General Corporation Law does not permit a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:664.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">corporation to eliminate or limit the personal liability of an officer in any action by or in the right of the corporation.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:688.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Section 174 of the Delaware Statute provides, among other things, that a director who willfully or negligently <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:700.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">approves of an unlawful payment of dividends or an unlawful stock purchase or redemption may be held liable for <font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.5pt;position:absolute;white-space:pre">II-2<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="-sec-extract:summary;left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">such actions. A director who was either absent when the unlawful actions were approved or dissented at the time <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">may avoid liability by causing his or her dissent to such actions to be entered in the books containing the minutes of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the meetings of the board of directors at the time such action occurred or immediately after such absent director <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">receives notice of the unlawful acts.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Certificate of Incorporation and Bylaws<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:156pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold&#8217;s certificate of incorporation and bylaws provide for mandatory indemnification or similar rights of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:168pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">directors and officers generally to the same extent as is authorized by the Delaware General Corporation Law. Under <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:180pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">its bylaws, Royal Gold must advance expenses incurred by an officer or director in defending any such action if the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:192pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">director or officer undertakes to repay such amount if it is ultimately determined that he or she is not entitled to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:204pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">indemnification. To the extent authorized by the board of directors, Royal Gold may also similarly indemnify and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:216pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">advance expenses to employees and agents. The provisions of the certificate of incorporation and bylaws do not <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:228pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">preclude Royal Gold from indemnifying other persons from similar or other expenses and liabilities as the board of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">directors or the stockholders may determine in a specific instance or by resolution of general application.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:264pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Indemnification Agreements and Insurance<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:288pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold has entered into indemnification agreements with its current officers and directors. The indemnification <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:300pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">agreements provide such persons indemnification against, among other things, any and all expenses, judgments, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:312pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">fines, penalties, and amounts paid in settlement by the director or officer, provide for the advancement of expenses <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:324pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">incurred by the director or officer in connection with any proceeding and obligate the director or officer to reimburse <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:336pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the registrant for all amounts so advanced if it is subsequently determined, as provided in the indemnification <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:348pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">agreements, that the director or officer is not entitled to indemnification, if such advanced amounts were in excess of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:360pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">amounts actually paid or incurred by such director or officer or if such director or officer receives from insurance or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">other compensation or reimbursement payments from any insurer or third party in respect of the same subject matter. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">The indemnification agreements also provide certain methods and presumptions for determining whether the officer <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">or director is entitled to indemnification, among other matters, as set forth in such agreement.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:420pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Royal Gold also maintains directors&#8217; and officers&#8217; liability insurance.<font style="display:inline-block;height:6.93pt"></font></font></div><div id="i62a3514eb7314d069bd7e2763e6c587c_143" style="position:absolute;top:444pt"></div><div style="line-height:6.77pt;position:absolute;top:444pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Item&#160;16. Exhibits<font style="display:inline-block;height:6.77pt"></font></font></div><div style="position:absolute;top:468pt;width:612pt"><div style="font-size:0pt;left:72pt;position:absolute;top:0pt;width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:50.25pt" rowspan="1" colspan="1"></td><td style="padding:0;width:417.75pt" rowspan="1" colspan="1"></td></tr><tr style="height:23.25pt"><td style="border-bottom:0.5pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:0pt;width:50.25pt"><div><div style="line-height:6.77pt;position:absolute;top:2.83pt;width:50.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:9.3pt;position:absolute;text-decoration:none;white-space:pre">Exhibit <font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:12.83pt;width:50.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:7.36pt;position:absolute;text-decoration:none;white-space:pre">Number<font style="display:inline-block;height:6.77pt"></font></font></div></div></div></td><td style="border-bottom:0.5pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:50.25pt;position:absolute;top:0pt;width:417.75pt"><div><div style="line-height:6.77pt;position:absolute;top:12.83pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:184.18pt;position:absolute;text-decoration:none;white-space:pre">Description<font style="display:inline-block;height:6.77pt"></font></font></div></div></div></td></tr><tr style="height:33.75pt"><td style="border-top:0.5pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:23.25pt;width:50.25pt"><div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:2.63pt;width:50.25pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.75pt;position:absolute;white-space:pre;width:12.5pt">4.1<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="border-top:0.5pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:50.25pt;position:absolute;top:23.25pt;width:417.75pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/Archives/edgar/data/85535/000155837023017277/rgld-20230930xex3d1.htm">Restated Certificate of Incorporation of Royal Gold, Inc., as amended through May 26, 2023 (filed as </a><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:12.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/Archives/edgar/data/85535/000155837023017277/rgld-20230930xex3d1.htm">Exhibit 3.1 to Royal Gold&#8217;s Quarterly Report on Form 10-Q filed on November 2, 2023, and </a><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:22.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/Archives/edgar/data/85535/000155837023017277/rgld-20230930xex3d1.htm">incorporated herein by reference)</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:33.75pt"><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:57pt;width:50.25pt"><div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:2.63pt;width:50.25pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.75pt;position:absolute;white-space:pre;width:12.5pt">4.2<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:50.25pt;position:absolute;top:57pt;width:417.75pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000012/rgld-20241231xex32amendeda.htm">Amended and Restated Bylaws, as amended through November 19, 2024 (filed as Exhibit 3.2 to </a><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:12.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000012/rgld-20241231xex32amendeda.htm">Royal Gold&#8217;s Annual Report on Form 10-K filed on February 13, 2025, and incorporated herein by </a><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:22.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000012/rgld-20241231xex32amendeda.htm">reference)</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:23.25pt"><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:90.75pt;width:50.25pt"><div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:2.63pt;width:50.25pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.75pt;position:absolute;white-space:pre;width:17.5pt">5.1*<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:50.25pt;position:absolute;top:90.75pt;width:417.75pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:2.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="s-3opinion5nov2025.htm">Opinion of David Crandall, Vice President, Corporate Secretary, and Chief Compliance Officer of </a><font style="display:inline-block;height:6.93pt"></font></font></div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:12.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="s-3opinion5nov2025.htm">Royal Gold</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:114pt;width:50.25pt"><div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:2.63pt;width:50.25pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.75pt;position:absolute;white-space:pre;width:22.5pt">23.1*<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:50.25pt;position:absolute;top:114pt;width:417.75pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:2.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="s-3ex231.htm">Consent of Ernst &#38; Young, Independent Registered Public Accounting Firm to Royal Gold, Inc.</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:23.25pt"><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:128.25pt;width:50.25pt"><div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:2.63pt;width:50.25pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.75pt;position:absolute;white-space:pre;width:22.5pt">23.2*<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:50.25pt;position:absolute;top:128.25pt;width:417.75pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:2.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="s-3ex232.htm">Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm of </a><font style="display:inline-block;height:6.93pt"></font></font></div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:12.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="s-3ex232.htm">Sandstorm Gold Ltd.</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:151.5pt;width:50.25pt"><div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:2.63pt;width:50.25pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.75pt;position:absolute;white-space:pre;width:22.5pt">23.3*<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:50.25pt;position:absolute;top:151.5pt;width:417.75pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:2.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="s-3ex233.htm">Consent of PricewaterhouseCoopers LLP, Independent Auditor of Horizon Copper Corp.</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:165.75pt;width:50.25pt"><div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:2.63pt;width:50.25pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.75pt;position:absolute;white-space:pre;width:22.5pt">23.4*<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:50.25pt;position:absolute;top:165.75pt;width:417.75pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:2.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="s-3opinion5nov2025.htm">Consent of David Crandall (contained in Exhibit&#160;5.1)</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:180pt;width:50.25pt"><div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:2.63pt;width:50.25pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.75pt;position:absolute;white-space:pre;width:22.5pt">24.1*<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:50.25pt;position:absolute;top:180pt;width:417.75pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="#i62a3514eb7314d069bd7e2763e6c587c_13">Power of Attorney (included on the signature page&#160;to this registration statement)</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:194.25pt;width:50.25pt"><div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:2.63pt;width:50.25pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.75pt;position:absolute;white-space:pre;width:22.5pt">99.1*<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:50.25pt;position:absolute;top:194.25pt;width:417.75pt"><div><div style="font-size:12pt;line-height:6.93pt;position:absolute;top:2.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="ex991sandstormstockoptionp.htm">Sandstorm Gold Ltd. Amended and Restated Stock Option Plan</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-bottom:0.5pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:208.5pt;width:50.25pt"><div><div style="line-height:6.93pt;position:absolute;text-align:justify;text-align-last:var(--justify);top:2.63pt;width:50.25pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.75pt;position:absolute;white-space:pre;width:20pt">107*<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:50.25pt;position:absolute;top:208.5pt;width:417.75pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:417.75pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:5.4pt;position:absolute;text-decoration:underline;white-space:pre"><a style="-sec-extract:exhibit;color:inherit;text-decoration:inherit;z-index:1" href="exfilingfees.htm">Filing Fee Table</a><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr></table></div></div></div><div style="line-height:6.93pt;position:absolute;top:696.75pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">* Filed herewith.</font><font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.5pt;position:absolute;white-space:pre">II-3<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div id="i62a3514eb7314d069bd7e2763e6c587c_149" style="position:absolute;top:72pt"></div><div style="line-height:6.77pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:absolute;text-decoration:none;white-space:pre">Item&#160;17. Undertakings<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:94pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:72pt;position:absolute">(a)<font style="display:inline-block;height:6.93pt;width:15.91pt"></font></font><font style="left:99pt;position:absolute">The undersigned Registrant hereby undertakes&#58;<font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:116pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:99pt;position:absolute">(1)<font style="display:inline-block;height:6.93pt;width:15.34pt"></font></font><font style="left:126pt;position:absolute">To file, during any period in which offers or sales are being made, a post-effective amendment to this <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:128pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:126pt;position:absolute;text-decoration:none;white-space:pre">registration statement&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:150pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:126pt;position:absolute">(i)<font style="display:inline-block;height:6.93pt;width:17.57pt"></font></font><font style="left:153pt;position:absolute">to include any prospectus required by Section 10(a)(3) of the Securities Act&#59;<font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:172pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:126pt;position:absolute">(ii)<font style="display:inline-block;height:6.93pt;width:14.8pt"></font></font><font style="left:153pt;position:absolute">to reflect in the prospectus any facts or events arising after the effective date of the registration <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:184pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">statement (or the most recent post-effective amendment thereof) which, individually or in the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:196pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">aggregate, represent a fundamental change in the information set forth in the registration <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:208pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">statement. Notwithstanding the foregoing, any increase or decrease in volume of securities <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:220pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">offered (if the total dollar value of securities offered would not exceed that which was <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:232pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">registered) and any deviation from the low or high end of the estimated maximum offering <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:244pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:256pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">in the aggregate, the changes in volume and price represent no more than 20% change in the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:268pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">maximum aggregate offering price set forth in the &#8220;Calculation of Filing Fee Tables&#8221; or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:280pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">&#8220;Calculation of Registration Fee&#8221; table, as applicable, in the effective registration statement&#59; and<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:302pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:126pt;position:absolute">(iii)<font style="display:inline-block;height:6.93pt;width:12.03pt"></font></font><font style="left:153pt;position:absolute">to include any material information with respect to the plan of distribution not previously <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:314pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">disclosed in this registration statement or any material change to such information in this <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:326pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">registration statement&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:348pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:126pt;position:absolute;text-decoration:none;white-space:pre">provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:360pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:126pt;position:absolute;text-decoration:none;white-space:pre">required to be included in a post-effective amendment by those paragraphs is contained in reports filed <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:372pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:126pt;position:absolute;text-decoration:none;white-space:pre">with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:384pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:126pt;position:absolute;text-decoration:none;white-space:pre">Act that are incorporated by reference in this registration statement or is contained in a form of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:396pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:126pt;position:absolute;text-decoration:none;white-space:pre">prospectus filed pursuant to Rule 424(b) under the Securities Act that is part of the registration <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:408pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:126pt;position:absolute;text-decoration:none;white-space:pre">statement..<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:430pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:99pt;position:absolute">(2)<font style="display:inline-block;height:6.93pt;width:15.34pt"></font></font><font style="left:126pt;position:absolute">That, for the purpose of determining any liability under the Securities Act, each such post-effective <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:442pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:126pt;position:absolute;text-decoration:none;white-space:pre">amendment shall be deemed to be a new registration statement relating to the securities offered therein, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:454pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:126pt;position:absolute;text-decoration:none;white-space:pre">and the offering of such securities at that time shall be deemed to be the initial bona fide offering <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:466pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:126pt;position:absolute;text-decoration:none;white-space:pre">thereof.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:488pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:99pt;position:absolute">(3)<font style="display:inline-block;height:6.93pt;width:15.34pt"></font></font><font style="left:126pt;position:absolute">To remove from registration by means of a post-effective amendment any of the securities being <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:500pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:126pt;position:absolute;text-decoration:none;white-space:pre">registered which remain unsold at the termination of the offering.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:522pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:99pt;position:absolute">(4)<font style="display:inline-block;height:6.93pt;width:15.34pt"></font></font><font style="left:126pt;position:absolute">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser&#58;<font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:544pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:126pt;position:absolute">(i)<font style="display:inline-block;height:6.93pt;width:17.57pt"></font></font><font style="left:153pt;position:absolute">Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:556pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">the registration statement as of the date the filed prospectus was deemed part of and included in <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:568pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">the registration statement&#59; and<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:590pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:126pt;position:absolute">(ii)<font style="display:inline-block;height:6.93pt;width:14.8pt"></font></font><font style="left:153pt;position:absolute">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:602pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:614pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:626pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">of the Securities Act of 1933 shall be deemed to be part of and included in the registration <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:638pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">statement as of the earlier of the date such form of prospectus is first used after effectiveness or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:650pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">the date of the first contract of sale of securities in the offering described in the prospectus. As <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:662pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:674pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">underwriter, such date shall be deemed to be a new effective date of the registration statement <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:686pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">relating to the securities in the registration statement to which that prospectus relates, and the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:698pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">offering of such securities at that time shall be deemed to be the initial bona fide offering <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:710pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">thereof. Provided, however, that no statement made in a registration statement or prospectus that <font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:35.92pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.5pt;position:absolute;white-space:pre">II-4<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:468pt"></div></div><div><div style="line-height:6.93pt;position:absolute;top:72pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">is part of the registration statement or made in a document incorporated or deemed incorporated <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:84pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">by reference into the registration statement or prospectus that is part of the registration statement <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:96pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:108pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">modify any statement that was made in the registration statement or prospectus that was part of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:120pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">the registration statement or made in any such document immediately prior to such effective <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:132pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:153pt;position:absolute;text-decoration:none;white-space:pre">date.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:154pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:72pt;position:absolute">(b)<font style="display:inline-block;height:6.93pt;width:15.34pt"></font></font><font style="left:99pt;position:absolute">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:166pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Securities Act, each filing of the Registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:178pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:190pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:202pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">new registration statement relating to the securities offered therein, and the offering of such securities at that time <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:214pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">shall be deemed to be the initial bona fide offering thereof.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:236pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><font style="left:72pt;position:absolute">(c)<font style="display:inline-block;height:6.93pt;width:15.91pt"></font></font><font style="left:99pt;position:absolute">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, <font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:248pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:260pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:272pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:284pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">(other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:296pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:308pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:320pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:332pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">question whether such indemnification by it is against public policy as expressed in the Securities Act and will be <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:344pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">governed by the final adjudication of such issue.<font style="display:inline-block;height:6.93pt"></font></font></div></div></div><div style="--justify:justify;--position:absolute;background-color:#FFFFFF;border:1px solid #CCCC;content-visibility:auto;float:none;font-size:0;height:792pt;margin:10px auto 10px auto;overflow:hidden;padding:0;position:relative;width:612pt"><div style="left:0pt;position:absolute;top:738pt"><div style="width:504pt"></div></div><div style="left:0pt;position:absolute;top:0pt"><div style="width:504pt"></div></div><div><div id="i62a3514eb7314d069bd7e2763e6c587c_13" style="position:absolute;top:54pt"></div><div style="line-height:6.77pt;position:absolute;top:54pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:273.51pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">SIGNATURES</font><font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:78pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:90pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:102pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">behalf by the undersigned, thereunto duly authorized, in the City of Denver, State of Colorado, </font><font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:435.56pt;position:absolute;white-space:pre">on November 5, 2025. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:124pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:270pt;position:absolute;white-space:pre">ROYAL GOLD, INC.<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:147.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:270pt;position:absolute;white-space:pre">By&#58;<font style="display:inline-block;height:6.93pt"></font></font><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:284.43pt;position:absolute;text-decoration:underline;white-space:pre">&#160;&#47;s&#47; William Heissenbuttel&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:159.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;white-space:pre"><font style="left:270pt;position:absolute">Name&#58;<font style="display:inline-block;height:6.93pt;width:4.88pt"></font></font><font style="left:301.5pt;position:absolute">William Heissenbuttel<font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.93pt;position:absolute;top:171.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;white-space:pre"><font style="left:270pt;position:absolute">Title&#58;<font style="display:inline-block;height:6.93pt;width:9.89pt"></font></font><font style="left:301.5pt;position:absolute">President &#38; Chief Executive Officer<font style="display:inline-block;height:6.93pt"></font></font></font></div><div style="line-height:6.77pt;position:absolute;top:195.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:249.37pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">POWER OF ATTORNEY</font><font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:213.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:225.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">Paul Libner and David Crandall and either of them, his or her true and lawful attorney-in-fact and agent with full power of </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:237.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">substitution and resubstitution, for him or her in any and all capacities, to sign any and all amendments (including post-</font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:249.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">effective amendments) and supplements to this registration statement, or any registration statement for the same offering that </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:261.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">is to be effective upon filing pursuant to Rule 462(b) under the Securities Act, to file the same with all exhibits thereto, and </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:273.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">any and all instruments or documents in connection therewith, with the Securities and Exchange Commission, and to execute, </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:285.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">deliver and file any other documents and instruments in the undersigned&#8217;s name or on the undersigned&#8217;s behalf which said </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:297.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">attorneys-in-fact and agents, or either of them, may determine to be necessary or advisable to comply with the Securities Act </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:309.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">and any rules or regulations promulgated thereunder, and any such attorney-in-fact may make such changes and additions to </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:321.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">this registration statement or such other documents or instruments as such attorney-in-fact may deem necessary or </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:333.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">appropriate, granting each of them, full power and authority to do and perform each and every act and thing requisite and </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:345.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person and </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:357.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:369.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">substitutes, may lawfully do or cause to be done by virtue hereof.</font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:393.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:405.3pt;width:612pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">persons in the capacities and on the dates indicated.</font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="position:absolute;top:429.3pt;width:612pt"><div style="font-size:0pt;left:54pt;position:absolute;top:0pt;width:468.75pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tr style="height:0"><td style="padding:0;width:183pt" rowspan="1" colspan="1"></td><td style="padding:0;width:175.5pt" rowspan="1" colspan="1"></td><td style="padding:0;width:110.25pt" rowspan="1" colspan="1"></td></tr><tr style="height:21pt"><td style="border-bottom:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:0pt;width:183pt"><div><div style="line-height:6.77pt;position:absolute;top:2.63pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:70.68pt;position:absolute;text-decoration:none;white-space:pre">Signature<font style="display:inline-block;height:6.77pt"></font></font></div></div></div></td><td style="border-bottom:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:183pt;position:absolute;top:0pt;width:175.5pt"><div><div style="line-height:6.77pt;position:absolute;top:2.63pt;width:175.5pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:77.77pt;position:absolute;text-decoration:none;white-space:pre">Title<font style="display:inline-block;height:6.77pt"></font></font></div></div></div></td><td style="border-bottom:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:358.5pt;position:absolute;top:0pt;width:110.25pt"><div><div style="line-height:6.77pt;position:absolute;top:2.63pt;width:110.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:45.13pt;position:absolute;text-decoration:none;white-space:pre">Date<font style="display:inline-block;height:6.77pt"></font></font></div></div></div></td></tr><tr style="height:20.25pt"><td style="border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:21pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:9.67pt;width:183pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:40.74pt;position:absolute;white-space:pre">&#47;s&#47; William Heissenbuttel<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="border-top:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:183pt;position:absolute;top:21pt;width:175.5pt"><div><div style="line-height:6.93pt;position:absolute;top:7.27pt;width:175.5pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:10.21pt;position:absolute;white-space:pre">President, Chief Executive Officer and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:19.27pt;width:175.5pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:11.61pt;position:absolute;white-space:pre">Director (Principal Executive Officer)<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="border-top:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:358.5pt;position:absolute;top:21pt;width:110.25pt"><div><div style="line-height:6.93pt;position:absolute;top:13.27pt;width:110.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:17.78pt;position:absolute;text-decoration:none;white-space:pre">November 5, 2025<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-top:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:41.25pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:46.71pt;position:absolute;text-decoration:none;white-space:pre">William Heissenbuttel<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:18.75pt"><td style="border-bottom:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:55.5pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:8.17pt;width:183pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:62.09pt;position:absolute;white-space:pre">&#47;s&#47; <font style="display:inline-block;height:6.93pt"></font></font><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:74.02000000000001pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">Paul Libner</font><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:183pt;position:absolute;top:55.5pt;width:175.5pt"><div><div style="line-height:6.93pt;position:absolute;top:2.4pt;width:175.5pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:23.38pt;position:absolute;white-space:pre">Senior Vice President and Chief <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:14.4pt;width:175.5pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:12.72pt;position:absolute;white-space:pre">Financial Officer (Principal Financial <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:26.4pt;width:175.5pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:38.64pt;position:absolute;white-space:pre">and Accounting Officer)<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:358.5pt;position:absolute;top:55.5pt;width:110.25pt"><div><div style="line-height:6.93pt;position:absolute;top:14.4pt;width:110.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:17.78pt;position:absolute;text-decoration:none;white-space:pre">November 5, 2025<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:18pt"><td style="border-top:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:74.25pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:183pt"><font style="background-color:#ffffff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:68.05pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">Paul Libner</font><font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:15.75pt"><td style="border-bottom:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:92.25pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:5.17pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:55.44pt;position:absolute;text-decoration:none;white-space:pre">&#47;s&#47; William Hayes<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:183pt;position:absolute;top:92.25pt;width:175.5pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:175.5pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:68.05pt;position:absolute;white-space:pre">Chairman<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:358.5pt;position:absolute;top:92.25pt;width:110.25pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:110.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:17.78pt;position:absolute;text-decoration:none;white-space:pre">November 5, 2025<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-top:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:108pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:61.41pt;position:absolute;text-decoration:none;white-space:pre">William Hayes<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:15.75pt"><td style="border-bottom:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:122.25pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:5.17pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:53.2pt;position:absolute;text-decoration:none;white-space:pre">&#47;s&#47; Fabiana Chubbs<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:183pt;position:absolute;top:122.25pt;width:175.5pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:175.5pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:71.11pt;position:absolute;white-space:pre">Director<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:358.5pt;position:absolute;top:122.25pt;width:110.25pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:110.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:17.78pt;position:absolute;text-decoration:none;white-space:pre">November 5, 2025<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-top:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:138pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:59.16pt;position:absolute;text-decoration:none;white-space:pre">Fabiana Chubbs<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:15.75pt"><td style="border-bottom:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:152.25pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:5.17pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:65.96pt;position:absolute;text-decoration:none;white-space:pre">&#47;s&#47; Mark Isto<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:183pt;position:absolute;top:152.25pt;width:175.5pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:175.5pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:71.11pt;position:absolute;white-space:pre">Director<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:358.5pt;position:absolute;top:152.25pt;width:110.25pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:110.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:17.78pt;position:absolute;text-decoration:none;white-space:pre">November 5, 2025<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-top:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:168pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:71.93pt;position:absolute;text-decoration:none;white-space:pre">Mark Isto<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:15.75pt"><td style="border-bottom:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:182.25pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:5.17pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54.31pt;position:absolute;text-decoration:none;white-space:pre">&#47;s&#47; Jamie Sokalsky<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:183pt;position:absolute;top:182.25pt;width:175.5pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:175.5pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:71.11pt;position:absolute;white-space:pre">Director<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:358.5pt;position:absolute;top:182.25pt;width:110.25pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:110.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:17.78pt;position:absolute;text-decoration:none;white-space:pre">November 5, 2025<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-top:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:198pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:60.28pt;position:absolute;text-decoration:none;white-space:pre">Jamie Sokalsky<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:15.75pt"><td style="border-bottom:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:212.25pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:5.17pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:57.1pt;position:absolute;text-decoration:none;white-space:pre">&#47;s&#47; Ronald Vance<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:183pt;position:absolute;top:212.25pt;width:175.5pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:175.5pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:71.11pt;position:absolute;white-space:pre">Director<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:358.5pt;position:absolute;top:212.25pt;width:110.25pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:110.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:17.78pt;position:absolute;text-decoration:none;white-space:pre">November 5, 2025<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-top:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:228pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:63.06pt;position:absolute;text-decoration:none;white-space:pre">Ronald Vance<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:15.75pt"><td style="border-bottom:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:242.25pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:5.17pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:54.59pt;position:absolute;text-decoration:none;white-space:pre">&#47;s&#47; Sybil Veenman<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:183pt;position:absolute;top:242.25pt;width:175.5pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:175.5pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:71.11pt;position:absolute;white-space:pre">Director<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top" rowspan="2" colspan="1"><div style="left:358.5pt;position:absolute;top:242.25pt;width:110.25pt"><div><div style="line-height:6.93pt;position:absolute;top:11.02pt;width:110.25pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:17.78pt;position:absolute;text-decoration:none;white-space:pre">November 5, 2025<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-top:0.75pt solid #000000;font-size:0;text-align:left;vertical-align:top" rowspan="1" colspan="1"><div style="left:0pt;position:absolute;top:258pt;width:183pt"><div><div style="line-height:6.93pt;position:absolute;top:2.63pt;width:183pt"><font style="color:#000000;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:60.56pt;position:absolute;text-decoration:none;white-space:pre">Sybil Veenman<font style="display:inline-block;height:6.93pt"></font></font></div></div></div></td></tr></table></div></div></div></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>s-3opinion5nov2025.htm
<DESCRIPTION>EX-5.1
<TEXT>
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<title>Document</title></head><body><div id="i3f5aeb8cc3fe4fcdae5f798fe8214035_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div><div style="margin-top:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:105%">Exhibit 5.1</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">November 5, 2025</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">Royal Gold, Inc.</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">1144 15th Street, Suite 2500</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">Denver, CO 80202-1161</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">Ladies and Gentlemen&#58;</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">I am the Vice President, Corporate Secretary, and Chief Compliance Officer of Royal Gold, Inc., a Delaware corporation (the &#8220;Company&#8221;). This letter is being delivered in connection with the registration statement on Form S-3 (the &#8220;Registration Statement&#8221;), filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), relating to the offering of an aggregate of 689,637 shares of the Company&#8217;s common stock, par value $0.01 per share (the &#8220;Shares&#8221;), issuable upon the exercise of stock options issued under the Sandstorm Gold Ltd. Amended and Restated Stock Option Plan (the &#8220;Plan&#8221;), which stock options have been assumed by the Company. This opinion letter is furnished to enable the Company to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. &#167; 229.601(b)(5), in connection with the Registration Statement.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">For purposes of this opinion letter, I have examined copies of such agreements, instruments, and documents as I have deemed an appropriate basis on which to render the opinions hereinafter expressed. In my examination of the aforesaid documents, I have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to me, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to me as copies (including PDFs). As to all matters of fact, I have relied on the representations and statements of fact made in the documents so reviewed, and I have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">This opinion letter is based as to matters of law solely on the Delaware General Corporation Law, as amended. I express no opinion herein as to any other statutes, rules or regulations.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">Based upon, subject to, and limited by the foregoing, I am of the opinion that following (i)&#160;effectiveness of the Registration Statement, and (ii)&#160;issuance of the Shares pursuant to the terms of the Plan and the agreements that accompany the Plan, the Shares will be validly issued, fully paid, and&#160;non-assessable.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">This opinion letter has been prepared for use in connection with the Registration Statement. I assume no obligation to advise of any changes in the foregoing subsequent to the effective date of the Registration Statement.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">I hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving this consent, I do not thereby admit that I am an &#8220;expert&#8221; within the meaning of the Securities Act.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">Sincerely,</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">&#47;s&#47; David Crandall</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">Vice President, Corporate Secretary, and Chief Compliance Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:105%">Royal Gold, Inc.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div></div></body></html>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>s-3ex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
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<title>Document</title></head><body><div id="i1bf225bd1b394001801bd6111ac51e81_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 23.1</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Consent of Independent Registered Public Accounting Firm</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We consent to the reference to our firm under the caption &#8220;Experts&#8221; in the Registration Statement (Form S-3) and related Prospectus of Royal Gold, Inc. for the registration of 689,637 shares of its common stock and to the incorporation by reference therein of our reports dated February 12, 2025, with respect to the consolidated financial statements of Royal Gold, Inc., and the effectiveness of internal control over financial reporting of Royal Gold Inc., included in its Annual Report (Form 10-K) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">&#47;s&#47;Ernst &#38; Young LLP</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Denver, Colorado</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">November 5, 2025</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>s-3ex232.htm
<DESCRIPTION>EX-23.2
<TEXT>
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<title>Document</title></head><body><div id="i848939456b6c486c940a27645549496d_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 23.2</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Consent of Independent Registered Public Accounting Firm</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We hereby consent to the incorporation by reference in this registration statement on Form S-3 of Royal Gold, Inc. of our report dated February 18, 2025 relating to the Sandstorm Gold Ltd.&#8217;s financial statements and the effectiveness of internal control over financial reporting, which appears in Exhibit 99.2 to Sandstorm Gold Ltd.&#8217;s Annual Report on Form 40-F for the year ended December 31, 2024. We also consent to the reference to us under the heading &#8220;Experts&#8221; in such registration statement.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">&#47;s&#47; PricewaterhouseCoopers LLP</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Chartered Professional Accountants</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Vancouver, Canada</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">November 5, 2025</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>s-3ex233.htm
<DESCRIPTION>EX-23.3
<TEXT>
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<title>Document</title></head><body><div id="i6f0c10ea8bf643c0ba3e11dcd61317d0_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 23.3</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Consent of Independent Auditors</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We hereby consent to the incorporation by reference in this registration statement on Form S-3 of Royal Gold, Inc. of our report dated August 6, 2025 relating to the Horizon Copper Corp.&#8217;s financial statements, which appear on pages F-2 through F-29 of Royal Gold, Inc.&#8217;s definitive proxy statement filed on September 2, 2025. We also consent to the reference to us under the heading &#8220;Experts&#8221; in such registration statement.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">&#47;s&#47; PricewaterhouseCoopers LLP</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Chartered Professional Accountants</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Vancouver, Canada</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">November 5, 2025</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>ex991sandstormstockoptionp.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<title>Document</title></head><body><div id="i5bad663468b443668185730e3ad89eae_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:12pt;text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 99.1</font></div><div style="margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SANDSTORM GOLD LTD.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">AMENDED AND RESTATED</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">STOCK OPTION PLAN</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Assumed by Royal Gold, Inc. Effective October 20, 2025</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1.&#160;&#160;&#160;&#160;PURPOSE OF THE PLAN</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company hereby establishes a stock option plan for directors, senior officers, Employees, Management Company Employees and Consultants (as such terms are defined below) of the Company and its subsidiaries (collectively &#34;Eligible Persons&#34;), to be known as the &#34;Sandstorm Gold Ltd. Stock Option Plan&#34; (the &#34;Plan&#34;). The purpose of the Plan is to give to Eligible Persons, as additional compensation, the opportunity to participate in the success of the Company by granting to such individuals options, exercisable over periods of up to five (5) years as determined by the board of directors of the Company, to buy shares of the Company at a price not less than the Market Price prevailing on the date the option is granted and as approved by the Board.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2.&#160;&#160;&#160;&#160;DEFINITIONS</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In this Plan, the following terms shall have the following meanings&#58;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.1&#160;&#160;&#160;&#160;&#8220;Act&#8221; means the Business Corporations Act (British Columbia) or its successor, as amended from time to time&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.2&#160;&#160;&#160;&#160;&#8220;Affiliate&#8221; shall have the meaning given to such term in the Securities Act&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.3&#160;&#160;&#160;&#160;&#34;Associate&#34; where used to indicate a relationship with any person or company, means&#58; (i) any company of which such person or company beneficially owns, directly or indirectly, voting securities carrying more than 10% of the voting rights attached to all voting securities of the company for the time being outstanding&#59; (ii) any partner of that person or company&#59; (iii) any trust or estate in which such person or company has a substantial beneficial interest or as to which such person or company serves as trustee or in a similar capacity&#59; (iv) any relative of that person who resides in the same home as that person&#59; (v) any person who resides in the same home as that person and to whom that person is married, or any person of the opposite sex or the same sex who resides in the same home as that person and with whom that person is living in a conjugal relationship outside marriage&#59; or (vi) any relative of a person mentioned in clause (v) who has the same home as that person&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.4&#160;&#160;&#160;&#160;&#8220;Blackout Period&#8221; means a period of time imposed by the Company, pursuant to the Company&#8217;s policies, upon certain designated persons during which those persons may not trade in any securities of the Company&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.5&#160;&#160;&#160;&#160;&#34;Board&#34; means the Board of Directors of the Company&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.6&#160;&#160;&#160;&#160;&#8220;Business Day&#8221; means any day that is not a Saturday, Sunday or holiday (as defined in the Interpretation Act (Canada) in Vancouver, British Columbia.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.7&#160;&#160;&#160;&#160;&#34;Change of Control&#34; means the occurrence of any one or more of the following events&#58;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;a consolidation, reorganization, amalgamation, merger, acquisition or other business combination (or a plan of arrangement in connection with any of the foregoing), other than solely involving the Company and any one or more of its affiliates, with respect to which all or substantially all of the persons who were the beneficial owners of the Shares and other securities of the Company immediately prior to such consolidation, reorganization, amalgamation, merger, acquisition, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 2 -</font></div></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">business combination or plan of arrangement do not, following the completion of such consolidation, reorganization, amalgamation, merger, acquisition, business combination or plan of arrangement, beneficially own, directly or indirectly, more than 50% of the resulting voting rights (on a fully-diluted basis) of the Company or its successor&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;the sale, exchange or other disposition to a person other than an affiliate of the Company of all, or substantially all, of the Company&#8217;s assets&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(c)&#160;&#160;&#160;&#160;a resolution is adopted to wind-up, dissolve or liquidate the Company&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)&#160;&#160;&#160;&#160;a change in the composition of the Board, which occurs at a single meeting of the shareholders of the Company or upon the execution of a shareholders&#8217; resolution, such that individuals who are members of the Board immediately prior to such meeting or resolution cease to constitute a majority of the Board, without the Board, as constituted immediately prior to such meeting or resolution, having approved of such change&#59; or</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(e)&#160;&#160;&#160;&#160;any person, entity or group of persons or entities acting jointly or in concert (an &#8220;Acquiror&#8221;) acquires or acquires control (including, without limitation, the right to vote or direct the voting) of Voting Securities of the Company which, when added to the Voting Securities owned of record or beneficially by the Acquiror or which the Acquiror has the right to vote or in respect of which the Acquiror has the right to direct the voting, would entitle the Acquiror and&#47;or associates and&#47;or affiliates of the Acquiror to cast or to direct the casting of 20% or more of the votes attached to all of the Company's outstanding Voting Securities which may be cast to elect directors of the Company or the successor corporation (regardless of whether a meeting has been called to elect Directors)&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the purposes of the foregoing, &#8220;Voting Securities&#8221; means Shares and any other shares entitled to vote for the election of directors and shall include any security, whether or not issued by the Company, which are not shares entitled to vote for the election of directors but are convertible into or exchangeable for shares which are entitled to vote for the election of directors including any options or rights to purchase such shares or securities.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.8&#160;&#160;&#160;&#160;&#34;Company&#34; means Sandstorm Gold Ltd., a corporation organized under the Act and includes any successor corporation thereof&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.9&#160;&#160;&#160;&#160;&#34;Consultant&#34; has the meaning set out in Section 2.22 of National Instrument 45-106 &#8211; Prospectus and Registration Exemptions, as may be amended or replaced from time to time (&#8220;NI 45-106&#8221;).</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.10&#160;&#160;&#160;&#160;&#34;Consultant Company&#34; means, for an individual Consultant, a corporation of which the individual Consultant is an employee or shareholder, and a partnership of which the individual Consultant is an employee or partner.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.11&#160;&#160;&#160;&#160;&#8220;Designated Affiliate&#8221; means the affiliates of the Company designated by the Board for purposes of the Plan from time to time&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.12&#160;&#160;&#160;&#160;&#34;Disability&#34; means any disability with respect to an Optionee which the Board, in its sole and unfettered discretion, considers likely to prevent permanently the Optionee from&#58;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;being employed or engaged by the Company, its subsidiaries or another employer, in a position the same as or similar to that in which he was last employed or engaged by the Company or its subsidiaries&#59; or</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;acting as a director or officer of the Company or its subsidiaries.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 3 -</font></div></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.13&#160;&#160;&#160;&#160;&#34;Distribution&#34; means a &#34;Distribution&#34; as defined in the Securities Act.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.14&#160;&#160;&#160;&#160;&#34;Eligible Persons&#34; has the meaning given to that term in paragraph 1 hereof.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.15&#160;&#160;&#160;&#160;&#34;Employee&#34; means an employee of the Company or of a Subsidiary, whether Directors or not, and includes an officer of the Company or a Subsidiary, and includes both full-time and part-time employees, of the Company or any Designated Affiliate.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.16&#160;&#160;&#160;&#160;&#34;Exchanges&#34; means the Toronto Stock Exchange, the NYSE, and, if applicable, any other stock exchange or quotation system on which the Shares are listed or quoted from time to time&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.17&#160;&#160;&#160;&#160;&#34;Expiry Date&#34; means the date set by the Board under section 3.1 of the Plan, as the last date on which an Option may be exercised.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.18&#160;&#160;&#160;&#160;&#34;Grant Date&#34; means the effective date of each grant of Options under this Plan by the Board and specified in the applicable Option Agreement as the date on which an Option is granted.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.19&#160;&#160;&#160;&#160;&#8220;Holding Entity&#8221; has the meaning set out in Section 2.22 of NI 45-106.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.20&#160;&#160;&#160;&#160;&#34;Insider&#34; means an &#34;Insider&#34; as defined in the TSX Policies, other than a person who is an insider solely by virtue of being a director or senior officer of a subsidiary of the Company.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.21&#160;&#160;&#160;&#160;&#34;Investor Relations Activities&#34; has the meaning set out in Section 2.22 of NI 45-106.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.22&#160;&#160;&#160;&#160;&#34;Management Company Employee&#34; means an individual employed by a person providing management services to the Company, which are required for the ongoing successful operation of the business enterprise of the Company, but excluding a person engaged in Investor Relations Activities&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.23&#160;&#160;&#160;&#160;&#34;Market Price&#34; of Shares at any Grant Date means the last closing price per Share on the TSX on the Grant Date, or if the Shares are not listed on any stock exchange, &#8220;Market Price&#8221; of Shares means the price per Share on the over-the-counter market determined by dividing the aggregate sale price of the Shares sold by the total number of such Shares so sold on the applicable market for the last day prior to the Grant Date.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.24&#160;&#160;&#160;&#160;&#8220;NYSE&#8221; means the New York Stock Exchange.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.25&#160;&#160;&#160;&#160;&#8220;Option&#34; means an option to purchase Shares granted pursuant to, or governed by, this Plan and any pre-existing stock option plan of the Company.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.26&#160;&#160;&#160;&#160;&#34;Option Agreement&#34; means an agreement, substantially in the form attached hereto as Schedule &#34;A&#34;, whereby the Company grants to an Optionee an Option.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.27&#160;&#160;&#160;&#160;&#34;Optionee&#34; means each of the Eligible Persons granted an Option pursuant to this Plan and their heirs, executors and administrators.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.28&#160;&#160;&#160;&#160;&#34;Option Price&#34; means the price per Share specified in an Option Agreement, adjusted from time to time in accordance with the provisions of section 5.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.29&#160;&#160;&#160;&#160;&#34;Option Shares&#34; means the aggregate number of Shares which an Optionee may purchase under an Option.</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.30&#160;&#160;&#160;&#160;&#8220;Permitted Assign&#8221; means, for an Eligible Person&#58; (i) a Holding Entity of such Eligible Person&#59; or (ii) a RRSP, RRIF or TFSA of such Eligible Person&#59;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 4 -</font></div></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.31&#160;&#160;&#160;&#160;&#8220;Person&#8221; or &#8220;person&#8221; includes any individual, corporation, partnership, firm, joint venture, syndicate, association, trust, government, governmental agency and any other form of entity or organization&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.32&#160;&#160;&#160;&#160;&#34;Plan&#34; means this Sandstorm Gold Ltd. Amended and Restated Stock Option Plan, as may be amended from time to time&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.33&#160;&#160;&#160;&#160;&#8220;RRIF&#8221; means a registered retirement income fund as defined in the Income Tax Act (Canada)&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.34&#160;&#160;&#160;&#160;&#8220;RRSP&#8221; means a registered retirement savings plan as defined in the Income Tax Act (Canada)&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.35&#160;&#160;&#160;&#160;&#34;Shares&#34; means the common shares in the capital of the Company, as adjusted in accordance with the provisions of this Plan&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.36&#160;&#160;&#160;&#160;&#34;Securities Act&#34; means the Securities Act, R.S.B.C. 1996, c.418, as amended, as at the date hereof&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.37&#160;&#160;&#160;&#160;&#8220;Subsidiary&#8221; means a Person (other than an individual) which is controlled, directly or indirectly by the Company, whether as a result of registered or beneficial ownership of a majority of the voting securities of such Person, a contractual arrangement or otherwise&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.38&#160;&#160;&#160;&#160;&#8220;TFSA&#8221; means a tax-free savings account as described in the Income Tax Act (Canada)&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.39&#160;&#160;&#160;&#160;&#8220;Trading Day&#8221; means any day on which the TSX is open for the trading of the Shares&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.40&#160;&#160;&#160;&#160;&#8220;TSX&#8221; means the Toronto Stock Exchange&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.41&#160;&#160;&#160;&#160;&#34;TSX Policies&#34; means the policies included in the TSX Company Manual and &#8220;TSX Policy&#8221; means any one of them&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.42&#160;&#160;&#160;&#160;&#34;Unissued Option Shares&#34; means the number of Shares, at a particular time, which have been reserved for issuance upon the exercise of an Option but which have not been issued, as adjusted from time to time in accordance with the provisions of this Plan, such adjustments to be cumulative&#59;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.43&#160;&#160;&#160;&#160;&#34;Vested&#34; means that an Option has become exercisable in respect of a number of Option Shares by the Optionee pursuant to the terms of their Option Agreement.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Headings&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The headings of all articles, sections and paragraphs in the Plan are inserted for convenience of reference only and shall not affect the construction or interpretation of the Plan.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Context, Construction&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Whenever the singular or masculine are used in the Plan, the same shall be construed as being the plural or feminine or neuter or vice versa where the context so requires.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">References to this Plan&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The words &#8220;hereto&#8221;, &#8220;herein&#8221;, &#8220;hereby&#8221;, &#8220;hereunder&#8221;, &#8220;hereof&#8221; and similar expressions mean or refer to the Plan as a whole and not to any particular article, section, paragraph or other part hereof.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Canadian Funds&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Unless otherwise specifically provided, all references to dollar amounts in the Plan are references to lawful money of Canada.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3.&#160;&#160;&#160;&#160;GRANT OF OPTIONS</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3.1&#160;&#160;&#160;&#160;Option Terms</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Board may from time to time authorize the issue of Options to Eligible Persons. The Option Price under each Option shall be not less than the Market Price on the Grant Date. The Expiry Date for each Option shall be set by the Board at the time of issue of the Option and shall not be more than five (5) years after the Grant Date. Options </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 5 -</font></div></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">shall not be assignable (or transferable) by the Optionee except in accordance with the terms of section 6.11 herein.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Board may not make any amendment which reduces the Option Price of any Option after the Options have been granted or any cancellation or termination of an Option prior to its expiry for the purpose of re- issuing Options to the same Optionee with a reduced Option Price, except in the case of an adjustment pursuant to section 5.3 herein.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, the Company is </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">prohibited</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> from&#58;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;engaging in an Option buyout program pursuant to which </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">out-of-the-money</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Options held by Optionees are purchased by the Company for cash&#59; and</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;providing financial assistance in the form of a loan or otherwise to Optionees for the exercise of their Options.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3.2&#160;&#160;&#160;&#160;Limits on Shares Issuable on Exercise of Options</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Commencing </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">January 1, 2025</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the maximum number of Shares which may be issuable from treasury under this Plan at any point in time, and subject to adjustment pursuant to the provisions of this Plan, shall not exceed </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">14,112,417</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Shares.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Global Combined Maximum Limit</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#58; Commencing effective </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">January 1, 2025</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, at no time shall the number of Shares which have been reserved for issuance under Options which have been awarded by the Company and are </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">OUTSTANDING</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> under this Plan from time to time, </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">combined</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> with awards </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">OUTSTANDING</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> from time to time under all of the Company&#8217;s other previously established or proposed share based compensation arrangements, exceed that number which is equal to </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.0%</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of the Company&#8217;s issued and outstanding Shares from time to time.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The maximum number of Shares reserved for issuance from treasury under the Plan will be automatically replenished by that number of Shares which is equal to the number of Shares issued by the Company from time to time upon the exercise of any Options (the &#8220;Automatic Replenishment Feature&#8221;). Because of this Automatic Replenishment Feature and notwithstanding any other provision of the Plan, as required by the TSX, this Plan shall be subject to re-approval by the shareholders of the Company to be given by a resolution passed at a meeting of the shareholders of the Company and accepted by the TSX at least once every three (3) years following approval of the Plan (as amended) on May 30, 2025, containing this Automatic Replenishment Feature. Shareholders will be requested to pass a resolution every three (3) years specifically approving unallocated entitlements under this Plan. However, all allocated awards under this Plan, such as Options which have been granted but not yet exercised, will continue unaffected.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Also, if any Option granted hereunder shall expire or terminate for any reason without having been exercised in full, the unpurchased Shares subject thereto shall again be available for the purposes of this Plan.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The number of Options available for grant by the Company under this Plan, at any point in time, shall be calculated as follows, where&#58;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A &#61; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">14,112,417</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">B &#61; the number of Options outstanding at any point in time</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">then, A - B &#61; the number of Options available for award by the Company under the Plan at that point in time, which, in any event, shall never exceed </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">14,112,417</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, unless subsequently amended and approved by the shareholders.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The maximum aggregate number of Shares&#58;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 6 -</font></div></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;which may be reserved for issuance to any one Eligible Person under the Plan together with all of the Company&#8217;s other previously established or proposed share compensation arrangements shall not exceed 2.0% of the issued and outstanding Shares on the Grant Date (on a non-diluted basis)&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;which may be issuable to Insiders under the Plan together with all of the Company&#8217;s other previously established or proposed share compensation arrangements shall not exceed 5.0% of the Shares issued and outstanding on the Grant Date (on a non-diluted basis)&#59; and</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(c)&#160;&#160;&#160;&#160;which may be issued to Insiders under the Plan together with all of the Company&#8217;s other previously established or proposed share compensation arrangements within a twelve- month period shall not exceed 5.0% of the issued and outstanding Shares at the time of issuance (on a non-diluted basis).</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the event that the Company purchases Shares for cancellation from time to time pursuant to its Normal Course Issuer Bid(s), the Company shall be deemed to be in compliance with the foregoing maximum limits if, prior to such purchases and&#47;or cancellations, the Company was in compliance with such specified maximum limits.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, the maximum equity value which may be granted by the Company to each non-Employee director (&#8220;Non-Employee Director&#8221;) under the Plan, together with all of the Company&#8217;s other previously established or proposed share compensation arrangements, shall not exceed US$150,000 in any fiscal year, of which not more than US$100,000 may be in the form of Options granted under this Plan (the &#8220;Non- Employee Director Participation Limits&#8221;). The Non-Employee Director Participation Limits do not apply where the Company is making an initial grant to a new Non-Employee Director upon that person joining the Board.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3.3&#160;&#160;&#160;&#160;Option Agreements</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each grant of an Option under this Plan shall be evidenced by an Option Agreement between the Company and the Optionee. Each Option Agreement shall have a copy of the Plan attached thereto. Such Option Agreement shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Board deems appropriate for inclusion in an Option Agreement. The provisions of the various Option Agreements issued under the Plan need not be identical. To the extent that there is any inconsistency between the Plan and the Option Agreements or any other communications, the Plan shall prevail. The Company shall provide each Optionee with a copy of all amendments to this Plan. Each Optionee shall have the option to purchase from the Company the Option Shares at the time and in the manner set out in the Plan and in the Option Agreement applicable to that Optionee. For stock options to Employees, Consultants, Consultant Companies or Management Company Employees, the Company is representing herein and in the applicable Stock Option Agreement that the Optionee is a bona fide Employee, Consultant, Consultant Company or Management Company Employee, as the case may be, of the Company or its subsidiary. The execution of an Option Agreement shall constitute conclusive evidence that it has been completed in compliance with this Plan.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.&#160;&#160;&#160;&#160;EXERCISE OF OPTION</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.1&#160;&#160;&#160;&#160;When Options May be Exercised</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subject to sections 4.3 and 4.4, an Option may be exercised to purchase any number of Shares up to the number of Vested Unissued Option Shares at any time after the Grant Date up to </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5&#58;00 p.m.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> local time on the Expiry Date </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">and shall not be exercisable thereafter</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. In the event that the Expiry Date of an Option falls during, or within five (5) trading days of, a trading Blackout Period imposed by the Company, the Expiry Date of such Option shall automatically be extended to a date which is ten (10) trading days following the end of such Blackout Period (the &#8220;Extension Period&#8221;)&#59; provided that if an additional Blackout Period is subsequently imposed by the Company during the Extension Period, then such Extension Period shall be deemed to commence following the end of such </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 7 -</font></div></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">additional Blackout Period to enable the exercise of such Option within ten (10) trading days following the end of the last imposed Blackout Period.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.2&#160;&#160;&#160;&#160;Manner of Exercise</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Option shall be exercisable by delivering to the Company a notice specifying the number of Shares in respect of which the Option is exercised together with payment in full of the Option Price for each such Share. Upon notice and payment there will be a binding contract for the issue of the Shares in respect of which the Option is exercised, upon and subject to the provisions of the Plan. Delivery of the Optionee&#8217;s cheque payable to the Company in the amount of the Option Price shall constitute payment of the Option Price unless the cheque is not honoured upon presentation in which case the Option shall not have been validly exercised.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.3&#160;&#160;&#160;&#160;Vesting of Option Shares</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Directors, subject to the policies of the Exchanges, may determine and impose terms upon which each Option shall become Vested in respect of Option Shares. Subject to the other limits on Option grants set out in Section 3.2 hereof, all Options granted under the Plan shall Vest over a three (3) year period from the Grant Date (i.e. one-third shall vest on each of the first, second and third anniversaries of the Grant Date).</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.4&#160;&#160;&#160;&#160;Termination of Employment</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an Optionee ceases to be an Eligible Person, his or her Option shall be exercisable as follows&#58;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Death or Disability</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the Optionee ceases to be an Eligible Person, due to his or her death or Disability or, in the case of an Optionee that is a company, the death or Disability of the person who provides management or consulting services to the Company or to any entity controlled by the Company, the Option then held by the Optionee shall fully vest, if not already vested, and shall be exercisable to acquire all remaining Unissued Option Shares available pursuant to such Option at any time up to but not after the earlier of&#58;</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(i)&#160;&#160;&#160;&#160;365 days after the date of death or Disability&#59; and</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ii)&#160;&#160;&#160;&#160;the Expiry Date&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Termination For Cause</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the Optionee, or in the case of a Management Company Employee or a Consultant Company, the Optionee's employer, ceases to be an Eligible Person as a result of termination for cause, as that term is interpreted by the courts of the jurisdiction in which the Optionee, or, in the case of a Management Company Employee or a Consultant Company, of the Optionee&#8217;s employer, is employed or engaged&#59; any outstanding Option held by such Optionee on the date of such termination, whether in respect of Option Shares that are Vested or not, shall be cancelled as of that date.</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(c)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Early Retirement, Voluntary Resignation or Termination Other than For Cause</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the Optionee or, in the case of a Management Company Employee or a Consultant Company, the Optionee&#8217;s employer, ceases to be an Eligible Person due to his or her retirement at the request of his or her employer earlier than the normal retirement date under the Company&#8217;s retirement policy then in force, or due to his or her termination by the Company other than for cause, or due to his or her voluntary resignation, the Option then held by the Optionee shall be exercisable to acquire Vested Unissued Option Shares at any time up to but not after the earlier </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 8 -</font></div></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of the Expiry Date and the date which is 90 days after the Optionee or, in the case of a Management Company Employee or a Consultant Company, the Optionee&#8217;s employer, ceases to be an Eligible Person.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For greater certainty, an Option that had not become Vested in respect of certain Unissued Option Shares at the time that the relevant event referred to in this paragraph 4.4 occurred, shall not be or become vested or exercisable in respect of such Unissued Option Shares and shall be cancelled.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.5&#160;&#160;&#160;&#160;Effect of a Take-Over Bid</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If a </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">bona fide</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> offer ( an &#34;Offer&#34;) for Shares is made to the Optionee or to shareholders of the Company generally or to a class of shareholders which includes the Optionee, which Offer, if accepted in whole or in part, would result in the offeror becoming a control person of the Company, within the meaning of subsection 1(1) of the Securities Act, the Company shall, immediately upon receipt of notice of the Offer, notify each Optionee of full particulars of the Offer, whereupon (subject to the approval of the Exchanges) all Option Shares subject to such Option will become Vested and the Option may be exercised in whole or in part by the Optionee so as to permit the Optionee to tender the Option Shares received upon such exercise, pursuant to the Offer. However, if&#58;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;the Offer is not completed within the time specified therein&#59; or</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;all of the Option Shares tendered by the Optionee pursuant to the Offer are not taken up or paid for by the offeror in respect thereof,</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">then the Option Shares received upon such exercise, or in the case of clause (b) above, the Option Shares that are not taken up and paid for, may be returned by the Optionee to the Company and reinstated as authorized but unissued Shares and with respect to such returned Option Shares, the Option shall be reinstated as if it had not been exercised and the terms upon which such Option Shares were to become Vested pursuant to paragraph 4.3 shall be reinstated. If any Option Shares are returned to the Company under this paragraph 4.5, the Company shall immediately refund the exercise price to the Optionee for such Option Shares.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.6&#160;&#160;&#160;&#160;Acceleration of Expiry Date</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If at any time when an Option granted under the Plan remains unexercised with respect to any Unissued Option Shares, an Offer is made by an offeror, the Directors may, upon notifying each Optionee of full particulars of the Offer, declare all Option Shares issuable upon the exercise of Options granted under the Plan, Vested, and declare that the Expiry Date for the exercise of all unexercised Options granted under the Plan is accelerated so that all Options will either be exercised or will expire prior to the date upon which Shares must be tendered pursuant to the Offer. The Directors shall give each Optionee as much notice as possible of the acceleration of the Options under this section, except that not less than five (5) business days notice is required and more than 30 days notice is not required.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.7&#160;&#160;&#160;&#160;Effect of a Change of Control</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the event of a Change of Control and if, at the time of the Change of Control&#58;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;the Optionee is an Employee of the Company and, within 12 months of such Change of Control, the Company terminates the employment or services of said Optionee&#47;Employee for any reason other than just cause or any &#8220;event of termination&#8221; occurs (as defined in the employment agreement or other contractual arrangement in place between the Optionee&#47;Employee and the Company) (the &#8220;Event of Termination&#8221;), then, on the date of such Event of Termination, all of the Optionee&#8217;s Options will immediately fully vest, if not already vested&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;the Optionee is not an Employee of the Company, then all of the Optionee&#8217;s Options will immediately fully vest on the date of the Change of Control, if not already vested.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 9 -</font></div></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In either of the foregoing events, as the case may be, all Options so vested may be exercised in whole or in part by the Optionee from such applicable date until their respective Expiry Dates, subject to the terms of any employment agreement or other contractual arrangement in place between the Optionee and the Company.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an Optionee elects to exercise his&#47;her Options following a Change of Control, the Optionee shall be entitled to receive, and shall accept, in lieu of the number of Shares to which he&#47;she was entitled upon such exercise, the kind and amount of shares and other securities, property or cash which such Optionee could have been entitled to receive as a result of such Change of Control, on the effective date thereof, had he&#47;she been the registered holder of the number of Shares to which he&#47;she was entitled to purchase upon exercise of such Options.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.8&#160;&#160;&#160;&#160;Exclusion From Severance Allowance, Retirement Allowance or Termination Settlement</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the Optionee, or, in the case of a Management Company Employee or a Consultant Company, the Optionee's employer, retires, resigns or is terminated from employment or engagement with the Company or any subsidiary of the Company, the loss or limitation, if any, pursuant to the Option Agreement with respect to the right to purchase Option Shares which were not Vested at that time or which, if Vested, were cancelled, shall not give rise to any right to damages and shall not be included in the calculation of nor form any part of any severance allowance, retiring allowance or termination settlement of any kind whatsoever in respect of such Optionee.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.9&#160;&#160;&#160;&#160;Shares Not Acquired</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Any Unissued Option Shares not acquired by an Optionee under an Option which has expired may be made the subject of a further Option pursuant to the provisions of the Plan.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5.&#160;&#160;&#160;&#160;ADJUSTMENT OF OPTION PRICE AND NUMBER OF OPTION SHARES</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5.1&#160;&#160;&#160;&#160;Share Reorganization</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Whenever the Company issues Shares to all or substantially all holders of Shares by way of a stock dividend or other distribution, or subdivides all outstanding Shares into a greater number of Shares, or combines or consolidates all outstanding Shares into a lesser number of Shares (each of such events being herein called a &#34;Share Reorganization&#34;) then effective immediately after the record date for such dividend or other distribution or the effective date of such subdivision, combination or consolidation, for each Option&#58;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;the Option Price will be adjusted to a price per Share which is the product of&#58;</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(i)&#160;&#160;&#160;&#160;the Option Price in effect immediately before that effective date or record date&#59; and</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ii)&#160;&#160;&#160;&#160;a fraction, the numerator of which is the total number of Shares outstanding on that effective date or record date before giving effect to the Share Reorganization, and the denominator of which is the total number of Shares that are or would be outstanding immediately after such effective date or record date after giving effect to the Share Reorganization&#59; and</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;the number of Unissued Option Shares will be adjusted by multiplying (i) the number of Unissued Option Shares immediately before such effective date or record date by (ii) a fraction which is the reciprocal of the fraction described in subsection (a)(ii).</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the foregoing adjustment shall result in a fractional Share, the fraction shall be disregarded as no fractional Shares may be issued under this Plan. In the event the calculated number of Shares to be issued hereunder is a fraction, the Optionee will receive the next lowest whole number of Shares and will not receive any other form of compensation (cash or otherwise) for the fractional interest. All such adjustments shall be conclusive, final and binding for all purposes of this Plan.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 10 -</font></div></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5.2&#160;&#160;&#160;&#160;Special Distribution</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subject to the prior approval of the Exchanges, whenever the Company issues by way of a dividend or otherwise distributes to all or substantially all holders of Shares&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;shares of the Company, other than the Shares&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;evidences of indebtedness&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(c)&#160;&#160;&#160;&#160;any cash or other assets, excluding cash dividends (other than cash dividends which the Board of Directors of the Company has determined to be outside the normal course)&#59; or</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)&#160;&#160;&#160;&#160;rights, options or warrants&#59;</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">then to the extent that such dividend or distribution does not constitute a Share Reorganization (any of such non-excluded events being herein called a &#34;Special Distribution&#34;), and effective immediately after the record date at which holders of Shares are determined for purposes of the Special Distribution, for each Option the Option Price will be reduced, and the number of Unissued Option Shares will be correspondingly increased, by such amount, if any, as is determined by the Board in its sole and unfettered discretion to be appropriate in order to properly reflect any diminution in value of the Option Shares as a result of such Special Distribution.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5.3&#160;&#160;&#160;&#160;Corporate Organization</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Whenever there is&#58;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;a reclassification of outstanding Shares, a change of Shares into other shares or securities, or any other capital reorganization of the Company, other than as described in sections 5.1 or 5.2&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;a consolidation, merger or amalgamation of the Company with or into another corporation resulting in a reclassification of outstanding Shares into other shares or securities or a change of Shares into other shares or securities&#59; or</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(c)&#160;&#160;&#160;&#160;a transaction whereby all or substantially all of the Company's undertaking and assets become the property of another corporation&#59;</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(any such event being herein called a &#34;Corporate Reorganization&#34;) the Optionee will have an option to purchase (at the times, for the consideration, and subject to the terms and conditions set out in the Plan) and will accept on the exercise of such option, in lieu of the Unissued Option Shares which he&#47;she would otherwise have been entitled to purchase, the kind and amount of shares or other securities or property that he would have been entitled to receive as a result of the Corporate Reorganization if, on the effective date thereof, he&#47;she had been the holder of all Unissued Option Shares or if appropriate, as otherwise determined by the Directors.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5.4&#160;&#160;&#160;&#160;Determination of Option Price and Number of Unissued Option Shares</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If any questions arise at any time with respect to the Option Price or number of Unissued Option Shares deliverable upon exercise of an Option following a Share Reorganization, Special Distribution or Corporate Reorganization, such questions shall be conclusively determined by the Company&#8217;s auditor, or, if they decline to so act, any other firm of Chartered Accountants in Vancouver, British Columbia, that the Directors may designate and who will have access to all appropriate records and such determination will be binding upon the Company and all Optionees.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 11 -</font></div></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5.5&#160;&#160;&#160;&#160;Regulatory Approval</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Any adjustment to the Option Price or the number of Unissued Option Shares purchasable under the Plan pursuant to the operation of any one of paragraphs 5.1, 5.2 or 5.3 is subject to the approval of the Exchanges and any other governmental authority having jurisdiction.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.&#160;&#160;&#160;&#160;MISCELLANEOUS</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.1&#160;&#160;&#160;&#160;Right to Employment</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Neither this Plan nor any of the provisions hereof shall confer upon any Optionee any right with respect to employment or continued employment with the Company or any subsidiary of the Company or interfere in any way with the right of the Company or any subsidiary of the Company to terminate such employment.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.2&#160;&#160;&#160;&#160;Presence of Clawback Policy</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a Clawback Policy (the &#8220;Clawback Policy&#8221;) in place which applies in the event of a material restatement (&#8220;Restatement&#8221;) of the Company&#8217;s financial results as a result of material non- compliance with financial reporting requirements. The recoverable amount under the Clawback Policy is &#8220;the amount of Incentive-Based Compensation received by the Executive Officer or former Executive Officer that exceeds the amount of Incentive-Based Compensation that otherwise would have been received had it been determined based on the Restatement&#8221;. The Clawback Policy applies to any Incentive-Based Compensation, including Options granted under this Plan, which are granted, earned or vested based wholly or in part upon the attainment of any &#8220;financial reporting measure&#8221; (as defined in the Clawback Policy) paid to an Executive Officer (as defined in the Clawback Policy, which includes the Chief Executive Officer) during any of the three fiscal completed years immediately preceding the date the Company is required to restate its financial results. Kindly refer to the full text of the Clawback Policy for complete details.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.3&#160;&#160;&#160;&#160;Presence of Stock Ownership Guidelines Policy</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a Stock Ownership Guidelines Policy (the &#8220;Stock Ownership Policy&#8221;) in place which applies to specific executive officers of the Company (including the Chief Executive Officer) and to Non- Employee Directors of the Company (collectively referred to in the Stock Ownership Policy as &#8220;Participants&#8221;) and states that, while the Participant is not in compliance with his&#47;her ownership requirement under the Stock Ownership Policy, the Participant must retain an amount equal to 50% of his&#47;her net Shares (&#8220;Net Shares&#8221;) received as a result of the exercise of Options or the vesting of any restricted share rights granted to the Participant by the Company. &#8220;Net Shares&#8221; are those Shares which remain after Shares are sold to pay any applicable exercise price for Options and to satisfy any tax obligations arising in connection with the exercise of Options or the vesting of restricted share rights, as the case may be. Kindly refer to the full text of the Stock Ownership Policy for complete details.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.4&#160;&#160;&#160;&#160;Necessary Approvals</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Plan shall be effective only upon the approval of the shareholders of the Company given by way of an ordinary resolution. Any Options granted under this Plan prior to such approval shall only be exercised upon the receipt of such approval. The obligation of the Company to sell and deliver Shares in accordance with the Plan is subject to the approval of the Exchanges and any governmental authority having jurisdiction. If any Shares cannot be issued to any Optionee for any reason, including, without limitation, the failure to obtain such approval, then the obligation of the Company to issue such Shares shall terminate and any Option Price paid by an Optionee to the Company shall be immediately refunded to the Optionee by the Company.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.5&#160;&#160;&#160;&#160;Administration of the Plan</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Directors shall, without limitation, have full and final authority in their discretion, but subject to the express provisions of the Plan, to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 12 -</font></div></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Plan and to make all other determinations deemed necessary or advisable in respect of the Plan. Except as set forth in section 5.4, the interpretation and construction of any provision of the Plan by the Directors shall be final and conclusive. Administration of the Plan shall be the responsibility of the appropriate officers of the Company and all costs in respect thereof shall be paid by the Company.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.6&#160;&#160;&#160;&#160;Withholding Taxes</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The exercise of each Option granted under the Plan is subject to the condition that if at any time the Company determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or desirable in respect of such exercise, such exercise is not effective unless such withholding has been effected to the satisfaction of the Company. In such circumstances, the Company may require that the Optionee pay to the Company, in addition to and in the same manner as the exercise price for the Shares, such amount as the Company is obliged to remit to the relevant tax authority in respect of the exercise of the Option. Alternatively, the Company shall have the right in its discretion to satisfy any such liability for withholding or other required deduction amounts by retaining or acquiring any Shares acquired upon exercise of any Option, or retaining any amount payable, which would otherwise be issued or delivered, provided or paid to an Optionee by the Company, whether or not such amounts are payable under the Plan.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.7&#160;&#160;&#160;&#160;Amendments to the Plan</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;The Directors may at any time and from time to time, and </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">without shareholder approval</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amend any provision of the Plan, or any Options granted hereunder, or terminate the Plan, subject to any applicable regulatory or Exchange requirements or approvals at the time of such amendment or termination, including, without limitation, making amendments&#58;</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(i)&#160;&#160;&#160;&#160;to sections 4.1 and 4.2 relating to the exercise of Options&#59;</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ii)&#160;&#160;&#160;&#160;deemed by the Board to be necessary or advisable because of any change in applicable securities laws or other laws&#59;</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(iii)&#160;&#160;&#160;&#160;to the definitions set out in section 2&#59;</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(iv)&#160;&#160;&#160;&#160;to the change of control provisions provided for in the Plan. For greater certainty, any change made to the change of control provisions shall not allow Optionees to be treated any more favourably than other holders of Shares with respect to the consideration that the Optionees would be entitled to receive for their Shares upon a Change of Control&#59;</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(v)&#160;&#160;&#160;&#160;to section 6.5 relating to the administration of the Plan&#59;</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(vi)&#160;&#160;&#160;&#160;to the vesting provisions of any outstanding Options as contemplated by the Plan&#59;</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(vii)&#160;&#160;&#160;&#160;fundamental or otherwise, not requiring shareholder approval under applicable laws or the rules of the TSX, including amendments of a &#8220;clerical&#8221; or &#8220;housekeeping&#8221; nature and amendments to ensure that the Options granted under the Plan will comply with any provisions respecting income tax and other laws in force in any country or jurisdiction of which an Optionee may from time to time be resident or a citizen&#59; and</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(viii)&#160;&#160;&#160;&#160;to add a cashless exercise feature to the Plan, payable in cash or securities, whether or not providing for a full deduction of the number of underlying Shares from the Plan reserve.</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;Notwithstanding section 6.7(a) above, the Board </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">shall not</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> be permitted to&#58;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 13 -</font></div></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(i)&#160;&#160;&#160;&#160;amend section 3.2 in order to increase the maximum number of Shares which may be issued under the Plan or in order to increase the Insider participation limited&#59;</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ii)&#160;&#160;&#160;&#160;make any amendment which reduces the exercise price of any Option after the Options have been granted or any cancellation or termination of an Option prior to its expiry for the purpose of re-issuing Options to the same Optionee with a reduced exercise 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style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(v)&#160;&#160;&#160;&#160;make any amendment which would permit an Option granted under the Plan to be transferable or assignable by any Optionee other than as currently permitted under the Plan&#59;</font></div><div style="margin-top:12pt;padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(vi)&#160;&#160;&#160;&#160;make any amendment to this section 6.7 of the Plan so as to increase the ability of the Board to amend the Plan without shareholder approval&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">in each case without having first obtained the approval of a majority of the holders of the Shares voting at a duly called and held meeting of holders of Shares</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and, in the case of an amendment to increase the Insider participation limits, approval of a majority of the holders of the Shares voting at a duly called and held meeting of holders of the Shares, excluding Shares voted by Insiders who are Eligible Persons.</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(c)&#160;&#160;&#160;&#160;Any amendment or termination shall not materially and adversely alter the terms of conditions of any Option or materially or adversely impair any right of any Optionee under any Option granted prior to the date of any such amendment or termination without the consent of such Optionee.</font></div><div style="margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)&#160;&#160;&#160;&#160;If the Plan is terminated, the provisions of the Plan and any administrative guidelines, and other rules adopted by the Board and in force at such time, will continue in effect so long as any Options under the Plan or any rights pursuant thereto remain outstanding. 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Provided however, that Options may be assigned by an Eligible Person to whom an Option has been granted to a Permitted Assign of such Eligible Person, following which such Options shall be non-assignable and non-transferable by such Permitted Assign, except to another Permitted Assign, otherwise than by will or the laws of descent and distribution, and shall be exercisable only by such Permitted Assign during the lifetime of the Permitted Assign and only by such Permitted Assign&#8217;s legal representative after death of such Permitted Assign. An improper transfer of any Option will not create any rights in the purported transferee, will cause the immediate termination of the Options and the Company will not issue any Shares upon the attempted exercise of improperly transferred Options.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.12&#160;&#160;&#160;&#160;Rights of Optionees</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An Optionee shall have no rights whatsoever as a shareholder of the Company in respect of any of the Unissued Option Shares (including, without limitation, voting rights or any right to receive dividends, warrants or rights under any rights offering).</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.13&#160;&#160;&#160;&#160;Previously Granted Options</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stock options which are outstanding under pre-existing stock option plan(s) of the Company as of the effective date of this Plan shall continue to be exercisable and shall be deemed to be governed by and be subject to the terms and conditions of this Plan except to the extent that the terms of this Plan are more restrictive than the terms of such pre-existing plan(s) under which such stock option were originally granted, in which case the applicable pre-existing plan(s) shall govern.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.14&#160;&#160;&#160;&#160;Conflict</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the event of any conflict between the provisions of this Plan and an Option Agreement, the provisions of this Plan shall govern.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.15&#160;&#160;&#160;&#160;Governing Law</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Plan and each Option Agreement issued pursuant to the Plan shall be governed by and construed in accordance with the laws of the Province of British Columbia.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.16&#160;&#160;&#160;&#160;Time of Essence</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Time is of the essence of this Plan and of each Option Agreement. 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Personal Information</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The undersigned hereby acknowledges and consents to&#58;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;the disclosure to the Toronto Stock Exchange and all other regulatory authorities of all personal information of the undersigned obtained by the Company&#59; and</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;the collection, use and disclosure of such personal information by the Toronto Stock Exchange and all other regulatory authorities in accordance with their requirements, including the provision to third party service providers, from time to time.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">IN WITNESS WHEREOF</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> the parties hereto have executed this Option Agreement as of the _______ day of _____, 20_____.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">___________________________</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Signature</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">___________________________</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Print Name</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">___________________________</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Address</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">___________________________</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SANDSTORM GOLD LTD.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">___________________________</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Per&#58;&#160;&#160;&#160;&#160; 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            <xbrli:period>
              <xbrli:startDate>2025-11-04</xbrli:startDate>
              <xbrli:endDate>2025-11-04</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:context id="offrl_1">
            <xbrli:entity>
              <xbrli:identifier scheme="http://www.sec.gov/CIK">0000085535</xbrli:identifier>
              <xbrli:segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                  <dei:lineNo>1</dei:lineNo>
                </xbrldi:typedMember>
              </xbrli:segment>
            </xbrli:entity>
            <xbrli:period>
              <xbrli:startDate>2025-11-04</xbrli:startDate>
              <xbrli:endDate>2025-11-04</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:unit id="USD">
            <xbrli:measure>iso4217:USD</xbrli:measure>
          </xbrli:unit>
          <xbrli:unit id="pure">
            <xbrli:measure>xbrli:pure</xbrli:measure>
          </xbrli:unit>
          <xbrli:unit id="Shares">
            <xbrli:measure>xbrli:shares</xbrli:measure>
          </xbrli:unit>
        </ix:resources>
      </ix:header>
    </div>
    <div>
      <table style="width: 99%; font-family: Arial, Helvetica, sans-serif; font-size: 20pt; text-align: center;">
        <tr>
          <td colspan="4" style="padding-bottom: .5em">
            <p>
              <b>Calculation of Filing Fee Tables</b>
            </p>
          </td>
        </tr>
        <tr>
          <td style="padding-bottom: .25em">
            <p>
              <b>
                <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-363">S-3</ix:nonNumeric>
              </b>
            </p>
          </td>
        </tr>
        <tr>
          <td style="padding-bottom: .25em">
            <p>
              <b>
                <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-364">ROYAL GOLD INC</ix:nonNumeric>
              </b>
            </p>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 1: Newly Registered and Carry Forward Securities</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcOfferingTableNa">&#9744;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; float: center; width: 100%; text-align: center; border: 1px solid black; font-size: 16px;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 12%;">
            <!-- BLANK -->
          </th>
          <th style="width: 2%;">
            <!-- BLANK -->
          </th>
          <th style="width: 12%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Type</b>
            </p>
          </th>
          <th style="width: 14%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Class Title </b>
            </p>
          </th>
          <th style="width: 2%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Calculation or Carry Forward Rule</b>
            </p>
          </th>
          <th style="width: 5%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount Registered</b>
            </p>
          </th>
          <th style="width: 15%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Proposed Maximum Offering Price Per Unit</b>
            </p>
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Maximum Aggregate Offering Price</b>
            </p>
          </th>
          <th style="width: 5%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Rate</b>
            </p>
          </th>
          <th style="width: 6%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Registration Fee</b>
            </p>
          </th>
          <th style="width: 1%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward Form Type</b>
            </p>
          </th>
          <th style="width: 7%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward File Number</b>
            </p>
          </th>
          <th style="width: 6%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward Initial Effective Date</b>
            </p>
          </th>
          <th style="width: 7%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b>
            </p>
          </th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Newly Registered Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_1" format="ixt:booleanfalse" id="ixv-365">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
		1
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-366">Equity</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-367">Common Stock, $0.01 par value</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457aFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-368">457(a)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:AmtSctiesRegd" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-369">689,637</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxOfferingPricPerScty" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-370">81.42</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-371">56,150,244.54</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-372">0.0001381</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-373">7,754.35</ix:nonFraction>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fees Previously Paid
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Carry Forward Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Carry Forward Securities
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; width: 16%;">
            <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-374">56,150,244.54</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; border-bottom: 1px black; width: 16%;">
            <p id="TotalFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-375">7,754.35</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fees Previously Paid:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalPreviouslyPaidAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-376">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fee Offsets:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-377">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="NetFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-378">7,754.35</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 100%; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Offering Note</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 100%; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_1" id="ixv-379">This registration statement covers an aggregate of 689,637 shares of the Registrant's Common Stock issuable pursuant to stock options assumed by the Registrant under the Sandstorm Gold Ltd. Amended and Restated Stock Option Plan. Pursuant to Rule 457(h) under the Securities Act, the proposed maximum offering price per share was determined based on the weighted average exercise price of the assumed stock options. This registration statement also registers additional securities to be offered or issued upon adjustment or changes made to the registered securities by reason of any stock splits, stock dividends, or similar transactions as permitted by Rule 416 under the Securities Act.</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 2: Fee Offset Claims and Sources</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcOffsetTableNa">&#9745;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center;  border: 1px solid black;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 10%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 8%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 16%;">
				Registrant or Filer Name
			</th>
          <th style="width: 6%;">
				Form or Filing Type
			</th>
          <th style="width: 7%;">
				File Number
			</th>
          <th style="width: 6%;">
				Initial Filing Date
			</th>
          <th style="width: 6%;">
				Filing Date
			</th>
          <th style="width: 6%;">
				Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Security Type Associated with Fee Offset Claimed
			</th>
          <th style="width: 8%;">
				Security Title Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Unsold Securities Associated with Fee Offset Claimed
			</th>
          <th style="width: 9%;">
				Unsold Aggregate Offering Amount Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Fee Paid with Fee Offset Source
			</th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rules 457(b) and 0-11(a)(2)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rule 457(p)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 3: Combined Prospectuses</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcCombinedProspectusTableNa">&#9745;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; border: 1px solid black;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 4%">
            <!-- Note column -->
          </th>
          <th style="width: 14%">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Type</b>
            </p>
          </th>
          <th style="width: 25%">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Class Title</b>
            </p>
          </th>
          <th style="width: 14%">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Securities Previously Registered</b>
            </p>
          </th>
          <th style="width: 18%">
            <p style="margin: 0pt; text-align: center;">
              <b>Maximum Aggregate Offering Price of Securities Previously Registered</b>
            </p>
          </th>
          <th style="width: 6%">
            <p style="margin: 0pt; text-align: center;">
              <b>Form Type</b>
            </p>
          </th>
          <th style="width: 10%">
            <p style="margin: 0pt; text-align: center;">
              <b>File Number</b>
            </p>
          </th>
          <th style="width: 8%">
            <p style="margin: 0pt; text-align: center;">
              <b>Initial Effective Date</b>
            </p>
          </th>
        </tr>
        <tr style="background-color:#E7E7E2;">
          <td style="text-align: center;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
        </tr>
      </table>
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  </body>
</html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Nov. 04, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0000085535<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">ROYAL GOLD INC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">S-3ASR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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							}</script>
</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings - Offering: 1<br></strong></div></th>
<th class="th">
<div>Nov. 04, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457aFlg', window );">Rule 457(a)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common Stock, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">689,637<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">81.42<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 56,150,244.54<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 7,754.35<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">This registration statement covers an aggregate of 689,637 shares of the Registrant's Common Stock issuable pursuant to stock options assumed by the Registrant under the Sandstorm Gold Ltd. Amended and Restated Stock Option Plan. Pursuant to Rule 457(h) under the Securities Act, the proposed maximum offering price per share was determined based on the weighted average exercise price of the assumed stock options. This registration statement also registers additional securities to be offered or issued upon adjustment or changes made to the registered securities by reason of any stock splits, stock dividends, or similar transactions as permitted by Rule 416 under the Securities Act.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxOfferingPricPerScty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum offering price per share/unit being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxOfferingPricPerScty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal4lItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457aFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using Rule 457(a) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457aFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Nov. 04, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 56,150,244.54<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">7,754.35<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 7,754.35<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<SEQUENCE>19
<FILENAME>exfilingfees_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2025"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
    <link:schemaRef
      xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd"
      xlink:type="simple"/>
    <context id="rc">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000085535</identifier>
        </entity>
        <period>
            <startDate>2025-11-04</startDate>
            <endDate>2025-11-04</endDate>
        </period>
    </context>
    <context id="offrl_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000085535</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>1</dei:lineNo>
                </xbrldi:typedMember>
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        </entity>
        <period>
            <startDate>2025-11-04</startDate>
            <endDate>2025-11-04</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="pure">
        <measure>pure</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <ffd:FormTp contextRef="rc" id="ixv-331">S-3</ffd:FormTp>
    <ffd:SubmissnTp contextRef="rc" id="ixv-332">S-3ASR</ffd:SubmissnTp>
    <ffd:FeeExhibitTp contextRef="rc" id="ixv-333">EX-FILING FEES</ffd:FeeExhibitTp>
    <dei:EntityCentralIndexKey contextRef="rc" id="ixv-334">0000085535</dei:EntityCentralIndexKey>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-335">ROYAL GOLD INC</dei:EntityRegistrantName>
    <ffd:OfferingTableNa contextRef="rc" id="hiddenrcOfferingTableNa" xsi:nil="true"/>
    <ffd:OffsetTableNa contextRef="rc" id="hiddenrcOffsetTableNa">N/A</ffd:OffsetTableNa>
    <ffd:CombinedProspectusTableNa contextRef="rc" id="hiddenrcCombinedProspectusTableNa">N/A</ffd:CombinedProspectusTableNa>
    <ffd:FormTp contextRef="rc" id="ixv-363">S-3</ffd:FormTp>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-364">ROYAL GOLD INC</dei:EntityRegistrantName>
    <ffd:PrevslyPdFlg contextRef="offrl_1" id="ixv-365">false</ffd:PrevslyPdFlg>
    <ffd:OfferingSctyTp contextRef="offrl_1" id="ixv-366">Equity</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_1" id="ixv-367">Common Stock, $0.01 par value</ffd:OfferingSctyTitl>
    <ffd:Rule457aFlg contextRef="offrl_1" id="ixv-368">true</ffd:Rule457aFlg>
    <ffd:AmtSctiesRegd
      contextRef="offrl_1"
      decimals="0"
      id="ixv-369"
      unitRef="Shares">689637</ffd:AmtSctiesRegd>
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      contextRef="offrl_1"
      decimals="INF"
      id="ixv-370"
      unitRef="USD">81.42</ffd:MaxOfferingPricPerScty>
    <ffd:MaxAggtOfferingPric
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-371"
      unitRef="USD">56150244.54</ffd:MaxAggtOfferingPric>
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      contextRef="offrl_1"
      decimals="INF"
      id="ixv-372"
      unitRef="pure">0.0001381</ffd:FeeRate>
    <ffd:FeeAmt
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-373"
      unitRef="USD">7754.35</ffd:FeeAmt>
    <ffd:TtlOfferingAmt contextRef="rc" decimals="INF" id="ixv-374" unitRef="USD">56150244.54</ffd:TtlOfferingAmt>
    <ffd:TtlFeeAmt contextRef="rc" decimals="INF" id="ixv-375" unitRef="USD">7754.35</ffd:TtlFeeAmt>
    <ffd:TtlPrevslyPdAmt contextRef="rc" decimals="INF" id="ixv-376" unitRef="USD">0.00</ffd:TtlPrevslyPdAmt>
    <ffd:TtlOffsetAmt contextRef="rc" decimals="INF" id="ixv-377" unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt contextRef="rc" decimals="INF" id="ixv-378" unitRef="USD">7754.35</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="offrl_1" id="ixv-379">This registration statement covers an aggregate of 689,637 shares of the Registrant's Common Stock issuable pursuant to stock options assumed by the Registrant under the Sandstorm Gold Ltd. Amended and Restated Stock Option Plan. Pursuant to Rule 457(h) under the Securities Act, the proposed maximum offering price per share was determined based on the weighted average exercise price of the assumed stock options. This registration statement also registers additional securities to be offered or issued upon adjustment or changes made to the registered securities by reason of any stock splits, stock dividends, or similar transactions as permitted by Rule 416 under the Securities Act.</ffd:OfferingNote>
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