<SEC-DOCUMENT>0000085535-25-000159.txt : 20251105
<SEC-HEADER>0000085535-25-000159.hdr.sgml : 20251105
<ACCEPTANCE-DATETIME>20251105164107
ACCESSION NUMBER:		0000085535-25-000159
CONFORMED SUBMISSION TYPE:	S-8
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-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-291288
		FILM NUMBER:		251454729

	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-8
<SEQUENCE>1
<FILENAME>forms-8xassumedsandstormst.htm
<DESCRIPTION>S-8
<TEXT>
<html><head><title>Form S-8 - 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="i6f6a80fd6d7b43228f05063c2a7361f9_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-8<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:72pt;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:5.2pt;position:absolute;top:383.25pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:7.5pt;font-style:normal;font-weight:normal;left:216.07pt;position:absolute;white-space:pre">(Address, including zip code, of principal executive offices)<font style="display:inline-block;height:5.2pt"></font></font></div><div style="position:absolute;top:404.25pt;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:8.12pt;position:absolute;top:419pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:12pt;font-style:normal;font-weight:bold;left:86.92pt;position:absolute;white-space:pre">SANDSTORM GOLD LTD. AMENDED AND RESTATED STOCK OPTION PLAN<font style="display:inline-block;height:8.12pt"></font></font></div><div style="line-height:5.2pt;position:absolute;top:434pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:7.5pt;font-style:normal;font-weight:normal;left:273.76pt;position:absolute;white-space:pre">(Full title of the plan)<font style="display:inline-block;height:5.2pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:451.5pt;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:461.5pt;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:471.5pt;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:481.5pt;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:491.5pt;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:501.5pt;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:514.5pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:7.5pt;font-style:normal;font-weight:normal;left:185.2pt;position:absolute;white-space:pre">(Name, address and telephone number, including area code, of agent for service)<font style="display:inline-block;height:5.2pt"></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;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:538pt;width: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:548pt;width: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:558pt;width: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:574pt;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; &#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:586pt;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:596pt;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:616pt;width: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:626pt;width: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: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;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:656pt;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 style="line-height:6.93pt;position:absolute;top:44.92pt;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;text-decoration:none;white-space:pre">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="i6f6a80fd6d7b43228f05063c2a7361f9_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:252.01pt;position:absolute;text-decoration:none;white-space:pre">EXPLANATORY NOTE<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:90pt;width:612pt"><font style="font-family:&#39;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, Inc. (the &#8220;Registrant&#8221; or &#8220;Royal Gold&#8221;) completed the acquisition of Sandstorm <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="font-family:&#39;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 Ltd. (&#8220;Sandstorm&#8221;) pursuant to the terms of the Arrangement Agreement (the &#8220;Arrangement Agreement&#8221;), <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:114pt;width:612pt"><font style="font-family:&#39;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 as of July 6, 2025, by and among Royal Gold, International Royalty Corporation, and Sandstorm. At the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:126pt;width:612pt"><font style="font-family:&#39;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 of the acquisition (the &#8220;Effective Time&#8221;), the Registrant assumed outstanding stock options granted <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:138pt;width:612pt"><font style="font-family:&#39;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 the Sandstorm Gold Ltd. Amended and Restated Stock Option Plan (the &#8220;Plan&#8221;). Each of the assumed <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;text-decoration:none;white-space:pre">stock options is subject to substantially the same terms and conditions as applied to the stock options immediately <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;text-decoration:none;white-space:pre">prior to the Effective Time, except that the assumed stock options are exercisable for shares of Royal Gold common <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;text-decoration:none;white-space:pre">stock rather than Sandstorm common shares and the number of shares of common stock subject to each assumed <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;text-decoration:none;white-space:pre">stock option and the applicable exercise prices have been adjusted in accordance with 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: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">Agreement. No further stock option grants will be made under the Plan. This registration statement is being filed to <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">register 21,143 shares of the Registrant&#8217;s common stock, par value $0.01 per share (&#8220;Common Stock&#8221;), issuable <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">upon the exercise of assumed stock options issued under the Plan.<font style="display:inline-block;height:6.93pt"></font></font></div><div id="i6f6a80fd6d7b43228f05063c2a7361f9_7" style="position:absolute;top:240pt"></div><div style="line-height:6.77pt;position:absolute;top:240pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:289.2pt;position:absolute;text-decoration:none;white-space:pre">PART I<font style="display:inline-block;height:6.77pt"></font></font></div><div style="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:151.92pt;position:absolute;text-decoration:none;white-space:pre">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS<font style="display:inline-block;height:6.77pt"></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 documents containing the information required in Part I of this registration statement have been or will be sent <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">or given to participants as specified in Rule 428(b)(1) under the Securities Act of 1933, as amended (the &#8220;Securities <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">Act&#8221;), in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the <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">&#8220;Commission&#8221;). Such documents are not being filed with the Commission either as part of this registration statement <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">or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the <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">documents incorporated by reference into this registration statement pursuant to Item 3 of Part II of this registration <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">statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.<font style="display:inline-block;height:6.93pt"></font></font></div><div id="i6f6a80fd6d7b43228f05063c2a7361f9_10" style="position:absolute;top:366pt"></div><div style="line-height:6.77pt;position:absolute;top:366pt;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:378pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:149.29pt;position:absolute;text-decoration:none;white-space:pre">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:402pt;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;3. Incorporation of Documents by Reference<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:426pt;width:612pt"><font style="font-family:&#39;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 documents filed by the Registrant with the Commission are incorporated herein by reference&#58;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:450pt;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:96.45pt;position:absolute">(1)<font style="display:inline-block;height:6.93pt;width:8.89pt"></font></font><font style="left:117pt;position:absolute">the Registrant&#8217;s <font style="display:inline-block;height:6.93pt"></font></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:182.47pt;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-20241231.htm">Annual Report on Form 10-K filed with the Commission 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:498.65pt;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:474pt;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:96.45pt;position:absolute">(2)<font style="display:inline-block;height:6.93pt;width:8.89pt"></font></font><font style="left:117pt;position:absolute">the Registrant&#8217;s Quarterly Reports on Form 10-Q filed with the Commission on <font style="display:inline-block;height:6.93pt"></font></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:437.82pt;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/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:488.64pt;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:508.07pt;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/ix?doc=/Archives/edgar/data/85535/000008553525000125/rgld-20250630.htm">August </a><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:486pt;width:612pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:117pt;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/ix?doc=/Archives/edgar/data/85535/000008553525000125/rgld-20250630.htm">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:147pt;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:510pt;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:96.45pt;position:absolute">(3)<font style="display:inline-block;height:6.93pt;width:8.89pt"></font></font><font style="left:117pt;position:absolute">the Registrant&#8217;s Current Reports on Form 8-K, excluding any information furnished under Items 2.02 or <font style="display:inline-block;height:6.93pt"></font></font></font></div><div 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style="-sec-extract:exhibit;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:497.32pt;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:502.32pt;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/ix?doc=/Archives/edgar/data/0000085535/000008553525000085/rgld-20250522.htm">May 27, </a><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:534pt;width:612pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:117pt;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/ix?doc=/Archives/edgar/data/0000085535/000008553525000085/rgld-20250522.htm">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:137pt;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:142pt;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/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:191.16pt;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:196.16pt;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/ix?doc=/Archives/edgar/data/85535/000008553525000107/rgld-20250706.htm">July 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:250.32pt;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:255.32pt;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/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:320pt;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:341.93pt;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/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:411.61pt;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:558pt;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:96.45pt;position:absolute">(4)<font style="display:inline-block;height:6.93pt;width:8.89pt"></font></font><font style="left:117pt;position:absolute">the portions of the Registrant&#8217;s <font style="display:inline-block;height:6.93pt"></font></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:243.26pt;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/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:459.14pt;position:absolute;text-decoration:none;white-space:pre"> under the headings <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:570pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:117pt;position:absolute;text-decoration:none;white-space:pre">&#8220;Unaudited Pro Forma Condensed Combined Financial Information&#8221; and &#8220;Notes to Unaudited Pro Forma <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:582pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:117pt;position:absolute;text-decoration:none;white-space:pre">Condensed Combined Financial Information&#8221; and pages F-1 through F-45 of such definitive proxy <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:594pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:117pt;position:absolute;text-decoration:none;white-space:pre">statement&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:618pt;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:96.45pt;position:absolute">(5)<font style="display:inline-block;height:6.93pt;width:8.89pt"></font></font><font style="left:117pt;position:absolute">the <font style="display:inline-block;height:6.93pt"></font></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:131.7pt;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/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:248.86pt;position:absolute;text-decoration:none;white-space:pre"> of Sandstorm Gold Ltd. (&#8220;Sandstorm&#8221;) for the fiscal year ended <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:630pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:117pt;position:absolute;text-decoration:none;white-space:pre">December 31, 2024, filed on March 31, 2025&#59;<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:654pt;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:96.45pt;position:absolute">(6)<font style="display:inline-block;height:6.93pt;width:8.89pt"></font></font><font style="left:117pt;position:absolute">Sandstorm&#8217;s Report on Form 6-K filed on <font style="display:inline-block;height:6.93pt"></font></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:287.17pt;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/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:348.55pt;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:678pt;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:96.45pt;position:absolute">(7)<font style="display:inline-block;height:6.93pt;width:8.89pt"></font></font><font style="left:117pt;position:absolute">the description of the Registrant&#8217;s securities contained in <font style="display:inline-block;height:6.93pt"></font></font></font><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:346.7pt;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-20241231xex41descript.htm">Exhibit 4.1 to the Registrant&#8217;s Annual Report </a><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:690pt;width:612pt"><font style="color:#0000ff;font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:117pt;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-20241231xex41descript.htm">on Form 10-K filed with the Commission 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:371.57pt;position:absolute;text-decoration:none;white-space:pre">.<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="-sec-extract:summary;left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:44.92pt;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;text-decoration:none;white-space:pre">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">All reports and other documents filed by the Registrant after the date hereof pursuant to Sections 13(a), 13(c), 14, <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">and 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), prior to the filing of a post-<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">effective amendment which indicates that all securities offered hereby have been sold or which deregisters all <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">securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be part hereof from <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">the date of filing of such reports and documents. Any statement contained in a document incorporated or deemed to <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">be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this <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">registration statement to the extent that a statement contained herein or in any other subsequently filed document <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">which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. 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">statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of <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">this registration statement.<font style="display:inline-block;height:6.93pt"></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">Item&#160;4. Description of Securities<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">Not applicable.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="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:72pt;position:absolute;text-decoration:none;white-space:pre">Item&#160;5. Interests of Named Experts and Counsel<font style="display:inline-block;height:6.77pt"></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">David Crandall, Vice President, Corporate Secretary, and Chief Compliance Officer of Royal Gold, is passing on <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">certain legal matters regarding the securities being registered. Mr. Crandall is a full-time employee of Royal Gold <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">and owns Royal Gold securities.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="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:72pt;position:absolute;text-decoration:none;white-space:pre">Item&#160;6. 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: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">Set forth below is a description of certain provisions of the Delaware General Corporation Law (the &#8220;Delaware <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">Statute&#8221;), Royal Gold&#8217;s certificate of incorporation and bylaws, and certain indemnification agreements between <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 and its directors and officers. The description is intended only as a summary and is qualified in its <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">entirety by reference to the Delaware Statute, 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: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">indemnification agreement, a form of which has been filed by Royal Gold with the Commission.<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">Delaware General Corporation Law<font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:437pt;width:612pt"><font style="font-family:&#39;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 Statute, a corporation may indemnify its directors, officers, employees, and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:449pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">agents and its former directors, officers, employees, and agents and those who serve, at the corporation&#8217;s request, in <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:461pt;width:612pt"><font style="font-family:&#39;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 capacities with another enterprise, against expenses (including attorneys&#8217; fees), as well as judgments, fines, and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:473pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">settlements in nonderivative lawsuits, actually and reasonably incurred in connection with the defense of any action, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:485pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">suit, or proceeding in which they or any of them were or are made parties or are threatened to be made parties by <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:497pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">reason of their serving or having served in such capacity. The Delaware Statute provides, however, that such person <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:509pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">must have acted in good faith and in a manner he or she reasonably believed to be in (or not opposed to) the best <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:521pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">interest of the corporation and, in the case of a criminal action, such person must have had no reasonable cause to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:533pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">believe his or her conduct was unlawful. In addition, the Delaware Statute does not permit indemnification in an <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:545pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">action or suit by or in the right of the corporation, where such person has been adjudged liable to the corporation, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:557pt;width:612pt"><font style="font-family:&#39;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, and only to the extent that, a court determines that such person fairly and reasonably is entitled to indemnity <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:569pt;width:612pt"><font style="font-family:&#39;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 expenses the court deems proper in light of liability adjudication. Indemnity is mandatory to the extent a claim, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:581pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">issue, or matter has been successfully defended. The Delaware Statute provides that a corporation has the power to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:593pt;width:612pt"><font style="font-family:&#39;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 maintain insurance on behalf of any person described above, whether or not the corporation would <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:605pt;width:612pt"><font style="font-family:&#39;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 power to indemnify such person against such liability under the provisions of the Delaware Statute.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:629pt;width:612pt"><font style="font-family:&#39;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 Statute allows a corporation to eliminate or limit the personal liability of directors and <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:641pt;width:612pt"><font style="font-family:&#39;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 of a corporation to the corporation or its stockholders for monetary damages for a breach of fiduciary duty <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:653pt;width:612pt"><font style="font-family:&#39;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 director or officer, except where the director or officer breached his or her duty of loyalty, failed to act in good <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:665pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">faith, engaged in intentional misconduct or knowingly violated a law, or obtained an improper personal benefit, or <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:677pt;width:612pt"><font style="font-family:&#39;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 a director authorized the payment of a dividend or approved a stock repurchase in violation of Delaware law. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:689pt;width:612pt"><font style="font-family:&#39;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, Section 102 of the Delaware Statute does not permit 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:701pt;width:612pt"><font style="font-family:&#39;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 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></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:44.92pt;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;text-decoration:none;white-space:pre">3<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">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: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">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 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">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: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">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: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">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: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">receives notice of the unlawful acts.<font style="display:inline-block;height:6.93pt"></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">Certificate of Incorporation and Bylaws<font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:173pt;width:612pt"><font style="font-family:&#39;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:185pt;width:612pt"><font style="font-family:&#39;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 Statute. Under the bylaws, Royal <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:197pt;width:612pt"><font style="font-family:&#39;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 must advance expenses incurred by an officer or director in defending any such action if the director or officer <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:209pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">undertakes to repay such amount if it is ultimately determined that he or she is not entitled to indemnification. To the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:221pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">extent authorized by the board of directors, Royal Gold may also similarly indemnify and advance expenses to <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:233pt;width:612pt"><font style="font-family:&#39;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. The provisions of the certificate of incorporation and bylaws do not preclude Royal Gold <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:245pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">from indemnifying other persons from similar or other expenses and liabilities as the board of directors or the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:257pt;width:612pt"><font style="font-family:&#39;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 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:6.94pt;position:absolute;top:281pt;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">Indemnification Agreements and Insurance<font style="display:inline-block;height:6.94pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:298pt;width:612pt"><font style="font-family:&#39;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:310pt;width:612pt"><font style="font-family:&#39;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:322pt;width:612pt"><font style="font-family:&#39;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:334pt;width:612pt"><font style="font-family:&#39;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 <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:346pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">reimburse the registrant for all amounts so advanced if it is subsequently determined, as provided in the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:358pt;width:612pt"><font style="font-family:&#39;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, that the director or officer is not entitled to indemnification, if such advanced amounts <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:370pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">were in excess of amounts actually paid or incurred by such director or officer or if such director or officer receives <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:382pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">from insurance or other compensation or reimbursement payments from any insurer or third party in respect of the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:394pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">same subject matter. The indemnification agreements also provide certain methods and presumptions for <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:406pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">determining whether the officer or director is entitled to indemnification, among other matters, as set forth in such <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:418pt;width:612pt"><font style="font-family:&#39;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.<font style="display:inline-block;height:6.93pt"></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: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 style="line-height:6.77pt;position:absolute;top:466pt;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;7. Exemption from Registration Claimed<font style="display:inline-block;height:6.77pt"></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:72pt;position:absolute;text-decoration:none;white-space:pre">Not applicable.<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="-sec-extract:summary;left:0pt;position:absolute;top:720pt"><div style="width:468pt"><div style="line-height:6.93pt;position:absolute;top:44.92pt;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;text-decoration:none;white-space:pre">4<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:6.77pt;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;8. Exhibits<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: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-8opinion5nov2025.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-8opinion5nov2025.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-8231.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-8ex232.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-8ex232.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-8ex233.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-8opinion5nov2025.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="#i6f6a80fd6d7b43228f05063c2a7361f9_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:324.75pt;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 style="line-height:6.77pt;position:absolute;top:348.75pt;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;9. Undertakings<font style="display:inline-block;height:6.77pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:370.75pt;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:392.75pt;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:404.75pt;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:426.75pt;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:448.75pt;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:460.75pt;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:472.75pt;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:484.75pt;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:496.75pt;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:508.75pt;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:520.75pt;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 Commission pursuant to Rule <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:532.75pt;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">424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:544.75pt;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 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:556.75pt;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:578.75pt;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:590.75pt;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:602.75pt;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:624.75pt;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) and (a)(1)(ii) do not apply if this registration statement is <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:636.75pt;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">on Form S-8 and the information required to be included in a post-effective amendment by those <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:648.75pt;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">paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:660.75pt;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">to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:672.75pt;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.<font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:694.75pt;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:706.75pt;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></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:44.92pt;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;text-decoration:none;white-space:pre">5<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: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:84pt;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:106pt;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:118pt;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:140pt;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: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">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: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">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: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">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: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">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: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">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:222pt;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: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">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: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">has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:258pt;width:612pt"><font style="font-family:&#39;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 Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:270pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:282pt;width:612pt"><font style="font-family:&#39;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 Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:294pt;width:612pt"><font style="font-family:&#39;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 or controlling person in connection with the securities being registered, the Registrant will, unless in the <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:306pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:318pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:absolute;text-decoration:none;white-space:pre">jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:330pt;width:612pt"><font style="font-family:&#39;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 and will be 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:720pt"><div style="width:468pt"><div style="line-height:8.25pt;position:absolute;top:18.37pt;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">&#160; &#160;  <font style="display:inline-block;height:8.25pt"></font></font></div><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="i6f6a80fd6d7b43228f05063c2a7361f9_13" 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: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:96pt;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">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to </font><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="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">believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to </font><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="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">be signed on its 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:518.51pt;position:absolute;white-space:pre">on <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;white-space:pre">November 5, 2025. <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.77pt;position:absolute;top:154pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:bold;left:288pt;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:177.3pt;width:612pt"><font style="font-family:&#39;Times New Roman&#39;, serif;font-size:10pt;font-style:normal;font-weight:normal;left:288pt;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:302.43pt;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; &#160; &#160; <font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:189.3pt;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:288pt;position:absolute">Name&#58;<font style="display:inline-block;height:6.93pt;width:4.88pt"></font></font><font style="left:319.5pt;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:201.3pt;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:288pt;position:absolute">Title&#58;<font style="display:inline-block;height:6.93pt;width:9.89pt"></font></font><font style="left:319.5pt;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: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: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:243.3pt;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:72pt;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 </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:255.3pt;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:72pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">appoints Paul Libner and David Crandall, and each of them, their true and lawful attorneys-in-fact and agents, with </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:267.3pt;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:72pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">full power of substitution and resubstitution, to sign, execute and file with the Securities and Exchange Commission </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:279.3pt;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:72pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">(or any other governmental or regulatory authority), for us and in our names in the capacities indicated below, a </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:291.3pt;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:72pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">registration statement on Form&#160;S-8 (including all amendments thereto) with all exhibits and any and all documents </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:303.3pt;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:72pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">required to be filed with respect thereto, granting unto said attorneys-in-fact and agents and each of them, full power </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:315.3pt;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:72pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">and authority to do and to perform each and every act and thing necessary or desirable to be done in and about the </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:327.3pt;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:72pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">premises in order to effectuate the same as fully to all intents and purposes as they themselves might or could do if </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:339.3pt;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:72pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:351.3pt;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:72pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">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:375.3pt;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:72pt;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 </font><font style="display:inline-block;height:6.93pt"></font></font></div><div style="line-height:6.93pt;position:absolute;top:387.3pt;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:72pt;position:absolute;text-decoration:none;white-space:pre"><font style="background-color:inherit">following 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:411.3pt;width:612pt"><div style="font-size:0pt;left:72pt;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; Paul Libner<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-8opinion5nov2025.htm
<DESCRIPTION>EX-5.1
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i0e23032bd0b4411090854ca134a6bba0_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-8 (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 21,143 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>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>s-8231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i6223dad581764df7b650e9cbf6d14437_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 incorporation by reference in the Registration Statement (Form S-8) pertaining to the Sandstorm Gold Ltd. Amended and Restated Stock Option Plan of Royal Gold, Inc. 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-8ex232.htm
<DESCRIPTION>EX-23.2
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
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<title>Document</title></head><body><div id="i0b4e633556c54c169d1909cb2aa59b2f_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-8 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.</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-8ex233.htm
<DESCRIPTION>EX-23.3
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
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<title>Document</title></head><body><div id="i072e7bce882a45838f585b4be62fdfe3_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-8 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.</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>
<html><head>
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<title>Document</title></head><body><div id="i5801676407fa401d9f354e117667ad46_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 price, except in the case of an adjustment pursuant to section 5.3 herein&#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;make any amendment which increases the Non-Employee Director Participation Limits set out in section 3.2 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%">(iv)&#160;&#160;&#160;&#160;make any amendment which extends the expiry date of any Option beyond the original expiry date, except in the case of an extension due to a Blackout Period&#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;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. However, notwithstanding the termination of the Plan, the Board may make any amendments to the Plan or Options it would be entitled to make if the Plan were still in effect.</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%">6.8&#160;&#160;&#160;&#160;Form of Notice</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%">A notice given to the Company shall be in writing, signed by the Optionee and delivered to the head business office of 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%">6.9&#160;&#160;&#160;&#160;No Representation or Warranty</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 makes no representation or warranty as to the future market value of any Shares issued in accordance with 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%">6.10&#160;&#160;&#160;&#160;Compliance with Applicable 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%">If any provision of the Plan or any Option Agreement contravenes any law or any order, policy, by-law or regulation of any regulatory body or Exchange having authority over the Company or the Plan, then such provision shall be deemed to be amended to the extent necessary to bring such provision into compliance therewith.</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%">- 14 -</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%">6.11&#160;&#160;&#160;&#160;No Assignment or Transfer</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%">Options shall be non-assignable and non-transferable by the Optionee otherwise than by will or the laws of descent and distribution, and shall be exercisable only by the Optionee during the lifetime of the Optionee and only by the Optionee&#8217;s legal representative after the death of the Optionee. 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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The Optionee acknowledges and understands that the Company is under no obligation to register, under the Securities Acts, the Option Shares received by him&#47;her or to assist him&#47;her in complying with any exemption from such registration if he&#47;she should at a later date wish to dispose of the Option Shares. The Optionee acknowledges that the Option Shares shall bear a legend restricting the transferability thereof, which legend may be substantially in the following or other required form&#58;</font></div><div style="margin-top:12pt;padding-left:36pt;padding-right:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">&#34;The shares represented by this certificate have not been registered or qualified under the United States Securities Act of 1933, as amended or state securities laws. 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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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            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Registration Fee</b>
            </p>
          </th>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: center;">
		1
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-202">Equity</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-203">Common Stock, $0.01 par value</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457aFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-204">457(a)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:AmtSctiesRegd" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-205">21,143</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxOfferingPricPerScty" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-206">76.68</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-207">1,621,245.24</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-208">0.0001381</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-209">223.89</ix:nonFraction>
          </td>
        </tr>
        <tr>
          <td colspan="5" 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>$</span>
              <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-210">1,621,245.24</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; border-bottom: 1px black; width: 16%;">
            <p id="TotalFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-211">223.89</ix:nonFraction>
            </p>
          </td>
        </tr>
        <tr>
          <td colspan="5" 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>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-212">0.00</ix:nonFraction>
            </p>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="NetFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-213">223.89</ix:nonFraction>
            </p>
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 90%; margin-left:auto; margin-right:auto; 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: 90%; margin-left:auto; margin-right:auto; 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-214">This registration statement covers an aggregate of 21,143 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>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>
  </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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<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-8<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-8<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>
</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>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
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<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>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<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>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
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<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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<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, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">21,143<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">76.68<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 1,621,245.24<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">$ 223.89<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 21,143 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>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>na</td>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>ffd:nonNegativeDecimal4lItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>dtr-types:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<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>
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<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>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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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>
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<?xml version="1.0" encoding="utf-8"?>
<xbrl
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  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2025"
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  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
    <link:schemaRef
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      xlink:type="simple"/>
    <context id="rc">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000085535</identifier>
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        <period>
            <startDate>2025-11-04</startDate>
            <endDate>2025-11-04</endDate>
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    <context id="offrl_1">
        <entity>
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            <segment>
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        <period>
            <startDate>2025-11-04</startDate>
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    <unit id="USD">
        <measure>iso4217:USD</measure>
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    <unit id="pure">
        <measure>pure</measure>
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    <unit id="Shares">
        <measure>shares</measure>
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    <ffd:SubmissnTp contextRef="rc" id="ixv-169">S-8</ffd:SubmissnTp>
    <ffd:FeeExhibitTp contextRef="rc" id="ixv-170">EX-FILING FEES</ffd:FeeExhibitTp>
    <dei:EntityCentralIndexKey contextRef="rc" id="ixv-171">0000085535</dei:EntityCentralIndexKey>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-172">ROYAL GOLD INC</dei:EntityRegistrantName>
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      unitRef="pure">0.0001381</ffd:FeeRate>
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    <ffd:OfferingNote contextRef="offrl_1" id="ixv-214">This registration statement covers an aggregate of 21,143 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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