Royal Gold Investor Presentation — January 2020

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Bill Heissenbuttel, President & CEO

January 2020CIBC Western Institutional Investor ConferenceCautionary Statement

“Safe Harbor” Statement Under thePrivate Securities Litigation Reform Actof1995: This presentation contains certain forward- looking statements within the

meaning ofthePrivate Securities Litigation Reform Actof1995. Such forward- looking statements involve known andunknown risks, uncertainties, andother factors thatcould cause

actual results todiffer materially from theprojections andestimates contained herein andinclude, butarenotlimited tostatements with regard to:disciplined strategy andsuccessful

results ;significant strategic achievements ;strengthening balance sheet ;changes insenior leadership; efficient business model and optionality ;diverse, gold- focused, high- quality

portfolio generating organic growth; disciplined, accretive, non-dilutive capital deployment ;strong liquidity andsolid capital structure; leading commitment togrowing andsustainable

dividends andattractive TSR;lower riskbusiness model with optionality ;upside exposure from metal prices, production expansion andresource conversion, andreduced downside

from management risk, andoperators’ higher operating andcapital costs andexposure toenvironmental liability, andillustrative expected return; efficient business model including

revenue peremployee, larger operating portfolio andlower employee count than major producers ;diverse, gold- focused portfolio; revenue bycommodity andcountry ;high quality

portfolio; cash costs ofourstream androyalty property operators ;remaining mine lifeandasset maturity ;disciplined capital deployment ;transaction timing ;equity scarcity bringing

project development andM&A opportunities ;accretive, non-dilutive capital deployment ;funding growth through cash flow andstrategic useofdebt;strong financial position, capital

structure andliquidity ;leading commitment togrowing andsustainable dividends ;compounded annual growth individends ;attractive andcompetitive historical TSR;diverse portfolio of

long- lived assets ;gold’s appeal fordiversification andashedge against market risk, inflation andcurrency risk, andproviding competitive returns ;relative taxefficiencies ofstreams and

royalties ;optionality andreturns example from case study ;streaming companies trading athigh P/NAV andP/CF multiples ;andBoard andmanagement positioned forsuccess ;the

way forward, including continued growth ofrevenue base and focus onprecious metals and gold, maintaining conservative capital structure tobewell-positioned forinvestment

opportunities, growing cash from operations anddebt facility, paying growing andsustainable dividend andleading intotal shareholder return. Factors thatcould cause actual results to