Royal Gold Investor Presentation — May 2021

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ROYAL GOLD, INC. | FISCAL Q3 2021 RESULTS | MAY 6, 2021Cautionary Statement

Forward- Looking Statements: This presentation includes “forward -looking statements” within the meaning of U.S. federal securities laws. Forward -looking stat ements are any

statements other than statements of historical fact. Forward -looking statements are not guarantees of future performance, and ac tual results may differ materially from these statements.

Forward -looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,”

“intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward -looking statements include, among o thers, the following: statements about our expected

financial performance, including revenue, expenses, earnings or cash flow; operators’ expected operating and financial performan ce, including production, deliveries, mine plans and

reserves, development, cash flows and capital expenditures; planned and potential acquisitions or dispositions, including fun ding schedules and conditions; liquidity, financing and

shareholder returns; our overall investment portfolio; macroeconomic and market conditions including the impacts of COVID -19; pr ices for gold, silver, copper, nickel and other metals;

potential impairments; or tax changes.

Factors that could cause actual results to differ materially from these forward -looking statements include, among others, the fo llowing: a lower- price environment for gold, silver, copper,

nickel or other metals; operating activities or financial performance of properties on which we hold stream or royalty intere sts, including variations between actual and forecasted

performance, operators’ ability to complete projects on schedule and as planned, changes to mine plans and reserves, liquidit y needs, mining and environmental hazards, labor disputes,

distribution and supply chain disruptions, permitting and licensing issues, contractual issues involving our stream or royalt y agreements, or operational disruptions due to COVID -19; risks

associated with doing business in foreign countries; our ability to identify, finance, value and complete acquisitions; adverse economic and market conditions; changes in laws or

regulations governing us, operators or operating properties; changes in management and key employees; and other factors describe d in our reports filed with the Securities and Exchange

Commission, including our Form 10 -K for the fiscal year ended June 30, 2020, and subsequent Forms 10 -Q. Most of these factors are beyond our ability to predict or control.

Forward -looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward -looking statements, except as required by law. Readers