Royal Gold Reports Results for Third Quarter Fiscal Year 2013

Royal Gold, Inc. (NASDAQ:RGLD) ?(TSX:RGL) today announced net
income attributable to Royal Gold stockholders of $6.5 million, or $0.10
per basic share, on royalty revenue of $74.2 million for the third
quarter of fiscal 2013. This compares to net income attributable to
Royal Gold stockholders of $26.0 million, or $0.44 per basic share, on
royalty revenue of $69.6 million for the third quarter of fiscal 2012.

Results for the quarter were impacted by two items. First, a non-cash
loss was recognized on available-for-sale securities of $12.1 million
associated with the common shares of Seabridge Gold, Inc. that were
acquired as part of the June 2011 transaction regarding the
Kerr-Sulphurets-Mitchell Project. Second, a higher income tax expense of
$6.9 million was recognized during the quarter related to adjustments
resulting from the filing of our June 30, 2012 income tax return. The
after tax effect of the securities loss and tax adjustments on basic
earnings per share was $0.17 and $0.10, respectively. Excluding these
items, net income attributable to Royal Gold stockholders would have
been $24.3 million, or $0.37 per basic share for the fiscal third
quarter.

For the nine-month period ended March 31, 2013, royalty revenue was a
record $231.9 million and net income attributable to Royal Gold
stockholders was $58.5 million, or $0.93 per basic share. This compares
to nine-month royalty revenue of $202.9 million and net income
attributable to Royal Gold stockholders of $71.9 million, or $1.27 per
basic share, for the nine-month period ended March 31, 2012. The after
tax effect of the securities loss and tax adjustments (described above)
on net income attributable to Royal Gold stockholders for the nine-month
period ended March 31, 2013, was $12.1 million, or $0.17 per basic
share, and $6.9 million, or $0.11 per basic share, respectively.
Excluding these items, net income attributable to Royal Gold
stockholders for the nine-month period ended March 31, 2013, would have
been $76.3 million, or $1.22 per basic share.

Adjusted EBITDA¹ for the third quarter of fiscal 2013 was
$66.1 million representing 89% of revenue, compared to Adjusted EBITDA
of $63.6 million or 91% of revenue for the prior year period. Cash flow
from operations for the quarter was $68.1 million, or $1.05 per basic
share, compared with $47.5 million, or $0.81 basic per share, for the
third quarter of fiscal 2012.

The 7% increase in revenue for the quarter was largely driven by
increased production at Andacollo and Holt, and the continued ramp up at
Wolverine. These increases were partially offset during the period by
production declines at Peñasquito and Voisey′s Bay, as well as lower
gold and other metal prices. The average price of gold for the quarter
was $1,632 per ounce compared with $1,691 per ounce for the comparable
period, a decrease of 3%.

As of March 31, 2013, the Company had a working capital surplus of
$727.4 million. Current assets were $749.0 million (including $673.1
million in cash and equivalents), compared to current liabilities of
$21.6 million, resulting in a current ratio of approximately 35 to 1. In
addition to available working capital, the Company has $350 million
available under its revolving line of credit.

Tony Jensen, President and CEO, commented, 'Achieving another quarter of
strong royalty revenue despite lower year-over-year average gold prices,
highlights the strength of our royalty portfolio. We expect to add Mt.
Milligan to our producing portfolio of assets in the near future as
production is scheduled to commence in the third calendar quarter of
this year. In addition, our strong financial position allows us to seek
new business opportunities as we look to expand our high quality
portfolio.?

PROPERTY HIGHLIGHTS

Highlights at certain of the Company′s principal producing and
development properties during the quarter ended March 31, 2013 are
listed below. We advise readers to refer to the public statements of the
operators of each of these properties for more complete information.

Producing Properties

Andacollo ? Teck reported that average daily throughput
for the quarter was about 47,000 tonnes. Production increased primarily
due to higher mill throughput and higher ore grades. Over the past few
quarters, Andacollo has established steady state operations.

Holt ? St Andrew Goldfields reported that progress continues on
mine development that should allow for an incremental increase in
production by the end of calendar 2013.

Mulatos ? Alamos reported that increased gold production was
primarily attributable to higher crusher throughput and a full quarter
of production from the Escondida high-grade zone that was in
commissioning in the prior year.

Peñasquito ? Goldcorp′s annual guidance for Peñasquito
anticipated lower production in the first half of calendar 2013 as the
mine moves from a lower grade portion of the pit to higher grade ore.
Goldcorp also reported that ongoing studies to develop a long-term water
strategy continue to progress and that they have identified a new water
source within their current permitted basin that has the potential to
supply sufficient water to continue the plant ramp-up to full design
capacity. Goldcorp noted that current water availability is expected to
be sufficient to achieve calendar 2013 production guidance of 360,000 to
400,000 ounces of gold.

Robinson ?KGHM reported that copper production increased
due to improved mill recovery and higher productivity in the mine.

Voisey′s Bay ? Vale reported that copper production was impacted
during the quarter due primarily to feed availability as a result of a
crusher failure and a severe snow storm that delayed haulage from the
mine.

In late March 2013, the Government of Newfoundland and Labrador
announced amendments to their Voisey′s Bay Development Agreement
including a commitment from Vale to pursue underground mining to extend
the mine life. The agreement also allows Vale to continue processing
concentrate outside of the province while construction is being
finalized at the Long Harbour processing plant.

Wolverine ?Yukon Zinc continues to make production
improvements at the Wolverine mine. They have reported that process
circuit modifications and the integration of new equipment have enabled
these improvements.

Development Properties

Mt. Milligan ? As of the end of December 2012, Thompson Creek
estimated that project completion was at 81%. They also reported that
the Mt. Milligan project remains on schedule with initial production to
commence in the third calendar quarter of 2013, followed by commercial
production expected in the fourth calendar quarter of 2013.

Pascua-Lama ? As of March 31, 2013, Barrick reported it had spent
approximately $4.8 billion on the construction of the Pascua-Lama
project. About 70% of the structural steel was erected for the process
plant facility, 65% of the concrete has been poured, 55% of earthworks
was completed, and the ore conveyance tunnel was approximately 80%
complete.

During the fourth quarter of calendar 2012, Barrick reported that
pre-stripping activities in Chile were halted to address increased dust
in the open pit area and that the project has since strengthened dust
mitigation and control measures. In addition, regulatory restrictions
have also been placed on the project due to the need to repair and
improve certain aspects of the water management system in Chile.
Completion of measures to address these aspects is targeted for the
first quarter of calendar 2014.

Subsequently, Barrick suspended construction work on the Chilean side of
the project in April in response to a preliminary injunction issued by a
Chilean court. The action alleges non-compliance with the environmental
requirements of the project′s Chilean environmental approval.
Construction activities in Argentina, where the majority of the
project′s critical infrastructure is located, including the process
plant and tailings storage facility, were not affected.

Given these pending regulatory and legal issues, Barrick stated on April
24, 2013, that they were unable to fully assess the impact on the
capital budget, operating costs and schedule of the project.

Additional Property Information

Third quarter fiscal 2013 production and revenue for the Company′s
principal interests are shown in Table 1 and historical production data
is shown in Table 2. For more detailed information about each of our
principal interests, please refer to the Company′s most recent Annual
Report on Form 10-K, our Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K filed with the SEC and available on the SEC′s
website located at www.sec.gov,
or our website located at www.royalgold.com.

CORPORATE PROFILE

Royal Gold is a precious metals royalty company engaged in the
acquisition and management of precious metals royalties and similar
interests. The Company owns interests on 205 properties on six
continents, including interests on 36 producing mines and 23 development
stage projects. Royal Gold is publicly traded on the NASDAQ Global
Select Market under the symbol 'RGLD,? and on the Toronto Stock Exchange
under the symbol 'RGL.? The Company′s website is located at www.royalgold.com.

Note: Management′s conference call reviewing the third quarter
results will be held todayat 10:00 a.m. Mountain Time (noon
Eastern Time) and will be available by calling (800) 603-2779 (North
America) or (973) 200-3960(international), access #85827550. The
call will be simultaneously broadcast on the Company′s website at www.royalgold.com
under 'Events and Presentations? in the Investor section of the website.
A replay of this webcast will be available on the Company′s website
approximately two hours after the call ends.

Cautionary 'Safe Harbor? Statement Under the Private Securities
Litigation Reform Act of 1995: With the exception of historical
matters, the matters discussed in this press release are forward-looking
statements that involve risks and uncertainties that could cause actual
results to differ materially from projections or estimates contained
herein. Such forward-looking statements include statements about the
Company′s expectation of adding revenue from Mt. Milligan in the near
future; that production at Mt. Milligan will commence in the third
calendar quarter with commercial production in the fourth calendar
quarter; that our strong financial position will allow us to seek new
business opportunities and expand our high quality portfolio; the impact
on the Pascua-Lama project of pending regulatory issues and the
preliminary injunction suspending construction work on the Chilean side
of the project; and the operators′ expectation of production,
construction, mine development, reaching design capacity, throughput,
water availability and other developments. Factors that could cause
actual results to differ materially from the projections include, among
others, precious metals, copper and nickel prices; performance of and
production at the Company's royalty properties; decisions and activities
of the operators of the Company's various properties; unanticipated
grade, geological, metallurgical, processing or other problems the
operators of the mining properties may encounter; delays in the
operators securing or their inability to secure necessary governmental
permits; changes in operator′s project parameters as plans continue to
be refined; economic and market conditions; the ability of the various
operators to bring projects into production as expected; regulatory and
legal issues; the suspension of certain activities on the Pascua-Lama
project; and other subsequent events; as well as other factors described
in the Company's Annual Report on Form 10-K, Quarterly Report on Form
10-Q, and other filings with the Securities and Exchange Commission.
Most of these factors are beyond the Company′s ability to predict or
control. The Company disclaims any obligation to update any
forward-looking statement made herein. Readers are cautioned not to put
undue reliance on forward-looking statements.

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