Royal Gold Provides Details on Fiscal Year End Change

Royal Gold Inc. (NASDAQ: RGLD) (together with its subsidiaries, "Royal Gold" or the "Company," "we" or "our") announced today additional details with respect to the previously announced change in Royal Gold's fiscal year end.

As previously announced, Royal Gold is transitioning its fiscal year end from June 30 to December 31, effective as of December 31, 2021. This change in fiscal year end will better align Royal Gold's reporting and disclosure with that of most of its streaming and royalty counterparties and other companies in the precious metals sector.

Important investor considerations for this change include:

• Royal Gold is currently in a transition period that covers the six months between the end of the previous fiscal year on June 30, 2021, and December 31, 2021;
• The 10-KT report for the transition period ending December 31, 2021, will be filed within 60 days of the end of the transition period;
• 10-Q reports for each of the March 31, June 30 and September 30 quarters will be filed within 40 days of the end of each quarter;
• The 2022 stockholders' meeting is expected to be held on May 25, 2022;
• The Board of Directors expects that any dividend declarations will continue on a quarterly schedule, with the determination of dividend record and payout dates to remain consistent with past practice;
• Stream segment sales and inventory figures for each quarter are expected to be made available prior to filing quarterly financial results, consistent with past practice; and
• One-year guidance for total GEO sales, depreciation, depletion and amortization expense, and effective tax rate is expected to be provided during the second calendar quarter of 2022.

In order to ease the transition to the new fiscal year end, certain unaudited financial metrics on a calendar year basis are shown in Tables 1 and 2 of this press release for the five-year period 2016 through 2020 inclusive. Table 1 contains an unaudited summary of revenue by property, and Table 2 contains select unaudited financial metrics. Royal Gold expects to provide further historical financial metrics along with the filing of financial results in the future.

Corporate Profile

Royal Gold is a precious metals stream and royalty company engaged in the acquisition and management of precious metal streams, royalties and similar production-based interests. As of September 30, 2021, the Company owned interests on 190 properties on five continents, including interests on 44 producing mines and 16 development stage projects. Royal Gold is publicly traded on the Nasdaq Global Select Market under the symbol "RGLD." The Company's website is located at www.royalgold.com.

Forward-Looking Statements: This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual 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 others, statements about our fiscal year end change and future reporting practices. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: 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 interests, including variations between actual and forecasted performance, operators' ability to complete projects on schedule and as planned, changes to mine plans and reserves, liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, or contractual issues involving our stream or royalty agreements; 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; the impacts of the COVID-19 pandemic; and other factors described in our reports filed with the Securities and Exchange Commission, including our Form 10-K for the fiscal year ended June 30, 2021, 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 are cautioned not to put undue reliance on forward-looking statements.

Overview of non-GAAP financial measures:

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of non-GAAP financial measures varies among companies, non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.

We have provided below a reconciliation of our non-GAAP financial measure to the comparable GAAP measure. We believe non-GAAP financial measures provide useful information to investors for analysis of our business. We use non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measure are subjective and involve significant management judgement.

The non-GAAP financial measure used by management in this press release is adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, which is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations.

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For further information, please contact:
Alistair Baker
Vice President, Investor Relations and Business Development
(720) 554-6995