Royal Gold Reports Fourth Quarter Financials and Record Results for Fiscal Year 2012

Royal Gold, Inc. (NASDAQ:RGLD) ?(TSX:RGL) today announced record
net income attributable to Royal Gold stockholders of $92.5 million, or
$1.61 per basic share, on record royalty revenue of $263.1 million for
fiscal 2012 (ended June 30). This compares to net income attributable to
Royal Gold stockholders for fiscal 2011 of $71.4 million, or $1.29 per
basic share, on royalty revenue of $216.5 million.

For the fourth quarter ended June 30, 2012, royalty revenue was $60.1
million, compared with royalty revenue of $59.3 million for the same
period in fiscal 2011. The Company reported fourth quarter net income
attributable to Royal Gold stockholders of $20.6 million, or $0.35 per
basic share, compared with fourth quarter net income of $21.7 million,
or $0.39 per basic share for the quarter ended June 30, 2011.

Adjusted EBITDA for fiscal 2012 was a record $237.6 million ($4.15 per
basic share), representing 90% of revenue. This compares to Adjusted
EBITDA for fiscal 2011 of $190.2 million ($3.45 per basic share), or 88%
of revenue. Adjusted EBITDA for the fourth quarter of fiscal 2012 was
$54.3 million ($0.91 per basic share), or 90% of revenue, compared to
Adjusted EBITDA of $51.6 million ($0.94 per basic share), or 87% of
revenue, for the prior year period.

The significant increase in fiscal 2012 financial results was largely
driven by a higher average gold price in addition to increased
production at Andacollo, Voisey′s Bay, Mulatos and Dolores, and
continued ramp up at Peñasquito, Holt, Canadian Malartic and Las Cruces.
These increases were partially offset during the period by production
declines at Cortez, Robinson and Leeville. The average price of gold in
fiscal 2012 was $1,673 per ounce compared with $1,369 per ounce in
fiscal 2011, representing a 22% increase.

As of June 30, 2012, the Company had a working capital surplus of $430
million. Current assets were $445.2 million (including $375.5 million in
cash and equivalents), compared to current liabilities of $15.2 million,
resulting in a current ratio of 29 to 1.

Tony Jensen, President and CEO, commented, 'Fiscal 2012 marks the 11th
consecutive year of record revenue and cash flow for Royal Gold. Our
current financial results were driven by new and increasing production
from recently commissioned mines, steady performance from our
diversified royalty portfolio, and a continuation of strong metal
prices. Revenue from our three producing cornerstone properties
increased 31% as Peñasquito and Andacollo approached design capacity and
Voisey′s Bay maintained steady state production. On top of this, we
realized full-year production from Canadian Malartic, Holt, Las Crucesand Wolverine, further increasing our revenue base. During the
fiscal year, we also added three new assets to our portfolio, and
strengthened our balance sheet. We remain well positioned for new
business opportunities as we move into fiscal 2013.?

RECENT DEVELOPMENTS

Increase in Gold Stream Interest at the Mt. Milligan Project

Royal Gold has agreed to acquire, through its wholly-owned subsidiary
RGLD Gold AG, an additional 12.25% of the payable gold produced from the
Mt. Milligan copper-gold project, located in British Columbia, from a
subsidiary of Thompson Creek Metals Company. Consideration for the new
transaction is $200 million and cash payments equal to the lesser of
$435 or the prevailing market price for each payable ounce of gold
delivered to Royal Gold (the 'Delivery Payments?). Combined with the
Company′s previous two transactions, Royal Gold will now be entitled to
52.25% of the payable gold produced from Mt. Milligan for total
consideration of $781.5 million and the Delivery Payments. To date,
Royal Gold has paid $454.6 million to Thompson Creek and will pay $75
million following closing of the new transaction and the remaining
$251.9 million in five scheduled quarterly payments commencing on
September 1, 2012 and ending on September 1, 2013. The new transaction
is subject to the satisfaction of various conditions, including, among
other things, Thompson Creek receiving final approval for an amendment
to its senior secured revolving credit agreement satisfactory to Royal
Gold and approval of the new transaction by the lenders thereunder
within 30 days. Thompson Creek is currently in negotiations with its
lenders to obtain these approvals.

Acquisition of 3.0% Net Smelter Return Royalty on Ruby Hill Mine

In May, Royal Gold acquired a 3.0% net smelter return royalty on the
Ruby Hill gold mine from International Minerals for $38 million. Ruby
Hill is a producing mine located in Nevada and operated by Barrick Gold
Corporation. Barrick reported proven and probable reserves, as of
December 31, 2011, of 16.8 million tons of ore, at an average grade of
0.058 ounces per ton, containing approximately 978,000 ounces of gold.
In addition to reserves, Barrick estimates additional mineralization²
of 107.6 million tons, at a grade of 0.021 ounces per ton.

Expansion and Extension of Revolving Credit Facility

In May, Royal Gold amended and restated its revolving credit facility
(the 'Revolver?) to provide maximum availability of $350 million, and to
extend the maturity date to May 30, 2017. Key modifications to the
Revolver included: 1) an increase in the maximum principal balance from
$225 million to $350 million; 2) the addition of an accordion feature
permitting Royal Gold to increase the availability under the Revolver at
any time by up to an aggregate of $50 million, with no amendments or
additional fees, upon the satisfaction of certain conditions including
obtaining commitments from the banks to participate; and 3) an extension
of the final maturity date from February 2014 to May 30, 2017. There are
no changes to the commitment fee of 0.50% or the current interest rate
on the Revolver of LIBOR plus 1.875%.

Convertible Senior Notes Offering and Repayment of Term Loan

In June, Royal Gold completed an offering of $370 million of 2.875%
convertible senior notes due 2019. Net proceeds from the offering were
approximately $359 million, after deducting underwriting discounts,
commissions and offering expenses. The Company used a portion of the
proceeds to repay the outstanding balance of $110.6 million of its term
loan facility, with the remaining proceeds reserved for general
corporate purposes, including future acquisitions of royalty interests.

PROPERTY HIGHLIGHTS

Highlights at certain of the Company′s principal producing and
development properties during the quarter ended June 30, 2012 are listed
below:

Producing

Andacollo - Teck reported that production for the quarter
increased due to additional mill throughput resulting from mill
modifications completed earlier in the year. The operator also indicated
that the recently completed pre-crushing plant will be ramped up in the
third quarter of calendar 2012 which is expected to further increase
plant throughput. Teck stated that it will continue exploration drilling
and investigate water sources necessary to support a possible expansion
at Andacollo.

Canadian Malartic ? Despite the setback from the fire in the mill
in May, Osisko achieved record mill throughput in June and record
production for the quarter. Osisko reported that installation of the
second cone crusher was completed at the end of July and that this will
continue to improve production towards the designed rate of 55,000
tonnes per day.

Cortez ? Barrick continued to prioritize production from their
higher grade Cortez Hills operations that is not covered by our royalty
interest. As a result, production decreased during the period. Royal
Gold expects production to remain at these lower levels until Barrick
returns to steady state mining at the Pipeline Complex.

Dolores ? During the quarter, Pan American announced production
guidance of 49,000 to 53,000 ounces of gold and 2.75 to 3.0 million
ounces of silver at Dolores for the period April 1 through December 31,
2012. They also reported that their first capital project priority at
Dolores is the construction of the new leach pad. As of early June, the
earthworks for the leach pad were underway and the engineering design
was being finalized. Pan American also reported that they are evaluating
the potential to add a milling circuit to the operation and are
considering the possibility of developing higher grade resources at
depth by underground mining.

Holt ? St Andrew Goldfields ('SAS?) reported that production for
the second quarter of calendar 2012 was in line with their expectations.SAS also reported that total development for the quarter reached
nearly 1,300 feet per month, which was a 16% increase over the previous
quarter in total lateral development driven.

Las Cruces ?Inmet reported that the plant production
exceeded the design capacity of 6,000 tonnes of copper cathode each
month during the quarter. Overall recoveries increased to 86% with leach
recoveries nearing design levels. For 2012, Inmet continues to expect to
produce between 61,700 and 68,600 tonnes of copper cathode, or
approximately 90% of design capacity.

Leeville ? A portion of the mine production at Leeville was
derived from an area outside of our royalty area of interest resulting
in a decrease in royalty revenue over the prior period. Another factor
in the production decline was the recent repair to the ventilation shaft
which is now complete.

Mulatos ? Alamos reported that crusher throughput during the
second calendar quarter averaged 16,800 tonnes per day, slightly below
the annual average budgeted rate of 17,500 tonnes per day. Alamos also
reported that, based on production in the first half of the year, they
expect that full-year 2012 production will likely be toward the lower
end of their guidance range of 200,000 to 220,000 ounces of gold.

Peñasquito ?Goldcorp reported decreased production in the
second quarter of calendar 2012 due to lower mill throughput resulting
from an inadequate water supply in the month of June. The reduced water
supply was a result of prolonged drought conditions in the region. The
operator stated that they hold permits for sufficient quantities of
water and are currently working to drill additional wells to increase
water production. Goldcorp also reported that they expect plant
throughput in the second half of calendar 2012 to be affected by the
decrease in the water supply and they have reduced their production
guidance from 1) 425,000 ounces of gold to between 370,000 and 390,000
ounces; 2) 26.0 million ounces of silver to between 23.0 million to 24.0
million; 3) 180.0 million pounds of lead to between 155.0 million to
160.0 million pounds; and 4) 400.0 million pounds of zinc to between
310.0 million and 325.0 million pounds.

Voisey′s Bay ? Revenue was down during the quarter compared to
the quarter ended March 30, 2012, due to a 13% decrease in nickel price,
a 5% decrease in copper price, and lower nickel and copper concentrate
shipments. Variability in Vale′s shipping schedule will continue to be
reflected in uneven metal sales quarter-over-quarter.

Development

Mt. Milligan ? Thompson Creek reported that, as of June 30, 2012,
engineering progress on the Mt. Milligan project was 99% complete,
procurement was 94% complete, construction was 51% complete and overall
progress was 69% complete. They also stated that Mt. Milligan remains on
schedule, with start-up scheduled for the third quarter of calendar 2013
and commencement of commercial production expected in the fourth quarter
of calendar 2013.

Pascua-Lama ? Barrick reported preliminary results from a
detailed cost and schedule review of the Pascua-Lama project which
indicated that initial gold production is now expected in mid-2014
instead of mid-2013 with an estimated increase in capital costs from a
range of $4.7-$5.0 billion to $7.5-$8.0 billion. Royal Gold is
completely vested in its Pascua-Lama royalty interest and is not
required to contribute to any capital cost.

Full-year and fourth quarter fiscal 2012 production and revenue for the
Company′s principal royalty interests are shown in Tables 1 and 2. For
more detailed information about each of our principal royalty
properties, 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 metal royalty and similar
production based interests. The Company owns interests on 193 properties
on six continents, including interests on 39 producing mines and 26
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 fourth quarter
and year-end 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
#42042839. The call will be simultaneously broadcast on the Company′s
website at www.royalgold.com
under the 'Presentations? section. 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 position in terms of new business opportunities in fiscal
2013; and the operators′ expectation of construction, ramp up,
production, mine life and other developments at various mines. 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
royalty properties; unanticipated grade, geological, metallurgical,
processing or other problems the operators of the mining properties may
encounter; completion of feasibility studies; delays in the operators
securing or their inability to secure necessary governmental permits;
changes in operators′ 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; and other
subsequent events; as well as other factors described in the Company's
Annual Report on Form 10-K, Quarterly Reports 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.