2004 06 09 San Francisco Gold Forum

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ROYAL GOLD, INC. A Precious Metals Royalty Company San Francisco Gold Forum June 2004

Safe Harbor: 

Safe Harbor CAUTIONARY STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Some matters contained in this presentation are forward-looking statements that involve risks and uncertainties that could cause actual events to differ materially from projections or estimates. Such forward-looking statements include statements regarding production estimates for calendar 2004 provided by third party operators, the sliding-scale features of our royalty structure at the Pipeline Mining Complex and Bald Mountain, and comments regarding cash flow, earnings, revenues, timing and amounts of future production, mineralization and reserves. Factors that could cause actual results to differ materially from such projections include changes in precious metals prices, various decisions and activities of mine operators, unanticipated grade, geological, metallurgical, or processing problems, changes in project parameters as plans are refined, the results of current or planned exploration activities, economic and market conditions, future financial needs or opportunities, and the impact of any future acquisitions. These and other factors are discussed in more detail in the Company’s filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements.

Unique Business Model: 

Unique Business Model Royal Gold owns and manages royalties on precious metal mines We are a different way for investors to own gold

As a royalty company we don’t have:: 

As a royalty company we don’t have: Intensive management requirements Environmental exposure Cash calls Ongoing capital requirements Exposure to operating costs

As a royalty companywe do have: : 

As a royalty company we do have: Efficient corporate structure Exploration upside Reserve optimization potential Gold price leverage

Resulting in…: 

Resulting in… Lower operational risk Higher margins Greater option value Higher market multiples Demonstrated financial performance

Royalty Portfolio: 

Royalty Portfolio Royalties on flagship properties of the three largest gold producers in North America Working with world-class operators

Pipeline Mining Complex(Operated by Placer Dome): 

Pipeline Mining Complex (Operated by Placer Dome) Four different royalty streams 6.0 million ounces of reserves Additional mineralization of 176.5 million tons @ 0.033 opt (160.1 million tonnes @ 1.13 gpt) Estimated production of 892,000 ounces for calendar 2004

Pipeline Mining Complex(Operated by Placer Dome): 

Pipeline Mining Complex (Operated by Placer Dome)

Pipeline Mining Complex ~GSR Sliding-Scale Royalties: 

Pipeline Mining Complex ~ GSR Sliding-Scale Royalties

Pipeline Mining Complex(Operated by Placer Dome): 

Pipeline Mining Complex (Operated by Placer Dome) Mineral Endowment ~ Reserve Replacement

Leeville Project(Operated by Newmont): 

Leeville Project (Operated by Newmont) 1.8% NSR royalty 2.6 million ounces of reserves Carlin East 146,000 ounces Leeville 2.5 million ounces Additional mineralization of 1.5 million tons @ 0.453 opt (1.36 million tonnes @ 15.53 gpt) (Leeville)

Leeville Project(Operated by Newmont): 

Leeville Project (Operated by Newmont) Estimated production 116,000 ounces in calendar 2004 (Carlin East) 550,000 ounces/year commencing in late 2005 (Leeville)

Leeville Project(Operated by Newmont): 

Leeville Project (Operated by Newmont) Well-positioned for additional exploration potential between Carlin East and Leeville

SJ Claims ~ Betze-Post Mine(Operated by Barrick): 

SJ Claims ~ Betze-Post Mine (Operated by Barrick) 0.9% NSR royalty 9.8 million ounces of reserves Estimated production 515,000 ounces in calendar 2004

SJ Claims Royalty Footprint ~ Betze-Post Mine (Operated by Barrick): 

SJ Claims Royalty Footprint ~ Betze-Post Mine (Operated by Barrick) Positioned for Betze-Post expansion Solid royalty income for years to come Emphasis on exploration

Bald Mountain(Operated by Placer Dome): 

1.75% - 3.5% NSR sliding- scale royalty 320,000 ounces of reserves Additional mineralization of 7.7 million tons @ 0.037 opt (7.0 million tonnes @ 1.27 gpt) Estimated production of 55,000 ounces in calendar 2004 Bald Mountain (Operated by Placer Dome)

Martha Silver Mine(Operated by Coeur d’Alene): 

Martha Silver Mine (Operated by Coeur d’Alene) 2% NSR royalty 1.35 million ounces of reserves Additional mineralization of 24,000 tons @ 78.43 opt (21,770 tonnes @ 2,688.0 gpt) Estimated production of 1.3 million ounces in calendar 2004 Upside exploration potential

Poised for Significant Growth: 

Poised for Significant Growth $45M cash No debt $10M line of credit Shelf registration

Focused Growth Strategy: 

Focused Growth Strategy Acquisition of existing royalties Innovative royalty financing transactions, including: Exploration Feasibility studies Mine construction/development loan guarantees Reclamation Other project financing needs Restructuring balance sheets

Royal Gold ~ Designed to OfferA Premium Investment: 

Royal Gold ~ Designed to Offer A Premium Investment Superior leverage to rising gold prices Low operational risk Efficient business plan yielding excellent margins Financial strength to fuel growth

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Royal Gold, Inc. 1660 Wynkoop Street, Suite 1000 Denver, Colorado 80202-1132 U.S.A. www.royalgold.com Telephone: (303) 573-1660 Fax: (303) 595-9385