Royal Gold Provides Update on its Fiscal 2020 First Quarter

Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, "Royal Gold" or the "Company") today announced that its wholly owned subsidiary, RGLD Gold AG, sold approximately 60,000 gold equivalent ounces comprised of approximately 50,000 gold ounces, 510,000 silver ounces and 1,100 tonnes of copper related to its streaming agreements during its fiscal 2020 first quarter ended September 30, 2019 ("first quarter"). As noted previously, first quarter stream sales were lower than the prior quarter due to production restrictions experienced at Mount Milligan during the quarter ended March 31, 2019. The Company had approximately 25,000 gold equivalent ounces in inventory at the end of the first quarter consisting of 18,000 gold ounces, 514,000 silver ounces and 400 tonnes of copper.

RGLD Gold AG's average realized gold, silver and copper prices for the first quarter were $1,458 per ounce, $16.54 per ounce, and $5,798 per tonne ($2.63 per pound), respectively, compared to $1,293, $14.88, and $6,287 ($2.85 per pound), respectively, in the prior quarter ended June 30, 2019. Cost of sales was approximately $337 per gold equivalent ounce for the first quarter using the quarterly average silver-gold ratio of approximately 87 to 1 and copper-gold ratio of approximately 0.25 tonnes per ounce, compared to $342 per gold equivalent ounce in the prior quarter ended June 30, 2019. Cost of sales is specific to our streaming agreements and is the result of the Company's purchase of gold, silver or copper for cash payments at a set contractual price, or a percentage of the prevailing market price of gold, silver or copper when purchased.

Conference Call

Royal Gold's first quarter 2020 results will be released after the market close on Wednesday, November 6, 2019, followed by a conference call the next day at noon Eastern Time (10:00 a.m. Mountain Time). The call will be webcast and archived on the Company's website for a limited time.

Fiscal 2020 first quarter earnings call information:

About Royal Gold

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. At September 30, 2019, the Company owned interests on 187 properties on five continents, including interests on 41 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.

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 regarding lower first fiscal quarter stream sales, preliminary sales, inventory, average realized metal prices per ounce and per tonne, cost of sales per gold equivalent ounce, and the quarterly average silver-gold ratio and copper-gold ratio. Factors that could cause actual results to differ materially from projections and estimates include, among others, restrictions on production at Mt. Milligan, precious metals, copper and nickel prices; production from the Company's stream and royalty properties; errors or disputes in calculating or accounting for stream and royalty deliveries and payments, or deliveries and payments not made in accordance with streaming and royalty agreements; counterparty failure to perform under contracts for sales of metal; economic and market conditions; 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.