Royal Gold Reports Record Results for First Quarter Fiscal Year 2013

Royal Gold, Inc. (NASDAQ:RGLD) (TSX:RGL) today announced net
income attributable to Royal Gold stockholders of $24.8 million, or $0.42per basic share, on record royalty revenue of $77.9 million for the
first quarter of fiscal 2013. This compares to net income attributable
to Royal Gold stockholders of $22.5 million, or $0.41 per basic share,
on royalty revenue of $64.5 million for the first quarter of fiscal 2012.

Adjusted EBITDAfor the first quarter of fiscal 2013 was a
record $71.0 million representing 91% of revenue, an increase of 23%
compared to Adjusted EBITDA of $57.6 million or 89% of revenue for the
prior year period. Cash flow from operations for the quarter was $53.5
million compared with $46.2 million for the first quarter of fiscal 2012.

The 21% increase in revenue for the quarter was largely driven by
increased production at Andacollo, Peñasquito, and Voisey′s Bay, the
Company′s cornerstone assets, in addition to production growth at
Mulatos, Las Cruces, Holt, Wolverine, and Canadian Malartic. These
increases were partially offset during the period by production declines
at Cortez and Leeville and lower average metal prices. The average price
of gold for the quarter was $1,652 per ounce compared with $1,702 per
ounce for the comparable period, a decrease of 3%.

As of September 30, 2012, the Company had a working capital surplus of
$352.5 million. Current assets were $371.8 million (including $302
million in cash and equivalents), compared to current liabilities of
$19.3 million, resulting in a current ratio of approximately 19 to 1. In
addition to available working capital, the Company had $350 million
available under its revolving line of credit.

In October 2012, Royal Gold completed an offering of 5.25 million shares
of common stock. Proceeds from the offering were $472.5 million before
expenses. The Company intends to use the proceeds from this offering for
the acquisition of additional royalty or similar interests and general
corporate purposes.

Tony Jensen, President and CEO, commented, 'Our assets continue to
deliver strong financial results and it is particularly gratifying to
see several properties have success in ramping up production towards
design capacities. We anticipate further incremental production
increases from Andacollo, Peñasquito, and Canadian Malartic in the
coming quarters. This is also an important time for Royal Gold to have
sufficient resources to respond to new business opportunities. Our
offering in October, coupled with cash on hand and our undrawn credit
facility, puts us in a strong position, with over $1.0 billion of
liquidity to further expand our portfolio.?

PROPERTY HIGHLIGHTS

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

Producing Properties

Andacollo ? Teck reported record production during the quarter
primarily due to increased mill throughput as a result of the
commissioning of the pre-crushing circuit. The plant began to reach
design capacity during the end of the quarter with throughput of just
over 54,000 tonnes per day in September versus design capacity of 55,000
tonnes per day.

Canadian Malartic ? Osisko reported record gold production during
the quarter. The mill processed ore at an average rate of 40,834 tonnes
per day and, post quarter end, the mill achieved throughput rates
consistently above 50,000 tonnes per day. Osisko reported that the
second pebble crusher is scheduled to be installed and commissioned in
the fourth quarter and that they expect the operation to move towards
the design rate of 55,000 tonnes per day at that point.

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 ? Pan American reported that they continue to finalize
construction of a new heap leach pad, complete a new reserve model and
life of mine plan, and evaluate mill options to improve recoveries and
increase production.

Holt ? St Andrew Goldfields reported strong production for the
quarter, largely driven by higher grades, and that production was
sustained at design capacity for the entire period.

Las Cruces ? Strong mill performance at Las Cruces resulted in
increased production for the quarter. Las Cruces is approaching its
designed mill capacity of 6,000 tonnes per day.

Leeville ? A portion of the mine production at Leeville was
derived from an area outside of our royalty interest resulting in a
decrease in royalty revenue over the prior period.

Mulatos ? Alamos reported that they achieved record quarterly
crusher throughput, averaging 15,200 tonnes per day despite the rainy
season. The significantly higher gold production during the quarter
versus the comparable period was primarily due to new production from
the gravity mill.

Peñasquito ?Goldcorp reported that record production of
gold and other metals during the quarter was driven by strong grades in
the deeper portion of the current phase of mining. However, mill
throughput continued to be limited at an average rate of about 102,000
tonnes per day due to water shortages, compared to the design capacity
is 130,000 tonnes per day. Work continues on the drilling of additional
water wells and optimization of tailings operations to sustain the
necessary water supply. Goldcorp stated that water availability is
expected to be sufficient to achieve their annual guidance of between
370,000 and 390,000 ounces of gold for 2012.

Voisey′s Bay ? Increased metal sales reflected higher shipments
of copper concentrate during the quarter. The variability in Vale′s
shipping schedule will continue to result in uneven metal sales
quarter-over-quarter. Vale reported that the Long Harbour
hydrometallurgical facility is 75% complete.

Wolverine ?Yukon Zinc stated that production increased
during the quarter with an average output of 1,300 tonnes per day,
compared to the design capacity of 1,700 tonnes per day. Work is also
continuing on integrating new mining equipment, increasing mill
concentrate grade and recoveries, and completing construction of the
tailings dam to reach its ultimate height.

Development Properties

Mt. Milligan ? Thompson Creek reported that, as of September 30,
2012, construction progress on the Mt. Milligan project was 65% complete
with overall progress 79% complete. They also reiterated that the
overall project remains on schedule, with commencement of commercial
production expected in the fourth quarter of calendar 2013.

Pascua-Lama ? Barrick reported that they have taken actions to
strengthen the Pascua-Lama project management and mitigate cost
pressures as a combination of factors has increased the project capital
cost and extended the construction schedule. At the end of the July 2012
quarter, pre-stripping was underway, the ore transfer tunnel was 40%
complete, the power line in Chile was 50% complete, the plant concrete
placement and steel erection was underway, and the camp was being
expanded to handle peak construction activity. Initial gold production
is now expected in mid-2014.

Additional Property Information

First quarter fiscal 2013 production and revenue for the Company′s
principal royalty interests are shown in Table 1 and historical
production data is shown in Table 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 metals royalties and similar
interests. The Company owns royalties on 201 properties on six
continents, including royalties 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 first 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 #42043945. 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 assets continuing to deliver strong financial results;
properties reaching full-design capacity; further production increases
at Andacollo, Peñasquito and Canadian Malartic; sufficient resources to
respond to new business opportunities; use of proceeds of the recent
common stock offering, and the operators′ expectation of construction,
ramp up, production, throughput, mine life, water availability 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 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; 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.

¹ The Company defines Adjusted EBITDA, a non-GAAP financial
measure, as net income plus depreciation, depletion and amortization,
non-cash charges, income tax expense, interest and other expense, and
any impairment of mining assets, less non-controlling interests in
operating income from consolidated subsidiaries, interest and other
income, and any royalty portfolio restructuring gains or losses (see
Schedule A).

FOOTNOTES

SCHEDULE A

Non-GAAP Financial Measures

The Company computes and discloses Adjusted EBITDA. Adjusted EBITDA is a
non-GAAP financial measure. Adjusted EBITDA is defined by the Company as
net income plus depreciation, depletion and amortization, non-cash
charges, income tax expense, interest and other expense, and any
impairment of mining assets, less non-controlling interests in operating
income of consolidated subsidiaries, interest and other income, and any
royalty portfolio restructuring gains or losses. Other companies may
define and calculate this measure differently. Management believes that
Adjusted EBITDA is a useful measure of the performance of our royalty
portfolio. Adjusted EBITDA identifies the cash generated in a given
period that will be available to fund the Company's future operations,
growth opportunities, shareholder dividends and to service the Company's
debt obligations. This information differs from measures of performance
determined in accordance with U.S. generally accepted accounting
principles ('GAAP?) and should not be considered in isolation or as a
substitute for measures of performance determined in accordance with
U.S. GAAP. Below is a reconciliation of net income to Adjusted EBITDA:

Royal Gold, Inc.

Karen Gross, 303-575-6504

Vice
President and Corporate Secretary