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## CORPORATE PROFILE 

Royal Gold, Inc. is the largest U.S.-based precious metals royalty company. Royal Gold provides a unique way to invest in precious metals — by investing in a public company that holds and manages royalties on precious metals properties.Through its portfolio of royalty interests, the Company holds investments in a number of properties without incurring ongoing capital or operat- ing costs, and thus provides low risk exposure to gold and precious metals income. 

The Company is a Denver-based, publicly held corporation. Management and directors beneficially own about 30% of the shares of the Company. Royal Gold is traded on the Nasdaq Stock Market, under the symbol “RGLD,” and on the Toronto Stock Exchange, under the symbol “RGL.” 

## BUSINESS STRATEGY 

Royal Gold seeks to create a collaborative relationship with royalty owners and mine operators, so that it becomes the royalty company of choice. Management’s philosophy is to do deals only when they make sense — in other words,“smart growth.” The Company’s royalty portfo- lio now provides an excellent risk-to-reward profile.The key elements of our business strategy are: 

1 acquiring and holding royalties on high quality deposits that are or will be exploited by competent operators; 

2 holding royalties on properties that have upside potential; 

3 holding a portfolio of producing royalties, involving various precious metals, to diversify commodity risk; 

4 having a productive staff, motivated by significant equity owner- ship in the company; 

5 possessing strong deal making and diligence skills; 

6 having a publicly traded stock to use as a currency for acquisitions; and 

7 being a core portfolio precious metals investment. 

## COVER 

Royal Gold’s philosophy is to grow by acquiring royalties on precious metals mines that have potential for growth and leverage to precious metals price increases. 

## TABLE OF CONTENTS 

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