X0306 4 2012-09-21 0 0000085535 ROYAL GOLD INC RGLD 0001176489 GROSS KAREN 1660 WYNKOOP STREET SUITE 1000 DENVER CO 80202-1132 0 1 0 0 VP and Secretary Common Stock 2012-09-21 4 M 0 12000 30.96 A 112095 D Common Stock 2012-09-21 4 D 0 3820 97.27 D 108275 D Common Stock 2012-09-21 4 M 0 6000 49.66 A 114275 D Common Stock 2012-09-21 4 D 0 3064 97.27 D 111211 D Common Stock 2012-09-21 4 F 0 4575 96.8 D 106636 D Common Stock 2012-09-21 4 S 0 3225 96.8 D 103411 D Stock Appreciation Right 30.96 2012-09-21 4 M 0 12000 0 D 2009-11-05 2018-11-05 Common Stock 12000 0 D Stock Appreciation Right 49.66 2012-09-21 4 M 0 6000 0 D 2011-11-17 2020-11-17 Common Stock 6000 0 D Includes 22,001 shares of restricted stock that have not yet vested. This represents the difference between the number of SARs exercised (12,000) and the number of shares issued as a result of the exercise (8,180). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($97.27) and the exercise price ($30.96). This represents the difference between the number of SARs exercised (6,000) and the number of shares issued as a result of the exercise (2,936). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($97.27) and the exercise price ($49.66). The range of the weighted average sale price is $96.61 to $96.91. Karen Gross 2012-09-25