X0306 4 2012-09-14 0 0000085535 ROYAL GOLD INC RGLD 0001256110 JENSEN TONY A 1660 WYNKOOP STREET, SUITE 1000 DENVER CO 80202 1 1 0 0 President and CEO Common Stock 2012-09-14 4 M 0 12000 30.96 A 195138 D Common Stock 2012-09-14 4 D 0 3930 94.55 D 191208 D Common Stock 2012-09-14 4 M 0 13410 53 A 204618 D Common Stock 2012-09-14 4 D 0 7517 94.55 D 197101 D Common Stock 2012-09-14 4 M 0 9333 49.66 A 206434 D Common Stock 2012-09-14 4 D 0 4902 94.55 D 201532 D Common Stock 2012-09-14 4 M 0 6711 68.18 A 208243 D Common Stock 2012-09-14 4 D 0 4840 94.55 D 203403 D Common Stock 2012-09-14 4 M 0 11640 29.75 A 215043 D Common Stock 2012-09-14 4 M 0 1000 30.96 A 216043 D Common Stock 2012-09-14 4 M 0 630 53 A 216673 D Common Stock 2012-09-14 4 M 0 667 49.66 A 217340 D Common Stock 2012-09-14 4 M 0 489 68.18 A 217829 D Common Stock 2012-09-14 4 F 0 11553 94.33 D 206276 D Common Stock 2012-09-14 4 S 0 5902 94.33 D 200374 D Stock Appreciation Right 30.96 2012-09-14 4 M 0 12000 0 D 2011-11-05 2018-11-05 Common Stock 12000 0 D Stock Appreciation Right 53 2012-09-14 4 M 0 13410 0 D 2019-11-18 Common Stock 13410 6704 D Stock Appreciation Right 49.66 2012-09-14 4 M 0 9333 0 D 2020-11-17 Common Stock 9333 18667 D Stock Appreciation Right 68.18 2012-09-14 4 M 0 6711 0 D 2021-08-18 Common Stock 6711 13423 D Stock Option (Right to buy NSO) 29.75 2012-09-14 4 M 0 11640 29.75 D 2010-11-07 2017-11-07 Common Stock 11640 0 D Stock Option (Right to buy ISO) 30.96 2012-09-14 4 M 0 1000 30.96 D 2011-11-05 2018-11-05 Common Stock 1000 0 D Stock Option (Right to buy ISO) 53 2012-09-14 4 M 0 630 53 D 2019-11-18 Common Stock 630 628 D Stock Option (Right to buy ISO) 49.66 2012-09-14 4 M 0 667 49.66 D 2020-11-17 Common Stock 667 1333 D Stock Option (Right to buy ISO) 68.18 2012-09-14 4 M 0 489 68.18 D 2021-08-18 Common Stock 489 977 D Includes 42,999 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 (8,070). 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 ($94.55) and the exercise price ($30.96). This represents the difference between the number of SARs exercised (13,410) and the number of shares issued as a result of the exercise (5,893). 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 ($94.55) and the exercise price ($53.00). This represents the difference between the number of SARs exercised (9,333) and the number of shares issued as a result of the exercise (4,431). 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 ($94.55) and the exercise price ($49.66). This represents the difference between the number of SARs exercised (6,711) and the number of shares issued as a result of the exercise (1,871). 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 ($94.55) and the exercise price ($68.18). The range of the weighted average sale price is as follows: 600 shares sold between $92.81 and $93.81, 16,755 shares sold between $93.83 and $94.81, and 100 shares sold for $95.15. One third vests annually on November 18, 2010, November 18, 2011, and November 18, 2012. One third vests annually on November 17, 2011, November 17, 2012, and November 17, 2013. One third vests annually on August 18, 2012, August 18, 2013, and August 18, 2014. /s/Tony A. Jensen, KG for 2012-09-18