Royal Gold Reports Reserve and Production Forecasts

DENVER, CO - Royal Gold Inc. reported updated estimates for ore reserves and mineralized material1 as of December 31, 2011, and calendar 2012 production estimates with respect to properties subject to its portfolio. These are the most recent figures provided by the operators, or obtained by Royal Gold through publicly available information, for properties on which the Company owns interests.

At the end of calendar 2011, precious metals reserves on properties subject to the Company╒s interests, net of depletion, were approximately 84.5 million ounces of gold and 1.2 billion ounces of silver. This compares to reserves of approximately 83.9 million ounces of gold and 1.4 billion ounces of silver estimated as of December 31, 2010. The reduction in silver was due mainly to production depletion and lower reserves at Peûasquito due to an increase in operating costs.

After applying the Company╒s interests to the reserves noted above, net gold reserves attributable to Royal Gold increased from approximately 4.5 million ounces as of December 31, 2010 to 5.7 million ounces as of December 31, 2011, representing an increase of approximately 27%. On a gold equivalent basis, using a ratio of approximately 50:1 of silver to gold, precious metals reserves attributable to Royal Gold increased from 5.2 million ounces as of December 31, 2010 to 6.2 million ounces as of December 31, 2011, representing an increase of 19%. These increases were driven largely by the Company's increased interest at the Mt. Milligan project in British Columbia.

The company's address is 1660 Wynkoop Street, Suite 1000, Denver, CO 80202, 303-573-1660, fax: 303-595-9385.