FORWARD LOOKING STATEMENTS 2012 Interactive Annual Report

Cautionary “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical matters, the matters discussed in this report 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 that Royal Gold’s portfolio provides investors an opportunity to capture value in the precious metals sector; that the Company will maintain upside potential through production expansion and reserve increases through exploration; that the Company’s business model will generate strong cash flow and high margins with a lower cost structure; that Royal Gold’s business model allows revenue growth without adding significant overhead costs; that Royal Gold is well positioned to prosper and is completely focused on gold; that our margins will continue to expand with an increase in the gold price; that we have a lower risk business plan; that at the current gold price the size of expected revenue from Pascua-Lama and Mt. Milligan will surpass our other assets and provide a robust, stable foundation for years to come; that we are uniquely positioned to enter into additional new business opportunities; and estimated proven and probable reserves, production estimates, time frames for construction and mine start-up, and mill throughput reported by the operators of our various properties. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, changes in gold and other metals prices; the performance of our producing royalty properties; unanticipated grade, geological, metallurgical, processing or other problems at the royalty properties; economic and market conditions, as well as other factors described elsewhere in this report and our report on Form 10-K (See Part I, Item 1A, Risk Factors.) The reader is urged to read the Risk Factors in connection with the risks inherent in our forward-looking statements. We disclaim any obligation to update any forward looking-statements. Readers are cautioned not to put undue reliance on forward-looking statements.