ROYAL GOLD INC — Director's Dealing 2003

Aug 26, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2003-08-21

Reporting Person: DEMPSEY STANLEY (Director, Chairman & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-21	Common stock, $.01 par value	M	34423	$5.375	Acquired	528615	Direct
2003-08-21	Common stock, $.01 par value	M	40000	$2.813	Acquired	568615	Direct
2003-08-21	Common stock, $.01 par value	S	1400	$23.2	Disposed	567215	Direct
2003-08-21	Common stock, $.01 par value	S	1600	$23.22	Disposed	565615	Direct
2003-08-21	Common stock, $.01 par value	S	3500	$23.23	Disposed	562115	Direct
2003-08-21	Common stock, $.01 par value	S	987	$23.25	Disposed	561128	Direct
2003-08-21	Common stock, $.01 par value	S	300	$23.26	Disposed	560828	Direct
2003-08-21	Common stock, $.01 par value	S	513	$23.29	Disposed	560315	Direct
2003-08-21	Common stock, $.01 par value	S	2700	$23.38	Disposed	557615	Direct
2003-08-21	Common stock, $.01 par value	S	9000	$23.4	Disposed	548615	Direct
2003-08-21	Common stock, $.01 par value	S	23100	$23.5	Disposed	525515	Direct
2003-08-21	Common stock, $.01 par value	S	12323	$23.55	Disposed	513192	Direct
2003-08-21	Common stock, $.01 par value	S	19000	$23.6	Disposed	494192	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-21	Employee Stock Option (right to buy-NSO)	$5.375	M	34423	Acquired	2006-12-10	Common stock, $.01 par value (34423)	Direct
2003-08-21	Employee Stock Options (right to buy-NSO)	$2.813	M	40000	Acquired	2010-11-13	Common stock, $.01 par value (40000)	Direct