ROYAL GOLD INC — Director's Dealing 2003

Aug 21, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2003-08-19

Reporting Person: SKADOW JOHN (V.P & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-19	Common stock, $.01 par value	M	3141	$5.375	Acquired	51179	Direct
2003-08-19	Common stock, $.01 par value	M	18600	$5.375	Acquired	69799	Direct
2003-08-19	Common stock, $.01 par value	M	15200	$10.17	Acquired	84979	Direct
2003-08-19	Common stock, $.01 par value	S	5000	$23.12	Disposed	79979	Direct
2003-08-19	Common stock, $.01 par value	S	5000	$23.29	Disposed	74979	Direct
2003-08-19	Common stock, $.01 par value	S	8500	$23.3	Disposed	66479	Direct
2003-08-19	Common stock, $.01 par value	S	4100	$23.34	Disposed	62379	Direct
2003-08-19	Common stock, $.01 par value	S	3300	$23.35	Disposed	59079	Direct
2003-08-19	Common stock, $.01 par value	S	1141	$23.37	Disposed	57938	Direct
2003-08-19	Common stock, $.01 par value	S	100	$23.38	Disposed	57838	Direct
2003-08-19	Common stock, $.01 par value	S	1600	$23.39	Disposed	56238	Direct
2003-08-19	Common stock, $.01 par value	S	1750	$23.4	Disposed	54488	Direct
2003-08-19	Common stock, $.01 par value	S	2600	$23.41	Disposed	51888	Direct
2003-08-19	Common stock, $.01 par value	S	300	$23.42	Disposed	51588	Direct
2003-08-19	Common stock, $.01 par value	S	200	$23.43	Disposed	51388	Direct
2003-08-19	Common stock, $.01 par value	S	100	$23.48	Disposed	51288	Direct
2003-08-19	Common stock, $.01 par value	S	2050	$23.49	Disposed	49238	Direct
2003-08-19	Common stock, $.01 par value	S	1200	$23.5	Disposed	48038	Direct
2003-08-20	Common stock, $.01 par value	S	26270	$23.98	Disposed	21768	Direct
2003-08-20	Common stock, $.01 par value	S	10955	$23.99	Disposed	10813	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-19	Employee Stock Option (right to buy-NSO)	$5.375	M	3141	Disposed	2006-12-10	Common stock, $.01 par value (3141)	Direct
2003-08-19	Employee Stock Option (right to buy-NSO)	$5.375	M	18600	Disposed	2007-10-03	Common stock, $.01 par value (18600)	Direct
2003-08-19	Employee Stock Option (right to buy-NSO)	$10.17	M	15200	Disposed	2012-05-10	Common stock, $.01 par value (15200)	Direct