ROYAL GOLD INC — Director's Dealing 2007

May 19, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2007-05-16

Reporting Person: GROSS KAREN (V.P. & Corporate Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-16	Common Stock	M	8750	—	Acquired	118604	Direct
2007-05-17	Common stock	S	500	$26.45	Disposed	118104	Direct
2007-05-17	Common stock	M	2000	$46.46	Disposed	116104	Direct
2007-05-17	Common stock	S	400	$26.5	Disposed	115704	Direct
2007-05-17	Common stock	S	100	$26.51	Disposed	115604	Direct
2007-05-17	Common stock	S	3000	$26.54	Disposed	112604	Direct
2007-05-17	Common stock	S	2750	$26.65	Disposed	109854	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-16	Performance Shares	$0	M	5000	Disposed	2009-11-10	Common stock (5000)	Direct
2007-05-16	Performance Shares	$0	M	2500	Disposed	2010-11-08	Common stock (2500)	Direct
2007-05-16	Performance Shares	$0	M	1250	Disposed	2011-11-07	Common stock (1250)	Direct

Footnotes

F1: The number of shares beneficially owned reflect 17,500 shares of restricted stock which have not yet vested, and 3,750 performance shares which have not yet vested.

F2: Vesting of a performance award which represents a contigent right to receive shares of common stock upon achievement of certain performance goals.