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: JENSEN TONY A (President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-16	Common stock	M	15000	—	Acquired	93950	Direct
2007-05-17	Common stock	S	1000	$26.56	Disposed	92950	Direct
2007-05-17	Common stock	S	100	$26.57	Disposed	92850	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-16	Performance Shares	$0	M	6250	Disposed	2009-11-10	Common stock (6250)	Direct
2007-05-16	Performance Shares	$0	M	5000	Disposed	2010-11-08	Common stock (5000)	Direct
2007-05-16	Performance Shares	$0	M	3750	Disposed	2011-11-07	Common stock (3750)	Direct

Footnotes

F1: The number of shares beneficially owned reflect 47,500 shares of restricted stock which have not yet vested, and 11,250 performance shares which have not yet vested.

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