ROYAL GOLD INC — Director's Dealing 2007

May 18, 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: Heissenbuttel William Holmes (V.P. Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-16	Common stock	M	1875	—	Acquired	12500	Direct
2007-05-17	Common stock	S	745	$26.45	Disposed	11755	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-16	Performance shares	$0	M	1875	Disposed	2011-11-07	Common stock (1875)	Direct

Footnotes

F1: The number of shares beneficially owned reflect 5,000 shares of retricted stock which have not yet vested, and 5,625 performance shares which have not yet vested.

F2: The number of shares beneficially owned reflect 5,000 shares of restricted stock which have not yet vested, and 5,625 performance shares which have not yet vested.

F3: Vesting of a performance award which represents a contingent right to receive shares of common stock upon achievement of certain performance goals.