ROYAL GOLD INC — Director's Dealing 2011

Nov 15, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2011-11-09

Reporting Person: WENGER STEFAN (CFO and Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-09	Common Stock	F	4076	$80.85	Disposed	83446	Direct
2011-11-09	Common Stock	S	5924	$80.85	Disposed	77522	Direct
2011-11-09	Common Stock	M	3000	$22.22	Acquired	80522	Direct
2011-11-09	Common Stock	M	3450	$28.78	Acquired	83972	Direct
2011-11-09	Common Stock	M	1120	$29.75	Acquired	85092	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-09	Stock Option (Right to buy ISO)	$22.22	M	3000	Disposed	2015-11-08	Common Stock (3000)	Direct
2011-11-09	Stock Option (Right to buy ISO)	$28.78	M	3450	Disposed	2016-11-07	Common Stock (3450)	Direct
2011-11-09	Stock Option (Right to buy ISO)	$29.75	M	1120	Disposed	2017-11-07	Common Stock (1120)	Direct

Footnotes

F1: The range of the weighted average sale price is $79.21 to $81.91.

F2: Includes 38,501 shares of restricted stock that have not yet vested.

F3: One-third vesting annually on November 8, 2006, November 8, 2007, and November 8, 2008.

F4: One-third vesting annually on November 7, 2007, November 7, 2008, and November 7, 2009.

F5: One-third vesting annually on November 7, 2008, November 7, 2009, and November 7, 2010.