ROYAL GOLD INC — Director's Dealing 2012

Sep 26, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2012-09-21

Reporting Person: GROSS KAREN (VP and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-09-21	Common Stock	M	12000	$30.96	Acquired	112095	Direct
2012-09-21	Common Stock	D	3820	$97.27	Disposed	108275	Direct
2012-09-21	Common Stock	M	6000	$49.66	Acquired	114275	Direct
2012-09-21	Common Stock	D	3064	$97.27	Disposed	111211	Direct
2012-09-21	Common Stock	F	4575	$96.8	Disposed	106636	Direct
2012-09-21	Common Stock	S	3225	$96.8	Disposed	103411	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-09-21	Stock Appreciation Right	$30.96	M	12000	Disposed	2018-11-05	Common Stock (12000)	Direct
2012-09-21	Stock Appreciation Right	$49.66	M	6000	Disposed	2020-11-17	Common Stock (6000)	Direct

Footnotes

F1: Includes 22,001 shares of restricted stock that have not yet vested.

F2: This represents the difference between the number of SARs exercised (12,000) and the number of shares issued as a result of the exercise (8,180). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($97.27) and the exercise price ($30.96).

F3: This represents the difference between the number of SARs exercised (6,000) and the number of shares issued as a result of the exercise (2,936). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($97.27) and the exercise price ($49.66).

F4: The range of the weighted average sale price is $96.61 to $96.91.