ROYAL GOLD INC - Director's Dealing 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2016-12-21

Reporting Person: Heissenbuttel William Holmes (VP Corporate Development)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-21	Common Stock	M	6640	$29.75	Acquired	73915	Direct
2016-12-21	Common Stock	M	3360	$29.75	Acquired	77275	Direct
2016-12-21	Common Stock	M	3000	$30.96	Acquired	80275	Direct
2016-12-21	Common Stock	M	7000	$30.96	Acquired	87275	Direct
2016-12-21	Common Stock	D	3463	$62.59	Disposed	83812	Direct
2016-12-21	Common Stock	F	1704	$62.59	Disposed	82108	Direct
2016-12-23	Common Stock	S	7817	$61.8866	Disposed	74291	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-12-21	Stock Option (Right to buy NSO)	$29.75	M	6640	Disposed	2017-11-07	Common Stock (6640)	Direct
2016-12-21	Stock Option (Right to Buy ISO)	$29.75	M	3360	Disposed	2017-11-07	Common Stock (3360)	Direct
2016-12-21	Stock Option (Right to Buy ISO)	$30.96	M	3000	Disposed	2018-11-05	Common Stock (3000)	Direct
2016-12-21	Stock Appreciation Rights (SARs)	$30.96	M	7000	Disposed	2018-11-05	Common Stock (7000)	Direct

F1: Includes 19,635 shares of restricted stock that have not vested.

F2: Represents the difference between the number of SARs exercised (7,000) and the number of shares issuable as a result of the exercise (3,537).

F3: Represents shares withheld to satisfy taxes; no shares were sold.

F4: Includes shares sold to cover option costs and/or taxes on options due to expire in 2017 and 2018.

F5: The range of the weighted average sales price is $61.38 to $62.33.