ROYAL GOLD INC — Director's Dealing 2016

May 17, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2016-05-12

Reporting Person: Heissenbuttel William Holmes (VP Corp Dev & Ops)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-12	Common Stock	M	2500	$28.78	Acquired	66898	Direct
2016-05-12	Common Stock	F	535	$57.57	Disposed	66363	Direct
2016-05-13	Common Stock	S	1250	$57.64	Disposed	65113	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-12	Stock Option (Right to Buy NSO)	$28.78	M	833	Disposed	2016-11-17	Common Stock (833)	Direct
2016-05-12	Stock Option (Right to Buy NSO)	$28.78	M	834	Disposed	2016-11-17	Common Stock (834)	Direct
2016-05-12	Stock Option (Right to Buy NSO)	$28.78	M	833	Disposed	2016-11-17	Common Stock (833)	Direct

Footnotes

F1: Includes 21,943 shares of restricted stock that have not yet vested.

F2: Represents shares withheld to satisfy taxes; no shares were sold.

F3: Represents shares sold to cover options costs on options due to expire in 2016.