ROYAL GOLD INC - Director's Dealing 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2017-08-16

Reporting Person: WENGER STEFAN (CFO and Treasurer)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-08-16	Common Stock	F	661	$87.36	Disposed	58872	Indirect
2017-08-18	Common Stock	M	1466	$68.18	Acquired	60338	Indirect
2017-08-18	Common Stock	M	1609	$62.14	Acquired	61947	Indirect
2017-08-18	Common Stock	M	5114	$53	Acquired	67061	Indirect
2017-08-18	Common Stock	M	4000	$49.66	Acquired	71061	Indirect
2017-08-18	Common Stock	D	5399	$87.01	Disposed	65662	Indirect
2017-08-18	Common Stock	F	2367	$87.01	Disposed	63295	Indirect
2017-08-18	Common Stock	S	2086	$87.4944	Disposed	61209	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-08-18	Stock Option (Right to buy ISO)	$68.18	M	1466	Disposed	2021-08-18	Common Stock (1466)	Direct
2017-08-18	Stock Option (Right to buy ISO)	$62.14	M	1609	Disposed	2023-08-27	Common Stock (1609)	Direct
2017-08-18	Stock Appreciation Right (SARs)	$53	M	5114	Disposed	2019-11-18	Common Stock (5114)	Direct
2017-08-18	Stock Appreciation Right (SARs)	$49.66	M	4000	Disposed	2020-11-17	Common Stock (4000)	Direct

F1: Represents shares withheld to satisfy taxes; no shares were sold.

F2: Includes 16,666 shares of restricted stock that have not yet vested.

F3: Represents the difference between the number of SARs exercised (9,114)and the number of shares issuable as a result of the exercise (3,715).

F4: Includes shares sold to cover option costs.

F5: The range of the weighted average sales price is $87.48 to $87.51.

F6: Includes 14,999 shares of restricted stock that have not vested.