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                    <ccc>XXXXXXXX</ccc>
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            <liveTestFlag>LIVE</liveTestFlag>



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            <issuerCik>0000085535</issuerCik>
            <issuerName>ROYAL GOLD INC.</issuerName>
            <secFileNumber>001-13357</secFileNumber>
            <issuerAddress>
                <ns2:street1>1144 15TH STREET, SUITE 2500</ns2:street1>
                <ns2:city>Denver</ns2:city>
                <ns2:stateOrCountry>CO</ns2:stateOrCountry>
                <ns2:zipCode>80202</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>(303) 573-1660</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>MARK ISTO</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
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        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>38th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>9660</noOfUnitsSold>
            <aggregateMarketValue>1370673.03</aggregateMarketValue>
            <noOfUnitsOutstanding>65678346</noOfUnitsOutstanding>
            <approxSaleDate>05/08/2023</approxSaleDate>
            <securitiesExchangeName>NASD</securitiesExchangeName>
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            <natureOfAcquisitionTransaction>Stock Option Exercise</natureOfAcquisitionTransaction>
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            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>762</amountOfSecuritiesAcquired>
            <paymentDate>05/08/2023</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
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            <amountOfSecuritiesAcquired>1286</amountOfSecuritiesAcquired>
            <paymentDate>05/08/2023</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
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        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
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            <natureOfAcquisitionTransaction>SAR Exercise</natureOfAcquisitionTransaction>
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            <amountOfSecuritiesAcquired>699</amountOfSecuritiesAcquired>
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            <paymentDate>05/08/2023</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
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        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
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            <natureOfAcquisitionTransaction>Stock Option Exercise</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
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            <amountOfSecuritiesAcquired>1200</amountOfSecuritiesAcquired>
            <paymentDate>05/08/2023</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>05/08/2023</acquiredDate>
            <natureOfAcquisitionTransaction>SAR Exercise</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1754</amountOfSecuritiesAcquired>
            <paymentDate>05/08/2023</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>05/08/2023</acquiredDate>
            <natureOfAcquisitionTransaction>SAR Exercise</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>623</amountOfSecuritiesAcquired>
            <paymentDate>05/08/2023</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>05/08/2023</acquiredDate>
            <natureOfAcquisitionTransaction>SAR Exercise</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>50</amountOfSecuritiesAcquired>
            <paymentDate>05/08/2023</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>05/08/2023</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ Mark Edward Isto</signature>
        </noticeSignature>
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144
0001678642
XXXXXXXX
LIVE
0000085535
ROYAL GOLD INC.
001-13357
1144 15TH STREET, SUITE 2500
Denver
CO
80202
(303) 573-1660
MARK ISTO
Officer
Common
Morgan Stanley Smith Barney LLC
1 New York Plaza
38th Floor
New York
NY
10004
9660
1370673.03
65678346
05/08/2023
NASD
Common
05/08/2023
Stock Option Exercise
Issuer
N
762
05/08/2023
Cash
Common
05/08/2023
Stock Option Exercise
Issuer
N
1286
05/08/2023
Cash
Common
05/08/2023
SAR Exercise
Issuer
N
699
05/08/2023
Cash
Common
05/08/2023
Stock Option Exercise
Issuer
N
1768
05/08/2023
Cash
Common
05/08/2023
Stock Option Exercise
Issuer
N
1518
05/08/2023
Cash
Common
05/08/2023
Stock Option Exercise
Issuer
N
1200
05/08/2023
Cash
Common
05/08/2023
SAR Exercise
Issuer
N
1754
05/08/2023
Cash
Common
05/08/2023
SAR Exercise
Issuer
N
623
05/08/2023
Cash
Common
05/08/2023
SAR Exercise
Issuer
N
50
05/08/2023
Cash
Y
05/08/2023
/s/ Mark Edward Isto