<html><head><title>Form S-8 - 2025 Incentive Plan</title></head><body><div style="background-color: #E4E4E4; font-family: Arial, Sans Serif; word-wrap: break-word;"><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt;"><div style="left: 0pt; position: absolute; top: 720pt;"><div style="width: 468pt;"><div style="line-height: 8.25pt; position: absolute; top: 43pt; width: 612pt;"><font style="font-family: &#39;Calibri&#39;, sans-serif; font-size: 11pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"> <font style="display: inline-block; height: 8.25pt;"></font></font></div></div></div><div style="left: 0pt; position: absolute; top: 0pt;"><div style="width: 468pt;"></div></div><div><div id="i56f15dd6989349cc9bca0c9ab8a24945_1" style="position: absolute; top: 72pt;"></div><div style="line-height: 6.77pt; position: absolute; top: 72pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 153.86pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">As filed with the Securities and Exchange Commission on May 30, 2025</font><font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 88pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 411.72pt; position: absolute; white-space: pre;">Registration No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="position: absolute; top: 104pt; width: 612pt;"><div style="font-size: 0pt; left: 73.5pt; position: absolute; top: 0pt; width: 465pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tr style="height: 0;"><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td></tr><tr style="height: 5.25pt;"><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td></tr></table></div></div></div><div style="line-height: 12.19pt; position: absolute; top: 117.25pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 18pt; font-style: normal; font-weight: bold; left: 234.26pt; position: absolute; white-space: pre;">UNITED STATES<font style="display: inline-block; height: 12.19pt;"></font></font></div><div style="line-height: 12.19pt; position: absolute; top: 135.25pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 18pt; font-style: normal; font-weight: bold; left: 112.31pt; position: absolute; white-space: pre;">SECURITIES AND EXCHANGE COMMISSION <font style="display: inline-block; height: 12.19pt;"></font></font></div><div style="line-height: 8.12pt; position: absolute; top: 153.25pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 12pt; font-style: normal; font-weight: bold; left: 243.84pt; position: absolute; white-space: pre;">Washington, D.C. 20549 <font style="display: inline-block; height: 8.12pt;"></font></font></div><div style="position: absolute; top: 177.25pt; width: 612pt;"><div style="font-size: 0pt; left: 213pt; position: absolute; top: 0pt; width: 186pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tr style="height: 0;"><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td></tr><tr style="height: 5.25pt;"><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td></tr></table></div></div></div><div style="line-height: 12.19pt; position: absolute; top: 192pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 18pt; font-style: normal; font-weight: bold; left: 263.77pt; position: absolute; white-space: pre;">FORM S-8<font style="display: inline-block; height: 12.19pt;"></font></font></div><div style="line-height: 8.12pt; position: absolute; top: 216pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 12pt; font-style: normal; font-weight: bold; left: 220.2pt; position: absolute; white-space: pre;">REGISTRATION STATEMENT<font style="display: inline-block; height: 8.12pt;"></font></font></div><div style="line-height: 8.12pt; position: absolute; top: 228pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 12pt; font-style: normal; font-weight: bold; left: 284.68pt; position: absolute; white-space: pre;">UNDER<font style="display: inline-block; height: 8.12pt;"></font></font></div><div style="line-height: 8.12pt; position: absolute; top: 240pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 12pt; font-style: normal; font-weight: bold; left: 218.02pt; position: absolute; white-space: pre;">THE SECURITIES ACT OF 1933<font style="display: inline-block; height: 8.12pt;"></font></font></div><div style="position: absolute; top: 264pt; width: 612pt;"><div style="font-size: 0pt; left: 213pt; position: absolute; top: 0pt; width: 186pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tr style="height: 0;"><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td></tr><tr style="height: 5.25pt;"><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td></tr></table></div></div></div><div style="line-height: 13.54pt; position: absolute; top: 280.25pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 20pt; font-style: normal; font-weight: bold; left: 236.01pt; position: absolute; white-space: pre;">Royal Gold, Inc.<font style="display: inline-block; height: 13.54pt;"></font></font></div><div style="line-height: 5.2pt; position: absolute; top: 300.25pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 7.5pt; font-style: normal; font-weight: normal; left: 228.68pt; position: absolute; white-space: pre;">(Exact name of registrant as specified in its charter) <font style="display: inline-block; height: 5.2pt;"></font></font></div><div style="position: absolute; top: 317.75pt; width: 612pt;"><div style="font-size: 0pt; left: 72pt; position: absolute; top: 0pt; width: 469.5pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tr style="height: 0;"><td style="padding: 0; width: 222.75pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 24pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 222.75pt;" rowspan="1" colspan="1"></td></tr><tr style="height: 14.25pt;"><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 0pt; width: 222.75pt;"><div><div style="line-height: 6.77pt; position: absolute; top: 2.63pt; width: 222.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 91.12pt; position: absolute; text-decoration: none; white-space: pre;">Delaware<font style="display: inline-block; height: 6.77pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 222.75pt; position: absolute; top: 0pt; width: 24pt;"><div><div style="line-height: 5.2pt; position: absolute; top: 2.63pt; width: 24pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 7.5pt; font-style: normal; font-weight: normal; left: 0pt; position: absolute; text-decoration: none; white-space: pre;">&#160;<font style="display: inline-block; height: 5.2pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 246.75pt; position: absolute; top: 0pt; width: 222.75pt;"><div><div style="line-height: 6.77pt; position: absolute; top: 2.63pt; width: 222.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 87.21pt; position: absolute; text-decoration: none; white-space: pre;">84-0835164<font style="display: inline-block; height: 6.77pt;"></font></font></div></div></div></td></tr><tr style="height: 11.25pt;"><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 14.25pt; width: 222.75pt;"><div><div style="line-height: 5.2pt; position: absolute; 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position: absolute; top: 14.25pt; width: 222.75pt;"><div><div style="line-height: 5.2pt; position: absolute; top: 2.63pt; width: 222.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 7.5pt; font-style: normal; font-weight: normal; left: 53.03pt; position: absolute; text-decoration: none; white-space: pre;">(IRS Employer Identification Number)<font style="display: inline-block; height: 5.2pt;"></font></font></div></div></div></td></tr></table></div></div></div><div style="line-height: 6.77pt; position: absolute; top: 360.25pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 248.28pt; position: absolute; white-space: pre;">1144 15<font style="display: inline-block; height: 6.77pt;"></font></font><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 6.5pt; font-style: normal; font-weight: bold; left: 280.78pt; position: absolute; top: -2.3694999999999995pt; vertical-align: super; white-space: pre;">th<font style="display: inline-block; height: 4.4005pt;"></font></font><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 286.55pt; position: absolute; white-space: pre;">&#160;Street, Suite 2500<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 370.25pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 254.22pt; position: absolute; white-space: pre;">Denver, Colorado 80202<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 5.2pt; position: absolute; top: 383.25pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 7.5pt; font-style: normal; font-weight: normal; left: 216.07pt; position: absolute; white-space: pre;">(Address, including zip code, of principal executive offices)<font style="display: inline-block; height: 5.2pt;"></font></font></div><div style="position: absolute; top: 404.25pt; width: 612pt;"><div style="font-size: 0pt; left: 213pt; position: absolute; top: 0pt; width: 186pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tr style="height: 0;"><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td></tr><tr style="height: 5.25pt;"><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td></tr></table></div></div></div><div style="line-height: 8.12pt; position: absolute; top: 419pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 12pt; font-style: normal; font-weight: bold; left: 182.89pt; position: absolute; white-space: pre;">ROYAL GOLD, INC. 2025 INCENTIVE PLAN<font style="display: inline-block; height: 8.12pt;"></font></font></div><div style="line-height: 5.2pt; position: absolute; top: 434pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 7.5pt; font-style: normal; font-weight: normal; left: 273.76pt; position: absolute; white-space: pre;">(Full title of the plan)<font style="display: inline-block; height: 5.2pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 451.5pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 272.82pt; position: absolute; white-space: pre;">David Crandall<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 461.5pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; 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top: 656pt; width: 612pt;"><div style="font-size: 0pt; left: 72pt; position: absolute; top: 0pt; width: 465pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tr style="height: 0;"><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 93pt;" rowspan="1" colspan="1"></td></tr><tr style="height: 5.25pt;"><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td><td style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"></td></tr></table></div></div></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt;"><div style="left: 0pt; position: absolute; top: 720pt;"><div style="width: 468pt;"><div style="line-height: 6.93pt; position: absolute; top: 44.92pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.5pt; position: absolute; text-decoration: none; white-space: pre;">1<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div><div style="-sec-extract: summary; left: 0pt; position: absolute; top: 0pt;"><div style="width: 468pt;"></div></div><div><div id="i56f15dd6989349cc9bca0c9ab8a24945_4" style="position: absolute; top: 72pt;"></div><div style="line-height: 6.77pt; position: absolute; top: 72pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 252.01pt; position: absolute; text-decoration: none; white-space: pre;">EXPLANATORY NOTE<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 90pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">This registration statement on Form S-8 is being filed to register 350,000 shares of common stock, par value $0.01 <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 102pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">per share (&#8220;Common Stock&#8221;), of Royal Gold, Inc. (the &#8220;Registrant&#8221; or &#8220;Royal Gold&#8221;) issuable and payable under the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 114pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Royal Gold, Inc. 2025 Incentive Plan (the &#8220;2025 Plan&#8221;). The number of shares of Common Stock registered on this <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 126pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">registration statement do not include (a) shares of Common Stock that remained available under the Registrant&#8217;s <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 138pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">2015 Omnibus Long-Term Incentive Plan (as amended, the &#8220;2015 Plan&#8221;) immediately prior to May 22, 2025 (the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 150pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">&#8220;Effective Date&#8221;), and (b) shares of Common Stock subject to awards granted under the 2015 Plan that were <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 162pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">outstanding as of the Effective Date and which awards expire, terminate, or are otherwise surrendered, cancelled, <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 174pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">forfeited, or repurchased by the Registrant at their original issuance price pursuant to a contractual repurchase right <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 186pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">(collectively, the shares of Common Stock described in clauses (a) and (b) above, the &#8220;Rollover Shares&#8221;). On and <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 198pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">after the Effective Date, the Rollover Shares may be issued under the 2025 Plan.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div id="i56f15dd6989349cc9bca0c9ab8a24945_136" style="position: absolute; top: 216pt;"></div><div style="line-height: 6.77pt; position: absolute; top: 216pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 289.2pt; position: absolute; text-decoration: none; white-space: pre;">PART I<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 228pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 151.92pt; position: absolute; text-decoration: none; white-space: pre;">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 252pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">The documents containing the information required in Part I of this registration statement have been or will be sent <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 264pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">or given to participants as specified in Rule 428(b)(1) under the Securities Act of 1933, as amended (the &#8220;Securities <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 276pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Act&#8221;), in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 288pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">&#8220;Commission&#8221;). Such documents are not being filed with the Commission either as part of this registration statement <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 300pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 312pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">documents incorporated by reference into this registration statement pursuant to Item 3 of Part II of this registration <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 324pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div id="i56f15dd6989349cc9bca0c9ab8a24945_142" style="position: absolute; top: 342pt;"></div><div style="line-height: 6.77pt; position: absolute; top: 342pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 287.26pt; position: absolute; text-decoration: none; white-space: pre;">PART II <font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 354pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 149.29pt; position: absolute; text-decoration: none; white-space: pre;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 378pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Item&#160;3. 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font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><font style="left: 96.45pt; position: absolute;">(2)<font style="display: inline-block; height: 6.93pt; width: 8.89pt;"></font></font><font style="left: 117pt; position: absolute;">the Registrant&#8217;s <font style="display: inline-block; height: 6.93pt;"></font></font></font><font style="color: #0000ff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.47pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000083/rgld-20250331.htm">Quarterly Report on Form 10-Q filed with the Commission on May 8, 2025</a><font style="display: inline-block; height: 6.93pt;"></font></font><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 484.75pt; position: absolute; text-decoration: none; white-space: pre;">&#59;<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 474pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><font style="left: 96.45pt; position: absolute;">(3)<font style="display: inline-block; height: 6.93pt; width: 8.89pt;"></font></font><font style="left: 117pt; position: absolute;">the Registrant&#8217;s Current Reports on Form 8-K, excluding any information furnished under Items 2.02 or <font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 486pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117pt; position: absolute; text-decoration: none; white-space: pre;">7.01 thereof, filed with the Commission on <font style="display: inline-block; height: 6.93pt;"></font></font><font style="color: #0000ff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 291.57pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000085535/000008553525000017/rgld-20250213.htm">February 20, 2025</a><font style="display: inline-block; height: 6.93pt;"></font></font><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 365.15pt; position: absolute; text-decoration: none; white-space: pre;">, <font style="display: inline-block; height: 6.93pt;"></font></font><font style="color: #0000ff; font-family: &#39;Times New Roman&#39;, sans-serif; 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color: inherit; text-decoration: inherit; z-index: 1;" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000012/rgld-20241231xex41descript.htm">on Form 10-K filed with the Commission on February 13, 2025</a><font style="display: inline-block; height: 6.93pt;"></font></font><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.57pt; position: absolute; text-decoration: none; white-space: pre;">.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 558pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">All reports and other documents filed by the Registrant after the date hereof pursuant to Sections 13(a), 13(c), 14, <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 570pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">and 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), prior to the filing of a post-<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 582pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">effective amendment which indicates that all securities offered hereby have been sold or which deregisters all <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 594pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be part hereof from <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 606pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">the date of filing of such reports and documents. Any statement contained in a document incorporated or deemed to <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 618pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 630pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">registration statement to the extent that a statement contained herein or in any other subsequently filed document <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 642pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 654pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 666pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">this registration statement.<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt;"><div style="-sec-extract: summary; left: 0pt; position: absolute; top: 720pt;"><div style="width: 468pt;"><div style="line-height: 6.93pt; position: absolute; top: 44.92pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.5pt; position: absolute; text-decoration: none; white-space: pre;">2<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div><div style="-sec-extract: summary; left: 0pt; position: absolute; top: 0pt;"><div style="width: 468pt;"></div></div><div><div style="line-height: 6.77pt; position: absolute; top: 72pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Item&#160;4. Description of Securities<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 96pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Not applicable.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 120pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Item&#160;5. Interests of Named Experts and Counsel<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 144pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">David Crandall, Vice President, Corporate Secretary, and Chief Compliance Officer of Royal Gold, is passing on <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 156pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">certain legal matters regarding the securities being registered. Mr. Crandall is a full-time employee of Royal Gold, <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 168pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">owns Royal Gold securities, and is eligible to participate in various employee benefit and equity incentive plans, <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 180pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">including the 2025 Plan.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 204pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Item&#160;6. Indemnification of Directors and Officers<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 228pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Set forth below is a description of certain provisions of the Delaware General Corporation Law (the &#8220;Delaware <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 240pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Statute&#8221;), Royal Gold&#8217;s certificate of incorporation and bylaws, and certain indemnification agreements between <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 252pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Royal Gold and its directors and officers. The description is intended only as a summary and is qualified in its <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 264pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">entirety by reference to the Delaware Statute, Royal Gold&#8217;s certificate of incorporation and bylaws, and the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 276pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">indemnification agreement, a form of which has been filed by Royal Gold with the Commission.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.94pt; position: absolute; top: 300pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Delaware General Corporation Law<font style="display: inline-block; height: 6.94pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 317pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Under Section 145 of the Delaware Statute, a corporation may indemnify its directors, officers, employees, and <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 329pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">agents and its former directors, officers, employees, and agents and those who serve, at the corporation&#8217;s request, in <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 341pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">such capacities with another enterprise, against expenses (including attorneys&#8217; fees), as well as judgments, fines, and <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 353pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">settlements in nonderivative lawsuits, actually and reasonably incurred in connection with the defense of any action, <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 365pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">suit, or proceeding in which they or any of them were or are made parties or are threatened to be made parties by <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 377pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">reason of their serving or having served in such capacity. The Delaware Statute provides, however, that such person <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 389pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">must have acted in good faith and in a manner he or she reasonably believed to be in (or not opposed to) the best <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 401pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">interest of the corporation and, in the case of a criminal action, such person must have had no reasonable cause to <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 413pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">believe his or her conduct was unlawful. In addition, the Delaware Statute does not permit indemnification in an <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 425pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">action or suit by or in the right of the corporation, where such person has been adjudged liable to the corporation, <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 437pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">unless, and only to the extent that, a court determines that such person fairly and reasonably is entitled to indemnity <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 449pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">for expenses the court deems proper in light of liability adjudication. Indemnity is mandatory to the extent a claim, <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 461pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">issue, or matter has been successfully defended. The Delaware Statute provides that a corporation has the power to <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 473pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">purchase and maintain insurance on behalf of any person described above, whether or not the corporation would <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 485pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">have the power to indemnify such person against such liability under the provisions of the Delaware Statute.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 509pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Section 102 of the Delaware Statute allows a corporation to eliminate or limit the personal liability of directors and <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 521pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">officers of a corporation to the corporation or its stockholders for monetary damages for a breach of fiduciary duty <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 533pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">as a director or officer, except where the director or officer breached his or her duty of loyalty, failed to act in good <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 545pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">faith, engaged in intentional misconduct or knowingly violated a law, or obtained an improper personal benefit, or <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 557pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">where a director authorized the payment of a dividend or approved a stock repurchase in violation of Delaware law. <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 569pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">In addition, Section 102 of the Delaware Statute does not permit a corporation to eliminate or limit the personal <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 581pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">liability of an officer in any action by or in the right of the corporation.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 605pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Section 174 of the Delaware Statute provides, among other things, that a director who willfully or negligently <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 617pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">approves of an unlawful payment of dividends or an unlawful stock purchase or redemption may be held liable for <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 629pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">such actions. A director who was either absent when the unlawful actions were approved or dissented at the time <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 641pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">may avoid liability by causing his or her dissent to such actions to be entered in the books containing the minutes of <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 653pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">the meetings of the board of directors at the time such action occurred or immediately after such absent director <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 665pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">receives notice of the unlawful acts.<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt;"><div style="-sec-extract: summary; left: 0pt; position: absolute; top: 720pt;"><div style="width: 468pt;"><div style="line-height: 6.93pt; position: absolute; top: 44.92pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.5pt; position: absolute; text-decoration: none; white-space: pre;">3<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div><div style="-sec-extract: summary; left: 0pt; position: absolute; top: 0pt;"><div style="width: 468pt;"></div></div><div><div style="line-height: 6.94pt; position: absolute; top: 72pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Certificate of Incorporation and Bylaws<font style="display: inline-block; height: 6.94pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 89pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Royal Gold&#8217;s certificate of incorporation and bylaws provide for mandatory indemnification or similar rights of <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 101pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">directors and officers generally to the same extent as is authorized by the Delaware Statute. Under the bylaws, Royal <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 113pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Gold must advance expenses incurred by an officer or director in defending any such action if the director or officer <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 125pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">undertakes to repay such amount if it is ultimately determined that he or she is not entitled to indemnification. To the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 137pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">extent authorized by the board of directors, Royal Gold may also similarly indemnify and advance expenses to <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 149pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">employees and agents. The provisions of the certificate of incorporation and bylaws do not preclude Royal Gold <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 161pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">from indemnifying other persons from similar or other expenses and liabilities as the board of directors or the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 173pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">stockholders may determine in a specific instance or by resolution of general application.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.94pt; position: absolute; top: 197pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Indemnification Agreements and Insurance<font style="display: inline-block; height: 6.94pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 214pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Royal Gold has entered into indemnification agreements with its current officers and directors. The indemnification <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 226pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">agreements provide such persons indemnification against, among other things, any and all expenses, judgments, <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 238pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">fines, penalties, and amounts paid in settlement by the director or officer, provide for the advancement of expenses <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 250pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">incurred by the director or officer in connection with any proceeding, and obligate the director or officer to <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 262pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">reimburse the registrant for all amounts so advanced if it is subsequently determined, as provided in the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 274pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">indemnification agreements, that the director or officer is not entitled to indemnification, if such advanced amounts <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 286pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">were in excess of amounts actually paid or incurred by such director or officer or if such director or officer receives <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 298pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">from insurance or other compensation or reimbursement payments from any insurer or third party in respect of the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 310pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">same subject matter. The indemnification agreements also provide certain methods and presumptions for <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 322pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">determining whether the officer or director is entitled to indemnification, among other matters, as set forth in such <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 334pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">agreement.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 358pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Royal Gold also maintains directors&#8217; and officers&#8217; liability insurance.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 382pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Item&#160;7. Exemption from Registration Claimed<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 406pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Not applicable.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 430pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Item&#160;8. Exhibits<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="position: absolute; top: 454pt; width: 612pt;"><div style="font-size: 0pt; left: 72pt; position: absolute; top: 0pt; width: 468pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tr style="height: 0;"><td style="padding: 0; width: 50.25pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 417.75pt;" rowspan="1" colspan="1"></td></tr><tr style="height: 23.25pt;"><td style="border-bottom: 0.5pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 0pt; width: 50.25pt;"><div><div style="line-height: 6.77pt; position: absolute; top: 2.83pt; width: 50.25pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 9.3pt; position: absolute; text-decoration: none; white-space: pre;">Exhibit <font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 12.83pt; width: 50.25pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 7.36pt; position: absolute; text-decoration: none; white-space: pre;">Number<font style="display: inline-block; height: 6.77pt;"></font></font></div></div></div></td><td style="border-bottom: 0.5pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 50.25pt; position: absolute; top: 0pt; width: 417.75pt;"><div><div style="line-height: 6.77pt; position: absolute; top: 12.83pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 184.18pt; position: absolute; text-decoration: none; white-space: pre;">Description<font style="display: inline-block; height: 6.77pt;"></font></font></div></div></div></td></tr><tr style="height: 33.75pt;"><td style="border-top: 0.5pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 23.25pt; width: 50.25pt;"><div><div style="line-height: 6.93pt; position: absolute; text-align: justify; text-align-last: var(--justify); top: 2.63pt; width: 50.25pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.75pt; position: absolute; white-space: pre; width: 12.5pt;">4.1<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="border-top: 0.5pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 50.25pt; position: absolute; top: 23.25pt; width: 417.75pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="https://www.sec.gov/Archives/edgar/data/85535/000155837023017277/rgld-20230930xex3d1.htm">Restated Certificate of Incorporation of Royal Gold, Inc., as amended through May 26, 2023 (filed as </a><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 12.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="https://www.sec.gov/Archives/edgar/data/85535/000155837023017277/rgld-20230930xex3d1.htm">Exhibit 3.1 to Royal Gold&#8217;s Quarterly Report on Form 10-Q filed on November 2, 2023, and </a><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 22.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="https://www.sec.gov/Archives/edgar/data/85535/000155837023017277/rgld-20230930xex3d1.htm">incorporated herein by reference)</a><font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 33.75pt;"><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 57pt; width: 50.25pt;"><div><div style="line-height: 6.93pt; position: absolute; text-align: justify; text-align-last: var(--justify); top: 2.63pt; width: 50.25pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.75pt; position: absolute; white-space: pre; width: 12.5pt;">4.2<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 50.25pt; position: absolute; top: 57pt; width: 417.75pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000012/rgld-20241231xex32amendeda.htm">Amended and Restated Bylaws, as amended through November 19, 2024 (filed as Exhibit 3.2 to </a><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 12.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000012/rgld-20241231xex32amendeda.htm">Royal Gold&#8217;s Annual Report on Form 10-K filed on February 13, 2025, and incorporated herein by </a><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 22.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000012/rgld-20241231xex32amendeda.htm">reference)</a><font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 23.25pt;"><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 90.75pt; width: 50.25pt;"><div><div style="line-height: 6.93pt; position: absolute; text-align: justify; text-align-last: var(--justify); top: 2.63pt; width: 50.25pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.75pt; position: absolute; white-space: pre; width: 17.5pt;">5.1*<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 50.25pt; position: absolute; top: 90.75pt; width: 417.75pt;"><div><div style="font-size: 12pt; line-height: 6.93pt; position: absolute; top: 2.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="s-8opinion.htm">Opinion of David Crandall, Vice President, Corporate Secretary, and Chief Compliance Officer of </a><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="font-size: 12pt; line-height: 6.93pt; position: absolute; top: 12.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="s-8opinion.htm">Royal Gold</a><font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 14.25pt;"><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 114pt; width: 50.25pt;"><div><div style="line-height: 6.93pt; position: absolute; text-align: justify; text-align-last: var(--justify); top: 2.63pt; width: 50.25pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.75pt; position: absolute; white-space: pre; width: 22.5pt;">23.1*<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 50.25pt; position: absolute; top: 114pt; width: 417.75pt;"><div><div style="font-size: 12pt; line-height: 6.93pt; position: absolute; top: 2.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="eyconsent-sx8.htm">Consent of Ernst &#38; Young,&#160;Independent Registered Public Accounting Firm</a><font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 14.25pt;"><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 128.25pt; width: 50.25pt;"><div><div style="line-height: 6.93pt; position: absolute; text-align: justify; text-align-last: var(--justify); top: 2.63pt; width: 50.25pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.75pt; position: absolute; white-space: pre; width: 22.5pt;">23.2*<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 50.25pt; position: absolute; top: 128.25pt; width: 417.75pt;"><div><div style="font-size: 12pt; line-height: 6.93pt; position: absolute; top: 2.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="s-8opinion.htm">Consent of David Crandall (contained in Exhibit&#160;5.1)</a><font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 14.25pt;"><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 142.5pt; width: 50.25pt;"><div><div style="line-height: 6.93pt; position: absolute; text-align: justify; text-align-last: var(--justify); top: 2.63pt; width: 50.25pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.75pt; position: absolute; white-space: pre; width: 22.5pt;">24.1*<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 50.25pt; position: absolute; top: 142.5pt; width: 417.75pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i56f15dd6989349cc9bca0c9ab8a24945_7">Power of Attorney (included on the signature page&#160;to this registration statement)</a><font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 23.25pt;"><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 156.75pt; width: 50.25pt;"><div><div style="line-height: 6.93pt; position: absolute; text-align: justify; text-align-last: var(--justify); top: 2.63pt; width: 50.25pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.75pt; position: absolute; white-space: pre; width: 17.5pt;">99.1<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 50.25pt; position: absolute; top: 156.75pt; width: 417.75pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000085/rgld2025incentiveplan.htm">Royal Gold, Inc. 2025 Incentive Plan (filed as Exhibit 10.1 to Royal Gold&#8217;s Current Report on Form </a><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 12.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="https://www.sec.gov/Archives/edgar/data/85535/000008553525000085/rgld2025incentiveplan.htm">8-K filed on May 27, 2025, and incorporated herein by reference)</a><font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 14.25pt;"><td style="border-bottom: 0.5pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 180pt; width: 50.25pt;"><div><div style="line-height: 6.93pt; position: absolute; text-align: justify; text-align-last: var(--justify); top: 2.63pt; width: 50.25pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.75pt; position: absolute; white-space: pre; width: 20pt;">107*<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 50.25pt; position: absolute; top: 180pt; width: 417.75pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 417.75pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.4pt; position: absolute; text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exfilingfees.htm">Filing Fee Table</a><font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr></table></div></div></div><div style="line-height: 6.93pt; position: absolute; top: 654.25pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">* Filed herewith.</font><font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt;"><div style="-sec-extract: summary; left: 0pt; position: absolute; top: 720pt;"><div style="width: 468pt;"><div style="line-height: 6.93pt; position: absolute; top: 44.92pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.5pt; position: absolute; text-decoration: none; white-space: pre;">4<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div><div style="-sec-extract: summary; left: 0pt; position: absolute; top: 0pt;"><div style="width: 468pt;"></div></div><div><div style="line-height: 6.77pt; position: absolute; top: 72pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Item&#160;9. Undertakings<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 94pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><font style="left: 72pt; position: absolute;">(a)<font style="display: inline-block; height: 6.93pt; width: 15.91pt;"></font></font><font style="left: 99pt; position: absolute;">The undersigned Registrant hereby undertakes&#58;<font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 116pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><font style="left: 99pt; position: absolute;">(1)<font style="display: inline-block; height: 6.93pt; width: 15.34pt;"></font></font><font style="left: 126pt; position: absolute;">To file, during any period in which offers or sales are being made, a post-effective amendment to this <font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 128pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 126pt; position: absolute; text-decoration: none; white-space: pre;">registration statement&#58;<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 150pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><font style="left: 126pt; position: absolute;">(i)<font style="display: inline-block; height: 6.93pt; width: 17.57pt;"></font></font><font style="left: 153pt; position: absolute;">to include any prospectus required by Section 10(a)(3) of the Securities Act&#59;<font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 172pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><font style="left: 126pt; position: absolute;">(ii)<font style="display: inline-block; height: 6.93pt; width: 14.8pt;"></font></font><font style="left: 153pt; position: absolute;">to reflect in the prospectus any facts or events arising after the effective date of the registration <font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 184pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153pt; position: absolute; text-decoration: none; white-space: pre;">statement (or the most recent post-effective amendment thereof) which, individually or in the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 196pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153pt; position: absolute; text-decoration: none; white-space: pre;">aggregate, represent a fundamental change in the information set forth in the registration <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 208pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153pt; position: absolute; text-decoration: none; white-space: pre;">statement. Notwithstanding the foregoing, any increase or decrease in volume of securities <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 220pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153pt; position: absolute; text-decoration: none; white-space: pre;">offered (if the total dollar value of securities offered would not exceed that which was <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 232pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153pt; position: absolute; text-decoration: none; white-space: pre;">registered) and any deviation from the low or high end of the estimated maximum offering <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 244pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153pt; position: absolute; text-decoration: none; white-space: pre;">range may be reflected in the form of prospectus filed with the Commission pursuant to Rule <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 256pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153pt; position: absolute; text-decoration: none; white-space: pre;">424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 268pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153pt; position: absolute; text-decoration: none; white-space: pre;">in the maximum aggregate offering price set forth in the &#8220;Calculation of Filing Fee Tables&#8221; or <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 280pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153pt; position: absolute; text-decoration: none; white-space: pre;">&#8220;Calculation of Registration Fee&#8221; table, as applicable, in the effective registration statement&#59; and<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 302pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><font style="left: 126pt; position: absolute;">(iii)<font style="display: inline-block; height: 6.93pt; width: 12.03pt;"></font></font><font style="left: 153pt; position: absolute;">to include any material information with respect to the plan of distribution not previously <font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 314pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153pt; position: absolute; text-decoration: none; white-space: pre;">disclosed in this registration statement or any material change to such information in this <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 326pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153pt; position: absolute; text-decoration: none; white-space: pre;">registration statement&#59;<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 348pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 126pt; position: absolute; text-decoration: none; white-space: pre;">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if this registration statement is <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 360pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 126pt; position: absolute; text-decoration: none; white-space: pre;">on Form S-8 and the information required to be included in a post-effective amendment by those <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 372pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 126pt; position: absolute; text-decoration: none; white-space: pre;">paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 384pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 126pt; position: absolute; text-decoration: none; white-space: pre;">to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 396pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 126pt; position: absolute; text-decoration: none; white-space: pre;">registration statement.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 418pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><font style="left: 99pt; position: absolute;">(2)<font style="display: inline-block; height: 6.93pt; width: 15.34pt;"></font></font><font style="left: 126pt; position: absolute;">That, for the purpose of determining any liability under the Securities Act, each such post-effective <font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 430pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 126pt; position: absolute; text-decoration: none; white-space: pre;">amendment shall be deemed to be a new registration statement relating to the securities offered therein, <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 442pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 126pt; position: absolute; text-decoration: none; white-space: pre;">and the offering of such securities at that time shall be deemed to be the initial bona fide offering <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 454pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 126pt; position: absolute; text-decoration: none; white-space: pre;">thereof.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 476pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><font style="left: 99pt; position: absolute;">(3)<font style="display: inline-block; height: 6.93pt; width: 15.34pt;"></font></font><font style="left: 126pt; position: absolute;">To remove from registration by means of a post-effective amendment any of the securities being <font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 488pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 126pt; position: absolute; text-decoration: none; white-space: pre;">registered which remain unsold at the termination of the offering.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 510pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><font style="left: 72pt; position: absolute;">(b)<font style="display: inline-block; height: 6.93pt; width: 15.34pt;"></font></font><font style="left: 99pt; position: absolute;">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the <font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 522pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Securities Act, each filing of the Registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 534pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 546pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 558pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">new registration statement relating to the securities offered therein, and the offering of such securities at that time <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 570pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">shall be deemed to be the initial bona fide offering thereof.<font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 592pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><font style="left: 72pt; position: absolute;">(c)<font style="display: inline-block; height: 6.93pt; width: 15.91pt;"></font></font><font style="left: 99pt; position: absolute;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, <font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 604pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 616pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 628pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 640pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 652pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 664pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">officer or controlling person in connection with the securities being registered, the Registrant will, unless in the <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 676pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 688pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 700pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;">Act and will be governed by the final adjudication of such issue.<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt;"><div style="left: 0pt; position: absolute; top: 720pt;"><div style="width: 468pt;"></div></div><div style="left: 0pt; position: absolute; top: 0pt;"><div style="width: 468pt;"></div></div><div><div id="i56f15dd6989349cc9bca0c9ab8a24945_7" style="position: absolute; top: 72pt;"></div><div style="line-height: 6.77pt; position: absolute; top: 72pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 273.51pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">SIGNATURES</font><font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 96pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 108pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 120pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Denver, State of Colorado, </font><font style="display: inline-block; height: 6.93pt;"></font></font><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 518.51pt; position: absolute; white-space: pre;">on <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 132pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; white-space: pre;">May 30, 2025. <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 154pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 288pt; position: absolute; white-space: pre;">ROYAL GOLD, INC.<font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 177.3pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 288pt; position: absolute; white-space: pre;">By&#58;<font style="display: inline-block; height: 6.93pt;"></font></font><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 302.43pt; position: absolute; text-decoration: underline; white-space: pre;">&#160;&#160;&#160;&#160;&#160;&#47;s&#47; William Heissenbuttel&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 189.3pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; white-space: pre;"><font style="left: 288pt; position: absolute;">Name&#58;<font style="display: inline-block; height: 6.93pt; width: 4.88pt;"></font></font><font style="left: 319.5pt; position: absolute;">William Heissenbuttel<font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 201.3pt; width: 612pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; white-space: pre;"><font style="left: 288pt; position: absolute;">Title&#58;<font style="display: inline-block; height: 6.93pt; width: 9.89pt;"></font></font><font style="left: 319.5pt; position: absolute;">President &#38; Chief Executive Officer<font style="display: inline-block; height: 6.93pt;"></font></font></font></div><div style="line-height: 6.77pt; position: absolute; top: 225.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 249.37pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">POWER OF ATTORNEY</font><font style="display: inline-block; height: 6.77pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 243.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 255.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">appoints Paul Libner and David Crandall, and each of them, their true and lawful attorneys-in-fact and agents, with </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 267.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">full power of substitution and resubstitution, to sign, execute and file with the Securities and Exchange Commission </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 279.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">(or any other governmental or regulatory authority), for us and in our names in the capacities indicated below, a </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 291.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">registration statement on Form&#160;S-8 (including all amendments thereto) with all exhibits and any and all documents </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 303.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">required to be filed with respect thereto, granting unto said attorneys-in-fact and agents and each of them, full power </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 315.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">and authority to do and to perform each and every act and thing necessary or desirable to be done in and about the </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 327.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">premises in order to effectuate the same as fully to all intents and purposes as they themselves might or could do if </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 339.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 351.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">lawfully do or cause to be done by virtue hereof.</font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 375.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the </font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 387.3pt; width: 612pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">following persons in the capacities and on the dates indicated.</font><font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="position: absolute; top: 411.3pt; width: 612pt;"><div style="font-size: 0pt; left: 72pt; position: absolute; top: 0pt; width: 468.75pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tr style="height: 0;"><td style="padding: 0; width: 183pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 175.5pt;" rowspan="1" colspan="1"></td><td style="padding: 0; width: 110.25pt;" rowspan="1" colspan="1"></td></tr><tr style="height: 21pt;"><td style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 0pt; width: 183pt;"><div><div style="line-height: 6.77pt; position: absolute; top: 2.63pt; width: 183pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 70.68pt; position: absolute; text-decoration: none; white-space: pre;">Signature<font style="display: inline-block; height: 6.77pt;"></font></font></div></div></div></td><td style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 183pt; position: absolute; top: 0pt; width: 175.5pt;"><div><div style="line-height: 6.77pt; position: absolute; top: 2.63pt; width: 175.5pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 77.77pt; position: absolute; text-decoration: none; white-space: pre;">Title<font style="display: inline-block; height: 6.77pt;"></font></font></div></div></div></td><td style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 358.5pt; position: absolute; top: 0pt; width: 110.25pt;"><div><div style="line-height: 6.77pt; position: absolute; top: 2.63pt; width: 110.25pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 45.13pt; position: absolute; text-decoration: none; white-space: pre;">Date<font style="display: inline-block; height: 6.77pt;"></font></font></div></div></div></td></tr><tr style="height: 20.25pt;"><td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 21pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 9.67pt; width: 183pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.74pt; position: absolute; white-space: pre;">&#47;s&#47; William Heissenbuttel<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="border-top: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 183pt; position: absolute; top: 21pt; width: 175.5pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 7.27pt; width: 175.5pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 10.21pt; position: absolute; white-space: pre;">President, Chief Executive Officer and <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 19.27pt; width: 175.5pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 11.61pt; position: absolute; white-space: pre;">Director (Principal Executive Officer)<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="border-top: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 358.5pt; position: absolute; top: 21pt; width: 110.25pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 13.27pt; width: 110.25pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.21pt; position: absolute; text-decoration: none; white-space: pre;">May 30, 2025<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 14.25pt;"><td style="border-top: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 41.25pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 183pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 46.71pt; position: absolute; text-decoration: none; white-space: pre;">William Heissenbuttel<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 18.75pt;"><td style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 55.5pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 8.17pt; width: 183pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 62.09pt; position: absolute; white-space: pre;">&#47;s&#47; <font style="display: inline-block; height: 6.93pt;"></font></font><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 74.02000000000001pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">Paul Libner</font><font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 183pt; position: absolute; top: 55.5pt; width: 175.5pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.4pt; width: 175.5pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.38pt; position: absolute; white-space: pre;">Senior Vice President and Chief <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 14.4pt; width: 175.5pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 12.72pt; position: absolute; white-space: pre;">Financial Officer (Principal Financial <font style="display: inline-block; height: 6.93pt;"></font></font></div><div style="line-height: 6.93pt; position: absolute; top: 26.4pt; width: 175.5pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.64pt; position: absolute; white-space: pre;">and Accounting Officer)<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 358.5pt; position: absolute; top: 55.5pt; width: 110.25pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 14.4pt; width: 110.25pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.21pt; position: absolute; text-decoration: none; white-space: pre;">May 30, 2025<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 18pt;"><td style="border-top: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 74.25pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 183pt;"><font style="background-color: #ffffff; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 68.05pt; position: absolute; text-decoration: none; white-space: pre;"><font style="background-color: inherit;">Paul Libner</font><font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 15.75pt;"><td style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 92.25pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 5.17pt; width: 183pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 55.44pt; position: absolute; text-decoration: none; white-space: pre;">&#47;s&#47; William Hayes<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 183pt; position: absolute; top: 92.25pt; width: 175.5pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 175.5pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 68.05pt; position: absolute; white-space: pre;">Chairman<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 358.5pt; position: absolute; top: 92.25pt; width: 110.25pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 110.25pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.21pt; position: absolute; text-decoration: none; white-space: pre;">May 30, 2025<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 14.25pt;"><td style="border-top: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 108pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 183pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 61.41pt; position: absolute; text-decoration: none; white-space: pre;">William Hayes<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 15.75pt;"><td style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 122.25pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 5.17pt; width: 183pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 53.2pt; position: absolute; text-decoration: none; white-space: pre;">&#47;s&#47; Fabiana Chubbs<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 183pt; position: absolute; top: 122.25pt; width: 175.5pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 175.5pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 71.11pt; position: absolute; white-space: pre;">Director<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 358.5pt; position: absolute; top: 122.25pt; width: 110.25pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 110.25pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.21pt; position: absolute; text-decoration: none; white-space: pre;">May 30, 2025<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 14.25pt;"><td style="border-top: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 138pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 183pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 59.16pt; position: absolute; text-decoration: none; white-space: pre;">Fabiana Chubbs<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 15.75pt;"><td style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 152.25pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 5.17pt; width: 183pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 65.96pt; position: absolute; text-decoration: none; white-space: pre;">&#47;s&#47; Mark Isto<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 183pt; position: absolute; top: 152.25pt; width: 175.5pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 175.5pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 71.11pt; position: absolute; white-space: pre;">Director<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 358.5pt; position: absolute; top: 152.25pt; width: 110.25pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 110.25pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.21pt; position: absolute; text-decoration: none; white-space: pre;">May 30, 2025<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 14.25pt;"><td style="border-top: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 168pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 183pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 71.93pt; position: absolute; text-decoration: none; white-space: pre;">Mark Isto<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 15.75pt;"><td style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 182.25pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 5.17pt; width: 183pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 54.31pt; position: absolute; text-decoration: none; white-space: pre;">&#47;s&#47; Jamie Sokalsky<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 183pt; position: absolute; top: 182.25pt; width: 175.5pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 175.5pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 71.11pt; position: absolute; white-space: pre;">Director<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 358.5pt; position: absolute; top: 182.25pt; width: 110.25pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 110.25pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.21pt; position: absolute; text-decoration: none; white-space: pre;">May 30, 2025<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 14.25pt;"><td style="border-top: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 198pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 183pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; 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position: absolute; top: 212.25pt; width: 175.5pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 175.5pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 71.11pt; position: absolute; white-space: pre;">Director<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 358.5pt; position: absolute; top: 212.25pt; width: 110.25pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 110.25pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.21pt; position: absolute; text-decoration: none; white-space: pre;">May 30, 2025<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 14.25pt;"><td style="border-top: 0.75pt solid #000000; 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left: 54.59pt; position: absolute; text-decoration: none; white-space: pre;">&#47;s&#47; Sybil Veenman<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 183pt; position: absolute; top: 242.25pt; width: 175.5pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 175.5pt;"><font style="font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 71.11pt; position: absolute; white-space: pre;">Director<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td><td style="font-size: 0; text-align: left; vertical-align: top;" rowspan="2" colspan="1"><div style="left: 358.5pt; position: absolute; top: 242.25pt; width: 110.25pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 11.02pt; width: 110.25pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.21pt; position: absolute; text-decoration: none; white-space: pre;">May 30, 2025<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr><tr style="height: 14.25pt;"><td style="border-top: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;" rowspan="1" colspan="1"><div style="left: 0pt; position: absolute; top: 258pt; width: 183pt;"><div><div style="line-height: 6.93pt; position: absolute; top: 2.63pt; width: 183pt;"><font style="color: #000000; font-family: &#39;Times New Roman&#39;, sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 60.56pt; position: absolute; text-decoration: none; white-space: pre;">Sybil Veenman<font style="display: inline-block; height: 6.93pt;"></font></font></div></div></div></td></tr></table></div></div></div></div></div></div></body></html>
[{"type": "S-8", "sequence": "1", "filename": "forms-8x2025incentiveplan.htm", "description": "S-8", "secsgml_size_bytes": 158503}]
{"company-data": {"conformed-name": "ROYAL GOLD INC", "cik": "0000085535", "assigned-sic": "6795", "organization-name": "01 Energy & Transportation", "ein": "840835164", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-287701", "film-number": "251012183"}, "business-address": {"street1": "1144 15TH STREET", "street2": "SUITE 2500", "city": "DENVER", "state": "CO", "zip": "80202", "phone": "303-573-1660"}, "mail-address": {"street1": "1144 15TH STREET", "street2": "SUITE 2500", "city": "DENVER", "state": "CO", "zip": "80202"}, "former-company": [{"former-conformed-name": "ROYAL GOLD INC /DE/", "date-changed": "19920703"}, {"former-conformed-name": "ROYAL RESOURCES CORP", "date-changed": "19870517"}, {"former-conformed-name": "ROYAL RESOURCES EXPLORATION INC", "date-changed": "19810716"}]}
Form S-8 - 2025 Incentive Plan
As filed with the Securities and Exchange Commission on May 30, 2025
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Royal Gold, Inc.
(Exact name of registrant as specified in its charter)
Delaware
84-0835164
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification Number)
1144 15
th
Street, Suite 2500
Denver, Colorado 80202
(Address, including zip code, of principal executive offices)
ROYAL GOLD, INC. 2025 INCENTIVE PLAN
(Full title of the plan)
David Crandall
Vice President, Corporate Secretary, and Chief Compliance Officer
Royal Gold, Inc.
1144 15
th
Street, Suite 2500
Denver, Colorado 80202
303-573-1660
(Name, address and telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,
a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer,"
"accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange
Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section
7(a)(2)(B) of the Securities Act.
☐
1
EXPLANATORY NOTE
This registration statement on Form S-8 is being filed to register 350,000 shares of common stock, par value $0.01
per share ("Common Stock"), of Royal Gold, Inc. (the "Registrant" or "Royal Gold") issuable and payable under the
Royal Gold, Inc. 2025 Incentive Plan (the "2025 Plan"). The number of shares of Common Stock registered on this
registration statement do not include (a) shares of Common Stock that remained available under the Registrant's
2015 Omnibus Long-Term Incentive Plan (as amended, the "2015 Plan") immediately prior to May 22, 2025 (the
"Effective Date"), and (b) shares of Common Stock subject to awards granted under the 2015 Plan that were
outstanding as of the Effective Date and which awards expire, terminate, or are otherwise surrendered, cancelled,
forfeited, or repurchased by the Registrant at their original issuance price pursuant to a contractual repurchase right
(collectively, the shares of Common Stock described in clauses (a) and (b) above, the "Rollover Shares"). On and
after the Effective Date, the Rollover Shares may be issued under the 2025 Plan.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information required in Part I of this registration statement have been or will be sent
or given to participants as specified in Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities
Act"), in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the
"Commission"). Such documents are not being filed with the Commission either as part of this registration statement
or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the
documents incorporated by reference into this registration statement pursuant to Item 3 of Part II of this registration
statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents filed by the Registrant with the Commission are incorporated herein by reference:
(1)
the Registrant's
Annual Report on Form 10-K filed with the Commission on February 13, 2025
;
(2)
the Registrant's
Quarterly Report on Form 10-Q filed with the Commission on May 8, 2025
;
(3)
the Registrant's Current Reports on Form 8-K, excluding any information furnished under Items 2.02 or
7.01 thereof, filed with the Commission on
February 20, 2025
,
March 21, 2025
,
April 18, 2025
, and
May
27, 2025
; and
(4)
the description of the Registrant's securities contained in
Exhibit 4.1 to the Registrant's Annual Report
on Form 10-K filed with the Commission on February 13, 2025
.
All reports and other documents filed by the Registrant after the date hereof pursuant to Sections 13(a), 13(c), 14,
and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing of a post-
effective amendment which indicates that all securities offered hereby have been sold or which deregisters all
securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be part hereof from
the date of filing of such reports and documents. Any statement contained in a document incorporated or deemed to
be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this
registration statement to the extent that a statement contained herein or in any other subsequently filed document
which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of
this registration statement.
2
Item 4. Description of Securities
Not applicable.
Item 5. Interests of Named Experts and Counsel
David Crandall, Vice President, Corporate Secretary, and Chief Compliance Officer of Royal Gold, is passing on
certain legal matters regarding the securities being registered. Mr. Crandall is a full-time employee of Royal Gold,
owns Royal Gold securities, and is eligible to participate in various employee benefit and equity incentive plans,
including the 2025 Plan.
Item 6. Indemnification of Directors and Officers
Set forth below is a description of certain provisions of the Delaware General Corporation Law (the "Delaware
Statute"), Royal Gold's certificate of incorporation and bylaws, and certain indemnification agreements between
Royal Gold and its directors and officers. The description is intended only as a summary and is qualified in its
entirety by reference to the Delaware Statute, Royal Gold's certificate of incorporation and bylaws, and the
indemnification agreement, a form of which has been filed by Royal Gold with the Commission.
Delaware General Corporation Law
Under Section 145 of the Delaware Statute, a corporation may indemnify its directors, officers, employees, and
agents and its former directors, officers, employees, and agents and those who serve, at the corporation's request, in
such capacities with another enterprise, against expenses (including attorneys' fees), as well as judgments, fines, and
settlements in nonderivative lawsuits, actually and reasonably incurred in connection with the defense of any action,
suit, or proceeding in which they or any of them were or are made parties or are threatened to be made parties by
reason of their serving or having served in such capacity. The Delaware Statute provides, however, that such person
must have acted in good faith and in a manner he or she reasonably believed to be in (or not opposed to) the best
interest of the corporation and, in the case of a criminal action, such person must have had no reasonable cause to
believe his or her conduct was unlawful. In addition, the Delaware Statute does not permit indemnification in an
action or suit by or in the right of the corporation, where such person has been adjudged liable to the corporation,
unless, and only to the extent that, a court determines that such person fairly and reasonably is entitled to indemnity
for expenses the court deems proper in light of liability adjudication. Indemnity is mandatory to the extent a claim,
issue, or matter has been successfully defended. The Delaware Statute provides that a corporation has the power to
purchase and maintain insurance on behalf of any person described above, whether or not the corporation would
have the power to indemnify such person against such liability under the provisions of the Delaware Statute.
Section 102 of the Delaware Statute allows a corporation to eliminate or limit the personal liability of directors and
officers of a corporation to the corporation or its stockholders for monetary damages for a breach of fiduciary duty
as a director or officer, except where the director or officer breached his or her duty of loyalty, failed to act in good
faith, engaged in intentional misconduct or knowingly violated a law, or obtained an improper personal benefit, or
where a director authorized the payment of a dividend or approved a stock repurchase in violation of Delaware law.
In addition, Section 102 of the Delaware Statute does not permit a corporation to eliminate or limit the personal
liability of an officer in any action by or in the right of the corporation.
Section 174 of the Delaware Statute provides, among other things, that a director who willfully or negligently
approves of an unlawful payment of dividends or an unlawful stock purchase or redemption may be held liable for
such actions. A director who was either absent when the unlawful actions were approved or dissented at the time
may avoid liability by causing his or her dissent to such actions to be entered in the books containing the minutes of
the meetings of the board of directors at the time such action occurred or immediately after such absent director
receives notice of the unlawful acts.
3
Certificate of Incorporation and Bylaws
Royal Gold's certificate of incorporation and bylaws provide for mandatory indemnification or similar rights of
directors and officers generally to the same extent as is authorized by the Delaware Statute. Under the bylaws, Royal
Gold must advance expenses incurred by an officer or director in defending any such action if the director or officer
undertakes to repay such amount if it is ultimately determined that he or she is not entitled to indemnification. To the
extent authorized by the board of directors, Royal Gold may also similarly indemnify and advance expenses to
employees and agents. The provisions of the certificate of incorporation and bylaws do not preclude Royal Gold
from indemnifying other persons from similar or other expenses and liabilities as the board of directors or the
stockholders may determine in a specific instance or by resolution of general application.
Indemnification Agreements and Insurance
Royal Gold has entered into indemnification agreements with its current officers and directors. The indemnification
agreements provide such persons indemnification against, among other things, any and all expenses, judgments,
fines, penalties, and amounts paid in settlement by the director or officer, provide for the advancement of expenses
incurred by the director or officer in connection with any proceeding, and obligate the director or officer to
reimburse the registrant for all amounts so advanced if it is subsequently determined, as provided in the
indemnification agreements, that the director or officer is not entitled to indemnification, if such advanced amounts
were in excess of amounts actually paid or incurred by such director or officer or if such director or officer receives
from insurance or other compensation or reimbursement payments from any insurer or third party in respect of the
same subject matter. The indemnification agreements also provide certain methods and presumptions for
determining whether the officer or director is entitled to indemnification, among other matters, as set forth in such
agreement.
Royal Gold also maintains directors' and officers' liability insurance.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
Exhibit
Number
Description
4.1
Restated Certificate of Incorporation of Royal Gold, Inc., as amended through May 26, 2023 (filed as
Exhibit 3.1 to Royal Gold's Quarterly Report on Form 10-Q filed on November 2, 2023, and
incorporated herein by reference)
4.2
Amended and Restated Bylaws, as amended through November 19, 2024 (filed as Exhibit 3.2 to
Royal Gold's Annual Report on Form 10-K filed on February 13, 2025, and incorporated herein by
reference)
5.1*
Opinion of David Crandall, Vice President, Corporate Secretary, and Chief Compliance Officer of
Royal Gold
23.1*
Consent of Ernst & Young, Independent Registered Public Accounting Firm
23.2*
Consent of David Crandall (contained in Exhibit 5.1)
24.1*
Power of Attorney (included on the signature page to this registration statement)
99.1
Royal Gold, Inc. 2025 Incentive Plan (filed as Exhibit 10.1 to Royal Gold's Current Report on Form
8-K filed on May 27, 2025, and incorporated herein by reference)
107*
Filing Fee Table
* Filed herewith.
4
Item 9. Undertakings
(a)
The undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement:
(i)
to include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
to reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change
in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or
"Calculation of Registration Fee" table, as applicable, in the effective registration statement; and
(iii)
to include any material information with respect to the plan of distribution not previously
disclosed in this registration statement or any material change to such information in this
registration statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if this registration statement is
on Form S-8 and the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant
to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this
registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.
(b)
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section
15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(c)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to
be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Denver, State of Colorado,
on
May 30, 2025.
ROYAL GOLD, INC.
By:
/s/ William Heissenbuttel
Name:
William Heissenbuttel
Title:
President & Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Paul Libner and David Crandall, and each of them, their true and lawful attorneys-in-fact and agents, with
full power of substitution and resubstitution, to sign, execute and file with the Securities and Exchange Commission
(or any other governmental or regulatory authority), for us and in our names in the capacities indicated below, a
registration statement on Form S-8 (including all amendments thereto) with all exhibits and any and all documents
required to be filed with respect thereto, granting unto said attorneys-in-fact and agents and each of them, full power
and authority to do and to perform each and every act and thing necessary or desirable to be done in and about the
premises in order to effectuate the same as fully to all intents and purposes as they themselves might or could do if
personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ William Heissenbuttel
President, Chief Executive Officer and
Director (Principal Executive Officer)
May 30, 2025
William Heissenbuttel
/s/
Paul Libner
Senior Vice President and Chief
Financial Officer (Principal Financial
and Accounting Officer)
May 30, 2025
Paul Libner
/s/ William Hayes
Chairman
May 30, 2025
William Hayes
/s/ Fabiana Chubbs
Director
May 30, 2025
Fabiana Chubbs
/s/ Mark Isto
Director
May 30, 2025
Mark Isto
/s/ Jamie Sokalsky
Director
May 30, 2025
Jamie Sokalsky
/s/ Ronald Vance
Director
May 30, 2025
Ronald Vance
/s/ Sybil Veenman
Director
May 30, 2025
Sybil Veenman