Royal Gold in Public Offering

November 9, 2007

Cleary Gottlieb represented the underwriters, led by Merrill Lynch, Pierce, Fenner & Smith Incorporated, in a public offering of 1.15 million shares (including exercise of an over-allotment option) of Royal Gold, Inc.’s 7.25% mandatory convertible preferred stock for $100 per share. The offering closed on November 9.

Royal Gold is a precious metals royalty company engaging in the acquisition and management of precious metal royalty interests. Royal Gold is publicly traded on the NASDAQ Global Select Market and the Toronto Stock Exchange.