Royal Gold, Inc.

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April 9, 2019 at 9:30 AM (CEST)|Park Hyatt, Zürich

Bill Heissenbuttel

President and CEO

Mr. William Heissenbuttel brings more than 30 years of corporate finance experience with 25 of those years in project and corporate finance in the metals and mining industry. He joined Royal Gold in 2006.
Mr. Heissenbuttel was appointed President and Chief Executive Officer and a Class I Director of Royal Gold, effective January 2, 2020. From June 2018 to January 2, 2020, he served as our Chief Financial Officer and Vice President Strategy. From 2007 through 2018, he served as Vice President Corporate Development. From January 2015 to June 2016, he served as Vice President, Operations for the Company, and from April 2006 through January 2007, he was Manager, Corporate Development for the Company.
Prior to Royal Gold, Mr. Heissenbuttel served as Senior Vice President from 2000 to 2006 and Vice President from 1999 to 2000 at N M Rothschild & Sons (Denver) Inc. From 1994 to 1999, he served as Vice President and then as Group Vice President at ABN AMRO Bank N.V. From 1987 to 1994, he was a Senior Credit Analyst and an Associate at Chemical Bank Manufacturers Hanover.
Mr. Heissenbuttel holds a Master of Business Administration degree with a specialization in finance from the University of Chicago and a Bachelor of Arts degree in Political Science and Economics from Northwestern University.

SAFE HARBOR STATEMENT

Cautionary “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from the projections and estimates contained herein and include, but are not limited to statements with regard to: solid, steady and successful performance; strengthening balance sheet; expectations to repay June 2019 bonds with cash from revolver; gold focus, including proportions of revenue from metals and geographic regions; reinvesting cash flow, including increasing operating cash flow; growing and sustainable dividend, including annual dividend increases; expected timing of funding stream advance payments; Khoemacau Project execution status, including status of permits, engineering, site work, retention of owner and EPCM contractor teams, engagement of contract miner and full funding; expected average annual silver deliveries, GEOs and GEO growth, silver contribution to total revenue, and proforma precious metal revenue mix; counterparty ownership, management and experience; Botswana’s established mining industry and reputation as favorable place to do business; Khoemacau Project location, consolidated land package and infrastructure; consistent production due to continuity of mineralization along strike and depth; silver contribution to project revenue; planned feasibility study to review expansion potential; payable copper and silver forecasts; estimates and forecasts of Zone 5 throughput, average copper production including copper grade and recovery, average silver production including silver grade and recovery, average C1 and sustaining costs and estimated mine life; three mines at Zone 5, including planned access, operation over strike length, annual production, mining method and backfill operations; Boseto plant upgrades and higher throughput; crushing, milling, conventional sulfide flotation and related processing flowsheet; expected copper concentrate quality; risks associated with developing and operating a mine and conducting business in Africa, including application of foreign laws to contract and other disputes, environmental laws, enforcement and uncertain political and economic environments; continuing work on long-term water solution, including access to additional surface and ground water through November 2021, and 2019 production and mill throughput guidance at Mount Milligan; production guidance and new mine plan at Rainy River; underground expansion, extended mine life and maintenance and ramp up of nickel production from Voisey’s Bay; Pyrite Leach Project commissioning and expectations for full year of operation, processing of previously uneconomic material, expected additional recovery, and increased grade and recoveries after completion of Peñasco pit stripping at Peñasquito; progress toward expected expansion and target throughput increase and production at Pueblo Viejo; continued stripping and expected increased production due to higher grade and mining rate at Cortez Crossroads; investment in the Peak Gold Joint Venture; results of 2018 Preliminary Economic Analysis for the Peak Gold Joint Venture, including estimates of mineralized material, initial capital and total cash costs, and results of strategic alternatives review; cash flow and growth from broad portfolio, disciplined capital deployment, strong financial position, well positioned for new business opportunities, leading shareholder return and experienced board leadership. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: inability of operators to bring projects into production as expected, especially development stage mining properties, mine and mill expansion projects and other development and construction projects; revisions or inaccuracies in technical reports, reserve, resources, costs, mine life and mine life parameters and economic and production estimates; changes in project parameters as plans of the operators are refined; the results of current or planned exploration activities; the risks inherent in the construction and operation of mining properties; a decreased price environment for gold and other metals on which our stream and royalty interests are determined; performance of and production at properties, and variation of actual production from the production estimates and forecasts made by the operators of those stream and royalty properties; decisions and activities of the Company’s management affecting margins, use of capital and changes in strategy; unexpected operating costs, decisions and activities of the operators of the Company’s stream and royalty properties; changes in operators’ mining and processing techniques or stream or royalty calculation methodologies; resolution of regulatory and legal proceedings; unanticipated grade, geological, metallurgical, environmental, processing or other problems at the properties; operators’ inability to access sufficient raw materials, water or power; errors or disputes in calculating stream deliveries and royalty payments, or deliveries or payments under stream or royalty agreements; the liquidity and future financial needs of the Company; economic and market conditions; the impact of future acquisitions and stream and royalty financing transactions; the impact of issuances of additional common stock; and risks associated with conducting business in foreign countries, including application of foreign laws to contract and other disputes, environmental laws, enforcement and uncertain political and economic environments. These risks and other factors are discussed in more detail in the Company’s public filings with the Securities and Exchange Commission. Statements made herein are as of the date hereof or as of the date indicated and should not be relied upon as of any subsequent date. The Company’s past performance is not necessarily indicative of its future performance. The Company disclaims any obligation to update any forward-looking statements.

Third-party information: Certain information in slides 8 and 10 through 15 of this presentation was provided to the Company by Cupric Canyon Capital LP, the owner and developer of the Khoemacau Project. The reserve, resource, process, throughput, recovery, production, geologic, metallurgical, engineering, construction and other technical and economic information provided to the Company and presented here is not publicly available. The Company has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of this third-party information. Certain information in slides 16 through 18 of this presentation has been provided to the Company by the operators of properties subject to our stream and royalty interests, or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. The Company has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of such third-party information and refers readers to the public reports filed by the operators for information regarding those properties.

NOTICE

The Denver Gold Group does not make any express or implied condition, representation, warranty or other term as to the accuracy, validity, reliability, timeliness or completeness of any information or materials in general or in connection with any particular use or purpose presented at the Gold Forum. Denver Gold Group cannot accept responsibility for sourcing variances, mistakes, errors or omissions or for any action taken in reliance thereon. Use of this data is governed by Denver Gold Group's Terms of Use.

The Denver Gold Group does not represent or endorse the accuracy or reliability of any third party advice, opinion, statement, information or materials received during the Gold Forum.

INVESTMENT ADVICE - NO OFFER OR RECOMMENDATION

The Gold Forum and the information and materials presented at the Gold Forum do not, and shall not be construed as, making any recommendation or providing any investment or other advice with respect to the purchase, sale or other disposition of any regulated gold related products or any other regulated products, securities or investments, including, without limitation, any advice to the effect that any gold related transaction is appropriate or suitable for any investment objective or financial situation of a prospective investor. A decision to invest in any regulated gold related products or any other regulated products, securities or investments should not be made in reliance on any of the information or materials presented or obtained during the Gold Forum. Before making any investment decision, prospective investors should seek advice from their financial, legal, tax and accounting advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.