The Ontario Securities Commission (OSC) has granted an exemption to Royal Gold, Inc. (the Filer) from the prospectus requirement for certain marketing activities not expressly permitted by National Instrument 71-101 The Multijurisdictional Disclosure System (NI 71-101). This allows investment dealers acting as underwriters or selling group members of the Filer to use standard term sheets, marketing materials, and conduct road shows in connection with future offerings under a Multijurisdictional Disclosure System (MJDS) base shelf prospectus. The exemption was granted on the condition that these activities comply with the approval, content, use, and other conditions and requirements of Part 9A of National Instrument 44-102 Shelf Distributions (NI 44-102). The decision was made under the securities legislation of Ontario, specifically paragraph 74(1)2 of the Securities Act (Ontario).