Royal Gold, Inc. (Corporate Profile).

Research, June, 2003

Royal Gold is a profitable, dividend paying, precious metals company. As the largest U.S.-based precious metals royalty company, Royal Gold provides a distinctly different investment vehicle to capture value in the precious metal sector -- by investing in a publicly traded company that holds and manages royalties on precious metal mines. Through its portfolio of royalty interests, the Company holds investments in a number of properties without incurring ongoing capital or operating costs. Additionally, a number of the Company's producing royalties offer a sliding-scale -- an increasing royalty rate with increasing gold price -- providing shareholders with a low risk, highly leveraged exposure to gold price and precious metals income.

Management's philosophy is...

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