ROYAL GOLD INC

Ticker: RGLD CUSIP: 780287108 Class: COM

Telemark Asset Management, LLC's Holding History (CIK: 0001420816)

Note: Option positions (PUT/CALL) are excluded.

Q1 2014

Shares 180,000 Value ($000) $11,271,600 Avg Close $61.49 Range $47.02 - $72.90

Q4 2013

Shares 180,000 Value ($000) $8,293 Avg Close $47.17 Range $42.56 - $53.76

Q3 2013

Shares 100,000 Value ($000) $4,866 Avg Close $51.85 Range $40.45 - $67.25

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2014	180,000	$11,271,600	$61.49	$47.02 - $72.90
Q4 2013	180,000	$8,293	$47.17	$42.56 - $53.76
Q3 2013	100,000	$4,866	$51.85	$40.45 - $67.25