ROYAL GOLD INC

Ticker: RGLD CUSIP: 780287108 Class: COM

Moerus Capital Management LLC's Holding History (CIK: 0001742647)

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

Q4 2019

Shares 5,723 Value ($000) $700 Avg Close $118.30 Range $107.00 - $131.52

Q3 2019

Shares 10,698 Value ($000) $1,318 Avg Close $121.78 Range $100.10 - $138.78

Q2 2019

Shares 12,216 Value ($000) $1,252 Avg Close $90.07 Range $80.65 - $102.62

Q1 2019

Shares 12,216 Value ($000) $1,111 Avg Close $87.35 Range $80.72 - $94.49

Q4 2018

Shares 12,066 Value ($000) $1,033 Avg Close $76.98 Range $70.16 - $86.71

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2019	5,723	$700	$118.30	$107.00 - $131.52
Q3 2019	10,698	$1,318	$121.78	$100.10 - $138.78
Q2 2019	12,216	$1,252	$90.07	$80.65 - $102.62
Q1 2019	12,216	$1,111	$87.35	$80.72 - $94.49
Q4 2018	12,066	$1,033	$76.98	$70.16 - $86.71