FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Heissenbuttel William Holmes 		2. Issuer Name and Ticker or Trading Symbol

ROYAL GOLD INC [ RGLD ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
VP Corporate Development
(Last)          (First)          (Middle)

1660 WYNKOOP, #1000 		3. Date of Earliest Transaction (MM/DD/YYYY)

12/21/2016
(Street)

DENVER, CO 80202
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   12/21/2016     M    6640   A $29.75   73915   (1) D    
Common Stock   12/21/2016     M    3360   A $29.75   77275   (1) D    
Common Stock   12/21/2016     M    3000   A $30.96   80275   (1) D    
Common Stock   12/21/2016     M    7000   A $30.96   87275   (1) D    
Common Stock   12/21/2016     D    3463   (2) D $62.59   83812   (1) D    
Common Stock   12/21/2016     F    1704   (3) D $62.59   82108   (1) D    
Common Stock   12/23/2016     S    7817   (4) D $61.8866   (5) 74291   (1) D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to buy NSO)   $29.75   12/21/2016     M         6640    11/7/2010   11/7/2017   Common Stock   6640   $29.75   0   D    
Stock Option (Right to Buy ISO)   $29.75   12/21/2016     M         3360    11/7/2010   11/7/2017   Common Stock   3360   $29.75   0   D    
Stock Option (Right to Buy ISO)   $30.96   12/21/2016     M         3000    11/5/2011   11/5/2018   Common Stock   3000   $30.96   0   D    
Stock Appreciation Rights (SARs)   $30.96   12/21/2016     M         7000    11/5/2011   11/5/2018   Common Stock   7000   $0   0   D    

Explanation of Responses:
( 1)  Includes 19,635 shares of restricted stock that have not vested.
( 2)  Represents the difference between the number of SARs exercised (7,000) and the number of shares issuable as a result of the exercise (3,537).
( 3)  Represents shares withheld to satisfy taxes; no shares were sold.
( 4)  Includes shares sold to cover option costs and/or taxes on options due to expire in 2017 and 2018.
( 5)  The range of the weighted average sales price is $61.38 to $62.33.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Heissenbuttel William Holmes
1660 WYNKOOP
#1000
DENVER, CO 80202

VP Corporate Development

Signatures
Margaret A. Beck as Attorney-in-Fact for William Holmes Heissenbuttel 12/23/2016
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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