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mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royal Gold Completes Acquisition of Barrick Gold's Royalty Portfolio +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-DENVER, Oct. 6 /PRNewswire-FirstCall/ -- ROYAL GOLD, INC. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-(Nasdaq: RGLD+ADs- TSX: RGL), the leading precious metals royalty company, today announced the closing of its acquisition of the royalty portfolio from Barrick Gold Corporation (+ACY-quot+ADs-Barrick+ACY-quot+ADs-), effective October 1, 2008.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Consideration to Barrick for the transaction was approximately +ACQ-150 million net cash and a restructuring of Royal Gold's +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-royalty positions at Barrick's Cortez Pipeline Mining Complex (+ACY-quot+ADs-Cortez+ACY-quot+ADs-) in +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-Nevada, valued at +ACQ-31.5 million.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The cash portion of the purchase price for +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-the transaction was paid from Royal Gold's cash on hand.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The Company +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-initially announced the execution of a definitive agreement to acquire Barrick +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-Gold's royalty portfolio on July 31, 2008. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-The royalty portfolio consists of royalties on 72 properties, including 8 +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-producing royalties, 2 development stage properties, 19 evaluation stage +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-properties, and 43 exploration projects.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Approximately 75+ACU- of the portfolio +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-consists of precious metals royalties.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-See Tables 1 through 4 for a list of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-all the royalty properties acquired in the transaction along with calendar +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-2008 first half production and revenue figures for the majority of the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-producing properties. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royalties on 77 properties were included in the Barrick royalty portfolio +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-at the time Royal Gold entered into the definitive purchase agreement with Barrick.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-As previously announced, several royalties in the portfolio were subject to rights of first refusal (+ACY-quot+ADs-ROFR+ACY-quot+ADs-) or buy down rights.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Of the 77 properties initially included in the royalty portfolio, three properties were transferred to third parties upon the exercise of ROFRs and two properties were removed from the transaction.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The removal of these five royalties reduced the purchase price by +ACQ-210,000.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Osisko Mining did not exercise its ROFR on the Malartic property.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-In addition, one evaluation stage property, having an attributed value for purposes of the transaction of approximately +ACQ-1.0 million, remains subject to a ROFR which is due to expire by the end of October 2008.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-This royalty will either be transferred to Royal Gold following expiration+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-or waiver of the ROFR, or transferred by Barrick to the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-ROFR-holder if the ROFR is exercised in accordance with its terms. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royal Gold holds four gold royalty interests at Cortez, consisting of two +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-sliding-scale gross smelter return (+ACY-quot+ADs-GSR+ACY-quot+ADs-) royalties (+ACY-quot+ADs-GSR1+ACY-quot+ADs- and +ACY-quot+ADs-GSR2+ACY-quot+ADs-), a +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-fixed-rate GSR royalty (+ACY-quot+ADs-GSR3+ACY-quot+ADs-) and a net value return royalty (+ACY-quot+ADs-NVR1+ACY-quot+ADs-).+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-span lang+AD0-EN-US style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs-font-family: +ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACIAOw-mso-ansi-language:EN-US+ADs- mso-fareast-language:EN-US+ADs-mso-bidi-language:AR-SA'+AD4APA-br clear+AD0-all style+AD0-'page-break-before:always'+AD4- +ADw-/span+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-restructuring of Royal Gold's royalty positions at Cortez consisted of the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-following: (1) a reduction of Royal Gold's GSR2 sliding-scale royalty, from a +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-range of 0.72+ACU- to 9.0+ACU-, to match the current GSR1 sliding-scale royalty rate +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-ranging from 0.40+ACU- to 5.0+ACU-, and (2) the elimination of Royal Gold's interest +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-in the 0.71+ACU- GSR3 royalty and the 0.39+ACU- NVR1 royalty on the mining claims that +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-comprise the undeveloped Crossroads deposit.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The GSR3 and NVR1 royalties that +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-cover areas outside of the Crossroads deposit at Cortez were not affected by +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-this transaction.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The Crossroads deposit continues to be subject to Royal +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-Gold's GSR2 royalty at the reduced royalty rate.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-As a result of the transaction, Royal Gold now holds a total of 22 +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-producing royalties, 6 development stage properties, 27 evaluation stage +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-properties and 64 exploration projects. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-About Royal Gold +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royal Gold is the leading precious metals royalty company engaged in the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-acquisition and management of precious metals royalty interests.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royal Gold +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-is publicly-traded on the NASDAQ Global Select Market under the symbol +ACY-quot+ADs-RGLD,+ACY-quot+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-and on the Toronto Stock Exchange under the symbol +ACY-quot+ADs-RGL.+ACY-quot+ADsAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The Company's web +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-page is located at http://www.royalgold.com. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Cautionary +ACY-quot+ADs-Safe Harbor+ACY-quot+ADs- Statement under the Private Securities Litigation +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-Reform Act of 1995:+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-With the exception of historical matters, the matters +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-discussed in this press release are forward-looking statements that involve +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-risks and uncertainties that could cause actual results to differ materially +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-from the forward-looking statements contained herein.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Such forward-looking +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-statements include statements regarding operator's estimates of reserves, +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-additional mineralized material and the price of potash per ton for 2008, and +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-the estimated closing date for the acquisition of any royalty in the Barrick +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-royalty portfolio that was not transferred at the closing of the transaction.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-Like any royalty acquisition that contains significant assets that are not +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-producing or not yet in development, the royalties in the royalty portfolio +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-that are in development, evaluation or exploration stages are subject to +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-certain risks, such as the ability of the operator to bring the project into +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-production and operate in accordance with the feasibility study and the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-ability of Royal Gold to make accurate assumptions regarding valuation, timing +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-and amount of royalty payments.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-In addition, the royalties are subject to +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-certain risks associated with conducting business in foreign countries, +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal 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New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-environments.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Furthermore, the acquisition of royalties from Barrick, like +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-any royalty acquisition, involves risks that operators of mining projects and +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-holders of mining claims, tenements, concessions or other land interests may +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-contest the existence or extent of one or more of the royalty interests.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-While Royal Gold seeks to confirm the validity of royalties it acquires, there +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal 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style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-uncertainties and complexities arising from the application of contract and +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-property laws governing private parties or the local or national governments.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-Factors that could cause actual results to differ materially from projections +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-include, among others, the exercise of rights of first offer and rights of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-first refusal on royalties acquired, precious metals and other commodity +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-prices, decisions and activities of the operators of the various properties, +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-unanticipated grade, geological, metallurgical, processing or other problems +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-the operators may encounter, changes in project parameters as plans continue +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-to be refined, economic and market conditions, as well as other factors +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-described elsewhere in this press release and in the Company's Annual Report +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-on Form 10-K, and other filings with the Securities and Exchange Commission.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-Most of these factors are beyond the Company's ability to predict or control.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-The Company disclaims any obligation to update any forward-looking statement +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-made herein.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Readers are cautioned not to put undue reliance on forward-+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- 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New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-TABLE 1 +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-BARRICK ROYALTY PORTFOLIO +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-PRODUCING AND DEVELOPMENT PROPERTIES FOOTNOTES +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4-(1)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Set forth below are definitions for proven and probable reserves +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-used by the U.S. Securities and Exchange Commission.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJg-quot+ADs-Reserve+ACY-quot+ADs- is that part of a mineral deposit which could be +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-economically and legally extracted or produced at the time of the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-reserve determination.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJg-quot+ADs-Proven (Measured) Reserves+ACY-quot+ADs- are reserves for which (a) quantity is +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-computed from dimensions revealed in outcrops, trenches, workings or +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-drill holes, and the grade is computed from the results of detailed +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-sampling, and (b) the sites for inspection, sampling and measurement +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-are spaced so closely and the geologic character is so well defined +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-that the size, shape, depth and mineral content of the reserves are +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-well established. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJg-quot+ADs-Probable (Indicated) Reserves+ACY-quot+ADs- are reserves for which the quantity +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-and grade are computed from information similar to that used for +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-proven (measured) reserves, but the sites for inspection, sampling +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-and measurement are farther apart or are otherwise less adequately +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-spaced.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The degree of assurance of probable (indicated) reserves, +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-although lower than that for proven (measured) reserves, is high +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-enough to assume geological continuity between points of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-observation.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-In this press release, Royal Gold has disclosed a number of reserve +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-estimates that are provided by royalty operators that are foreign +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-issuers and are not based on the U.S. Securities and Exchange +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Commission's definitions for proven and probable reserves.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-For +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Canadian issuers, definitions of +ACY-quot+ADs-mineral reserve,+ACY-quot+ADs- +ACY-quot+ADs-proven mineral +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-reserve,+ACY-quot+ADs- and +ACY-quot+ADs-probable mineral reserve+ACY-quot+ADs- conform to the Canadian +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Institute of Mining, Metallurgy and Petroleum definitions of these +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-terms as of the effective date of estimation as required by National +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-Instrument 43-101 of the Canadian Securities Administrators.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-For +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Australian issuers, definitions of +ACY-quot+ADs-mineral reserve,+ACY-quot+ADs- +ACY-quot+ADs-proven +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-mineral reserve,+ACY-quot+ADs- and +ACY-quot+ADs-probable mineral reserve+ACY-quot+ADs- conform with the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Australasian Code for Reporting of Mineral Resources and Ore +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Reserves prepared by the Joint Ore Reserves Committee of the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Australasian Institute of Mining and Metallurgy, Australian +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Institute of Geoscientists and Minerals Council of Australia, as +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-amended (+ACY-quot+ADs-JORC Code+ACY-quot+ADs-).+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-In each case, the reserves reported +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-hereunder are estimates previously disclosed by the relevant +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-operator, without reference to the underlying data used to calculate +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-the estimates.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Accordingly, Royal Gold is not able to reconcile the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-reserve estimates prepared in reliance on National Instrument 43-101 +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-or JORC Code with definitions of the U.S. Securities and Exchange +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Commission. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(2)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Estimated reserves subject to the Barrick royalty portfolio +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-interests.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Each listed royalty is based on royalty documentation +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-material provided to Royal Gold by Barrick.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Except for Mulatos, +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royal Gold has not been supplied with reserve information directly +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-from the operator.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-This information is derived from recent +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-publicly-available information from the operators of the various +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-properties or various recent National Instrument 43-101 or JORC Code +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-reports filed by operators.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-A portion of the reported reserves may +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-not be subject to Royal Gold's royalty interests and/or may be +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-subject to contractual limitations such as production caps, monetary +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-caps, and the extent of claim, concession or tenement boundaries. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(3)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Reserves have been calculated by the operators as of December 31, +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007, with the exception of the following properties:+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Balcooma and +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Mt. Goode - June 30, 2007+ADs- Holt/Holloway - June 1, 2008+ADs- Meekatharra +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(Paddy's Flat) - September 19, 2007. The Koolanooka reserves are +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-based on an above ground stockpile of iron ore fines and are not +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-calculated as of a specific date.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(4) +ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4-Gold reserves were calculated by the operators at the following per +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-ounce prices:+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA-775 - Holt/Holloway+ADs- +ACQ-650 - Wharf+ADs- +ACQ-600 - Siguiri +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-and El Toqui+ADs- +ACQ-500 - Mulatos.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Gold reserve prices for Balcooma +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-and Meekatherra (Paddy's Flat) were not available.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Silver reserve price for Balcooma was not available. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Base metal reserves were calculated by the operators at the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-following price per pound:+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA-1.12 per pound zinc for El Toqui and +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-US+ACQ-5.00 per pound of nickel for Mt. Goode.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Base metal reserve +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-prices for copper, zinc and lead at Balcooma were not available. The +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Koolanooka reserves are based on an above ground stockpile of iron +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-ore fines and not at any specific price.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Potash price for Allen was not available.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(5)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJg-quot+ADs-Contained Ounces,+ACY-quot+ADs- +ACY-quot+ADs-Contained Pounds+ACY-quot+ADs- or +ACY-quot+ADs-Contained Tons+ACY-quot+ADs- do not +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-take into account losses in processing the ore.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(6)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The royalty is capped at 2.0 million ounces of production.+ADw-span style+AD0-'mso-spacerun:yes'+AD4-+ACY-nbsp+ADs- +ADw-/span+AD4-There +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-has been approximately 248,000 ounces of cumulative production as of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-June 30, 2008.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-NSR sliding-scale schedule (price of gold per ounce +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-- royalty rate):+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA-0.00 to +ACQ-299.99 - 0.70+ACUAOw- +ACQ-300 to +ACQ-324.99 - 1.05+ACUAOw- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-325 to +ACQ-349.99 - 1.4+ACUAOw- +ACQ-350 to +ACQ-374.99 - 2.10+ACUAOw- +ACQ-375 to +ACQ-399.99 - +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2.80+ACUAOw- +ACQ-400 or higher - 3.5+ACU-.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(7)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The royalty is capped on a dollar basis and approximately +ACQ-13 +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-million remains to be paid as of June 30, 2008.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-NSR sliding-scale +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-schedule (price of gold per ounce - royalty rate as of 3/31/08):+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA-0 +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-to 478.10 - 0.00+ACUAOw- +ACQ-478.10 to +ACQ-546.41 - 0.625+ACUAOw- +ACQ-546.42 to +ACQ-580.57 - +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-0.875+ACUAOw- +ACQ-580.58 to +ACQ-614.72 - 1.125+ACUAOw- +ACQ-614.73 to +ACQ-648.87 - 1.50+ACUAOw- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-above +ACQ-648.87 - 1.875+ACU-.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The sliding-scale schedule is based on the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-average of the United States, Australian and Canadian Consumer Price +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Indices on a quarterly basis.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The most current rate available is +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-reflected herein. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(8)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Metal in concentrate.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Figures represent 100+ACU- of reported production +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-and may include production that is not subject to the royalty.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(9)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Total first-half CY08 revenue from the Balcooma royalty is estimated +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-to be +ACQ-1.8 million.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-A breakdown of revenue by metal was not +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-available. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(10) NSR sliding-scale schedule (price of zinc per pound - royalty rate): +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-0.50 to below +ACQ-0.55 - 1.0+ACUAOw- +ACQ-0.55 to below +ACQ-0.60 - 2.0+ACUAOw- +ACQ-0.60 or +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-higher - 3.0+ACU-.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Gold is produced as a by-product of zinc.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-currently held in trust by Barrick for Royal Gold pending receipt of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-necessary consents. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(11) NSR sliding-scale schedule (price of gold per ounce - royalty rate):+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-0.00 to under +ACQ-350 - 0.0+ACUAOw- +ACQ-350 to under +ACQ-400 - 0.5+ACUAOw- +ACQ-400 to under +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-500 - 1.0+ACUAOw- +ACQ-500 or higher - 2.0+ACU-.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACI-+ADs-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(12) Royalty applies on production above 50,000 ounces.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(13) Current production and/or revenue figures are not available.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(14) The royalty applies to 40+ACU- of production.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The royalty rate is +ACQ-1.44 +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-per ton for the first 600,000 tons on which the royalty is paid, +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4-reducing to +ACQ-0.72 per ton on 600,000-800,000 tons and to +ACQ-0.36 per +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-ton above 800,000 tons.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The sliding-scale is applicable when the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-price of potash drops below +ACQ-23 per ton.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Given the current North +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-American market price for potash, the complete sliding-scale +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-schedule is not presented here. In addition, there is a +ACQ-0.25 per +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-ton royalty payable on annual production up to 600,000 tons. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-TABLE 2 +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span 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New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(1)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Mineralized material is that part of a mineral system that has +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-potential economic significance but cannot be included in the proven +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-and probable ore reserve estimates until further drilling and +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-metallurgical work is completed, and until other economic and +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-technical feasibility factors based upon such work have been +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-resolved.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Mineralized material that is not mineral reserves does +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-not have economic viability.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The U.S. Securities and Exchange +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Commission does not recognize the term +ACY-quot+ADs-mineralized material.+ACY-quot+ADsAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Investors are cautioned not to assume that any part or all of the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-mineralized material shown will ever be converted into reserves.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(2)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Some of the royalty operators are Canadian and Australian issuers.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Canadian and Australian issuers use the terms +ACY-quot+ADs-mineral resources+ACY-quot+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-and its subcategories +ACY-quot+ADs-measured,+ACY-quot+ADs- +ACY-quot+ADs-indicated+ACY-quot+ADs- and +ACY-quot+ADs-inferred+ACY-quot+ADs- mineral +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-resources. For Canadian issuers, the definitions of +ACY-quot+ADs-mineral +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-resource,+ACY-quot+ADs- +ACY-quot+ADs-measured mineral resource,+ACY-quot+ADs- +ACY-quot+ADs-indicated mineral resource+ACY-quot+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-and +ACY-quot+ADs-inferred mineral resource+ACY-quot+ADs- conform to the Canadian Institute of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Mining, Metallurgy and Petroleum definitions of those terms as of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-the effective date of estimation, as required by National Instrument +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-43-101 of the Canadian Securities Administrators.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-For Australian +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-issuers, the definitions of +ACY-quot+ADs-mineral resource,+ACY-quot+ADs- +ACY-quot+ADs-measured mineral +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-resource,+ACY-quot+ADs- +ACY-quot+ADs-indicated mineral resource+ACY-quot+ADs- and +ACY-quot+ADs-inferred mineral +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-resource+ACY-quot+ADs- conform with the JORC Code.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-While such terms are +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-recognized and required by Canadian and Australian regulations, the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-U.S. Securities and Exchange Commission does not recognize them.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-In +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-each case, the mineralized material reported hereunder are estimates +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-previously disclosed by the relevant operator, without reference to +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-the underlying data used to calculate the estimates.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Accordingly, +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royal Gold is not able to reconcile the estimates prepared in +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-reliance on National Instrument 43-101 or JORC Code with terms +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-recognized by the U.S. Securities and Exchange Commission.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Investors are cautioned not to assume that any part or all of the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-mineral deposits in these categories will ever be converted into +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-reserves. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(3)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Each listed royalty is based on royalty documentation material +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-provided to Royal Gold by Barrick.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royal Gold has not been supplied +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-with additional mineralized material information directly from the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-operator.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-This information is derived from recent publicly-+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-available information from the operators of the various properties +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-or various recent National Instrument 43-101 or JORC Code reports +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-filed by operators.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Additional mineralized material shown in the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-table may include additional mineralized material that is not +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-subject to the royalty interests and/or may be subject to +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-contractual limitations such as production caps, monetary caps, and +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-the extent of claim, concession or tenement boundaries.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Additional +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-mineralized material estimates are based on information available +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-from the operators as of December 31, 2007 with the exception of the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-following properties: Holt/Holloway - June 1, 2008+ADs- Meekatharra +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(Paddy's Flat) - September 19, 2007+ADs- Mt. Goode and Balcooma - June +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-30, 2007.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(4)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-The royalty is capped at 2.0 million ounces of production.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-There +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-has been approximately 248,000 ounces of cumulative production as of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-June 30, 2008.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-NSR sliding-scale schedule (price of gold per ounce +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-- royalty rate):+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA-0.00 to +ACQ-299.99 - 0.70+ACUAOw- +ACQ-300 to +ACQ-324.99 - 1.05+ACUAOw- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-325 to +ACQ-349.99 - 1.40+ACUAOw- +ACQ-350 to +ACQ-374.99 - 2.10+ACUAOw- +ACQ-375 to +ACQ-399.99 - +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2.80+ACUAOw- +ACQ-400 or higher - 3.5+ACU-.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(5)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-The royalty is capped on a dollar basis and approximately +ACQ-13 +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-million remains to be paid as of June 30, 2008.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-NSR sliding-scale +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-schedule (price of gold per ounce - royalty rate as of 3/31/08):+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-0.00 to +ACQ-478.10 - 0.00+ACUAOw- +ACQ-478.10 to +ACQ-546.41 - 0.625+ACUAOw- +ACQ-546.42 to +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-580.57 - 0.875+ACUAOw- +ACQ-580.58 to +ACQ-614.72 - 1.125+ACUAOw- +ACQ-614.73 to +ACQ-648.87 - +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1.50+ACUAOw- above +ACQ-648.87 - 1.875+ACU-.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The sliding-scale is based on the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-average of the United States, Australian and Canadian Consumer Price +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Indices on a quarterly basis.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The most current rate available is +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-reflected herein. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(6)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-NSR sliding-scale schedule (price of gold per ounce - royalty rate):+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-0.00 to under +ACQ-350 - 0.0+ACUAOw- +ACQ-350 to under +ACQ-400 - 0.5+ACUAOw- +ACQ-400 to under +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-500 - 1.0+ACUAOw- +ACQ-500 or higher - 2.0+ACU-. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(7)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royalty applies on production above 400,000 ounces. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(8)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Additional mineralized material does not include reserves, except at +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Holt/Holloway and El Toqui where the operator includes reserves in +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-the Measured and Indicated category. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- 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style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-TABLE 3 +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-BARRICK ROYALTY PORTFOLIO +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-EVALUATION STAGE PROPERTY FOOTNOTES +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(1)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Each listed royalty rate is based on royalty documentation material +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-provided to Royal Gold by Barrick.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royal Gold considers and +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-categorizes an exploration stage property to be an +ACY-quot+ADs-evaluation +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-stage+ACY-quot+ADs- property if additional mineralized material has been +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-identified on the property but reserves have yet to be identified.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-The U.S. Securities and Exchange Commission does not recognize the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-term +ACY-quot+ADs-mineralized material.+ACY-quot+ADsAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Investors are cautioned not to assume +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-that any part or all of the mineralized material identified on these +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-properties will ever be converted into reserves. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(2)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty applies to production above 265,745 ounces. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(3)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty applies to production above 160,333 ounces. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(4)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty pays 1.0+ACU- for the first 250,000 ounces of production and +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-then 1.5+ACU- for production above 250,000 ounces. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(5)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty applies to production above 40,000 ounces and is capped at a +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-maximum of +ACQ-1.0 million. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(6)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty subject to right of first refusal. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(7)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty applies to cumulative production at both the Burnakura and +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Mercator properties above 300,000 ounces.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Once 300,000 ounces is +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-produced, the royalty rate is 1.5+ACU- for the first 75,000 ounces per +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-year and 2.5+ACU- above 75,000 ounces per year. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(8)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty calculation is 0.75 x AUD+ACQ-Au price/AUD+ACQ-470 x grade/2.5 g/t.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royal Gold's share of the royalty is 44.85+ACU- of the calculated +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-royalty figure. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(9)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty rate is 2.35+ACU- on George Lake and 1.95+ACU- on Goose Lake.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royalty on George Lake applies to production above 800,000 ounces. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royalty on Goose Lake applies to production above 400,000 ounces. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(10) Royalty is subject to a buy down right of +ACQ-1.0 - +ACQ-1.5 million, +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-depending on the price of gold, exercisable at any time for one-half +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-of the royalty.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-NSR sliding-scale (price of gold per ounce - +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-royalty rate):+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA-0.00-+ACQ-350 - 2.0+ACUAOw- above +ACQ-350 - 3.0+ACU-. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(11) Royalty is paid on per ton fed to the mill. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(12) Royalty applies to production above 50,000 ounces. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(13) A +ACQ-325,000 payment is due upon production of first 100,000 ounces.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Once production reaches 200,000 ounces, the royalty begins paying at +ADw-o:p+AD4-+ADw-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-the following rate schedule (price of gold per ounce- royalty rate): +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-0.00 to +ACQ-425 - 1.0+ACUAOw- +ACQ-425 and above - 2.0+ACU-.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(14) Royalty rate is 1.0+ACU- for each ton of ore at a NSR value of less than +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-115 per ton of ore+ADs- 2.0+ACU- for each ton of ore at a NSR value between +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-115 and +ACQ-135 per ton of ore, and 3.0+ACU- for each ton of ore at a +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-NSR value greater than +ACQ-135 per ton of ore. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-TABLE 4 +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-BARRICK ROYALTY PORTFOLIO +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-EXPLORATION PROPERTIES(1) +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-EXPLORATION +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Property+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Location+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Ownership+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royalty Rate +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Barmedman+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Australia+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Templar Resources+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-12.50+ACU- NPI +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Biddy Well+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Australia+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-View Gold+ADw-span 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style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-EXPLORATION PROPERTIES FOOTNOTES +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(1)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Each listed royalty rate is based on royalty documentation material +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-provided to Royal Gold by Barrick. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(2)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty paid on dollars per tonne of ore above 50,000 tonnes up to +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-500,000 tonnes.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(3)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Triumph Mining has granted Dourado Resources an option to purchase +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-the mining lease subject to the royalty. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(4)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty applies on production above 10,000 ounces. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(5)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty applies on production up to 500,000 ounces. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(6)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty rate is 2.0+ACU- for gold and 1.5+ACU- for all other metals. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(7)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty rate is 4.0+ACU- for grades at 1.5 g/t or less and 2.5+ACU- at +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-grades above 1.5 g/t. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(8)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Cullen Exploration has granted a right to Red Hill Iron to earn a +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-70+ACU- in all minerals (other than iron ore) produced from the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-tenements subject to the royalty. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(9)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Royalty is capped on a dollar basis and applies on production until +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-1,760,000 has been paid.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The 2.0+ACU- NSR applies on production +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-thereafter. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(10) The 3.0+ACU- NSR royalty applies to production from an area of the +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-property referred to as the +ACY-quot+ADs-Homestake Properties+ACY-quot+ADs- and the 2.0+ACU- NSR +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-royalty applies to production from an area of the property referred +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-to as the +ACY-quot+ADs-GeoNova Properties.+ACY-quot+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(11) Royalty rate is 3.0+ACU- on Homestake and Emerald unpatented claims+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1.0+ACU- on Emerald patented claims. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(12) Royalty currently held in trust by Barrick for Royal Gold pending +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-additional information about property ownership and receipt of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-necessary consents. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(13) Royalty is payable per pound of uranium produced above 8 million +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-pounds. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal align+AD0-center style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt: auto+ADs-text-align:center+ADs-mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs- mso-bidi-font-size:12.0pt+ADs-font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family: +ACI-MS Mincho+ACI-'+AD4-ROYALTY DEFINITIONS+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-The Company's royalty portfolio contains several different types of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-royalties which are defined as follows: +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Royalty -- the right to receive a percentage or other denomination of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-mineral production from a resource extraction operation.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Gross Smelter Return (+ACY-quot+ADs-GSR+ACY-quot+ADs-) Royalty -- a defined percentage of the gross +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-revenue from a resource extraction operation, less, if applicable, certain +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-contract-defined costs paid by or charged to the operator. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Net Smelter Return (+ACY-quot+ADs-NSR+ACY-quot+ADs-) Royalty -- a defined percentage of the gross +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-revenue from a resource extraction operation, less a proportionate share of +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-incidental transportation, insurance, refining, and smelting costs. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Net Value Royalty (+ACY-quot+ADs-NVR+ACY-quot+ADs-) -- a percentage of the gross revenue from a +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-resource extraction operation, less certain contract-defined costs. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Net Profits Interest (+ACY-quot+ADs-NPI+ACY-quot+ADs-) Royalty -- a defined percentage of the gross +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-revenue from a resource extraction operation, after recovery of certain +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-contract-defined pre-production costs, and after deduction of certain +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-contract-defined mining, milling, processing, transportation, administrative, +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-marketing and other costs. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Contained Gold Returned (+ACY-quot+ADs-CGR+ACY-quot+ADs-) -- a royalty in which payments are made on +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- mso-pagination:none'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-mso-bidi-font-size:12.0pt+ADs- font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family:+ACI-MS Mincho+ACI-'+AD4-contained ounces rather than recovered ounces. 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