Keywords : Canada | Copper | K Street | Main Street |


January 13, 2014	TSX-V: CAA
New Year Letter to Shareholders of Callinan Royalties Corporation I trust that each shareholder enjoyed the holidays. By now, many of us have returned to review the past year, to survey the investment landscape and to prepare for the year ahead. Throughout the coming year, we will provide shareholders with updates in quarterly letters that will review highlights of financial results and recent developments to complement news releases and regulatory filings. As reported in our December 17, 2013 news release, we have extended the Normal Course Issuer Bid ("NCIB") into 2014 and continue to make progress with respect to the Hudbay litigation and are pursuing this matter toward a timely and satisfactory resolution. Also, we reported that a board committee has been tasked to review and recommend adjustments to compensation levels while management undertakes cost reductions throughout the company. Corporate Marketing and Shareholder Communications Management will be arranging meetings with shareholders and the investment community in the coming months. We will also be exhibiting at a corporate booth at two upcoming investor conferences. These events will provide a forum for connecting and communicating with shareholders and potential new investors. Cambridge House Resource Conference � Sunday and Monday, January 19 and 20 � Vancouver Convention Centre West � Callinan Royalties at Booth 1526 � www.cambridgehouse.com Prospectors and Developers Association of Canada � Tuesday and Wednesday, March 4 and 5 � Metro Toronto Convention Centre � Callinan Royalties at Booth 2405B � www.pdac.ca/convention 777 mines -- 2014 Guidance from Hudbay and Operational Overview The 777 mining operations encountered some challenges in 2013. Hudbay's MD&A for Q3 2013 stated, "Copper grades are expected to be 10-15% lower than 2013 guidance due to ground conditions encountered at the 777 mine in 2013 that led to a change in planned mine sequencing of a high grade copper zone and the limitation of paste backfill in the third quarter which also impacted stope sequencing. These higher grade copper zones are scheduled to be mined in 2014 and subsequent years." On January 08, 2014, Hudbay Minerals Inc. (HBM: TSX) provided annual guidance and an operations update on the 777 mines, where Callinan holds its royalty interests. Hudbay reported lower metal production at the 777 mining operations for 2013 and also noted that "Underground exploration drilling at 777 will also continue with the objective of extending the mine life beyond 2021." For full disclosure on Hudbay's mining operations, please see www.hudbayminerals.com. The Callinan Share Below are key financial and share data in summary form. � Cash on hand is approximately $26 million. � The current dividend yield is near 4.84%. � Annualized share turnover is approximately 25%. � The second quarter financial results are expected to be filed on or before March 03, 2014. Dividends � The next dividend payment to shareholders is expected on or about January 15, 2014 to shareholders of record on December 31, 2013. � Callinan has paid approximately $6.9 million in dividends to shareholders since 2011. NCIB � Callinan purchased 459,300 shares at an average price of $1.72 for cancellation in 2013. � Under the NCIB, up to 2,451,156 of its common shares may be purchased in 2014. Outlook While 2013 was challenging in many ways, at Callinan we are looking forward to 2014. The new board of directors is working well and the company is in strong financial shape. Many opportunities are being reviewed and evaluation of near term and producing royalty assets will be a priority while we continue our commitment to shareholder returns. In this investment environment, we will also be aware of compelling merger and acquisition opportunities. There are many reasons to be optimistic as we head into the year. Thank you for your support. All the Best, Roland Butler President and CEO, Callinan Royalties Corporation Cautionary Statement on Forward-Looking Information Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this document. Certain of the information presented in this document may constitute "forward-looking statements" or "forward-looking information" within the meaning of Canadian securities legislation (together referred to as "forward-looking statements"). The forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including any delays in the receipt of consents or approvals. Although Callinan Royalties has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this document and in any document referred to hereto. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and Callinan Royalties undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. For more information visit: www.callinan.com
PROJECT OFFICE Roland Butler, CEO 508 Main Street Lewisporte, NL Canada, A0G 3A0 Phone: +1.709.535.3433 shareholder@callinan.com	CORPORATE OFFICE Tamara Edwards, CFO 1110 - 555 West Hastings Street Vancouver, BC Canada, V6B 4N4 Phone: +1.604.605.0885	UNSUBSCRIBE FROM THIS LIST

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Callinan Royalties Limited

	PRODUCER
	CODE : CAA.V
	ISIN : CA13124H1064

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Callinan Royalties is a silver and gold royalty company based in Canada.

Callinan Royalties produces silver, gold, copper, lead and zinc in Canada, develops copper, lead and zinc in Canada, and holds various exploration projects in Canada.

Its main assets in production are 777 MINE, COLES CREEK and CALLINAN MINE in Canada, its main assets in development are GUNNISON and WAR BABY in Canada and its main exploration properties are THOMPSON BELT in Cambodia and FLIN FLON, FOX RIVER MAFIC BELT, SNEATH LAKE, DION, BERRY CREEK, RAYFIELD, ECHO LAKE, CANDLE LAKE and CAL in Canada.

Callinan Royalties is listed in Canada and in United States of America. Its market capitalisation is CA$ 88.8 millions as of today (US$ 70.9 millions, € 62.4 millions).

Its stock quote reached its lowest recent point on December 31, 2001 at CA$ 0.07, and its highest recent level on December 31, 2010 at CA$ 3.37.

Callinan Royalties has 49 360 000 shares outstanding.

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Callinan Royalties Limited

New Year Letter to Shareholders of Callinan Royalties Corporation

Callinan Royalties Limited