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October 1, 2013	TSX-V: CAA
Quarterly Letter to Shareholders of Callinan Royalties Corporation Throughout the past quarter, we have regularly received calls and emails from shareholders and have been able to meet some shareholders in person. This quarterly letter is another way of maintaining communication in addition to press releases and formal quarterly reports. On September 24, Callinan informed shareholders of new changes and initiatives that have recently been undertaken in the area of corporate governance and communications that included the following: � Advance Notice Policy, which provides a formal and transparent means of nominating directors � Majority Voting Policy, which gives shareholders a voice on individual director nominations � Notice and Access Provision to use electronic communications with shareholders; and � Appointment of a new Corporate Secretary Key benefits of the Advance Notice Policy are transparency shareholder participation. If a shareholder wishes to nominate a person to be voted on for election as director at an annual general meeting, that person must submit details of the nominee in writing to Callinan between 65 days and 30 days prior to the date of the Annual General Meeting. If submitted in the proper time, the nominee's name will be included in the Callinan's Information Circular and Proxy Form and distributed to shareholders with the management nominees at Callinan's expense. In addition, the 2012-2013 Annual Information Form has been prepared and is available for viewing on SEDAR and the Callinan website. This document provides a good summary of Callinan Royalties and its business activities. Financial Performance On September 26, we released our fourth quarter and full year financial statements. The following are key highlights for the fiscal year: � The annual royalty income for the year ended June 30, 2013 was $15.7 million compared to $23.5 million last year. The royalty income was impacted by lower commodity prices over the period as well as the lower grades and higher mining and processing costs over the period. � $3.9 million was paid out in dividends to shareholders. � Cash on hand at June 30, 2013 was $24,883,295 (compared to $29,464,334 million at June 30, 2012). � Five transactions were completed and two exploration alliances were created during the fiscal year. 777 Mines - Operational Overview In its recent financial results, Hudbay reported increased ore production at the Flin Flon operations due to the additional production from the 777 North mine. However, ore grades in the second quarter were lower. Overall operating costs were reported as higher. These factors combined with lower metal prices resulted in lower revenues to Callinan in this quarter compared to the same quarter last year. See the September 26 release for details. Hudbay Litigation After consideration, the board of directors of Callinan decided to recommence litigation and file an amended statement of claim in the Manitoba court of Queen's Bench in its law suit against Hudson Bay Mining & Smelting Co. Ltd., a subsidiary of Hudbay Minerals Inc. ("Hudbay"). The amended statement of claim will seek additional damages arising from the improper destruction of documents and financial records by Hudbay which effectively prohibited Callinan from conducting an independent audit of Hudbay's records as was agreed with Hudbay. The August 26 release includes a background summary. Investments We have reviewed numerous investment opportunities but few met our defined criteria. We announced an agreement with Excelsior Mining on July 23, which closed on August 01. Excelsior's Gunnison project attracted our interest as it is a large copper project in mining-friendly Arizona, where a pre-feasibility study in progress. Our agreement provides an initial royalty and shareholding for Callinan with funding options to increase up to a 3.0% Gross Revenue Royalty as the project advances through a series of development stages, as warranted. The Callinan Share The three month total volume of trading in Callinan shares was 1,575,458 with average daily volume of 25,411. This represents an annualized share turnover of 13%. Since introduction of the dividend policy in late 2011, Callinan has paid $7.9 million in dividends to shareholders. The quarterly dividend has been maintained at $0.02 per share and is expected to be paid on or about October 15, 2013. Notably, the current dividend yield is 4.84%, which is among the best in the mining industry. To date, we have repurchased a modest amount of 102,000 shares for cancellation during 2013. In the last three months 17,000 shares were purchased at an average price of $1.70. In terms of insider transactions, 315,000 stock options were exercised by three individuals, with details available on SEDI. These represented the last of historical stock options and there are no current plans to issue additional stock options. Summary Overall, Callinan has remained financially strong in a difficult market for mining equities over the quarter. Our business is profitable and generates sufficient cash to pay dividends while pursuing our strategy and maintaining a healthy treasury for potential new investments. All the Best, Roland Butler Roland Butler President and CEO, Callinan Royalties Corporation 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

	PRODUCTEUR
	CODE : CAA.V
	ISIN : CA13124H1064

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Callinan Royalties est une société de royalties minières d'argent et d'or basée au Canada.

Callinan Royalties est productrice d'argent, d'or, de cuivre, de plomb et de zinc au Canada, en développement de projets de cuivre, de plomb et de zinc au Canada, et détient divers projets d'exploration au Canada.

Ses principaux projets en production sont 777 MINE, COLES CREEK et CALLINAN MINE au Canada, ses principaux projets en développement sont GUNNISON et WAR BABY au Canada et ses principaux projets en exploration sont THOMPSON BELT au Cambodge et FLIN FLON, FOX RIVER MAFIC BELT, SNEATH LAKE, DION, BERRY CREEK, RAYFIELD, ECHO LAKE, CANDLE LAKE et CAL au Canada.

Callinan Royalties est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 88,8 millions CA$ (70,9 millions US$, 62,4 millions €).

La valeur de son action a atteint son plus bas niveau récent le 31 décembre 2001 à 0,07 CA$, et son plus haut niveau récent le 31 décembre 2010 à 3,37 CA$.

Callinan Royalties possède 49 360 000 actions en circulation.

Légende
	Production
	Mine développement
	Découverte
	Exploration
	Ancien producteur
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Callinan Royalties Limited

Quarterly Letter to Shareholders of Callinan Royalties Corporation

Callinan Royalties Limited