Map - Evaluation & Exploration
EVALUATION STAGE ROYALTY INTERESTS 45 (Listed alphabetically by country)
| Property | Location | Ownership | Royalty Rate |
| East Santa Cruz | Argentina | Minera IRL | 2.0% NSR |
| Bell Creek | Australia | Metallica Minerals | AUD$1 - $2/tonne |
| Bellevue | Australia | Xstrata Nickel | 2.0% NSR |
| Kundip | Australia | Tectonic Resources | 1.0% - 1.5% NSR 46 |
| Merlin Orbit | Australia | Northern Australian Diamonds | 1.0% GOR |
| Paddington | Australia | Norton Gold Fields | 1.75% NSR |
| Phillips Find | Australia | Barra Resources | AUD$10.00/oz 47 |
| Red Dam | Australia | Carbine Resources | 2.5% GSR |
| Reedys Meekatharra | Australia | Mercator Gold | 1.5% - 2.5%, 1.0%, 1.5% NSR 48 |
| Silver Swan | Australia | Silver Swan Resources | 1.5% NSR |
| Westmoreland | Australia | Laramide Resources | 1.0% NSR |
| Yalgoo JV (Emerald Eclipse) | Australia | Prosperity Resources | AUD$0.5726/t 49 |
| Mara Rosa | Brazil | Amarillo Gold | 1.0% NSR |
| Seguenega 50 | Burkina Faso | Orezone Gold | 3.0% NSR |
| Back River | Canada | Sabina Gold and Silver | 1.95% NSR 51 2.35% NSR 52 |
| Berg | Canada | Terrane Metals | 1.0% NSR |
| Bousquet-Cadillac-Joannes | Canada | Agnico-Eagle | 2.0% NSR |
| Follansbee | Canada | Goldcorp/Premier Gold | 2.0% NSR |
| High Lake | Canada | Minerals and Metals Group | 1.5% NSR |
| Horizon Coal | Canada | Peace River Coal | 0.50% FOB |
| Hushamu | Canada | Western Copper Corporation | 10.0% NPI |
| Kutcho Creek | Canada | Capstone Mining | 1.6% NSR |
| Ulu | Canada | Minerals and Metals Group | 5.0% NSR |
| Kubi Village | Ghana | PMI Gold | 3.0% NPI |
| Nieves | Mexico | Quaterra Resources | 2.0% NSR |
| Fedorova | Russia | Barrick | 0.75% or 1.0%, 0.5%, 1.25% or 1.5% NSR 53 |
| Svetloye | Russia | Polymetal | 1.0% NSR |
| Almaden | United States | Western Standard Metals | 1.0% - 2.0% NSR 54 |
| Bulldog/Creede | United States | Hecla/Emerald Ranch | 3.0% NSR 55 1.0% NSR |
| Hasbrouck Mountain | United States | Allied Nevada | 1.5% NSR |
| La Jara Mesa | United States | Laramide Resources | $0.25/lb GR 56 |
| Long Valley | United States | Vista Gold | 1.0% NSR |
| McDonald – Keep Cool | United States | Newmont | 3.0% NSR |
| Niblack | United States | Niblack Mineral Development/Heatherdale | 1.0% - 3.0% NSR 57 |
| Pinson | United States | Barrick/Atna | NSR variable up to 5.8% |
| Rock Creek | United States | Revett Minerals | 1.0% NSR |
| Wildcat | United States | Allied Nevada | 1.0% NSR |
Exploration Stage Royalty Interests (Listed alphabetically by country)
| Property | Location | Ownership | Royalty Rate |
| Mina Concha | Argentina | Yamana Gold | 2.50% NSR |
| Barmedman | Australia | Goldminco Corp | 12.5% NPI |
| Biddy Well | Australia | View Gold | 1.5% NSR |
| Buttercup Bore | Australia | Legend Mining/Apex Gold | 2.0% CGR |
| Calarie | Australia | Tri Origin Minerals | 1.5% NSR |
| Chesterfield | Australia | Black Raven Mining | 1.5% NSR |
| Croesus | Australia | Norton Gold Fields | AUD$1.25/tonne 58 |
| Kurnalpi | Australia | Saracen | 1.5% NSR |
| Lake Ballard | Australia | Cape Lambert Iron Ore/Hawthorne Gold | 0.60% NSR |
| Meekatharra (Sabbath) | Australia | Triumph Mining 59 | AUD$1.00/tonne 60 |
| Melba Flats | Australia | Minerals and Metals Group | 2.0% NSR |
| Mt. Fisher | Australia | Gerald Brewer | AUD$5.00/oz 61 |
| Mt. Goode Bellevue | Australia | Xstrata Nickel | 2.0% NSR 62 |
| North Well Chilkoot | Australia | Norilsk | 2.5% - 4.0% NSR 63 |
| Quidong | Australia | Stirling Minerals | 2.5% NSR |
| Red Hill | Australia | Red Hill Iron/Cullen Exploration | 2.5% NSR |
| Wembley Durack | Australia | Montezuma Mining/Horseshoe Gold Mine | 1.0% NSR |
| West Wyalong | Australia | Argent Silver | 2.5% NSR |
| Afridi Lake | Canada | Shear Minerals | 1.5% NSR |
| Archean Diamond | Canada | Vale | 3.0% GOR |
| Ashmore | Canada | Augusta Resource | 1.5% NSR |
| Aviat | Canada | Stornoway Diamond | 1.0% GOR |
| Barraute (Swanson) | Canada | Agnico-Eagle | 2.0% NSR |
| Barrow Lake and North Kellet River | Canada | Indicator Minerals/Hunter Exploration | 1.0% GOR |
| Boothia Peninsula | Canada | Indicator Minerals | 1.0% GOR |
| Carswell Lake | Canada | Talisman Energy/Far West Mining | 5.0% NSR |
| Churchill | Canada | Shear Minerals/Stornoway Diamond | 1.0% GOR |
| Churchill West | Canada | Shear Minerals/Stornoway Diamond | 1.0% GOR |
| Darby | Canada | Indicator Minerals | 1.0% GOR |
| Denton Thornloe | Canada | Lake Shore Gold | 1.5% NSR |
| Duverny | Canada | D’Arianne Resources | 2.0% NSR64 |
| Franquet | Canada | Campbell Resources | 2.0% NSR 65 3.0% NSR 65 |
| Gauthier | Canada | Queenston Mining | 3.0% NSR |
| Godfrey II | Canada | Moneta Porcupine Mines | 2.0% NSR |
| Golden Bear | Canada | Goldcorp | 2.0% NSR |
| Hinkey’s Pond | Canada | Krinor Resources | 2.0% NSR |
| Hood River | Canada | Shear Minerals | 1.0% GOR |
| Jewel | Canada | Stornoway Diamond | 1.0% GOR |
| Joe Mann | Canada | Campbell Resources | 1.8%-3.6% NSR 66 2.0% NSR 66 |
| Jubilee | Canada | Stornoway Diamond | 1.0% GOR |
| Kizmet | Canada | Brixton Metals | 1.0% NSR |
| Lazy Edward Bay | Canada | JNR Resources | 2.5% NSR |
| McKenzie Red Lake | Canada | Goldcorp | 1.0% NSR |
| Mike Lake | Canada | Pitchblack Resources | 2.0% NSR |
| Monument | Canada | New Nadine Explorations | 1.0% GOR |
| Motherlode Greyhound | Canada | Yukon-Nevada Gold | 2.0% NSR |
| Nighthawk Lake | Canada | Imperial Metals/East West Resources/Trillium North Minerals | 2.5% NSR |
| Noyon | Canada | Campbell Resources | 3.0% NSR |
| Qimmiq | Canada | Commander Resources | 1.0 - 3.0% NSR, 2.0% NSR, 1.0% GOR 67 |
| Railroad | Canada | Eastmain Resources | 3.0% NSR |
| Rambler South | Canada | Krinor Resources | 2.0% NSR |
| Scheelite Dome | Canada | Golden Predator | 2.0% NSR |
| Shasta | Canada | Sable Resources | 0.5% NSR |
| Tak | Canada | Silver Quest Resources | 5.0% NSR |
| Wilanour | Canada | Goldcorp | 15.0% NPI |
| Yellowknife Lithium | Canada | Erex International | 2.0% NPI |
| Marmato 39 | Columbia | Medoro Resources | 5.0% NSR |
| Minera Hispanola | Dominican Republic | Energold Mining | 0.40% NSR |
| Kettukuusikko | Finland | Taranis Resources | 2.0% NSR |
| Marskinkuusikko | Finland | Taranis Resources | 2.0% NSR |
| Naakenavaara | Finland | Taranis Resources | 2.0% NSR |
| San Jeronimo | Mexico | Goldcorp | 2.0% NSR |
| Tropico | Mexico | Skeena Resources | 2.25% NSR |
| La India | Nicaragua | B2Gold | 3.0% NSR |
| Alto Dorado | Peru | Candente Resources | 2.5% NSR |
| Trozza | Tunisia | Albidon | 2.5% NSR |
| Ambrosia Lake | United States | Uranium Energy | 2.0% GOR |
| Apex | United States | Teck/Pennaroya Utah | 3.0% NSR |
| BSC | United States | US Gold | 2.5% NSR |
| Buckhorn South | United States | Barrick | 16.5% NPI |
| Cooks Creek/Ferris Creek | United States | Barrick | 1.5% NVR |
| Doby George | United States | Western Exploration | 2.0% NSR |
| Dottie | United States | Minefinders | 3.0% NSR |
| Fletcher Junction | United States | Nevada Exploration | 1.25% NSR |
| Hoosac | United States | Timberline Resources | 0.75% NSR |
| Horse Mountain | United States | Barrick | 0.25% NVR |
| Hot Pot | United States | Nevada Exploration | 1.25% NSR |
| ICBM | United States | Timberline Resources | 0.75% NSR |
| Island Mountain | United States | ARNEVUT Resources | 2.0% NSR |
| Keystone | United States | Energy Fuels | 2.0% NSR |
| Mule Canyon | United States | Newmont | 5.0% NSR |
| Oro Blanco | United States | Minefinders | 3.0% NSR |
| Reese River | United States | Paramount Gold and Silver | 2.0% NSR |
| Rye | United States | Barrick | 0.5% NSR |
| San Rafael | United States | Rio Grande Resources | 2.0% GOR |
| Silver Cloud | United States | Geologix Exploration | 2.0% NSR |
| Simon Creek | United States | Barrick | 1.0% NSR |
| Trenton Canyon | United States | Newmont | 3.0% NSR 68 10.0% NPI 68 |
| Uncle Sam | United States | Millrock Resources | 2.0% NSR |
| Windfall | United States | Timberline Resources | 3.20% NSR |
| Wood Gulch | United States | Western Exploration | 5.0% NSR |
| Woodruff Creek | United States | US Gold | 1.0% NSR |
Footnotes
45 Royal Gold considers and categorizes an exploration stage property to be an “evaluation stage” property if additional mineralized material has been identified on the property but reserves have yet to be identified. The U.S. Securities and Exchange Commission does not recognize the term “mineralized material.” Investors are cautioned not to assume that any part or all of the mineralized material identified on these properties will ever be converted into reserves.
46 Royalty pays 1.0% for the first 250,000 ounces of production and then 1.5% for production above 250,000 ounces.
47 Royalty applies to production above 40,000 ounces.
48 The sliding-scale royalty applies to cumulative production at both the Burnakura and Reedys Meekatharra properties above 300,000 ounces. Once 300,000 ounces have been produced, the royalty rate is 1.5% NSR for the first 75,000 ounces per year and 2.5% NSR above 75,000 ounces per year. The 1.0% NSR applies to the Rand area. The 1.5% fixed rate NSR does not apply to the Burnakura area.
49 Royalty calculation is 0.75 x AUD$Au price/AUD$470 x grade/2.5 g/t. Royal Gold’s share of the royalty is 44.85% of the calculated royalty figure. At an AUD$1,000 per ounce gold price and 2 g/t grade, the royalty calculates to AUD$0.5726 per tonne.
50 Orezone has the right to buy back up to 2.0% of the royalty for $2.0 million.
51 Royalty rate is 1.95% on Goose Lake and 2.35% on George Lake.
52 Royalty on George Lake applies to production above 800,000 ounces. Royalty on Goose Lake applies to production above 400,000 ounces.
53 For the first royalty, the 0.75% royalty applies to gold and silver and the 1.00% royalty applies to platinum group elements, copper and nickel. For the second royalty, the 0.5% NSR applies to gold, silver, platinum group elements, copper and nickel. For the third royalty, the 1.25% applies to gold and silver and the 1.5% royalty applies to platinum group elements, copper and nickel. These royalties become payable on commercial production once capital repayment has been made at the project.
54 A $325,000 payment is due upon production of the first 100,000 ounces. Once production reaches 200,000 ounces, the royalty begins paying at the following rate schedule (price of gold per ounce – royalty rate): $0.00 to $425 – 1.0%; $425 and above – 2.0%.
55 Royalty rate is 3.0% on Homestake and Emerald unpatented claims; 1.0% on Emerald patented claims.
56 Royalty is payable per pound of uranium produced above eight million pounds.
57 Royalty rate is 1.0% for each ton of ore at a NSR value of less than $115 per ton of ore; 2.0% for each ton of ore at a NSR value between $115 and $135 per ton of ore, and 3.0% for each ton of ore at a NSR value greater than $135 per ton of ore.
58 Royalty paid on dollars per tonne of ore above 50,000 tonnes up to 500,000 tonnes.
59 Triumph Mining has granted Dourado Resources an option to purchase the mining lease subject to the royalty.
60 Royalty applies on production above 10,000 ounces.
61 Royalty applies on production up to 500,000 ounces.
62 Royalty rate is 2.0% for gold and 1.5% for all other metals.
63 Royalty rate is 4.0% for grades at 1.5 g/t or less and 2.5% at grades above 1.5 g/t.
64 An initial payment of 15% of production applies until $1,760,000 has been paid. The 2.0% NSR royalty takes effect for all production thereafter.
65 The 2.0% NSR royalty applies to production from an area of the property referred to as the “GeoNova Properties,” and the 3.0% NSR royalty applies to production from an area of the property referred to as the “Homestake Properties.”
66 Sliding-scale royalty only applies to gold production. The 2.0% NSR royalty applies to silver and copper.
67 The 1.0% to 3.0% NSR sliding-scale royalty only applies to gold production. The 2.0% NSR royalty applies to commercial production of all minerals excluding diamonds and industrial minerals. The 1.0% GOR royalty applies to commercial production of all diamonds and industrial minerals.
68 The 3.0% NSR applies to gold. The 10.0% NPI applies to all other minerals.