Property Map - Producing & Development

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PRODUCING ROYALTY INTERESTS (Listed in order of FY2010 revenue)

Property	Location	Operator	Royalty (Gold unless otherwise stated)	Reserves ^{1, 2, 3, 4, 5} Contained Oz or Lbs (M)	FY2010 ($ millions)	FY2009 ($ millions)
Taparko	Burkina Faso, Namantenga	High River Gold	15.0% GSR (TB-GSR1) ^{6, 7} 0.0%-10.0% GSR (TB-GSR2) ^{6, 7} 2.0% GSR (TB-GSR3) ⁷	0.132 Au ⁸ 0.132 Au ⁸ 0.551 Au ⁸	32.2	10.4
Cortez (Pipeline Mining Complex)	USA, Nevada	Barrick	GSR1 ⁹ 0.40%-5.0% GSR2 ⁹ 0.40%-5.0% GSR3 ⁹ 0.71% NVR1 ⁹ 0.39%	1.527 Au ¹⁰ 3.717 Au ¹⁰ 2.142 Au ¹⁰ 1.872 Au ¹⁰	25.1	16.3
Robinson	USA, Nevada	QuadraFNX	3.0% NSR (copper, gold, silver, molybdenum)	0.704 Au; 1,203 Cu	12.1 ¹¹	7.7 ¹¹
Leeville Mining Complex	USA, Nevada	Newmont	1.8% NSR	1.790 Au	9.9	6.7
Mulatos	Mexico, Sonora	Alamos	1.0%-5.0% NSR ¹²	2.387 Au	9	6.1
Siguiri	Guinea, Kankan	AngloGold Ashanti	0.0%-1.875% NSR ¹³	3.070 Au	6	4
Peñasquito	Mexico, Zacatecas	Goldcorp	2.0% NSR (gold, silver, lead, zinc)	17.820 Au ¹⁴; 1,070.100 Ag ¹⁴; 7,211 Pb; 15,930 Zn	6	1.5
Goldstrike (SJ Claims)	USA, Nevada	Barrick	0.9% NSR	5.354 Au	3.9	5.6
Voisey’s Bay	Canada, Newfoundland	Vale and Labrador	2.7% NSR (nickel, copper, cobalt)	1,493 Ni; 873 Cu; 74 Co	3.9 ¹⁵	— ¹⁶
Andacollo	Chile, Region IV	Teck	75% NSR ¹⁷	1.631 Au	3.8	— ¹⁶
Dolores	Mexico, Chihuahua	Minefinders	3.25% NSR (gold) 2.0% NSR (silver)	2.444 Au 126.645 Ag	3	0.9
Mt. Goode (Cosmos)	Australia, Western Australia	Xstrata	1.5% NSR (nickel)	152 Ni ¹⁸	2.7	0.4
El Chanate	Mexico, Sonora	Capital Gold	2.0%-4.0% NSR ¹⁹	1.504 Au	2.3	1.1
El Toqui	Chile, Region XI	Breakwater	1.0%-3.0% NSR (gold, silver, lead, zinc) ²⁰	0.300 Au; 0.936 Ag; 515 Zn; 22 Pb	1.9	0.5
Balcooma	Australia, Queensland	Kagara	1.5% NSR (gold, silver, copper, lead, zinc)	0.008 Au; 0.598 Ag; 79 Cu; 20 Zn; 8 Pb ²¹	1.5	1.2
Wharf	USA, South Dakota	Goldcorp	0.0%-2.0% NSR ²²	0.190 Au	1.5	0.9
Inata	Burkina Faso, Soum	Avocet	2.5% NSR	0.944 Au	1.3	— ¹⁶
Don Mario	Bolivia, Chiquitos	Orvana	3.0% NSR	— ²³	1.1	1.6
El Limon	Nicaragua, El Limon	B2Gold	3.0% NSR	0.150 Au	1	0.9
Twin Creeks	USA, Nevada	Newmont	2.0% GPR	0.067 Au	1	1.1
Martha	Argentina, Santa Cruz	Coeur d’Alene	2.0% NSR (gold and silver)	0.001 Au 1.249 Ag	1.0	0.6
Gwalia Deeps	Australia, Western Australia	St Barbara	1.5% NSR	1.980 Au	0.9	— ¹⁶
Las Cruces	Spain, Andalucía	Inmet	1.5% NSR (copper)	2,304 Cu	0.9	— ¹⁶
Allan	Canada, Saskatchewan	Potash Corporation of Saskatchewan	$0.36 -$1.44 per ton (potash) ²⁴	324 K20 (M tons)	0.8	0.2
Southern Cross	Australia, Western Australia	St Barbara	1.5% NSR	0.591 Au	0.8	— ¹⁶
South Laverton	Australia, Western Australia	Saracen	1.5% NSR	0.800 Au	0.6	— ¹⁶
Skyline	USA, Utah	Arch Coal	1.41% GOR (coal)	19.20 coal (M tons)	0.5	— ¹⁶
Bald Mountain	USA, Nevada	Barrick	1.75%-3.5% NSR ²⁵	1.614 Au	0.4	0.3
Williams	Canada, Ontario	Barrick	0.97% NSR	0.861 Au	0.1	0.9
Johnson Camp	USA, Arizona	Nord	2.5% NSR (copper)	492 Cu	— ²⁶	— ²⁶
Troy	USA, Montana	Revett	3.0% GSR (silver and copper)	11.142 Ag; 104 Cu	— ^{27, 28}	2.5 ²⁸

Notes: Reserve information is provided by the operators and has not been verified by Royal Gold. Three producing oil and gas royalties are not included in the above table.

DEVELOPMENT STAGE ROYALTY INTERESTS (Listed alphabetically by country)

Property	Location	Operator	Royalty (Gold unless otherwise stated)	Reserves ^{1, 2, 3, 4, 5} Contained Oz or Lbs (M)
Avebury	Australia, Tasmania	Minerals and Metals Group	2.0% NSR (nickel)	123 Ni
Bundarra	Australia, Western Australia	Terrain	1.5% NSR	— ²⁹
Meekatharra (Paddy’s Flat)	Australia, Western Australia	Mercator Gold	1.5% NSR A$10.00 per gold ounce produced ³¹	0.308 Au
Meekatharra (Yaloginda)	Australia, Western Australia	Mercator Gold	0.45% NSR	0.196 Au
Reedys Burnakura	Australia, Western Australia	Jinka Minerals	1.5% - 2.5% NSR ³²	— ²⁹
Tarmoola	Australia, Western Australia	St Barbara	1.5% NSR	— ²⁹
West Westonia	Australia, Western Australia	Catalpa Resources	0.5% NSR	0.037 Au 33
Belcourt	Canada, British Columbia	Western Coal	0.103% FOB (coal)	95.46 coal (M tons)
Caber	Canada, Quebec	Breakwater	1.0% NSR (copper, zinc)	11 Cu; 111 Zn
Canadian Malartic	Canada, Quebec	Osisko	2.0% - 3.0% NSR ³⁴	4.727 Au
Holt ³⁵	Canada, Ontario	St Andrew Goldfields	0.00013 x quarterly average gold price	0.486 Au
Pine Cove	Canada, Newfoundland	New Island Resources (70%), Anaconda Mining (30%)	7.5% NPI	0.207 Au
Rambler North	Canada, Newfoundland & Labrador	Rambler Metals and Mining	1.0% NSR (gold, silver, copper, zinc)	— ²⁹
Schaft Creek	Canada, British Columbia	Copper Fox	3.5% NPI (gold, silver, copper) 5,421 Cu	5.570 Au; 46.454 Ag
Wolverine	Canada, Yukon Territory	Yukon Zinc	0.0% - 9.445% NSR (gold, silver) ³⁶	0.205 Au; 42.820 Ag
Pascua-Lama	Chile, Region III	Barrick	0.78% - 5.23% NSR (gold) ^{37, 38} 1.05% NSR (copper) ³⁷	14.615 Au ³⁹
Tambor	Guatemala, Guatemala City	Radius Gold	4.0% NSR	— ²⁹
Lluvia de Oro ⁴⁰	Mexico, Sonora	NWM Mining	4.0% NSR	— ²⁹
Legacy	USA, Nebraska	Genoa Holding Co.	10% preferred rate; 5.25% NPI (frac-sand) ³⁰	— ²⁹
Gold Hill	USA, Nevada	Kinross Gold (50%), Barrick (50%)	1.0% - 2.0% NSR ⁴¹, ⁴² 0.9% NSR (MACE)	0.463 Au –
Marigold	USA, Nevada	Goldcorp (67%), Barrick (33%)	2.0% NSR 29⁴³	0.681 Au
Relief Canyon ⁴⁴	USA, Nevada	Firstgold	4.0% NSR	— ²⁹
Soledad Mountain	USA, California	Golden Queen	3.0% NSR (gold, silver)	1.052 Au; 19.359 Ag

Note: Reserve information is provided by the operators and has not been verified by Royal Gold.

Footnotes

1 Reserves have been reported by the operators as of December 31, 2009, with the exception of the following properties: West Westonia – April 2010; El Chanate – October 2009; Balcooma, Gwalia Deeps, South Laverton, and Southern Cross – June 2009; Belcourt and Inata – March 2009; Canadian Malartic, Dolores, Gold Hill, Holt and Pascua-Lama – December 2008; Schaft Creek – September 2008; Soledad Mountain – December 2007; Wolverine – October 2007; and Pine Cove – March 2005.

2 Gold reserves were calculated by the operators at the following per ounce prices: $950 – Martha; $825 – Bald Mountain, Cortez, Goldstrike, Marigold, Peñasquito and Wharf; $800 – El Chanate, Leeville, Mulatos, Robinson, Twin Creeks, Siquiri and Taparko; $775 – Canadian Malartic and Holt; $750 – Pascua-Lama and Williams; $725 – Gold Hill; $700 – El Toqui; $600 – Dolores and Soledad Mountain; $550 – El Limon and Inata; $500 – Andacollo; and $425 – Pine Cove. For Gwalia Deeps and Southern Cross, a price of A$1,075 was used for St Barbara’s 2010 fiscal year and A$850 per ounce thereafter; $A1,250 – South Laverton and West Westonia. Schaft Creek is at a $5.05 net smelter return cut-off grade (metal price assumptions used by the operator were $658 per ounce gold; $10.00 per ounce silver; and $1.93 per pound copper). Wolverine is at an $80/tonne net smelter return cut-off grade (metal price assumptions used by the operator were $400 per ounce gold and $7.00 per ounce silver). No gold price was reported for Balcooma, Meekatharra (Paddy’s Flat) or Meekatharra (Yaloginda).

Silver reserves were calculated by the operators at the following prices per ounce: $16.00 – Martha; $13.00 – Peñasquito; $12.55 – El Toqui; $12.33 – Troy; $12.00 – Soledad Mountain; and $10.00 – Dolores. Shaft Creek is at a $5.05 net smelter return cut-off grade (metal price assumptions used by the operator were $658 per ounce gold; $10.00 per ounce silver; and $1.93 per pound copper). Wolverine is at an $80/tonne net smelter return cut-off grade (metal price assumptions used by the operator were $400 per ounce gold and $7.00 per ounce silver). No silver price is available for Balcooma. Don Mario additional mineralized material was calculated at a silver price of $11.00 per ounce.

Copper reserves were calculated by the operators at the following prices per pound: $2.91 or lower – Voisey’s Bay; $2.67 – Troy; $2.00 – Robinson and Las Cruces; $1.50 – Johnson Camp. Shaft Creek is at a $5.05 net smelter return cut-off grade (metal price assumptions used by the operator were $658 per ounce gold; $10.00 per ounce silver; and $1.93 per pound copper). No copper price is available for Balcooma or Caber. Don Mario additional mineralized material was calculated at a copper price of $2.25 per pound.

Lead reserves were calculated by the operators at the following price per pound: $0.83 - El Toqui and $0.60 - Peñasquito. No lead price is available for Balcooma.
Zinc reserves were calculated by the operators at the following price per pound: $1.00 - El Toqui and $0.80 - Peñasquito. No zinc price is available for Balcooma or Caber.
Nickel reserve price was calculated by the operator at Voisey’s Bay mine at $11.01 or lower per pound. No nickel reserve price is available for Avebury or Mt. Goode.
No potash price is available for Allan. No coal price is available for Belcourt or Skyline.

Cobalt reserve price at Voisey's Bay was calculated by the operator at $22.70 or lower per pound.

3 Set forth below are the definitions of proven and probable reserves used by the U.S. Securities and Exchange Commission.

“Reserve” is that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.

“Proven (Measured) Reserves” are reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes, and the grade is computed from the results of detailed sampling, and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that the size, shape, depth and mineral content of the reserves are well established.

“Probable (Indicated) Reserves” are reserves for which the quantity and grade are computed from information similar to that used for proven (measured) reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance of probable (indicated) reserves, although lower than that for proven (measured) reserves, is high enough to assume geological continuity between points of observation.

4 Royal Gold has disclosed a number of reserve estimates that are provided by royalty operators that are foreign issuers and are not based on the U.S. Securities and Exchange Commission’s definitions for proven and probable reserves. For Canadian issuers, definitions of “mineral reserve,” “proven mineral reserve,” and “probable mineral reserve” conform to the Canadian Institute of Mining, Metallurgy and Petroleum definitions of these terms as of the effective date of estimation as required by National Instrument 43-101 of the Canadian Securities Administrators. For Australian issuers, definitions of “mineral reserve,” “proven mineral reserve,” and “probable mineral reserve” conform with the Australasian Code for Reporting of Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia, as amended (“JORC Code”).

5 The reserves reported are either estimates received by the various operators or are based on royalty documentation material provided to Royal Gold or which is derived from recent publicly-available information from the operators of the various properties or various recent National Instrument 43-101 or JORC Code reports filed by the operators. Accordingly, Royal Gold is not able to reconcile the reserve estimates prepared in reliance on National Instrument 43-101 or JORC Code with definitions of the U.S. Securities and Exchange Commission.

6 TB-GSR1 and TB-GSR2 royalties are subject to the same reserve.

7 Royalty percentages: TB-GSR1 – 15.0%; TB-GSR2 – 4.3% when the average monthly gold price ranges between $385 and $430 per ounce. Outside of this range, the royalty rate is calculated by dividing the average monthly gold price by 100 for gold prices above $430 per ounce, or by dividing the average monthly gold price by 90 for gold prices below $385 per ounce (e.g., a $900 per ounce gold price results in a rate of 900/100 = 9.0%). Two subsequent royalties consist of a 2.0% GSR perpetual royalty (“TB-GSR3”), applicable to gold production from defined portions of the Taparko-Bouroum project area, and a 0.75% GSR milling royalty (“TB-MR1”). The TB-MR1 royalty applies to ore that is mined outside of the defined area of the Taparko-Bouroum project that is processed through the Taparko facilities up to a maximum of 1.1 million tons per year.

Both the TB-GSR3 and TB-MR1 royalties commence once TB-GSR1 and TB-GSR2 have ceased. Both TB-GSR1 and TB-GSR2 continue until either production reaches 804,420 ounces of gold, or payments totaling $35 million under TB-GSR1 are received, whichever comes first. As of June 30, 2010, Royal Gold has recognized $30.6 million in royalty revenue under TB-GSR1 which is attributable to cumulative production of approximately 202,000 ounces of gold.

8 The reserves at Taparko have been adjusted by Royal Gold based on actual 2009 depletion and on the operator’s reserve gold price assumption of $800 per ounce, to reflect the $35 million cap on the TB-GSR1 royalty. Upon meeting this cap, both the TB-GSR1 and TB-GSR2 royalties cease and the TB-GSR3 royalty becomes effective. The TB-GSR3 reserves represent the remaining reserves after subtracting the reserves associated with TB-GSR1 and TB-GSR2.

9 GSR sliding-scale schedule (price of gold per ounce – royalty rate): Below $210 – 0.40%; $210 to $229.99 – 0.50%; $230 to $249.99 – 0.75%; $250 to $269.99 – 1.30%; $270 to $309.99 – 2.25%; $310 to $329.99 – 2.60%; $330 to $349.00 – 3.00%; $350 to $369.99 – 3.75%; $390 to $409.99 – 4.0%; $410 to $429.99 – 4.25%; $430 to $449.99 – 4.50%; $450 to $469.99 – 4.75%; $470 and higher – 5.00%.

10 NVR1 and GSR3 reserves are subsets of the reserves and additional mineralized material covered by GSR1 and GSR2.

11 Revenues consist of provisional payments for concentrates produced during the current period and final settlements for prior production periods. Recovered metal is contained in concentrate and is subject to third party recovery losses.

12 The Company’s royalty is subject to a 2.0 million ounce cap on gold production. There have been approximately 581,000 ounces of cumulative production, as of June 30, 2010. NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $299.99 – 1.0%; $300 to $324.99 – 1.50%; $325 to $349.99 – 2.0%; $350 to $374.99 – 3.0%; $375 to $399.99 – 4.0%; $400 or higher – 5.0%.

13 The royalty is capped on a dollar basis once payments of approximately $12.0M have been received. As of June 30, 2010, approximately $1.8 million remains unrecognized under the cap. The Company expects that the $12 million cap could be reached in the second half of calendar 2010. NSR sliding-scale schedule (price of gold per ounce – royalty rate as of 6/30/10): $0.00 to $495.71 – 0.0%; $495.72 to $566.54 – 0.625%; $566.55 to $601.94 – 0.875%; $601.95 to $637.35 – 1.125%; $637.36 to $672.76 – 1.50%; $672.77 and above – 1.875%. The sliding-scale schedule is adjusted based on the average of the United States, Australian and Canadian Consumer Price Indices on an annual basis. The most current rate available is reflected herein.

14 Operator reports reserves by material type. Reserves represent combined oxide and sulfide ores. The sulfide material will be processed by milling. The oxide material will be processed by heap leaching. Recovered metal is contained in concentrate and is subject to third party recovery losses.

15 Revenue and production figures reflect partial operation of the mine and mill due to a labor strike that began on August 1, 2009.

16 Receipt of royalty revenue commenced in February 2010 for Voisey’s Bay, Inata, Gwalia Deeps, Las Cruces, Skyline, South Laverton, and Southern Cross. Revenue commenced in April 2010 for the Andacollo mine.

17 The royalty rate is 75% of gold produced from the sulfide portion of the deposit until 910,000 payable ounces of gold have been sold, and 50% of the future payable gold thereafter. Gold is produced as a by-product of copper.

18 The operator does not report reserves by property in Australia. Therefore, a portion of the reserve is not subject to Royal Gold’s royalty interest.

19 The NSR sliding-scale royalty is capped once payments of approximately $17 million have been received. As of June 30, 2010, payments of $4.6 million for the sliding-scale NSR royalty have been recognized. The sliding-scale royalty pays at a rate of 2.0% when the average gold price is below $300 per ounce; 3.0% when the gold price is between $300 and $350 per ounce; and 4.0% when the gold price is above $350 per ounce.

20 NSR sliding-scale schedule (price of zinc per pound - royalty rate): $0.50 to below $0.55 – 1.0%; $0.55 to below 0.60 – 2.0%; $0.60 or higher – 3.0%. Gold is produced as a by-product of zinc. Recovered metal is contained in concentrate and is subject to third party recovery losses.

21 Figures reflect reserves associated with the entire property. The operator did not provide a detailed breakdown of the reserves and additional mineralized material subject to Royal Gold’s royalty interest. Therefore, a portion of the reserves is not subject to Royal Gold’s royalty interest.

22 NSR sliding-scale schedule (price of gold per ounce - royalty rate): $0.00 to under $350 – 0.0%; $350 to under $400 – 0.5%; $400 to under $500 – 1.0%; $500 or higher – 2.0%.

23 The operator did not report reserves for this property.

24 The royalty applies to 40% of production. The royalty rate is $1.44 per ton for the first 600,000 tons on which the royalty is paid, reducing to $0.72 per ton on 600,000 to 800,000 tons and to $0.36 per ton above 800,000 tons, at a price above $23.00 per ton. A sliding-scale is applicable when the price of potash drops below $23.00 per ton. Given the current North American market price for potash, the complete sliding-scale schedule is not presented here. In addition, there is a $0.25 per ton royalty payable on certain production up to 600,000 tons.

25 The sliding-scale moves up 0.25% for each $25 per ounce of gold price increase, starting at a per-ounce price of $375, inflated by the Producer Price Index commencing in 1986.

26 The property was obtained in the IRC transaction in February 2010 and has been in receivership since that time.

27 In October 2009, Revett Silver Company and Royal Gold completed a restructuring of the Company’s royalties at the Troy mine. Royal Gold previously held three gross smelter return (“GSR”) royalties. The initial 7.0% GSR royalty was satisfied under a revenue cap of $10.5 million. The remaining two royalties, which were scheduled to produce royalty revenue in mid-2012, were restructured into a perpetual 3.0% GSR royalty which took effect on July 1, 2010. The new royalty applies to all production from the Troy mine in addition to an expanded area of interest in the vicinity of the mine.

28 Recovered metal is contained in concentrate and is subject to third party recovery losses.

29 The operators at Bundarra, Legacy, Lluvia de Oro, Rambler North, Reedys Burnakura, Relief Canyon, Tambor and Tarmoola did not report reserve information.

30 The A$10 per ounce royalty applies on production above 50,000 ounces.

31 Reedys Burnakura sliding-scale royalty applies to cumulative production 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.

32 The reserve for the tenement subject to Royal Gold’s royalty interest has been quoted as 37,000 ounces, but tons and grade have not been broken out specifically for this tenement in the operator’s reserve report.

33 The royalty is subject to a buy-down right for $1.0 to $1.5 million depending on the price of gold, exercisable at any time, for one-half of the royalty. NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $350 – 2.0%; above $350 – 3.0%.

34 In November 2008, the operator made application to a court in Ontario, Canada for a declaration that it is not obligated to pay the entire royalty defined under the royalty agreement and to dispute the royalty rate. The operator claimed that its predecessor in interest is responsible for payment of some or all of the royalty. On July 23, 2009, the Court held that Royal Gold is entitled to payment from the predecessor of the full amount of the NSR sliding-scale royalty and that the operator’s obligation is to reimburse the predecessor for payment of the royalty up to a flat rate of 0.013% NSR. On August 21, 2009, the predecessor appealed the portion of the judgment holding them responsible for paying the royalty. On December 9, 2009, Royal Gold was made a party to the appeal.

35 Gold and silver royalty rate rates are based on the price of silver per ounce. NSR sliding-scale schedule (price of silver per ounce – royalty rate): Below $5.00 – 0.0%; $5.00 to $7.50 – 3.778%; >$7.50 – 9.445%.

36 The sliding-scale royalty rates reflect Royal Gold’s entire royalty interest upon the completion of the transaction announced on July 6, 2010. The remaining portion of the additional royalty interests will be acquired on or before October 29, 2010.

37 As of the acquisition of IRC on February 22, 2010, approximately 20% of the royalty is limited to the first 14.0 million ounces of gold produced from the project. Also, 24% of the royalty can be extended beyond 14.0 million ounces produced for $4.4 million. In addition, a one-time payment totaling $8.4 million will be made if gold prices exceed $600 per ounces for any six-month period within the first 36 months of commercial production.

38 Royalty applies to all gold production from an area of interest in Chile. Only that portion of the reserves pertaining to our royalty interest in Chile is reflected here. The Company also holds a fixed rate 1.05% NSR copper royalty that will take effect after January 1, 2017.

39 Royal Gold acquired this property in the Battle Mountain transaction. Various parties claiming interests in the mining concessions subject to the Lluvia de Oro royalty have disputed any royalty obligation.

40 Property is currently in production; payout estimated to begin in 2013.

41 The sliding-scale NSR royalty will pay 2.0% when the price of gold is above $350 per ounce and 1.0% when the price of gold falls to $350 per ounce or below. The 0.9% NSR applies to the MACE claims. The operator did not report reserves subject to the 0.9% NSR.

42 Round Mountain, a joint venture between Kinross and Barrick, has the right, at any time, to purchase the royalty interest for $10.0 million less any royalty payments paid prior to the purchase option being exercised. The royalty is subject to a minimum royalty payment of $100,000 per year.

43 Royalty interest covers the majority of six sections of land, containing a number of open pits but does not cover the current mining in the Basalt/Antler area.

44 On January 27, 2010, Firstgold Corp., the owner and operator of the Relief Canyon Mine, filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code. On June 22, 2010, Firstgold and its secured creditors agreed to sell substantially all of Firstgold’s assets. No further proceedings regarding the sale of the assets have taken place.

Properties

Property Map - Producing & Development

PRODUCING ROYALTY INTERESTS (Listed in order of FY2010 revenue)

DEVELOPMENT STAGE ROYALTY INTERESTS (Listed alphabetically by country)

Footnotes