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Back River

Canada Flag

Operator: Sabina Gold & Silver Corp.

Location: Nunavut, Canada

Royalty:

1.95% GSR and 2.35% GSR (gold)

Term of Royalty: Life of Mine

The Back River Gold Project is a series of gold deposits in banded iron formation, owned by Sabina Gold & Silver Corp. (Sabina). Back River is located in southwestern Nunavut, Canada, approximately 520 kilometers northeast of Yellowknife, Northwest Territories and 75 kilometers southwest of Bathurst Inlet.

The project is advanced, hosts significant NI 43-101 gold resources and reserves and has completed a Feasibility Study and significant permitting milestones.

The currently known gold deposits at Back River are comprised of Umwelt, Llama and Goose (all on the Goose Property), and the George deposit approximately 50 kilometers to the north of the Goose Property. The Goose and George deposits are historical deposits which formed the resource basis upon which Sabina acquired the property in June 2009. The Umwelt and Llama deposits are among the discoveries Sabina has made since acquiring the property.

Most of the known or observed gold mineralization identified on the Back River Project is associated with quartz veins, silicification and shearing. The mineralization occurs within silicified and variably sulfidized iron formation and to a lesser extent sedimentary units that appear to have a spatial association with narrow porphyritic felsic dykes and mudstones. Sulfide minerals observed on the Back River Project include pyrite, arsenopyrite, and pyrrhotite. Sulfide mineralization may be associated with accessory chlorite, carbonate, hornblende and grunerite. Visible gold is locally present, especially when sulfides are greater than 10% and when coarse-grained arsenopyrite is present.

Royal Gold holds a 1.95% gross smelter return (GSR) royalty on the Goose Lake Property and a 2.35% GSR on the George Lake Property. The royalty on Goose Lake applies to production above 400,000 ounces of gold. The royalty on George Lake applies to production above 800,000 ounces of gold.

Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation.