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Balcooma

Australian Flag

Operator: Consolidated Tin Mines Ltd.

Location: Queensland, Australia

Royalty:

1.5% NSR (gold, silver, copper, lead and zinc)

Term of Royalty: Life of Mine

The Balcooma royalty covers the Balcooma open-pit and underground mines and the Dry River South underground mine operated by Consolidated Tin Mines Ltd. These mines are located in the Central Region of North Queensland, approximately 180 kilometers west of Townsville.

The Balcooma deposit is hosted by a meta-pelite lens within the Clayhole Creek Beds, which has been divided into a lower and upper greywacke. The Dry River South deposit is a zinc, lead-rich polymetallic orebody that dips at a shallow angle to the east-southeast and plunges gently to the south-southwest. Mined ore is hauled approximately 150 kilometers to Mount Garnet by road-train for processing at the Mount Garnet Processing Plant.

Royal Gold holds a 1.5% net smelter return royalty on gold, silver, copper, lead and zinc from the Dry River South underground, Balcooma underground and Balcooma open-pit mines.

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