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El Limon

Nicaraguan Flag

Operator: Calibre Mining Corporation

Location: El Limon, Nicaragua

Royalty:

3.0% NSR (gold)

Term of Royalty: Life of Mine

El Limon is an underground and open-pit mine owned and operated by Calibre Mining Corporation. El Limon is located in northwestern Nicaragua, approximately 100 kilometers northwest of the country’s capital, Managua.

Gold mineralization in the Limon district is structurally controlled and forms veins that occupy pre-existing fault structures and extensional openings formed during mineralization. The veins are quartz dominant with lesser and variable quantities of calcite, and minor adularia. Pyrite is the predominant sulfide, but with a content of less than one percent.

Mining operations use conventional open-pit mining methods at the Limon Central open-pit and a combination of top-down and bottom-up sequenced longitudinal open-stoping at the Santa Pancha underground mines. The El Limon processing plant consists of agitated cyanide leaching and carbon adsorption, followed by carbon elution, electrowinning, and doré production. The annual throughput is approximately 500,000 tonnes and the historical recovery is 94% to 95%.

Royal Gold holds a 3.0% net smelter return royalty on gold produced from the El Limon mine.

Royal Gold acquired its royalty interest on October 25, 2007 as part of the acquisition of Battle Mountain Gold Exploration Corporation.