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Martha

Argentinian Flag

Operator: Patagonia Gold Corporation

Location: Santa Cruz, Argentina

Royalty:

2.0% NSR (gold and silver)

Term of Royalty: Life of Mine

Martha is an underground and open-pit mine, owned and operated by Cerra Cazador SA, a subsidiary of Patagonia Gold Corporation. Martha is located in the province of Santa Cruz, Argentina, approximately 50 kilometers northeast of Gobernador Gregores and 170 kilometers northwest of Puerto San Julian.

Silver and gold mineralization at Martha is hosted in Jurassic-aged felsic volcanic rocks of the Chon Aike Formation of the Bahia Laura volcanic complex. Host rocks are relatively shallowly dipping ignimbrites, locally inter-bedded with thin sections of sedimentary strata.

The Martha property consists of approximately 7,850 hectares of concessions, a crushing, grinding and flotation plant, an employee camp, and other facilities. In addition, Patagonia Gold has access to surface ranch (“estancia”) lands surrounding the mine and mill site that are approximately 35,700 hectares in size.

Royal Gold holds a 2.0% net smelter return (NSR) royalty on gold and silver produced from the Martha mine.

In February 2000, Royal Gold acquired a 2% NSR royalty on all mineral production from any of Yamana Gold Inc.’s properties in Santa Cruz, Argentina, including Martha.