Kundip Mining Centre (KMC) is a development project, part of the larger Ravensthorpe Gold Project (RGP) owned by Medallion Metals Limited (Medallion). KMC is located at the intersection of the Southern Cross greenstone belt and the Albany Fraser Orogen, in Western Australia, approximately 30 kilometers north-northeast of Hopetoun. Royal Gold’s royalty interest covers areas within KMC, including the Gem Restored and Gift deposits and portions of the Gem deposit, but excludes certain deposits as they had been defined at the time of the October 2003 royalty agreement.

Medallion completed a Pre-feasibility Study in October 2023 that delivered a robust gold and copper development scenario, showed a Life of Mine average annual production of 85,000 ounces gold and 1,800 tonnes copper (92,000 gold equivalent ounces) and pre-tax cashflow of A$85 million per annum over 9 years.

Critical work streams to advance KMC toward final investment decision are as follows: In-fill drilling Inferred resources in order to maximize metal reporting to ore reserves; Ongoing testwork including metallurgical, geotechnical and hydrogeological to support bankable feasibility study level assessments; and Progression of environmental permitting with focus on primary approvals at State and Federal levels.