The Cosmos Nickel Operation (“Cosmos”) is an underground nickel development project owned by Australian Nickel Investments Pty Ltd, a subsidiary of IGO Limited (“IGO”). Cosmos is located within the Leinster-Wiluna nickel camp of Western Australia, approximately 30 kilometers north of Leinster. Royal Gold’s royalty interest at Cosmos covers the Alec Mairs 5 (AM5), AM6, and Mt Goode deposits.

In January 2024, IGO provided an update following the completion of a comprehensive review on the Cosmos Project. Based on the findings of the review, a decision was made to transition Cosmos into care and maintenance. During the transition to care and maintenance, IGO will assess the value of continuing work on select exploration programs to increase the size and definition of the mineral resource, in particular the AM5 and AM6 orebodies, and optimizing the mining and materials handling methods. IGO intends to protect the optionality to restart Cosmos in the future should market conditions improve.