Royal Gold holds a 3% net smelter return (NSR) royalty and a 2.94% NSR royalty on all metals produced from Section 29 at Granite Creek. Section 29 of the Granite Creek mine currently holds approximately 95% of the reserves reported for the property.

Royal Gold also holds the following royalties at Granite Creek:

• Section 28:
  • 0.98% - 3.92% NSR, after 200,000 ounces have been produced, the royalty rate varies depending on pre-existing royalties (to a maximum of 6%).
  • 5% NSR, only applies to a small portion of Section 28.
• Section 32:
  • 3.75% - 3.92% NSR, after 200,000 ounces have been produced, the royalty rate varies depending on pre-existing royalties (to a maximum of 6%).
• Section 33:
  • 0.49% - 0.98% NSR, after 200,000 ounces have been produced, the royalty rate is based on the Average Gross Value of gold.

Royal Gold acquired the Granite Creek royalties effective February 22, 2010, with the acquisition of International Royalty Corporation.

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