Mt Goode Cosmos

Operator: IGO Limited

Location: Western Australia, Australia

Royalty: 1.5% NSR (all metals other than gold); $10 per ounce (gold)

Term of Royalty: Life of Mine

Mt Goode Cosmos is an underground development project that is part of the Cosmos Nickel Operation, owned by Australian Nickel Investments Pty Ltd, a subsidiary of IGO Limited. Mt Goode Cosmos is located within the Leinster-Wiluna nickel camp of Western Australia, approximately 30 kilometers north of Leinster.

Royal Gold’s royalty interest at Mt Goode Cosmos covers certain deposits within the Cosmos Nickel Operation, including the Alec Mairs (AM6) deposit.

A pre-feasibility study (PFS) was completed for the AM6 deposit, confirming its suitability to be developed as an additional mining zone located directly adjacent to the Odysseus Mine, which is not covered by Royal Gold’s royalty interest. With the completion of the AM6 PFS, Western Areas has an opportunity to optimize and integrate the additional production from AM6 into the current Odysseus production profile. This integration work is currently underway to determine the best combination of production from the three ore bodies (Odysseus North & South, AM6) including the potential for increased annual production tonnages compared to the original mine plan. Western Areas does not anticipate production from AM6 within the first few years of Odysseus production.