EVALUATION 1 (listed alphabetically by country)
Property Location OwNership Royalty Rate
BalcoomaAustralia Aurora Metals Limited 1.5% NSR
Bell Creek Australia Australian Mines A$1.00 to A$2.00/tonne 2
Burnakura Australia Monument Mining 1.5% to 2.5% NSR 3
Buttercup BoreAustralia Horizon Gold 2.0% GV 
Jaguar Australia Aeris Resources1.5% NSR (gold)
Mt. Fisher Australia High-Tech Metals Limited A$5.00/oz 4
Paddington Australia Zijin Mining Group 1.75% NSR
Phillips FindAustralia Horizon Minerals LimitedA$10.00/oz 5 
Pinnacles Australia Nexus/Northern Star 1.5% NSR
Quinns Austin Australia CNN Investments 1.5% NSR
Red Dam Australia Evolution Mining 2.5% GSR (gold); 2.5% NSR (silver)
Red October Australia Matsa Resources 1.5% NSR (gold) 
Temora Australia XavierLinQ Pty Ltd. 12.5% NPI
Van Uden Australia TG Metals Limited/Shandong Tianye 1.5% NSR
Wallbrook Australia Nexus Minerals Limited 1.5% NSR 
Westmoreland Australia Laramide Resources 1.0% NSR
Yundamindra Australia Arika Resources Limited/Nex Metals Exploration Limited 1.5% NSR
InataBurkina Faso Balaji Group2.5% GSR
Belcourt Canada Conuma Resources Ltd. 0.103% GV (coal only)
Berg Canada Surge Copper Corp. 1.0% NSR
Bronson Slope Canada Seabridge Gold 1.0% NSR 6
Caber Canada Glencore 1.0% NSR 7
Follansbee Canada Evolution Mining/Equinox Gold Corp. 2.0% NSR 8
Gold River Canada Pan American Silver 1.5% NSR
Great BearCanadaKinross Gold Corporation 2.0% NSR 
High Lake Canada MMG Limited 1.5% NSR 9
Holt Canada Agnico Eagle 0.00013 x Au price NSR (gold)
Horizon Coal Canada Conuma Resources Ltd. 0.50% GV (coal)
North Island Canada NorthIsle Copper and Gold 10.0% NPI
Lawyers-RanchCanadaThesis Gold Inc.0.5% NSR or a 2.0% NSR
Schaft Creek Canada Copper Fox/Teck 3.5% NPI
Shasta Canada TDG Gold Corp. 0.5% NSR 
Ulu Canada Blue Star Gold 5.0% NSR 10
Wolverine Canada Yukon Zinc 0.0% to 9.445% NSR (gold and silver) 11
Yellowknife LithiumCanadaLiFT Power Ltd. 2.0% NPI 
Alturas Chile Barrick 1.06% NSR (gold); 1.59% NSR (copper)
Pascua-Lama Chile Barrick 0.81% to 5.45% NSR(gold) 12, 13; 1.09% NSR(copper) 14
Warintza Ecuador Solaris Resources Inc. Gold stream, 0.30 NSR to 0.60% NSR 15
Kubi Village Ghana Asante Gold 3.0% NPI 16
Tambor Guatemala Kappes, Cassiday & Associates 4.0% NSR 17
Nieves Mexico Blackberry Ventures 2.0% NSR
Los Chancas Peru Southern Copper 0.375% NSR
Nutmeg Mountain United States NevGold Corp. 1.0% to 2.0% NSR 18
Doby GeorgeUnited States Western Exploration 2.0% NSR 19  
Island Mountain United States Tuvera Exploration 2.0% NSR
La Jara Mesa United States Laramide Resources $0.25/lb (uranium) 20
Long Valley United States Kore Mining 1.0% NSR
Niblack United States NeXGold Mining Corp 1.0% to 3.0% NSR 21
Rock Creek United States Hecla Mining 1.0% NSR
San Juan Silver (Bulldog) United States Hecla Mining 3.0% NSR 22
1.0% NSR 22
Wildcat United States Integra Resources Corp. 1.0% NSR 23
1.0% to 2.0% NSR 24
  1. Royal Gold considers and categorizes an exploration stage property to be an "evaluation stage" property if mineralized material has been identified on the property but reserves have yet to be identified. The U.S. Securities and Exchange Commission does not recognize the term "mineralized material". Investors are cautioned not to assume that any part or all of the mineralized material identified on these properties will ever be converted into reserves.
  2. Bell Creek royalty is A$1.00 per tonne on the first 5 million tonnes of production; A$2.00 per tonne thereafter.
  3. Burnakura's 1.5% to 2.5% NSR sliding-scale royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12 month period and at a rate of 2.5% on production above 75,000 ounces during that 12 month period. 
  4. Mt. Fisher royalty is capped at 500,000 ounces.
  5. Philips Find royalty applies to production above 40,000 ounces and is capped at $1 million.
  6. Bronson Slope royalty shall be greater of (a) 1% NSR; and (b) 8.25% Net Operating Profits.
  7. Caber operator has the option to purchase half of the 1.0% NSR for $500,000.
  8. Follansbee operator has the option to purchase half the 2% NSR on the basis of $500,000 for each 0.5% of the NSR acquired and in doing so and having paid $1 million, leaving a 1% NSR.
  9. High Lake operator has the option to purchase 0.5% of the 1.5% NSR for $1 million.
  10. Ulu royalty applies to production above 675,000 ounces.
  11. Wolverine gold royalty rate is based on the price of silver per ounce. NSR sliding-scale schedule (price of silver per ounce - royalty rate): Below $5.00 - 0.0%; $5.00 to $7.00 - 3.778%; above $7.50 - 9.445%.
  12. Pascua-Lama royalty applies to all gold production from an area of interest in Chile. Approximately 20% of the royalty is limited to the first 14.0 million ounces of gold produced from the project. Also, 24% of the royalty can be extended beyond 14.0 million ounces produced for $4.4 million. In addition, a one-time payment totaling $8.4 million will be made if gold prices exceed $600 per ounce for any six-month period within the first 36 months of commercial production.
  13. Pascua-Lama NSR sliding-scale schedule (price of gold per ounce - royalty rate): less than or equal to $325 - 0.81%; $400 - 1.64%; $500 - 2.83%; $600 - 3.71%; $700 - 4.58%; greater or equal to $800 - 5.45%. Royalty is interpolated between lower and upper production endpoints.
  14. Pascua-Lama royalty applies to all copper production from an area of interest in Chile.
  15. Royal Gold will receive gold deliveries equivalent to 20 ounces per 1 million pounds of copper produced, for each ounce of gold delivered, Royal Gold will pay Solaris a purchase price equal to: 20% of spot price until 90,000 ounces have been delivered; and 60% of spot price thereafter. Royal Gold will also receive a 0.30% NSR on all metals produced, increasing annually by 0.0375% per year until the earlier to occur of the first delivery under the Gold Stream Agreement or May 21, 2033, to a maximum of 0.60%. Note – the NSR is subject to certain scenarios: 1. If the Solaris Option is exercised, the full 0.6% royalty rate will vest for the life of mine. 2. If the RG AG Option is exercised, the incremental Royalty rate earned at the time of exercise will vest for the life of mine. For example, if the RG AG Option is exercised in 2030, the Royalty rate will be 0.49%. If the RG AG Option is exercised and the Gold Stream Agreement is terminated, the royalty area of interest will decrease to the smaller RGLD Gold AOI.
  16. Kubi Village operator has the right to purchase the entire 3% NPI for $2 million within 6 months of a feasibility study.
  17. Tambor operator has the right to purchase half of the 4.0% NSR for $2 million within 24 months of commercial production.
  18. At Nutmeg Mountain a $325,000 payment is due upon production of the first 100,000 ounces. Once production reaches 200,000 ounces, the royalty begins paying at the following rate schedule (price of gold per ounce – royalty rate): $0.00 to $425 – 1.0%; $425 and above – 2.0%.
  19. Doby George royalty becomes payable once 400,000 ounces have been produced. 
  20. La Jara Mesa royalty is payable on per pound of uranium produced above eight million pounds.
  21. Niblack royalty rate is 1.0% for each ton of ore having a value of less than $115 per ton; 2.0% for each ton of ore having a value between $115 and $135 per ton; and 3.0% for each ton of ore having a value greater than $135 per ton.
  22. San Juan Silver royalty rate is 3.0% on Homestake and Emerald unpatented claims; 1.0% on Emerald patented claims.
  23. Wildcat's 1.0% NSR royalty applies to the SS lode claims only.
  24. Wildcat has an additional 1.0% NSR on gold production between 500,000 ounces and 1.0 million ounces. The royalty increases to a 2.0% NSR on production in excess of 1.0 million ounces. This royalty applies to various claims on the mining property.