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Portfolio At A Glance

Royal Gold owns a large portfolio of producing, development, evaluation and exploration stage streams and royalties on properties located in some of the world’s most prolific gold regions and operated by some of the most well-known companies in the mining industry. With this high-quality portfolio that spans the development cycle for mining projects, Royal Gold maintains upside potential through exploration success by the operators and generally benefits when new reserves are discovered and produced.

Allan
Saskatchewan, Canada
Andacollo
Region IV, Chile
Back River
Nunavut, Canada
Balcooma
Queensland, Australia
Bald Mountain
Nevada, United States
Bateman Gold
Ontario, Canada
Bellevue
Western Australia, Australia
Borax
Saskatchewan, Canada
Canadian Malartic
Quebec, Canada
Cochenour
Ontario, Canada
Cortez
Nevada, United States
Côté Gold Project
Ontario, Canada
Dolores
Chihuahua, Mexico
Don Mario
Chiquitos, Bolivia
Don Nicolas
Santa Cruz, Argentina
El Limon
El Limon, Nicaragua
Gold Hill
Nevada, United States
Goldstrike
Nevada, United States
Granite Creek
Nevada, United States
Gwalia Deeps
Western Australia, Australia
Hasbrouck Mountain
Nevada, United States
Ilovica
Bosilovo, Macedonia
Inata
Burkina Faso, West Africa
Khoemacau
Botswana
King of the Hills
Western Australia, Australia
Kutcho Creek
British Columbia, Canada
La Fortuna
Region III, Chile
La India
Leon, Nicaragua
LaRonde Zone 5
Quebec, Canada
Las Cruces
Andalucía, Spain
Leeville
Nevada, United States
Mara Rosa
Goiás, Brazil
Marigold
Nevada, United States
Martha
Santa Cruz, Argentina
Meekatharra
Western Australia, Australia
Mount Milligan
British Columbia, Canada
Mt Goode Cosmos
Western Australia, Australia
NX Gold
Mato Grosso State, Brazil
Peñasquito
Zacatecas, Mexico
Pine Cove
Newfoundland, Canada
Prestea and Bogoso
Western Region, Ghana
Pueblo Viejo
Sanchez Ramirez, Dominican Republic
Rainy River
Ontario, Canada
Rambler North
Newfoundland & Labrador, Canada
Red Chris
British Columbia, Canada
Red October
Western Australia, Australia
Relief Canyon
Nevada, United States
Robinson
Nevada, United States
Ruby Hill
Nevada, United States
Skyline
Utah, United States
South Laverton
Western Australia, Australia
Southern Cross
Western Australia, Australia
Tarpako
Burkina Faso, West Africa
Twin Creeks
Nevada, United States
Voisey's Bay
Labrador, Canada
Wassa
Western Region, Ghana
Wembley Durack
Western Australia, Australia
Wharf
South Dakota, United States
Williams
Ontario, Canada

We categorize our portfolio according to periodic reviews of our estimates of the potential revenue contribution and stage of development for each individual property, as follows:

  • Our Principal Properties are generally in production and are the most significant contributors of revenue to our portfolio.

  • Our Producing Properties are generally in production and contribute revenue to our portfolio.

  • Our Development Properties generally do not produce revenue and activity is underway by the operator to develop the properties towards production status.

  • Our Evaluation and Exploration stage properties do not produce revenue and activity may or may not be underway by the operator to advance the property towards development status.

Portfolio properties periodically move from one category to another depending on factors such as exploration success or depletion of reserves.

Date of Acquisition Metal Product Detailed Footnotes Royal Gold Interest Contained Metal in Reserves and Resources1,2,3,4,5 Mine Production Production/Revenue/Return to Royal Gold
Royalty Stream At Date of Acquisition6 Reserves/Resources (Most Recent) CY 2020 CY 2021 Reported Production (Principal Properties only)11 Revenue (US$000) % of Initial Investment Recovered (pre-tax, net of COGS)
Stream Rate Ongoing Payment Reserves Resources Date Reserves Resources Expected Mine Life to Year7 Operator Production Guidance8 Actual Production9 Operator Production Guidance10 Cumulative to End of FY 2020 12 mo. ended FQ4 2021 Cumulative to End of FQ4 2021 Cumulative to End of FY 2020 12 mo. ended FQ4 2021 Cumulative to End of FQ4 2021
Initial Until* Thereafter Initial Until* Thereafter Proven & Probable Measured & Indicated Inferred Proven & Probable Measured & Indicated Inferred
Mount Milligan Centerra Canada 2010 Gold Concentrate A 35.0% LOM $435 /oz LOM 6,020 koz 1,480 koz 140 koz Dec. 31/20 2,148 koz 1,396 koz 78 koz 2028 140-160 koz 161.9 koz 180-200 koz 513,255 oz 54,000 oz 567,255 oz $749,457 $156,938 $906,395 82%
Copper 18.75% LOM 15% of spot LOM 2,124 Mlb 716 Mlb 70 Mlb 837 Mlb 521 Mlb 28 Mlb 80-90 Mlb 82.8 Mlb 70-80 Mlb 33.9 Mlb 16.0 Mlb 49.9 Mlb
Pueblo Viejo (60% Interest) Barrick Dominican Republic 2015 Gold Dore B 7.5% 990 koz 3.75% 30% of spot 550 koz 60% of spot 9,318 koz 6,301 koz 161 koz Dec. 31/20 6,200 koz 8,342 koz 2,373 koz 2045 530-580 koz 542 koz 470-510 koz 215,285 oz 42,100 oz 257,385 oz $406,149 $115,583 $521,732 62%
Silver 75.0% 50.0 Moz 37.5% 30% of spot 23.1 Moz 60% of spot 58 Moz 37 Moz 1 Moz 41 Moz 40 Moz 10 Moz n/a Moz n/a Moz n/a Moz 7.5 Moz 1.5 Moz 9.1 Moz
Andacollo Teck Chile 2015 Gold Concentrate C 100.0% 900 koz 50.0% 15% of spot LOM 1,558 koz 425 koz 154 koz Dec. 31/20 969 koz 1,027 koz 156 koz 2035 53 koz 49.2 koz n/a koz 236,951 oz 44,200 oz 281,151 oz $310,389 $82,164 $392,553 64%
Wassa Golden Star Ghana 2015 Gold Dore E 10.5% 240 koz 5.50% 20% of spot 240 koz 30% of spot 1,578 koz 1,941 koz 1,964 koz Dec. 31/20 1,089 koz 2,461 koz 12,154 koz 2028 165-170 koz 168 koz 145-155 koz 66,772 oz 17,300 oz 84,072 oz $87,609 $31,772 $119,381 97%
Peñasquito Newmont Mexico 2007 Gold Concentrate and Dore F 2.0% NSR 9,980 koz 2,820 koz 14,300 koz Dec. 31/20 7,100 koz 2,420 koz 1,910 koz 2032 510 koz 526 koz 660 koz 4,307 koz 702 koz 5,008 koz $259,827 $49,688 $309,515 312%
Silver 575 Moz 247 Moz 882 Moz 426 Moz 238 Moz 128 Moz 28 Moz 27.8 Moz 30 Moz 229.1 Moz 30.8 Moz 259.9 Moz
Lead 3,682 Mlb 1,609 Mlb 5,291 Mlb 2,955 Mlb 1,671 Mlb 898 Mlb 190 Mlb 179 Mlb 190 Mlb 1,475.1 Mlb 185.7 Mlb 1,660.8 Mlb
Zinc 7,981 Mlb 3,704 Mlb 15,653 Mlb 6,805 Mlb 3,677 Mlb 1,763 Mlb 360 Mlb 381 Mlb 475 Mlb 3,121.5 Mlb 412.8 Mlb 3,534.3 Mlb
Cortez GSR1 Nevada Gold Mines USA 1992 Gold Dore G 0.40% to 5.0% GSR sliding-scale n/a koz n/a koz n/a koz Dec. 31/20 256 koz 0 koz 1 koz 66.5 koz 101.7 koz n/a koz n/a oz n/a oz n/a oz $287,533 $36,160 $323,693 401%
Cortez GSR2 Gold 0.40% to 5.0% GSR sliding-scale n/a koz n/a koz n/a koz 3,234 koz 95 koz 33 koz 109 koz 103.9 koz n/a koz n/a oz n/a oz n/a oz
Cortez GSR3 Gold 0.7125% GSR n/a koz n/a koz n/a koz 297 koz 33 koz 1 koz 2026+ 145.7 koz 161.1 koz n/a koz n/a oz n/a oz n/a oz
Cortez NVR1 Gold 4.91% NVR n/a koz n/a koz n/a koz 147 koz 25 koz 1 koz 113.2 koz 121.6 koz n/a koz n/a oz n/a oz n/a oz
Cortez NVR1C Gold 4.52% NVR n/a koz n/a koz n/a koz 3,193 koz 0 koz 33 koz 30.1 koz 44.5 koz n/a koz n/a oz n/a oz n/a oz
Rainy River New Gold Canada 2015 Gold Dore D 6.5% 230 koz 3.25% 25% of spot LOM 3,772 koz 2,896 koz 637 koz Dec. 31/20 2,598 koz 2,005 koz 203 koz 2028 222-232 koz 228.9 koz 270-290 koz $58,163 $33,599 $91,762 41%
Silver 60.0% 3.1 Moz 30.0% 25% of spot LOM 9 Moz 10 Moz 2 Moz 7 Moz 5 Moz 0 Moz 285-305 Moz 127.4 Moz 538-568 Moz
Prestea and Bogoso Future Global Ghana 2015 Gold Dore E1 5.5% LOM 30% of spot LOM 350 koz 2,784 koz 5,271 koz Dec. 31/20 302 koz 33 koz 453 koz 2023 n/a koz n/a koz n/a koz $51,476 $3,933 $55,409 See Wassa for combined value
Voisey's Bay Vale Canada 2010 Nickel Concentrate and Cathode H 2.7% NVR 1,494 Mlb n/a Mlb n/a Mlb Dec. 31/20 1,232 Mlb n/a Mlb n/a Mlb 2032 n/a Mlb 78.7 Mlb n/a Mlb $178,174 $16,302 $194,476 95%
Copper 871 Mlb n/a Mlb n/a Mlb 543 Mlb n/a Mlb n/a Mlb n/a Mlb 39.2 Mlb n/a Mlb
Cobalt 72 Mlb n/a Mlb n/a Mlb 75 Mlb n/a Mlb n/a Mlb n/a Mlb 3.5 Mlb n/a Mlb
Holt Kirkland Lake Gold Canada 2008 Gold Dore I 0.00013 x gold price 486 koz 219 koz 265 koz Dec. 31/20 0 koz 1,396 koz 78 koz n/a n/a koz n/a koz n/a koz $117,347 $0 $117,347 339%
Robinson KGHM USA 2006 Copper Concentrate J 3.0% NSR 1,969 Mlb 3,075 Mlb 213 Mlb n/a Mlb n/a Mlb n/a Mlb 2028 n/a Mlb 104.5 Mlb n/a Mlb $148,230 $11,955 $160,185 899%
Gold 1,187 koz 1,227 koz 60 koz n/a koz n/a koz n/a koz n/a koz n/a koz n/a koz
Canadian Malartic Agnico Eagle/Yamana Canada 2008 Gold Dore K 1-1.5% NSR 4,727 koz n/a koz n/a koz Dec. 31/20 860 koz 38 koz 2 koz n/a n/a koz 284.3 koz 350 koz $64,422 $8,776 $73,198 189%
Dolores Pan American Silver Mexico 2007 Gold Dore L 2.0 % NSR and 1.25% NSR (gold) 2,446 koz 691 koz 661 koz Dec. 31/20 1,031 koz 31 koz 139 koz 2029 99-104 koz 98 koz 161-179 koz $57,341 $8,524 $65,865 118%
Silver 2.0% NSR (silver) 128 Moz 21 Moz 28 Moz 28 Moz 1 Moz 5 Moz 4.0-4.8 Moz 3.8 Moz 2.73-2.97 Moz
Marigold SSR Mining USA 2008 Gold Dore M 2.0% NSR 683 koz n/a koz n/a koz Dec. 31/20 2,168 koz 1,151 koz 152 koz 2028 225-240 koz 230 koz 235-265 koz $37,491 $9,184 $46,675 880%
Las Cruces First Quantum Spain 2010 Copper Cathode N 1.5% NSR (copper) 2,421 Mlb n/a Mlb n/a Mlb Dec. 31/20 7 Mlb 0 Mlb 0 Mlb 2020 121.3 Mlb 119.8 Mlb 26.5 Mlb $63,342 $3,372 $66,714 117%
South Laverton Saracen Australia 2008 Gold Dore O 1.5% NSR; $6.00/oz 800 koz n/a koz n/a koz Dec. 31/20 1,892 koz 1,120 koz 1,140 koz n/a n/a koz n/a koz n/a koz $32,987 $7,006 $39,993 314%
Gwalia Deeps St Barbara Australia 2010 Gold Dore P 1.5% NSR 1,980 koz n/a koz n/a koz Dec. 31/20 2,198 koz 2,548 koz 265 koz n/a 170-180 koz 171.2 koz 175 - 190 koz $44,461 $4,118 $48,579 141%
Goldstrike (SJ Claims) Nevada Gold Mines USA 2002 Gold Dore Q 0.9% NSR 9,764 koz n/a koz n/a koz Dec. 31/20 1,433 koz 0 koz 0 koz n/a n/a koz n/a koz n/a koz $74,199 $3,146 $77,345 372%
Meekatharra Gold Project Westgold Resources Australia 2008 Gold Dore R 1.5% NSR 504 koz n/a koz n/a koz Dec. 31/20 435 koz 1,350 koz 1,498 koz n/a n/a koz 104.1 koz n/a koz $10,770 $4,033 $14,803 262%
Leeville Nevada Gold Mines USA 2002 Gold Dore S 1.8% NSR 2,673 koz n/a koz n/a koz Dec. 31/20 1,675 koz 445 koz 276 koz 2029 n/a koz n/a koz n/a koz $70,431 $1,779 $72,210 394%
Wharf Coeur USA 2008 Gold Dore T 0-2.2% GSR 318 koz n/a koz n/a koz Dec. 31/20 667 koz 0 koz 0 koz 2025 85-95 koz 93.1 koz 85-95 koz $22,841 $3,550 $26,391 718%

General footnotes:

  1. Set forth below are the definitions of proven and probable reserves used by the U.S. Securities and Exchange Commission. “Reserve” is that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. “Proven (Measured) Reserves” are reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the results of detailed sampling; and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that the size, shape, depth and mineral content of the reserves are well established. “Probable (Indicated) Reserves” are reserves for which the quantity and grade and/or quality are computed from information similar to that used for proven (measured) reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven (measured) reserves, is high enough to assume continuity between points of observation.
  2. Royal Gold has disclosed a number of reserve estimates that are provided by operators that are foreign issuers and are not based on the U.S. Securities and Exchange Commission's definitions for proven and probable reserves. For Canadian issuers, definitions of "mineral reserve," "proven mineral reserve," and "probable mineral reserve" conform to the Canadian Institute of Mining, Metallurgy and Petroleum definitions of these terms as of the effective date of estimation as required by National Instrument 43-101 of the Canadian Securities Administrators. For Australian issuers, definitions of "mineral reserve," "proven mineral reserve", and "probable mineral reserve" conform with the Australasian Code for Reporting of Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia, as amended ("JORC Code"). Royal Gold does not reconcile the reserve estimates provided by the operators with definitions of reserves used by the U.S. Securities and Exchange Commission.
  3. The reserves reported are either estimates received from the various operators or are based on information provided to Royal Gold or are derived from publicly available information from the operators of the various properties including National Instrument 43-101 or JORC Code reports filed by operators. Royal Gold is not able to reconcile the reserve estimates prepared in reliance on National Instrument 43-101 or JORC Code with definitions of the U.S. Securities and Exchange Commission.
  4. Mineral resources are in addition to mineral reserves. Mineral resources do not have demonstrated economic viability and the terms “resources,” “measured resources,” and “indicated resources,” are not terms recognized by the Securities and Exchange Commission. Investors are advised that these estimates have not been prepared in accordance with SEC rules.
  5. “Contained ounces” or “contained pounds” do not take into account recovery losses in mining and processing the ore.
  6. Refers to latest reserve and resource information available at date of Royal Gold's acquisition of stream/royalty interest.
  7. Expect mine life as disclosed by the operator, generally defined as the period of active mining of ore.
  8. Last production estimates received from the operators for calendar 2020.
  9. Actual production figures shown are from the operators and cover the period January 1, 2020 through December 31, 2020, unless otherwise noted in footnotes to this table.
  10. Production estimates received from the operators are for calendar 2021. There can be no assurance that production estimates received from the operators will be achieved. Please also refer to our cautionary language regarding forward-looking statements above, as well as the Risk Factors identified in Part I, Item 1A, of the Company’s Fiscal 2020 Form 10-K for information regarding factors that could affect actual results.
  11. Reported production for stream interests relates to the Company’s actual metal sales, and for royalty interests relates to the amount of metal sales that are subject to the Company’s royalty interests for the stated period, as reported to the Company by operators of the mines.

Property specific footnotes:

A) Mount Milligan

At Date of Acquisition (Reserves and Resources):

  • As of October 23, 2009.
  • Reserves calculated using $1.60 per pound copper and $690 per ounce gold.
  • Resources calculated using $2.00 per pound copper and $800 per ounce gold.

Reserves/Resources (Most Recent):

  • Reserves calculated using $3.00 per pound copper and $1,250 per ounce gold.
  • Resources calculated using $3.50 per pound copper and $1,500 per ounce gold.

Mine Production:

  • The estimated and actual production figures shown for Mount Milligan are payable gold and copper in concentrate.

Expected Mine Life to Year:

  • Based on technical report.

B) Pueblo Viejo

At Date of Acquisition (Reserves and Resources):

  • Represents Barrick’s 60% interest.
  • As of December 31, 2014.
  • Reserves calculated using 1,100 per ounce gold and $17.00 per ounce silver.
  • Resources calculated using $1,400 per ounce gold. Price assumption for silver not available.

Reserves/Resources (Most Recent):

  • Represents Barrick’s 60% interest.
  • Reserves calculated using $1,200 per ounce gold and $16.50 per ounce silver.

Mine Production:

  • The Pueblo Viejo silver stream is determined based on a fixed metallurgical recovery of 70% of silver in mill feed.
  • The estimated and actual production figures shown for Pueblo Viejo are payable gold in doré and represent Barrick’s 60% interest in Pueblo Viejo. Barrick did not provide estimated or actual silver production.

Expected Mine Life to Year:

  • Based on operator disclosure and assumption that expansion proceeds.

C) Andacollo

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2014.
  • Reserves calculated using $3.00 per pound copper and $1,200 per ounce gold.
  • Price assumptions for resources not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $3.00 per pound copper and $1,300 per ounce gold.
  • Price assumptions for resources not available.

Mine Production:

  • The estimated and actual production figures shown for Andacollo are contained gold in concentrate.

Expected Mine Life to Year:

  • Based on operator disclosure.

D) Rainy River

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2014.
  • Reserves calculated using $1,200 per ounce gold and $18.00 per ounce silver.
  • Resources calculated using $1,300 per ounce gold and $20.00 per ounce silver.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,400 per ounce gold and $18.00 per ounce silver.
  • Resources calculated using $1,500 per ounce gold and $20.00 per ounce silver.

Mine Production:

  • The estimated and actual production figures shown for Rainy River are produced gold and silver in doré.

Expected Mine Life to Year:

  • Based on technical report.

E) Wassa

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2014.
  • Reserves calculated using $1,200 per ounce gold.
  • Resources calculated using $1,400 per ounce gold.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,300 per ounce gold.
  • Resources calculated using $1,500 per ounce gold.

Mine Production:

  • The estimated and actual production figures shown for Wassa are payable gold in doré.

Expected Mine Life to Year:

  • Based on operator disclosure.

Reported Production:

  • Note, prior to the separation of the Wassa and Prestea and Bogoso stream agreement, effective September 30, 2020, Prestea and Bogoso contributed 41,631 ounces of gold toward the 240,000 ounce delivery threshold.

E) Prestea and Bogoso

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2014.
  • Reserves calculated using $1,200 per ounce gold.
  • Resources calculated using $1,400 per ounce gold.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,300 per ounce gold.
  • Resources calculated using $1,500 per ounce gold.

Mine Production:

  • The estimated and actual production figures shown for Prestea are payable gold in doré.

Expected Mine Life to Year:

  • Based on operator disclosure.

F) Penasquito

At Date of Acquisition (Reserves and Resources):

  • As of July 31, 2006.
  • Reserves calculated using $450 per ounce gold, $7.00 per ounce silver, $0.30 per pound lead, and $0.60 per pound zinc.
  • Resources calculated using $650 per ounce gold, $10.00 per ounce silver, $0.43 per pound lead, and $0.86 per pound zinc.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,200 per ounce gold, $16.00 per ounce silver, $0.95 per pound lead, and $1.15 per pound zinc.
  • Resources calculated using $1,400 per ounce gold, $20.00 per ounce silver, $1.05 per pound lead, and $1.25 per pound zinc.

Mine Production:

  • The actual and estimated gold production figures shown for Peñasquito are payable gold and silver in concentrate and doré. The actual and estimated lead and zinc production figures shown are payable lead and zinc in concentrate.

Expected Mine Life to Year:

  • Based on operator disclosure.

G) Cortez

At Date of Acquisition (Reserves and Resources):

  • Not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,200 per ounce gold.
  • Resources calculated using $1,500 per ounce gold.

H) Voisey’s Bay

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2009.
  • Reserves calculated using approximately $11 per pound nickel, $2.90 per pound copper, and $22.70 per pound cobalt.
  • Information not available for resources.

Reserves/Resources (Most Recent):

  • Reserves calculated using approximately $6.12 per pound nickel, $2.81 per pound copper, and $15.88 per pound cobalt.
  • Information not available for resources.

Expected Mine Life to Year:

  • Based on operator disclosure.

I) Holt

At Date of Acquisition (Reserves and Resources):

  • As of June 1, 2008.
  • Reserves calculated using $775 per ounce gold.
  • Price assumptions for resources not available.

Reserves/Resources (Most Recent):

  • Resources calculated using $1,250 per ounce gold.

Expected Mine Life to Year:

  • Currently on care and maintenance.

J) Robinson

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2004.
  • Reserves calculated for the Tripp-Veteran pit was based on $0.95 per pound copper and $350 per ounce gold, while reserves calculated for the Ruth Pit was based on $0.90 per pound copper and $300 per ounce gold.
  • Price assumptions for resources not available.

Reserves/Resources (Most Recent):

  • We are not able to disclose reserves for Robinson.

Expected Mine Life to Year:

  • Based on operator disclosure.

Mine Production:

  • The BLM has received a proposal from KGHM—Robinson Nevada Mining Company to amend the Robinson Project Plan of Operations to extend the mine life to 2028 through authorization of the following actions: resume mining in the Liberty Pit, construct the new King Waste Rock Dump south of the Liberty and Ruth Pits, and expand storage capacity at the Giroux Wash Tailings Storage Facility.

K) Canadian Malartic

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,250 per ounce gold.

L) Dolores

At Date of Acquisition (Reserves and Resources):

  • Reserves as of September 7, 2006.
  • Reserves calculated using $400 per ounce gold and $7.00 per ounce silver.
  • Resources as of July 27, 2007.
  • Resources calculated using $300 per ounce gold and $5.00 per ounce silver.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,350 per ounce gold and $18.00 per ounce silver.
  • Resources calculated using $1,700 per ounce gold and $19.00 per ounce silver.

Expected Mine Life to Year:

  • Based on technical report.

M) Marigold

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,250 per ounce gold.
  • Resources calculated using $1,750 per ounce gold.

Expected Mine Life to Year:

  • Based on technical report.

N) Las Cruces

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2007.
  • Reserves calculated using $1.10 per pound copper.
  • Information not available for resources.

Reserves/Resources (Most Recent):

  • Reserves calculated using $2.75 per pound copper.
  • Price assumptions for resources not available.

Expected Mine Life to Year:

  • Based on operator disclosure.

O) South Laverton

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using A$1,750 per ounce gold price.

CY2019 - Operator Production Guidance:

  • Saracen reports guidance on fiscal year June ending basis.

CY2019 - Actual Production:

  • Saracen reports production on fiscal year June ending basis.

CY2020 - Operator Production Guidance:

  • Saracen reports guidance on fiscal year June ending basis.

P) Gwalia Deep

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using AUD$1,600 per ounce gold.
  • Price assumptions for resources not available.

CY2019 - Operator Production Guidance:

  • St Barbara reports guidance on fiscal year June ending basis.

CY2019 - Actual Production:

  • St Barbara reports production on fiscal year June ending basis.

CY2020 - Operator Production Guidance:

  • St Barbara reports guidance on fiscal year June ending basis.

Q) Goldstrike (SJ Claims)

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,200 per ounce gold.
  • Resources calculated using $1,500 per ounce gold.

R) Meekatharra

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using A$2,000 per ounce of gold.
  • Price assumptions for resources not available.

CY2019 - Operator Production Guidance:

  • Westgold Resources does not report guidance.

CY2019 - Actual Production:

  • Westgold reports production on fiscal year June ending basis.

CY2020 - Operator Production Guidance:

  • Westgold Resources reports guidance on fiscal year June ending basis.

S) Leeville

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,200 per ounce gold.
  • Resources calculated using $1,500 per ounce gold.

Expected Mine Life to Year:

  • Based on operator disclosure - reflects both reserves and resources.

T) Wharf

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,400 per ounce gold.

Expected Mine Life to Year:

  • Based on technical reports.