CORTEZ

Operator: Nevada Gold Mines LLC

Location: Nevada, United States

Royalty: GSR1 and GSR2: 0.40% to 5.0% GSR sliding-scale GSR3: 0.7125% GSR NVR1: 4.91% NVR NVR1C: 4.52% NVR

Term of Royalty: Life of Mine

Cortez is a series of large open-pit and underground mines, utilizing mill, roast and heap leach processing. Cortez is operated by Nevada Gold Mines LLC (NGM), a joint venture between Barrick Gold Corporation (61.5%) and Newmont Corporation (38.5%). Royal Gold’s royalty interest at Cortez applies to the Pipeline and South Pipeline deposits, part of the Gap pit and the Crossroads deposit.

The Cortez deposits are Carlin-type sedimentary rock-hosted and porphyry/epithermal deposits. Carlin deposits form as structurally and/or stratigraphically controlled replacement bodies consisting of strata-bound, tabular, disseminated gold mineralization occurring in Silurian-Devonian carbonate rocks.

The open-pits use a conventional truck-and-shovel fleet, mining approximately 400,000 tons per day of ore and waste. Mining operations move between the various pits over the life of mine plan. Non-refractory ores from the mines are treated on site through the oxide mill or on heap leach pads, while refractory ore is shipped to other NGM operations (i.e. Gold Quarry and Goldstrike) for processing.