Ulysses is an underground and open-pit mine, owned by Ulysses Mining Pty Ltd, a subsidiary of Genesis Minerals Limited (Genesis). Ulysses is located in the Leonora Region of Western Australia, approximately 200 kilometers (km) north of Kalgoorlie, and is a part of Genesis’ Leonora Operations. Royal Gold’s royalty interest at Ulysses only covers the deposits situated within mining lease M40/166.

Following significant preparatory work in fiscal year 2023, including intensive grade control drilling, Ulysses decline development is now underway, and ore production is expected to commence ramp-up in fiscal year 2025. Ore will be trucked 35 kilometers to the Leonora Mill for processing in combination with ore from the Gwalia underground mine. Stoping at the Ulysses underground commenced late in the December 2024 quarter.