Calendar Year 2012 Portofolio
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Calendar Year 2012 Portofolio

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Calendar Year 2012 Portofolio Calendar Year 2012 Portofolio Presentation Transcript

  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1 2 A fD b 1 1Gold 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL AND ROYALTY/METAL STREAM 3 Measured Indicated Inferred PRODUCTION Gold Contained 11 Average Gold Average Gold Average Gold Average Gold ESTIMATES 10 Tons of Ore Grade Ozs Tons Grade Tons Grade Tons Grade (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) OuncesUnited StatesBald Mountain Barrick 12 1.75 - 2.5% NSR 98.03 0.019 1.852 24.62 0.019 0.00 0.000 0.00 0.000 84,000Cortez (Pipeline) Barrick GSR1 13 14 14 14 14 0.40 - 5.0% GSR 61.90 0.026 1.611 1.56 0.017 23.50 0.016 6.19 0.015 106,000 GSR2 13 14 14 14 14 0.40 - 5.0% GSR 120.75 0.033 3.936 0.32 0.015 3.58 0.014 3.55 0.014 GSR3 14 14 14 14 0.71% GSR 96.84 0.023 2.267 1.80 0.017 26.13 0.016 7.42 0.015 106,000 NVR1 14 14 14 14 0.39% NVR 66.60 0.023 1.545 1.54 0.016 22.72 0.015 5.86 0.016 83,000 15Gold Hill (DEV) Kinross/Barrick 16,17 1.0 - 2.0% NSR 24.61 0.015 0.371 10.70 0.013 0.00 0.000 0.44 0.009 11,400 17 0.9% NSR (MACE)Goldstrike (SJ Claims) Barrick 0.9% NSR 52.33 0.101 5.285 0.00 0.000 8.72 0.033 5.56 0.039 531,000Leeville Newmont 1.8% NSR 3.81 0.232 0.882 3.09 0.23 0.09 0.13 1.00 0.28 254,000Marigold Goldcorp/Barrick 18 2.0% NSR 204.56 0.015 3.105 0.00 0.000 0.00 0.000 0.00 0.000 112,500 1 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1 2 A fD b 1 1Gold -- continued 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL AND ROYALTY/METAL STREAM 3 Measured Indicated Inferred PRODUCTION Average Gold Gold Contained Average Gold Average Gold Average Gold 11 10 ESTIMATES Tons of Ore Grade Ozs Tons Grade Tons Grade Tons Grade (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) OuncesUnited States (cont.)Pinson (DEV) Atna Resources 56,57 3.0% NSR - Cordilleran 1.75 0.369 0.645 21.77 0.043 4.87 0.097 3.06 0.286 N.A. 56,58 2.94% NSR - Rayrock 19Relief Canyon (DEV) Pershing Gold 2.0% NSR 0.00 0.000 0.000 0.00 0.000 6.53 0.017 2.72 0.015 N.A. 20Robinson KGHM 3.0% NSR 143.09 0.006 0.812 372.81 0.005 249.85 0.005 72.14 0.004 Not ReportedRuby Hill Barrick 3.0% NSR 16.78 0.058 0.978 1.33 0.024 106.30 0.021 5.78 0.034 Not ReportedSoledad Mountain (DEV) Golden Queen 3.0% NSR 53.34 0.021 1.102 12.50 0.034 33.71 0.019 35.28 0.015 N.A.Twin Creeks Newmont 2.0% GV 1.62 0.093 0.150 0.00 0.000 0.00 0.000 0.00 0.000 9,400Wharf Goldcorp 21 0.0 - 2.0% NSR 24.10 0.024 0.586 0.00 0.000 0.00 0.000 0.00 0.000 55,000CanadaBousquet-Cadillac-Joannes (DEV) Agnico-Eagle 2.0% NSR 3.49 0.055 0.191 0.00 0.000 10.81 0.071 5.03 0.118 N.A.Canadian Malartic Osisko 22 1.0 - 1.5% NSR 166.08 0.029 4.756 0.44 0.016 11.64 0.019 12.45 0.017 565,000 2 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1Gold -- continued 2 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL AND ROYALTY/METAL STREAM 3 Measured Indicated Inferred PRODUCTION Average Gold Gold Contained Average Gold Average Gold Average Gold 11 10 ESTIMATES Tons of Ore Grade Ozs Tons Grade Tons Grade Tons Grade (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) OuncesCanada (cont.)Holt St Andrew Goldfields 0.00013 x gold price 2.65 0.156 0.415 3.29 0.159 3.09 0.184 5.33 0.168 45,000 - 50,000Kutcho Creek (DEV) Capstone Mining 1.6% NSR 11.51 0.011 0.124 0.00 0.000 0.92 0.019 1.20 0.010 N.A.Mt. Milligan (DEV) Thompson Creek 23 52.25% of payable gold 531.75 0.011 6.020 66.14 0.006 181.11 0.006 22.60 0.006 N.A.Pine Cove (DEV) Anaconda Mining 7.5% NPI 2.90 0.060 0.175 0.00 0.000 0.00 0.000 0.28 0.062 N.A. 24Schaft Creek (DEV) Copper Fox 3.5% NPI 905.00 0.006 5.570 44.53 0.007 1,096.69 0.005 332.13 0.004 N.A. 19Tulsequah Chief (DEV) Chieftain Metals 25,26 12.5% of payable gold 0.00 0.000 0.000 0.00 0.000 6.65 0.076 1.20 0.048 N.A.Williams Barrick 0.97% NSR 16.62 0.069 1.139 2.00 0.110 2.74 0.069 2.94 0.127 Not ReportedWolverine Yukon Zinc 27 0.0 - 9.445% NSR 4.14 0.047 0.193 0.00 0.000 0.43 0.118 1.80 0.046 Not ReportedMexicoDolores Pan American Silver 55 3.25% NSR 109.50 0.017 1.849 79.14 0.017 79.15 0.014 30.46 0.011 49,000 - 53,000 3 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1 A fD b 1 1 2Gold -- continued 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL AND ROYALTY/METAL STREAM 3 Measured Indicated Inferred PRODUCTION Average Gold Gold Contained Average Gold Average Gold Average Gold 11 10 ESTIMATES Tons of Ore Grade Ozs Tons Grade Tons Grade Tons Grade (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) OuncesMexico (cont.)El Chanate AuRico Gold 28 2.0 - 4.0% NSR 67.82 0.019 1.284 1.28 0.011 1.82 0.013 0.61 0.013 78,000 - 88,000Mulatos Alamos 29 1.0 - 5.0% NSR 71.66 0.033 2.388 8.62 0.034 85.07 0.029 19.22 0.026 200,000 - 220,000 30Peñasquito Goldcorp 2.0% NSR (Oxide) 138.25 0.004 0.530 4.49 0.001 27.35 0.002 61.96 0.005 20 2.0% NSR 370,000 - 390,000 (Sulfide) 1,260.67 0.013 16.010 150.18 0.005 565.41 0.005 161.71 0.006Central and South AmericaAndacollo Teck 31 32 75% of payable gold (NSR) 476.61 0.004 1.799 3.78 0.004 59.17 0.003 26.68 0.003 60,000Don Mario Orvana 32,33 3.0% NSR 6.28 0.042 0.265 0.22 0.038 0.55 0.019 0.33 0.035 12,500Don Nicolas (DEV) Minera IRL 2.0% NSR 0.89 0.121 0.108 0.00 0.000 3.97 0.026 2.26 0.038 N.A.El Limon B2Gold 3.0% NSR 1.81 0.138 0.249 0.00 0.000 1.23 0.128 1.26 0.006 48,000 - 50,000El Toqui Nyrstar 34 0.0 - 3.0% NSR 3.90 0.059 0.231 0.53 0.068 1.10 0.045 2.17 0.042 Not Reported 4 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1 2 A fD b 1 1Gold -- continued 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL AND ROYALTY/METAL STREAM 3 Measured Indicated Inferred PRODUCTION Average Gold Gold Contained Average Gold Average Gold Average Gold 11 10 ESTIMATES Tons of Ore Grade Ozs Tons Grade Tons Grade Tons Grade (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) OuncesCentral and South America (cont.)Mara Rosa (DEV) Amarillo Gold 1.0% NSR 18.87 0.050 0.946 0.11 0.176 4.02 0.052 4.00 0.039 N.A.Martha Coeur dAlene 2.0% NSR 0.05 0.011 0.001 0.00 0.000 0.04 0.010 0.00 0.000 400 - 500 35Pascua-Lama (DEV) Barrick 36 0.78 - 5.23% NSR 320.65 0.046 14.680 18.14 0.030 159.66 0.025 21.04 0.033 N.A.Tambor (DEV) Radius Gold 4.0% NSR 0.00 0.000 0.000 0.00 0.000 0.50 0.115 2.81 0.077 N.A.Australia 37Balcooma Kagara 1.5% NSR 0.76 0.002 0.001 0.60 0.001 0.77 0.009 0.64 0.012 Not Reported 19Burnakura (DEV) Kentor Gold 38 1.5 - 2.5% NSR 0.00 0.000 0.000 0.00 0.000 0.00 0.000 11.68 0.044 N.A.Edna May (DEV) Evolution Mining 0.5% NSR 0.30 0.030 0.009 0.06 0.032 0.09 0.031 0.12 0.032 N.A.Gwalia Deeps St Barbara 39 1.5% NSR 10.60 0.217 2.301 3.70 0.117 6.67 0.160 7.36 0.177 175,000 - 190,000 5 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1 2 A fD b 1 1Gold -- continued 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL AND ROYALTY/METAL STREAM 3 Measured Indicated Inferred PRODUCTION Average Gold Gold Contained Average Gold Average Gold Average Gold 11 10 ESTIMATES Tons of Ore Grade Ozs Tons Grade Tons Grade Tons Grade (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) OuncesAustralia (cont.)King of the Hills St Barbara 39 1.5% NSR 1.77 0.125 0.221 0.00 0.000 0.35 0.329 0.54 0.141 55,000 - 60,000Kundip (DEV) Phillips River 40 1.0 - 1.5% GSR 3.10 0.098 0.305 0.00 0.000 4.12 0.084 0.36 0.155 N.A.Meekatharra (Paddys Flat) Reed Resources 1.5% NSR 7.25 0.062 0.451 0.00 0.000 11.08 0.116 6.93 0.097 41 A$10 per gold ounce produced N.A.Meekatharra (Reedys) (DEV) Reed Resources 42 1.5 - 2.5% NSR 1.37 0.083 0.114 0.00 0.000 3.02 0.092 4.36 0.077 N.A.Meekatharra (Yaloginda) (DEV) Reed Resources 0.45% NSR 3.27 0.051 0.165 0.00 0.000 11.08 0.051 6.93 0.050 N.A.South Laverton Saracen 39 1.5% NSR 16.99 0.045 0.759 10.43 0.037 45.41 0.046 18.42 0.044 110,000 - 120,000Southern Cross St Barbara 39 1.5% NSR 3.81 0.061 0.232 0.00 0.000 0.00 0.000 0.00 0.000 90,000 - 100,000West AfricaInata Avocet 2.5% GSR 37.28 0.050 1.848 19.71 0.049 43.48 0.039 19.67 0.040 160,000Taparko High River 43 2.0% GSR 7.77 0.079 0.614 0.00 0.000 0.99 0.088 4.22 0.058 148,000 6 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1Silver 44 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL AND ROYALTY/METAL STREAM 3 PRODUCTION 11 Measured Indicated Inferred ESTIMATES Average Silver Silver Contained Average Silver Average Silver Average Silver 10 Tons of Ore Grade Ozs Tons Grade Tons Grade Tons Grade Ounces (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) (M)United StatesGold Hill (DEV) Kinross/Barrick 15,16 1.0 - 2.0% NSR 24.61 0.211 5.203 10.70 0.192 0.00 0.000 0.44 0.088 0.025Soledad Mountain (DEV) Golden Queen 3.0% NSR 53.34 0.372 19.860 12.50 0.505 33.71 0.330 35.28 0.320 N.A.Troy Revett 45 3.0% GSR 10.53 1.182 12.448 45.56 1.359 2.41 1.479 11.00 1.400 1.4CanadaKutcho Creek (DEV) Capstone Mining 1.6% NSR 11.51 1.009 11.618 0.00 0.000 0.92 1.829 1.20 0.895 N.A. 24Schaft Creek (DEV) Copper Fox 3.5% NPI 905.00 0.051 46.455 0.00 0.000 0.00 0.000 0.00 0.000 N.A. 19Tulsequah Chief (DEV) Chieftain Metals 46,47 22.5% of payable silver 0.00 0.000 0.000 0.00 0.000 6.65 2.786 1.20 2.095 N.A.Wolverine Yukon Zinc 27 0.0 - 9.445% NSR 4.14 9.546 39.475 0.00 0.000 0.43 24.062 1.80 10.733 Not ReportedMexicoDolores Pan American Silver 2.0% NSR 109.50 0.963 105.476 79.14 0.898 79.15 0.762 30.46 0.530 2.8 - 3.4 55 7 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1Silver -- continued 44 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL AND ROYALTY/METAL STREAM 3 PRODUCTION 11 Measured Indicated Inferred ESTIMATES Average Silver Silver Contained Average Silver Average Silver Average Silver 10 Tons of Ore Grade Ozs Tons Grade Tons Grade Tons Grade Ounces (M) (opt) (M) (M) (opt) (M) (opt) (M) (opt) (M)Mexico 30Peñasquito Goldcorp 2.0% NSR (Oxide) 138.25 0.312 43.120 4.49 0.13 27.35 0.11 61.96 0.049 20 2.0% NSR 23.0 - 24.0 (Sulfide) 1,260.67 0.727 917.100 150.18 0.38 565.41 0.36 161.71 0.257Central and South AmericaDon Mario Orvana 32,33 3.0% NSR 6.28 1.331 8.362 0.22 1.313 0.55 1.138 0.33 1.108 0.5Don Nicolas (DEV) Minera IRL 2.0% NSR 0.89 0.146 0.130 0.00 0.000 3.97 0.100 2.26 0.105 N.A.El Toqui Nyrstar 34 0.0 - 3.0% NSR 3.90 0.337 1.317 0.53 0.341 1.10 0.661 2.17 0.502 Not ReportedMartha Coeur dAlene 2.0% NSR 0.05 12.660 0.671 0.00 0.000 0.04 12.150 0.00 0.000 0.7 - 0.9Australia 37Balcooma Kagara 1.5% NSR 0.76 0.498 0.380 0.60 0.382 0.77 0.793 0.64 0.987 Not Reported 8 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1Base Metals 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL AND ROYALTY/METAL STREAM 3 PRODUCTION 11 Measured Indicated Inferred ESTIMATES Average Base Base Metal Average Base Average Base Average Base 10 Tons of Ore Metal Grade Contained Lbs Tons Metal Grade Tons Metal Grade Tons Metal Grade Pounds (M) (%) (M) (M) (%) (M) (%) (M) (%) (M)COPPER 48United StatesJohnson Camp Nord Resources 2.5% NSR 111.20 0.29 656.000 0.00 0.00 0.00 0.00 0.00 0.00 Not Reported 20Robinson KGHM 3.0% NSR 143.09 0.46 1,329.473 372.81 0.37 249.85 0.33 72.14 0.27 Not ReportedTroy Revett 45 3.0% GSR 10.53 0.47 98.924 45.56 0.66 2.41 0.80 11.00 0.40 11.5CanadaCaber (DEV) Nyrstar 1.0% NSR 0.68 0.84 11.355 0.00 0.00 0.00 0.00 3.07 1.63 N.A.Kutcho Creek (DEV) Capstone Mining 1.6% NSR 11.51 2.01 462.678 0.00 0.00 0.92 4.43 1.20 1.74 N.A. 24Schaft Creek (DEV) Copper Fox 3.5% NPI 905.00 0.30 5421.371 44.53 0.36 1,096.69 0.27 332.13 0.24 N.A.Voiseys Bay Vale 2.7% NSR 24.03 1.39 667.736 0.00 0.00 0.00 0.00 0.00 0.00 Not Reported 9 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1 A fD b 1 1Base Metals -- continued 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL AND ROYALTY/METAL STREAM 3 PRODUCTION Measured Indicated Inferred ESTIMATES 11 Average Base Base Metal Average Base Average Base Average Base 10 Tons of Ore Metal Grade Contained Lbs Tons Metal Grade Tons Metal Grade Tons Metal Grade Pounds (M) (%) (M) (M) (%) (M) (%) (M) (%) (M)COPPER 48 (cont.)Central and South AmericaDon Mario Orvana 32,33 3.0% NSR 6.28 1.47 185.28 0.22 1.37 0.55 1.32 0.33 1.49 12.1Pascua-Lama (DEV) Barrick 49 1.05% NSR 320.92 0.085 548.18 15.44 0.056 137.73 0.060 18.96 0.049 N.A.Australia 37Balcooma Kagara 1.5% NSR 0.76 2.13 32.466 0.60 3.00 0.77 1.30 0.64 1.46 Not ReportedEuropeLas Cruces Inmet 1.5% NSR 16.16 5.47 1,768.11 0.00 0.00 1.27 0.69 0.00 0.00 136.0 - 151.2 50LEADMexicoPeñasquito Goldcorp 2.0% NSR 20 (Sulfide) 1,260.67 0.22 6,166.00 150.18 0.14 565.41 0.12 161.71 0.13 155.0 - 160.0Central and South AmericaEl Toqui Nyrstar 34 0.0 - 3.0% NSR 3.90 0.35 27.434 0.53 0.19 1.10 0.76 2.17 0.54 Not Reported 10 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1 A fD b 1 1Base Metals -- continued 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL AND ROYALTY/METAL STREAM 3 PRODUCTION 11 Measured Indicated Inferred ESTIMATES Average Base Base Metal Average Base Average Base Average Base 10 Tons of Ore Metal Grade Contained Lbs Tons Metal Grade Tons Metal Grade Tons Metal Grade Pounds (M) (%) (M) (M) (%) (M) (%) (M) (%) (M)LEAD 50 (cont.)AustraliaBalcooma 37 Kagara 1.5% NSR 0.76 0.52 7.879 0.60 0.10 0.77 2.40 0.64 1.93 Not Reported 51ZINCCanadaCaber (DEV) Breakwater 1.0% NSR 0.68 8.58 116.036 0.00 0.00 0.00 0.00 3.07 3.14 N.A.Kutcho Creek (DEV) Capstone Mining 1.6% NSR 11.51 3.19 734.300 0.00 0.00 0.92 4.40 1.20 2.04 N.A.MexicoPeñasquito Goldcorp 2.0% NSR 20 (Sulfide) 1,260.67 0.53 14,775.753 150.18 0.37 565.41 0.32 161.71 0.26 310.0 - 325.0Central and South AmericaEl Toqui Nyrstar 34 0.0 - 3.0% NSR 3.90 6.56 511.993 0.53 9.07 1.10 8.03 2.17 5.49 Not ReportedAustralia 37Balcooma Kagara 1.5% NSR 0.76 1.92 29.274 0.60 0.30 0.77 7.20 0.64 4.52 Not Reported 11 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1Base Metals -- continued 4,5,6 7,8,9 PROPERTY, OPERATOR PROVEN + PROBABLE RESERVES ADDITIONAL MINERALIZED MATERIAL 3 AND ROYALTY/METAL STREAM PRODUCTION 11 Measured Indicated Inferred ESTIMATES Average Base Base Metal Average Base Average Base Average Base 10 Tons of Ore Metal Grade Contained Lbs Tons Metal Grade Tons Metal Grade Tons Metal Grade Pounds (M) (%) (M) (M) % (M) % (M) (%) (M)NICKEL 52CanadaVoiseys Bay Vale 2.7% NSR 24.03 2.49 1,198.763 0.00 0.00 0.00 0.00 0.00 0.00 Not ReportedAustraliaAvebury (DEV) 19 Minmetals Resources 2.0% NSR 0.00 0.00 0.000 3.75 1.11 5.18 0.94 15.43 0.94 N.A.Mt. Goode (Cosmos) Xstrata 1.5% NSR 1.30 2.31 60.151 15.60 0.87 37.80 0.93 14.33 0.64 Not Reported 53COBALTCanadaVoiseys Bay Vale 2.7% NSR 24.03 0.12 59.767 0.00 0.00 0.00 0.00 0.00 0.00 Not Reported 54MOLYBDENUMCanada 24Schaft Creek (DEV) Copper Fox 3.5% NPI 905.00 0.02 352.936 44.53 0.02 1,096.69 0.02 332.13 0.01 N.A. 12 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1 A fD b 31 2009Footnotes1 Reserves have been reported by the operators as of December 31, 2011, with the exception of the following properties:  Meekatharra (Reedys, Paddy’s Flat and Yaloginda) – March 2012;  Taparko – January 2012;  Mara Rosa  – October 2011;  Merlin Orbit and South Laverton – September 2011; Balcooma, Edna May, Gwalia Deeps and Southern Cross – June 2011;  Schaft Creek – May 2011; Soledad – April 2011;  Kutcho Creek – February 2011;  Kundip and Pascua-Lama (copper only) – December 2010; Pine Cove – June 2010;  Mt. Milligan – October 2009; and Caber – July 2007.  2 Gold reserves were calculated by the operators at the following per ounce prices: $1,457 – Soledad; $1,400 – Inata; A$1,400 – Southern Cross; A$1,300 – Meekatharra; $1,255 – Bousquet-Cadillac-Joannes; $1,250 – El Chanate, El Limon, Martha, South Laverton, Taparko and Wharf; A$1,250 – Gwalia Deeps and King of the Hills; $1,200 – Bald Mountain, Canadian Malartic, Cortez, Dolores, Gold Hill, Goldstrike, Leeville, Pascua-Lama, Peñasquito, Twin Creeks and Williams; $1,150 – Mulatos; $1,100 – Don Mario, Don Nicolas, Holt and Mara Rosa; $1,000 – Robinson; $983 – Pine Cove; $850 – Andacollo; and $690 – Mt. Milligan. Schaft Creek is at a $5.05 net smelter return cut-off grade (metal price assumptions used by the operator were $658 per ounce gold; $10.90 per ounce silver; $1.93 per pound copper; and $14.70 per pound molybdenum). No gold price was reported for Balcooma, Edna May, El Toqui, Kundip, Kutcho Creek, Marigold and Wolverine.3 See royalty definitions on page 17.4 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, and the grade is 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 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 of probable (indicated) reserves, although lower than that for proven (measured) reserves, is high enough to assume geological continuity between points of observation.5 Royal Gold has disclosed a number of reserve estimates that are provided by royalty operators that are foreign issuers and are not based on the U.S. Securities and Exchange Commissions 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").6 The reserves reported are either estimates received from the various operators or are based on royalty documentation material provided to Royal Gold or which is derived from recent publicly-available information from the operators of the various properties or various recent National Instrument 43-101 or JORC Code reports filed by operators. Accordingly, 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.7 Mineralized material is that part of a mineral system that has potential economic significance but cannot be included in the proven and probable ore reserve estimates until further drilling and metallurgical work is completed, and until other economic and technical feasibility factors based upon such work have been resolved. The U.S. Securities and Exchange Commission does not recognize this term. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. 13 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1 A fD b 31 2009Footnotes (continued)8 Some of the royalty operators are Canadian and Australian issuers. Canadian and Australian issuers use the terms "mineral resources" and its subcategories "measured," "indicated" and "inferred" mineral resources. For Canadian issuers, the definitions of "mineral resource," "measured mineral resource," "indicated mineral resource" and "inferred mineral resource" conform to the Canadian Institute of Mining, Metallurgy and Petroleum definitions of those terms as of the effective date of estimation, as required by National Instrument 43-101 of the Canadian Securities Administrators. For Australian issuers, the definitions of "mineral resource," "measured mineral resource," "indicated mineral resource" and "inferred mineral resource" conform with the JORC Code. While such terms are recognized and required by Canadian and Australian regulations, the U.S. Securities and Exchange Commission does not recognize them. In each case, the mineralized material reported hereunder are estimates previously disclosed by the relevant operator, without reference to the underlying data used to calculate the estimates. Accordingly, Royal Gold is not able to reconcile the estimates prepared in reliance on National Instrument 43-101 or JORC Code with terms recognized by the U.S. Securities and Exchange Commission. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves.9 The additional mineralized material reported are either estimates received by the various operators or are based on royalty documentation material provided to Royal Gold or which is derived from recent publicly-available information from the operators of the various properties or various recent National Instrument 43-101 or JORC Code reports filed by operators. Accordingly, Royal Gold is not able to reconcile the resource estimates prepared in reliance on National Instrument 43-101 or JORC Code with definitions of the U.S. Securities and Exchange Commission. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves.10 “Contained ounces” or “contained pounds” do not take into account recovery losses in mining and processing the ore.11 A fD b 1 5 The estimates and production reports are prepared by the operators of the mining properties. Royal Gold does not participate in the preparation or verification of the operators’ estimates or production reports and has not independently assessed or verified the accuracy of such information. Please refer to our cautionary statement regarding forward- looking statements and to the risk factors identified in our Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission for information regarding factors that could affect actual results.12 NSR sliding-scale schedule (price of gold per ounce – royalty rate): Below $375 – 1.75%; >$375 to $400 – 2.0%; >$400 to $425 – 2.25%; >$425 – 2.5%. All price points are stated in 1986 dollars and are subject to adjustment in accordance with a blended index comprised of labor, diesel fuel, industrial commodities and mining machinery.13 GSR sliding-scale schedule (price of gold per ounce – royalty rate): Below $210 – 0.40%; $210 to $229.99 – 0.50%; $230 to $249.99 – 0.75%; $250 to $269.99 – 1.30%; $270 to $309.99 – 2.25%; $310 to $329.99 – 2.60%; $330 to $349.99 – 3.00%; $350 to $369.99 – 3.40%; $370 to $389.99 – $3.75%; $390 to $409.99 – 4.0%; $410 to $429.99 – 4.25%; $430 to $449.99 – 4.50%; $450 to $469.99 – 4.75%; $470 and higher – 5.00%.14 NVR1 and GSR3 reserves and additional mineralized material are subsets of the reserves and additional mineralized material covered by GSR1 and GSR2.15 Round Mountain, a joint venture between Kinross and Barrick, has the right, at any time, to purchase the royalty interest for $10.0 million less any royalty payments paid prior to the purchase option being exercised. The royalty is subject to a minimum royalty payment of $100,000 per year.16 The sliding-scale NSR royalty will pay 2.0% when the price of gold is above $350 per ounce and 1.0% when the price of gold falls to $350 per ounce or below.17 The 0.9% NSR applies to the MACE claims. The operator did not break out reserves or resources subject to the 0.9% NSR. Production subject to the 1.0% to 2.0% NSR sliding-scale royalty is expected to commence in the second half of calendar 2012.18 Production guidance reflects the entire project. Operator has not provided a breakdown of production by royalty interest.19 The operators at Avebury, Burnakura, Relief Canyon and Tulsequah Chief have not declared reserves. A fD b 31 2009 14 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1Footnotes (continued)20 Production estimates reflect payable metal and are subject to third party treatment charges. On July 10, 2012, Golcorp lowered its production guidance from 1) 425,000 ounces of gold to between 370,000 to 390,000 ounces; 2) 26.0 million ounces of silver to between 23.0 million to 24.0 million; 3) 180.0 million pounds of lead to between 155.0 million to 160.0 million pounds; and 4) 400.0 million pounds of zinc to between 310.0 million to 325.0 million pounds.21 NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to under $350 – 0.0%; $350 to under $400 – 0.5%; $400 to under $500 – 1.0%; $500 or higher – 2.0%.22 NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $350 – 1.0%; above $350 – 1.5%.23 This is a metal stream whereby the purchase price for gold ounces delivered is $435 per ounce, or the prevailing market price of gold, if lower; no inflation adjustment.24 Reserves have not been updated since the 2008 43-101 technical report; resources were updated on May 1, 2011.25 This is a metal stream whereby Royal Gold is entitled to 12.5% of payable gold until 48,000 ounces of payable gold have been delivered; 7.5% thereafter.26 This is a metal stream whereby the purchase price for gold ounces delivered is $450 per ounce on the first 48,000 ounces of gold; $500 per ounce thereafter, or the prevailing market price, if lower.27 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 $7.50 – 3.778%; >$7.50 – 9.445%.28 The NSR sliding-scale royalty is capped once payments of approximately $17 million have been received. As of March 31, 2012, payments of approximately $11.9 million have been recognized. NSR sliding-scale schedule (price of gold per ounce - royalty rate): less than $300 – 2.0%; $300 to $350 – 3.0%; greater than $350 – 4.0%.29 The Company’s royalty is subject to a 2.0 million ounce cap on gold production. There have been approximately 855,000 ounces of cumulative production as of March 31, 2012. NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $299.99 – 1.0%; $300 to $324.99 – 1.50%; $325 to $349.99 – 2.0%; $350 to $374.99 – 3.0%; $375 to $399.99 – 4.0%; $400 or higher – 5.0%.30 Operator reports reserves by material type. The sulfide material will be processed by milling. The oxide material will be processed by heap leaching.31 The royalty rate is 75% until 910,000 payable ounces of gold have been produced; 50% thereafter. There have been approximately 86,000 cumulative payable ounces produced as of March 31, 2012. Gold is produced as a by-product of copper.32 Recovered metal is contained in concentrate and is subject to third party treatment charges and recovery losses.33 Production guidance for October 2011 through September 2012.34 All metals are paid based on zinc prices. NSR sliding-scale schedule (price of zinc per pound – royalty rate): Below $0.50 – 0.0%; $0.50 to below $0.55 – 1.0%; $0.55 to below $0.60 – 2.0%; $0.60 or higher – 3.0%.35 Royalty applies to all gold production from an area of interest in Chile. Only that portion of the reserves pertaining to our royalty interest in Chile is reflected here. 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.36 NSR sliding-scale schedule (price of gold per ounce - royalty rate): less than or equal to $325 – 0.78%; $400 – 1.57%; $500 – $2.72%; $600 – 3.56%; $700 – 4.39%; greater than or equal to $800 – 5.23%. Royalty is interpolated between lower and upper endpoints. 15 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1Footnotes (continued)37 Figures reflect reserves associated with the entire property. The operator did not provide a detailed breakdown of the reserves and additional mineralized material subject to Royal Golds royalty interest. Therefore, a portion of the reserves is not subject to Royal Gold’s royalty interest.38 The 1.5% to 2.5% NSR sliding-scale royalty applies to cumulative production above 300,000 ounces at both the Burnakura and Meekatharra-Reedys properties. Once 300,000 ounces have been produced, the royalty begins paying at a per year rate of 1.5% for the next 75,000 ounces per year produced and at a rate of 2.5% on production above 375,000 ounces per year. Cumulative production is estimated at 268,000 ounces as of December 31, 2011.39 Production guidance for July 2011 through June 2012.40 Royalty pays 1.0% for the first 250,000 ounces of production and then 1.5% for production above 250,000 ounces.41 The A$10 per ounce royalty applies on production above 50,000 ounces.42 The 1.5% to 2.5% NSR sliding-scale royalty applies to cumulative production above 300,000 ounces at both the Burnakura and Meekatharra-Reedys properties. Once 300,000 ounces have been produced, the royalty begins paying at a per year rate of 1.5% for the next 75,000 ounces per year produced and at a rate of 2.5% on production above 375,000 ounces per year. Cumulative production is estimated at 268,000 ounces as of December 31, 2011.43 The 2.0% GSR royalty applies to gold production from defined portions of the Taparko-Bouroum project area. There is also a 0.75% GSR milling royalty that applies to ore that is mined outside of the defined area of the Taparko-Bouroum project that is processed through the Taparko facilities up to a maximum of 1.1 million tons per year.44 Silver reserves were calculated by the operators at the following prices per ounce: $39.63 – Soledad; $30.00 – Gold Hill; $25.00 – Don Nicolas; F C l d – 2008 $24.00 Martha; $23.00 – Dolores; $20.00 – Don Mario and Peñasquito; and $19.61 – Troy. Schaft Creek is at a $5.05 NSR cut-off grade (metal price assumptions used by the operator were $658 per ounce gold; $10.90 per ounce silver; $1.93 per pound copper; and $14.70 per pound molybdenum). No silver price was reported for Balcooma, El Toqui, Kutcho Creek and Wolverine.45 A fD b 31 2009 Recovered metal is contained in concentrate and is subject to third party recovery losses.46 This is a metal stream whereby Royal Gold is entitled to 22.5% of payable silver until 2.78 million ounces of payable silver have been delivered; 9.75% thereafter.47 This is a metal stream whereby the purchase price for silver ounces delivered is $5.00 per ounce on the first 2.78 million ounces of silver; $7.50 per ounce thereafter, or the prevailing market price of the metal, if lower.48 Copper reserves were calculated by the operators at the following prices per pound: $3.25 – Voiseys Bay; $3.23 – Troy; $2.75 – Don Mario and Robinson; $2.50 – Johnson Camp; $2.25 – Las Cruces; and $1.60 – Mt. Milligan. Schaft Creek is at a $5.05 NSR cut-off grade (metal price assumptions used by the operator were $658 per ounce gold; $10.90 per ounce silver; $1.93 per pound copper; and $14.70 per pound molybdenum). No copper reserve price was reported for Balcooma, Caber or Kutcho Creek.49 Royalty applies to all copper production from an area of interest in Chile. Only that portion of the reserves pertaining to our royalty interest in Chile is reflected here. This royalty will take effect after January 1, 2017. Copper reserves are as of December 31, 2010.50 Lead reserve price was calculated by the operator at Peñasquito at $0.80 per pound. No lead reserve price was reported for Balcooma or El Toqui.51 Zinc reserve price was calculated by the operator at Peñasquito at $0.85 per pound. No zinc reserve price was reported for Balcooma, Caber, El Toqui or Kutcho Creek. 52 Nickel reserve price was calculated by the operator at Voiseys Bay at $8.97 per pound. No nickel price was reported for Mt. Goode.53 Cobalt reserve price was calculated by the operator at Voiseys Bay at $16.37 per pound. 16 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1 A fD b 31 2009Footnotes (continued)54 Schaft Creek is at a $5.05 NSR cut-off grade (metal price assumptions used by the operator were $658 per ounce gold; $10.90 per ounce silver; $1.93 per pound copper; and $14.70 per pound molybdenum).55 The production forecast only includes production for the nine-month period from April 1 to December 31, 2012, representing the period of Pan Americans ownerwhip in 2012. For the first quarter of CY2012, production was approximately 14,500 ounces of gold and 0.9M ounces of silver as reported by Minefinders.56 Royalty only applies to Section 29 which currently holds about 95% of the reserves reported for the property.57 An additional Cordilleran royalty applies to a portion of Section 28.58 Additional Rayrock royalties apply to Sections 28, 32 and 33; these royalty rates vary depending on pre-existing royalties. The Rayrock royalties take effect once 200,000 ounces of gold have been produced from the property. As of March 31, 2012, approximately 103,000 ounces have been produced. NOTE: Not included in the Royalty/Metal Stream Portfolio are Allan, Belcourt, Merlin Orbit, Paddington, Rambler North, Skyline and three oil and gas properties. 17 August 17, 2012
  • Royalty/Metal Stream Portfolio ROYA LGOLD,INC As of December 31, 2011 1DefinitionsThe Company’s royalty portfolio contains several different types of royalties which are defined as follows: Contained Gold Returned ("CGR") Royalty - a royalty in which payments are made on contained ounces rather than recovered ounces. Gross Smelter Return (“GSR”) Royalty - a defined percentage of the gross revenue from a resource extraction operation, less, if applicable, certain contract-defined costs paid by or charged to the operator. Gross Value ("GV") Royalty - a defined percentage of the gross revenue from a resource extraction operation, less certain contract-defined costs, if any. Metal Stream - a metal purchase agreement that provides, in exchange for an upfront payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Net Profits Interest (“NPI”) Royalty - a defined percentage of the gross revenue from a resource extraction operation, after recovery of certain contract-defined pre-production costs, and after deduction of certain contract-defined mining, milling, processing, transportation, administrative, marketing and other costs. Royalty Portfolio Net Smelter Return (“NSR”) Royalty - a defined percentage of the gross revenue from a resource extraction operation, less a proportionate share off D b 31 2008 A incidental transportation, 1 Net Value Royalty (“NVR”) - a defined percentage of the gross revenue from a resource extraction operation, less certain contract-defined transportation costs, milling costs and taxes. Royalty - The right to receive a percentage or other denomination of mineral production from a resource extraction operations. 18 August 17, 2012