Property Tables2013 Interactive Annual Report

* Three oil and gas royalties are not included

Producing Footnotes

1. Reserves have been reported by the operators of record as of December 31, 2012, with the exception of the following properties: Don Mario – October 2012; Soledad – September 2012; Gwalia Deeps, King of the Hills, South Laverton and Southern Cross – June 2012; Meekatharra (Nannine, Paddy’s Flat, Reedys and Yaloginda) and Tulsequah Chief – March 2012; Taparko – January 2012; Pascua-Lama (Au), Don Nicolas, Gold Hill, Johnson Camp, Robinson and Wolverine – December 2011; Mara Rosa – October 2011; Balcooma – June 2011; Kutcho Creek – February 2011; Kundip and Pascua-Lama (Cu) – December 2010; Pine Cove – June 2010; Mt. Milligan – October 2009; Caber – July 2007.
2. Gold reserves were calculated by the operators at the following per ounce prices: A$1,600 – Paddington; $1,500 – Bald Mountain, Cortez, Gold Strike, Ruby Hill and Williams; A$1,500 – South Laverton; $1,490 – Bousquet/Cadillac/Joannes; $1,475 – Canadian Malartic; $1,400 – Don Mario, Holt, Leeville, Mulatos, and Twin Creeks; A$1,400 – Southern Cross; $1,366 – Schaft Creek; $1,350 – Dolores, Peñasquito, Tulsequah Chief, and Wharf; $1,310 – Soledad; $1,300 – Pinson; A$1,300 – Meekatharra: Nannine, Paddy’s Flat; Reedys and Yaloginda; $1,250 – El Limon, Gwalia Deeps, King of the Hills, and Taparko; $1,200 – Gold Hill, Inata, and Pascua Lama; $1,100 – Don Nicolas and Mara Rosa; $1,010 – Andacollo; $1,000 – Robinson; $983 – Pine Cove; $690 – Mt. Milligan. No gold price was reported for Balcooma, El Toqui, Kundip, Kutcho Creek, Marigold, and Wolverine.
   
   Silver reserves were calculated by the operators at the following prices per ounce: $30.00 – Gold Hill; $28.83 – Troy; $25.96 – Schaft Creek; $25.00 – Don Nicolas, Dolores, and Don Mario; $24.05 – Soledad; $24.00 – Peñasquito and $22.00 – Tulsequah Chief. No silver price was reported for Balcooma, El Toqui, Kutcho Creek and Wolverine.
   
   Copper reserves were calculated by the operators at the following prices per pound: $3.67 – Voisey’s Bay and Troy; $3.52 – Schaft Creek; $3.10 – Tulsequah Chief; $3.00 – Don Mario; $2.75 – Robinson and Las Cruces; $2.50 – Johnson Camp; and $2.00 – Pascua-Lama. No copper reserve price was reported for Balcooma, Caber or Kutcho Creek.
   
   Lead reserve price was calculated by the operators at the following prices per pound: $0.80 – Peñasquito. No lead reserve price was reported for Balcooma orEl Toqui.
   
   Zinc reserve price was calculated by the operators at the following prices per pound: $0.85 – Peñasquito. No zinc reserve price was reported for Balcooma, Caber, El Toqui or Kutcho Creek.
   
   Nickel reserve price was calculated by the operator at Voisey’s Bay at $9.41 per pound.
   
   Cobalt reserve price was calculated by the operator at Voisey’s Bay at $15.66 per pound.
   
   Molybdenum reserve price was calculated by the operator at Schaft Creek at $15.30 per pound.
3. Royalty and metal stream definitions are included in the glossary of this annual report.
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 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.
6. “Contained ounces” or “contained pounds” do not take into account recovery losses in mining and processing the ore.
7. The royalty rate is 75% until 910,000 payable ounces of gold have been produced – 50% thereafter. There have been approximately 171,000 cumulative payable ounces produced as of June 30, 2013. Gold is produced as a by-product of copper.
8. Operator reports reserves by material type. Reserves represent combined oxide and sulfide ores. The sulfide material will be processed by milling. The oxide material will be processed by heap leaching.
9. The Company’s royalty is subject to a 2.0 million ounce cap on gold production. There have been approximately 1.1 million ounces of cumulative production as of June 30, 2013. 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%.
10. Reserve shown is “capped” assuming 7.0% recovery.
11. 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 $349.00 – 3.00%; $350 to $369.99 – 3.4%; $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 – 5.0%.
12. NVR1 and GSR3 reserves and additional mineralized material are subsets of the reserves and additional mineralized material covered by GSR1 and GSR2.
13. NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $350 – 1.0%; above $350 – 1.5%.
14. Royalty is payable only when LME cash settlement price for Grade A copper is equivalent or greater than $0.80 per pound of copper.
15. 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%.
16. The 2.0% GSR applies to gold production from defined portions of the Taparko-Bouroum project area. The 0.75% GSR milling royalty applies to ore mined outside of the defined area of the Taparko-Bouroum project that is processed through the Taparko facility up to a maximum of 1.1 million tons per year.
17. The $6/ounce royalty applies to Monty’s Dam and Elliot Lode properties only and it becomes payable once 265,745 ounces of gold have been produced. This royalty is payable on gold only.
18. 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%.
19. 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 and higher – 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.
20. 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%.
21. The royalty applies to 40% of production. The royalty rate is $1.44 per ton for the first 600,000 tons on which the royalty is paid, reducing to $0.72 per ton on 600,000 to 800,000 tons and to $0.36 per ton above 800,000 tons, at a price above $23.00 per ton. A sliding-scale is applicable when the price of potash drops below $23.00 per ton. Given the current North American market price for potash, the complete sliding-scale schedule is not presented here. In addition, there is a $0.25 per ton royalty payable on certain production up to 600,000 tons.
22. Operations is in administration. The operator has not indicated when mining will resume.
23. Royalty production did not commence until calendar 2013.
24. 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, which is capped at $1.0 million. As of June 30, 2013, minimum royalty payments totaling $975,000 have been received. Once all royalty payments and the minimum royalty payment equals $10.0 million, the royalty terminates.
25. The 1.0% to 2.0% 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. The 0.6% to 0.9% NSR sliding-scale schedule (price of gold per ounce – royalty rate): Below $300 – 0.6%; $300 to $350 – 0.7%; > $350 to $400 – 0.8%; > $400 – 0.9%. The silver royalty rate is based on the price of gold.
26. The 0.6% to 0.9% sliding-scale NSR applies to the M-ACE claims. The operator did not break out reserves or resources subject to the M-ACE claims royalty.
27. Production subject to the 1.0% to 2.0% NSR sliding-scale royalty commenced in the first quarter of calendar 2013.
28. The Company has not recognized revenue from this property since the acquisition of IRC in February 2010.

Development Footnotes

1. Reserves have been reported by the operators of record as of December 31, 2012, with the exception of the following properties: Don Mario – October 2012; Soledad – September 2012; Gwalia Deeps, King of the Hills, South Laverton and Southern Cross – June 2012; Meekatharra (Nannine, Paddy’s Flat, Reedys and Yaloginda) and Tulsequah Chief – March 2012; Taparko – January 2012; Pascua-Lama (Au), Don Nicolas, Gold Hill, Johnson Camp, Robinson and Wolverine – December 2011; Mara Rosa – October 2011; Balcooma – June 2011; Kutcho Creek – February 2011; Kundip and Pascua-Lama (Cu) – December 2010; Pine Cove – June 2010; Mt. Milligan – October 2009; Caber – July 2007.
2. Gold reserves were calculated by the operators at the following per ounce prices: A$1,600 – Paddington; $1,500 – Bald Mountain, Cortez, Gold Strike, Ruby Hill and Williams; A$1,500 – South Laverton; $1,490 – Bousquet/Cadillac/Joannes; $1,475 – Canadian Malartic; $1,400 – Don Mario, Holt, Leeville, Mulatos, and Twin Creeks; A$1,400 – Southern Cross; $1,366 – Schaft Creek; $1,350 – Dolores, Peñasquito, Tulsequah Chief, and Wharf; $1,310 – Soledad; $1,300 – Pinson; A$1,300 – Meekatharra: Nannine, Paddy’s Flat; Reedys and Yaloginda; $1,250 – El Limon, Gwalia Deeps, King of the Hills, and Taparko; $1,200 – Gold Hill, Inata, and Pascua Lama; $1,100 – Don Nicolas and Mara Rosa; $1,010 – Andacollo; $1,000 – Robinson; $983 – Pine Cove; $690 – Mt. Milligan. No gold price was reported for Balcooma, El Toqui, Kundip, Kutcho Creek, Marigold, and Wolverine.
   
   Silver reserves were calculated by the operators at the following prices per ounce: $30.00 – Gold Hill; $28.83 – Troy; $25.96 – Schaft Creek; $25.00 – Don Nicolas, Dolores, and Don Mario; $24.05 – Soledad; $24.00 – Peñasquito and $22.00 – Tulsequah Chief. No silver price was reported for Balcooma, El Toqui, Kutcho Creek and Wolverine.
   
   Copper reserves were calculated by the operators at the following prices per pound: $3.67 – Voisey’s Bay and Troy; $3.52 – Schaft Creek; $3.10 – Tulsequah Chief; $3.00 – Don Mario; $2.75 – Robinson and Las Cruces; $2.50 – Johnson Camp; and $2.00 – Pascua-Lama. No copper reserve price was reported for Balcooma, Caber or Kutcho Creek.
   
   Lead reserve price was calculated by the operators at the following prices per pound: $0.80 – Peñasquito. No lead reserve price was reported for Balcooma or El Toqui.
   
   Zinc reserve price was calculated by the operators at the following prices per pound: $0.85 – Peñasquito. No zinc reserve price was reported for Balcooma, Caber, El Toqui or Kutcho Creek.
   
   Nickel reserve price was calculated by the operator at Voisey’s Bay at $9.41 per pound.
   
   Cobalt reserve price was calculated by the operator at Voisey’s Bay at $15.66 per pound.
   
   Molybdenum reserve price was calculated by the operator at Schaft Creek at $15.30 per pound.
3. Royalty and metal stream definitions are included in the glossary.
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 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.
6. “Contained ounces” or “contained pounds” do not take into account recovery losses in mining and processing the ore.
7. The royalty rate is 1.0% until 250,000 ounces of gold has been produced; 1.5% thereafter.
8. Operation is in administration.
9. The A$10 per ounce royalty applies on production above 50,000 ounces. Royalty payable on gold only.
10. 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 75,000 ounces per year. Cumulative production is estimated at 271,000 ounces as of June 30, 2013.
11. The 1.0% NSR applies to the Rand area only. Royalty payable on gold only.
12. Figures reflect reserves associated with the entire property. The operator did not provide a detailed breakdown of the reserves subject to Royal Gold’s royalty interest. Therefore, a portion of the reserves is not subject to Royal Gold’s royalty interest.
13. Operation placed on care and maintenance in December 2012. The operator has not indicated when mining will continue.
14. 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.
15. Commissioning began in August 2013. Thompson Creek estimates that commercial production will begin in the fourth quarter of calendar 2013.
16. Operation is currently in production; estimated pay-back of capital, a requisite to royalty payments, to occur by 2016.
17. Operation is currently in production but not on Royal Gold’s royalty ground.
18. 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.
19. 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.
20. 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.
21. 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.
22. Reserve figures represent the estimated gold and copper reserves that are associated with Royal Gold’s royalty interests rather than total reserves for the project. Total reserves at the project are estimated to be 9.5 million ounces of gold and 7.0 billion pounds of copper.
23. Goldcorp presently reports reserves attributable to its 70% interest in the El Morro project which currently consists of the La Fortuna deposit. La Fortuna is the only deposit at the project with reported reserves. Royal Gold estimates that its royalty covers approximately 30% of this deposit.
24. 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. Barrick has announced that development at Pascua-Lama has been suspended pending the outcome of regulatory and litigation challenges.
25. 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 the lower and upper endpoints.
26. 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.
27. Royalty only applies to Section 29 which currently holds about 95% of the reserves reported for the property.
28. An additional Cordilleran royalty applies to a portion of Section 28.
29. Operation has been placed on care and maintenance as of June 2013. The operator has not indicated when mining will resume.
30. 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 open pits on the property. As of June 30, 2013, approximately 103,000 ounces have been produced from the existing open pits.
31. Royalty is capped at $300,000 plus simple interest.

Evaluation Footnotes

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. 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 75,000 ounces per year. Cumulative production is estimated at 271,000 ounces as of June 30, 2013.
3. Royalty applies on production above 10,000 ounces.
4. Royalty is capped at 500,000 ounces.
5. Royalty rate is 4.0% for grades at 1.5 g/t or less and 2.5% at grades above 1.5 g/t.
6. Royalty applies to production above 40,000 ounces and is capped at $1 million.
7. Operator has the right to buy back up to 2.0% of the royalty for US$2.0 million.
8. Royalty rate is 1.95% on Goose Lake and 2.35% on George Lake.
9. Royalty on George Lake applies to production above 800,000 ounces. Royalty on Goose Lake applies to production above 400,000 ounces.
10. Royalty applies to production above 675,000 ounces.
11. The 0.75% NSR royalty applies to gold and silver and the 1.0% NSR royalty applies to platinum group elements, copper and nickel. The 0.5% NSR royalty applies to gold, silver, platinum group elements, copper and nickel. The 1.25% NSR royalty applies to gold and silver and the 1.5% NSR royalty applies to platinum group elements, copper and nickel. These royalties become payable on commercial production once capital repayment has been made at the project.
12. 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%.
13. Royalty is payable on per pound of uranium produced above eight million pounds.
14. 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.
15. Royalty rate is 3.0% on Homestake and Emerald unpatented claims; 1.0% on Emerald patented claims.
16. The 1.0% royalty rate applies to the SS lode claims only.
17. An additional 1.0% NSR applies to 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.

Exploration Footnotes

1. Royalty paid on dollars per tonne of ore above 50,000 tonnes up to 500,000 tonnes.
2. Royalty payable on all minerals, except nickel or any by-products in whatever form or state.
3. Royalty payable on gold only.
4. Royalty rate is 2.0% for gold and 1.5% for all other metals.
5. Royalty rate is equal to 15% of the proceeds of production until $1,760,000 has been paid. A 2.0% NSR royalty applies to production thereafter.
6. The 2.0% NSR royalty applies to production from an area of the property referred to as the “GeoNova Properties,” and the 3.0% NSR royalty applies to production from an area of the property referred to as the “Homestake Properties.”
7. Sliding-scale royalty applies to gold only. NSR sliding-scale schedule (price per gold ounce – royalty rate): Below $325 – 0.0%; $325 – 1.5%; $375 – 2.0%. Once $500,000 has been received in gold royalty payments, the rate will reduce to 1.0% and will only be in effect at a gold price of $350 per ounce or higher. The 2.0% NSR royalty applies to silver and copper.
8. Operator has the option to purchase the entire 1.0% NSR for $1 million prior to the development of a mine on the property.
9. Operator has the option to purchase 1.25% of the 2.5% NSR for $1 million at any time prior to a production decision or within 30 days thereafter.
10. Operator may purchase 1.5% of the 2.5% NSR at any time for CDN$1.5 million.
11. The 1.0 to 3.0% NSR sliding-scale royalty only applies to gold production. The 2.0% NSR royalty applies to commercial production of all minerals excluding diamonds and industrial minerals. The 1.0% GV royalty applies to commercial production of all diamonds and industrial minerals.
12. Owner has the option to purchase 1.0% of the 3.0% NSR for $1 million at any time.
13. Operator has the right to purchase 2.5% of the 5.0% NSR at any time for $1million.
14. Royalty on three property packages is capped at an aggregate of $2 million.
15. Royalty is capped at $1 million.
16. The 15.0% NPI and the 14.0% NPI apply to different claims on the property.
17. The 2.0% NSR becomes payable once 400,000 ounces have been produced.
18. Royalty rate varies depending on pre-existing royalties (max of 6.0%).
19. The 3.0% GSR applies to production from the properties from which greater than 60% of the revenues are projected to be derived from gold and silver. The 10% NPI applies to production from the properties from which less than 60% of the revenues are projected to be derived from gold and silver.