Attached files
file | filename |
---|---|
8-K - ROYAL GOLD INC | v221227_8-k.htm |
EX-99.1 - ROYAL GOLD INC | v221227_ex99-1.htm |
Exhibit 99.2
Gold 2
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average
Gold Grade
|
Gold Contained
Ozs 11 |
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
ESTIMATES 10 | |
(M)
|
(opt)
|
(M)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
||
United States
|
||||||||||
Barrick
|
||||||||||
Bald Mountain
1.75 - 3.5% NSR 12
|
74.08
|
0.023
|
1.704
|
33.93 / 0.015
(Measured and Indicated)
|
-
|
-
|
12,500 oz
|
|||
Barrick
|
||||||||||
Cortez (Pipeline)
|
||||||||||
GSR1
0.40 - 5.0% GSR 13
|
67.08
|
0.035
|
2.343 14
|
1.52
|
0.014 14
|
21.89
|
0.014 14
|
6.34
|
0.015 14
|
126,000 oz
|
GSR2
0.40 - 5.0% GSR 13
|
118.43
|
0.029
|
3.428 14
|
0.69
|
0.080 14
|
6.70
|
0.070 14
|
4.03
|
0.013 14
|
|
GSR3
0.71% GSR
|
103.24
|
0.029
|
3.003 14
|
1.82
|
0.014 14
|
24.96
|
0.014 14
|
7.72
|
0.015 14
|
126,000 oz
|
NVR1
0.39% NVR
|
68.60
|
0.033
|
2.244 14
|
1.82
|
0.014 14
|
24.96
|
0.014 14
|
6.15
|
0.015 14
|
91,000 oz
|
Kinross/Barrick
|
||||||||||
Gold Hill (DEV)
1.0 - 2.0% NSR 15
|
23.34
|
0.016
|
0.365
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.9% NSR 16
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Barrick
|
||||||||||
Goldstrike (SJ Claims)
0.9% NSR
|
49.60
|
0.104
|
5.164
|
0.03
|
0.036
|
0.10
|
0.036
|
0.07
|
0.064
|
374,000 oz
|
Newmont
|
||||||||||
Leeville
1.8% NSR
|
5.58
|
0.294
|
1.641
|
0.33
|
0.165
|
0.17
|
0.257
|
0.41
|
0.509
|
454,000 oz
|
May 4, 2011
1
Gold -- continued 2
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average
Gold Grade
|
Gold Contained
Ozs 11 |
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
ESTIMATES 10 | |
(M)
|
(opt)
|
(M)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
||
United States (cont.)
|
||||||||||
Goldcorp/Barrick
|
||||||||||
Marigold (DEV) 17
2.0% NSR
|
55.41
|
0.016
|
0.905 |
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Firstgold
|
||||||||||
Relief Canyon (DEV) 18
4.0% NSR
|
-
|
-
|
-
|
0.00
|
0.000
|
0.00
|
0.000
|
30.48
|
0.022
|
-
|
Quadra FNX
|
||||||||||
Robinson 19
|
562.47 |
0.004
|
154.30
|
0.004
|
153.89
|
0.004
|
||||
3.0% NSR
|
121.28
|
0.010
|
0.64
|
(Includes Reserves)
|
45,000 - 50,000 oz 20
|
|||||
Golden Queen
|
||||||||||
Soledad Mountain (DEV)
3.0% NSR
|
51.22
|
0.021
|
1.052
|
43.69
|
0.027
|
44.85
|
0.018
|
35.28
|
0.015
|
-
|
Newmont
|
||||||||||
Twin Creeks
2.0% GPR
|
1.80
|
0.080
|
0.143
|
-
|
-
|
-
|
-
|
-
|
-
|
14,700 oz
|
Goldcorp
|
||||||||||
Wharf
0.0 - 2.0% NSR 21
|
23.88
|
0.025
|
0.600
|
3.40
|
0.027
|
3.53
|
0.028
|
-
|
-
|
60,000 oz
|
Canada
|
||||||||||
Osisko
|
||||||||||
Canadian Malartic (DEV)
1.0 - 1.5% NSR 22
|
150.56
|
0.031
|
4.727
|
-
|
-
|
-
|
-
|
-
|
-
|
359,000 oz 23
|
May 4, 2011
2
Gold -- continued 2
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average
Gold Grade
|
Gold Contained
Ozs 11 |
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
ESTIMATES 10 | |
(M)
|
(opt)
|
(M)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
||
Canada (cont.)
|
||||||||||
St Andrew Goldfields
|
||||||||||
Holt 24
0.00013 x gold price
|
3.46
|
0.148
|
0.510
|
2.50
|
0.157
|
2.71
|
0.176
|
1.32
|
0.189
|
45,000 - 50,000 oz
|
Capstone Mining
|
||||||||||
Kutcho Creek (DEV)
1.6% NSR
|
11.51
|
0.011
|
0.125
|
0.92 / 0.020
(Measured and Indicated) |
1.20
|
0.010
|
-
|
|||
Terrane Metals
|
||||||||||
Mt. Milligan (DEV) 25
25% of Payable Gold
|
531.80 | 0.011 |
6.020
|
66.10
|
0.006
|
181.10
|
0.006
|
22.60
|
0.006
|
-
|
New Island Resources/Anaconda Mining
|
||||||||||
Pine Cove (DEV)
|
|
|
|
|
|
|
|
|
|
|
7.5% NPI
|
2.90 |
0.060
|
0.175
|
0.00
|
0.000
|
2.90
|
0.085
|
0.28
|
0.062
|
-
|
Copper Fox
|
||||||||||
Schaft Creek (DEV)
3.5% NPI
|
904.99
|
0.006
|
5.570
|
630.83 / 0.004
(Measured and Indicated) |
205.95
|
0.003
|
-
|
|||
Barrick
|
||||||||||
Williams
0.97% NSR
|
12.17
|
0.070
|
0.857
|
0.43
|
0.103
|
1.88
|
0.031
|
0.77
|
0.143
|
Not Reported
|
Yukon Zinc
|
||||||||||
Wolverine
0.0 - 9.445% NSR 26
|
5.68
|
0.040
|
0.225
|
0.54
|
0.044
|
4.37
|
0.050
|
1.87
|
0.050
|
Not Reported
|
May 4, 2011
3
Gold -- continued 2
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average
Gold Grade
|
Gold Contained
Ozs 11 |
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
ESTIMATES 10 | |
(M)
|
(opt)
|
(M)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
||
Mexico
|
||||||||||
Minefinders
|
||||||||||
Dolores
3.25% NSR
|
107.64
|
0.019
|
2.024
|
80.05
|
0.019
|
71.86
|
0.016
|
27.33
|
0.012
|
65,000 - 70,000 oz
|
Gammon Gold
|
||||||||||
El Chanate
2.0 - 4.0% NSR 27
|
70.78
|
0.019
|
1.355 |
0.68
|
0.007
|
4.40
|
0.015
|
6.76
|
0.023
|
65,000 - 70,000 oz
|
Alamos
|
||||||||||
Mulatos
1.0 - 5.0% NSR 28
|
64.45
|
0.037
|
2.387
|
8.84
|
0.032
|
85.39
|
0.029
|
18.63
|
0.027
|
160,000 - 175,000 oz
|
Goldcorp
|
||||||||||
Peñasquito 29
|
||||||||||
2.0% NSR
(Oxide)
|
74.74
|
0.005
|
0.400
|
0.25
|
0.005
|
4.22
|
0.005
|
1.92
|
0.003
|
350,000 oz 20
|
2.0% NSR
(Sulfide)
|
1,566.82
|
0.012
|
18.170
|
35.53
|
0.007
|
273.79
|
0.008
|
44.96
|
0.005
|
|
Central and South America
|
||||||||||
Teck
|
||||||||||
Andacollo
75% NSR 30
|
440.59
|
0.004
|
1.594
|
23.48
|
0.003
|
152.56
|
0.003
|
35.71
|
0.003
|
49,700 oz 31
|
Orvana
|
||||||||||
Don Mario
3.0% NSR
|
6.29
|
0.041
|
0.259
|
0.28
|
0.008
|
0.50
|
0.008
|
0.36
|
0.034
|
29,400 oz
|
May 4, 2011
4
Gold -- continued 2
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average
Gold Grade
|
Gold Contained
Ozs 11 |
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
ESTIMATES 10 | |
(M)
|
(opt)
|
(M)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
||
Central and South America (cont.)
|
||||||||||
Gammon Gold
|
||||||||||
El Limon
3.0% NSR
|
2.26
|
0.131
|
0.296
|
0.97 / 0.127
(Measured and Indicated) |
1.09
|
0.146
|
42,000 - 46,000 oz
|
|||
Breakwater
|
||||||||||
El Toqui
1.0 - 3.0% NSR 32
|
3.89
|
0.070
|
0.270
|
1.12 / 0.026
(Measured and Indicated) |
1.94
|
0.017
|
41,800 oz 31
|
|||
Coeur d'Alene
|
||||||||||
Martha
2.0% NSR
|
0.05
|
0.020
|
0.001
|
0.00
|
0.000
|
0.04
|
0.010
|
0.16
|
0.010
|
Not Reported
|
Barrick
|
||||||||||
Pascua-Lama (DEV) 33
0.78 - 5.23% NSR 34
|
320.92
|
0.046
|
14.685
|
15.44
|
0.033
|
137.73
|
0.027
|
18.96
|
0.034
|
-
|
Australia
|
||||||||||
Kagara
|
||||||||||
Balcooma 35
1.5% NSR
|
0.67
|
0.007
|
0.005
|
1.04
|
0.006
|
0.26
|
0.004
|
0.69
|
0.017
|
Not Reported
|
Terrain
|
||||||||||
Bundarra (DEV)
1.5% NSR
|
0.00
|
0.000
|
0.000
|
1.21
|
0.059
|
1.49
|
0.068
|
2.77
|
0.054
|
-
|
May 4, 2011
5
Gold -- continued 2
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average
Gold Grade
|
Gold Contained
Ozs 11 |
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
ESTIMATES 10 | |
(M)
|
(opt)
|
(M)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
||
Australia (cont.)
|
||||||||||
St Barbara
|
||||||||||
Gwalia Deeps
1.5% NSR
|
11.28
|
0.213
|
2.406
|
11.70 / 0.137
(Measured and Indicated) |
7.51
|
0.184
|
140,000 - 145,000 oz 36
245,000 - 270,000 oz 37
|
|||
Tectonic Resources
|
||||||||||
Kundip (DEV)
1.0 - 1.5% GSR 38
|
3.10
|
0.098
|
0.305
|
4.12 / 0.084
(Measured and Indicated) |
0.365
|
0.155
|
-
|
|||
Electrum Resources
|
||||||||||
Meekatharra (Paddy's Flat) (DEV)
1.5% NSR
|
2.19
|
0.140
|
0.308
|
17.51 / 0.039
|
8.74
|
0.040
|
-
|
|||
A$10 per gold ounce produced 39
|
2.19
|
0.140 |
0.308
|
(Measured and Indicated) |
8.74
|
0.040 |
-
|
|||
Electrum Resources
|
||||||||||
Meekatharra (Yaloginda) (DEV)
0.45% NSR
|
2.79
|
0.070
|
0.196
|
7.62 / 0.041
(Measured and Indicated)
|
4.18
|
0.054
|
-
|
|||
Jinka Minerals
|
||||||||||
Reedys Burnakura (DEV) 40
1.5 - 2.5% NSR
|
-
|
-
|
-
|
0.08
|
0.288
|
0.21
|
0.204
|
3.23
|
0.074
|
-
|
Saracen
|
||||||||||
South Laverton
1.5% NSR
|
16.60
|
0.049
|
0.810
|
24.61 / 0.052
(Measured and Indicated) |
13.63
|
0.053
|
100,000 - 120,000 oz
|
|||
St Barbara
|
||||||||||
Southern Cross
1.5% NSR
|
6.02
|
0.083
|
0.500
|
8.80 / 0.109
(Measured and Indicated)
|
7.08
|
0.113
|
115,000 - 125,000 oz 41
85,000 - 100,000 oz 42
|
May 4, 2011
6
Gold -- continued 2
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average
Gold Grade
|
Gold Contained
Ozs 11 |
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
ESTIMATES 10 | |
(M)
|
(opt)
|
(M)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
||
Australia (cont.)
|
||||||||||
Catalpa Resources
|
||||||||||
West Westonia (DEV)
0.5% NSR
|
0.31
|
0.032
|
0.010
|
0.15 / 0.026
(Measured and Indicated) |
0.12
|
0.025
|
-
|
|||
West Africa
|
||||||||||
Avocet
|
||||||||||
Inata
2.5% NSR
|
17.97
|
0.060
|
1.082
|
5.75
|
0.066
|
21.87
|
0.047
|
7.82
|
0.038
|
165,000 oz
|
High River
|
||||||||||
Taparko 43
2.0% GSR
|
7.85
|
0.080
|
0.627
|
0.00
|
0.000
|
1.54
|
0.085
|
2.37
|
0.079
|
159,000 oz
|
May 4, 2011
7
Silver 44
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average
Gold Grade
|
Gold Contained
Ozs 11 |
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
ESTIMATES 10 | |
(M)
|
(opt)
|
(M)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
||
United States
|
||||||||||
Golden Queen
|
||||||||||
Soledad Mountain (DEV)
3.0% NSR
|
51.22
|
0.378
|
19.359
|
43.69
|
0.430
|
44.85
|
0.330
|
35.28
|
0.320
|
-
|
Revett
|
||||||||||
Troy
3.0% GSR
|
10.50
|
1.211
|
12.711
|
52.50 / 1.326
(Measured and Indicated) |
11.00
|
1.400
|
1.3 million oz 45
|
|||
Canada
|
||||||||||
Capstone Mining
|
||||||||||
Kutcho Creek (DEV)
1.6% NSR
|
11.51
|
1.009
|
11.617
|
0.92 / 1.829
(Measured and Indicated) |
1.20
|
0.895
|
-
|
|||
Copper Fox
|
||||||||||
Schaft Creek (DEV)
|
|
|
|
630.83 / 0.037
|
|
|
|
|||
3.5% NPI
|
904.99
|
0.051
|
46.454
|
(Measured and Indicated)
|
205.95
|
0.047
|
-
|
|||
Yukon Zinc
|
||||||||||
Wolverine
0.0 - 9.445% NSR 26
|
5.68
|
8.222 | 46.693 |
0.54
|
8.715
|
4.37
|
10.552
|
1.87
|
11.241
|
Not Reported
|
Mexico | ||||||||||
Minefinders
|
||||||||||
Dolores
2.0% NSR
|
107.64
|
1.064
|
114.520
|
80.05
|
0.990
|
71.86
|
0.839
|
27.33
|
0.590
|
3.3 - 3.5 million oz
|
May 4, 2011
8
Silver -- continued 44
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average
Gold Grade
|
Gold Contained
Ozs 11 |
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
Tons
|
Average Gold Grade
|
ESTIMATES 10 | |
(M)
|
(opt)
|
(M)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
(M)
|
(opt)
|
||
Mexico (cont.)
|
||||||||||
Goldcorp
|
||||||||||
Peñasquito 20,29
|
||||||||||
2.0% NSR
(Oxide)
|
74.74
|
0.489
|
36.550
|
0.25
|
0.325
|
4.22
|
0.462
|
1.92
|
0.423
|
Not Reported
|
2.0% NSR
(Sulfide)
|
1,566.82
|
0.682
|
1,068.720
|
35.53
|
0.686
|
273.79
|
0.899
|
44.96
|
0.899
|
|
Orvana
|
||||||||||
Don Mario
3.0% NSR
|
6.29
|
1.319
|
8.292
|
0.28
|
0.323
|
0.50
|
0.280
|
0.36
|
1.097
|
Not Reported
|
Breakwater
|
||||||||||
El Toqui
|
|
|
|
1.12 / 0.728
|
|
|
|
|||
1.0 - 3.0% NSR 32
|
3.89
|
0.379
|
1.473
|
(Measured and Indicated)
|
1.94
|
0.554
|
158,000 oz 31
|
|||
Coeur d'Alene
|
||||||||||
Martha
2.0% NSR |
0.05
|
18.610
|
0.828
|
0.00
|
0.000
|
0.04
|
14.020
|
0.16
|
4.530
|
Not Reported
|
Australia
|
||||||||||
Kagara
|
||||||||||
Balcooma 35
1.5% NSR
|
0.67
|
0.634
|
0.427
|
1.04
|
0.321
|
0.26
|
1.046
|
0.69
|
1.535
|
Not Reported
|
May 4, 2011
9
Base Metals
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average Base Metal
Grade
|
Base Metal Contained
Lbs 11 |
Tons
|
Average Base Metal
Grade
|
Tons
|
Average Base Metal
Grade
|
Tons
|
Average Base Metal
Grade
|
ESTIMATES 10 | |
(M)
|
(%)
|
(M)
|
(M)
|
(%)
|
(M)
|
(%)
|
(M)
|
(%)
|
||
COPPER 46
|
||||||||||
United States
|
||||||||||
Nord Resources
|
||||||||||
Johnson Camp
2.5% NSR
|
66.20
|
0.34
|
445.844
|
-
|
-
|
-
|
-
|
-
|
-
|
Not Reported
|
Quadra FNX
|
||||||||||
Robinson 19
3.0% NSR
|
121.28
|
0.504
|
1,221.800
|
562.47
|
0.350
|
154.30
|
0.270
|
153.89
|
0.290
|
105 - 120 million lbs 20
|
Revett
|
||||||||||
Troy
|
|
|
|
52.50 / 0.623
|
|
|
|
|||
3.0% GSR
|
10.50
|
0.470
|
98.700
|
(Measured and Indicated)
|
11.00
|
0.404
|
11.0 million lbs 45
|
|||
Canada
|
||||||||||
Breakwater
|
||||||||||
Caber (DEV)
1.0% NSR |
0.65
|
0.840
|
10.907
|
-
|
-
|
-
|
-
|
3.07
|
1.570
|
-
|
Capstone Mining
|
||||||||||
Kutcho Creek (DEV)
1.6% NSR
|
11.51
|
2.009
|
462.55
|
0.92 / 4.528
(Measured and Indicated) |
1.20
|
1.740
|
-
|
|||
Copper Fox
|
||||||||||
Schaft Creek (DEV)
3.5% NPI
|
904.99
|
0.300
|
5,421.316
|
630.83 / 0.187
(Measured and Indicated) |
205.95
|
0.140
|
-
|
May 4, 2011
10
Base Metals -- continued
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average Base Metal
Grade
|
Base Metal Contained
Lbs 11 |
Tons
|
Average Base Metal
Grade
|
Tons
|
Average Base Metal
Grade
|
Tons
|
Average Base Metal
Grade
|
ESTIMATES 10 | |
(M)
|
(%)
|
(M)
|
(M)
|
(%)
|
(M)
|
(%)
|
(M)
|
(%)
|
||
COPPER (cont.) 46
|
||||||||||
Australia
|
||||||||||
Vale
|
||||||||||
Voisey's Bay
2.7% NSR
|
26.57
|
1.484
|
788.497
|
-
|
-
|
-
|
-
|
-
|
-
|
Not Reported
|
Kagara
|
||||||||||
Balcooma 35
1.5% NSR
|
0.67
|
3.100
|
41.760
|
1.04
|
2.600
|
0.26
|
1.525
|
0.69
|
1.117
|
Not Reported
|
Central and South America
|
||||||||||
Orvana
|
||||||||||
Don Mario
3.0% NSR
|
6.29
|
1.473
|
185.156
|
0.28
|
0.311
|
0.50
|
0.280
|
0.36
|
1.488
|
15 million lbs 20
|
Barrick
|
||||||||||
Pascua-Lama (DEV) 47
1.05% NSR
|
320.92
|
0.085
|
548.177
|
15.44
|
0.056
|
137.73
|
0.060
|
18.96
|
0.049
|
-
|
Europe
|
||||||||||
Inmet
|
||||||||||
Las Cruces
1.5% NSR
|
17.07
|
6.200
|
2,116.416
|
0.00
|
0.000
|
0.15
|
2.900
|
0.11
|
7.200
|
111 million lbs
|
May 4, 2011
11
Base Metals -- continued
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average Base Metal
Grade
|
Base Metal Contained
Lbs 11 |
Tons
|
Average Base Metal
Grade
|
Tons
|
Average Base Metal
Grade
|
Tons
|
Average Base Metal
Grade
|
ESTIMATES 10 | |
(M)
|
(%)
|
(M)
|
(M)
|
(%)
|
(M)
|
(%)
|
(M)
|
(%)
|
||
LEAD 48
|
||||||||||
Australia
|
||||||||||
Kagara
|
||||||||||
Balcooma 35
1.5% NSR
|
0.67
|
0.661
|
8.898
|
1.04
|
0.100
|
0.26
|
3.019
|
0.69
|
2.062
|
Not Reported
|
Mexico
|
||||||||||
Goldcorp
|
||||||||||
Peñasquito 20,29
2.0% NSR
(Sulfide)
|
1,566.82
|
0.250
|
7,275.000
|
35.53
|
0.274
|
273.79
|
0.309
|
44.96
|
0.183
|
Not Reported
|
Central and South America
|
||||||||||
Breakwater
|
||||||||||
El Toqui
1.0 - 3.0% NSR 32
|
3.89
|
0.365
|
28.375
|
1.12 / 0.972
(Measured and Indicated) |
1.94
|
0.700
|
1.32 million lbs 31
|
|||
ZINC 50
|
||||||||||
Canada
|
||||||||||
Breakwater
|
||||||||||
Caber (DEV)
1.0% NSR
|
0.65
|
8.580
|
111.412
|
-
|
-
|
-
|
-
|
3.07
|
4.520
|
-
|
Capstone Mining
|
||||||||||
Kutcho Creek (DEV)
1.6% NSR
|
11.51
|
3.185
|
733.22
|
0.92 / 4.468
(Measured and Indicated) |
1.2
|
2.040
|
-
|
May 4, 2011
12
Base Metals -- continued
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average Base Metal
Grade
|
Base Metal Contained
Lbs 11 |
Tons
|
Average Base Metal
Grade
|
Tons
|
Average Base Metal
Grade
|
Tons
|
Average Base Metal
Grade
|
ESTIMATES 10 | |
(M)
|
(%)
|
(M)
|
(M)
|
(%)
|
(M)
|
(%)
|
(M)
|
(%)
|
||
ZINC (cont.) 49
|
||||||||||
Australia
|
||||||||||
Kagara
|
||||||||||
Balcooma 35
1.5% NSR
|
0.67
|
1.530
|
20.615
|
1.04
|
0.200
|
0.26
|
0.448
|
0.69
|
5.783
|
Not Reported
|
Mexico
|
||||||||||
Goldcorp
|
||||||||||
Peñasquito 20,29
2.0% NSR
(Sulfide)
|
1,566.82
|
0.570
|
17,575
|
35.53
|
0.674
|
273.79
|
1.054
|
44.96
|
0.385
|
Not Reported
|
Central and South America
|
||||||||||
Breakwater
|
||||||||||
El Toqui
1.0 - 3.0% NSR 32
|
3.89
|
6.768
|
525.943
|
1.12 / 10.959
(Measured and Indicated) |
1.94
|
6.700
|
68.5 million lbs 31
|
|||
NICKEL 51
|
||||||||||
Canada
|
||||||||||
Vale
|
||||||||||
Voisey's Bay
2.7% NSR
|
26.57
|
2.584
|
1,373.135
|
-
|
-
|
-
|
-
|
-
|
-
|
Not Reported
|
May 4, 2011
13
Base Metals -- continued
|
||||||||||
OPERATOR, PROPERTY AND ROYALTY 3
|
PROVEN + PROBABLE
RESERVES 4,5,6
|
ADDITIONAL MINERALIZED MATERIAL 7,8,9
|
|
|||||||
Measured
|
Indicated
|
Inferred
|
PRODUCTION
|
|||||||
Tons of Ore
|
Average Base Metal
Grade
|
Base Metal Contained
Lbs 11 |
Tons
|
Average Base Metal
Grade
|
Tons
|
Average Base Metal
Grade
|
Tons
|
Average Base Metal
Grade
|
ESTIMATES 10 | |
(M)
|
(%)
|
(M)
|
(M)
|
(%)
|
(M)
|
(%)
|
(M)
|
(%)
|
||
NICKEL (cont.) 50
|
||||||||||
Australia
|
||||||||||
Metals and Mines Group
|
||||||||||
Avebury (DEV) 18
2.0% NSR
|
-
|
-
|
-
|
3.75
|
1.100
|
5.18
|
1.000
|
15.43
|
0.900
|
-
|
Xstrata
|
||||||||||
Mt. Goode 51
1.5% NSR
|
0.42
|
4.074
|
34.132
|
15.32
|
0.910
|
32.08
|
0.670
|
14.33
|
0.700
|
Not Reported
|
COBALT 52
|
||||||||||
Canada
|
||||||||||
Vale
|
||||||||||
Voisey's Bay
2.7% NSR
|
26.57
|
0.126
|
66.866
|
-
|
-
|
-
|
-
|
-
|
-
|
Not Reported
|
May 4, 2011
14
Footnotes
|
1
|
Reserves have been reported by the operators as of December 31, 2010, with the exception of the following properties: Don Mario – August 2010; West Westonia, Southern Cross, South Laverton, Pine Cove, Mt. Goode, Inata, Gwalia, Balcooma and Avebury – June 2010; El Chanate and Mt. Milligan – October 2009; Caber and Canadian Malartic – December 2008; Schaft Creek – September 2008; Soledad Mountain – December 2007; Meekatharra (Yaloginda) and Mekkatharra (Paddy's Flat) – September 2007.
|
||||||||||
2
|
Gold reserves were calculated by the operators at the following per ounce prices: $1,300 – Martha; A$1,350 – Kundip; $1,200 – El Limon and Dolores; A$1,250 – South Laverton and West Westonia; $1,000 – Inata, Bald Mountain, Cortez, Goldstrike, Holt, Kutcho Creek, Pascua Lama, Robinson and Williams; $983 – Pine Cove; $950 – Leeville, Marigold, Peñasquito, Twin Creeks and Wharf; A$1,000 – Gwalia and Southern Cross; $900 – Gold Hill and Taparko; $875 – Mulatos; $870 – El Toqui; $825 – Canadian Malartic; $800 – El Chanate, Don Mario and Andacollo; $690 – Mt. Milligan; $600 – Soledad Mountain and Caber. 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; $10.00 per ounce silver; and $1.93 per pound copper). Wolverine is at an $80/tonne net smelter return cut-off grade (metal price assumptions used by the operator were $400 per ounce gold and $7.00 per ounce silver). No gold price was reported for Meekatharra (Paddy’s Flat), Meekathar (Yaloginda), Avebury, Balcooma or Mt. Goode.
|
||||||||||
3
|
See royalty definitions on page 21.
|
||||||||||
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.
|
May 4, 2011
15
Footnotes (continued)
|
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").
|
||||||||||
6
|
The reserves 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 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.
|
||||||||||
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.
|
May 4, 2011
16
Footnotes (continued)
|
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.
|
||||||||||
10
|
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.
|
||||||||||
11
|
“Contained ounces” or “contained pounds” do not take into account recovery losses in processing the ore.
|
||||||||||
12
|
The sliding-scale moves up 0.25% for each $25 per ounce of gold price increase, starting at a per-ounce price of $375, inflated by the Producer Price Index commencing in 1986.
|
||||||||||
13
|
NSR 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 – 3.75%; $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
|
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.
|
||||||||||
16
|
The 0.9% NSR applies to the MACE claims. The operator did not report reserves subject to the 0.9% NSR.
|
||||||||||
17
|
The 2.0% NSR royalty interest covers the majority of six sections of land, containing a number of open pits, but does not cover the current mining in the Basalt/Antler area.
|
||||||||||
18
|
The operators at Avebury and Relief Canyon did not provide a breakdown of proven and probable reserves.
|
||||||||||
19
|
Additional mineralized material estimates include reserves at the request of the operator.
|
||||||||||
20
|
Production estimates reflect payable metal and are subject to third party treatment charges.
|
May 4, 2011
17
Footnotes (continued)
|
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
|
Production guidance reflects the entire project. Operator has not provided a breakdown of production by royalty interest.
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||||||||||
24
|
In November 2008, the operator made application to a court in Ontario, Canada for a declaration that it is not obligated to pay the entire royalty defined under the royalty agreement and to dispute the royalty rate. The operator claims that its predecessor in interest is responsible for payment of some or all of the royalty. On July 23, 2009, the Court held that Royal Gold is entitled to payment from the predecessor of the full amount of the NSR sliding-scale royalty and that the operator’s obligation is to reimburse the predecessor for payment of the royalty up to a flat rate of 0.013% NSR. On August 21, 2009, the predecessor appealed the portion of the judgment holding them responsible for paying the royalty. On December 9, 2009, Royal Gold was made a party to the appeal. Oral arguments were heard on March 28, 2011, and parties are awaiting the outcome.
|
||||||||||
25
|
25% of payable gold with a fixed cost of $400 per ounce until 550,000 ounces are delivered to Royal Gold; $450 thereafter.
|
||||||||||
26
|
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%.
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||||||||||
27
|
The NSR sliding-scale royalty is capped once payments of approximately $17 million have been received. As of March 31, 2011, payments of approximately $7.1 million have been recognized. NSR sliding-scale schedule (price of gold per ounce - royalty rate): less than $300 – 2.0%; $300 – $350 - 3.0%; greater than $350 – 4.0%.
|
||||||||||
28
|
The Company’s royalty is subject to a 2.0 million ounce cap on gold production. There have been approximately 694,000 ounces of cumulative production as of March 31, 2011. 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%.
|
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29
|
Operator reports reserves by material type. The sulfide material will be processed by milling. The oxide material will be processed by heap leaching.
|
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30
|
The royalty rate is 75% until 910,000 payable ounces of gold have been produced – 50% thereafter. There have been approximately 35,400 of cumulative payable ounces produced as of March 31, 2011. Gold is produced as a by-product of copper.
|
||||||||||
31
|
Recovered metal is contained in concentrate and is subject to third party treatment charges and recovery losses.
|
||||||||||
32
|
NSR sliding-scale schedule (price of zinc per ounce – 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%. Gold is produced as a by-product of zinc.
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May 4, 2011
18
Footnotes (continued)
|
33
|
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.
|
||||||||||
34
|
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%.
|
||||||||||
35
|
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 Gold's royalty interest. Therefore, a portion of the reserves is not subject to Royal Gold’s royalty interest.
|
||||||||||
36
|
Production guidance for fiscal year 2011 ending June 30, 2011. Total production includes King of the Hills. Approximately 91,000 ounces have been produced as of March 31, 2011.
|
||||||||||
37
|
Production guidance for fiscal year 2012 ending June 30, 2012. Total production includes King of the Hills.
|
||||||||||
38
|
Royalty pays 1.0% for the first 250,000 ounces of production and then 1.5% for production above 250,000 ounces.
|
||||||||||
39
|
The A$10 per ounce royalty applies on production above 50,000 ounces.
|
||||||||||
40
|
Reedys Burnakura sliding-scale royalty applies to cumulative production above 300,000 ounces. Once 300,000 ounces have been produced, the royalty rate is a 1.5% NSR for the first 75,000 ounces per year and a 2.5% NSR above 75,000 ounces per year.
|
||||||||||
41
|
Production guidance for fiscal year 2011 ending June 30, 2011. Approximately 91,000 ounces have been produced as of March 31, 2011.
|
||||||||||
42
|
Production guidance for fiscal year 2012 ending June 30, 2012.
|
||||||||||
43
|
A 2.0% GSR perpetual royalty (“GSR3”), applicable to gold production from defined portions of the Taparko-Bouroum project area, and a 0.75% GSR milling royalty (“MR1”). The MR1 royalty 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.
|
May 4, 2011
19
Footnotes (continued)
|
44
|
Silver reserves were calculated by the operators at the following prices per ounce: $23.00 – Dolores; $20.00 – Martha; $16.50 – Kutcho Creek; $15.00 – Peñasquito Sulfide; $14.90 – Troy; $14.42 – El Toqui; $14.00 – Gold Hill; $12.50 – Don Mario; $12.00 – Soledad Mountain; and $11.00 – Caber. Shaft Creek is at a $5.05 net smelter return cut-off grade (metal price assumptions used by the operator were $658 per ounce gold; $10.00 per ounce silver; and $1.93 per pound copper). Wolverine is at an $80/tonne net smelter return cut-off grade (metal price assumptions used by the operator were $400 per ounce gold and $7.00 per ounce silver). No silver price is available for Balcooma.
|
||||||||||
45
|
Recovered metal is contained in concentrate and is subject to third party recovery losses.
|
||||||||||
46
|
Copper reserves were calculated by the operators at the following prices per pound: $3.05 – El Toqui; $3.02 – Troy; $2.97 – Voisey's Bay; $2.75 – Kutcho Creek; $2.50 – Robinson and Caber; $2.25 – Las Cruces; $2.00 – Pascua-Lama, Don Mario and Peñasquito Sulfide; $1.90 – Andacollo; $1.60 – Mt. Milligan and $1.50 – Johnson Camp. Shaft Creek is at a $5.05 net smelter return cut-off grade (metal price assumptions used by the operator were $658 per ounce gold; $10.00 per ounce silver; and $1.93 per pound copper). No copper price is available for Balcooma.
|
||||||||||
47
|
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.
|
||||||||||
48
|
Lead reserves were calculated by the operators at the following price per pound: $0.89 – El Toqui and $0.70 – Peñasquito and Caber. No lead price is available for Balcooma.
|
||||||||||
49
|
Zinc reserves were calculated by the operators at the following price per pound: $1.10 – El Toqui; $1.00 – Peñasquito; $0.95 – Kutcho Creek and $0.80 – Peñasquito. No zinc price is available for Balcooma or Caber.
|
||||||||||
50
|
Nickel reserve price was calculated by the operator at Voisey’s Bay mine at $8.71 or lower per pound. No nickel reserve price is available for Avebury or Mt. Goode.
|
||||||||||
51
|
The operator does not report reserves by property in Australia. Therefore, a portion of the reserves is not subject to Royal Gold’s royalty interest.
|
||||||||||
52
|
Cobalt reserve price was calculated by the operator at $22.82 or lower per pound.
|
||||||||||
NOTE: Not included in the Royalty Portfolio are Allen, Belcourt, Lluvia, Rambler North, Skyline, Tambor, Tarmoola and three oil and gas properties.
|
May 4, 2011
20
Royalty Definitions
|
The Company’s royalty portfolio contains several different types of royalties which are defined as follows:
|
|||||||||||
Royalty - the right to receive a percentage or other denomination of mineral production from a resource extraction operation.
|
|||||||||||
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.
|
|||||||||||
Net Smelter Return (“NSR”) Royalty - a defined percentage of the gross revenue from a resource extraction operation, less a proportionate share of incidental transportation, insurance, refining and smelting costs.
|
|||||||||||
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.
|
|||||||||||
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.
|
|||||||||||
Gross Proceeds Royalty (“GPR”) - a royalty in which payments are made on contained ounces rather than recovered ounces.
|
|||||||||||
May 4, 2011
21