Management Team

	Tony Jensen has over twenty years of mining industry experience, and is President and Chief Executive Officer for Royal Gold, Inc. Before joining Royal Gold, Mr. Jensen was the Mine General Manager of the Cortez Joint Venture and spent eighteen years with Placer Dome. His extensive background in operations was developed both in the United States and Chile where he occupied several senior management positions. Mr. Jensen holds a B.S. degree in Mining Engineering from South Dakota School of Mines and also holds a Certificate in Finance from Golden Gate University in San Francisco.
	Stefan L. Wenger has over nine years experience in the mining industry and is currently Chief Financial Officer of Royal Gold, Inc. Prior to joining Royal Gold, Inc., Mr. Wenger was an experienced audit manager with PricewaterhouseCoopers where he provided audit and business advisory services to the mining and oil and gas industries. Mr. Wenger is a certified public accountant and a graduate of Colorado State University with a B.S. degree in Business Administration.
	Karen P. Gross has worked for Royal Gold since 1986 and is Vice President and Corporate Secretary of Royal Gold, Inc. Ms. Gross has overall responsibility for corporate governance and regulatory compliance and manages shareholder/investor relations programs and corporate communications. Ms. Gross is a graduate of the University of Colorado - Denver with a B.S. degree in business administration.
	William Heissenbuttel has twelve years of project and corporate finance experience in the metals and mining industry and is Vice President Corporate Development of Royal Gold, Inc. Previously, Mr. Heissenbuttel was employed in various capacities as the Vice President and Senior Vice President at N M Rothschild & Sons, (Denver) Inc. and was responsible for the natural resources sector lending team for the Americas. Prior to joining Rothschild, Mr. Heissenbuttel was employed for five years at ABN AMRO Bank N.V. where he established their U.S. based mining project finance business. Mr. Heissenbuttel holds a Master of Business Administration degree with a specialization in Finance from the University of Chicago and a Bachelor of Arts in Political Science and Economics from Northwestern University.
	Bruce Kirchhoff, Esq. has over twenty years experience in a broad range of business, commercial and corporate matters affecting natural resource companies and is General Counsel of Royal Gold, Inc. Mr. Kirchhoff most recently served as a partner with Carver Kirchhoff Schwarz McNab & Bailey, LLC (“CKSMB”) where he represented hardrock and industrial minerals clients as well as mineral exploration and development companies. Prior to CKSMB, Mr. Kirchhoff was a senior attorney with Cyprus Amax Minerals Company. Mr. Kirchhoff holds a J.D. from the University of Denver, a Masters in Mineral Economics from Colorado School of Mines, and a B.A. from Colorado College. He was an Adjunct Lecturer in Law at the University of Denver Sturm College of Law where he taught international mining law and policy.

Board of Directors

	Stanley Dempsey has been in the mining business for more than thirty years and is Executive Chairman of Royal Gold, Inc. Mr. Dempsey spent most of his career with AMAX, Inc., where he held various engineering, legal, operating, and executive positions including Chairman of AMAX Australia Limited, Vice President of AMAX, Inc., Senior Vice President of Climax Molybdenum Company, Vice President of AMAX Exploration, Inc., Director of Environmental Affairs, and Division Attorney-Western Operations. During the period 1983-1986, Mr. Dempsey practiced law as a partner of the Washington D.C. firm of Arnold & Porter. Mr. Dempsey received a degree in geology and J.D. from the University of Colorado and completed the Program for Management Development at the Harvard Business School.
	John W. Goth is the Executive Director of the Denver Gold Group and has been a consultant to the mining industry since 1985. Mr. Goth was formerly a senior executive vice president of AMAX, Inc. and is also a former director of Magma Copper Corporation and Dome Mines Corporation. Mr. Goth is a director of U.S. Gold, Behre Dolbear, the Mineral Information Institute, and the Mining and Metallurgical Society of America.
	M. Craig Haase served for more than 15 years as Director, Executive Vice President and Chief Legal Officer of Franco-Nevada Mining Corporation, a publicly-traded precious metals royalty company that merged with Newmont Mining Corporation in 2002. He served in a similar capacity at Euro-Nevada Mining from 1987 to 1999. Haase was also Chairman and CEO for Gold Marketing Corporation of America, Inc., a physical gold export company, from 1994 to 2002. He received his J.D. degree from the University of Illinois and was engaged in private practice from mid 1971 to 1990.
	S. Oden Howell, Jr. is President of Howell & Howell Contractors, Inc. since 1988, and owner of Kessinger Service Industries, LLC. From 1972 until 1988, Mr. Howell was Secretary/Treasurer of Howell & Howell, Inc.
	Tony Jensen has over twenty years of mining industry experience, and is President and Chief Executive Officer for Royal Gold, Inc. Before joining Royal Gold, Mr. Jensen was the Mine General Manager of the Cortez Joint Venture and spent eighteen years with Placer Dome. His extensive background in operations was developed both in the United States and Chile where he occupied several senior management positions. Mr. Jensen holds a B.S. degree in Mining Engineering from South Dakota School of Mines and also holds a Certificate in Finance from Golden Gate University in San Francisco.
	Merritt E. Marcus recently retired as President and Chief Executive Officer of Marcus Paint Company, a manufacturer of industrial liquid coatings, and Performance Powders, LLC, a manufacturer of industrial powder coatings, where he has served since 1983. Mr. Marcus has served several terms as a director of the National Paint and Coatings Association.
	James W. Stuckert is the former Chairman and Chief Executive Officer of Hilliard, Lyons, Inc., an investment firm in Louisville, Kentucky. Mr. Stuckert currently serves as a Director of Hilliard, Lyons, Inc., and Senbanc Fund. He joined Hilliard, Lyons in 1962 and served in several capacities prior to being named Chairman in December 1995.
	Donald Worth has been involved in the mining industry since 1949. He formerly was a mining specialist and a vice president of Canadian Imperial Bank of Commerce (Canada). Mr. Worth is a director of Sentry Select Capital Corporation, Cornerstone Capital Resources, Inc., and Tiomin Resources Inc. He is also a trustee of Labrador Iron Ore Royalty Income Fund, and is involved with several professional associations both in Canada and the United States.

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