EVALUATION 1 (listed alphabetically by country) As of September 30, 2021
Property Location Owership Royalty Rate
Avebury Australia Dundas Mining 2.0% NSR
Bell Creek Australia Australian Mines A$1.00 to A$2.00/tonne 2
Burnakura Australia Monument Mining 1.5% to 2.5% NSR 3
Celtic/Wonder North Australia Northern Star 1.5% NSR
Fisher EastAustraliaCannon Resources A$5.00/oz 
Jaguar Nickel Australia Washington H. Soul Pattinson and Company Ltd. 1.5% NSR (gold)
Kundip Australia Medallion Metals 1.0% to 1.5% GV 4
Meekatharra - Sabbath Australia Westgold Resources A$1.00/tonne 5
Mt. Fisher Australia Rox Resources A$5.00/oz 6
Paddington Australia Zijin Mining Group 1.75% NSR
Pinnacles Australia Nexus/Northern Star 1.5% NSR
Quinns Austin Australia CNN Investments 1.5% NSR
Red Dam Australia Evolution Mining 2.5% GSR (gold); 2.5% NSR (silver)
Temora Australia Sandfire Resources 12.5% NPI
Ulysses Australia Genesis Minerals 1.5% NSR
Van Uden Gold Deposit Australia Wesfarmers Limited/Shandong Tianye 1.5% NSR
Westmoreland Australia Laramide Resources 1.0% NSR
Yundamindra Australia Nex Metals 1.5% NSR
Castelo de Sonhos Brazil TriStar Gold 1.5% NSR
Barraute (Swanson) Canada Monarch Mining Corporation 1.0% or 2.0% NSR 7
Belcourt Canada Anglo American plc 0.103% GV (coal only)
Berg Canada Centerra Gold 1.0% NSR
Bronson Slope Canada Seabridge Gold 1.0% NSR
Caber Canada Glencore 1.0% NSR
Follansbee Canada Evolution Mining/Equinox Gold Corp. 2.0% NSR
Gold River Canada Pan American Silver 1.5% NSR
High Lake Canada MMG Limited 1.5% NSR
Holt Canada Kirkland Lake Gold Ltd. 0.00013 x Au price NSR (gold)
Horizon Coal Canada Anglo American 0.50% GV (coal)
Hushamu Canada NorthIsle Copper and Gold 10.0% NPI
Schaft Creek Canada Copper Fox/Teck 3.5% NPI
Ulu Canada Blue Star Gold 5.0% NSR 8
Wolverine Canada Yukon Zinc 0.0% to 9.445% NSR 9
Alturas Chile Barrick 1.06% NSR (Au); 1.59% NSR (Cu)
Pascua-Lama Chile Barrick 0.78% to 5.45% NSR(Au) 10, 11; 1.09% NSR(Cu) 12
Kubi Village Ghana Asante Gold 3.0% NPI
Tambor Guatemala Kappes, Cassiday & Associates 4.0% NSR
Nieves Mexico Blackberry Ventures 2.0% NSR
Los Chancas Peru Southern Copper 0.375% NSR
Fedorova Russia Fedorovo Holding LLC 0.75% or 1.0% NSR
0.5% NSR
1.25% or 1.5% NSR 13
Almaden United States GoldMining Inc. 1.0% to 2.0% NSR 14
Goldrush United States Nevada Gold Mines LLC 1.0% NVR
Island Mountain United States Tuvera Exploration 2.0% NSR
Johnson Camp United States Excelsior Mining 2.5% NSR
La Jara Mesa United States Laramide Resources $0.25/lb (uranium) 15
Long Valley United States Kore Mining 1.0% NSR
Niblack United States Blackwolf Copper and Gold Ltd. 1.0% to 3.0% NSR 16
Rock Creek United States Hecla Mining 1.0% NSR
San Juan Silver (Bulldog) United States Hecla Mining 3.0% NSR 17
1.0% NSR 17
Manh Choh Project United States Kinross Gold Corporation/Contango ORE, Inc. 3.0% NSR 18 plus an incremental 28% NSR on Ag only 19
Wildcat United States Clover Nevada LLC 1.0% NSR 20
1.0% to 2.0% NSR 21
  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 royalty is A$1.00 per tonne on the first 5 million tonnes of production; A$2.00 per tonne thereafter.
  3. The 1.5% to 2.5% NSR sliding-scale royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12 month period and at a rate of 2.5% on production above 75,000 ounces during that 12 month period.
  4. The royalty rate is 1.0% until 250,000 ounces of gold has been produced, 1.5% thereafter.
  5. Royalty applies on production above 10,000 ounces.
  6. Royalty is capped at 500,000 ounces.
  7. Royalty rate is 1.0% on Exploration claims and 2.0% on Gold claims. The 2.0% royalty on Gold claims has a 50% buy back for $1 million.
  8. Royalty applies to production above 675,000 ounces.
  9. 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 $7.00 - 3.778%; above $7.50 - 9.445%.
  10. Royalty applies to all gold production from an area of interest in Chile. 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.
  11. 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 or equal to $800 - 5.23%. Royalty is interpolated between lower and upper production endpoints.
  12. Royalty applies to all copper production from an area of interest in Chile.
  13. 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.
  14. 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%.
  15. Royalty is payable on per pound of uranium produced above eight million pounds.
  16. 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.
  17. Royalty rate is 3.0% on Homestake and Emerald unpatented claims; 1.0% on Emerald patented claims.
  18. The 3.0% NSR royalty applies on all metals.
  19. Peak Gold, LLC, a joint venture between Kinross Gold Corporation and Contango ORE, Inc., retains the right to acquire 50% of the incremental 28% NSR royalty for consideration of $4 million.
  20. The 1.0% royalty rate applies to the SS lode claims only.
  21. 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.