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Portfolio At A Glance

Royal Gold owns a large portfolio of producing, development, evaluation and exploration stage streams and royalties on properties located in some of the world’s most prolific gold regions and operated by some of the most well-known companies in the mining industry. With this high-quality portfolio that spans the development cycle for mining projects, Royal Gold maintains upside potential through exploration success by the operators and generally benefits when new reserves are discovered and produced.

Allan
Saskatchewan, Canada
Andacollo
Region IV, Chile
Back River
Nunavut, Canada
Balcooma
Queensland, Australia
Bald Mountain
Nevada, United States
Belcourt
British Columbia, Canada
Borax
Saskatchewan, Canada
Canadian Malartic
Quebec, Canada
Cortez
Nevada, United States
Dolores
Chihuahua, Mexico
Don Mario
Chiquitos, Bolivia
Don Nicolas
Santa Cruz, Argentina
El Limon
El Limon, Nicaragua
El Toqui
Region XI, Chile
Gold Hill
Nevada, United States
Goldstrike
Nevada, United States
Gwalia Deeps
Western Australia, Australia
Hasbrouck Mountain
Nevada, United States
Holt
Ontario, Canada
Ilovica
Bosilovo, Macedonia
Inata
Burkina Faso, West Africa
Jaguar Nickel
Western Australia, Australia
Khoemacau
Botswana
King of the Hills
Western Australia, Australia
Kutcho Creek
British Columbia, Canada
La Fortuna
Region III, Chile
La India
Leon, Nicaragua
LaRonde Zone 5
Quebec, Canada
Las Cruces
Andalucía, Spain
Leeville
Nevada, United States
Mara Rosa
Goiás, Brazil
Marigold
Nevada, United States
Martha
Santa Cruz, Argentina
Meekatharra
Western Australia, Australia
Mount Milligan
British Columbia, Canada
Peñasquito
Zacatecas, Mexico
Pine Cove
Newfoundland, Canada
Pinson
Nevada, United States
Prestea and Bogoso
Western Region, Ghana
Pueblo Viejo
Sanchez Ramirez, Dominican Republic
Rainy River
Ontario, Canada
Rambler North
Newfoundland & Labrador, Canada
Red October
Western Australia, Australia
Relief Canyon
Nevada, United States
Robinson
Nevada, United States
Ruby Hill
Nevada, United States
Skyline
Utah, United States
South Laverton
Western Australia, Australia
Southern Cross
Western Australia, Australia
Tarpako
Burkina Faso, West Africa
Twin Creeks
Nevada, United States
Voisey's Bay
Labrador, Canada
Wassa
Western Region, Ghana
Wembley Durack
Western Australia, Australia
Wharf
South Dakota, United States
Williams
Ontario, Canada

We categorize our portfolio according to periodic reviews of our estimates of the potential revenue contribution and stage of development for each individual property, as follows:

  • Our Principal Properties are generally in production and are the most significant contributors of revenue to our portfolio.

  • Our Producing Properties are generally in production and contribute revenue to our portfolio.

  • Our Development Properties generally do not produce revenue and activity is underway by the operator to develop the properties towards production status.

  • Our Evaluation and Exploration stage properties do not produce revenue and activity may or may not be underway by the operator to advance the property towards development status.

Portfolio properties periodically move from one category to another depending on factors such as exploration success or depletion of reserves.

Portfolio Asset Summary

Download Portfolio Summary
Mine Operator Country  Date of Acquisition Metal Product Detailed Footnotes  
Royal Gold Interest
 
Contained Metal in Reserves and Resources1,2,3,4,5
 
Mine Production
 
Production/Revenue/Return to Royal Gold
Royalty   Stream At Date of Acquisition6   Reserves/Resources (Most Recent) CY 2019   CY 2020 Reported Production (Principal Properties only)11   Revenue (US$000)   % of Initial Investment Recovered (pre-tax, net of COGS)
Stream Rate   Ongoing Payment Reserves   Resources Date Reserves   Resources   Expected Mine Life to Year7 Operator Production Guidance8 Actual Production9 Operator Production Guidance10 Cumulative to End of FY 2020 3 mo. ended FQ1 2021 Cumulative to End of FQ1 2021 Cumulative to End of FY 2020 3 mo. ended FQ1 2021 Cumulative to End of FQ1 2021
Initial Until* Thereafter Initial Until* Thereafter Proven & Probable Measured & Indicated Inferred   Proven & Probable Measured & Indicated Inferred
Mount
Milligan
Centerra Canada 2010 Gold Concentrate A       35.0% LOM       $435 /oz LOM         6,020 koz   1,480 koz 140 koz   Dec. 31/19 2,407 koz   1,408 koz 52 koz   2028   155-175 koz 183.1 koz   140-160 koz   513,255 oz 11,800 oz 525,055 oz   $749,457 $34,620 $784,077   70%
Copper   18.75% LOM     15% of spot LOM       2,124 Mlb 716 Mlb 70 Mlb 959 Mlb 517 Mlb 10 Mlb 65-75 Mlb 71.1 Mlb 80-90 Mlb 33.9 Mlb 4.1 Mlb 38.0 Mlb
Pueblo Viejo
(60% Interest)
Barrick Dominican
Republic
2015 Gold Dore B       7.5% 990 koz 3.75%   30% of spot 550 koz 60% of spot   9,318 koz   6,301 koz 161 koz   Dec. 31/19 5,670 koz   9,193 koz 2,228 koz   2045   550-600 koz 590.0 koz   530-580 koz   215,285 oz 11,100 oz 226,385 oz   $406,149 $31,270 $437,419   53%
Silver   75.0% 50.0 Moz 37.5% 30% of spot 23.1 Moz 60% of spot 58 Moz   37 Moz 1 Moz 37 Moz 48 Moz 11 Moz n/a Moz n/a Moz n/a Moz 7.5 Moz 0.5 Moz 8.0 Moz
Andacollo Teck Chile 2015 Gold Concentrate C       100.0% 900 koz 50.0%   15% of spot LOM         1,558 koz   425 koz 154 koz   Dec. 31/19 1,040 koz   1,050 koz 0 koz   2035   62.0 koz 46.8 koz   53.0 koz   236,951 oz 12,200 oz 249,151 oz   $310,389 $23,509 $333,898   54%
Wassa Golden Star Ghana 2015 Gold Dore E     10.5% 240 koz 5.50%   20% of spot 240 koz 30% of spot   1,578 koz   1,941 koz 1,964 koz   Dec. 31/19 1,410 koz   2,265 koz 7,518 koz   2028   150-160 koz 156.2 koz   165-170 koz   66,772 oz 4,900 oz 71,672 oz   $87,609 $9,108 $96,717   85%
Peñasquito Newmont Mexico 2007 Gold Concentrate
and Dore
F   2.0% NSR                           9,980 koz   2,820 koz 14,300 koz   Dec. 31/19 8,080 koz   2,740 koz 2,090 koz   2032   165.0 koz n/a koz   510.0 koz   n/a koz n/a koz n/a koz   $259,827 $10,209 $270,036   272%
Silver                     575 Moz 247 Moz 882 Moz 471 Moz 272 Moz 162 Moz 25.0 Moz n/a Moz 28.0 Moz n/a Moz n/a Moz n/a Moz
Lead                     3,682 Mlb 1,609 Mlb 5,291 Mlb 3,261 Mlb 1,773 Mlb 1,123 Mlb 180.0 Mlb n/a Mlb 190.0 Mlb n/a Mlb n/a Mlb n/a Mlb
Zinc                     7,981 Mlb 3,704 Mlb 15,653 Mlb 7,390 Mlb 4,062 Mlb 2,079 Mlb 245.0 Mlb n/a Mlb 360.0 Mlb n/a Mlb n/a Mlb n/a Mlb
Cortez
GSR1
Nevada
Gold Mines
USA 1992 Gold Dore G   0.40% to 5.0% GSR sliding-scale                           n/a koz   n/a koz n/a koz   Dec. 31/19 347 koz   104 koz 52 koz   2026+   115.5 koz 91.4 koz   66.5 koz   n/a oz n/a oz n/a oz   $287,533 $5,684 $293,217   363%
Cortez
GSR2
Gold 0.40% to 5.0% GSR sliding-scale                     n/a koz n/a koz n/a koz 3,168 koz 507 koz 7 koz 70.2 koz 41.2 koz 109.0 koz n/a oz n/a oz n/a oz
Cortez
GSR3
Gold 0.7125% GSR                     n/a koz n/a koz n/a koz 466 koz 177 koz 52 koz 183.7 koz 131.6 koz 145.7 koz n/a oz n/a oz n/a oz
Cortez
NVR1
Gold 4.91% NVR                     n/a koz n/a koz n/a koz 262 koz 177 koz 52 koz 156.9 koz 116.2 koz 113.2 koz n/a oz n/a oz n/a oz
Cortez
NVR1C
Gold 4.52% NVR                     n/a koz n/a koz n/a koz 3,049 koz 434 koz 7 koz 2.0 koz 1.1 koz 29.9 koz n/a oz n/a oz n/a oz
Rainy River New Gold Canada 2015 Gold Dore D       6.5% 230 koz 3.25%   25% of spot LOM         3,772 koz   2,896 koz 637 koz   Dec. 31/19 2,636 koz   1,914 koz 0 koz   2028   245-270 koz 253.8 koz   222-232 koz                 $58,163 $6,966 $65,129   29%
Silver   60.0% 3.1 koz 30.0% 25% of spot LOM       9 Moz 10 Moz 2 Moz 6 Moz 5 Moz 0 Moz 245-270 Moz 282.1 Moz 285-305 Moz            
Prestea
and Bogoso
Future Global Ghana 2015 Gold Dore E1       5.5% LOM       30% of spot LOM         350 koz   2,784 koz 5,271 koz   Dec. 31/19 302 koz   2,322 koz 594 koz   2023   40-45 koz 47.6 koz   n/a koz                 $51,476 $1,030 $52,506   See Wassa for combined value
Voisey's Bay Vale Canada 2010 Nickel Concentrate
and Cathode
H   2.7% NVR                           1,494 Mlb   n/a Mlb n/a Mlb   Dec. 31/19 1,345 Mlb   n/a Mlb n/a Mlb   2032   n/a Mlb 35.4 Mlb   n/a Mlb                 $178,174 $3,259 $181,433   88%
Copper                     871 Mlb n/a Mlb n/a Mlb 590 Mlb n/a Mlb n/a Mlb n/a Mlb 25.0 Mlb n/a Mlb            
Cobalt                     72 Mlb n/a Mlb n/a Mlb 79 Mlb n/a Mlb n/a Mlb n/a Mlb 1.6 Mlb n/a Mlb            
Holt Kirkland
Lake Gold
Canada 2008 Gold Dore I   0.00013 × gold price                           486 koz   219 koz 265 koz   Dec. 31/19 398 koz   688 koz 488 koz   n/a   n/a koz n/a koz   n/a koz                 $117,347 $0 $117,347   339%
Robinson KGHM USA 2006 Copper Concentrate J   3.0% NSR                           1,969 Mlb   3,075 Mlb 213 Mlb   Dec. 31/16 692 Mlb   3,261 Mlb 164 Mlb   2028   n/a Mlb 107.6 Mlb   n/a Mlb                 $148,230 $3,063 $151,293   849%
Gold                     1,187 koz 1,227 koz 60 koz 413 koz 2,100 koz 0 koz n/a koz 47.9 koz n/a koz            
Canadian
Malartic
Agnico
Eagle/Yamana
Canada 2008 Gold Dore K   1-1.5% NSR                           4,727 koz   n/a koz n/a koz   Dec. 31/19 1,239 koz   151 koz 6 koz   n/a   n/a koz n/a koz   n/a koz                 $64,422 $2,444 $66,866   172%
Dolores Pan American
Silver
Mexico 2007 Gold Dore L   2.0 % NSR and 1.25% NSR (gold)                           2,446 koz   691 koz 661 koz   Dec. 31/19 1,178 koz   49 koz 0 koz   2029   114.5-120.0 koz 117.6 koz   99-104 koz                 $57,341 $1,368 $58,709   105%
Silver 2.0% NSR (silver)                     128 Moz 21 Moz 28 Moz 37 Moz 3 Moz 6 Moz 5.2-5.5 Moz 5.1 Moz 4.0-4.8 Moz            
Marigold SSR Mining USA 2008 Gold Dore M   2.0% NSR                           683 koz   n/a koz n/a koz   Dec. 31/19 2,356 koz   0 koz 0 koz   2028   200-220 koz 220.2 koz   225-240 koz                 $37,491 $1,944 $39,435   744%
Las Cruces First Quantum Spain 2010 Copper Concentrate N   1.5% NSR (copper)                           2,421 Mlb   n/a Mlb n/a Mlb   Dec. 31/19 181 Mlb   115 Mlb 852 Mlb   2020   99.2 Mlb 106.0 Mlb   121,3 Mlb                 $63,342 $1,228 $64,570   113%
South Laverton Saracen Australia 2008 Gold Dore O   1.5% NSR; $6.00/oz                           800 koz   n/a koz n/a koz   Dec. 31/19 1,786 koz   1,889 koz 1,538 koz   n/a   190-200 koz 199.7 koz   n/a koz                 $32,987 $1,831 $34,818   273%
Gwalia Deeps St Barbara Australia 2010 Gold Dore P   1.5% NSR                           1,980 koz   n/a koz n/a koz   Dec. 31/19 2,380 koz   2,770 koz 1 koz   n/a   235-240 koz 220.2 koz   175-190 koz                 $44,461 $605 $45,066   131%
Goldstrike
(SJ Claims)
Nevada
Gold Mines
USA 2002 Gold Dore Q   0.9% NSR                           9,764 koz   n/a koz n/a koz   Dec. 31/19 2,218 koz   0 koz 0 koz   n/a   n/a koz n/a koz   n/a koz                 $74,199 $820 $75,019   361%
Meekatharra
Gold Project
Westgold
Resources
Australia 2008 Gold Dore R   1.5% NSR                           504 koz   n/a koz n/a koz   Dec. 31/19 209 koz   676 koz 491 koz   n/a   n/a koz 94.3 koz   n/a koz                 $10,770 $1,331 $12,101   191%
Leeville Nevada
Gold Mines
USA 2002 Gold Dore S   1.8% NSR                           2,673 koz   n/a koz n/a koz   Dec. 31/19 1,364 koz   435 koz 155 koz   2029   n/a koz n/a koz   n/a koz                 $70,431 $308 $70,739   386%
Wharf Coeur USA 2008 Gold Dore T   0-2.2% GSR                           318 koz   n/a koz n/a koz   Dec. 31/19 855 koz   0 koz 0 koz   2025   n/a koz n/a koz   85-95 koz                 $22,841 $1,275 $24,116   656%

General footnotes:

  1. 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; grade and/or quality are 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 and/or quality 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, although lower than that for proven (measured) reserves, is high enough to assume continuity between points of observation.
  2. Royal Gold has disclosed a number of reserve estimates that are provided by 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.
  3. The reserves reported are either estimates received from the various operators or are based on information provided to Royal Gold or are derived from publicly available information from the operators of the various properties including National Instrument 43-101 or JORC Code reports filed by operators. 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.
  4. Mineral resources are in addition to mineral reserves. Mineral resources do not have demonstrated economic viability and the terms “resources,” “measured resources,” and “indicated resources,” are not terms recognized by the Securities and Exchange Commission. Investors are advised that these estimates have not been prepared in accordance with SEC rules.
  5. “Contained ounces” or “contained pounds” do not take into account recovery losses in mining and processing the ore.
  6. Refers to latest reserve and resource information available at date of Royal Gold's acquisition of stream/royalty interest.
  7. Expect mine life as disclosed by the operator, generally defined as the period of active mining of ore.
  8. Last production estimates received from the operators for calendar 2019.
  9. Actual production figures shown are from the operators and cover the period January 1, 2019 through December 31, 2019, unless otherwise noted in footnotes to this table.
  10. Production estimates received from the operators are for calendar 2020. There can be no assurance that production estimates received from the operators will be achieved. Please also refer to our cautionary language regarding forward-looking statements above, as well as the Risk Factors identified in Part I, Item 1A, of the Company’s Fiscal 2019 Form 10-K for information regarding factors that could affect actual results.
  11. Reported production for stream interests relates to the Company’s actual metal sales, and for royalty interests relates to the amount of metal sales that are subject to the Company’s royalty interests for the stated period, as reported to the Company by operators of the mines.

Property specific footnotes:

A) Mount Milligan

At Date of Acquisition (Reserves and Resources):

  • As of October 23, 2009.
  • Reserves calculated using $1.60 per pound copper and $690 per ounce gold.
  • Resources calculated using $2.00 per pound copper and $800 per ounce gold.

Reserves/Resources (Most Recent):

  • Reserves calculated using $3.00 per pound copper and $1,250 per ounce gold.
  • Resources calculated using $3.50 per pound copper and $1,500 per ounce gold.

Mine Production:

  • The estimated and actual production figures shown for Mount Milligan are payable gold and copper in concentrate.

Expected Mine Life to Year:

  • Based on technical report.

B) Pueblo Viejo

At Date of Acquisition (Reserves and Resources):

  • Represents Barrick’s 60% interest.
  • As of December 31, 2014.
  • Reserves calculated using 1,100 per ounce gold and $17.00 per ounce silver.
  • Resources calculated using $1,400 per ounce gold. Price assumption for silver not available.

Reserves/Resources (Most Recent):

  • Represents Barrick’s 60% interest.
  • Reserves calculated using $1,200 per ounce gold and $16.50 per ounce silver.
  • Resources calculated using $1,500 per ounce gold. Price assumption for silver not available.

Mine Production:

  • The Pueblo Viejo silver stream is determined based on a fixed metallurgical recovery of 70% of silver in mill feed.
  • The estimated and actual production figures shown for Pueblo Viejo are payable gold in doré and represent Barrick’s 60% interest in Pueblo Viejo. Barrick did not provide estimated or actual silver production.

Expected Mine Life to Year:

  • Based on operator disclosure and assumption that expansion proceeds.

C) Andacollo

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2014.
  • Reserves calculated using $3.00 per pound copper and $1,200 per ounce gold.
  • Price assumptions for resources not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $3.00 per pound copper and $1,300 per ounce gold.
  • Price assumptions for resources not available.

Mine Production:

  • The estimated and actual production figures shown for Andacollo are contained gold in concentrate.

Expected Mine Life to Year:

  • Based on operator disclosure.

D) Rainy River

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2014.
  • Reserves calculated using $1,200 per ounce gold and $18.00 per ounce silver.
  • Resources calculated using $1,300 per ounce gold and $20.00 per ounce silver.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,275 per ounce gold and $17.00 per ounce silver.
  • Resources calculated using $1,375 per ounce gold and $19.00 per ounce silver.

Mine Production:

  • The estimated and actual production figures shown for Rainy River are produced gold and silver in doré.

Expected Mine Life to Year:

  • Based on technical report.

E) Wassa

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2014.
  • Reserves calculated using $1,200 per ounce gold.
  • Resources calculated using $1,400 per ounce gold.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,300 per ounce gold.
  • Resources calculated using $1,500 per ounce gold.

Mine Production:

  • The estimated and actual production figures shown for Wassa are payable gold in doré.

Expected Mine Life to Year:

  • Based on operator disclosure.

E) Prestea and Bogoso

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2014.
  • Reserves calculated using $1,200 per ounce gold.
  • Resources calculated using $1,400 per ounce gold.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,300 per ounce gold.
  • Resources calculated using $1,500 per ounce gold.

Mine Production:

  • The estimated and actual production figures shown for Prestea are payable gold in doré.

Expected Mine Life to Year:

  • Based on operator disclosure.

F) Penasquito

At Date of Acquisition (Reserves and Resources):

  • As of July 31, 2006.
  • Reserves calculated using $450 per ounce gold, $7.00 per ounce silver, $0.30 per pound lead, and $0.60 per pound zinc.
  • Resources calculated using $650 per ounce gold, $10.00 per ounce silver, $0.43 per pound lead, and $0.86 per pound zinc.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,200 per ounce gold, $16.00 per ounce silver, $0.95 per pound lead, and $1.20 per pound zinc.
  • Resources calculated using $1,400 per ounce gold, $20.00 per ounce silver, $1.15 per pound lead, and $1.45 per pound zinc.

Mine Production:

  • The actual and estimated gold production figures shown for Peñasquito are payable gold and silver in concentrate and doré. The actual and estimated lead and zinc production figures shown are payable lead and zinc in concentrate.

Expected Mine Life to Year:

  • Based on operator disclosure.

G) Cortez

At Date of Acquisition (Reserves and Resources):

  • Not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,200 per ounce gold.
  • Resources calculated using $1,500 per ounce gold.

H) Voisey’s Bay

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2009.
  • Reserves calculated using approximately $11 per pound nickel, $2.90 per pound copper, and $22.70 per pound cobalt.
  • Information not available for resources.

Reserves/Resources (Most Recent):

  • Reserves calculated using approximately $5.66 per pound nickel, $2.83 per pound copper, and $26.25 per pound cobalt.
  • Information not available for resources.

Expected Mine Life to Year:

  • Based on operator disclosure.

I) Holt

At Date of Acquisition (Reserves and Resources):

  • As of June 1, 2008.
  • Reserves calculated using $775 per ounce gold.
  • Price assumptions for resources not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,250 per ounce gold.
  • Resources calculated using $1,300 per ounce gold.

Expected Mine Life to Year:

  • Currently on care and maintenance.

J) Robinson

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2004.
  • Reserves calculated for the Tripp-Veteran pit was based on $0.95 per pound copper and $350 per ounce gold, while reserves calculated for the Ruth Pit was based on $0.90 per pound copper and $300 per ounce gold.
  • Price assumptions for resources not available.

Reserves/Resources (Most Recent):

  • As of December 31, 2016.
  • Reserves calculated using $2.95 per pound copper and $1,250 per ounce gold.
  • Resources calculated using $3.70 per pound copper and $1,850 per ounce gold.

Expected Mine Life to Year:

  • Based on operator disclosure.

Mine Production:

  • The BLM has received a proposal from KGHM—Robinson Nevada Mining Company to amend the Robinson Project Plan of Operations to extend the mine life to 2028 through authorization of the following actions: resume mining in the Liberty Pit, construct the new King Waste Rock Dump south of the Liberty and Ruth Pits, and expand storage capacity at the Giroux Wash Tailings Storage Facility.

K) Canadian Malartic

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,200 per ounce gold.
  • Resources calculated using $1,200 per ounce gold.

L) Dolores

At Date of Acquisition (Reserves and Resources):

  • Reserves as of September 7, 2006.
  • Reserves calculated using $400 per ounce gold and $7.00 per ounce silver.
  • Resources as of July 27, 2007.
  • Resources calculated using $300 per ounce gold and $5.00 per ounce silver.

Reserves/Resources (Most Recent):

  • As of June 30, 2019.
  • Reserves calculated using $1,300 per ounce gold and $17.00 per ounce silver.
  • Resources calculated using $1,400 per ounce gold and $22.00 per ounce silver.

Expected Mine Life to Year:

  • Based on technical report.

M) Marigold

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,250 per ounce gold.
  • Resources calculated using $1,400 per ounce gold.

Expected Mine Life to Year:

  • Based on technical report.

N) Las Cruces

At Date of Acquisition (Reserves and Resources):

  • As of December 31, 2007.
  • Reserves calculated using $1.10 per pound copper.
  • Information not available for resources.

Reserves/Resources (Most Recent):

  • Reserves calculated using $2.75 per pound copper.
  • Price assumptions for resources not available.

Expected Mine Life to Year:

  • Based on operator disclosure.

O) South Laverton

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • As of June 30, 2019.
  • Reserves calculated using A$1,600 per ounce gold price.

CY2019 - Operator Production Guidance:

  • Saracen reports guidance on fiscal year June ending basis.

CY2019 - Actual Production:

  • Saracen reports production on fiscal year June ending basis.

CY2020 - Operator Production Guidance:

  • Saracen reports guidance on fiscal year June ending basis.

P) Gwalia Deep

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • As of June 30, 2019.
  • Reserves calculated using AUD$1,600 per ounce gold.
  • Price assumptions for resources not available.

CY2019 - Operator Production Guidance:

  • St Barbara reports guidance on fiscal year June ending basis.

CY2019 - Actual Production:

  • St Barbara reports production on fiscal year June ending basis.

CY2020 - Operator Production Guidance:

  • St Barbara reports guidance on fiscal year June ending basis.

Q) Goldstrike (SJ Claims)

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,350 per ounce gold.
  • Resources calculated using $1,500 per ounce gold.

R) Meekatharra

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • As of June 30, 2019.
  • Reserves calculated using A$1,725 per ounce of gold.
  • Price assumptions for resources not available.

CY2019 - Operator Production Guidance:

  • Westgold Resources does not report guidance.

CY2019 - Actual Production:

  • Westgold reports production on fiscal year June ending basis.

CY2020 - Operator Production Guidance:

  • Westgold Resources reports guidance on fiscal year June ending basis.

S) Leeville

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • Reserves calculated using $1,200 per ounce gold.
  • Resources calculated using $1,500 per ounce gold.

Expected Mine Life to Year:

  • Based on operator disclosure - reflects both reserves and resources.

T) Wharf

At Date of Acquisition (Reserves and Resources):

  • Date of reserves not available.
  • Price assumptions for reserves not available.

Reserves/Resources (Most Recent):

  • As of December 31, 2018.
  • Reserves calculated using $1,350 per ounce gold.
  • Resources calculated using $1,500 per ounce gold.

Expected Mine Life to Year:

  • Based on technical reports.