Andacollo

Region IV, Chile

Royalty rate and type:	100% payable gold ^1,2
Operator:	Teck

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Royalty Disclaimers

The Andacollo operation is a large surface copper/gold mine located in the Fourth Region of Chile, approximately 34 miles southeast of La Serena and 217 miles north of Santiago.

Andacollo Mine

Reserves (December 31, 2017):³

1.212M oz. gold

CY2017 Sales:⁴

50,000 oz. gold

Operator production guidance CY2018:⁴

66,700 oz. gold

Footnotes:

This is a metal stream whereby Royal Gold is entitled to 100% payable gold until 900,000 ounces of payable gold have been delivered; 50% thereafter, subject to a fixed payable percentage of 89%.
This is a metal stream whereby the purchase price for gold ounces delivered is 15% of the monthly average gold price for the month preceding the delivery date.
At a gold price of $1,250 per ounce.
Recovered metal is contained in concentrate and is subject to third party treatment charges and recovery losses.