What changed in this filing

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Item 2. Properties

2024-02-15 compared with 2023-02-16 · 235 added, 236 removed, 1153 unchanged (29% of the section changed)

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Estimated future revenue is based on several factors, including mineral reserves and resources subject to our stream and royalty interests, production estimates, feasibility studies, technical reports, metal price and mine life assumptions.

Based on the factors discussed above, we no longer consider our stream interest at the Wassa Gold Mine in Ghana to be a principal property.

Under SK1300, disclosures of material mineral reserves and resources must be based on a technical report summary prepared by a qualified person, absent an exemption.

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As of the date of this disclosure, these operators of our material properties have not filed technical report summaries for the properties with the SEC for the year ended December 31, 2023.

Since we are a stream and royalty company, and as further discussed below, we are relying on the exemption for stream and royalty companies set forth in Section 1302(b)(3)(ii) of Regulation S-K, which provides that a stream, royalty or similar company is not required to file a technical report summary with the SEC with respect to an underlying property where either (a) obtaining the information would result in an unreasonable burden or expense, or (b) the company requested the technical report summary from the owner, operator or other person possessing the technical report summary who denied the request.

Our summary and individual property disclosures are also provided in accordance with Sections 1303(a)(3) and 1304(a)(2) of Regulation S-K, respectively, which provide that a registrant with a stream, royalty or other similar right may omit certain information required by the summary and individual property disclosure requirements if the registrant specifies the information to which it lacks access, explains the reason it lacks the required information and provides all required information that it does possess or which it can acquire without incurring an unreasonable burden or expense.

We are a stream and royalty company, and as further discussed below, we are relying on the exemption for stream and royalty companies set forth in Section 1302(b)(3)(i) and (ii) of Regulation S-K, which provides that a stream, royalty or similar company is not required to file a technical report summary with the SEC with respect to an underlying property where the producing mining registrant has filed a current technical report summary for the property or either (a) obtaining the information would result in an unreasonable burden or expense, or (b) the company requested the technical report summary from the owner, operator or other person possessing the technical report summary who denied the request.

Our summary and individual property disclosures are also provided in accordance with Sections 1303(a)(3) and 1304(a)(2) of

Regulation S-K, respectively, which provide that a registrant with a stream, royalty or other similar right may omit certain information required by the summary and individual property disclosure requirements if the registrant specifies the information to which it lacks access, explains the reason it lacks the required information and provides all required information that it does possess or which it can acquire without incurring an unreasonable burden or expense.

Our agreements governing our material property interests do not require the operators to prepare technical report summaries or permit us the access and information sufficient to prepare our own technical report summaries under SK1300.

For each of our material properties, we requested that the operator prepare a technical report summary under SK1300 or permit us the access and information necessary for us to prepare our own technical report summary relating to the property for filing with the SEC.

For each of our material properties for which the operator has not filed a current technical report summary under SK1300, we requested that the operator prepare a technical report summary under SK1300 or permit us the access and information necessary for us to prepare our own technical report summary relating to the property for filing with the SEC.

In each case, the operator denied our request.

None of the operators is an affiliate of Royal Gold.

As a result, we do not have sufficient rights or access to the information required for us to prepare a technical report summary.

As a result, we do not have sufficient rights or access to the information required for us to prepare a technical report summary for such properties.

Mineral resources and mineral reserves discussed in Item 2 are as publicly disclosed or provided to us by the operators of the properties, as of the dates indicated in the disclosure.

Royal Gold does not attempt to account for mineral resource or

mineral reserve depletion due to mining activities, nor for mineral resource or mineral reserve expansion due to exploration activities, because Royal Gold does not have access under its agreements with its operators to the technical data required to account for this depletion or expansion.

In accordance with Sections 1303(a)(3) and 1304(a)(4) of SK1300, Royal Gold is providing all required information in its possession or which it can acquire without incurring an unreasonable burden or expense.

We do not attempt to account for mineral resource or mineral reserve depletion due to mining activities, nor for mineral resource or mineral reserve expansion due to exploration activities, because we do not have access under our agreements with our operators to the technical data required to account for this depletion or expansion.

In accordance with Sections 1303(a)(3) and 1304(a)(4) of SK1300, we are providing all required information in our possession or which we can acquire without incurring an unreasonable burden or expense.

The property information included herein contains information reported by our operators in their respective jurisdictions pursuant to SK1300, or applicable mining codes based on the Committee for Mineral Reserves International Reporting Standards (“CRIRSCO”), such as JORC Code and NI 43-101.

The SEC’s disclosure regime under SK1300, while similar to other CRIRSCO-based codes used in other jurisdictions, does not permit the substitution or reciprocal recognition of resources and reserves determined under the mining disclosure regimes of other jurisdictions.

Royal Gold is providing this information because it represents information that Royal Gold has in its possession that we consider to be material to our investors.

While SK1300 definitions are substantially similar to those set forth in the CIM and JORC, there are variations.

We are providing this information because it represents information that we have in our possession that we consider to be material to our investors.

While SK1300 definitions are substantially similar to those set forth in the CIM and JORC Code, there are variations.

Therefore, the mineral resources, mineral reserves and other technical information included in this annual report on Form 10-K could vary if it had been determined by a mining operator required to comply with SK1300.

Most of our principal properties are operated by companies that report mineral resources and reserves pursuant to regulatory standards other than SK1300.

For example, each of Pueblo Viejo and Cortez, operated by Barrick, and Andacollo, operated by Teck Resources Limited (“Teck”), as reporting companies under Canadian securities laws, are permitted under SK1300 to rely on Canadian property and mineral resource and reserve reporting standards accepted in their home jurisdiction (NI 43-101 in Canada), rather than those set forth in SK1300, under the SEC’s Multijurisdictional Disclosure System.

For example, Barrick as operator of each of Pueblo Viejo and Cortez, Teck Resources Limited (“Teck”) as operator of Andacollo, and Centerra as operator of Mount Milligan, as reporting companies under Canadian securities laws, are permitted under SK1300 to rely on Canadian property and mineral resource and reserve reporting standards required in their home jurisdiction (NI 43-101 in Canada), rather than those set forth in SK1300, under the SEC’s Multijurisdictional Disclosure System.

Further, Canadian securities laws and regulations allow annual information forms covering the previous fiscal year to be filed within 90 days (or 120 days in some instances) after the applicable company’s fiscal year end.

Mount Milligan is operated by Centerra, which is not listed for trading in the U.S.

and does not file reports under the Securities Exchange Act of 1934, as amended, with the SEC and therefore does not need to comply with SK1300.

Khoemacau is privately owned and is also not subject to SEC reporting.

Peñasquito, operated by Newmont Corporation (“Newmont”), is our only principal property for which a property and technical report is prepared under SK1300.

Newmont’s Annual Report on Form 10-K is subject to the same deadline as this Form 10-K, and thus their technical report is not filed in time for us to refer to it in this Form 10-K.

Khoemac a u is privately owned and is also not subject to SEC reporting.

Newmont Corporation (“Newmont”), operator of Peñasquito and a party to a joint venture with Barrick on each of Pueblo Viejo and Nevada operations that include Cortez, has filed technical report summaries prepared under SK1300 for each of Peñasquito, Pueblo Viejo and the Nevada operations.

Peñasquito, Pueblo Viejo and Cortez are our only principal properties for which property and technical reports are prepared under SK1300.

Newmont’s annual report on Form 10-K is subject to the same deadline as this Form 10-K, and thus any new or updated technical report summaries are not filed in time for us to refer to them in this Form 10-K.

As a result of the foregoing, in most cases, we refer to mineral resource and reserve information for our principal properties as of periods earlier than December 31, 2023, in reliance on the exception to SK1300 pertaining to royalty companies regarding information they do not have under 1302(b)(3), 1303(a)(3) and 1304(a)(2) of SK1300 as discussed above.

Any references in this report to the technical report summaries or other information publicly disclosed by the operators of the properties shall not be deemed to incorporate such information by reference into this report or any future filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates such information by reference.

Internal controls for determining and reporting the mineral resources and mineral reserves disclosed in Item 2 are the internal controls specific to the individual projects and are maintained by the operators.

In general, mineral resources and mineral reserves are supported by technical studies relevant to the jurisdictions within which the operators conduct their financial disclosure, and qualified persons specified by the operators (as determined by the laws and disclosure rules in the applicable jurisdictions) have endorsed the quality of the work.

In general, mineral resources and

mineral reserves are supported by technical studies relevant to the jurisdictions within which the operators conduct their financial disclosure, and qualified persons specified by the operators (as determined by the laws and disclosure rules in the applicable jurisdictions) have endorsed the quality of the work.

Royal Gold’s agreements with its operators do not give Royal Gold access to underlying technical data sufficient to specifically confirm the opinion of the qualified persons for each mineral resource or mineral reserve or the status of the qualified persons as qualified persons under SK1300.

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In many cases, properties shown on the map are in close proximity and the individual properties are not separately identifiable.

Aggregate annual production for all properties on which we hold interests during the year ended December 31, 2022, the six months ended December 31, 2021, and fiscal years ended June 30 2021 and 2020 is shown in the table below.

Aggregate annual production for all properties on which we hold interests during the years ended December 31, 2023, and 2022, the six months ended December 31, 2021, and fiscal year ended June 30, 2021 is shown in the table below.

Six Months Ended

Fiscal Years Ended

Fiscal Year Ended

Mount Milligan

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Approximately 80% of our revenue comes from properties outside of the United States, and most of our operators are organized outside of the United States.

Our material properties are located in Botswana, Canada, Chile, the Dominican

Republic, Mexico and the United States.

Within the United States and other countries, indigenous people may be recognized as sovereign entities and may enforce their own laws and regulations.

Our material properties are located in Botswana, Canada, Chile, the Dominican Republic, Mexico and the United States.

Type and Amount of Ownership Interests

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We work with 134 different operators at our stream and royalty properties;

66 are headquartered in Canada, 23 are headquartered in the United States;

and 48 are headquartered outside of Canada and the United States.

64 are headquartered in Canada, 23 are headquartered in the United States, and 47 are headquartered outside of Canada and the United States.

In general, our operators are domiciled in the countries in which they operate.

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Titles, Mineral Rights, Leases, or Options and Acreage Involved

The titles, mineral rights, leases, and options involved with our stream and royalty interests vary depending on the country and include exploitation concessions, unpatented and patented mining claims, fee lands, mining leases and prospecting and mining licenses.

and mining licenses.

For information about the specific titles, mineral rights, leases, options and acreages involved at our material properties, refer to the section entitled “Material Properties” below.

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Operators of the mines that are subject to our stream and royalty interests must comply with environmental, mine safety, land use, water use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial and local governments in the United States, Canada, Chile, the Dominican Republic, Mexico, Botswana, and other countries where we hold interests.

Although we, as a stream or royalty interest owner, are not responsible for ensuring

compliance with these laws and regulations, failure by the operators to comply with applicable laws, regulations and permits can result in injunctive action, orders to suspend or cease operations, damages, and civil and criminal penalties on the operators, which could have a material adverse effect on our results of operations and financial condition.

Although we, as a stream or royalty interest owner, are not responsible for ensuring compliance with these laws and regulations, failure by the operators to comply with applicable laws, regulations and permits can result in injunctive action, orders to suspend or cease operations, damages, and civil and criminal penalties on the operators, which could have a material adverse effect on our results of operations and financial condition.

We have no decision-making authority regarding the development or operation of the mineral properties underlying our stream and royalty interests.

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Table 2 Key Process Infrastructure for Principal Properties

20.1 million tonne per annum (‘Mtpa”) sulfide flotation mill producing a copper-gold concentrate and copper dump leaching using SX-EW producing copper cathode

4.90 Mtpa cyanide leaching mill along with gold dump leaching facilities for lower-grade, oxide gold ores and offsite processing of refractory ores, producing a gold-silver doré

20.1 million tonne per annum (“Mtpa”) sulfide flotation mill producing a copper-gold concentrate

Heap leach facilities for low grade oxide ore, 4.9 Mtpa carbon-in-leach (CIL) mill for medium and high grade oxide ore, and offsite processing of refractory ores by roaster and autoclave.

Producing gold and silver doré

3.65 Mtpa sulfide flotation mill producing a copper-silver concentrate

Mount Milligan

21.9 Mtpa annum sulfide flotation operations, producing a single concentrate containing payable copper, gold and silver

Sulfide flotation plant producing separate lead and zinc concentrates along with gold and silver doré from a pyrite leach circuit and from oxide ore dump leaching which has operated in the range of 35 to 36 Mtpa in recent years

8.76 Mtpa whole ore pressure oxidation and cyanide leaching plant producing separate gold and silver doré products

21.9 Mtpa sulfide flotation mill producing a single concentrate containing copper, gold and silver

39 Mtpa sulfide flotation plant producing separate lead and zinc concentrates and gold and silver doré from a pyrite leach circuit and from oxide ore dump leaching.

The flotation plant has operated in the range of 35 to 36 Mtpa in recent years.

14 Mtpa whole ore and flotation pressure oxidation and cyanide leaching plant producing separate gold and silver doré products

Measurement units presented in this document are generally metric units, with the exception that gold and silver quantities are reported in troy ounces and the content for copper, lead, and zinc are presented in pounds.

There may be small rounding

differences due to unit conversions.

There may be small rounding differences due to unit conversions.

Additional specific information on the principal properties is available under Material Properties, below.

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Table 4 is a summary of mineral reserves aggregated by metal and by geographic area.

Our material properties (Andacollo, Cortez, Khoemac a u, Mount Milligan, Peñasquito and Pueblo Viejo) and properties with mineral resources and mineral reserves that represent over 10% of the aggregate mineral resources or reserves that generate our stream or royalty interests (Peñasquito and Red Chris) are listed individually.

Mineral resources and mineral reserves are presented for the properties or portions of the properties that generate our stream and royalty interests without regard to the specific percentage of Royal Gold’s stream and royalty interest.

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The dates of the mineral resources range between December 31, 2014, and December 31, 2023.

The information included in this table that relates to our material properties is dated December 31, 2021, except for Khoemac a u, which is dated June 30, 2021, and Cortez and Pueblo Viejo, which are dated December 31, 2022.

The information included in this table that relates to our material properties is dated December 31, 2022, except for Mount Milligan, Cortez and Pueblo Viejo, which are dated December 31, 2023.

The metal prices for the gold resources range between $1,100 per ounce and $2,000 per ounce;

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Royal Gold has not made any determination that such persons are or are not “qualified persons” under SK1300.

In certain cases, we have omitted mineral resource information for properties other than our material properties.

In certain cases, due to reporting constraints, we have omitted mineral resource information for properties other than our material properties.

While the aggregate resources at Red Chris represent more than 10% of the aggregate mineral resources to which our royalty or stream interests apply, Royal Gold’s royalty interest in Red Chris is only a 1% NSR.

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The dates of the mineral reserves range between December 31, 2016, and December 31, 2023.

Certain nonmaterial properties have reserve reports prepared prior to December 31, 2021, under SEC Industry Guide 7, the predecessor to SK1300.

The information included in this table that relates to our material properties is dated December 31, 2022, except for Mount Milligan, Cortez and Pueblo Viejo, which are dated December 31, 2023.

The metal prices for the gold reserves range between $1,100 per ounce and $1,850 per ounce;

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Royal Gold has not made any determination that such persons are or are not “qualified persons” under SK1300.

In certain cases, we have omitted mineral reserve information for properties other than our material properties.

In certain cases, due to reporting constraints, we have omitted mineral reserve information for properties other than our material properties.

While the aggregate mineral reserves at Red Chris represent more than 10% of the aggregate mineral reserves to which our royalty or stream interest applies, Royal Gold’s royalty interest in Red Chris is only 1% NSR.

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The operators of the properties in which we hold stream and royalty interests generally prepare production and mineral reserve estimates for the properties.

We do not independently prepare or verify this information, and we do not have access

to sufficient data to do so.

We do not independently prepare or verify this information, and we do not have access to sufficient data to do so.

There are numerous uncertainties inherent in these estimates, many of which are outside the operators’ control.

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Material Properties

The disclosures below regarding our principal properties are derived from publicly available reports of the operators and/or other reports provided to Royal Gold under the terms of Royal Gold’s stream or royalty agreements with the respective operators and have generally been prepared pursuant to the mining disclosure regime of the applicable jurisdiction in which the operator reports.

The disclosures below regarding our principal properties are derived from publicly available reports of the operators and/or other reports provided to us under the terms of our stream or royalty agreements with the respective operators and have generally been prepared pursuant to the mining disclosure regime of the applicable jurisdiction in which the operator reports.

We do not independently prepare or verify this information and, as the holder of the stream or royalty interest, we do not have access to the properties or operations or to sufficient data to do so.

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We often refer to these material properties as “principal properties” in this Report.

The disclosures below regarding Carmen de Andacollo (“Andacollo”) are derived from the Technical Report dated July 12, 2006, pursuant to NI 43-101, as well as Teck’s Annual Information Form, dated February 28, 2022, attached as Exhibit 99.1 to the Annual Report on Form 40-F for the year ended December 31, 2021, of Teck.

The disclosures below regarding Carmen de Andacollo (“Andacollo”) are derived from the Technical Report dated July 12, 2006, pursuant to NI 43-101, as well as Teck’s Annual Information Form, dated February 21, 2023, attached as Exhibit 99.1 to Teck’s Annual Report on Form 40-F for the year ended December 31, 2022.

Teck presents mineral resource and mineral reserve updates pursuant to CIM Standards.

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Andacollo is supplied with electric power by a 110 kilovolt (“kV”) line from El Peñon.

In August 2020, CDA entered into a long-term power purchase agreement to provide 100% renewable power for Andacollo’s operations, which went into effect in September 2020 and will run through the end of 2031.

Process water is currently pumped to the site via a 30-centimeter (“cm”) diameter pipeline, primarily sourced from groundwater extracted at the Alfalfares region approximately 50 km from the site with a minor portion of the water supply coming from the Pan de Azucar region.

In August 2020, Teck entered into a long-term power purchase agreement to provide 100% renewable power for Andacollo’s operations, which went into effect in September 2020 and will run through the end of 2031.

Process water is currently pumped to the site via a 30-centimeter (“cm”) diameter pipeline, primarily sourced from groundwater extracted near La Serena, approximately 50 km from the site.

Several mines operate within the same geographical area and, as such, supplies, material and experienced mine labor are readily available.

The majority of mine personnel live in the town of Carmen de Andacollo or in the nearby cities of Coquimbo and La Serena.

These cities have a combined population of about 350,000 inhabitants, with housing, shopping and construction facilities.

These cities have a combined population of about 350,000 inhabitants.

Area of Interest

Our stream interest at Andacollo covers 1,225 exploitation mining concessions, including 1,174 concessions termed the “Mining Properties” and 51 concessions termed the “Dayton Concessions.” Our interest also covers any additional claims held before the effective date of the stream agreement, as described below, or acquired after the effective date which are wholly or partially located within an approximately 1.5 km radius from the external boundary of the “Mining Properties,” any mining concessions held by CMCA or acquired following the effective date which are wholly or partially located within approximately 1 km radius from certain boundaries laid out in the agreement, and any Dayton Concession held by CMCA as of the effective date of the agreement, or acquired after the effective date.

Our stream interest at Andacollo covers 1,225 exploitation mining concessions, including 1,174 concessions termed the “Mining Properties” and 51 concessions termed the “Dayton Concessions.” Our interest also covers any additional claims held before the effective date of the stream agreement, as described below, or acquired after the effective date which are wholly or partially located within an approximately 1.5 km radius from the external boundary of the “Mining Properties,” any mining concessions held by CMCA or acquired following the effective date of the agreement which are wholly or partially located within approximately 1 km radius from certain boundaries laid out in the agreement, and any Dayton Concession held by CMCA as of the effective date of the agreement, or acquired after the effective date.

Stream Agreement

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Property Description

The Andacollo operation consists of an open pit mine, sulfide concentrator and copper heap leach facility.

The Andacollo operation consists of an open pit mine, sulfide concentrator and an inactive copper heap leach facility.

The open pit mine is designed with a 10-meter bench height and an average overall pit slope of 53 degrees.

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Copper concentrate is produced by processing hypogene ore through semi-autogenous grinding and a flotation plant with the capacity to process up to 55,000 tonnes per day (“tpd”), depending on ore hardness.

There is minor ongoing leaching of supergene ore on heap leach pads.

Copper-bearing solutions from the heap leach are processed in an SX-EW plant to produce grade A copper cathode.

Copper concentrates produced by the operation are sold under long-term contracts to smelters in Asia and Europe, using the LME Price as the basis for copper pricing, and with treatment and refining charges negotiated on an annual basis.

The copper cathode produced at Andacollo is sold under annual and spot contracts.

The price of copper cathodes is based on LME Prices plus a premium based on market conditions.

Tailings from the ore processing operation are stored in a single facility that has been used since the sulfide concentrator processing was initiated in 2010.

The facility consists of five retention structures and high natural topography.

facility is designed with six downstream embankment raises, which has a design capacity sufficient for the current ore reserve.

The full facility is designed with six downstream embankment raises, which has a design capacity sufficient for the current ore reserve.

Age and Condition of Infrastructure

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Mineral Resources and Mineral Reserves

Table 1 Andacollo – Summary of Gold Mineral Resources at December 31, 2021, Based on $1,500 Au, $3.00 Cu (1),(2),(3),(4)

Table 1 Andacollo – Summary of Gold Mineral Resources at December 31, 2022,

Based on $1,500 Au, $3.15 Cu (1),(2),(3),(4)

Cut-Off Grade

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The resources listed are 100% of the mineral resources to which our stream interest applies.

(5) Copper recoveries range from 82% to 91.5%, averaging 88.7%.

Gold recoveries average 68.1%

Table 2 Andacollo – Summary of Gold Mineral Reserves at December 31, 2021, Based on $1,500 Au, $3.00 Cu (1),(2),(3)

Copper recovery assumptions range from 82% to 91.5%, averaging 88.7%.

Gold recovery assumptions average 68.1%.

Table 2 Andacollo – Summary of Gold Mineral Reserves at December 31, 2022,

Based on $1,500 Au, $3.15 Cu (1),(2),(3)

Cut-Off Grade

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The gold mineral reserves listed are 100% of the reserves to which our stream interest applies.

(4) Copper recoveries range from 82% to 91.5%, averaging 88.7%.

Gold recoveries average 68.1%.

Copper recovery assumptions range from 82% to 91.5%, averaging 88.7%.

Gold recovery assumptions average 68.1%.

Change in Mineral Resources and Mineral Reserves from Prior Year

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Gold mineral resources increased from 1.17 million ounces to 1.32 million ounces (12.5%) year over year.

Teck reported that the reduction in mineral reserves was a result of depletion from normal mining activities, the transfer back to mineral resources, and lower processing recoveries.

Teck reported that the increase in mineral resources was a result of improved economic assumptions related to operational costs, higher gold prices, and adjustments in mine designs.

Teck reported that the reduction in mineral reserves was a result of depletion from normal mining activities.

Teck reported that the increase in mineral resources was a result of improved economic assumptions related to operational costs and higher assumed copper prices.

Recent Developments

Stream deliveries from Andacollo were approximately 22,400 ounces of gold during the year ended December 31, 2023, compared to approximately 27,700 ounces of gold during the year ended December 31, 2022.

The decrease in deliveries resulted primarily from Andacollo experiencing lower gold grades, lower gold recoveries and lower tonnage milled.

As reported by Teck, a significant rainfall event in July 2022 caused operations to shut down for five days.

We expect the impact of this shutdown and unplanned maintenance in the third quarter will affect stream deliveries in the first quarter of

Gold production at Andacollo has trended lower since the beginning of 2021 due to lower ore grades, as anticipated in the mine plan.

According to Teck, the period of lower grades is expected to last through 2023, and the mine plan then anticipates a transition to higher grade ore as the next phase of mining is developed over the following years.

Teck has reported that the current life of mine for Andacollo is expected to continue until 2035 and that additional permits or permit amendments will be required to execute the life of mine plan.

The disclosures below regarding Khoemac a u are derived from the Preliminary Economic Assessment - NI 43-101 Technical Report dated May 14, 2012, pursuant to NI 43-101, and non-public mineral resource and mineral reserve updates provided by Khoemac a u Copper Mining (Pty.) Limited (“KCM”) pursuant to the JORC Code.

The decrease in deliveries resulted primarily from Andacollo experiencing lower gold grades, lower gold recoveries and lower tonnage milled, as well as differences in the timing of shipments and settlements during the periods.

On January 16, 2024, Teck reported that Andacollo continues to face extreme drought conditions, causing water restrictions which impact production, and Teck expects 2024 production to be similar to 2023.

According to Teck, steps are being taken to mitigate these risks, with a solution likely to be in place in 2025.

As a result, and with the benefit of higher grade ore, production is expected to increase between 2025 and 2027, compared to 2024.

Gold and copper grades are relatively well correlated at Andacollo and gold production tends to track copper production.

Production at Andacollo has trended lower since the beginning of 2021 due to lower ore grades, as anticipated in the mine plan.

Teck has reported that the current life of mine for Andacollo is expected to continue until 2036 although additional permits or amendments will be required to execute the life of mine plan.

The disclosures below regarding Khoemac a u are derived from the Preliminary Economic Assessment - NI 43-101 Technical Report dated May 14, 2012, prepared pursuant to NI 43-101, and non-public technical reports, mineral resource and mineral reserve updates provided by Khoemac a u Copper Mining (Pty.) Limited (“KCM”) prepared pursuant to the JORC Code.

Royal Gold requested information prepared in accordance with SK1300 or access to underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request.

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The project completed construction in the second half of calendar 2021 and ramp-up of mining and processing operations to the target production rate of 3.65 Mtpa (10,000 tpd) was achieved in December 2022, as announced by KCM.

The Zone 5 mine is a bulk mechanized mine, designed for a total production rate of 3.65 Mtpa through three mining corridors, with a single mining corridor production rate between 1 to 2 Mtpa.

The mine design is based on a Long Hole Open Stoping mining method.

The first section of the mine incorporates pillars and no paste backfill;

however, paste backfill will be used as depth increases to improve overall mineral resource recovery.

Given that the orebody has a strike length of more than 4 km, it necessitated dividing the orebody into mining corridors due to the mining method selected, with separate decline systems dedicated to servicing each corridor.

The twin decline layout allows for more than 1,000 meter coverage of strike extent of the orebody, while offering multiple orezone attack points, highly productive layouts, and significant redundancy.

Two of the mining corridors are equipped with twin declines, while one corridor is equipped with a single decline.

The Zone 5 mine is a bulk mechanized mine, designed for a total production rate of 3.65 Mtpa from three decline systems, with a single decline system production rate between 1 to 2 Mtpa.

The mine design is based on a longhole open stoping mining method.

The first section of the mine incorporates rib and sill pillars for ground stability control and paste backfill will be used as depth increases to improve overall mineral resource recovery.

Given that the orebody has a strike length of more than 4 km, it necessitated dividing the orebody into mining zones, with separate decline systems dedicated to servicing each zone.

The twin decline layout allows for more than 1,000 meter coverage of strike extent of the orebody, while offering multiple ore zone access points, highly productive layouts, and significant redundancy.

Two of the mining zones are equipped with twin declines, while one is equipped with a single decline.

The Zone 5 site is equipped with all maintenance, warehousing, administration and personnel accommodation facilities to fully support underground mining activities.

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Concentrate is loaded into approximately 1 tonne fabric bags for transport by road to port, for shipping and sale on the international market.

Tailings generated from the plant are deposited on a circular TSF, located south-west of the plant.

Tailings generated from the plant are deposited in a circular TSF, located south-west of the plant.

Tailings are deposited mainly by spigot with a center decant tower for water recovery.

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Royal Gold does not have specific information as to the physical condition or the age of the equipment and infrastructure.

The operator does not provide Royal Gold with the operator’s book value or total cost detail for the property and associated plant and equipment.

The operator does not provide us with the operator’s book value or total cost detail for the property and associated plant and equipment.

Property History

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● Khoemac a u Copper Mining Zone 5 Mining License (ML 2015/05L) – issued in 2015 with a 20-year validity.

Khoemac a u has recently revised this Mine License to include the new surface infrastructure at Zone 5 on the footwall side of the deposit and for the potential future processing of ore from other deposits controlled by KCM;

Khoemac a u revised this Mine License to include the new surface infrastructure at Zone 5 on the footwall side of the deposit and for the potential future processing of ore from other deposits controlled by KCM;

● Discovery Copper Botswana Mining License (Discovery ML 2010/99L) – issued in 2010 with 15-year validity.

This Mining License was amended in 2014 and 2015 to include exploitation of the Zeta and Zeta NE targets, respectively.

This Mining License was also amended in 2017 to reflect the execution of the Starter Project (i.e., throughput at the mill of 3.65 Mtpa).

This Mining License was also amended in 2017 to reflect the execution of the Starter Project (i.e., throughput at the mill of 3.65 Mtpa using ore sourced from Zone 5).

Five DEA approvals were received for the project, each requiring an individual Environmental and Social Impact Statements:

● Boseto ML Amendment– including mill capacity increase from 3 to 3.65 Mtpa, repairs/modifications of surface infrastructure at the Boseto site, and sourcing of ore from Zone 5 (Authorized in November 2017);

● Zone 5 ML Amendment – including five additional boxcuts (to reflect the Zone 5 Expansion case) and construction of a 6.

Mtpa processing facility at Zone 5, including TSF (Authorized in May 2018);

● Zone 5 ML Amendment – including five additional boxcuts (to reflect the Zone 5 Expansion case) and construction of a 6 Mtpa processing facility at Zone 5, including TSF (Authorized in May 2018);

● Access Road/Haul Route – including service corridors for roads between A3, Boseto, and Zone 5.

9 unchanged sentences

Zone 5 has a deposit strike length of 4 km with mineralization dipping at 56 degrees to the south-east over an average thickness of 10 m.

Mineralization is situated in the hanging wall sequence, 30 m above the contact between the Kar Formation and Ngwako Pan Formation.

Mineralization is situated in the hanging wall sequence, 30 m above the contact between the D’Kar Formation and Ngwako Pan Formation.

Mineralization is sub-parallel to lithology and typically cross-cuts host units from the lower D’Kar limestone unit in the south-west to the carbon rich siltstone unit and interbedded alternating siltstone and sandstone unit toward the north-east.

8 unchanged sentences

Common minerals found in this zone, in order of abundance, include malachite, bornite, chalcopyrite, native copper and minor chrysocolla.

A small zone of deeper oxidation, with mineralization consisting dominantly of native copper, is located in the center portion of the deposit.

A small zone of deeper oxidation, with

mineralization consisting dominantly of native copper, is located in the center portion of the deposit.

This area shows strong brecciation and extends to depths of 400 m below the surface.

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These two areas have the highest grades and thickest intervals.

The Mango deposit is situated 10 km southwest and along strike of the Zone 5 deposit on the southeast limb of a regional anticline.

The deposit has defined mineralization over a total strike length of 5 km dipping at 65° to the southeast.

The central portion of the deposit is host to economic mineralization (copper and silver) over a strike length of 1.5 km, with an average thickness of 8 m.

The deposit has been drilled to 700 meters below surface and remains open both along strike and at depth.

High-grade copper sulfide mineralization typically consists of chalcopyrite and bornite with minor chalcocite.

Mineral Resources and Mineral Reserves

Table 1 Khoemac a u – Summary of Silver Mineral Resources at June 30, 2021, Based on $18.00 Ag and $3.00 Cu (1),(2),(3),(4)

Table 1 Khoemac a u – Summary of Silver Mineral Resources at December 31, 2022,

Based on $21.35 Ag and $3.54 Cu (1),(2),(3),(4)

Cut-Off Grades

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the presentation of copper mineral resources is necessary in understanding the economics of the project.

(2) Reported mineral resource is as of June 30, 2021.

Khoemac a u Zone 5 mineral resources are reported pursuant to the JORC code.

(2) Reported mineral resource is as of December 31, 2022.

Khoemac a u mineral resources are reported pursuant to the JORC code.

SK1300 does not permit reciprocal recognition of mineral resources determined under the mining disclosure regime of another jurisdiction.

9 unchanged sentences

Copper recoveries are reduced in areas where acid soluble copper is greater than 15% of total copper content.

Table 2 Khoemac a u – Summary of Silver Mineral Reserves at June 30, 2021, $20.00 Ag and $3.40 Cu (1),(2),(3)

Table 2 Khoemac a u – Summary of Silver Mineral Reserves at December 31, 2022,

$21.35 Ag and $3.54 Cu (1),(2),(3)

Cut-Off Grades

9 unchanged sentences

the presentation of copper mineral reserves is necessary in understanding the economics of the project.

Khoemac a u mineral reserves are reported at an effective date of June 30, 2021.

Khoemac a u Zone 5 mineral reserves are reported pursuant to the JORC Code.

Khoemac a u mineral reserves are reported at an effective date of December 31, 2022.

Khoemac a u mineral reserves are reported pursuant to the JORC Code.

SK1300 does not permit reciprocal recognition of mineral reserves determined under the mining disclosure regime of another jurisdiction.

6 unchanged sentences

Silver recoveries are 83.3-87.1%.

Copper recoveries are reduced in areas where acid soluble copper

is greater than 15% of total copper content.

Copper recoveries are reduced in areas where acid soluble copper is greater than 15% of total copper content.

Treatment and refining charges are captured as a reduction in recoverable metal in the reserve model, 97% for copper and 90% for silver.

Change in Mineral Resources and Mineral Reserves from Prior Year

The last mineral resources and mineral reserves reported by the operator were as of June 30, 2021.

There is no change in the reported mineral reserve between our year ended December 30, 2021 and the year ended December 31, 2022, as no new mineral reserve report has been made available by the operator.

Disclosed Measured and indicated silver resources have increased from 8.1 million ounces to 16.5 million ounces (103%) because resources from the Mango NE deposit areas have been added to the quantities disclosed.

Prior disclosure included only Zone 5.

The previous mineral resources and mineral reserves reported by the operator were as of June 30, 2021.

This disclosure was the basis for our December 31, 2021 reporting.

The reported silver mineral reserve decreased by 2.4 million ounces (11.4%) between our year ended December 31, 2021 (reported by the operator as of June 30, 2021) and the year ended December 31, 2022, due to mining depletion and changes to the resource model.

Measured and indicated silver mineral resources decreased by 1.5 million ounces (9.2%) due to changes in the resource model.

Recent Developments

Silver stream deliveries from Khoemac a u were 951,500 ounces during the year ended December 31, 2022, compared to approximately 261,100 ounces during the year ended December 31, 2021.

First concentrate was shipped in mid-July 2021 from Khoemac a u and we received our first silver stream deliveries during the September 30, 2021 quarter.

According to KCM, the ramp-up of operations to the target production rate of 3.65 Mtpa (10,000 tpd) was achieved in December 2022, with mining operations continuing at nameplate capacity through January 2023.

KCM also reported that all key operating and cost parameters are in line with expectations.

KCM continues to expect that at full production Khoemac a u will produce an average of 155,000 to 165,000 tonnes of high-grade copper and silver concentrate a year from Zone 5, containing approximately 60,000 to 65,000 tonnes of payable copper and 1.8 to 2.0 million ounces of payable silver per year, over an approximate 20-year mine life from Zone 5.

Silver stream deliveries from Khoemac a u were 1.5 million ounces during the year ended December 31, 2023, compared to approximately 951,500 ounces during the year ended December 31, 2022.

Increased stream deliveries resulted from operations running at full capacity during the year.

Deliveries during the prior year were lower due to the ramp-up of mining and processing operations throughout 2022 after completion of project construction in 2021.

According to KCM, operations at Khoemac a u continued at nameplate capacity through the year ended December 31, 2023, after the target production rate of 3.7 million tonnes per year (10,000 tonnes per day) was achieved in December 2022.

As projected in the mine plan, KCM expects payable silver production in 2024 to range between 1.5 to 1.7 million ounces, which is slightly below the life of mine average due to lower silver grades in the upper portion of the Zone 5 deposit and the top-down mining sequence.

On November 21, 2023, KCM announced that the shareholders of its parent company, Cuprous Capital Ltd (“Cuprous”), had entered into a share purchase agreement with MMG Limited (“MMG”), whereby MMG will acquire all the issued share capital of Cuprous.

MMG is a large and well-capitalized base metal mining company listed on the Stock Exchange of Hong Kong, with operations and projects in Australia, the Democratic Republic of the Congo, Peru and Canada.

MMG has reported that the parties have agreed to work towards completion of the transaction in the first quarter of 2024.

During development of Khoemac a u, we made available a $25 million subordinated debt facility to KCM which is repayable at our option upon the occurrence of certain events, including a change of control.

Including capitalized interest, the amount owing under this facility was approximately $35.7 million as of December 31, 2023.

Mount Milligan

The disclosures below regarding Mount Milligan are derived from the Technical Report on the Mount Milligan Mine North-Central British Columbia filed November 7, 2022, effective December 31, 2021, pursuant to NI 43-101 and CIM Standards.

We requested information prepared in accordance with SK1300 or access to underlying technical data sufficient to prepare its own disclosure, and the operator denied the request.

The disclosures below regarding Mount Milligan are derived from the Technical Report on the Mount Milligan Mine in North-Central British Columbia filed November 7, 2022, effective December 31, 2021, pursuant to NI 43-101 and CIM Standards, and from Centerra Gold’s news release dated February 14, 2024, pursuant to NI 43-101.

Royal Gold requested information prepared in accordance with SK1300 or access to underlying technical data sufficient to prepare its own disclosure, and the operator denied the request.

Mount Milligan is an open pit mine and is located within the Omenica Mining Division in North Central British Columbia, at 55.12°N latitude and 124.01°W longitude, approximately 155 km northwest of Prince George, 85 km north of Fort St.

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Stored water inventory at the Mount Milligan mine is critical to the ability to process ore through the process plant on a sustainable basis.

Water supply and make-up sources for the project include precipitation runoff, recycling of water from the TSF supernatant pond, pit dewatering, groundwater wells, fresh water from Meadows Creek, Rainbow Creek (temporary approval) and Philip Lake (temporary approval).

Water supply and make-up sources for the project include precipitation runoff, recycling of water from

the TSF supernatant pond, pit dewatering, groundwater wells, fresh water from Meadows Creek, Rainbow Creek (temporary approval) and Philip Lake (temporary approval).

Water required for ore processing operations is reclaimed from the TSF by a barge-mounted pump station and booster pump station.

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Stream Agreement

Under the Amended and Restated Purchase and Sale Agreement dated December 14, 2011, between Terrane Metals Corp., an indirect subsidiary of Centerra Gold Inc.

(“Centerra”), and RGLD Gold, as amended, we own the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from the Mount Milligan mine.

Under the Amended and Restated Purchase and Sale Agreement dated December 14, 2011, between Thompson Creek Metals Company Inc.

(“TCM”), an indirect subsidiary of Centerra Gold Inc.

(“Centerra”), and RGLD Gold (as amended, the “Milligan Stream Agreement”), we own the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from the Mount Milligan mine.

The cash purchase price for gold is equal to the lesser of $435 per ounce, with no inflation adjustment, or the prevailing market price when purchased.

The cash purchase price for copper is 15% of the spot price.

On February 13, 2024, TCM, Centerra and RGLD Gold entered into a Processing Cost Support Agreement (the “Cost Support Agreement”), whereby subject to certain conditions, we will provide cost support payments for gold and copper deliveries under the Milligan Stream Agreement in exchange for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future, and a free cash flow interest in Mount Milligan.

Through approximately 2029, we will only provide cost support payments when the gold price is at or below $1,600 per ounce and the copper price is at or below $3.50 per pound.

In such case, and only at Centerra’s election, we will provide cost support payments, in the case of gold, equal to the lower of either $415 or 66% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 35% of the spot copper price for each pound of copper delivered.

We will have the right to recover any such payments from future cash support payments beginning in approximately 2030 when metal prices are above $1,600 per ounce of gold and $3.50 per pound of copper.

In addition, starting in approximately 2030, we will provide cost support payments, in the case of gold, equal to the lower of either $415 or 50% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 35% of the spot copper price for each pound of copper delivered.

Finally, starting in approximately 2036, we will provide cost support payments, in the case of gold, equal to the lower of either $615 or 66% of the gold spot price less $435 for each ounce of gold delivered, and in the case of copper, equal to 51% of the spot copper price for each pound of copper delivered.

The Milligan Stream Agreement remains in place and is unaffected by the Cost Support Agreement.

As of December 31, 2023, approximately 733,200 ounces of payable gold and 83.6 million pounds of payable copper have been delivered to us.

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Each train has two rougher and three scavenger flotation cells.

The concentrates from the first two cells of each train (rougher concentrate)

and the concentrates from the last three cells of each train (scavenger concentrate) are reground separately.

The concentrates from the first two cells of each train (rougher concentrate) and the concentrates from the last three cells of each train (scavenger concentrate) are reground separately.

The rougher concentrate is reground to P80 30-50 μm in the vertically stirred mill using steel ball media while the rougher-scavenger concentrate together with the first cleaner, second cleaner, and third cleaner flotation tailings are reground to P80 18-25 μm in the horizontal stirred mills using ceramic ball media.

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(“Terrane”) and initiated a comprehensive work program.

In October 2010, Thompson Creek Metals Company Inc.

(“TCM”) acquired the Mount Milligan development project through its acquisition of Terrane, entered a stream agreement with us and subsequently constructed the Mount Milligan mine, which commenced commercial production in February 2014.

In October 2010, TCM acquired the Mount Milligan development project through its acquisition of Terrane, entered a stream agreement with us and subsequently constructed the Mount Milligan mine, which commenced commercial production in February 2014.

In October 2016, TCM was acquired by a subsidiary of Centerra and, in connection with that acquisition, Terrane and certain other subsidiary entities of TCM were amalgamated into TCM.

The Mount Milligan mine is now fully owned by TCM, an indirect subsidiary of Centerra.

Our interest in Mount Milligan evolved over time as a result of adapting the stream to address the needs of its operating partner.

Our interest in Mount Milligan evolved over time as a result of adapting the stream to address the needs of the operating partner.

Our original 52.25% gold stream was acquired in three transactions from TCM, as part of the financing for the initial project acquisition and construction:

each payable ounce of gold until the delivery of 550,000 ounces to us, and the lesser of $450 or the prevailing market price for each additional ounce thereafter.

On July 15, 2010, we announced the acquisition of a 25% gold stream interest on the Mount Milligan project from TCM for $311.5 million and cash payments equal to the lesser of $400 or the prevailing market price for each payable ounce of gold until the delivery of 550,000 ounces to us, and the lesser of $450 or the prevailing market price for each additional ounce thereafter.

On December 15, 2011, we increased our gold stream interest on the Mount Milligan project by an additional 15% for $270 million and cash payments equal to the lesser of $435 or the prevailing market price for each payable ounce of gold delivered to us (replacing the payment structure of the July 15, 2010 transaction).

2 unchanged sentences

Our stream interest at Mount Milligan was amended as part of this transaction to facilitate the acquisition and provide more gold exposure to Centerra.

Under the terms of the amendment, our 52.25% gold stream at Mount Milligan was amended to a 35% gold stream and an 18.75% copper stream with a 15% of spot cash price.

Under the terms of the amendment, our 52.25% gold stream at Mount Milligan was amended to a 35% gold stream with a purchase price equal to the lesser of $435 per ounce, or the prevailing market price, and an 18.75% copper stream with a 15% of spot cash price.

On February 13, 2024, we entered into the Cost Support Agreement described above to incentivize Centerra to continue to invest and maximize the value of the large mineral endowment at Mount Milligan.

Permitting and Encumbrances

32 unchanged sentences

The mineral resources listed are 100% of the mineral resources to which our stream interest applies.

Mineral resources are reported at copper equivalent cut-off equivalent to a $7.35 NSR per tonne using metal prices of $3.50 per pound copper and $1,550 per ounce gold, and an exchange rate of 1USD:1.30CAD.

The open pit mineral resources are constrained by a pit shell and are reported at copper equivalent cut-off equivalent to a $7.35 NSR per tonne and take into consideration metallurgical recoveries, concentrate grades, transportation costs, smelter treatment charges and stream and royalty arrangements in determining economic viability.

Mineral resources are reported at an $8.46 NSR per tonne cut-off using metal prices of $3.75 per pound copper and $1,800 per ounce gold, and an exchange rate of 1USD:1.30CAD.

The open pit mineral resources are constrained by a pit shell and are reported based on a NSR cut-off of $8.46 NSR per tonne that takes into consideration metallurgical recoveries, concentrate grades, transportation costs, and smelter treatment charges in determining economic viability.

Metallurgical recoveries for reporting mineral resources assume variable copper recoveries between 75% and 83% and gold recoveries between 55% and 65%.

15 unchanged sentences

The mineral reserves have been estimated based on a gold price of $1,500 per ounce, copper price of $3.50 per pound and an exchange rate of 1USD:1.30CAD.

The open pit mineral reserves are estimated by Centerra based on an NSR cut-off of $7.40 per tonne and takes into consideration metallurgical recoveries, concentrate grades, transportation costs, smelter treatment charges and stream and royalty arrangements in determining economic viability.

The open pit mineral reserves are estimated by Centerra based on an NSR cut-off of $8.65 per tonne that takes into consideration metallurgical recoveries, concentrate grades, transportation costs, and smelter treatment charges in determining economic viability.

Metallurgical recoveries are estimated using regression curves based on operational and metallurgical test work data.

2 unchanged sentences

Change in Mineral Resources and Mineral Reserves from Prior Year

For Mount Milligan, mineral resources and mineral reserves increased as of December 31, 2021, as compared to mineral resources and mineral reserves as of December 31, 2020, primarily because Centerra updated resource and reserves estimates for the property to include new drilling and updated economic assumptions.

For Mount Milligan, mineral resources and mineral reserves increased as of December 31, 2023, as compared to mineral resources and mineral reserves as of December 31, 2022, due to changes in economic assumptions for resources and reserves reporting.

Gold measured and indicated mineral resources increased from 1.7 million to 2.3 million ounces (34%) and copper increased from 695 million to 851 million pounds (22%).

Gold proven and probable mineral reserves increased from 2.1 million to 2.9 million ounces (36%) and copper from 837 million to 996 million pounds (19%).

Gold proven and probable mineral reserves increased from 2.6 million to 2.8 million ounces (7%) and copper increased from 902 million to 962 million pounds (7%).

Recent Developments

1 unchanged sentence

Copper stream deliveries from Mount Milligan were approximately 10.9 million pounds during the year ended December 31, 2023, compared to approximately 14.8 million pounds during the year ended December 31, 2022.

On January 17, 2023, Centerra reported 2023 guidance for Mount Milligan.

In calendar 2023, Centerra expects production of between 160,000 and 170,000 ounces of gold and 60 million to 70 million pounds of copper.

Centerra expects Mount Milligan’s 2023 copper production to be back-end weighted with approximately 35% of concentrate sales expected to occur in the fourth quarter of 2023.

Centerra continues to optimize the life of mine plan for the Mount Milligan Mine and anticipates increases in both gold and copper production for 2024 and 2025 when compared to the annual figures included in the Mount Milligan Mine December 31, 2021 NI 43-101 Technical Report.

The disclosures below regarding Pueblo Viejo are derived from the Technical Report on the Pueblo Viejo Mine, Sánchez Ramírez Province, Dominican Republic dated March 19, 2018 in accordance with NI 43-101 and CIM Standards, and the mineral resource and mineral reserve updates are derived from Barrick’s news release dated February 9, 2023 pursuant to NI 43-101.

Gold and copper stream deliveries for the year ended December 31, 2023, relate to mine production during the approximate period August 2022 to July 2023.

During this period Centerra reported production was impacted by mine sequencing and lower gold grades than planned when mining was occurring in an ore-waste transition zone, with this lower grade ore also impacting plant recoveries.

The decrease in deliveries was also impacted by differences in timing of shipments and settlements during the periods.

On October 31, 2023, Centerra reported that a full asset optimization review of Mount Milligan has been launched, which includes assessments of productivity and cost efficiency opportunities in concert with mine plan optimization.

Centerra expects this review to identify and drive incremental operational improvements and is expected to be completed in 2024.

On February 13, 2024, we entered into the Cost Support Agreement described above to incentivize Centerra to continue to invest and maximize the value of the large mineral endowment at Mount Milligan.

The Cost Support Agreement is expected to provide a basis for a reserve increase and extension of the Mount Milligan mine life to 2035.

Additionally, on February 14, 2024, Centerra provided 2024 production guidance for Mount Milligan of 180,000 to 200,000 ounces of gold and 55 to 65 million pounds of copper.

The disclosures below regarding Pueblo Viejo are derived from the Technical Report on the Pueblo Viejo Mine, Sánchez Ramírez Province, Dominican Republic dated March 17, 2023 in accordance with NI 43-101 and CIM Standards, and the mineral resource and mineral reserve updates are derived from Barrick’s MD&A dated February 13, 2024 pursuant to NI 43-101.

Royal Gold requested information prepared pursuant to SK1300 or access to the underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request.

12 unchanged sentences

The Pueblo Viejo mine is supplied with electric power from two sources via two independent 230 kV transmission circuits.

In 2013, Pueblo Viejo Dominicana Corporation (“PVDC”) commissioned a 218-megawatt (“MW”) Wartsila combined cycle reciprocating engine power plant, together with an approximately 72 km transmission line connecting the plant to the minesite.

In 2013, Pueblo Viejo Dominicana Corporation (“PVDC”) commissioned a 218-megawatt (“MW”) Wartsila combined

cycle reciprocating engine power plant, together with an approximately 72 km transmission line connecting the plant to the minesite.

The power plant is located near the port city of San Pedro de Macoris on the south coast and provides the long-term power supply for the Pueblo Viejo mine.

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The cash purchase price for gold is 30% of the spot price of gold per ounce delivered until 550,000 ounces of gold have been delivered, and 60% of the spot price of gold per ounce delivered thereafter.

We also own the right to purchase 75% of Barrick’s interest in the silver produced from the Pueblo Viejo mine, subject to a minimum silver recovery of 70%, until 50 million ounces of silver have been delivered, and 37.5% thereafter.

We also own the right to purchase 75% of Barrick’s interest in the silver produced from the Pueblo Viejo mine, subject to a fixed silver recovery of 70%, until 50 million ounces of silver have been delivered, and 37.5% thereafter.

The cash purchase price for silver is 30% of the spot price of silver per ounce delivered until 23.1 million ounces of silver have been delivered, and 60% of the spot price of silver per ounce delivered thereafter.

1 unchanged sentence

Property Description

Pueblo Viejo is a production stage property consisting of a conventional open pit surface mine and a complex processing circuit designed to process 24,000 tpd of refractory gold-silver ore through pressure oxidation.

Pueblo Viejo is a production stage property consisting of a conventional open pit surface mine and a complex processing circuit designed to process refractory gold-silver ore through pressure oxidation.

Gold and silver are recovered through a CIL circuit and electrowinning.

Barrick is in the final stages of completing a plant expansion and mine life extension

project designed to increase throughput from 9 Mtpa to 14 Mtpa and allow the mine to maintain average annual gold production of approximately 800,000 ounces (100% basis) into the mid 2040’s.

The pit stages have been chosen to facilitate the early extraction of the most profitable ore.

5 unchanged sentences

Equipment planning has considered mine design production of approximately 57 to 63 Mtpa total material movement, including limestone.

This includes mill feed of 24,000 tpd, reclamation from stockpiles, and simultaneous mining in the limestone quarries and several operating pit phases.

This includes mill feed, reclamation from stockpiles, and simultaneous mining in the limestone quarries and several operating pit phases.

Loading is carried out with 20 m 3 hydraulic shovels and 22 m 3 front-end loaders, loading 175-tonne haul trucks.

Gold and silver are recovered through pressure oxidation (autoclave) of whole ore followed by hot cure and hot lime boil, prior to cyanidation of gold and silver in a CIL circuit.

The autoclave circuit is designed to oxidize approximately 1,750 tonnes of sulfide per day, which is equivalent to about 24,000 tonnes of run-of-mine ore at 7.5% of sulfide.

Lower sulfide ores are often fed to the plant resulting in higher tonnage, often well over 30,000 tpd.

The rest of the process plant is designed to process a minimum 24,000 tpd, but can effectively process over 30,000 tpd as needed.

From 2014 through 2022, the operation produced approximately 9.6 million ounces of gold.

Gold production has been declining since 2018 due primarily to lower ore grades.

Production in 2022 was 713,500 ounces of gold.

Gold and silver are recovered through pressure oxidation (autoclave) of whole ore and flotation concentrate, followed by hot cure and hot lime boil, prior to cyanidation of gold and silver in a CIL circuit.

The autoclave circuit was initially designed to oxidize approximately 1,750 tonnes of sulfide per day, which is equivalent to about 24,000 tonnes of run-of-mine ore at 7.5% of sulfide.

The process plant expansion flowsheet includes an additional primary crusher, coarse ore stockpile and ore reclaim delivering to a new single stage semi-autogenous (SAG) mill, and a new flotation circuit that concentrates the bulk of the sulfide ore prior to oxidation.

The concentrate is blended with fresh milled ore to feed the modified autoclave circuit, which has additional oxygen supplied from a new 3,000 tonnes per day facility.

The existing autoclaves have been upgraded to increase the sulfur processing capacity of each autoclave through additional high-pressure cooling water and recycle flash capability using additional slurry pumping and thickening.

The TSF is located in the El Llagal valley, located approximately 4 km south of the plant site.

The Lower Llagal TSF, made up of one main dam and three saddle dams, will contain all of the waste rock generated over the life of the Pueblo Viejo mine as well as process tailings up to 2028, at which point the tailings deposition will transition to another proposed TSF location.

The Lower Llagal TSF, made up of one main dam and three saddle dams, will contain all of the waste rock generated over the life of the Pueblo Viejo mine as well as process tailings up to 2028.

In addition to solids storage, the Lower Llagal TSF is sized to provide storage for an operating pond and for extreme precipitation events.

The location for an additional tailings impoundment to provide capacity for the mineral resource base has been identified and is currently in the permitting process.

The mine is situated in a seismically active area.

The design of the dams at the site was based on the maximum credible earthquake criteria.

Barrick is continuing to progress a plant expansion and mine life extension project.

The plant expansion is designed to increase throughput to 14 Mtpa and allow the mine to maintain average annual gold production of approximately 800,000 ounces after 2022 (100% basis), and the incorporation of a new TSF is intended to extend the mine life to the mid 2040s.

The process plant expansion flowsheet includes an additional primary crusher, coarse ore stockpile and ore reclaim delivering to a new single stage semi-autogenous (SAG) mill, and a new flotation circuit that will concentrate the bulk of the sulfide ore prior to oxidation.

The concentrate will be blended with fresh milled ore to feed the modified autoclave circuit, which will have additional oxygen supplied from a new 3,000 tonnes per day facility.

The existing autoclaves will be upgraded to increase the sulfur processing capacity of each autoclave through additional high-pressure cooling water and recycle flash capability using additional slurry pumping and thickening.

In conjunction with the plant expansion project, Barrick is currently in the design and permitting stages to construct the new El Naranjo TSF, which is intended to extend the mine life to the mid-2040s.

Age and Condition of Infrastructure

The mine initiated pre-stripping in 2010 and the mill was commissioned in 2012.

Royal Gold does not have specific information about the physical condition of equipment and infrastructure at site, but the installation is relatively new.

We do not have specific information about the physical condition of equipment and infrastructure at the site.

The operator does not provide us with the operator’s book value or total cost detail for the property and associated plant and equipment.

2 unchanged sentences

Subsequent to that early mining activity, Rosario Resources commenced mining operations on the property in 1975.

In 1979, the Central Bank of the Dominican Republic purchased all foreign-held shares in Rosario Resources and the Dominican Government continued operations as Rosario Dominicana

In 1979, the Central Bank of the Dominican Republic purchased all foreign-held shares in Rosario Resources and the Dominican Government continued operations as Rosario Dominicana S.A.

Gold and silver production from oxide, transitional, and sulfide ores occurred from 1975 to 1999.

1 unchanged sentence

In 2000, the Dominican Republic invited international bids for the leasing and mineral exploitation of the Pueblo Viejo mine site.

In July 2001, PVDC (then known as Placer Dome Dominicana Corporation), an affiliate of Placer Dome, was awarded the bid.

In July 2001, PVDC (then known as Placer Dome Dominicana Corporation), an affiliate of

Placer Dome, was awarded the bid.

PVDC and the Dominican Republic subsequently negotiated the SLA for the Montenegro Fiscal Reserve, which was ratified by the Dominican National Congress and became effective on July 29, 2003.

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The requisite environmental permits were received in November 2016 to carry out the first stage of the closure plan, which focuses on dewatering, buttressing, and improving the stability of the old Mejita tailings facility.

Dewatering of the old Mejita tailings facility was completed in 2018, as well as the geotechnical investigation

Dewatering of the old Mejita tailings facility was completed in 2018, as well as the geotechnical investigation program.

In 2020, the Environmental Management Plan of the State (Plan de Administración del Estado) achieved progress for the Mejita tailings cover component, with work occurring mainly at the north and central ponds.

Progress was also made on the buttress excavation, with phase 1 now complete.

Progress was also

made on the buttress excavation, with phase 1 now complete.

In 2022, the PVDC plans to complete the buttress engineering design for phase 2 and then resume the buttress fill construction and tailings cover component.

1 unchanged sentence

Also, in March 2012, PVDC obtained an environmental permit for the Quisqueya 1 power plant and a power transmission line from San Pedro where the power plant is situated to the mine site.

Barrick has reported that an additional tailings impoundment facility is currently being studied and permitting activities are underway.

Barrick is currently completing work to advance studies for the construction of the new El Naranjo tailings impoundment facility, and permitting activities are underway.

Barrick also reported that in 2021, PVDC’s activities at the Pueblo Viejo mine were, and continue to be, in compliance in all material respects with applicable corporate standards and environmental regulations.

12 unchanged sentences

Mineral Resources and Mineral Reserves

Table 1 Pueblo Viejo – Summary of Gold and Silver Mineral Resources at December 31, 2022, Based on $1.700 Au and $21 Ag (1),(2),(3)

Table 1 Pueblo Viejo – Summary of Gold and Silver Mineral Resources at December 31, 2023,

Based on $1,700 Au and $21 Ag (1),(2),(3)

Cut-Off Grades (4)

7 unchanged sentences

SK1300 does not permit reciprocal recognition of mineral resources determined under the mining disclosure regime of another jurisdiction.

The amounts, grades and recovery of mineral resources determined under

SK1300 could vary from the disclosure set forth here.

The amounts, grades and recovery of mineral resources determined under SK1300 could vary from the disclosure set forth here.

While the SK1300 definitions are substantially similar to those set forth in the CIM Standards, there are variations.

4 unchanged sentences

Gold and silver metallurgical recovery assumptions for Pueblo Viejo have not been disclosed by the operator.

Table 2 Pueblo Viejo – Summary of Gold and Silver Mineral Reserves at December 31, 2022, Based on $1,300 Au and $18 Ag (1),(2)

Table 2 Pueblo Viejo – Summary of Gold and Silver Mineral Reserves at December 31, 2023,

Based on $1,300 Au and $18 Ag (1),(2)

Cut-Off Grades (3)

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Change in Mineral Resources and Mineral Reserves from Prior Year

Between December 31, 2021 and December 31, 2022, measured and indicated gold mineral resources decreased from 8.6 million to 2.8 million ounces (67%) and silver mineral resources decreased from 50.3 million to 15 million ounces (70%), while proven and probable gold mineral reserves increased from 5.4 million to 12.3 million ounces (127%) and silver mineral reserves increased from 35.7 million to 77 million ounces (116%) net of mining depletion.

Barrick announced that this was primarily a result of completion of a pre-feasibility study for the new Naranjo tailings facility (which reclassified resources into reserves).

Between December 31, 2022 and December 31, 2023, measured and indicated gold mineral resources increased from 2.8 million to 3.5 million ounces (25%) and silver mineral resources increased from 15 million to 17 million ounces (13%).

Proven and probable gold mineral reserves decreased from 12.3 million to 11.9 million ounces (3.3%) and silver mineral reserves decreased from 77 million to 74 million ounces (3.9%) net of mining depletion.

This was primarily a result of mining depletion, offset by resource expansion due to ongoing exploration.

Recent Developments

Gold stream deliveries from Pueblo Viejo were approximately 25,400 ounces for the year ended December 31, 2023, compared to approximately 32,500 ounces for the year ended December 31, 2022.

Gold production was impacted by lower ore grades processed due to mine sequencing, as well as lower mill throughput and lower mill recovery associated with the commissioning of the mill expansion.

Silver stream deliveries were approximately 0.9 million ounces for the year ended December 31, 2023, compared to 1.2 million ounces for the year ended December 31, 2022.

During the year ended December 31, 2022, an additional 91,400 ounces of silver deliveries were deferred, partially offset by delivery of 37,700 ounces of previously deferred silver (net additional 53,700 ounces deferred).

During the year ended December 31, 2023, an additional 341,000 ounces of silver deliveries were deferred.

The deferred ounces are the result of a mechanism in the stream agreement that allows for the deferral of deliveries in a period if Barrick’s share of silver production is insufficient to cover its stream delivery obligations.

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As of December 31, 2023, approximately 854,000 ounces remain deferred.

We expect that silver recoveries could remain highly variable until the plant expansion project is complete and bottlenecks associated with the silver circuit and silver recovery can be fully addressed, and the timing for the delivery of the entire deferred amount is uncertain.

On February 15, 2023, Barrick reported continued progress on the plant expansion and mine life extension project at Pueblo Viejo in the Dominican Republic.

With respect to the plant expansion, Barrick reported that processing of first ore and commissioning of the new plant infrastructure is expected to be substantially complete during the first quarter of 2023.

With respect to the mine life extension, Barrick disclosed that social, environmental and technical studies for the additional tailings storage capacity continued to advance, and an Environmental and Social Impact Assessment (“ESIA”) for the proposed new Naranjo TSF had been submitted to the relevant authorities in the fourth quarter.

Barrick expects the Government of the Dominican Republic’s decision on the ESIA during the first half of 2023.

Barrick also reported that a pre-feasibility study on the Naranjo TSF was completed during the fourth quarter, which allowed the addition of 6.5 million ounces of attributable proven and probable mineral reserves (60% basis), net of depletion, and extend the mine life beyond 2040.

Barrick further reported that drilling and site investigation continues to allow for a feasibility level design by the end of 2023.

Barrick expects a Technical Report to support the Pueblo Viejo mine life extension and process plant expansion project, including the pre-feasibility study for the new Naranjo tailings storage facility, will be prepared in accordance with Form 43-101F1 and filed on SEDAR within 45 days of the February 9, 2023, news release.

On February 15, 2023, Barrick reported that it expects gold production of 470,000 to 520,000 ounces in 2023 from its 60% interest in Pueblo Viejo.

Our stream interests are applicable to production from Barrick’s interest at Pueblo Viejo.

The disclosures below regarding Cortez are derived from the Technical Report on the Cortez Joint Venture Operations dated March 22, 2019 pursuant to NI 43-101 and CIM Standards, and from Barrick’s report dated February 18, 2021, and from Barrick’s news release dated February 9, 2023.

We expect that silver recoveries could remain highly variable and material deliveries of deferred silver ounces are not expected until the plant expansion project is complete and is running at full production levels.

On February 14, 2024, Barrick provided an update on the plant expansion and mine life extension project at Pueblo Viejo.

According to Barrick, construction and commissioning activities for the plant expansion were substantially completed by the end of 2023.

Reconstruction of the ore stockpile feed conveyor is underway after a failure reported in the fourth quarter, and Barrick now expects this reconstruction to be completed in the second quarter of 2024, which will allow the plant to reach full throughput.

Barrick further reported that the focus during the first quarter of 2024 will be on the continued

stability and optimization of the flotation circuit.

With respect to the mine life extension project, Barrick reported that the technical and social studies for additional tailings storage capacity at the El Naranjo facility continued to advance as planned.

Geotechnical drilling and site investigations are ongoing and continue to support the feasibility study, due for completion in the third quarter of 2024.

Barrick is expecting its share of gold production at Pueblo Viejo to be 420,000 to 490,000 ounces in 2024 (60% basis).

The disclosures below regarding Cortez are derived from the Technical Report on the Cortez Complex dated March 18, 2022 pursuant to NI 43-101 and CIM Standards, and from Barrick’s Technical Report Summary dated February 23, 2023, and from Barrick’s MD&A dated February 13, 2024 pursuant to NI 43-101.

Barrick provides us with non-public mineral resource and mineral reserve updates specific to our royalty area in accordance with CIM Standards.

While Barrick has announced updated mineral resources and mineral reserves for Cortez in its February 9, 2023 news release, as of the date of this disclosure, we have not yet received updates specific to our royalty area.

While Barrick has announced updated mineral resources and mineral reserves for Cortez in its February 13, 2024 MD&A, as of the date of this disclosure, we have not yet received updates specific to our royalty area.

Royal Gold requested information prepared pursuant to SK1300 or access to underlying technical data sufficient to prepare its own technical report summary, and the operator denied the request.

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We own multiple royalty interests at the Cortez Complex that have been acquired over time.

Table 1 below summarizes those royalty interests for each of the deposits at the Cortez Complex as of December 31, 2022, after the acquisition of Idaho Royalty, which was announced on January 5, 2023.

Table 1 below summarizes those royalty interests for each of the deposits at the Cortez Complex.

To simplify the overlapping royalties that cover each of the deposits, Table 1 also provides approximate blended royalty rates.

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Legacy Royalties are those royalties held by Royal Gold prior to August 2, 2022, and consist of overlapping royalties on the Pipeline and Crossroads deposits, with additional royalties covering a portion of the Goldrush deposit and other exploration areas.

The overlapping royalties in the Legacy Zone are equivalent to an approximate 8% GSR royalty on production subject to this interest of 280,000 ounces in 2022 and 332,000 ounces per year from 2022 through 2026.

The overlapping royalties in the Legacy Zone are equivalent to an approximate 8% GSR royalty on production subject to this interest.

GSR1 and GSR2 are sliding-scale gross value royalties that vary from a rate of 0.4% at gold prices less than $210/oz to 5.0% at gold prices greater than $470/oz.

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Idaho Royalty rates are rounded.

We also own three additional royalties in the Cortez area where there is currently no production and no mineral resources or mineral reserves attributed to these royalty interests.

We also own two additional royalties in the Cortez area where there is currently no production and no mineral resources or mineral reserves attributed to these royalty interests.

Royalty Agreements

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Inc., Royal Gold and Royal Crescent;

that Second Amended Memorandum of Grant of Royalty dated December 8, 2000 between Cortez JV, Placer Dome U.S.

Second Amended Memorandum of Grant of Royalty dated December 8, 2000 between Cortez JV, Placer Dome U.S.

Inc., Royal Gold and Royal Crescent;

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Clarification Agreement dated August 11, 1995 between Cortez Joint Venture, Cortez Gold Mines, Placer Dome U.S.

Inc., Kennecott Exploration (Australia), Ltd., Idaho Resources Corporation and the Idaho Group of royalty holders, recorded in Book 421, commencing at Page 205 in Lander County, and in Book 287, commencing at Page 552,

in Eureka County;

subject to certain special warranty deeds dated September 1, 1999;

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2007-211324 in Eureka County;

as assigned by that Assignment of Mining Leases and Option Agreements dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No.

as assigned by that Assignment of Mining Leases and Option Agreements

dated January 7, 2014 between The Thomas and Volina Connolly Family Trust and Royal Gold, Inc., recorded as Document No.

2014-226564 in Eureka County;

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Special Warranty Deed Conveying Interest in Overriding Royalty dated June 30, 1993, recorded in Book 396, commencing at Page 276 in Lander County, and in Book 249, commencing at Page 1 in Eureka County, as corrected by Correction Special Warranty Deed Conveying Interest in Overriding Royalty dated August 9, 1993, recorded in Book 400, commencing at Page 458 in Lander County, and in Book 254, commencing at Page 001 of the Official Records of Eureka County;

Memorandum of Surviving Provisions of the Exchange Agreement dated June 30, 1993, recorded in Book 396, commencing at Page 151 in Lander County, and in Book 248, commencing at Page 412 in

Eureka County, as corrected by Corrected Memorandum of Surviving Provisions of Exchange Agreement dated August 9, 1993, recorded in Book 400, commencing at Page 589 in Lander County, and in Book 254, commencing at Page 132 in Eureka County;

Memorandum of Surviving Provisions of the Exchange Agreement dated June 30, 1993, recorded in Book 396, commencing at Page 151 in Lander County, and in Book 248, commencing at Page 412 in Eureka County, as corrected by Corrected Memorandum of Surviving Provisions of Exchange Agreement dated August 9, 1993, recorded in Book 400, commencing at Page 589 in Lander County, and in Book 254, commencing at Page 132 in Eureka County;

Exchange Agreement dated June 30, 1993 as amended by First Amendment of Exchange Agreement dated August 9, 1993;

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Ore at the Pipeline complex deposit is hosted within silty carbonates associated with the Roberts Mountain and Wenban formations.

The maximum strike length of mineralization in the Pipeline deposit is approximately 2,400 m and the

maximum width is approximately 1,500 m.

The maximum strike length of mineralization in the Pipeline deposit is approximately 2,400 m and the maximum width is approximately 1,500 m.

The mineralized zone starts approximately 60 m below surface and continues to 600 m below surface.

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Mineral Resources and Mineral Reserves

Table 1 Cortez – Summary of Gold Mineral Resources at December 31, 2022, Based on $1,700 Au (1),(2),(3)

Table 1 Cortez – Summary of Gold Mineral Resources at December 31, 2023,

Based on $1,700 Au (1),(2),(3)

Cut-Off Grade

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We control various royalty positions at Cortez, including (i) the overlapping royalties covering the Pipeline and Crossroads deposits (known as GSR1, GSR2, GSR3, NVR1 and NVR1C), which are equivalent to an approximate 8% gross smelter return royalty and cover (as of December 31, 2021) 5.2 million tonnes of measured and indicated mineral resources at an average grade of 1.33 gpt;

(ii) NVR2 over a portion of the Goldrush property, which is a 1% NVR covering 0.9 million tonnes of indicated resource averaging 4.42 gpt and 2.1 million tonnes of inferred resources grading 4.67 gpt.;

(ii) NVR2 over a portion of the Goldrush property, which is a 1% NVR covering 0.9 million tonnes of indicated

resource averaging 4.42 gpt and 2.1 million tonnes of inferred resources grading 4.67 gpt.;

(iii) The Rio Tinto Royalty, which is an effective 1.2% gross royalty on the Cortez Complex (excluding the existing Robertson deposits) at gold prices above $900 per ounce;

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Metallurgical recovery assumptions for Cortez have not been disclosed by Barrick.

Table 2 Cortez – Summary of Gold Mineral Reserves at December 31, 2022, Based on $1,300 Au and $18 Ag (1),(2)

Table 2 Cortez – Summary of Gold Mineral Reserves at December 31, 2023,

Based on $1,300 Au and $18 Ag (1),(2)

Cut-Off Grade

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Reported mineral reserve is as of December 31, 2023.

Barrick reports mineral reserves pursuant to CIMC Standards.

SK1300 does not permit reciprocal recognition of mineral reserves determined under the mining disclosure regime of another

jurisdiction.

Barrick reports mineral reserves pursuant to CIM Standards.

SK1300 does not permit reciprocal recognition of mineral reserves determined under the mining disclosure regime of another jurisdiction.

The amounts, grades and recovery of mineral reserves determined under SK1300 could vary from the disclosure set forth here.

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Change in Mineral Resources and Mineral Reserves from Prior Year

From December 31, 2021 to December 31, 2022, measured and indicated gold mineral resources have increased from 0.1 million to 5.2 million ounces (4800%) and proven and probable gold mineral reserves have increased from 3.5 million to 15.7 million ounces (350%), primarily as a result of the acquisition of the CC Zone royalties described above, but also due to reserves replacement announced by Barrick.

From December 31, 2022 to December 31, 2023, measured and indicated gold mineral resources have increased from 5.2 million to 5.4 million ounces (3%) and proven and probable gold mineral reserves have decreased from 15.7 million to 14.7 million ounces (6%), primarily as a result of mining depletion, partially offset by reserves replacement.

Recent Developments

Production attributable to our royalty interests at the Cortez Complex for the year ended December 31, 2022, was approximately 414,000 ounces of gold, of which 300,000 ounces were attributable to the Legacy Zone, and 114,000 ounces were attributable to the CC Zone, compared to approximately 361,300 ounces of gold for the year ended December 31, 2021.

Production during the prior year was attributable to the Legacy Zone, including overlapping royalties at the Pipeline and Crossroads deposits (known as GSR1, GSR2, GSR3, NVR1 and NVR1C), while production for the year ended December 31, 2022 was attributable to the Legacy Zone and the CC Zone, but, in the case of the latter, only after the effective date of acquisition of our interests over the CC Zone.

At the Legacy Zone during 2022, the planned open pit mining in the Pipeline pit was materially completed and a transition to the Crossroads open pit occurred.

Gold production attributed to the Pipeline/Crossroads area was lower in the September quarter as this transition occurred and mining of higher-grade oxide ore at Crossroads resulted in improved production in the December quarter.

At the CC Zone during 2022, project development continued, most notably at the Goldrush, Fourmile and Robertson projects.

At Goldrush, underground development, bulk sampling, test mining, and other exploration continued and focused on verifying geological, geotechnical and hydrogeological models developed during the feasibility study.

On February 15, 2023, Barrick reported that mine development and test stoping at Goldrush has continued at the Redhill zone, where dewatering of the orebody is not required, and development continues on exploration drifts above the Goldrush orebody to facilitate future underground drilling platforms.

The Record of Decision (“ROD”) from the BLM is expected to be issued by the end of the first half of 2023, and the transition to full-scale mining is expected upon receipt of a positive ROD.

At Fourmile, resource and exploration drilling continued on areas in the gap between Goldrush and Fourmile and to the north of the existing Fourmile model.

This additional drilling is expected to add to the indicated resource reported by Barrick of 1.0 million tonnes with a gold grade of 10.9 gpt gold and the inferred resource of 6.4 million tonnes with a gold grade of 10.6 gpt, dated December 31, 2021.

A revised mineral resource is expected in early 2023.

At Robertson, resource and reserve definition drilling provided further understanding of the geologic controls and related processing options.

On February 9, 2023, Barrick reported a maiden proven and probable reserve of 1.6 million ounces

(100% basis) grading 0.46 gpt at the Robertson open pit project after the completion of a pre-feasibility study.

According to Barrick, this will be a key source of oxide mill feed in the Cortez Complex mine plan.

Any plan for production from the Robertson project will require permitting.

Additionally, Barrick reported that successful resource definition drilling at Robertson and Goldrush supports the potential for future reserve growth.

On February 15, 2023, Barrick reported that it expects gold production of 580,000 to 650,000 ounces in 2023 from its 61.5% interest in the Cortez Complex, implying total production of approximately 940,000 to 1,060,000 ounces from the Cortez Complex.

Production attributable to our royalty interests at the Cortez Complex for the year ended December 31, 2023, was approximately 890,700 ounces of gold, of which 396,000 ounces were attributable to the Legacy Zone, and 494,700 ounces were attributable to the CC Zone, compared to approximately 414,100 ounces of gold for the year ended December 31, 2022, of which 299,800 ounces were attributable to the Legacy Zone, and 114,400 ounces were attributable to the CC Zone.

The increase was primarily due to the addition of new royalties in 2022 that increased royalty coverage over producing areas within the Cortez Complex.

On December 11, 2023, Barrick reported that the ROD approving the plan of operations for the new Goldrush mine was issued by the BLM, approximately 6 months later than Barrick’s initial expectation.

Barrick anticipates production to ramp up in 2024 after commissioning of the initial project infrastructure, and has forecasted gold production from Goldrush of 130,000 ounces in 2024, growing to approximately 400,000 ounces per year in 2028 (100% basis) .

Further, on February 14, 2024, Barrick reported that production at the Cortez Complex in 2024 is expected to be lower in 2024 relative to 2023 primarily due to changes in the Crossroads resource model that are expected to reduce oxide mill feed.

Barrick expects this reduction to be partially offset by a higher contribution from Goldrush, although the delay in receiving the ROD during 2023 has pushed some production at Goldrush from 2024 into 2025.

Barrick is expecting gold production at the Cortez Complex to be 620,000 to 680,000 ounces in 2024 (100% basis).

The disclosures below regarding Peñasquito are derived from the NI 43-101 Technical Report dated June 30, 2018 pursuant to NI 43-101 and CIM Standards, and the mineral resource and reserve updates are derived from Newmont’s 10-K dated December 31, 2022, pursuant to SK1300.

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The Peñasquito open pit mine and ore processing facilities are located approximately 200 km northeast of the city of Zacatecas and 27 km west of the town of Concepción del Oro, Zacatecas, Mexico, at 24.65°N latitude and 101.68°W longitude.

The terrain is generally flat, with some rolling hills, with a prevailing elevation of the property is approximately 1,900 m above sea level.

The terrain is generally flat, with some rolling hills, and the prevailing elevation of the property is approximately 1,900 m above sea level.

The climate is generally dry with precipitation being limited for the most part to a rainy season in the months of June and July.

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The second access is via the Salaverna by-pass road from Highway 54 approximately 25 km south of Concepción del Oro.

The Salaverna by-pass is a new, purpose-built gravel road that eliminates the steep switchback sections of cobblestone road just west of Concepción Del Oro and passes the town of Mazapil.

From Mazapil, this is a well-maintained gravel road that accesses the mine main gate.

The Salaverna by-pass is a new, purpose-built gravel road that eliminates the steep

switchback sections of cobblestone road just west of Concepción Del Oro and passes the town of Mazapil.

From Mazapil, this is a well-maintained gravel road that accesses the main gate of the mine.

The closest rail link is 100 km to the west.

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The Peñasquito mine is a production stage property comprised of two open pit surface mines and a complex flotation and pyrite leaching processing facility.

The open pit operation is undertaken using a conventional truck-and-shovel fleet consists of five rope shovels, three hydraulic shovels, 3 front-end loaders paired with 82 haul trucks with a 312-tonne payload capacity, and nine blasthole drills.

In 2021 the mining operations moved 177 million tonnes of total material.

The Peñasquito mine consists of a leach facility that can process a nominal 6,000 tpd of oxide ore and a sulfide plant that can process a nominal 115,500 tpd of sulfide ore.

The sulfide processing plant, comprising four stages of flotation;

carbon, lead, zinc and pyrite.

Comminution is accomplished by one primary crusher, an augmented feed circuit including secondary crusher, pebble crushers, and high pressure grinding rolls.

There are two SAG mills and four ball mills completing the comminution operation.

The mine uses a 4-step flotation circuit to produce a lead concentrate, a zinc concentrate, and a pyrite leach circuit which yields a gold doré product.

In 2021, the mill processed 35.7 million tonnes.

The carbon pre-flotation circuit was added in 2018 ahead of lead flotation to remove organic carbon associated with sedimentary ores.

In the lead and zinc flotation, the slurry is conditioned with reagents to activate the desired minerals and produce lead and zinc concentrates.

The pyrite leach circuit was added at the end of 2018, which treats the zinc tailings in a pyrite flotation leach, and Merrill Crowe process to recover additional silver and gold in the form of doré.

Tailings from the leach circuit undergoes cyanide destruction and combines with final flotation tailings for final deposition in the TSF.

The open pit operation is undertaken using a conventional truck-and-shovel fleet that consists of five rope shovels, three hydraulic shovels, 3 front-end loaders paired with 82 haul trucks with a 312-tonne payload capacity, and nine blasthole drills.

The Peñasquito Operations currently consist of a sulfide plant that processes a maximum of 119,000 t/d of sulfide ore.

The sulfide process plant design was based on a combination of metallurgical test work, previous study designs, and previous operating experience.

The design is conventional to the gold industry and has no novel parameters.

The sulfide plant consists of the following units:

coarse ore stockpile;

grinding (semi-autogenous grind (SAG) and ball) mills circuit;

augmented feed circuit (cone crusher, pebble crusher and high-pressure grind roll (HPGR)) and carbon, lead and zinc flotation circuits.

A pyrite leach process circuit treats the zinc rougher tailing from the concentrator for recovery of residual gold and silver.

The process comprises pyrite rougher and cleaner flotation, pre-cleaner concentrate regrinding, pyrite thickening, and post-cleaner regrind, agitated tank leaching, counter-current decantation, Merrill-Crowe precipitation, precious metals refining and a cyanide detoxification circuit.

The pyrite leach process circuit produces doré bars.

The markets for the lead and zinc concentrates from the Peñasquito mine are worldwide with smelters located in Mexico, Canada, United States, Asia and Europe.

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A second sulfide processing line was commissioned in June 2010.

A pyrite leach project for leaching gold from

pyrite tailings was completed in November 2018.

A pyrite leach project for leaching gold from pyrite tailings was completed in November 2018.

The property was acquired in April 2019 by Newmont upon the acquisition of Goldcorp.

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Peñasquito has signed land use agreements with each ejidos, valid through 2035 and 2036, and the relevant private owners.

In August 2020, Newmont and the Cedros General Assembly ratified the definitive agreement that was reached on April 22, 2020 and resolved all outstanding disputes between Peñasquito and the San Juan de Cedros community.

In August 2020, Newmont and the Cedros General Assembly ratified the definitive agreement that was reached on April 22, 2020 and resolved all outstanding disputes between Peñasquito and the San Juan

de Cedros community.

In addition, easements have been granted in association with the La Pardita-Cedros Highway and the El Salero-Peñasquito powerline.

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Mineral Resources and Mineral Reserves

Table 1 Peñasquito – Summary of Gold, Silver, Lead, and Zinc Mineral Resources at December 31, 2021, Based on $1,400 Au, $23.00 Ag, $1.10 Pb, and $1.40 Zn (1),(2),(3)

Table 1 Peñasquito – Summary of Gold, Silver, Lead, and Zinc Mineral Resources at December 31, 2022,

Based on $1,600 Au, $23.00 Ag, $1.20 Pb, and $1.45 Zn (1),(2),(3)

Cut-Off Grade

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Reported mineral resource is as of December 31, 2022.

Newmont reports mineral resources pursuant to SK1300 requirements of the SEC.

Newmont reports mineral resources pursuant to SK1300.

Mineral resources are presented exclusive of mineral reserves.

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Peñasquito mineral resources are presented assuming a 69% average metallurgical recovery for gold, 87% recovery for silver, 81% recovery for zinc, and 72% recovery for lead.

Table 2 Peñasquito – Summary of Gold, Silver, Lead, and Zinc Mineral Reserves at December 31, 2021, Based on $1,200 Au, $20,00 Ag, $0.90 Pb, and $1.15 Zn (1),(2)

Table 2 Peñasquito – Summary of Gold, Silver, Lead, and Zinc Mineral Reserves at December 31, 2022,

Based on $1,400 Au, $20,00 Ag, $1.00 Pb, and $1.20 Zn (1),(2)

Metallurgical Recovery

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Reported mineral reserve is as of December 31, 2022.

Newmont reports mineral reserves pursuant to SK1300 requirements of the SEC.

Newmont states that the historical methodology applied to the prior year of estimating mineral reserves was not significantly impacted as a result of the change from IG7 to SK1300, and that, therefore, mineral reserves presented at December 31, 2021 and 2020, under the respective methodologies, are comparable.

Newmont reports mineral reserves pursuant to SK1300.

Our interest at Peñasquito is a 2.0% NSR on all metals.

5 unchanged sentences

The previous mineral resources and mineral reserves reported by Newmont were as of December 31, 2021.

There was a decrease in mineral reserves and resources at the property year over year.

Compared to the previous statement, Newmont’s reported 2022 reserves and resources showed a decrease in mineral reserves primarily a result of mining depletion and an increase in mineral resources due to a positive revision at Peñasquito, as summarized in the following table.

Proven and Probable Mineral Reserves

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Ag ounces (M)

Newmont reported that the reduction in mineral reserves is primarily a result of mining depletion and the reduction in mineral resources is due to design updates at Peñasquito.

Recent Developments

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and zinc production was approximately 373 million pounds.

The decrease in gold production is primarily due to lower ore grade milled and lower mill recovery, while other metal production decreased due to lower ore grade milled.

In 2023, Newmont expects to increase production by implementing throughput and recovery improvements from the use of a new reagent to depress organic carbon, and by improving haul truck payload to increase tonnes mined.

LEGAL PROCEEDINGS

MINE SAFETY DISCLOSURE

Not applicable.

The decrease in production was primarily due to the strike from June 7, 2023 through October 13, 2023 at Peñasquito by the National Union of Mine and Metal Workers of the Mexican Republic ("the Union").

On October 26, 2023, Newmont reported that a definitive agreement between Newmont and the Union was reached on October 13, 2023, ramp-up of operations had commenced, and that operations at Peñasquito were expected to reach full operating capacity by the end of the fourth quarter of 2023.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties