21 Overview Principal  Producing  Development    Highlighted Evaluation  Evaluation/Exploration  Mineral Resources and Reserves Brazil XAVANTINA OPER ATOR Ero Copper Corp. ACQUISITION COST $100 million TERM Life of mine 25% of gold produced 3 United States CORTEZ OPER ATOR Nevada Gold Mines LLC ACQUISITION COST $204 million TERM Life of mine 0.24% GSR royalty (Legacy Zone) and 0.45% GSR royalty (CC Zone) Canada GREAT BEAR OPER ATOR Kinross Gold Corporation ACQUISITION COST $152 million TERM Life of mine 2.0% NSR royalty Botswana KHOEMAC A U OPER ATOR Khoemac a u Copper Mining (Pty.) Ltd. ACQUISITION COST $265 million TERM Life of mine 100% of payable silver 1 Brazil CASTELO DE SONHOS OPER ATOR Tristar Gold Inc. ACQUISITION COST $8 million TERM Life of mine 1.5% NSR royalty Canada RED CHRIS OPER ATOR Newmont Corporation ACQUISITION COST $165 million TERM Life of mine 1.0% NSR royalty 2019 NEW NEW NEW NEW NEW ADDITIONAL The acquisition of a gold stream on the Phoenix Gold Project is excluded from the timeline as, on December 20, 2016, the owner of the Phoenix Gold Project, Rubicon Minerals Corporation, announced a restructuring transaction under Canadian regulations. As part of the restructuring transaction, Royal Gold’s gold stream interest was terminated, and Royal Gold received a 1% NSR royalty over the project (now referred to as Bateman Gold) as well as other royalties over a significantly larger area of Red Lake than is occupied by the project. Refer to the Portfolio Details section of this Asset Handbook and Part I, Item 2, of Royal Gold’s Annual Report on Form 10-K for a full description of the Company’s stream and royalty interests. Producing Development Evaluation