ETFs, Bars and Coins Developers & Explorers Junior Operators Senior Operators Exposure to Gold Exploration Upside / Optionality Portfolio Diversification Sustainable Dividend No Direct Exposure to Operating Costs 1 No Direct Exposure to Capital Costs 1 Advantages of Investing in the Royalty Model 1) Excludes the non-operating equity interest in the entity that owns the Hod Maden project. 17