Stream/Royalty Acquisition Process Royal Gold’s role in the mining value chain can be tailored to fit the needs of the operating partner 37 EXPLORATION Interest is typically in the form of a royalty, and may include a right to finance future project development Financing proceeds are generally used toward exploration or early project development DEVELOPMENT Interest is typically in the form of a stream, or a royalty with a right to finance further project development Financing proceeds are generally used toward project development PRODUCTION Interest is typically in the form of a stream Financing proceeds are generally used toward production expansion, development of new projects, or other corporate purpose Stream A purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement Royalty A right to receive a percentage or other denomination of mineral production from a mining operation, after deducting specific costs (if any) Royalties Royalties Streaming Streaming ROYAL GOLD ENGAGEMENT PHASE OF PROJECT DEVELOPMENT ROYAL GOLD PAYMENT