UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K/A

Amendment No. 1


(Mark One)
☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2023

Commission File Number 001-13357

Royal Gold, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Delaware (State or Other Jurisdiction of Incorporation or Organization)	84-0835164 (I.R.S. Employer Identification No.)
1144 15^th Street, Suite 2500
Denver, Colorado (Address of Principal Executive Offices)	80202 (Zip Code)

Registrant’s telephone number, including area code (303) 573-1660

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol		Name of the Exchange on which Registered
Common Stock, $0.01 par value		RGLD		Nasdaq Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of Royal Gold common stock held by non-affiliates of the registrant, based on the closing sale price of Royal Gold common stock on June 30, 2023, as reported on the Nasdaq Global Select Market was $7.5 billion.

There were 65,692,412 shares of Royal Gold common stock outstanding as of February 8, 2024.

DOCUMENTS INCORPORATED BY REFERENCE

Certain information required by Items 10, 11, 12, 13, and 14 of Part III of Form 10-K is incorporated by reference from portions of Royal Gold’s definitive proxy statement relating to its 2024 annual meeting of stockholders to be filed within 120 days after December 31, 2023.

EXPLANATORY NOTE

Royal Gold, Inc. (“Royal Gold,” the “Company,” “we,” “us,” or “our”) is filing this Amendment No. 1 (this “Amendment”) to its Annual Report on Form 10-K for the year ended December 31, 2023 (the “Original Form 10-K”) solely to include a graphic relating to the Cortez Complex that was inadvertently omitted from Item 2, Properties of the Original Form 10-K. No other changes have been made to the Original Form 10-K.

Pursuant to Rule 12b-15 of the Securities Exchange Act of 1934, as amended, this Amendment contains the complete text of Item 2, Properties and certifications by Royal Gold’s principal executive officer and principal financial officer required in accordance with Rule 13a-14(a); however, paragraphs 3, 4 and 5 of the certifications have been omitted because this Amendment does not contain any financial statements nor does it contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K.

Except as described above, this Amendment does not amend, update or change any other items or disclosures contained in the Original Form 10-K. This Amendment does not reflect or purport to reflect any information or events occurring after the date of the Original Form 10-K nor does it modify or update the disclosures contained in the Original Form 10-K that may be affected by subsequent events. Accordingly, this Amendment should be read in conjunction with the Original Form 10-K.

PART I

ITEM 2.PROPERTIES

Introduction

In 2018, the SEC adopted amendments to the disclosure requirements for mining properties. Effective for fiscal years beginning on or after January 1, 2021, the disclosure requirements under the SEC’s Industry Guide 7 (“IG7”) have been replaced with new disclosure requirements under SK1300. The property disclosures in this Item 2 are presented in accordance with SK1300 subject to certain exemptions contained in the rule.

This Item 2 provides summary information about our overall portfolio of stream and royalty interests, as well as more detailed information about our material properties. Royal Gold management periodically reviews the materiality of individual royalty and stream interests within our portfolio. As of December 31, 2023, we determined that six of our stream and royalty interests are material to our business under SK1300: Andacollo, Cortez, Khoemacau, Mount Milligan, Peñasquito and Pueblo Viejo. We sometimes refer to these properties as our material, or principal, properties. In making this determination, management considers primarily estimated future revenue and, to a lesser extent, historical revenue. 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.

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. With respect to our material properties, our disclosures in this Item 2 are based on information provided to us by the operators of the properties or the operators’ public filings with the SEC or Canadian securities regulators including technical reports filed with Canadian securities administrators pursuant to National Instrument 43-101 (“NI 43-101”), 2014 Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards and 2019 Best Practice Guideline (“CIM Standards”) and a technical report prepared under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code”). 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.

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 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 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. 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. 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, 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. Khoemacau 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. 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.

Summary

We own a large portfolio of stream and royalty interests on properties at various stages of review and development.

The following map shows the approximate geographic distribution of all properties on which we hold stream or royalty interests. 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 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.


			Years Ended				Six Months Ended		Fiscal Year Ended
			December 31,		December 31,		December 31,		June 30,
Stream		Metal	2023		2022		2021		2021
	Mount Milligan	Gold (oz)		165,844		193,696		102,746		154,762
		Copper (lb)		62,985,699		78,742,419		38,064,499		84,961,904
	Andacollo	Gold (oz)		25,455		26,150		15,641		44,140
	Pueblo Viejo	Gold (oz)		360,931		442,592		253,112		560,812
		Silver (oz)		1,362,568		1,622,221		1,044,062		2,033,962
	Khoemacau	Silver (oz)		1,486,976		896,883		257,680		—
	Other	Gold (oz)		503,390		470,167		982,812		421,589
	Other	Silver (oz)		450,113		425,791		448,958		355,638

Royalty
	Cortez	Gold (oz)		890,702		414,117		226,419		237,023
		Silver (oz)		105,836		126,792		37,780		36,280
	Penasquito	Gold (oz)		129,566		572,631		308,552		613,578
		Silver (oz)		16,686,582		29,731,870		16,096,518		30,852,342
		Copper (lb)		973,371		2,531,388		857,288		819,648
		Lead (lb)		106,938,075		146,789,281		81,415,297		185,597,653
		Zinc (lb)		222,457,704		373,148,732		212,349,387		412,746,614
	Other	Gold (oz)		1,905,190		1,977,299		1,690,104		2,805,320
	Other	Silver (oz)		2,852,227		2,843,599		1,316,894		3,305,133
	Other	Copper (lb)		172,192,428		205,176,006		91,554,376		220,937,235
	Other	Nickel (lb)		27,753,538		50,797,143		35,735,347		92,529,886

Location of the Properties

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.

Type and Amount of Ownership Interests

A metal stream is 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. See “Certain Definitions” in Item 1. Business for more information.

Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. See “Certain Definitions” in Item 1. Business for more information.

As of December 31, 2023, we owned 9 stream interests and 169 royalty interests.

Identity of Operator or Operators

We work with 134 different operators at our stream and royalty properties; 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. For further information about the operators of our material properties, refer to the section entitled “Material Properties” below.

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. 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.

We have an undeterminable number of acres relating to our stream and royalty interests because our interests do not always cover 100% of each property, in some cases our interests extend to an area of interest beyond the original property boundaries, and because the operators will, from time to time, add or subtract acreage from individual properties, which can, in some cases, modify the land position covered by a stream or royalty.

Stage of the Properties (Exploration, Development, or Production)

SK1300 subdivides mineral properties into 3 stages.

Production stage properties

Development stage properties

Exploration stage properties. Royal Gold further subdivides exploration stage properties into two categories:

a.Evaluation stage properties, for which mineral resources have been declared, supported by an appropriate technical report, and

b.Exploration stage properties, for which no mineral resources have been declared.

As of December 31, 2023, we owned stream interests on 8 production stage properties and 1 development stage property.

As of December 31, 2023, we owned royalty interests on 29 production stage properties, 21 development stage properties, and 119 exploration stage properties, of which we consider 52 to be evaluation stage properties.

Key Permit Conditions

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.

We have no decision-making authority regarding the development or operation of the mineral properties underlying our stream and royalty interests. Operators make all or substantially all development and operating decisions, including decisions about permitting, feasibility analysis, mine design and operation, processing, tailings storage facility (“TSF”) design and operation, plant and equipment matters, and temporary or permanent suspension of operations, as well as estimates of resources and reserves.

Mine Types and Mineralization Styles

Our operating stream and royalty interests cover all types of mineralization styles in a number of primary commodities. Table 1 shows mine types and mineralization styles at our principal properties.

Table 1 Mine Type and Mineralization Style for Principal Properties


Property	Mine Type	Mineralization styles
Andacollo	Open Pit	Porphyry Cu-Au
Cortez	Open Pit & Underground	Carlin-Type Sediment-Hosted Au
Khoemacau	Underground	Sediment-Hosted Cu-Ag
Mount Milligan	Open Pit	Porphyry Cu-Au
Peñasquito	Open Pit	Breccia-Hosted Pb-Zn-Au-Ag
Pueblo Viejo	Open Pit	High-Sulfidation Epithermal Au-Ag

Chemical symbols are used to refer to metals of economic importance: gold (“Au”), silver (“Ag”), copper (“Cu”), lead (“Pb”), and zinc (“Zn”).

Additional specific information on the principal properties is available in the section entitled “Material Properties” below.

Processing Plants and Other Available Facilities

Facilities and infrastructure for our properties vary widely based on the stage of each property.

Our principal properties are all production stage properties. As such, each of our principal properties has infrastructure and facilities appropriate to conduct mining and processing operations. A summary of key processing infrastructure is shown in Table 2.

Table 2 Key Process Infrastructure for Principal Properties

,
Property	Processing
Andacollo	20.1 million tonne per annum (“Mtpa”) sulfide flotation mill producing a copper-gold concentrate
Cortez	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
Khoemacau	3.65 Mtpa sulfide flotation mill producing a copper-silver concentrate
Mount Milligan	21.9 Mtpa sulfide flotation mill producing a single concentrate containing copper, gold and silver
Peñasquito	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.
Pueblo Viejo	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. Additional specific information on the principal properties is available under Material Properties, below.

Mineral Resources and Reserves

Royal Gold controls metal streams and royalties for properties with a broad geographic distribution. Estimates of mineral resources and mineral reserves for these properties are tabulated based on the most recent disclosure presented by each of the individual operators of these properties, at dates and metal prices and grade and recovery assumptions specific to each mineral resource and mineral reserve estimate. It is not possible for Royal Gold to update or modify the individual mineral resource and mineral reserve statements because we do not have access to sufficient technical data required to do so. Table 3 is a summary of mineral resources exclusive of mineral reserves and aggregated by metal and by geographic area. Table 4 is a summary of mineral reserves aggregated by metal and by geographic area. Our material properties (Andacollo, Cortez, Khoemacau, 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 (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. In cases where our stream or royalty interest covers only a portion of a property, only the covered portion of the mineral resource or mineral reserve is included in the summary.

Table 3: Summary Mineral Resources ^{(1),(2),(3),(4)}


	Stream or Royalty Interest	Measured Mineral Resources		Indicated Mineral Resources		Measured & Indicated Mineral Resources		Inferred Mineral Resources
		Tonnes (Millions)	Grade (gpt or %)	Tonnes (Millions)	Grade (gpt or %)	Tonnes (Millions)	Grade (gpt or %)	Tonnes (Millions)	Grade (gpt or %)
GOLD RESOURCES
North America
Peñasquito	2.0% NSR	47.4	0.26	263.5	0.26	310.9	0.26	84.7	0.41
Red Chris ⁽⁵⁾	1.0% NSR	-	-	438.7	0.31	438.7	0.31	187.6	0.32
Mount Milligan	35% of payable gold	118.3	0.25	141.6	0.30	259.9	0.28	7.8	0.34
Cortez	(6)	-	-	99.0	1.68	99.0	1.68	165.9	1.72
Remainder of North America	(7)	432.7	0.49	3,745.0	0.32	4,177.7	0.34	1,850.3	0.41
North America Total	(7)	598.4	0.43	4,687.8	0.34	5,286.1	0.35	2,296.3	0.50
Central America
Pueblo Viejo	7.5% of payable gold	11.0	1.70	50.0	1.80	61.0	1.78	4.8	1.60
Remainder of Central America	(7)	-	-	12.4	2.88	12.4	2.88	11.1	3.89
Central America Total	(7)	11.0	1.70	62.4	2.02	73.4	1.97	15.9	3.20
South America
Andacollo	100% of payable gold	47.2	0.11	397.6	0.09	444.8	0.09	82.8	0.08
Remainder of South America	(7)	37.3	1.65	384.8	1.35	422.1	1.37	178.2	0.98
South America Total	(7)	84.5	0.79	782.4	0.71	866.9	0.72	261.0	0.69
Africa
Africa Total	(7)	12.8	2.60	38.0	2.46	50.8	2.49	98.5	3.02
Australia
Australia Total	(7)	15.9	3.85	143.0	2.42	158.9	2.56	308.4	1.00
Europe
Europe Total		-	-	-	-	-	-	-	-
TOTAL GOLD RESOURCES	(7)	722.6	0.60	5,713.6	0.48	6,436.2	0.49	2,980.1	0.66

SILVER RESOURCES
North America
Peñasquito	2.0% NSR	47.4	24.0	263.5	24.0	310.9	24.0	84.7	27.3
Remainder of North America	(7)	309.7	3.2	2,667.5	5.6	2,977.2	5.3	1,250.6	10.9
North America Total	(7)	357.1	6.0	2,931.0	7.2	3,288.1	7.1	1,335.3	12.0
Central America
Pueblo Viejo	75% of payable silver	11.0	8.5	50.0	8.7	61.0	8.7	4.8	8.1
Remainder of Central America	(7)	-	-	12.0	2.7	12.0	2.7	8.6	4.9
Central America Total	(7)	11.0	8.5	62.0	7.5	73.0	7.7	13.4	6.1
South America
South America Total	(7)	0.4	23.0	5.3	5.2	5.7	6.4	6.3	2.5
Africa
Khoemacau	100% of payable silver	5.3	17.7	17.4	21.4	22.7	20.6	61.6	22.2
Remainder of Africa		-	-	-	-	-	-	-	-
Africa Total	(7)	5.3	17.7	17.4	21.4	22.7	20.6	61.6	22.2
Australia
Australia Total	(7)	0.5	4.4	3.9	37.2	4.4	33.7	7.4	2.7
Europe
Europe Total		-	-	-	-	-	-	-	-

TOTAL SILVER RESOURCES	(7)	374.2	6.2	3,019.6	7.4	3,393.8	7.2	1,424.1	12.3

COPPER RESOURCES
North America
Mount Milligan	18.75% payable copper	118.3	0.17%	141.6	0.13%	259.9	0.15%	7.8	0.14%
Red Chris ⁽⁵⁾	1.0% NSR	-	0.00%	438.7	0.33%	438.7	0.33%	187.6	0.30%
Remainder of North America	(7)	297.7	0.32%	2,820.2	0.25%	3,117.9	0.26%	1,388.8	0.22%
North America Total	(7)	416.0	0.28%	3,400.4	0.26%	3,816.4	0.26%	1,584.2	0.23%
Central America
Central America Total		-	-	-	-	-	-	-	-
South America
South America Total	(7)	38.2	0.13%	501.9	0.28%	540.1	0.27%	1,655.7	0.43%
Africa
Africa Total		-	-	-	-	-	-	-	-
Australia
Australia Total	(7)	0.5	1.22%	28.9	0.39%	29.4	0.40%	222.4	0.30%
Europe
Europe Total	(7)	19.2	0.28%	23.0	0.26%	42.2	0.27%	7.1	1.23%
TOTAL COPPER RESOURCES	(7)	473.8	0.27%	3,954.3	0.26%	4,428.1	0.26%	3,469.4	0.33%


⁽¹⁾	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, 2022, except for Mount Milligan, Cortez and Pueblo Viejo, which are dated December 31, 2023.
⁽²⁾	The metal prices for the gold resources range between $1,100 per ounce and $2,000 per ounce; the metal prices for the silver resources range between $17.00 per ounce and $25.00 per ounce; and the metal prices for the copper resources range between $2.50 per pound and $4.00 per pound.
⁽³⁾	The metal prices, recoveries, and cut-off grades used for reporting of mineral resources are specific to each individual property and have been reviewed by qualified persons selected by the individual operators. Royal Gold has not made any determination that such persons are or are not “qualified persons” under SK1300.
⁽⁴⁾	In certain cases, due to reporting constraints, we have omitted mineral resource information for properties other than our material properties.
⁽⁵⁾	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. Accordingly, we do not consider Red Chris to be a material property.
⁽⁶⁾	Royal Gold owns multiple royalty interests at the Cortez Complex, some of which overlap. For purposes of simplified disclosure, Royal Gold has divided its royalty interests at the Cortez Complex into two zones: the Legacy Zone and the Cortez Complex Zone (the “CC Zone”). The “Legacy Zone” royalty consists of an approximate equivalent 9.4% GSR royalty rate over the Pipeline and Crossroads deposits. The CC Zone includes an approximate equivalent 1.6% GSR royalty over the Cortez Hills, Cortez Pits, Fourmile and Goldrush deposits, an approximate equivalent 2.2% GSR royalty rate over the Goldrush SE deposit, and a 0.45% GSR royalty rate over the Robertson deposit.
⁽⁷⁾	Royal Gold owns royalty and stream interests in varying percentages on these properties. The resources listed are 100% of the resources to which the stream or royalty interest applies.

Table 4: Summary Mineral Reserves ^{(1),(2),(3),(4)}

	Stream or Royalty Interest	Proven Mineral Reserves		Probable Mineral Reserves		Total Mineral Reserves
		Tonnes (Millions)	Grade (gpt or %)	Tonnes (Millions)	Grade (gpt or %)	Tonnes (Millions)	Grade (gpt or %)
GOLD RESERVES
North America
Peñasquito	2.0% NSR	104.4	0.58	212.0	0.51	316.4	0.53
Red Chris ⁽⁵⁾	1.0% NSR	-	-	459.9	0.53	459.9	0.53
Mount Milligan	35% of payable gold	215.6	0.34	34.4	0.39	250.0	0.35
Cortez	(6)	1.8	1.74	211.0	2.16	212.8	2.15
Remainder of North America	(7)	212.5	1.30	346.7	1.19	559.3	1.23
North America Total	(7)	534.4	0.78	1,264.0	0.97	1,798.4	0.91
Central America
Pueblo Viejo	7.5% of payable gold	39.0	2.28	140.0	2.10	170.0	2.14
Remainder of Central America	(7)	-	-	11.0	3.55	11.0	3.55
Central America Total	(7)	39.0	2.28	151.0	2.13	181.0	2.15
South America
Andacollo	100% of payable gold	106.1	0.10	161.1	0.10	267.2	0.10
Remainder of South America	(7)	14.1	1.50	51.7	1.24	65.9	1.30
South America Total	(7)	120.2	0.26	212.8	0.38	333.1	0.34
Africa
Africa Total	(7)	8.7	2.08	9.3	3.27	18.0	2.70
Australia
Australia Total	(7)	25.5	2.11	120.9	2.08	146.4	2.08
Europe
Europe Total		-	-	-	-	-	-
TOTAL GOLD RESERVES	(7)	727.8	0.83	1,758.1	1.09	2,485.9	1.01

SILVER RESERVES
North America
Peñasquito	2.0% NSR	104.4	38.0	212.0	32.0	316.4	34.0
Remainder of North America	(7)	35.1	6.9	76.2	8.9	111.3	8.3
North America Total	(7)	139.5	30.2	288.2	25.9	427.7	27.3
Central America
Pueblo Viejo	75% of payable silver	39.0	13.15	140.0	13.26	170.0	13.24
Remainder of Central America	(7)	-	-	11.0	5.3	11.0	5.3
Central America Total	(7)	39.0	13.15	151.0	13.27	190.0	13.25
South America

SEC Form 10-K/A filed by Royal Gold Inc. (Amendment)