PIPELINE COMPLEX GROSS SMELTER RETURN ROYALTY SCHEDULE As of December 31, 2000, Placer Dome report- ed that, at a $300 gold price, proven and probable reserves related to Royal Gold’s royalty include 11,529,000 tons (10,458,935 tonnes) of ore, at an average gold grade of 0.029 opt (0.987 gpt), contain- ing approximately 332,000 ounces of gold. In addition  to the proven and probable reserves, the operator reported that the property contains approximately 9.1 million tons (8.3 million tonnes) of additional mineralized material, at an average grade of 0.076 opt (2.60 gpt) of gold, related to Royal Gold’s royalty interest.This is a marked decrease in ore reserves and a substantial increase in resources compared to calendar year-end 1999, due to the reserves being reclassified as resources as a result of Placer Dome’s application of a lower gold price. Royal Gold holds a 1.75% net smelter returns royalty on a portion of the Bald Mountain Mine. Bald Mountain is operated by Placer Dome U.S. Inc., a subsidiary of Placer Dome Inc., as an open pit, heap leach mine. During fiscal 2001, Bald Mountain mine produced approximately 65,000 ounces of gold which were attributable to our interest and which generated approximately $300,000 in royalty rev- enues for Royal Gold. It is anticipated that the mine will produce approximately 70,000 ounces of gold  in fiscal 2002 that will be attributable to Royal  Gold’s interest. BALD MOUNTAIN  WHITE PINE COUNTY, NEVADA PRICE OF GOLD GSR1 GSR2 Below $210 0.40% 0.72% $210 - $229.99 0.50% 0.90% $230 - $249.99 0.75% 1.35% $250 - $269.99 1.30% 2.34% $270 - $309.99 2.25% 4.05% $310 - $329.99 2.60% 4.68% $330 - $349.99 3.00% 5.40% $350 - $369.99 3.40% 6.12% $370 - $389.99 3.75% 6.75% $390 - $409.99 4.00% 7.20% $410 - $429.99 4.25% 7.65% $430 - $449.99 4.50% 8.10% $450 - $469.99 4.74% 8.55% $470 and above 5.00% 9.00% ORE HAULAGE AT BALD MOUNTAIN. 7