Document:

exv4w1

Exhibit 4.1

Execution Version

STOCKHOLDER AGREEMENT

     STOCKHOLDER
AGREEMENT (this “Agreement”) dated as of April 3, 2009, is by and among Royal
Gold, Inc., a corporation organized under the laws of the State of Delaware, United States of
America (the “Company”), Compañía Minera Carmen de Andacollo, a contractual mining company
organized under the laws of Chile (“Stockholder”) and Teck Cominco Limited, a company organized
under the laws of British Columbia, Canada (“Teck”).

     WHEREAS:

A. Stockholder and Company, have entered into that certain Master Agreement, dated as of the date
hereof (the “Master Agreement”), pursuant to which the Company has agreed to issue Stockholder
shares of Common Stock of the Company.

B. In connection with the Master Agreement, Stockholder, Teck and the Company are entering into
this Agreement in order, among other things, to govern the voting, transfer and certain other
matters related to Stockholder’s and Teck’s acquisition and ownership of certain Company Voting
Securities.

C. Teck Beneficially Owns 90% of the issued and outstanding shares of capital stock of Stockholder.

D. The Company, Stockholder and Teck agree that this Agreement shall commence and become effective
as of the date hereof.

     NOW, THEREFORE, in consideration of the foregoing and the mutual premises, representations,
warranties, covenants and agreements set forth herein, intending to be legally bound hereby, the
parties hereto agree as follows:

1. Certain Defined Terms and Construction.

     (a) As used in this Agreement, the following capitalized terms shall have the following
meanings:

          (i) “Agreement” means this Stockholder Agreement with all Exhibits and Schedules hereto.

          (ii) “Affiliate” means, with respect to any Person, any Person that directly, or indirectly
though one or more intermediaries, controls, is controlled by or is under common control with such
Person.

          (iii) “Approvals” means any authorizations, licenses, permits, consents, waiver, grant
notices, approvals, ruling, order, certifications, exemptions, filings, variances, decrees,
registrations, or other action, whether written or oral, of, by, from or on behalf of any
Governmental Authority or any other third party, together with all easements, rights-of-way and
other rights to access or use property.

 

 

          (iv) “Average Daily Trading Volume” means the average number of shares of Common Stock traded
on the NASDAQ Global Select Market in one trading day, as reported by the NASDAQ Global Select
Market, over a trailing three month period from the day immediately preceding the date of
determination.

          (v) “Beneficially Own” or “Beneficial Ownership” (or terms of similar import) with respect to
any securities mean having “beneficial ownership” of such securities (as determined pursuant to
Rule 13d-3 under the Exchange Act (as that term is defined below)), including, without limitation,
pursuant to any agreement, arrangement or understanding, whether or not in writing. Securities
Beneficially Owned by a Person shall include, without limitation, securities Beneficially Owned by
all Affiliates and “associates” (as defined under the Exchange Act) of such Person and all other
Persons with whom such Person would constitute a Group.

          (vi) “Block Trade” means a “block trade” (as such term is customarily understood in the
securities industry) of a number of shares of Common Stock greater than 100,000 shares, whether
underwritten or not.

          (vii) “Board of Directors” means the board of directors of the Company.

          (viii) “Charter Documents” means articles, articles of incorporation, certificate of
incorporation, notice of articles, memorandum, constitutions, bylaws or any similar constating
document of a corporation or other legal entity.

          (ix) “Common Stock” means the Company’s common stock having a par value of $0.01 per share.

          (x) “Company” has the meaning set forth in the introductory paragraph of this Agreement.

          (xi) “Company Voting Securities” means (A) the Common Stock; (B) any other securities of the
Company entitled, or which may be entitled, to vote with respect to any matter or proposal
submitted for the vote or approval or consent of shareholders of the Company, including for the
election of directors; (C) options or rights to acquire any such securities; and (D) securities
convertible into or exchangeable or exercisable for any such securities, in each case now or
hereafter outstanding.

          (xii) “Confidentiality Agreement” has the meaning set forth in the Master Agreement.

          (xiii) “Dispute” means a dispute arising out of or connected with this Agreement or any legal
relationship associated with or derived from this Agreement.

          (xiv) “Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

          (xv) “Governmental Authority” means (A) with respect to Stockholder, the government of Chile
or of any state, provincial, territorial, divisional, county, regional, city or

- 2 -

 

other political
subdivision of Chile and any entity, court, arbitrator or arbitration panel, agency,
department, commission, board, bureau or regulatory authority or other instrumentality of any
of them exercising executive, legislative, judicial, regulatory or administrative functions that
exercises valid jurisdiction; and (B) with respect to the Company or Teck, the government of any
nation, state, provincial, territorial, divisional, county, regional, city or other political
subdivision thereof and any entity, court, arbitrator or arbitration panel, agency, department,
commission, board, bureau or regulatory authority or other instrumentality of any of them
exercising executive, legislative, judicial, regulatory or administrative functions that exercises
valid jurisdiction.

          (xvi) “Group” has the meaning set forth in Section 13(d)(3) of the Exchange Act and Rule 13d-5
promulgated thereunder.

          (xvii) “ICC” has the meaning set forth in Section 7(f)(ii).

          (xviii) “Indemnified Party” has the meaning set forth in Section 5(e).

          (xix) “Involuntary Transfer Event” has the meaning set forth in Section 6(a).

          (xx) “Involuntary Transferor” has the meaning set forth in Section 6(a).

          (xxi) “Lock-up Period” means any period, if any (A) commencing on the date the Company, its
directors and executive officers become subject to an underwriters’ lock-up in connection with the
underwritten public offering of its securities consummated within 90 days of the date of this
Agreement; and (B) ending the earlier of (1) the date that is 120 days after the date of
this Agreement; (2) the date that is the last day of the lock-up period as the Company may agree to
with the underwriter or underwriters of such underwritten public offering or (3) the date that the
Company is fully released from such lock-up period described in the immediately preceding
subparagraph (2).

          (xxii) “Market Price” means, as to any security as of any specified date, the 4:00 p.m. (New
York City time) closing price on such date (or, if no closing price was reported on such date, as
applicable, on the immediately preceding trading day) on the NASDAQ Global Select Market, principal
stock exchange or interdealer quotation system on which the security is then listed or quoted, as
reported by The Wall Street Journal (Northeast edition). If the security is not then listed on
such an exchange or quoted on such a system, “Market Price” shall be the fair value of such
security as of any specified date determined by a qualified independent third party to be selected
jointly by the Company and the Restricted Party.

          (xxiii) “Master Agreement” has the meaning set forth in Recital A of this Agreement.

          (xxiv) “Parties” means Stockholder, Teck and the Company.

          (xxv) “Permitted Assignee” has the meaning set forth in Section 5(d).

- 3 -

 

          (xxvi) “Person” means any individual, corporation, partnership, limited liability company,
joint venture, association, trust, unincorporated organization or other entity or organization.

          (xxvii) “Registration Rights Agreement” has the meaning set forth in the Master Agreement.

          (xxviii) “Restricted Party” means Stockholder or a Permitted Assignee in accordance with
Section 5(d), as applicable.

          (xxix) “Standstill Period” means the period commencing on the date hereof and ending on the
first date after the Closing Date (as defined in the Master Agreement) when Stockholder, each of
the other Restricted Parties, Teck and their Affiliates Beneficially Own collectively less than 2%
of the issued and outstanding shares of Common Stock for a period of 90 consecutive days.

          (xxx) “Stockholder” has the meaning set forth in the introductory paragraph of this Agreement.

          (xxxi) “Teck” has the meaning set forth in the introductory paragraph of this Agreement.

          (xxxii) “Transfer” means any direct or indirect, voluntary or involuntary, sale, assignment,
transfer, conveyance, distribution, gift, pledge, hypothecation, other encumbrance or any other act
whereby the rights of ownership of the Restricted Party are alienated or disposed of or in any way
impaired or affected, whether by operation of law or otherwise (including, without limitation, by
way of a direct or indirect Transfer of Common Stock of the Restricted Party). “Transferred” or
“Transferring” shall have correlative meanings.

          (xxxiii) “Transaction Documents” means this Agreement, the Master Agreement, the Avío
Agreement (as defined in the Master Agreement), the Royalty Agreement (as defined in the Master
Agreement), and the Registration Rights Agreement.

     (b) In this Agreement:

          (i) unless the context otherwise clearly requires, (A) references to the plural include the
singular, and references to the singular include the plural; (B) the words “include,” “includes,”
and “including” do not limit the preceding terms or words and shall be deemed to be followed by the
words “without limitation”; (C) the terms “hereof,” “herein,” “hereunder,” “hereto,” and similar
terms refer to this entire Agreement and not to any particular provision of this Agreement; (D)
“or” is used in the inclusive sense of “and/or”; (E) if a word or phrase is defined, then its other
grammatical or derivative forms have a corresponding meaning; (F) unless otherwise specified, the
terms “day” and “days” mean and refer to calendar day(s); (G) the terms “business day” and
“business days” mean and refer to any day other than a Saturday, Sunday, federal statutory holiday
in the United States of America, provincial statutory holiday in British Columbia or statutory
holiday in Chile; and (H) if any action, including a payment hereunder, is

- 4 -

 

required to be taken
pursuant to this Agreement on or by a specified date that is not a business day, the action is
valid if taken on or by the next business day.

          (ii) unless otherwise specified, all references to articles, sections, and exhibits are to the
Articles, Sections, and Exhibits of this Agreement; and

          (iii) the headings of the Sections and Subsections of this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

2. Representations and Warranties.

     (a) The Company, Stockholder and Teck on the date hereof hereby represent and warrant, and any
Restricted Party who subsequently becomes a party to the Agreement as of the date thereof at that
time will represent and warrant, with respect to itself to each other party that:

          (i) it is duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization;

          (ii) it has all requisite corporate power and authority to execute and deliver this Agreement
and to perform its obligations hereunder;

          (iii) this Agreement has been duly authorized, executed and delivered by it and this Agreement
constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with
the terms hereof except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium and similar laws or equitable principles affecting enforcement of
creditors’ rights generally at the time in effect;

          (iv) the execution, delivery and performance of this Agreement by each of the Company,
Stockholder, a Restricted Party or Teck, does not and will not violate, conflict with, contravene,
result in a violation or breach of or default under, or give rise to, create in any other Person a
right or claim of termination, amendment, modification, acceleration or cancellation of, or result
in the creation of any lien upon any of the properties or assets of the Company, Stockholder, the
Restricted Party or Teck under (A) any provision of its Charter Documents or (B) any material
agreement, contract, lease, license, instrument or other material arrangement to which it is a
party or by which its properties or assets may be bound, except, in the case of this clause for
violations, breaches and defaults that, individually and in the aggregate, would not reasonably be
expected to have or result in a material adverse effect on the Company’s, Stockholder’s, the
Restricted Party’s or Teck’s right or ability to perform its obligations hereunder; and

          (v) it need not give any notice to, make any filing with, or obtain any Approval of any
Person, which has not already been obtained, in order to execute, deliver and perform this
Agreement or to consummate the transactions contemplated by this Agreement.

- 5 -

 

     (b) Stockholder and Teck on the date hereof hereby represent and warrant, and any Restricted
Party who subsequently becomes a party to the Agreement as of the date thereof will represent and
warrant, with respect to itself to the Company that:

          (i) the Common Stock to be issued pursuant to the Master Agreement will, once issued,
represent all of the Common Stock that Stockholder, Teck and their Affiliates
Beneficially Own, or have the right to acquire or Beneficially Own, on the Closing Date (as
defined in the Master Agreement) or on the date Restricted Party becomes a party to this Agreement;
and

          (ii) except for this Agreement, neither it nor any of its Affiliates has any agreement,
arrangement or understanding with any other Person or Group which is not an Affiliate with respect
to acquiring, holding, voting or Transferring Common Stock.

3. Standstill and Related Provisions.

     (a) Subject to Section 3(b) of this Agreement, during the Standstill Period, Stockholder, each
other Restricted Party and Teck each agrees that it will not, and will cause each of its other
Affiliates, agents and representatives not to, directly or indirectly, by operation of law or
otherwise, alone or in concert with others:

          (i) acquire, offer, propose or agree to acquire, or obtain an option or right to acquire,
directly or indirectly, whether by purchase, tender offer, exchange offer, put or call option,
hedging transaction, stock loan, through the acquisition of control of another Person or otherwise,
any Company Voting Securities (except in connection with any stock split, stock dividend,
recapitalization or similar transaction);

          (ii) make, or in any way participate, directly or indirectly, in any “solicitation” (as such
term is used in the proxy rules of the Securities and Exchange Commission as in effect on the date
hereof) of proxies or consents with respect to the Company Voting Securities (whether or not
relating to the election or removal of directors), advise, seek to advise, encourage or influence
any Person with respect to the voting of any Company Voting Securities, initiate, propose or
otherwise “solicit” (as such term is used in the proxy rules of the Securities and Exchange
Commission as in effect on the date hereof) shareholders of the Company for the approval of
shareholder proposals, whether made pursuant to Rule 14a-8 of the Exchange Act or otherwise, or
induce or attempt to induce any other Person to initiate any such shareholder proposal or initiate
any other action described in this Section 3(a)(ii);

          (iii) seek, propose or make any public statement with respect to any merger, consolidation,
business combination, tender or exchange offer, sale or purchase of assets, acquisition by third
parties of any Company Voting Securities, dissolution, liquidation, reorganization,
recapitalization or similar transaction involving the Company, any of its Affiliates or any of
their businesses, except as contemplated by the Master Agreement and this Agreement;

          (iv) form, join or in any way participate in a Group with respect to Beneficial Ownership of
any Company Voting Securities or otherwise involving a transaction

- 6 -

 

described in Section 3(a)(iii)
above, provided, however that nothing in this Section 3(a)(iv) shall preclude Stockholder, each
other Restricted Party and Teck from forming a Group consisting solely of the Stockholder, Teck and
their Affiliates as long as such Group does not otherwise violate any other provision of this
Agreement;

          (v) deposit any Company Voting Securities in any voting trust, loan any Company Voting
Securities or subject any Company Voting Securities to any agreement,
arrangement or understanding with respect to the voting or Beneficial Ownership of any Company
Voting Securities other than this Agreement or grant any proxy with respect to any such securities
to any Person not designated by the Company (except as provided in Section 4 below);

          (vi) call or seek to have called any meeting of the shareholders of the Company or execute any
written consent with respect to the Company or Company Voting Securities (except as provided in
Section 4(c) below);

          (vii) otherwise act to influence or control or seek to influence or control the management,
Board of Directors or policies of the Company, including, without limitation, the composition or
structure of the Board of Directors, through the voting of any Company Voting Securities or
otherwise;

          (viii) seek representation on the Board of Directors or seek the removal of any member of the
Board of Directors;

          (ix) make or initiate any proposal or disclose publicly any intention to make any proposal
(whether or not subject to any conditions) or enter into any discussion regarding any of the
actions described in this Section 3;

          (x) take any action relating specifically to the Company (and without regard to any actions or
public statements regarding Stockholder’s, Teck’s or any other Restricted Party’s business or
operations or the mining or precious metals industries generally), which encourages, induces,
persuades or forces another Person to make a public announcement relating to the Company or any of
its Subsidiaries regarding the matters set forth in this subsection; or encourage, solicit, assist,
institute, participate in, finance or support, or enter into any discussions, negotiations,
understandings, agreements or arrangements with, any other Person with respect to any of the
foregoing;

          (xi) make any proposal, statement or inquiry, or disclose any intention, plan or arrangement
(whether written or oral) inconsistent with the foregoing, or make or disclose any request to
amend, waive or terminate any provision of this Agreement; or

          (xii) have any discussions or communications with, or enter into any arrangements,
understandings or agreements (whether written or oral) with, or advise, finance, assist or invest
in or enter into any arrangement with, any other Person that engages, or offers or proposes to
engage, in any of the foregoing.

- 7 -

 

     (b) Nothing in Section 3(a) of this Agreement shall prevent Stockholder, each other Restricted
Party or Teck from Transferring the Common Stock it Beneficially Owns in accordance with Section 5
of this Agreement.

4. Quorum and Voting. During the Standstill Period, provided Stockholder, each other
Restricted Party, Teck or any of their Affiliates Beneficially Owns Company Voting Securities at
the time of such shareholder meeting, vote or circulation of a written consent described below,
each such Beneficial Owner shall: 

     (a) be present in person or represented by proxy at all shareholder meetings of the Company so
that all Company Voting Securities Beneficially Owned by Stockholder, each other Restricted Party,
Teck and any of their Affiliates may be counted for the purpose of determining the presence of a
quorum at such meetings;

     (b) vote all Company Voting Securities Beneficially Owned by Stockholder, each other
Restricted Party, Teck and any of their Affiliates in the manner recommended to the shareholders by
the Company’s Board of Directors, including in favor of the Company’s nominees to the Board of
Directors; and

     (c) execute any written consent in lieu of meeting with respect to all Company Voting
Securities Beneficially Owned by Stockholder, each other Restricted Party, Teck and any of their
Affiliates in the manner recommended by the Company’s Board of Directors.

5. Restrictions on Transfer.

     (a) Stockholder, and, if any of them Beneficially Own Common Stock, Teck, any Restricted Party
and any Affiliate of Stockholder, shall enter into a lock-up agreement with the underwriter or
underwriters of the Company’s underwritten public offering consummated within 90 days of the date
of this Agreement, substantially in the same form that the Affiliates of the Company enter into
with such underwriter or underwriters, which lock-up agreement shall have a lock-up period no
greater than the Lock-up Period, provided, however that if any director, officer or Affiliate of
the Company is released by the underwriter or underwriters of such public offering from his, her or
its lock-up agreement and allowed to sell shares of Common Stock during the Lock-up Period, then
the lock-up agreement shall permit Stockholder, Teck, any Restricted Party and any Affiliate of
Stockholder to collectively sell an equal number of shares of Common Stock during the Lock-up
Period.

     (b) None of Stockholder, any other Restricted Party, Teck or any of their Affiliates shall
during the Lock-up Period:

          (i) Transfer any shares of Common Stock that Stockholder, such Restricted Party, Teck or such
Affiliates Beneficially Own;

          (ii) enter into any transaction that would have the same effect as a Transfer of any shares of
Common Stock that Stockholder, such Restricted Party, Teck or such Affiliates Beneficially Own; or

- 8 -

 

          (iii) enter into any swap, hedge, stock loan or other arrangement that Transfers, in whole or
in part, any of the consequences of ownership of any shares of Common Stock that Stockholder, such
Restricted Party, Teck or such Affiliates Beneficially Own,
except in the cases of Transfers approved in advance by the Company and the lead underwriter in
writing.

     (c) At any time when Stockholder together with any other Restricted Party, Teck and their
Affiliates Beneficially Own, in the aggregate, 5% or more of the issued and outstanding shares of
Common Stock (based on the number of shares of Common Stock issued and
outstanding on the later of (i) the date shown on the cover of the Company’s most recent
Quarterly Report on Form 10-Q or Annual Report on Form 10-K, plus the number of additional shares
of Common Stock issued and disclosed in any of the Company’s reports pursuant to the Exchange Act
filed since such date, filed prior to the contemplated Transfer or (ii) the Closing Date (as
defined in the Master Agreement)), Stockholder, such Restricted Party, Teck and such Affiliates
shall not (A) Transfer any shares of Common Stock that Stockholder, such Restricted Party, Teck or
such Affiliates Beneficially Own, except a Transfer to a Permitted Assignee pursuant to the terms
of Section 5(d), (B) enter into any transaction that would have the same effect as a Transfer of
any shares of Common Stock that Stockholder, such Restricted Party, Teck or such Affiliates
Beneficially Own, or (C) enter into any swap, hedge, stock loan or other arrangement that
transfers, in whole or in part, any of the consequences of ownership of any shares of Common Stock
that Stockholder, such Restricted Party, Teck or such Affiliates Beneficially Own, except as
follows:

          (i) open market sales of shares of Common Stock, other than Block Trades, on the NASDAQ Global
Select Market or the Toronto Stock Exchange by Stockholder, such Restricted Party, Teck or such
Affiliates in an aggregate amount of shares in any trading day of less than or equal to 15% of the
Average Daily Trading Volume, provided that such open market sale is not a Transfer into any
exchange or tender offer for Common Stock conducted on such exchange;

          (ii) Transfers that constitute Block Trades, provided that to the knowledge of Stockholder,
any Restricted Party, Teck and any of their Affiliates after commercially reasonably inquiry as to
the identity of each prospective purchaser, the purchaser in any such Block Trade is: (x) a mutual
fund that is a registered investment company under the United States Investment Company Act of
1940, as amended or (y) if the purchaser in any such Block Trade is not a mutual fund that is a
registered investment company under the United States Investment Company Act of 1940, as amended,
then if such purchaser, together with any Persons or Group to which the purchaser belongs, would
collectively Beneficially Own less than 5% of the issued and outstanding shares of Common Stock
immediately after giving effect to such Block Trade;

          (iii) sales to underwriters in a firm commitment underwriting pursuant to an enforceable
underwriting agreement relating to the Common Stock and entered in accordance with the Registration
Rights Agreement; provided that the underwriting agreement imposes on the underwriters
substantially the same Transfer restrictions set forth in clauses (x) and (y) of Section 5(c)(ii);
or

- 9 -

 

          (iv) such other Transfer approved in advance by the Company in writing, not to be unreasonably
withheld.

     (d) Notwithstanding the provisions of Section 5, all or any portion of the shares of Common
Stock owned by Stockholder may be Transferred to an Affiliate of Stockholder (a “Permitted
Assignee”), provided that Permitted Assignee executes and delivers to the Company, prior to or
concurrently with such Transfer, a written instrument in form and substance reasonably satisfactory
to the Company, signifying such Permitted Assignee’s agreement to be bound by all of the terms of
this Agreement and any amendments hereto, and to the assumption of all of the terms and provisions
of this Agreement and any amendments hereto. The Permitted
Assignee shall be deemed to be a Restricted Party and shall be bound by all of the obligations
of and restrictions upon a Restricted Party under this Agreement. In the case of a Transfer to a
Permitted Assignee during the Lock-up Period, if at any time thereafter during the Lock-up Period
the Permitted Assignee ceases or proposes to cease to be an Affiliate of Stockholder then such
Permitted Assignee shall immediately, and effective prior to ceasing to be an Affiliate of
Stockholder, Transfer all or any portion of the shares of Common Stock held by such Permitted
Assignee back to Stockholder.

     (e) Legend. During the term of this Agreement, all certificates representing Company
Voting Securities Beneficially Owned by Stockholder, each other Restricted Party, Teck and any of
their Affiliates shall bear a legend substantially as follows:

“THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, EXCHANGED,
TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH THE TERMS
AND PROVISIONS SPECIFIED IN THAT CERTAIN STOCKHOLDER AGREEMENT DATED AS OF APRIL ___,
2009 BY AND AMONG ROYAL GOLD, INC., COMPAÑÍA MINERA CARMEN DE ANDACOLLO AND TECK
COMINCO LIMITED.”

     Upon request by Stockholder, each other Restricted Party, Teck and any of their Affiliates in
connection with a Transfer of Company Voting Securities as permitted under this Agreement (except
in connection with a Transfer to a Permitted Assignee pursuant to Section 5(d)), the Company will
act promptly and use best efforts to cause the removal of the aforementioned legend from all
certificates representing such Company Voting Securities and deliver such certificates in
settlement of a Transfer within industry standard settlement time periods and further agrees to
indemnify and hold harmless Stockholder, each other Restricted Party, Teck and any of their
Affiliates (each an “Indemnified Party”) of any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, claims, expenses or disbursements of any kind
whatsoever which may at any time be imposed on, incurred by or asserted against Indemnified Party
arising out of a failure to cause the removal of the aforementioned legend from and deliver such
certificates in settlement of a Transfer within industry standard settlement time periods,
provided, however that if any Indemnified Party or its broker or agent fails to comply with the
procedures to remove the restrictive legends from the certificates set forth on Schedule 1,
then the Company shall not have any indemnification obligations under this Section 5(e).

- 10 -

 

6. Involuntary Transfers.

     (a) In the event that any of the following events (each, an “Involuntary Transfer Event”)
shall occur with respect to any Restricted Party:

     (i) the adjudication of a Restricted Party as bankrupt, incompetent or insolvent by any
court of competent jurisdiction,

     (ii) the filing by a Restricted Party of a voluntary petition in bankruptcy or an
assignment for the benefit of creditors,

     (iii) a bona fide attempt to levy an execution, attachment, sequestration or other writ
upon any of the shares of Common Stock owned by a Restricted Party which has not been
enjoined or dismissed within 30 days,

     (iv) the foreclosure on any shares of Common Stock pledged to a bank or other financial
institution, or

     (v) if a Restricted Party is a partnership, limited liability company, corporation or
other entity, the dissolution thereof, except to the extent that the shares of Common Stock
are distributed to a Permitted Assignee,

then, as applicable, the Restricted Party shall provide to the Company written notice (fully
disclosing all material terms of the Involuntary Transfer Event) concurrently with, or as soon as
practicable following, the occurrence of the Involuntary Transfer Event and the Company shall have
the option, exercisable by delivery of an irrevocable written notice to that effect, to purchase
all of the shares of Common Stock of the Restricted Party, as applicable, that are subject to the
Involuntary Transfer Event (sometimes referred to herein as the “Involuntary Transferor”) for a
period of 15 days following the date of the Company’s receipt of such written notice. The purchase
price for the shares of Common Stock of the Involuntary Transferor shall be the Market Price of
such shares of Common Stock for the ten trading day period immediately prior to receipt by the
Company of any such notice of an Involuntary Transfer Event given in the manner provided in Section
7(b) and shall be payable in full at the closing.

     (b) Assignment of Purchase Rights. The Company shall have the right to transfer all
or any portion of its rights to purchase shares of Common Stock under Section 6(a) to any of its
Affiliates without the consent of any Restricted Party.

     (c) Closing. The closing of the purchase and sale of shares of Common Stock pursuant
to Section 6(a) shall be on a date determined by the Company, shall be within 30 days following
delivery by the Company of the irrevocable written notice contemplated by Section 6(a), and shall
take place at the principal business office of the Company unless otherwise mutually agreed. At
such closing, the selling Restricted Party shall tender to the purchaser(s), as the case may be,
(A) certificates evidencing the number of shares of Common Stock to be purchased and sold pursuant
to this Agreement, properly endorsed for transfer to the applicable purchaser with signature
guaranteed if requested by any of the purchasers and (B) any other documents which are reasonably
requested by the Company to evidence the authority of the

- 11 -

 

seller to make such sale and transfer good title to the shares of Common Stock. At such
closing, the applicable purchaser(s) shall pay to the selling Restricted Party by wire transfer,
cashier’s or certified check, the portion of the purchase price due at closing for the shares of
Common Stock pursuant to the terms of Section 6(a).

7. Miscellaneous.

     (a) Termination. This Agreement shall terminate without any action by the Parties, and
no longer be of force and effect, upon the termination, if any, of the Master Agreement pursuant to
Section 8 of the Master Agreement; provided, however, that this Section 7 (Miscellaneous) shall
survive such termination of this Agreement and shall remain in full force and effect until two
years from the date of execution of this Agreement.

     (b) Notices. Unless otherwise provided in this Agreement, any notice or other
correspondence required or permitted by this Agreement shall be deemed to have been properly given
or delivered when made in writing and hand-delivered to the Party to whom directed, or when given
by facsimile transmission, with all necessary delivery charges fully prepaid (or in the case of a
facsimile, upon confirmation of receipt), and addressed to the Party to whom directed at the
following address:

If to the Company:

Royal Gold, Inc.

1660 Wynkoop Street, Suite 1000

Denver, CO 80202 USA

Attention: President and Chief Executive Officer

Facsimile: (303) 595-9385

with a copy (which shall not constitute notice) to:

Hogan & Hartson L.L.P.

One Tabor Center

1200 Seventeenth Street, Suite 1500

Denver, CO 80202 USA

Attention: Paul Hilton, Esq.

Facsimile: (303) 899-7333

If to Stockholder:

Compañía Minera Carmen de Andacollo

c/o Teck Operaciones Mineras Chile Ltda.

Avenida Vitacura 2939, Piso 24

Las Condes, Santiago, Chile

Attention: Christian Arentsen

Facsimile: (56-2) 464 5794

- 12 -

 

with a copy (which shall not constitute notice) to:

Borden Ladner Gervais LLP

1200 Waterfront Centre

200 Burrard Street, P.O. Box 48600

Vancouver, British Columbia, V7X 1T2 Canada

Attention: Fred R. Pletcher

Facsimile: (604) 687-1415

If to Teck:

Teck Cominco Limited

Suite 3300, 550 Burrard Street

Vancouver, British Columbia, V6C 0B3 Canada

Attention: Corporate Secretary

Facsimile: (604) 699-4729

with a copy (which shall not constitute notice) to:

Borden Ladner Gervais LLP

1200 Waterfront Centre

200 Burrard Street, P.O. Box 48600

Vancouver, British Columbia, V7X 1T2 Canada

Attention: Fred R. Pletcher

Facsimile: (604) 687-1415

Any Party may change its address for the purpose of notices or communications by furnishing notice
thereof to the other Party in the manner provided in this Section 7(b).

     (c) Entire Agreement. This Agreement, together with the Confidentiality Agreement,
and the other Transaction Documents are the complete expression of the entire agreement of the
Parties, and no oral promise, statement or representation not contained herein shall be binding on
the Parties unless reduced to writing and signed by the Parties.

     (d) Succession; Assignment. This Agreement shall be binding upon and inure to the
benefit of the parties named herein and their respective successors and permitted assigns. No
Party may assign either this Agreement or any of his or its rights, interests, or obligations
hereunder without the prior written approval of the other parties. Contemporaneously with any
Person becoming a successor of Stockholder or Teck, the successor shall expressly assume, in
writing, all of the obligations of a Restricted Party under this Agreement and shall execute and
deliver to the Company a counterpart of this Agreement.

- 13 -

 

     (e) Governing Law. This Agreement is to be governed by and construed under the laws
of the State of Delaware, without giving effect to those principles of conflicts of laws that might
otherwise require application of the laws of any other jurisdiction.

     (f) Dispute Resolution.

          (i) If for any reason any Dispute arising under this Agreement, either Party may deliver
written notice to the other Party regarding such Dispute and the Dispute shall be determined by
arbitration as provided in this Section 7(f). THE PARTIES HEREBY IRREVOCABLY WAIVE ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING, CLAIM OR COUNTERCLAIM ARISING FROM OR
CONNECTED WITH THIS AGREEMENT.

          (ii) All Disputes shall be referred to and finally resolved by arbitration under the Rules of
Arbitration of the International Chamber of Commerce (“ICC”). The number of arbitrators shall be
three. The place of Arbitration shall be Houston, Texas, USA. The language of the Arbitration shall
be English. Judgment may be entered upon an award in any court of competent jurisdiction.

          (iii) The Party referring a Dispute to arbitration hereunder shall appoint an arbitrator in
the arbitration petition and the respondent Party shall appoint an arbitrator in its response. If
within 30 days after the date of the arbitration petition, the respondent has not appointed an
arbitrator, such arbitrator shall be appointed by the ICC. Within 30 days of their appointment, the
two arbitrators so appointed shall appoint a third arbitrator who shall preside over the
arbitration panel. If the two arbitrators cannot agree on a third arbitrator within such 30 day
period, the third arbitrator shall be appointed by the ICC.

          (iv) Notwithstanding the provisions of Section 7(f)(i), the arbitral tribunal shall have the
power to grant interim measures of protection, but, without derogating from the commitment to
arbitrate or the power of the arbitral tribunal to grant such measures, it shall not be
inconsistent with this Agreement for a Party to apply to a court of competent jurisdiction for an
interim measure of protection pending the commencement or completion of arbitration.

          (v) In any arbitration, or in any court proceeding authorized to be taken under this
Agreement, the arbitral tribunal or the court, as the case may be, shall in addition to any other
relief, be entitled to make an award or enter a judgment, as the case may be, for reasonable
attorney’s fees and disbursements, including experts witness fees, and any other costs of the
proceeding. The arbitration panel may only award damages as provided for under the terms of this
Agreement and in no event may punitive, consequential or special damages be awarded.

          (vi) If contemporaneous Disputes arise under this Agreement, a single arbitration may be
commenced in respect of the Disputes.

     (g) Remedies. Stockholder and Teck acknowledge and agree that the Company would not
have an adequate remedy at law and would be irreparably harmed in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms

- 14 -

 

or were
otherwise breached or violated. It is accordingly agreed that, in the event of an actual breach or
violation of this Agreement by Stockholder, any other Restricted Party, Teck (or any of their
Affiliates, agents or representatives), without limiting or waiving in any respect any rights or
remedies of the Parties under this Agreement now or hereafter existing at law in equity or by
statute, the Company shall be entitled to such specific performance of the obligations to be
performed by Stockholder, any other Restricted Party, Teck, or any of their Affiliates in
accordance with the provisions of this Agreement. Such remedies shall, however, be cumulative and
not exclusive and shall be in addition to any other remedies which the Company may have under this
Agreement or otherwise. Notwithstanding anything in this Agreement to the contrary, the Company
shall retain its right to apply to any court of competent jurisdiction located in Houston, Texas,
USA, to seek any one or more of the equitable remedies as set forth in this Section 7(g). The
Parties hereby irrevocably submit to the jurisdiction of any federal or state court located in
Houston, Texas, USA over any Dispute.

     (h) Amendments and Waiver. This Agreement may not be amended, modified or changed,
nor shall any wavier of any provision hereof be effective, except by means of a written instrument
that has been executed by the Party or Parties to be bound. No delay or omission on the part of
any Party hereto in exercising any right hereunder shall operate as a waiver of such right or any
other right under this Agreement. Any waiver by any Party of any condition, or of the breach or
violation of any term, covenant, agreement, representation, warranty or condition contained in this
Agreement, in any one or more instances, shall not be deemed to be nor construed as a further or
continuing waiver of any such condition, or of the breach of any other term, covenant, agreement,
representation, warranty or condition contained in this Agreement.

     (i) Severability. If any provision of this Agreement shall be held invalid under any
applicable laws, such invalidity shall not affect any other provision of this Agreement that can be
given effect without the invalid provision, and, to this end, the provisions hereof are severable.

     (j) No Third Party Beneficiaries. Except as expressly provided herein, this Agreement
and its provisions, terms and conditions are for the sole and exclusive benefit of the Parties and
their successors and permitted assigns.

     (k) Counterparts; Exchange by Facsimile or Electronic Delivery. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute but one single instrument. This Agreement may be delivered by facsimile
or electronic delivery.

- 15 -

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on their
behalf as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	ROYAL GOLD, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/
Tony Jensen 	 	 
	 

	 	Name:
	 	Tony Jensen 

	 	 
	 

	 	Title:
	 	President
and CEO

	 	 
	 

	 	 	 	 

	 	 
	 	 	COMPAÑÍA MINERA CARMEN DE ANDACOLLO	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Christian Arensten 	 	 
	 

	 	Name:
	 	Christian Arensten 

	 	 
	 

	 	Title:
	 	Director 

	 	 
	 

	 	 	 	 

	 	 
	 	 	TECK COMINCO LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Peter C. Rozee	 	 
	 

	 	Name:
	 	Peter C. Rozee 

	 	 
	 

	 	Title:
	 	Senior Vice President, Commercial Affairs 

	 	 
	 

	 	 	 	 

	 	 

 

 

SCHEDULE 1

Procedures for Removal of Restrictive Legends from Shares

(A) No later than at the day of any Transfer of any Shares, Stockholder, Restricted Party, Teck or
its Affiliate (each, a “Transferor”) must provide written notice to the Company of the following
details of the Transfer:

	 	(1)	 	the number of Shares involved in the Transfer;
	 
	 	(2)	 	reference whether the Transfer is pursuant to a registration statement, sale by
holder after ceasing to be an affiliate, transfer by affiliate under Rule 144, or
otherwise; and

at any time when Stockholder together with any other Restricted Party, Teck and their Affiliates
Beneficially Own, in the aggregate, 5% or more of the issued and outstanding shares of Common
Stock:

	 	(3)	 	the name of the proposed purchaser, if known; and

	 
	 	(4)	 	identification of Transfer as block trade, market transaction or otherwise.

(B) On the business day following the date of Transfer of any Shares pursuant to a registration
statement filed under Securities Act of 1933, Transferor shall deliver the following to the
Company’s transfer agent (with copies of the same to the Company):

	 	(1)	 	original stock certificate evidencing the Shares; and
	 
	 	(2)	 	a representation letter regarding compliance with the prospectus delivery
requirements and the plan of distribution set forth in the prospectus or prospectus
supplement.

For greater certainty, Section (B)(2) shall not apply to any sale by Transferor (other than
pursuant to an underwritten offering) when Transferor is not an affiliate and assuming the sale is
pursuant to Section (C).

(C) On the business day following the date of Transfer of any Shares by holder when it is not an
affiliate, Transferor shall deliver the following to the Company’s transfer agent (with copies of
the same to the Company):

	 	(1)	 	original stock certificate evidencing the Shares; and
	 
	 	(2)	 	opinion of counsel that the holder is not an affiliate of the Company, which
shall only be required for the first Transfer after Transferor is no longer an
affiliate.

(D) On the business day following the date of Transfer of any Shares that is exempt from the
registration requirements of the Securities Act of 1933 pursuant to Rule 144 promulgated
thereunder, Transferor shall deliver the following to the Company’s transfer agent (with copies of
the same to the Company):

	 	(1)	 	the original stock certificate evidencing the Shares;
	 
	 	(2)	 	an opinion letter of counsel, in customary form that the Transfer is in
compliance with Rule 144;
	 
	 	(3)	 	a copy of Form 144 filed or to be filed with the Securities and Exchange
Commission;
	 
	 	(4)	 	an executed seller’s representation letter addressed to the Company and its
transfer agent in customary form; and
	 
	 	(5)	 	an executed broker’s representation letter addressed to the Company and its
transfer agent in customary form.

17

 

(E) On the business day following the date of Transfer to a related party of Transferor, an
original stock certificate evidencing the Shares and a stock power showing transfer of Shares (with
copies of the same to the Company).

The procedures set forth in the Schedule 1 are subject to change based on changes to the
securities laws of the United States of America, and the Company shall provide Stockholder with
prompt written notice following any such change in such procedures.

18exv10w1

Exhibit 10.1

Execution Version

MASTER AGREEMENT

     THIS MASTER AGREEMENT dated the 3rd day of April, 2009, between Compañía Minera
Carmen de Andacollo, a contractual mining company organized under the laws of Chile (“Operator”)
and Royal Gold, Inc., a corporation organized under the laws of the State of Delaware, Unites
States of America (“Royal Gold”).

     WHEREAS:

A. Operator owns and operates a mining project located near the town of Andacollo, Chile, known as
“Carmen de Andacollo” and as part of such project is developing the hypogene copper-gold project
(the “Project”) on the Mining Properties.

B. In consideration of payment of the Purchase Price, Operator has agreed to sell, transfer and
assign to Royal Gold a Royalty related to the gold produced from the Project, subject to the terms
and conditions set forth herein and in the Royalty Agreement.

C. Operator and Royal Gold desire to enter an agreement in the form of an Avío in accordance with
Paragraph 3 of Title XI of the Chilean Mining Code, by means of which Royal Gold shall contribute
to Operator the Contribution Amount, subject to the terms and conditions set forth herein and in
the Avío Agreement.

D. Operator and Royal Gold have entered into the Stockholder Agreement and desire to enter into a
Registration Rights Agreement in connection with the issuance of shares of Royal Gold Common Stock
to Operator in exchange for the Royalty and the Avío, subject to the terms and conditions set forth
herein.

E. Operator and Royal Gold acknowledge that both the Avío Agreement and the Royalty Agreement are
aleatory agreements (contratos aleatorios), and thus payments thereunder are contingent on the
proceeds obtained from the exploitation of the Subject Properties as provided in this Agreement.

F. Royal Gold acknowledges that copper is the main mineral exploited from the Subject Properties.

     NOW, THEREFORE, in consideration of the respective covenants, agreements, representations,
warranties and indemnities contained in this Agreement and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the
Parties covenant and agree as follows:

 

 

1. Certain Defined Terms and Construction.

     (a) As used in this Agreement, the following capitalized terms shall have the following
meanings:

	 	(i)	 	“Adjusted Shaded Area” has the meaning set forth in Section
5(c)(vii).
	 
	 	(ii)	 	“Amendment Date” means the date Exhibit B is amended in
accordance with Sections 5(c)(x).
	 
	 	(iii)	 	“Affiliate” means, with respect to any Person, any Person that
directly, or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with such Person.
	 
	 	(iv)	 	“Agent” means the Persons to be appointed pursuant to the Avío
Agreement and the Royalty Agreement, each acting on behalf of either Royal Gold
or Operator.
	 
	 	(v)	 	“Agreement” means this Master Agreement with all Exhibits and
Schedules hereto.
	 
	 	(vi)	 	“Ancillary Property Rights” mean any land and water rights
owned, controlled, leased, mined or operated by or on behalf of Operator or any
Affiliate of Operator on or after the date of this Agreement that are not
included in the Mining Properties or the Subject Properties, but which are
required for the development and operation of the Project.
	 
	 	(vii)	 	“Approvals” mean any authorizations, licenses, permits,
consents, waivers, grant notices, approvals, rulings, orders, certifications,
exemptions, filings, variances, decrees, registrations, or other action,
whether written or oral, of, by, from or on behalf of any Governmental
Authority or any other third party, together with all easements, rights-of-way
and other rights to access or use property.
	 
	 	(viii)	 	“Avío” means a contrato aleatorio regulated in the Chilean Mining Code and
defined in article 206 therein as a contract by means of which a person commits
to give or to do something for the benefit of the exploitation of an
exploitation mining concession (pertenencia), to be paid only with the products
obtained therefrom or with an ownership quota of such mining concession, and
for purposes of this Agreement is created pursuant to the terms of the Avío
Agreement.
	 
	 	(ix)	 	“Avío Agreement” means the agreement to be entered into at
Closing between Royal Gold and Operator in accordance with Paragraph 3, Title
XI of the Chilean Mining Code, in substantially the form attached hereto as
Exhibit A, subject to the translation of such agreement from the
English language to the Spanish language as contemplated by Section 5(c)(iii).

-2-

 

	 	(x)	 	“Capital Reorganization” has the meaning set forth in Section
2(f).
	 
	 	(xi)	 	“Cash Portion” has the meaning set forth in Section 2(b).
	 
	 	(xii)	 	“Charter Documents” mean articles, articles of incorporation,
certificate of incorporation, notice of articles, memorandum, constitutions,
bylaws or any similar constating document of a corporation or other legal
entity.
	 
	 	(xiii)	 	“Circular Boundary” means the circular boundary illustrated in bold black on
the map in Part II of Exhibit B and described by the Universal
Transverse Mercator coordinates in Part III of Exhibit B.
	 
	 	(xiv)	 	“Closing” has the meaning set forth in Section 2(i).
	 
	 	(xv)	 	“Closing Date” has the meaning set forth in Section 2(i).
	 
	 	(xvi)	 	“Closing Time” has the meaning set forth in Section 2(i).
	 
	 	(xvii)	 	“Condiciones Suspensivas” mean the conditions precedent for effectiveness
(condiciones suspensivas) set forth in Schedule C of the Avío Agreement
or Royalty Agreement.
	 
	 	(xviii)	 	“Confidentiality Agreement” means the confidentiality agreement between Teck
Cominco Limited and Royal Gold dated October 28, 2008.
	 
	 	(xix)	 	“Contribution Amount” has the meaning set forth in Section
2(b).
	 
	 	(xx)	 	“Convertible Securities” has the meaning set forth in Section
2(d)(i).
	 
	 	(xxi)	 	“Current Market Price” means the weighted average trading
price of the Royal Gold Common Stock on the NASDAQ Global Select Market, during
the ten consecutive Trading Days ending on a date which is the fifth Trading
Day before such date; provided that the weighted average trading price shall be
determined by dividing that aggregate sale price of all Royal Gold Common Stock
sold on the said exchange, as the case may be, during the said ten consecutive
Trading Days by the total number of Royal Gold Common Stock so sold; and
provided further that, if the Royal Gold Common Stock are not listed and posted
for trading on any stock exchange in Canada or the United States or traded in
the over-the-counter market, the Current Market Price shall be determined by
the good faith judgment of the board of directors of Royal Gold.
	 
	 	(xxii)	 	“Dayton” means Compañía Minera Dayton.
	 
	 	(xxiii)	 	“Dayton Agreement” means an Agreement of Intent (Acuerdo de Intención)
between Dayton and Operator dated May 30, 2008, as amended from time to time,
and any document, instrument, deed, or agreement delivered pursuant thereto.

-3-

 

	 	(xxiv)	 	“Dayton Concessions” means Rosario 113 to 115, Rosario 120 to 123 and Rosario
127 to 129; Nanita 16 to 23 and Nanita 28 to 32, and Nanita 1 to 11 and Nanita
13 to 15, Nanita 47 to 50 and Nanita 56 and Nanita 57; Rosario 54 to 58,
Rosario 60 and Rosario 89; Sylvia; Mercedes 4, Mercedes 5 and Mercedes 6;
Claudia 1 and Claudia 2; Rosario 142 to 143, Rosario 149 and Rosario 150;
Barbara Tercera; and Rio Elqui Uno 1 to 4.
	 
	 	(xxv)	 	“Deed of Cancellation” means the Chilean public deed or deeds
to be entered into by the Agent and Operator or Royal Gold, as applicable,
declaring that the Royalty Agreement and the Avío Agreement have terminated
because the Condiciones Suspensivas have failed.
	 
	 	(xxvi)	 	“Disclosure Documents” mean:

	 	(A)	 	Annual Report of Royal Gold on Form 10-K/A
filed on November 6, 2008;
	 
	 	(B)	 	Quarterly Report of Royal Gold on Form 10-Q
for the quarter ended December 31, 2008, filed February 6, 2009;
	 
	 	(C)	 	Current Reports of Royal Gold on Form 8-K
filed on August 5, 2008, September 2, 2008, September 17, 2008,
September 19, 2008, September 25, 2008, October 7, 2008, October 31,
2008, November 4, 2008, November 6, 2008, November 7, 2008, January 5,
2009 and February 24, 2009;
	 
	 	(D)	 	the description of the Preferred Stock
Purchase Rights contained in the registration statement of Royal Gold
on Form 8-A under the Exchange Act filed on September 12, 1997, as
amended by the registration statement of Royal Gold on Form 8-A/A
filed September 10, 2007, together with any amendment or report filed
with the SEC for the purpose of updating such description;
	 
	 	(E)	 	the full text of the MJDS Canadian prospectus
of Royal Gold dated and filed January 20, 2009 and attaching the full
text of the United States prospectus of Royal Gold dated December 19,
2008 and the United States registration statement dated December 19,
2008; and
	 
	 	(F)	 	all documents filed by Royal Gold pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date
of the MJDS prospectus of Royal Gold dated and filed January 20, 2009
and before the Closing Time.

	 	(xxvii)	 	“Dispute” means a dispute arising out of or connected with this Agreement or
any legal relationship associated with or derived from this Agreement.

-4-

 

	 	(xxviii)	 	“Dividing Line” means the northern Universal Transverse Mercator coordinate
of 6,651,000 N.
	 
	 	(xxix)	 	“Exchange Act” means the United States Securities Exchange Act of 1934, as
amended.
	 
	 	(xxx)	 	“Environmental Laws” mean Governmental Requirements relating
to pollution or protection of the environment, including, without limitation,
Governmental Requirements relating to emissions, discharges, releases of
pollutants, contaminants, chemicals, or industrial, toxic or hazardous
substances or wastes into the environment (including, without limitation,
ambient air, surface water, ground water, aquifers, land surface or subsurface
strata) or otherwise relating to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of pollutants,
contaminants, chemicals or industrial, toxic or hazardous substances or wastes
which are applicable to the Subject Properties, the Project , the other assets
owned, controlled or managed by Operator which are used on or in connection
with the Subject Properties, the Ancillary Property Rights or the Project or to
the activities of Operator on or in connection with the Subject Properties, the
Ancillary Property Rights or the Project.
	 
	 	(xxxi)	 	“Force Majeure” has the meaning set forth in Section 9(i).
	 
	 	(xxxii)	 	“Governmental Authority” means (A) with respect to Operator, the government
of Chile or of any state, provincial, territorial, divisional, county,
regional, city or other political subdivision of Chile and any entity, court,
arbitrator or arbitration panel, agency, department, commission, board, bureau
or regulatory authority or other instrumentality of any of them exercising
executive, legislative, judicial, regulatory or administrative functions that
exercises valid jurisdiction, including over the Project, the Ancillary
Property Rights or the Subject Properties; and (B) with respect to Royal Gold,
the government of any nation, state, provincial, territorial, divisional,
county, regional, city or other political subdivision thereof and any entity,
court, arbitrator or arbitration panel, agency, department, commission, board,
bureau or regulatory authority or other instrumentality of any of them
exercising executive, legislative, judicial, regulatory or administrative
functions that exercises valid jurisdiction.
	 
	 	(xxxiii)	 	“Governmental Requirement” means any law, statute, code, ordinance, treaty,
order, rule, regulation, judgment, ruling, decree, injunction, franchise,
permit, certificate, license, authorization, approval or other direction or
requirement of any Governmental Authority.
	 
	 	(xxxiv)	 	“ICC” has the meaning set forth in Section 9(b)(ii).

-5-

 

	 	(xxxv)	 	“Initial Cash Portion” has the meaning set forth in Section 2(b).
	 
	 	(xxxvi)	 	“Initial Share Portion” has the meaning set forth in Section 2(b).
	 
	 	(xxxvii)	 	“Intermediary Period” has the meaning set forth in Section 2(d).
	 
	 	(xxxviii)	 	“Irrevocable Mandate” means the Irrevocable Mandate to be executed
pursuant to the Avío Agreement or Royalty Agreement.
	 
	 	(xxxix)	 	“Knowledge” means: (A) in respect of Operator, the knowledge of Tim Watson,
Andrew Stonkus, Pierro Venturini, Javier Esuti Muñoz, Claudio Canut de Bon
Lagos, Marcelo Bustos Collao, Victor Velasquez Valenzuela, Marcelo Godoy Muñoz,
Hernando Pavez Garcia, Fernando Gonzalez Briones or Claudio Bustos Alarcon,
after reasonable inquiry, in their respective capacities as employees, officers
and/or directors of Operator or its Affiliates, as the case may be, and not in
their respective personal capacities; and (B) in respect of Royal Gold, the
knowledge of Tony Jensen or William H. Heissenbuttel, after reasonable inquiry,
in their respective capacities as employees of Royal Gold or its Affiliate, as
the case may be, and not in their respective personal capacities. For greater
certainty, where the phrase “to the Knowledge” qualifies a particular
representation or warranty in the Agreement, such representation or warranty
shall not be breached as a result of any fact or state of affairs that is not
within the Knowledge of such Party.
	 
	 	(xl)	 	“Lien” means, as to any property or asset owned or held by a
Person, any mortgage, deed of trust, lien, pledge, charge, security interest,
preferential right, assignment, option, production payment or royalty (which
for greater certainty excludes any Metal Sales Contract), Avío or other
encumbrance in, on or to, or any interest or title of any vendor, lessor,
purchaser or other secured party to, or interest or title of any Person under
any conditional sale or other title retention agreement or capital lease with
respect to, such property or asset, the signing of any mortgage, deed of trust,
pledge, charge, security agreement, assignment or similar instrument with
respect to such property or asset, or the signing or filing of a financing
statement with respect to such property or asset which names such Person as
debtor, or the signing of any security agreement authorizing any other party as
the secured party thereunder to file any financing statement with respect to
such property or asset.
	 
	 	(xli)	 	“Losses” has the meaning set forth in Section 9(f)(i).
	 
	 	(xlii)	 	“Material Adverse Effect” means with respect to Operator, any change, effect,
event, or occurrence that, either individually or in the aggregate, is, or
would reasonably be expected to be, material and adverse to the Project, or the
business, properties, assets, liabilities

-6-

 

	 	 	 	(contingent or otherwise), condition (financial or otherwise),
capitalization, operations or results of operations of Operator, each
either considered as a whole or collectively in their entirety, as the
case may be, other than any change, effect, event or occurrence in or
relating to:

	 	(A)	 	changes in general political, economic or
financial conditions, whether domestic or international in either
case, including changes or disruptions in securities, currency
exchange, real property, labour or commodities markets (including
without limitation gold or copper prices), except to the extent that
such changes adversely affect the Project or the business, properties,
assets, liabilities (contingent or otherwise), condition (financial or
otherwise), capitalization, operations or results of operations of
Operator, as the case may be, in a manner distinct from and with a
materially disproportionate effect than it affects other operators of
a similar business in Chile;
	 
	 	(B)	 	acts of God, any outbreak or escalation of
hostilities, declared or undeclared acts of war or terrorism or civil
unrest, except to the extent that such acts of God, hostilities, war,
terrorism or civil unrest adversely affect the Project or the
business, properties, assets, liabilities (contingent or otherwise),
condition (financial or otherwise), capitalization, operations or
results of operations of Operator, as the case may be, in a manner
distinct from and with a materially disproportionate effect than it
affects other operators of a similar business in Chile;
	 
	 	(C)	 	changes in applicable law or changes in
generally accepted accounting principles, except to the extent that
such changes in applicable law or changes in generally accepted
accounting principles affect the Project or the business, properties,
assets, liabilities (contingent or otherwise), condition (financial or
otherwise), capitalization, operations or results of operations of
Operator, as the case may be, in a manner distinct from and with a
materially disproportionate effect than it affects other operators of
a similar business in Chile;
	 
	 	(D)	 	changes due to disruption of power, labour,
utilities, water, supply and transportation systems, except to the
extent that such changes affect the Project or the business,
properties, assets, liabilities (contingent or otherwise), condition
(financial or otherwise), capitalization, operations or results of
operations of Operator, as the case may be, in a manner distinct from
and with a materially disproportionate effect than it affects other
operators of a similar business in Chile;

-7-

 

	 	(E)	 	the announcement or pendency of the
transactions contemplated by this Agreement or other communication by
Royal Gold, Operator or any of their Affiliates of its plans or
intentions with respect to the Project or any elements of the Project,
specifically; or
	 
	 	(F)	 	the consummation of the transactions
contemplated by this Agreement or any actions by Royal Gold, Operator
or their Affiliates taken pursuant to or in light of this Agreement.

With respect to Royal Gold, any change, effect, event, or occurrence that, either
individually or in the aggregate, is, or would reasonably be expected to be,
material and adverse to the business, properties, assets, liabilities (contingent or
otherwise), condition (financial or otherwise), capitalization, operations or
results of operations of Royal Gold and its Subsidiaries (taken together as a
whole), each either considered as a whole or collectively in their entirety, as the
case may be, other than any change, effect, event or occurrence in or relating to:

	 	(A)	 	changes in general political, economic or
financial conditions, whether domestic or international in either
case, including changes or disruptions in securities, currency
exchange, real property, labour or commodities markets (including
without limitation gold prices), except to the extent that such
changes adversely affect the business, properties, assets, liabilities
(contingent or otherwise), condition (financial or otherwise),
capitalization, operations or results of operations of Royal Gold and
its Subsidiaries (taken together as a whole), as the case may be, in a
manner distinct from and with a materially disproportionate effect
than it affects other companies of a similar size operating in the
industry in which Royal Gold and its Subsidiaries operate;
	 
	 	(B)	 	acts of God, any outbreak or escalation of
hostilities, declared or undeclared acts of war or terrorism or civil
unrest, except to the extent that such acts of God, hostilities, war,
terrorism or civil unrest adversely affect the business, properties,
assets, liabilities (contingent or otherwise), condition (financial or
otherwise), capitalization, operations or results of operations of
Royal Gold and its Subsidiaries (taken together as a whole), as the
case may be, in a manner distinct from and with a materially
disproportionate effect than it affects other companies of a similar
size operating in the industry in which Royal Gold and its
Subsidiaries operate;
	 
	 	(C)	 	changes in applicable law or changes in
generally accepted accounting principles, except to the extent that
such changes in applicable law or changes in generally accepted
accounting principles affect the business, properties, assets,
liabilities (contingent or otherwise), condition (financial or
otherwise),

-8-

 

	 	 	 	capitalization, operations or results of operations of Royal Gold and
its Subsidiaries (taken together as a whole), as the case may be, in
a manner distinct from and with a materially disproportionate effect
than it affects other companies of a similar size operating in the
industry in which Royal Gold and its Subsidiaries operate;

	 	(D)	 	the announcement or pendency of the
transactions contemplated by this Agreement or other communication by
Royal Gold, Operator or any of their Affiliates of its plans or
intentions with respect to the Project or any elements of the Project,
specifically;
	 
	 	(E)	 	the consummation of the transactions
contemplated by this Agreement or any actions by Royal Gold, Operator
or their Affiliates taken pursuant to or in light of this Agreement;
or
	 
	 	(F)	 	any change in the market price or trading
volume of any of the securities of Royal Gold.

	 	(xliii)	 	“Material Agreements” mean (A) with respect to Operator, all Metal Sales
Contracts, and all other material contracts, agreements, leases, instruments
and other material binding commitments and undertakings of Operator necessary
for the development and operation of the Project, and (B) with respect to Royal
Gold, all material contracts, agreements, leases, instruments and other
material binding commitments and undertakings of Royal Gold.
	 
	 	(xliv)	 	“Metal Sales Contract” means any contract between Operator and any smelter,
refiner or other processor or purchaser for the sale, refining or other
beneficiation of Subject Minerals in any form, including concentrates, that
have been produced from the Subject Properties.
	 
	 	(xlv)	 	“Mining Properties” has the meaning set forth in Part I of
Exhibit B as such list of exploration and exploitation mining
concessions is amended in accordance with the provisions set forth in Section
5(c)(x) other than any Dayton Concession or any Overlapping Dayton Concession
transferred to Dayton in accordance with this Agreement and not thereafter
re-acquired.
	 
	 	(xlvi)	 	“Net Offering Proceeds” mean (A) the aggregate offering proceeds received by
Royal Gold in a Qualified Offering, including any offering proceeds from the
exercise of the underwriters’ over allotment option to the extent the closing
of such over allotment option occurs prior to the Closing Date minus
(B) any underwriting discounts and commissions (but without reduction for any
Registration Expenses (as defined in the Registration Rights Agreement) which
shall be for the account of Royal Gold).

-9-

 

	 	(xlvii)	 	“North Area” has the meaning set forth in Section 5(c)(vii).
	 
	 	(xlviii)	 	“Offered Royal Gold Common Stock” has the meaning set forth in Section
2(e).
	 
	 	(xlix)	 	“Operator” has the meaning set forth in the introductory paragraph of this
Agreement.
	 
	 	(l)	 	“Overlapping Dayton Concession” has the meaning set forth in
Section 5(c)(ix).
	 
	 	(li)	 	“Outside Date” has the meaning set forth in Section 8(b).
	 
	 	(lii)	 	“Parties” mean Operator and Royal Gold.
	 
	 	(liii)	 	“Person” means an individual, partnership, corporation (including a business
trust), joint venture, limited liability company or other legal entity, or a
Governmental Authority.
	 
	 	(liv)	 	“Pre-Closing” has the meaning set forth in Section 5(p)(i).
	 
	 	(lv)	 	“Pre-Closing Date” has the meaning set forth in Section 5(p)(i).
	 
	 	(lvi)	 	“Project” has the meaning set forth in Recital A to this Agreement.
	 
	 	(lvii)	 	“Project Studies” has the meaning set forth in Section 3(g).
	 
	 	(lviii)	 	“Purchase Price” has the meaning set forth in Section 2(b).
	 
	 	(lix)	 	“Qualifying Offering” means a public offering pursuant to an
effective registration statement (other than (A) a registration statement
relating to any employee benefit plan, (B) with respect to any corporate
reorganization or transaction under Rule 145 of the Securities Act, including
any registration statement related to the issuance or resale of securities
issued in such a transaction or (C) registering stock issued upon conversion of
debt securities) under the Securities Act covering the offer and sale of Royal
Gold Common Stock for the account of Royal Gold within 90 days of the date of
this Agreement.
	 
	 	(lx)	 	“Registration Rights Agreement” has the meaning set forth in
Section 7(a)(iv).
	 
	 	(lxi)	 	“Registration Statement” has the meaning set forth in Section 5(e).
	 
	 	(lxii)	 	“Representative” has the meaning set forth in Section 5(a).
	 
	 	(lxiii)	 	“Rights Offering” has the meaning set forth in Section 2(e).

-10-

 

	 	(lxiv)	 	“Royal Gold” has the meaning set forth in the introductory paragraph of this
Agreement.
	 
	 	(lxv)	 	“Royal Gold Common Stock” means shares of Royal Gold’s common
stock having a par value of $0.01 per share.
	 
	 	(lxvi)	 	“Royalty” means an interest in the Subject Minerals when produced from the
Subject Properties and created pursuant to the terms of the Royalty Agreement.
	 
	 	(lxvii)	 	“Royalty Agreement” means the agreement to be entered into at Closing
between Royal Gold and Operator, substantially in the form attached hereto as
Exhibit C, subject to the translation of such agreement from the
English language to the Spanish language as contemplated by Section 5(c)(iii).
	 
	 	(lxviii)	 	“SEC” means the United States Securities and Exchange Commission.
	 
	 	(lxix)	 	“Securities Act” means the United States Securities Act of 1933, as amended.
	 
	 	(lxx)	 	“Shaded Area” means the area shaded in blue on the map in Part
II of Exhibit B.
	 
	 	(lxxi)	 	“Shaded Area Boundary” means the perimeter of the Shaded Area which is north
of the Dividing Line as of the date of this Agreement.
	 
	 	(lxxii)	 	“Share Portion” has the meaning set forth in Section 2(b).
	 
	 	(lxxiii)	 	“Share Reorganization” has the meaning set forth in Section 2(d).
	 
	 	(lxxiv)	 	“Stockholder Agreement” means the Stockholder Agreement executed by
Operator, Royal Gold and Teck Cominco Limited dated of even date herewith and
attached hereto as Exhibit D.
	 
	 	(lxxv)	 	“South Area” has the meaning set forth in Section 5(c)(vi).
	 
	 	(lxxvi)	 	“Subject Minerals” mean all gold in whatever form, including in
concentrates, produced from the Subject Properties.
	 
	 	(lxxvii)	 	“Subject Properties” mean:

	 	(A)	 	the Mining Properties; and
	 
	 	(B)	 	any other exploration or exploitation mining
concessions that are acquired or constituted by Operator or any
Affiliate of Operator

	 	 	 	that:

-11-

 

	 	(X)	 	from the date of this Agreement
until the day prior to the Amendment Date, are or may be in the
future located within the Shaded Area described in Part II of
Exhibit B; or
	 
	 	(Y)	 	on or after the Amendment Date,
are or may be in the future located within the Universal
Transverse Mercator coordinates of the Adjusted Shaded Area
following the amendment of Part III of Exhibit B
completed in accordance with Sections 5(c)(x),

	 	 	 	and for greater certainty will from time to time be part of the Mining
Properties and the Subject Properties and therefore are or will from time
to time be subject to this Agreement, and for further certainty exclude any
exploration or exploitation mining concessions located entirely outside the
Shaded Area for the period described in paragraph (X) above or located
outside the Universal Transverse Mercator coordinates of the Adjusted
Shaded Area following the amendment of Part III of Exhibit B
completed in accordance with Sections 5(c)(x); provided however the Subject
Properties will not include any Dayton Concession or any Overlapping Dayton
Concession transferred to Dayton in accordance with this Agreement and not
thereafter re-acquired
	 
	 	(lxxviii)	 	“Subsidiary” means any corporation, association or other business entity
more than 50% of each class of equity or voting securities of which is owned,
directly or indirectly, by any Person.
	 
	 	(lxxix)	 	“Taxes” mean all present or future taxes, levies, imposts, duties,
deductions, withholdings, assessments, fees or other charges imposed by or on
behalf of any Governmental Authority, including any interest, additions to tax
or penalties applicable thereto.
	 
	 	(lxxx)	 	“Total Consideration” has the meaning set forth in Section 2(b).
	 
	 	(lxxxi)	 	“Trading Days” mean days on which shares of Royal Gold Common Stock are
traded on the NASDAQ Global Select Market.
	 
	 	(lxxxii)	 	“Transaction Documents” mean this Agreement, the Avío Agreement, the
Royalty Agreement, the Stockholder Agreement and the Registration Rights
Agreement.
	 
	 	(lxxxiii)	 	“Transaction Expenses” has the meaning set forth in Section 9(g).
	 
	 	(lxxxiv)	 	“Transactions” has the meaning set forth in Section 2(a).
	 
	 	(lxxxv)	 	“U.S. GAAP” means United States generally accepted accounting principles.

-12-

 

     (b) In this Agreement:

	 	(i)	 	unless the context otherwise clearly requires, (A) references
to the plural include the singular, and references to the singular include the
plural; (B) the words “include,” “includes,” and “including” do not limit the
preceding terms or words and shall be deemed to be followed by the words
“without limitation”; (C) the terms “hereof,” “herein,” “hereunder,” “hereto,”
and similar terms refer to this entire Agreement and not to any particular
provision of this Agreement; (D) “or” is used in the inclusive sense of
“and/or”; (E) if a word or phrase is defined, then its other grammatical or
derivative forms have a corresponding meaning; (F) unless otherwise specified,
the terms “day” and “days” mean and refer to calendar day(s); (G) the terms
“business day” and “business days” mean and refer to any day other than a
Saturday, Sunday, or federal statutory holiday in the United States of America,
provincial statutory holiday in British Columbia or statutory holiday in Chile;
and (H) if any action, including a payment hereunder, is required to be taken
pursuant to this Agreement on or by a specified date that is not a business
day, the action is valid if taken on or by the next business day.
	 
	 	(ii)	 	unless otherwise specified, all references to articles,
sections, and exhibits are to the Articles, Sections, and Exhibits of this
Agreement;
	 
	 	(iii)	 	the headings of the Sections and Subsections of this Agreement
are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement;
	 
	 	(iv)	 	except where otherwise expressly provided, all monetary amounts
are stated and shall be paid in the currency of United States of America;
	 
	 	(v)	 	for purposes of Sections 3(b), 3(c), 3(e), 3(j), and 5(m) the
terms “material” or “materially” shall mean any change, effect, event, or
occurrence that, either individually or in the aggregate, would, or would
reasonably be expected to, (A) result in damages to, or expenditures by,
Operator that exceed $5,000,000 or (B) prevent, significantly hinder or
significantly delay the construction, development or operation of the Project;
	 
	 	(vi)	 	for purposes of Sections 3(l), 6(a)(vii), 6(b)(ix), and
9(f)(i)(E), the terms “material” or “materially” shall mean any change, effect,
event, or occurrence that, either individually or in the aggregate, would, or
would reasonably be expected to, prevent, significantly hinder or significantly
delay the construction, development or operation of the Project; and
	 
	 	(vii)	 	for purposes of Sections 4(b), 4(c), 4(e), 4(h) and 4(j), the
terms “material” or “materially” shall mean any change, effect, event, or
occurrence that, either individually or in the aggregate, would, or would

-13-

 

	 	 	 	reasonably be expected to, result in damages to, or expenditures by, Royal
Gold that exceed $5,000,000.

     (c) This Agreement shall be construed according to its fair meaning, taken as a whole, as if
the Parties had prepared it jointly, not as if prepared by one of the Parties.

2. The Transactions; Closings.

     (a) Effective as of and from the Closing Date (i) Operator shall grant, sell, assign, transfer
and convey to Royal Gold, and Royal Gold shall purchase from Operator, the Royalty free and clear
of any Lien (other than any Lien created by the Royalty Agreement and the Avío Agreement); and (ii)
Operator and Royal Gold shall enter into the Avío, in each case in accordance with and subject to
the terms and conditions set forth in this Agreement (the “Transactions”).

     (b) The purchase price for the Royalty shall be $205,000,000 (as may be adjusted in this
Section 2, the “Purchase Price”). The contribution amount for the Avío shall be $95,000,000 (as
may be adjusted in this Section 2, the “Contribution Amount”). The Purchase Price and the
Contribution Amount are collectively referred to herein as the “Total Consideration.” Royal Gold
shall pay to Operator (i) $100,000,000 of the Total Consideration in cash or other immediately
available funds (the “Initial Cash Portion”), and (ii) $200,000,000 of the Total Consideration by
causing the issuance and delivery to Operator of a number of shares of Royal Gold Common Stock as
determined by dividing (x) $200,000,000 by (y) the volume weighted average per
share price of Royal Gold Common Stock on the NASDAQ Global Select Market for the five Trading Day
period that ends four full Trading Days prior to the date of Royal Gold’s initial public
announcement of the Transaction (the “Initial Share Portion”), provided, however if Royal Gold
consummates a Qualifying Offering, then:

     (A) the Initial Cash Portion will be increased by an amount of cash or
immediately available funds equal to Net Offering Proceeds received by Royal Gold
from the sale of the lesser of (I) 50% of the number of shares of Royal Gold Common
Stock sold by Royal Gold in such Qualifying Offering (including any shares sold
pursuant to the exercise of the underwriters’ over allotment option to the extent
the closing of such over allotment option occurs prior to the Closing Date) or (II)
the Initial Share Portion, and

     (B) the Initial Share Portion shall be reduced by 50% of the number of shares
of Royal Gold Common Stock sold by Royal Gold in such Qualifying Offering (including
any shares sold pursuant to the exercise of the underwriters’ over allotment option
to the extent the closing of such over allotment option occurs prior to the Closing
Date).

     The amount of cash or immediately available funds payable by Royal Gold under this Section
2(b) at the Closing is referred to as the “Cash Portion” for purposes of this Agreement, and the
number of shares of Royal Gold Common Stock issuable by Royal Gold and delivered to Operator at the
Closing under this Section 2(b), as may be adjusted pursuant to Sections 2(d) through (i), is
referred to as the “Share Portion” for purposes of this Agreement.

-14-

 

     (c) The Cash Portion will initially be allocated to the Contribution Amount for the Avío,
until the Cash Portion exceeds the Contribution Amount in which case such excess Cash Portion shall
be allocated to the Purchase Price for the Royalty. The Share Portion will be allocated to the
Purchase Price for the Royalty.

     (d) The number of shares to be issued and delivered to Operator at Closing that constitutes
the Share Portion shall be adjusted proportionately as necessary if, during the period beginning
when the number of shares of Royal Gold Common Stock that constitutes the Share Portion is
calculated and ending on the Closing Date (the “Intermediary Period”), Royal Gold:

	 	(i)	 	fixes the record date for the issue, or issues to, all or
substantially all of the holders of Royal Gold Common Stock by way of a stock
dividend or otherwise shares of Royal Gold Common Stock or other securities of
Royal Gold or any other issuer convertible into or exchangeable for or
otherwise carrying the right to acquire Royal Gold Common Stock (the
“Convertible Securities”), other than (A) the issue from time to time of Royal
Gold Common Stock or Convertible Securities by way of stock dividend to holders
who elect to receive Royal Gold Common Stock or Convertible Securities in lieu
of cash dividends in the ordinary course or pursuant to a dividend reinvestment
plan or (B) as dividends paid in the ordinary course; or
	 
	 	(ii)	 	subdivides or redivides the issued and outstanding shares of
Royal Gold Common Stock into a greater number of shares of Royal Gold Common
Stock; or
	 
	 	(iii)	 	combines, consolidates or reduces the issued and outstanding shares of Royal Gold Common Stock into a smaller number of shares of Royal Gold
Common Stock

(any of those events being herein called a “Share Reorganization”),

effective immediately after the record date at which the holders of Royal Gold Common Stock are
determined for the purposes of the Share Reorganization or the effective date of the Share
Reorganization if no record date is fixed, to a number that is the product of (1) the Share Portion
in effect on the record date, or the effective date if no record date is fixed, and (2) a fraction:

	 	(A)	 	the numerator of which shall be the number of
Royal Gold Common Stock outstanding after giving effect to the Share
Reorganization; and
	 
	 	(B)	 	the denominator of which shall be the number of
Royal Gold Common Stock outstanding on the record date, or effective
date if no record date is fixed, before giving effect to the Share
Reorganization.

     For the purposes of determining the number of Royal Gold Common Stock outstanding at any
particular time for the purpose of this Section 2(d) there shall be included that number of

-15-

 

Royal Gold Common Stock which would have resulted from the conversion at that time of all
outstanding Convertible Securities.

     (e) If during the Intermediary Period Royal Gold fixes a record date for the issuance of
rights, options or warrants to all or substantially all the holders of Royal Gold Common Stock
pursuant to which those holders are entitled to subscribe for, purchase or otherwise acquire Royal
Gold Common Stock or Convertible Securities within a period of not more than 45 days from such
record date at a price per share, or at a conversion price per share, of less than 95% of the
Current Market Price on such record date (any such issuance being herein called a “Rights Offering”
and Royal Gold Common Stock that may be acquired on exercise of the Rights Offering, or upon
conversion of the Convertible Securities offered by the Rights Offering, being herein called the
“Offered Royal Gold Common Stock”), the Share Portion shall be adjusted effective immediately after
the applicable record date to a Share Portion that is the product of (1) the Share Portion in
effect on the record date and (2) a fraction:

	 	(i)	 	the numerator of which shall be the sum of (A) the number of
Royal Gold Common Stock outstanding on the record date plus (B) the number of
Offered Royal Gold Common Stock offered pursuant to the Rights Offering or the
maximum number of Offered Royal Gold Common Stock into which the Convertible
Securities so offered pursuant to the Rights Offering may be converted, as the
case may be; and
	 
	 	(ii)	 	the denominator of which shall be the sum of:

	 	(A)	 	the number of Royal Gold Common Stock
outstanding on the record date; and
	 
	 	(B)	 	the number arrived at when (I) either the
product of (a) the number of Offered Royal Gold Common Stock so offered
and (b) the price at which such Offered Royal Gold Common Stock are
offered, or the product of (c) the conversion price of the Offered
Royal Gold Common Stock so offered and (d) the maximum number of
Offered Royal Gold Common Stock for or into which the Convertible
Securities so offered pursuant to the Rights Offering may be converted,
as the case may be, is divided by (II) the Current Market Price of
Royal Gold Common Stock on the record date for the Rights Offering.

If by the terms of the rights, options, or warrants referred to in this Section 2(e), there is more
than one purchase, conversion or exchange price per Offered Royal Gold Common Stock, the aggregate
price of the total number of additional Offered Royal Gold Common Stock offered for subscription or
purchase, or the aggregate conversion or exchange price of the Convertible Securities so offered,
shall be calculated for purposes of the adjustment on the basis of the lowest purchase, conversion
or exchange price per Offered Royal Gold Common Stock, as the case may be. Any Offered Royal Gold
Common Stock owned by or held for the account of Royal Gold or a Subsidiary of Royal Gold shall be
deemed not to be outstanding for the purpose of any such computation; if all the rights, options or
warrants are not so issued or if all rights, options or

-16-

 

warrants are not exercised prior to the expiration thereof, the Share Portion shall be readjusted
to the Share Portion in effect immediately prior to the record date, and the Share Portion shall be
further adjusted based upon the number of Offered Royal Gold Common Stock (or Convertible
Securities that are convertible into Offered Royal Gold Common Stock) actually delivered upon the
exercise of the rights, options or warrants, as the case may be, but subject to any other
adjustment required hereunder by reason of any event arising after that record date.

     (f) If during the Intermediary Period there is a reorganization of Royal Gold not otherwise
provided for in Sections 2(d) and 2(e) or a consolidation, merger, arrangement, amalgamation or
acquisition of Royal Gold by, with or into another body corporate including a transaction whereby
all or substantially all of Royal Gold’s assets become the property of any other Person through
sale, lease, exchange or otherwise (any such event being herein called a “Capital Reorganization”),
Operator, shall be entitled to receive and shall accept, in lieu of the Share Portion to which it
was theretofore entitled upon Closing, the aggregate amount of cash and/or the aggregate number of
Royal Gold Common Stock or other securities or property of Royal Gold, or the continuing, successor
or purchasing Person, as the case may be, under the Capital Reorganization that Operator would have
been entitled to receive as a result of the Capital Reorganization if, on the effective date
thereof, Operator had been the holder of the number of Royal Gold Common Stock to which immediately
before the transaction it was entitled. No Capital Reorganization shall be carried into effect
unless all necessary steps have been taken so that Operator shall thereafter be entitled to receive
the requisite amount of cash and/or the number of Royal Gold Common Stock or other securities or
property of Royal Gold or of the continuing, successor or purchasing Person, as the case may be,
under the Capital Reorganization, subject to adjustment thereafter in accordance with provisions
the same, as nearly as may be possible, as those contained in this Section 2.

     (g) If during the Intermediary Period Royal Gold reclassifies or otherwise changes the issued
and outstanding shares of Royal Gold Common Stock, the Share Portion shall be adjusted effective
immediately upon the reclassification becoming effective so that if Operator thereafter shall be
entitled to receive such Share Portion as it would have received had the Share Portion been issued
immediately prior to the effective date, subject to adjustment thereafter in accordance with
provisions the same, as nearly as may reasonably be possible, as those contained in this Sections
2(d) through (f).

     (h) The adjustments and readjustments provided for in Sections 2(d) through 2(g) are
cumulative and, apply (without duplication) to successive issues, subdivisions, combinations,
consolidations, distributions and any other events that require adjustment of the Share Portion.

     (i) Subject to terms and conditions of this Agreement, the closing of the transactions
contemplated by this Agreement (the “Closing”) shall take place at the offices of Urenda, Rencoret,
Orrego y Dorr, Abogados, Av. Costanera Andrés Bello 2711, Piso 16 Las Condes — Santiago, Chile, at
10:00 a.m. local time (the “Closing Time”) on the later of the date (the “Closing Date”):

	 	(i)	 	to be designated by Royal Gold, which date shall be no later
than the fifth business day after Royal Gold and its Chilean counsel have
received, to their reasonable satisfaction:

-17-

 

	 	(A)	 	for each of the Subject Properties, the
following certificates from the relevant Mining Register: (X) mortgages
and encumbrances, (Y) interdictions and prohibitions, and (Z)
ownership; and
	 
	 	(B)	 	authorized copies of the registrations made
evidencing the Avío Agreement and grant of prohibition contemplated
therein and the mortgages and grant of prohibition under the Royalty
Agreement;

	 	(ii)	 	that is mutually agreed to in writing by the Parties; and
	 
	 	(iii)	 	that is ten business days after the date designated by Royal
Gold pursuant to Section 2(i)(i) or mutually agreed by the Parties pursuant to
Section 2(i)(ii), as the case may be; provided that the Operator has delivered
written notice to Royal Gold pursuant to Section 6(a)(vii)(A), and Royal Gold
has delivered written notice to Operator of its intention to postpone the
Closing Date by ten business days,

provided, however that each of the other conditions set forth in Section 6 and Section 7 (other
than the conditions which by their nature are to be satisfied at the Closing, but subject to the
satisfaction or waiver of each of such conditions) shall have been satisfied or waived as of the
designated or agreed date.

3. Representations and Warranties of Operator. Operator hereby represents and warrants to
Royal Gold, and acknowledges that Royal Gold is relying on such representations and warranties in
entering this Agreement, that:

     (a) Organization and Qualification; Subsidiaries. Operator is a contractual mining
company duly incorporated, validly existing and in good standing under the laws of Chile and has
all requisite corporate power and authority to enter into this Agreement and the other Transaction
Documents to which it is a party and to carry out the transactions contemplated hereby and thereby.
Operator is otherwise duly qualified to do business as a foreign corporation or other entity in
each jurisdiction where the nature of its business or properties requires such qualification.
Operator does not have any Subsidiaries.

     (b) Authorization; No Conflict. The execution, delivery and performance by Operator
of this Agreement and of the other Transaction Documents to which it is a party have been duly
authorized by all necessary shareholder and corporate action on the part of Operator and do not
and will not (i) contravene Operator’s Charter Documents; (ii) materially violate any provision of
any Governmental Requirement, order, judgment, injunction, decree, determination or award presently
in effect; (iii) result in a material breach of or constitute a material default under or require
the consent of any Person pursuant to any indenture or loan, credit agreement, debenture or any
other agreement, lease or instrument to which Operator is a party or by which it or its properties
may be bound or affected; or (iv) result in, or require, the creation or imposition of any Lien
upon or with respect to any of the properties now owned by Operator (other than the Liens created
under the Royalty Agreement and the Avío Agreement), and (v) to the Knowledge of Operator, Operator
is not in material default under any such Governmental Requirement,

-18-

 

judgment, injunction, decree, determination or award or any such indenture, agreement, lease
or instrument.

     (c) Governmental and Other Approvals. No Approval of any Governmental Authority or
other third party is required for the due execution and delivery of, and the due performance of all
obligations of, Operator under this Agreement or any other Transaction Document to which it is a
party, except for Approvals as have been obtained or for which application has been made, for
notices or filings necessary to be made by Operator with the Central Bank of Chile in connection
with the acquisition of the Share Portion by Operator, and registration of the mortgages referred
to in Section 6(o) of the Royalty Agreement. Except as set out in Schedule 3(c), all Approvals
which are necessary to carry out the activities contemplated by Operator with respect to the
Project in the Project Studies have been obtained by Operator and are in full force and effect in
accordance with their terms, free of material defaults (except those Approvals that are not
necessary or obtainable prior to the Closing Date or which have been applied for but not yet
received), and except as set out in Schedule 3(c), Operator has not received any notice alleging a
material breach or default under any of the Approvals received to date or challenging or
questioning the validity of such Approvals. With respect to Approvals applied for but not yet
received or to be applied for, Operator knows of no reason why such Approvals should not be timely
received as and when required.

     (d) Binding Obligations. This Agreement is, and the other Transaction Documents to
which Operator is a party when delivered hereunder will be, the legal, valid and binding
obligations of Operator, enforceable against it in accordance with their respective terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium and similar laws or equitable principles affecting enforcement of creditors’ rights
generally at the time in effect.

     (e) Litigation. Except as set forth in Schedule 3(e), there is no claim,
action, lawsuit, proceeding, arbitration, mediation or investigation pending, or to the Knowledge
of Operator threatened, against or involving Operator, the Project or any portion of the Ancillary
Property Rights or the Subject Properties, which alleges the material violation of any Governmental
Requirement, or which questions the validity of this Agreement or any of the other Transaction
Documents, or any action taken or to be taken pursuant to this Agreement, or any of the Transaction
Documents, or which questions or challenges the nature or extent of the rights of Operator to the
Subject Properties, the Ancillary Property Rights or the Project, or which involves any Material
Agreement, or which could reasonably be expected to result, either in any case or in the aggregate,
in a Material Adverse Effect on Operator.

     (f) No Material Adverse Change. Since December 31, 2008, neither the business,
properties, assets, liabilities (contingent or otherwise), condition (financial or otherwise),
capitalization, operation or results of operations of Operator, have been affected by any change,
effect, event or occurrence (whether or not insured against) which could reasonably be expected to
result, either individually or in the aggregate, in a Material Adverse Effect on Operator.

     (g) Data and Information. Operator has heretofore made available to Royal Gold all
feasibility studies and all geological, reserve, engineering, metallurgical and financial data and
evaluations of the Project, the Ancillary Property Rights and the Subject Properties prepared by

-19-

 

or for the benefit of Operator or otherwise in the possession and control of Operator which
would reasonably be expected to be material to Royal Gold (the “Project Studies”). The Project
Studies have been prepared in good faith based on reasonable assumptions, and Operator is not aware
to its Knowledge of any fact or state of affairs related thereto, or any defect or deficiency
therein, which would cause it to be unable to complete the Project consistent with the most current
capital cost estimates and construction schedule in the Project Studies. Since the date of the
most recent capital cost estimates and construction schedule in the Project Studies, to the
Knowledge of Operator, there has been no material change in the assumptions underlying such
estimates, or the basis therefor.

     (h) Title; Liens.

	 	(i)	 	Except as set out in Schedule 3(h), Operator has good and
marketable title to its owned real property, easements, and concessions, and has
valid rights in and to its leased property and other property interests,
necessary or desirable for the construction and operation of the Project in each
case free and clear of Liens (except for statutory Liens such as patentes),
royalties, production payments and other rights and interests of third parties.
	 
	 	(ii)	 	Except as set out in Schedule 3(h), Operator owns all
water rights necessary or desirable for the conduct of the operations at the
Project.
	 
	 	(iii)	 	Except as set out in Schedule 3(h), Operator owns all
surface, exploration and exploitation concessions, mineral, leasehold, access
and other interests in real property, or has valid and outstanding Approvals
granted by the registered owners, necessary or desirable for the construction
and operation of the Project.

     (i) Capital Structure. Teck Cominco Limited, a corporation organized under the laws
of British Columbia, Canada, owns indirectly through one or more of its wholly-owned Subsidiaries,
90% of the issued and outstanding shares of capital stock of Operator. Empresa Nacional de
Mineria, a Chilean State-owned company organized under the laws of Chile, owns 10% of the issued
and outstanding shares of capital stock of Operator. All such issued and outstanding shares of
capital stock are duly and validly issued and are fully paid and non-assessable.

     (j) Material Agreements; Absence of Default; Other Agreements. The Material
Agreements of Operator made available to Royal Gold include all material contracts, agreements,
leases, instruments and other binding commitments of Operator which are necessary for the
development and operation of the Project other than the Metal Sales Contracts and any contract,
agreement, lease, instrument or other binding commitment where an alternative, replacement or
substitution is readily available on comparable terms as an existing contract, agreement, lease,
instrument or other binding commitment. Except as set out in Schedule 3(j), all Material
Agreements of Operator are in full force and effect in accordance with their terms. Operator is
not in material default under any of its Material Agreements, it has not received any notice of an
asserted default thereunder from any other Person, and Operator has no Knowledge

-20-

 

of a material breach by any counterparty thereto or the inability of any counterparty thereto
to perform its obligations thereunder. Operator is not a party to any contract, agreement, lease,
instrument or other binding commitment (other than its Material Agreements) or subject to any
charter or other corporate restriction which could reasonably be expected, upon a default
thereunder or otherwise, to result in a Material Adverse Effect on Operator or to materially impair
the ability of Operator to carry out its obligations under this Agreement or any of the other
Transaction Documents.

     (k) Taxes. Operator has filed all Tax returns and reports required by Law to have
been filed by it and has paid all Taxes and no claim for the same exists except as permitted
hereunder, except any such Taxes, charges or amounts which are being diligently contested in good
faith by appropriate proceedings and for which adequate reserves in accordance with Canadian
generally accepted accounting principles have been set aside on the books of Operator.

     (l) Compliance with Laws.

	 	(i)	 	Except as set out in Schedule 3(l), the Subject
Properties and the Ancillary Property Rights have been, and continue to be,
owned, operated, leased or utilized by Operator in material compliance with all
applicable Governmental Requirements, including Environmental Laws and
Approvals.
	 
	 	(ii)	 	Except as set out in Schedule 3(l), with respect to the
Subject Properties, the Ancillary Property Rights and the Project, there have
been no past, and there are no pending or threatened, material claims,
complaints, notices or requests for information or notices of investigation
received by Operator with respect to any violation or alleged violation of any
Governmental Requirements, including Environmental Laws and Approvals, nor does
Operator have Knowledge or reason to believe that any such notice or action
will be received or is being threatened.
	 
	 	(iii)	 	Except as set out in Schedule 3(1), no judicial or
investigatory proceeding by a Governmental Authority under any Governmental
Requirements, including Environmental Laws and Approvals, is pending or, to the
Knowledge of Operator, is threatened, against Operator, the Ancillary Property
Rights or the Subject Properties. Except as set out in Schedule 3(l),
there are no material consent decrees or other clean-up orders, mitigation
orders, compliance orders, remediation orders, decrees, consent orders,
administrative orders or other orders or requirements outstanding or arising
under any Environmental Laws with respect to Operator, the Ancillary Property
Rights, the Subject Properties or the Project.

     (m) Financial Statements. The consolidated historical financial statements of
Operator for the period ended December 31, 2008 present fairly in all material respects the
consolidated financial condition, results of operations and cash flows and the changes in financial
position of Operator as of the date and for the periods indicated, comply as to form with

-21-

 

 the
applicable Governmental Requirements and have been prepared in conformity with Canadian generally accepted accounting principles applied on a basis consistent with prior periods
(except as noted therein and unaudited financial statements do not contain all footnotes required
by Canadian generally accepted accounting principles). Since December 31, 2008, Operator has not
effected any change in its accounting methods, principles or practice and has carried on its
business in the ordinary and usual course.

     (n) Information. Operator has received a copy of the Prospectus of Royal Gold dated
July 6, 2004, that is part of the Registration Statement filed by Royal Gold with the Securities
and Exchange Commission on July 7, 2004, and Operator has had the opportunity to review the
Prospectus and all of the documents incorporated by reference into such Prospectus. No
representations or warranties have been made to Operator by Royal Gold or any of its officers,
employees or other agents other than as set forth in this Agreement.

     4. Representations and Warranties of Royal Gold. Royal Gold hereby represents and warrants
to Operator, and acknowledges that Operator is relying on such representations and warranties in
entering this Agreement, that:

     (a) Organization and Qualification. Royal Gold is a corporation duly incorporated,
validly existing and in good standing under the General Corporation Law of the State of Delaware
and has all requisite corporate power and authority to enter into this Agreement and the other
Transaction Documents to which it is a party and to carry out the transactions contemplated hereby
and thereby. Royal Gold is duly qualified to do business as a foreign corporation or other entity
in each jurisdiction where the nature of its business or properties requires such qualification.

     (b) Authorization; No Conflict. The execution, delivery and performance by Royal Gold
of this Agreement and of the other Transaction Documents to which it is a party have been duly
authorized by all necessary shareholder and corporate action on the part of Royal Gold and do not
and will not (i) contravene Royal Gold’s Charter Documents; (ii) materially violate any provision
of any Governmental Requirement, order, writ, judgment, injunction, decree, determination or award
presently in effect; (iii) result in a material breach of or constitute a material default under or
require the consent of any Person pursuant to any indenture or loan, credit agreement, debenture or
any other agreement, lease or instrument to which Royal Gold is a party or by which it or its
properties may be bound or affected; or (iv) result in, or require, the creation or imposition of
any Lien upon or with respect to any of the properties now owned by Royal Gold, and to the
Knowledge of Royal Gold, Royal Gold is not in material default under any such Governmental
Requirement, writ, judgment, injunction, decree, determination or award or any such indenture,
agreement, lease or instrument.

     (c) Governmental and Other Approvals. Except as set forth in Schedule 4(c),
no Approval of any Governmental Authority or other third party is required for the due execution
and delivery of, and the due performance of all obligations of, Royal Gold under this Agreement or
any other Transaction Document to which it is a party, except for Approvals as have been obtained
or for which application has been made.

-22-

 

     (d) Binding Obligations. This Agreement is, and the other Transaction Documents to
which Royal Gold is a party when delivered hereunder will be, the legal, valid and binding
obligations of Royal Gold, enforceable against it in accordance with their respective terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium and similar laws or equitable principles affecting enforcement of creditors’ rights
generally at the time in effect.

     (e) Litigation. Except as set forth in Schedule 4(e), there is no claim,
action, lawsuit, proceeding, arbitration, mediation or investigation pending or to the Knowledge of
Royal Gold threatened against or involving Royal Gold which alleges the material violation of any
Governmental Requirement, or which questions the validity of this Agreement or any of the other
Transaction Documents, or any action taken or to be taken pursuant to this Agreement, or any of the
Transaction Documents or which involves any Material Agreement, or which could reasonably be
expected to result, either in any case or in the aggregate, in a Material Adverse Effect on Royal
Gold.

     (f) No Material Adverse Change. Since December 31, 2008, neither the business,
properties, assets, liabilities (contingent or otherwise), condition (financial or otherwise),
capitalization, operation or results of operations of Royal Gold, have been affected by any change,
effect, event or occurrence (whether or not insured against) which could reasonably be expected to
result, either individually or in the aggregate, in a Material Adverse Effect on Royal Gold.

     (g) Validity of Issuance of Royal Gold Common Stock. The shares of Royal Gold Common
Stock that constitute the Share Portion to be issued and delivered pursuant to this Agreement,
will, when issued, be duly authorized, validly issued, fully paid and non-assessable, and issued in
compliance with all applicable federal and state securities laws. The authorized capital stock of
Royal Gold consists of 100,000,000 shares of Royal Gold Common Stock, of which 34,218,396 shares of
Royal Gold Common Stock were issued and outstanding as of March 16, 2009, all of which are duly
authorized, validly issued, fully paid and non-assessable. As of March 16, 2009, there were (i)
710,440 shares of Royal Gold Common Stock subject to issuance upon the exercise of outstanding
options, warrants, and other rights to issue, sell or acquire shares of Royal Gold Common Stock or
upon the settlement of outstanding performance shares or stock appreciate rights and (ii) up to an
additional 46,245 shares of Royal Gold Common Stock subject to issuance pursuant to a contingent
stock arrangement. Except as described in the preceding sentence, pursuant to Royal Gold’s
shareholder rights plan or as otherwise described in the Disclosure Documents, as of March 16,
2009, there are no other options, warrants, conversion privileges, calls or other rights,
agreements, arrangements, commitments or obligations of Royal Gold to issue, sell or acquire any
securities of Royal Gold (including any pre-emptive or similar rights granted by Royal Gold) or
securities or obligations of any kind convertible into or exchangeable for any securities of Royal
Gold or any other person, nor are there outstanding any stock appreciation rights, phantom equity
or similar rights, agreements, arrangements or commitments based upon the share price, book value,
income or any other attribute of Royal Gold. Upon their issue, the Share Portion will not be
subject to any pre-emptive right or other similar contractual right except as provided in the
Transaction Documents.

-23-

 

     (h) Material Agreements; Absence of Default; Other Agreements. The Material
Agreements of Royal Gold are in full force and effect in accordance with their terms. Royal Gold
is not in material default under any of its Material Agreements, it has not received any notice of
an asserted default thereunder from any other Person, and except as set forth on Schedule
4(h) Royal Gold has no Knowledge of a material breach by any counterparty thereto or the
inability of any counterparty thereto to perform its obligations thereunder. Royal Gold is not a
party to any contract, agreement, lease, instrument or other binding commitment (other than the
Material Agreements) or subject to any charter or other corporate restriction which could
reasonably be expected, upon a default thereunder or otherwise, to result in a Material Adverse
Effect or to materially impair the ability of Royal Gold to carry out its obligations under this
Agreement or any of the other Transaction Documents.

     (i) Taxes. Royal Gold has filed all Tax returns and reports required by Law to have
been filed by it and has paid all Taxes and no claim for the same exists except as permitted
hereunder, except any such Taxes, charges or amounts which are being diligently contested in good
faith by appropriate proceedings and for which adequate reserves in accordance with U.S. GAAP have
been set aside on the books of Royal Gold.

     (j) Compliance with Laws.

	 	(i)	 	The properties, assets and business of Royal Gold and its
Subsidiaries have been, and continue to be, owned, operated, leased or utilized
by Royal Gold in material compliance with all applicable Governmental
Requirements, including Environmental Laws and Approvals.
	 
	 	(ii)	 	There have been no past, and there are no pending or
threatened, material claims, complaints, notices or requests for information or
notices of investigation received by Royal Gold and its Subsidiaries with
respect to any violation or alleged violation of any Governmental Requirements,
including Environmental Laws and Approvals.
	 
	 	(iii)	 	No judicial or investigatory proceeding by a Governmental
Authority under any Governmental Requirements, including Environmental Laws and
Approvals, is pending or, to the Knowledge of Royal Gold, is threatened,
against Royal Gold or its properties, assets or business. Except as set forth
on Schedule 4(j)(iii), there are no material consent decrees or other
clean-up orders, mitigation orders, compliance orders, remediation orders,
decrees, consent orders, administrative orders or other orders or requirements
outstanding or arising under any Environmental Laws with respect to Royal Gold,
its properties, assets and business.

     (k) Financial Statements. The consolidated historical financial statements of Royal
Gold and its Subsidiaries included or incorporated by reference in the Disclosure Documents present
fairly in all material respects the consolidated financial condition, results of operations and
cash flows and the changes in financial position of Royal Gold and its Subsidiaries as of the date
and for the periods indicated, comply as to form with the applicable Governmental Requirements and
have been prepared in conformity with U.S. GAAP applied on a basis

-24-

 

consistent with prior periods (except as noted therein and the interim and unaudited financial
statements are subject to normal year-end audit adjustments and do not contain all footnotes
required by U.S. GAAP). Since June 30, 2008, Royal Gold and its Subsidiaries have not effected any
change in accounting methods, principles or practices not fully disclosed in the Disclosure
Documents and have carried on their respective businesses in the ordinary and usual course.

     (l) Disclosure Documents. The Disclosure Documents do not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. The Disclosure
Documents comply in all material respects with the Governmental Requirements.

     (m) Credit Facilities. As of the date of this Agreement, Royal Gold is entitled to
drawdown and knows of no reason in the future why it would not be entitled to drawdown all advances
under Royal Gold’s committed credit facilities existing as of the date of this Agreement that Royal
Gold may need to drawdown upon in order to pay the Initial Cash Portion and consummate the
Transactions contemplated by this Agreement.

     (n) Listing. The Royal Gold Common Stock is listed for trading on the NASDAQ Global
Select Market and the Toronto Stock Exchange.

5. Covenants of the Parties.

     (a) Access to Information. Prior to the Closing Date, to the extent permitted by this
Section 5(a) and any applicable Governmental Requirements, Royal Gold shall be entitled, through
its officers, employees and representatives (including its legal advisors and accountants)
(collectively, the “Representatives”) to make and continue such investigation of the properties,
businesses and operations of Operator (including the Project, the Ancillary Property Rights and the
Subject Properties) and such examination of the books and records of Operator as Royal Gold
reasonably requests and to make extracts and copies of such books and records. Any such
investigation and examination shall be conducted during regular business hours and under reasonable
circumstances and shall be subject to restrictions under applicable Governmental Requirement.
Operator shall cause the officers, employees, consultants, agents, accountants, attorneys and other
representatives of Operator to cooperate with Royal Gold and its Representatives in connection with
such investigation and examination, and Royal Gold and its Representatives shall cooperate with
Operator and their representatives and shall use their commercially reasonable efforts to minimize
any disruption to the business. No investigation pursuant to this Section 5(a) shall affect any
representation or warranty in this Agreement of any Party or any condition to the obligations of
the Parties.

     (b) Exclusivity. Prior to the Closing Date, Operator shall not, other than pursuant
to Metal Sales Contracts in respect of concentrates including Subject Minerals, (i) sell, assign,
lease, license, transfer or otherwise dispose of, or agree to sell, assign, lease, license,
transfer or otherwise dispose of, any interest in the production of Subject Minerals from the
Project or the Subject Properties (including entering into an Avío) or any other direct or indirect
transfer of an interest in the Project, the Ancillary Property Rights, the Subject Properties or
Operator’s other assets that would be inconsistent with, or would reasonably be expected to impede
or delay the

-25-

 

consummation of the Transactions, (ii) initiate, solicit, knowingly encourage or knowingly
facilitate (including by way of furnishing non-public information or assistance) any inquiries or
the making of any proposal or other action that constitutes, or may reasonably be expected to lead
to, any sale, assignment, lease, license, transfer or other disposition of any interest in the
production of Subject Minerals from the Project or the Subject Properties (including entering into
an Avío) or any other direct or indirect transfer of an interest in the Project, Subject Properties
or Operator’s other assets that would be inconsistent with, or would reasonably be expected to
impede or delay the consummation of the Transactions, or (iii) enter into discussions or negotiate
with any Person in furtherance of such inquiries or otherwise with respect to any sale, assignment,
lease, license, transfer or other disposition of any interest in the production of Subject Minerals
from the Project or the Subject Properties (including entering into an Avío) or any other direct
or indirect acquisition of an interest in the Project, the Ancillary Property Rights, the Subject
Properties or Operator’s assets that would be inconsistent with, or would reasonably be expected to
impede or delay the consummation of the Transactions. For the avoidance of doubt, the Parties
expressly acknowledge that notwithstanding the provisions of this Section 5(b), Operator will be
entitled to negotiate and enter into the Metal Sales Contracts and to provide information of
Operator and the Project required in connection therewith.

     (c) Appropriate Action; Consents; Filings.

	 	(i)	 	Upon the terms and subject to the conditions set forth in this
Agreement, the Parties shall use their commercially reasonable efforts to take,
or cause to be taken, all appropriate action, and do, or cause to be done, all
things required under applicable Governmental Requirements or otherwise to
consummate and make effective the Transactions contemplated by this Agreement
as promptly as practicable, including (A) executing and delivering any
additional instruments necessary, proper or advisable to consummate the
Transactions contemplated by, and to carry out fully the purposes of, this
Agreement, (B) obtaining from any Governmental Authorities any Approvals
required to be obtained or made by Royal Gold or Operator in connection with
the authorization, execution and delivery of this Agreement and the
consummation of the Transactions contemplated by this Agreement and (C) making
all necessary filings, and thereafter making any other required submissions,
with respect to this Agreement under any applicable Governmental Requirement;
provided, however that Royal Gold or Operator shall cooperate with each other
in connection with the making of all such filings, including providing copies
of all such documents to the non-filing Party and its advisors prior to filing
and discussing all reasonable additions, deletions or changes suggested in
connection therewith. Royal Gold or Operator shall furnish to each other all
information reasonably required for any application or other filing to be made
pursuant to any applicable Governmental Requirement in connection with the
Transactions contemplated by this Agreement.
	 
	 	(ii)	 	Except as the Parties may otherwise agree, Operator and Royal
Gold shall give any notices required to be given by any of them, as applicable,
to any third parties, and use their commercially reasonable efforts to obtain
at the

-26-

 

	 	 	 	earliest practicable date all third party Approvals, consents, or waivers
required to obtained by them, as applicable, in order to consummate the
Transactions contemplated in this Agreement.

	 	(iii)	 	Operator and Royal Gold shall use their commercially
reasonable efforts to (x) translate the Avío Agreement, in the form attached
hereto as Exhibit A, and the Royalty Agreement, in the form attached
hereto as Exhibit C, from the English language to the Spanish language
and to adapt them to comply with any legal requirements under Chilean law
applicable to public deeds, and (y) agree on the final versions of such
translations no later than 30 days following the date of this Agreement.
	 
	 	(iv)	 	Operator shall use its commercially reasonable efforts to enter
into one or more Metal Sales Contracts satisfying the requirements set forth in
Section 6(b)(viii) prior to September 30, 2009.
	 
	 	(v)	 	Operator shall cause the exploitation mining concessions
described in Part I of Exhibit B that are currently owned by Compañia
Minera Aur Resources Chile Limitada to be transferred to Operator and such
transfers shall be properly registered in the Mining Registry prior to May 15,
2009.
	 
	 	(vi)	 	The provisions of this Section 5(c)(vi) shall apply only to the
exploitation mining concessions (pertenencias) within the Shaded Area which are
south of the Dividing Line. In those cases where an individual exploitation
mining concession or a group of exploitation mining concessions is partially
within the Circular Boundary and partially outside the Circular Boundary,
Operator shall determine, following consultation with Royal Gold, which of the
individual exploitation mining concessions or exploitation mining concessions
comprising the corresponding group of exploitation mining concessions are
wholly or partially within the Circular Boundary, and the entire area of such
exploitation mining concessions will be subject to the Avío Agreement and the
prohibitions contemplated therein and the mortgages and prohibitions of the
Royalty Agreement. For greater certainty, those exploitation mining
concessions which are determined by Operator, following consultation with Royal
Gold, to be wholly outside the Circular Boundary will not be subject to the
Avío Agreement and the prohibitions contemplated therein and the prohibitions
granted therein and the mortgages and prohibitions of the Royalty Agreement.
Based on this determination, Operator, following consultation with Royal Gold,
shall prior to May 15, 2009 reduce that part of the Shaded Area which is south
of the Dividing Line to show shading of only those exploitation mining
concessions that are determined to be wholly or partially within the Circular
Boundary (the “South Area”).
	 
	 	(vii)	 	The provisions of this Section 5(c)(vii) shall apply only to
the exploitation mining concessions (pertenencias) north of the Dividing Line.
In those cases where an individual exploitation mining concession or a group of

-27-

 

	 	 	 	exploitation mining concessions is partially within the Shaded Area Boundary
and partially outside the Shaded Area Boundary, Operator shall determine,
following consultation with Royal Gold, which of the individual exploitation
mining concessions or exploitation mining concessions comprising the
corresponding group of exploitation mining concessions are wholly or
partially within the Shaded Area Boundary, and the entire area of such
exploitation mining concessions will be subject to the Avío Agreement and
the prohibitions contemplated therein and the mortgages and prohibitions of
the Royalty Agreement. For greater certainty, those exploitation mining
concessions which are determined by Operator, following consultation with
Royal Gold, to be wholly outside the Shaded Area Boundary will not be
subject to the Avío Agreement and the prohibitions contemplated therein and
the mortgages and prohibitions of the Royalty Agreement. Based on this
determination, Operator, following consultation with Royal Gold, shall prior
to May 15, 2009, increase that part of the Shaded Area which is north of the
Dividing Line to show shading of the portion lying outside the Shaded Area
Boundary of those individual exploitation mining concessions that are
determined to be wholly or partially located in the Shaded Area Boundary
(and such area north of the Dividing Line, as so increased, is referred to
herein as the “North Area”. The North Area together with the South Area is
collectively referred to herein as the “Adjusted Shaded Area”).

	 	(viii)	 	Operator shall, prior to May 15, 2009, following consultation with Royal
Gold, determine a list of the Universal Transverse Mercator coordinates
describing the perimeter of the Adjusted Shaded Area.
	 
	 	(ix)	 	Notwithstanding any other provision of this Agreement and even
if a Dayton Concession falls within or partially within the Shaded Area or
Adjusted Shaded Area, as the case may be, the Dayton Concessions that are
transferred to Dayton pursuant to the Dayton Agreement, will not be subject to
the Avío Agreement and the prohibitions contemplated therein, will not be
subject to the mortgages and prohibitions of the Royalty Agreement and will not
be Mining Properties or Subject Properties provided that such Dayton Concession
is transferred to Dayton under the Dayton Agreement; provided, however, that if
a Dayton Concession falls wholly or partially within the Shaded Area or
Adjusted Shaded Area and is re-acquired by Operator or any Affiliate of
Operator, such Dayton Concession will be subject to the Avío Agreement and the
prohibitions contemplated therein, will be subject to the mortgages and
prohibitions of the Royalty Agreement and will be part of the Mining Properties
and Subject Properties. Operator shall, following consultation with Royal
Gold, determine if any individual exploitation mining concession or group of
exploitation mining concessions that is wholly or partially within the Shaded
Area or the Adjusted Shaded Area, overlaps with any of the Dayton Concessions
and is required to be transferred to Dayton in order to permit the transfer of
the Dayton Concessions to Dayton free of any

-28-

 

	 	 	 	overlap in accordance with the Dayton Agreement (each an “Overlapping Dayton
Concession”). To the extent that an Overlapping Dayton Concession is
transferred to Dayton and not thereafter re-acquired, such Overlapping
Dayton Concession will not be subject to the Avío Agreement and the
prohibitions contemplated therein, will not be subject to the mortgages and
prohibitions of the Royalty Agreement and will not be Mining Properties or
Subject Properties. For greater certainty any interest in an Overlapping
Dayton Concession wholly or partially within the Shaded Area or the Adjusted
Shaded Area that is retained by Operator following a transfer of an interest
in Overlapping Dayton Concessions to Dayton in accordance with this
Agreement, will be subject to the Avío Agreement and the prohibitions
contemplated therein, will be subject to the mortgages and prohibitions of
the Royalty Agreement and will be part of the Mining Properties and Subject
Properties.

	 	(x)	 	The Parties shall, in accordance with such determinations in
Sections 5(c)(vi) through 5(c)(ix) prior to the Pre-Closing Date:

	 	(A)	 	amend Exhibit B of this Agreement to:
(I) amend the list of Mining Properties described in Part I to include
just those exploitation mining concessions located within the perimeter
of the Adjusted Shaded Area and if any Dayton Concession or Overlapping
Dayton Concession is transferred to Dayton to delete any such Dayton
Concessions and Overlapping Dayton Concessions; (II) amend Part II to
show the Adjusted Shaded Area and delete reference to the Shaded Area;
and (III) replace the list of Universal Transverse Mercator coordinates
in Part III to list only those Universal Transverse Mercator
coordinates of the perimeter of the Adjusted Shaded Area and the
Circular Boundary; and
	 
	 	(B)	 	revise the forms of Avío Agreement and Royalty
Agreement to: (I) revise the list of Mining Properties described in
Section 1(d) of each agreement to include just those exploitation
mining concessions located within the perimeter of the Adjusted Shaded
Area and if any Dayton Concession or Overlapping Dayton Concession is
transferred to Dayton to delete any such Dayton Concessions and
Overlapping Dayton Concessions; (II) revise Part I of Schedule
B of each agreement to show the Adjusted Shaded Area and delete
reference to the Shaded Area; and (III) replace the list of Universal
Transverse Mercator coordinates in Part II of Schedule B of
each agreement to list only those Universal Transverse Mercator
coordinates of the perimeter of the Adjusted Shaded Area.

	 	(xi)	 	Notwithstanding any other provision of this Agreement and even
if a Dayton Concession falls within or partially within the Shaded Area or
Adjusted Shaded Area, as the case may be, if for any reason after Closing,

-29-

 

	 	 	 	Operator determines, following consultation with Royal Gold, that any
Overlapping Dayton Concession must be transferred to Dayton in order to
permit the transfer to Dayton of the Dayton Concessions free of any overlap
in accordance with the Dayton Agreement, Royal Gold shall consent to the
transfer, and the release and cancellation of any registrations and
prohibitions in respect of such Overlapping Dayton Concession under the Avío
Agreement and any mortgages and prohibitions in respect of such Overlapping
Dayton Concession under the Royalty Agreement, and such Overlapping Dayton
Concession, upon the transfer to Dayton, will not be subject to the Avío
Agreement and the prohibitions contemplated therein and will not be subject
to the mortgages and prohibitions of the Royalty Agreement and will not be
Mining Properties or Subject Properties for the purposes herein or the Avío
Agreement and the Royalty Agreement.

	 	(xii)	 	If any Dayton Concession or Overlapping Dayton Concession is
transferred to Dayton, the Parties will execute all such further agreements,
deeds, instruments, or documents and do all such further actions as may be
necessary to:

	 	(A)	 	consent to and permit the transfer to Dayton of
any such Dayton Concession or Overlapping Dayton Concession, free and
clear of any Liens, in accordance with the Dayton Agreement;
	 
	 	(B)	 	release and cancel any registrations and
prohibitions in respect of any such Dayton Concession or Overlapping
Dayton Concession under the Avío Agreement and to release and cancel
any mortgages and prohibitions in respect of any such Dayton Concession
or Overlapping Dayton Concession under the Royalty Agreement;
	 
	 	(C)	 	revise, to the extent necessary, the form of
the Avío Agreement and the form of the Royalty Agreement prior to the
Pre-Closing Date to give effect to these matters; and
	 
	 	(D)	 	amend, to the extent necessary the Avío
Agreement and the Royalty Agreement on or after the Pre-Closing Date to
give effect to these matters.

	 	(xiii)	 	Notwithstanding any other provision of this Agreement, if for any reason
after Closing, Operator or any Affiliate of Operator re-acquires any Dayton
Concession or Overlapping Dayton Concession within or partially within the
Adjusted Shaded Area then such Dayton Concession or Overlapping Dayton
Concession within or partially within the Adjusted Shaded Area will be subject
to the Avío Agreement and the prohibitions contemplated therein; will be
subject to the mortgages and prohibitions of the Royalty Agreement; and will be
Mining Properties or Subject

-30-

 

	 	 	 	Properties for the purposes herein, the Avío Agreement and the Royalty
Agreement. The Parties will execute all such further agreements, deeds,
instruments, or documents and do all such further actions as may be
necessary to make any registrations and prohibitions in respect of any such
Dayton Concession or Overlapping Dayton Concession under the Avío Agreement
and grant any mortgages and prohibitions in respect of any such Dayton
Concession or Overlapping Dayton Concession under the Royalty Agreement.

     (d) Notice of Developments. Each of the Parties shall promptly notify the other Party
of any development or other information occurring after the date of this Agreement and prior to the
Closing Date which renders any representation, warranty or statement contained in this Agreement or
the Schedules hereto made by such Party inaccurate or incomplete at any time prior to the Closing,
including any such development or information which first becomes known to such Party after the
date hereof. Any written notice delivered pursuant to this Section 5(d) shall not amend the
Schedules in any way, nor shall it (or the information contained therein) modify, affect, limit or
otherwise qualify, in any way, the representations and warranties contained in this Agreement, or
be deemed to have cured any misrepresentation or breach of warranty that otherwise might have
existed hereunder by reason of the development or information. The delivery of any written notice
pursuant to this Section 5(d) shall not limit or otherwise affect the remedies available hereunder
to the Party receiving such notice.

     (e) Registration Statement. Royal Gold shall use its commercially reasonable efforts
to take, or cause to be taken, all appropriate action to cause the shares of Royal Gold Common
Stock that constitute the Share Portion to be issued pursuant to a registration statement, which
has become effective under the Securities Act (the “Registration Statement”).

     (f) Listing. Royal Gold shall promptly prepare and file with the NASDAQ Global Select
Market and the Toronto Stock Exchange any required notification for listing the shares of Royal
Gold Common Stock that constitute the Share Portion to be issued and delivered to Operator pursuant
to this Agreement, and Royal Gold shall use its commercially reasonable efforts to obtain, prior to
the Closing Date, any approval for the listing of such shares of Royal Gold Common Stock, subject
to notice to the NASDAQ Global Select Market and the Toronto Stock Exchange of issuance and
customary post-issuance filings, and Operator shall reasonably cooperate with respect to such
filings.

     (g) Drawdown on Credit Facilities. Royal Gold shall use its commercially reasonable
efforts to ensure that it will be entitled to draw down at Closing all advances under Royal Gold’s
committed credit facilities existing as of the date of this Agreement that Royal Gold needs to
drawdown upon in order to pay the Initial Cash Portion and consummate the Transactions contemplated
by this Agreement.

     (h) Publicity. Prior to the Closing Date, no Party nor any Affiliates thereof shall
issue any press release or public announcement concerning this Agreement or the Transactions
contemplated in this Agreement without obtaining the prior written approval of the other Party,
which approval will not be unreasonably withheld or delayed, unless, in the sole judgment of Royal
Gold or Operator, as applicable, disclosure is otherwise required by Governmental

-31-

 

Requirement or by the applicable rules of any securities exchange or marketplace on which
Royal Gold or Teck Cominco Limited lists its securities, provided, however that to the extent
required by any Governmental Requirement or by the applicable rules of any securities exchange or
marketplace, the Party intending to make such release, or whose Affiliates intends to make such
release, shall use its commercially reasonable efforts consistent with such Governmental
Requirement or applicable rules to consult with the other Parties with respect to the timing and
content thereof. Each Party agrees that the terms of this Agreement shall not be disclosed or
otherwise made available to the public and that copies of this Agreement shall not be publicly
filed or otherwise made available to the public, except where such disclosure, availability or
filing is required by any Governmental Requirement or by the applicable rules of any securities
exchange or marketplace and then only to the extent required by such Governmental Requirement or
applicable rules.

     (i) Maintenance of Insurance. Prior to the Closing Date, Operator will maintain, with
financially sound and reputable insurance companies, property, liability, business interruption,
construction and other insurance covering Operator and its operations, the Project, the Ancillary
Property Rights and the Subject Properties and covering at least such risks, liabilities, damages
and loss as are usually insured against at mining operations of similar size and scope in Chile.

     (j) Preservation of Existence, Etc. Prior to the Closing Date, Operator shall
preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its
incorporation or formation; and, Operator will maintain the qualifications required in view of its
business and operations or the ownership of its properties. Operator shall not (i) liquidate or
dissolve or (ii) enter into any consolidation, amalgamation or merger, or enter into any
partnership, joint venture or other combination where such combination involves a contribution by
Operator of all or substantially all of its assets, or sell, lease or dispose of its business or
assets as a whole or in an amount which constitutes substantially all of such assets, or sell,
lease or dispose of all or substantially all of the Subject Properties or the Ancillary Property
Rights, or enter into any agreement with respect to the foregoing or agree to do or undertake any
of the foregoing, unless in the case of any of the events set forth in clause (ii), (x) the
transferee or surviving Person has the financial wherewithal and either has the technical
wherewithal or has engaged a Person with the technical wherewithal, to assume all of Operator’s
obligations under this Agreement, (y) Operator shall provide Royal Gold with at least 60 days’
prior written notice to the occurrence of such event and (z) Operator shall deliver to Royal Gold a
written undertaking, in form and substance satisfactory to Royal Gold, acting reasonably, by the
Person receiving the Subject Properties and enforceable by Royal Gold, that it will be bound by the
terms and conditions of this Agreement.

     (k) Maintenance of the Project. Prior to the Closing Date, Operator shall not,
directly or indirectly, abandon, delay, forego or stop the exploration, development, construction
or operation of the Project, or abandon, relinquish, terminate or allow the termination of any
claim, lease, title or interest within or forming part of the Subject Properties or the Ancillary
Property Rights, or abandon, relinquish, terminate or allow the termination of any Approval
necessary for the development, construction or operation of the Project, except for cessation of
operations under care and maintenance or as a result of a Force Majeure.

-32-

 

     (l) Material Agreements. Prior to the Closing Date, Operator shall comply with the
terms and conditions of each of the Material Agreements except where any non-compliance could not
reasonably be expected to either cause a default under such Material Agreement or have a Material
Adverse Effect on Operator.

     (m) Compliance with Law. Prior to the Closing Date, Operator shall materially comply
with all applicable Governmental Requirements relating to Operator’s operations on or with respect
to the Subject Properties or the Ancillary Property Rights, including but not limited to
Environmental Laws; provided, however, Operator shall have the right to contest any of the same if
such contest does not jeopardize title to or its operations on the Subject Properties or the
Ancillary Property Rights or Royal Gold’s rights under this Agreement. Operator shall timely and
fully perform in all material respects all environmental protection and reclamation activities
required pursuant to applicable Governmental Requirements, including but not limited to
Environmental Laws, on or with respect to the Subject Properties or the Ancillary Property Rights.

     (n) Title Maintenance and Taxes. Prior to the Closing Date, Operator shall maintain,
preserve, protect and defend, at its own expense, its ownership of, title, rights or interests to
the Subject Properties and the Ancillary Property Rights, including, paying when due all patentes,
annual fees, Taxes, Liens and assessments, and doing all other things and making all other payments
necessary or appropriate to maintain the ownership, right, title or interest of Operator in the
Subject Properties and the Ancillary Property Rights and the rights of Royal Gold under this
Agreement.

     (o) Operations. Prior to the Closing Date, Operator shall engage solely in the
business of developing and operating the Subject Properties, the Ancillary Property Rights and the
Project and other prospective mineral properties, and in activities incidental thereto, in
accordance with good mining industry practices. Operator shall conduct all operations on or that
affect the Subject Properties or the Ancillary Property Rights in a good, workmanlike, safe and
efficient manner. Operator shall use all commercially reasonable efforts to diligently (i) pursue
completion of construction and completion of the Project and to cause such construction and
completion to occur in accordance with the Project schedules in the Project Studies and consistent
with prudent Project development practices; (ii) construct and complete the mill, plant, physical
facilities and infrastructure for the Project in accordance in accordance with the Project
schedules in the Project Studies and consistent with prudent Project development practices; and
(iii) develop, operate and manage the Project in all material respects in accordance with the
Governmental Requirements, the Approvals, and in accordance with the Project schedules in the
Project Studies and consistent with prudent Project development practices. Operator shall
diligently pursue all Approvals necessary for the development, construction and operation of the
Project that have not been obtained prior to the date of this Agreement. Operator shall maintain
in full force and effect, and diligently comply, in all material respect with the terms and
conditions of all Approvals necessary for the development, construction and operation of the
Project which have been obtained prior to or after the date of this Agreement, and Operator shall
diligently enforce, maintain and protect the rights and interests granted to it in connection with
such Approvals. Operator will use its reasonable commercial efforts to resolve any actual or
threatened withdrawal by any Governmental Authority or actual or threatened challenge by any

-33-

 

Person of any material Approval under Environmental Laws which is necessary for the
construction or operation of the Project.

     (p) Pre-Closing.

	 	(i)	 	The Parties will hold a pre-closing with respect to the
Transactions (the “Pre-Closing”) at the offices of Urenda, Rencoret, Orrego y
Dorr, Abogados, Av. Costanera Andrés Bello 2711, Piso 16 Las Condes — Santiago,
Chile, in the presence of a Notary Public designated by Royal Gold with prior
written notice to Operator:

	 	(x)	 	promptly following the satisfaction or waiver
of the conditions precedent set forth in Sections 6(a)(iv) and 6(b)(iv)
(Governmental and Other Approvals), Sections 6(a)(v) and 6(b)(v)
(Registration Statement), Section 6(a)(vi) (Listing), Section 6(b)(vi)
(Title Due Diligence) and Section 6(b)(viii) (Committed Metal Sales
Contract), and
	 
	 	(y)	 	subject to the satisfaction of each of the
other conditions precedent set forth in Section 6 (Conditions to
Closing) (other than such conditions precedent which by their nature
may only be satisfied at Closing including the Closing deliverables set
forth in Section 7 (Closing Arrangements)),

in case of both clauses (x) and (y) applying each such condition precedent,
mutatis mutandis, as if the Pre-Closing Date (as defined below) were the
Closing Date, but in no event later than September 30, 2009 (the
“Pre-Closing Date”). For purposes of greater certainty, (A) neither of the
Parties shall be obligated to proceed with the Pre-Closing if any of the
conditions of the preceding sentence in favor of such Party is not satisfied
prior to the Pre-Closing Date, (B) either Party may waive any condition in
favor of such Party and (C) the failure to proceed with the Pre-Closing
shall not otherwise relieve either of the Parties of any of its duties or
obligations under this Agreement.

	 	(ii)	 	At the Pre-Closing, Operator and Royal Gold shall each cause to
be executed by its duly authorized representative the Royalty Agreement, the
Avío Agreement and the Irrevocable Mandate, each by means of a public deed
granted before the designated Notary Public. Promptly following receipt of
legalized copies of the Royalty Agreement and the Avío Agreement from the
Notary Public, Operator and Royal Gold shall each use their commercially
reasonable efforts to request the registrations applicable at the relevant
Mining Register of the Avío Agreement and grant of prohibition contemplated
therein and the mortgages and grant of prohibition under the Royalty Agreement.
Following such registrations, (x) Operator and Royal Gold shall request that
the relevant Mining Register issue for each of the Subject Properties the
following certificates:

-34-

 

(A) mortgages and encumbrances; (B) interdictions and prohibitions and (C)
ownership, and (y) Operator will deliver to Royal Gold a legalized copy of
the registrations made evidencing the Avío Agreement and grant of
prohibition contemplated therein and the mortgages and grant of prohibition
under the Royalty Agreement.

     (q) Termination of Royalty Agreement and Avío Agreement. If the Closing has not
occurred on or before the Outside Date, the Parties acknowledge and hereby agree that
notwithstanding any provision of this Agreement, neither Party shall take any action, step, or
proceeding that shall in any way impede, prevent, challenge, object to or otherwise delay:

	 	(i)	 	the immediate termination of the Royalty Agreement or the Avío
Agreement;
	 
	 	(ii)	 	the performance of the Agent pursuant to the Irrevocable
Mandate;
	 
	 	(iii)	 	the execution and delivery by the Agent of the Deed of
Cancellation;
	 
	 	(iv)	 	the cancellation pursuant to the Deed of Cancellation, the
authority of the Agent under the Irrevocable Mandate or otherwise of:

	 	(A)	 	any registrations or prohibitions made or
granted under the Avío Agreement; and
	 
	 	(B)	 	any mortgages and prohibitions made or granted
under the Royalty Agreement.

     For purposes of greater certainty, the termination of the Royalty Agreement or the Avío
Agreement as contemplated under this Section 5(q) shall not result in a termination of this
Agreement under Section 8, unless this Agreement is terminated in accordance with the terms of
Section 8.

6. Conditions of Closing.

     (a) Conditions of Closing in Favor of Operator. The obligation of Operator to
complete the Transactions contemplated by this Agreement is subject to each of the following
conditions for the exclusive benefit of Operator being fulfilled or performed on or prior to the
Closing Date:

	 	(i)	 	Representations and Warranties. The representations
and warranties of Royal Gold contained in this Agreement shall be true and
correct in all respects on and as of the Closing Date with the same force and
effect as though such representations and warranties had been made at and as of
the Closing Date (except for any representation and warranty made as of
specific date, which shall have been true and correct as of such date),
provided, however that for purposes of determining the accuracy of the
representations and warranties of Royal Gold contained in this Agreement which
have “Material Adverse Effect” qualifications and other “material”

-35-

 

	 	 	 	and “materiality” qualifications limiting the scope of the representations
and warranties of Royal Gold contained in this Agreement or the scope of the
defined terms used in the representations and warranties of Royal Gold
contained in this Agreement,

	 	(A)	 	all “Material Adverse Effect” qualifications
and other “material” and “materiality” qualifications limiting the
scope of the representations and warranties of Royal Gold contained in
this Agreement shall be disregarded;
	 
	 	(B)	 	all “Material Adverse Effect” qualifications
and other “material” and “materiality” qualifications limiting the
scope of the defined terms used in the representations and warranties
of Royal Gold contained in this Agreement shall be disregarded; and
	 
	 	(C)	 	any inaccuracies in such representations and
warranties of Royal Gold will be disregarded if such inaccuracies
considered collectively do not constitute, and would not reasonably be
expected to have or result in, a Material Adverse Effect on Royal Gold;

	 	(ii)	 	Covenants. All of the terms, covenants, obligations
and conditions of this Agreement to be performed, observed or complied with by
Royal Gold on or before the Closing Date shall have been duly performed,
observed or complied with by Royal Gold;
	 
	 	(iii)	 	No Orders or Proceedings. No injunction or
restraining order or other decision, ruling or order of any Governmental
Authority of competent jurisdiction being in effect which prohibits, restrains,
materially limits or imposes material adverse conditions on, the Transactions
contemplated by this Agreement and no action or proceeding having been
instituted or remaining pending or having been threatened and not resolved
before any such Governmental Authority to restrain, prohibit, materially limit
or impose material adverse conditions on such contemplated Transactions;
	 
	 	(iv)	 	Governmental and Other Approvals. Any Approvals by any
Governmental Authorities, shareholders of Royal Gold or any other third parties
required to consummate the Transactions contemplated by this Agreement under
any applicable Governmental Requirements or otherwise shall have been obtained
and shall remain in full force and effect as of the Closing Date;
	 
	 	(v)	 	Registration Statement. The appropriate Registration
Statement relating to the shares of Royal Gold Common Stock that constitute the
Share Portion to be issued pursuant to this Agreement shall have become
effective under the Securities Act and shall not be the subject of any stop
order or proceeding seeking a stop order;

-36-

 

	 	(vi)	 	Listing. NASDAQ Global Select Market and the Toronto
Stock Exchange shall have conditionally agreed to list the shares of Royal Gold
Common Stock that will constitute the Share Portion to be issued pursuant to
this Agreement, subject to receipt of ordinary course post-closing filings; and
	 
	 	(vii)	 	Approvals Under Environmental Laws. As of any Closing
Date (but not upon a postponed Closing Date, if Royal Gold has elected to
postpone the Closing Date by ten business days in accordance with Section
2(i)(iii), no material Approval under any Environmental Laws, which is
necessary for the construction or operation of the Project, will be either: (x)
withdrawn or threatened to be withdrawn by any Governmental Authority; or (y)
challenged or threatened to be challenged by any Person on non-frivolous
grounds; provided that (A) Operator has provided written notice to Royal Gold
prior to such proposed Closing Date describing in reasonable detail the factual
circumstances giving rise to the condition set out in this Section 6(a)(vii)
not having been met and (B) Royal Gold has not on or prior to the Closing Time
irrevocably waived its right to indemnity pursuant to Section 9(f)(i)(E) by
written notice to Operator. For purposes of greater certainty, if Royal Gold
has waived its right to indemnity pursuant to Section 9(f)(i)(E), the Closing
condition set forth in this Section 6(a)(vii) shall be deemed to be waived by
Operator subject to the Closing occurring.

     (b) Conditions of Closing in Favor of Royal Gold. The obligations of Royal Gold to
complete the Transactions contemplated by this Agreement are subject to each of the following
conditions for the exclusive benefit of Royal Gold, being fulfilled or performed on or prior to the
Closing Date:

	 	(i)	 	Representations and Warranties. The representations
and warranties of Operator contained in this Agreement shall be true and
correct in all respects on and as of the Closing Date with the same force and
effect as though such representations and warranties had been made at and as of
the Closing Date (except for any representation and warranty made as of
specific date, which shall have been true and correct as of such date),
provided, however that for purposes of determining the accuracy of the
representations and warranties of Operator contained in this Agreement which
have “Material Adverse Effect” qualifications and other “material” and
“materiality” qualifications limiting the scope of the representations and
warranties of Operator contained in this Agreement or the scope of the defined
terms used in the representations and warranties of Operator contained in this
Agreement,

	 	(A)	 	all “Material Adverse Effect” qualifications
and other “material” and “materiality” qualifications limiting the
scope of the representations and warranties of Operator contained in
this Agreement shall be disregarded;

-37-

 

	 	(B)	 	all “Material Adverse Effect” qualifications
and other “material” and “materiality” qualifications limiting the
scope of the defined terms used in the representations and warranties
of Operator contained in this Agreement shall be disregarded; and
	 
	 	(C)	 	any inaccuracies in such representations and
warranties of Operator will be disregarded if such inaccuracies
considered collectively do not constitute, and would not reasonably be
expected to have or result in, a Material Adverse Effect on Operator;

	 	(ii)	 	Covenants. All of the terms, covenants, obligations
and conditions of this Agreement to be performed, observed or complied with by
Operator on or before the Closing Date shall have been duly performed, observed
or complied with by Operator;
	 
	 	(iii)	 	No Orders or Proceedings. No injunction or
restraining order or other decision, ruling or order of any Governmental
Authority of competent jurisdiction being in effect which prohibits, restrains,
materially limits or imposes material adverse conditions on, the Transactions
contemplated by this Agreement and no action or proceeding having been
instituted or remaining pending or having been threatened and not resolved
before any such Governmental Authority to restrain, prohibit, materially limit
or impose material adverse conditions on such contemplated Transactions;
	 
	 	(iv)	 	Governmental and Other Approvals. Any Approvals by any
Governmental Authorities, shareholders of Operator or any other third parties
required to consummate the Transactions contemplated by this Agreement under
any applicable Governmental Requirements or otherwise shall have been obtained
and shall remain in full force and effect as of the Closing Date;
	 
	 	(v)	 	Registration Statement. The appropriate Registration
Statement relating to the shares of Royal Gold Common Stock that constitute the
Share Portion to be issued pursuant to this Agreement shall have become
effective under the Securities Act and shall not be the subject of any stop
order or proceeding seeking a stop order;
	 
	 	(vi)	 	Title Due Diligence. Royal Gold shall have completed
its due diligence investigation of the patentes related to or affecting the
Project or the Subject Properties to Royal Gold’s satisfaction in its sole
judgment, provided that no information or knowledge obtained in such
investigation shall affect or modify any representation or warranty of Operator
contained in this Agreement regardless of whether such information is disclosed
on any Exhibit or Schedule to this Agreement;

-38-

 

	 	(vii)	 	Financial Commitments. Royal Gold shall be entitled to
draw down all advances under Royal Gold’s committed credit facilities existing
as of the date of this Agreement that Royal Gold needs in order to pay the
Initial Cash Portion and consummate the Transactions contemplated by this
Agreement;
	 
	 	(viii)	 	Committed Metals Sales Contracts. Operator shall have entered into
committed Metal Sales Contracts on terms consistent with industry practice for
the sale of a minimum of 255,000 tonnes of copper concentrate per annum for a
period of not less than three years, and such Metals Sales Contracts shall not
have been terminated; and
	 
	 	(ix)	 	Approvals Under Environmental Laws. As of the Closing
Date, no material Approval under any Environmental Laws, which is necessary for
the construction or operation of the Project, will be either: (x) withdrawn or
threatened to be withdrawn by any Governmental Authority; or (y) challenged or
threatened to be challenged by any Person.

7. Closing Arrangements.

     (a) Operator’s Closing Deliveries. At the Closing, Operator shall deliver, or cause
to be delivered, the following to Royal Gold:

	 	(i)	 	a certificate of Operator dated as of the Closing Date,
executed by an authorized senior officer of Operator, certifying that the
conditions set forth in Section 6(b)(i) (Representations and Warranties) and
Section 6(b)(ii) (Covenants) have been duly satisfied;
	 
	 	(ii)	 	evidence by the relevant notary public that the Royalty
Agreement has been executed by Operator and recorded into the Notary’s registry
(repertorio) and authorized copies of the due registration and certificates
evidencing the due registration of the mortgages and grant of prohibition under
the Royalty Agreement from the Mining Registry evidencing that no Liens have
been made with respect to the Subject Properties, other than those in favor of
Royal Gold or as set forth in Schedule 3(h);
	 
	 	(iii)	 	evidence by the relevant notary public that the Avío Agreement
has been executed by Operator and recorded into the Notary’s registry
(repertorio) and authorized copies of the due registration and certificates
evidencing the due registration of the Avío Agreement and grant of prohibition
contemplated therein from the Mining Registry evidencing that no Liens have
been made with respect to the Subject Properties, other than those in favor of
Royal Gold or as set forth in Schedule 3(h);
	 
	 	(iv)	 	a duly executed registration rights agreement, in the form
attached hereto as Exhibit E (the “Registration Rights Agreement”);

-39-

 

	 	(v)	 	a legal opinion of Carey y Cia., counsel to Operator, dated as
of the Closing Date, in the form attached hereto as Exhibit F;
	 
	 	(vi)	 	certified copies of resolutions of the directors and
shareholders of Operator approving the Transactions contemplated by this
Agreement and the execution and delivery of this Agreement and all documents,
instruments and agreements required to be executed and delivered by Operator
pursuant to this Agreement and the performance by Operator of its rights and
obligations thereunder;
	 
	 	(vii)	 	copies of the Metal Sales Contracts satisfying the
requirements set forth in Section 6(b)(viii);
	 
	 	(viii)	 	copies of evidence that the mining concessions described in Section 5(c)(v)
have been properly registered to Operator; and
	 
	 	(ix)	 	such other transfers, assignments and other documentation in
form and substance agreed to by the Parties, acting reasonably, required to
carry out the Transactions contemplated by this Agreement.

     (b) Royal Gold’s Closing Deliveries. At the Closing, Royal Gold shall deliver, or
cause to delivered, the following to Operator:

	 	(i)	 	a certificate of Royal Gold, dated as of the Closing Date,
executed by an authorized senior officer of Royal Gold, certifying that
certifying the conditions set forth in Section 6(a)(i) (Representations and
Warranties) and Section 6(a)(ii) (Covenants) have been duly satisfied;
	 
	 	(ii)	 	evidence by the relevant notary public that the Royalty
Agreement has been executed by Royal Gold and recorded into the Notary’s
registry (repertorio);
	 
	 	(iii)	 	evidence by the relevant notary public that the Avío Agreement
has been executed by Royal Gold and recorded into the Notary’s registry
(repertorio);
	 
	 	(iv)	 	a duly executed Registration Rights Agreement;
	 
	 	(v)	 	legal opinions of Hogan & Hartson L.L.P. and Urenda, Rencoret,
Orrego y Dorr, Abogados, counsel to Royal Gold dated as of the Closing Date, in
the forms attached as Exhibits G-1 and G-2;
	 
	 	(vi)	 	payment of the Cash Portion, in cash or other immediately
available funds, by wire transfer, in accordance with the written instructions
of Operator;
	 
	 	(vii)	 	irrevocable instructions to Royal Gold’s transfer agent to
issue a certificate registered in the name of Operator representing the number
of shares of

-40-

 

	 	 	 	Royal Gold Common Stock equal to the Share Portion and bearing the
restrictive legends set forth in the Stockholder Agreement on the reverse
side of such certificate and to ship such certificate via overnight delivery
to such address designated by Operator in writing; and

	 	(viii)	 	certified copies of resolutions of the directors of Royal Gold approving the
Transactions contemplated by this Agreement and the execution and delivery of
this Agreement and all documents, instruments and agreements required to be
executed and delivered by Royal Gold pursuant to this Agreement and the
performance by Royal Gold of its rights and obligations thereunder.

     (c) Concurrent Delivery. It shall be a condition of the Closing that all matters of
payment and the execution and delivery of documents by any Party to the other Party pursuant to the
terms of this Agreement shall be concurrent requirements and that nothing will be complete at the
Closing until everything required as a condition precedent to the Closing has been paid, executed
and delivered, as the case may be.

8. Termination. This Agreement may be terminated at any time (except where otherwise
indicated) prior to the Closing, whether before or after approval of this Agreement (unless
otherwise set forth below), as follows:

     (a) by mutual written consent of Royal Gold and Operator;

     (b) by Royal Gold,

	 	(i)	 	if there has been a breach or failure to perform any covenant or
agreement on the part of Operator that causes any of the conditions provided in
Section 6(b) not to be met and such breach or failure has not been cured (if
curable) within 15 days following receipt by Operator of written notice of such
breach describing the extent and nature thereof in reasonable detail; or
	 
	 	(ii)	 	if there has been any event, change, occurrence or circumstance
that renders the conditions set forth in Section 6(b) incapable of being
satisfied by the later of October 30, 2009 or the postponed Closing Date if
Royal Gold has elected on or after October 16, 2009 to postpone the Closing Date
by ten business days in accordance with Section 2(i)(iii) (the “Outside Date”);

-41-

 

     (c) by Operator,

	 	(i)	 	if there has been a breach or failure to perform any covenant or
agreement on the part of Royal Gold that causes any of the conditions provided
in Section 6(a) not to be met and such breach or failure has not been cured (if
curable) within 15 days following receipt by Royal Gold of written notice of
such breach describing the extent and nature thereof in reasonable detail; or
	 
	 	(ii)	 	if there has been any event, change, occurrence or circumstance
that renders the conditions set forth in Section 6(a) incapable of being
satisfied by the Outside Date;

     (d) by either:

	 	(i)	 	Royal Gold; or
	 
	 	(ii)	 	Operator,

if there shall be in effect a final, unappealable order restraining, enjoining or otherwise
prohibiting the consummation of the Transactions contemplated by this Agreement; provided, however,
that the Party seeking to terminate this Agreement pursuant to this Section 8(d) shall not have
initiated such proceeding or taken any action in support of such proceeding (it being agreed that
the Parties shall use their commercially reasonable efforts to promptly appeal any such order that
is appealable and diligently pursue such appeal); or

     (e) by either:

	 	(i)	 	Royal Gold; or
	 
	 	(ii)	 	Operator,

on or after the Outside Date if the Closing shall not have occurred by the close of business on
such date (unless the failure to consummate the Closing is attributable to a breach of this
Agreement on the part of the Party seeking to terminate this Agreement); provided, however, that
the terminating Party is not in material default of any of its obligations hereunder.

     In the event of termination of this Agreement by (i) Royal Gold, (ii) Operator, or (iii) the
mutual agreement of all Parties pursuant to this Section 8, written notice thereof shall be given
to the other Party and this Agreement shall terminate without any further action by any of the
Parties.

     Upon the termination of this Agreement in accordance with this Section 8, each of the Parties
shall be relieved of any further duties and obligations under this Agreement after the date of such
termination; provided, however that no such termination shall relieve any Party hereto from
liability for any material breach of any covenant or obligation contained in this Agreement or for
any intentional and material breach of any representation or warranty contained in this Agreement;
provided, further that the obligations of the Parties set forth in Section 5(h), Section

-42-

 

8 and Sections 9(a)-(g), (m), (o) and (s) shall survive any such termination and shall be
enforceable after such termination.

     Neither Royal Gold nor Operator may rely on the failure of any condition set forth in Sections
6(a) or 6(b) to be satisfied as a basis for the termination of this Agreement if such failure was
caused by such Party’s failure to comply with or perform any of its covenants or obligations set
forth in this Agreement.

9. Miscellaneous.

     (a) Governing Law. This Agreement is to be governed by and construed under the laws
of the State of Colorado, without giving effect to those principles of conflicts of laws that might
otherwise require application of the laws of any other jurisdiction.

     (b) Dispute Resolution.

	 	(i)	 	If for any reason any Dispute arising under this Agreement,
either Party may deliver written notice to the other Party regarding such
Dispute and the Dispute shall be determined by arbitration as provided in this
Section 9(b). THE PARTIES HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY ACTION, SUIT, PROCEEDING, CLAIM OR COUNTERCLAIM ARISING FROM OR
CONNECTED WITH THIS AGREEMENT.
	 
	 	(ii)	 	All Disputes shall be referred to and finally resolved by
arbitration under the Rules of Arbitration of the International Chamber of
Commerce (“ICC”). The number of arbitrators shall be three. The place of
Arbitration shall be Houston, Texas, USA. The language of the Arbitration shall
be English. Judgment may be entered upon an award in any court of competent
jurisdiction.
	 
	 	(iii)	 	The Party referring a Dispute to arbitration hereunder shall
appoint an arbitrator in the arbitration petition and the respondent Party
shall appoint an arbitrator in its response. If within 30 days after the date
of the arbitration petition, the respondent has not appointed an arbitrator,
such arbitrator shall be appointed by the ICC. Within 30 days of their
appointment, the two arbitrators so appointed shall appoint a third arbitrator
who shall preside over the arbitration panel. If the two arbitrators cannot
agree on a third arbitrator within such 30 day period, the third arbitrator
shall be appointed by the ICC.
	 
	 	(iv)	 	Notwithstanding the provisions of Section 9(b)(i), the arbitral
tribunal shall have the power to grant interim measures of protection, but,
without derogating from the commitment to arbitrate or the power of the
arbitral tribunal to grant such measures, it shall not be inconsistent with
this Agreement for a party to apply to a court of competent jurisdiction for an

-43-

 

	 	 	 	interim measure of protection pending the commencement or completion of
arbitration.

	 	(v)	 	In any arbitration, or in any court proceeding authorized to be
taken under this Agreement, the arbitral tribunal or the court, as the case may
be, shall in addition to any other relief, be entitled to make an award or
enter a judgment, as the case may be, for reasonable attorney’s fees and
disbursements, including experts witness fees, and any other costs of the
proceeding. The arbitration panel may only award damages as provided for under
the terms of this Agreement and in no event may punitive, consequential or
special damages be awarded.
	 
	 	(vi)	 	If contemporaneous Disputes arise under this Agreement, a
single arbitration may be commenced in respect of the Disputes.

     (c) Notices. Unless otherwise provided in this Agreement, any notice or other
correspondence required or permitted by this Agreement shall be deemed to have been properly given
or delivered when made in writing and hand-delivered to the Party to whom directed, or when given
by facsimile transmission, with all necessary delivery charges fully prepaid (or in the case of a
facsimile, upon confirmation of receipt), and addressed to the Party to whom directed at the
following address:

If to Operator:

Compañía Minera Carmen de Andacollo

c/o Teck Operaciones Mineras Chile Ltda.

Avenida Vitacura 2939, Piso 24

Las Condes, Santiago, Chile

Attention: Christian Arentsen

Facsimile: (56-2) 464 5794

with a copy, which shall not constitute notice, to:

Borden Ladner Gervais LLP

1200 Waterfront Centre

200 Burrard Street, P.O. Box 48600

Vancouver, British Columbia, V7X 1T2 Canada

Attention: Fred R. Pletcher

Facsimile: (604) 687-1415

If to Royal Gold:

Royal Gold, Inc.

1660 Wynkoop Street, Suite 1000

Denver, CO 80202-1132 USA

Attention: Vice President and General Counsel

Facsimile: (303) 595-9385

-44-

 

with a copy, which shall not constitute notice, to:

Hogan & Hartson L.L.P.

One Tabor Center

1200 Seventeenth Street, Suite 1500

Denver, CO 80202 USA

Attention: Paul Hilton, Esq.

Facsimile: (303) 899-7333

     Any Party may change its address for the purpose of notices or communications by furnishing
notice thereof to the other Party in the manner provided in this Section 9(c).

     (d) Assignment. This Agreement shall inure to the benefit of and shall be binding on
and enforceable by the Parties and, where the context so permits, their respective permitted
successors and permitted assigns. No Party may assign all or any part of its rights, liabilities
and obligations under this Agreement without the prior written consent of the other Party to this
Agreement, except that Royal Gold may assign all or any part of its rights, liabilities and
obligations under this Agreement, to any directly or indirectly wholly-owned Subsidiary of Royal
Gold, provided that:

	 	(i)	 	such Subsidiary covenants with Operator to be bound by the
terms and conditions of this Agreement and any amendments hereto;
	 
	 	(ii)	 	such Subsidiary shall first have covenanted with Operator that
if at any time thereafter and prior to the Closing Date it ceases or proposes
to cease to be a Subsidiary of Royal Gold then such Subsidiary shall
immediately, and effective prior to ceasing to be a Subsidiary of the Royal
Gold, assign all or any part of its rights, liabilities and obligations under
this Agreement back to Royal Gold;
	 
	 	(iii)	 	Royal Gold shall covenant that if at any time thereafter and
prior to the Closing Date the Subsidiary ceases or proposes to cease to be an
Affiliate of Royal Gold then such Subsidiary shall immediately, and prior to
ceasing to be a Subsidiary, assign to Royal Gold all or any part of its rights,
liabilities and obligations under this Agreement; and
	 
	 	(iv)	 	any assignment by Royal Gold will not release Royal Gold of its
obligation to issue the shares of Royal Gold Common Stock that constitute the
Share Portion to be issued and registered in the name of Operator pursuant to
this Agreement.

     (e) Survival. All covenants, agreements, and indemnities made under this Agreement
shall survive the execution and delivery of this Agreement and shall survive the Closing Date until
such covenants, agreements and indemnities have been performed or satisfied in accordance with the
terms thereof. All representations and warranties made under this Agreement shall survive the
execution and delivery of this Agreement and shall survive the Closing Date for a

-45-

 

period of two years from the Closing Date, except that any representation and warranty shall
not terminate with respect to any item as to which a Party seeking indemnification under Section
9(f) has, prior to the expiration of such two year period, previously made a claim against the
other indemnifying Party by delivering written notice in accordance this Agreement.

     (f) Indemnification.

	 	(i)	 	Subject to Section 9(f)(iii), Operator agrees to indemnify
Royal Gold from and against, and to hold Royal Gold harmless from any and all
liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, claims, expenses or disbursements of any kind whatsoever
(collectively “Losses”) which may at any time be imposed on, incurred by or
asserted against Royal Gold in any way relating to or arising out of (A) any
breach by Operator or any misrepresentation or inaccuracy of any representation
or warranty of Operator contained in this Agreement or in any document,
instrument or agreement delivered pursuant hereto other than the Avío Agreement
and Royalty Agreement; (B) any breach or non-performance by Operator of any
covenant or agreement to be performed by Operator contained in this Agreement
or in any document, instrument or agreement delivered pursuant hereto other
than the Avío Agreement and Royalty Agreement; (C) except as set forth on
Schedule 3(c), the failure of Operator on or prior to the Closing Date
to comply with any Governmental Requirement, including any Governmental
Requirement or Approvals relating to environmental protection and reclamation
obligations, with respect to the Subject Properties or the Ancillary Property
Rights; (D) the physical environmental condition of the Subject Properties or
the Ancillary Property Rights and matters of health or safety related to the
Subject Properties or Ancillary Property Rights on or prior to the Closing Date
or any action or claim brought with respect to either; and (E) if both Parties
have waived their respective conditions to Closing in Sections 6(a)(vii) and
6(b)(ix) (but not in the case where Operator has been deemed to have waived
such condition to Closing pursuant to the final sentence of Section 6(a)(vii)),
any actual or threatened withdrawal by any Governmental Authority, as at the
Closing Date, of any material Approval under Environmental Laws which is
necessary for the construction or operation of the Project, or any actual or
threatened challenge by any Person, as at the Closing Date, to any material
Approval under Environmental Laws which is necessary for the construction or
operation of the Project.
	 
	 	(ii)	 	Subject to Sections 9(f)(iii), Royal Gold agrees to indemnify
Operator from and against, and to hold Operator harmless from, any and all
Losses which may at any time be imposed on, incurred by or asserted against
Operator in any way relating to or arising out of (A) any breach by Royal Gold
or any misrepresentation or inaccuracy of any representation or warranty of
Royal Gold contained in this Agreement or in any document, instrument or
agreement delivered pursuant hereto other than the Avío

-46-

 

	 	 	 	Agreement and Royalty Agreement; and (B) any breach or non-performance by
Royal Gold of any covenant or agreement to be performed by Royal Gold
contained in this Agreement or in any document, instrument or agreement
delivered pursuant hereto other than the Avío Agreement or Royalty
Agreement.

	 	(iii)	 	In no event will either Party be liable to the other Party for
any lost profits or incidental, indirect, speculative, consequential, special,
punitive, or exemplary damages of any kind (whether based in contract, tort,
including negligence, strict liability, fraud, or otherwise, or statutes,
regulations, or any other theory) arising out of or in connection with this
Agreement, even if advised of such potential damages.

     (g) Expenses. Each of the Parties agrees to bear and pay its own costs and expenses
incurred in connection with the preparation, execution, delivery and performance of this Agreement
and the other Transaction Documents (“Transaction Expenses”), provided, however that Operator shall
pay all of the Transaction Expenses incurred by Royal Gold if Operator terminates this Agreement in
accordance with Section 8 or otherwise decides not to proceed with the Transactions unless Royal
Gold is in material breach of any of its obligations under this Agreement at the time of such
termination.

     (h) Further Assurances. The Parties shall from time to time execute all such further
instruments and documents and do all such further actions as may be necessary to effectuate the
purposes of this Agreement.

     (i) Force Majeure. The obligation of Operator in respect of the development,
construction, and operation of the Project and shipment of copper concentrate to any smelter,
refiner or other processor or purchaser under any Metal Sales Contract shall be suspended to the
extent and for the period that performance is prevented by any cause, whether foreseeable or
unforeseeable, beyond its reasonable control (except for lack of funds), including, without
limitation, labour disputes (however arising and whether employee demands are reasonable or within
the power of the parties to grant); acts of God; laws, regulations, orders, proclamations,
instructions or requests of any government or governmental entity; judgments or orders of any
court; inability to obtain on reasonably acceptable terms any public or private license, permit or
other authorization; curtailment or suspension of activities to remedy or avoid an actual or
alleged, present or prospective violation of federal, territorial or local environmental standards;
acts of war, whether declared or undeclared; riot, civil strife, insurrection or rebellion; fire,
explosion, earthquake, storm, flood, sink holes, drought or other adverse weather conditions; delay
or failure by suppliers or transporters of materials, machinery, equipment, supplies, utilities or
services; accidents; breakdown of equipment, machinery or facilities; or any other cause whether
similar or dissimilar to the foregoing beyond the reasonable control of Operator (“Force Majeure”).
Operator shall promptly give notice to Royal Gold of the suspension of performance, stating
therein the nature of the suspension, the reasons therefore, and the expected duration thereof.
Operator shall resume performance as soon as reasonably possible. Except as expressly set forth in
Sections 9(i) and 5(k), the obligations of Operator under this Agreement shall not be affected by
any Force Majeure.

-47-

 

     (j) Nature of Interests. All of the covenants, conditions, and terms of this
Agreement shall (i) be of benefit to the Parties, and (ii) bind and inure to the benefit of the
Parties and their permitted successors and assigns.

     (k) No Partnership. Nothing in this Agreement shall be construed to create, expressly
or by implication, a joint venture, mining partnership, commercial partnership, or other
partnership of any kind or as imposing upon any Party any partnership duty, obligation or liability
or any fiduciary duty, obligation or liability to any other Party at any time before or after the
Closing Date.

     (l) Specific Performance. Without limiting or waiving in any respect any rights or
remedies of the Parties under this Agreement now or hereafter existing at law in equity or by
statute, Royal Gold shall be entitled to such specific performance of the obligations to be
performed by Operator hereto in accordance with the provisions of this Agreement and Operator shall
be entitled to specific performance of the obligations of Royal Gold set forth in Sections 5(q) and
5(c)(vi) through 5(c)(xiii) of this Agreement and such remedies shall, however, be cumulative and
not exclusive and shall be in addition to any other remedies which Royal Gold or Operator may have
under this Agreement or otherwise.

     (m) Business Opportunity. Except as expressly provided in this Agreement and the
other Transaction Documents, each Party shall have the right independently to engage in and receive
full benefits from its business activities, whether or not competitive with the other Party,
without consulting the other Party. The doctrines of “corporate opportunity” or “business
opportunity” shall not be applied to any other activity of any Party at any time before or after
the Closing Date.

     (n) Time of the Essence. Time is of the essence in this Agreement.

     (o) Entire Agreement. This Agreement, together with the Confidentiality Agreement,
and the other Transaction Documents and the Schedules and Exhibits attached hereto and thereto are
the complete expression of the entire agreement of the Parties, and no oral promise, statement or
representation not contained herein shall be binding on the Parties unless reduced to writing and
signed by the Parties. Subject to express covenants of the Parties contained in Section 5(q) of
this Agreement, if during the period of time following the signing of the Avío Agreement and the
Royalty Agreement and prior to the Closing Date there are any discrepancies between the legal
interpretations of either:

	 	(i)	 	the adjustments to the Cash Portion and the Share Portion set
forth in Sections 2(b) through 2(h) of this Agreement and the provisions of
Schedule D of the Royalty Agreement, or
	 
	 	(ii)	 	the conditions of closing in Section 6 and closing arrangements
in Section 7 of this Agreement and the Condiciones Suspensivas,

then the Parties hereby agree and acknowledge that (x) the provision of this Agreement shall
govern; and (y) subject to the express covenants of the Parties contained in Section 5(q) of this
Agreement, any Dispute with respect to such matters on or prior to Closing shall be governed by

-48-

 

the provisions of Section 9(b) of this Agreement and not the dispute resolution provisions of the
Avío Agreement or Royalty Agreement.

     (p) Waiver and Amendment. This Agreement may not be amended, modified or changed, nor
shall any waiver of any provision hereof be effective, except by means of a written instrument that
has been executed by the Party or Parties to be bound.

     (q) Counterparts; Exchange by Facsimile or Electronic Delivery. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute but one single instrument. This Agreement may be delivered by facsimile
or electronic delivery.

     (r) Taxes.

	 	(i)	 	If any Taxes are required by Law to be deducted from or in
respect of any amounts payable to Royal Gold hereunder:

	 	(A)	 	Royal Gold will receive an amount equal to the
sum it would have received if such deduction had not been made, less
the amount of such deduction;
	 
	 	(B)	 	Operator will make such deductions; and
	 
	 	(C)	 	Operator will pay the full amount deducted to
the relevant taxing authority in accordance with applicable law, and
Operator will promptly furnish to Royal Gold written proof of such
payment.

	 	(ii)	 	If Operator fails to pay any Taxes when due to the appropriate
taxing authority, Operator will indemnify Royal Gold for any incremental Taxes,
interest or penalties that may become payable by Royal Gold as a result of any
such failure.
	 
	 	(iii)	 	Operator shall be responsible for and shall pay when due any
excise Taxes (goods and services Taxes), stamp duties, sales and use Taxes and
similar Taxes and any registration fees payable in respect of the sale and
transfer of the Royalty to Royal Gold or the Parties entering into the Avío
other than Taxes assessed on Royal Gold under the law of the jurisdiction in
which it is incorporated or, if different, the jurisdiction (or jurisdictions)
in which Royal Gold is treated as resident for tax purposes.

     (s) No Brokers or Commissions. Each of the Parties acknowledges, agrees and
represents and warrants to the other Parties that it has not engaged any broker, agent or other
intermediary to act on its behalf on connection with the Transactions contemplated by this
Agreement and that it is not aware of any current or possible future claim for any brokerage,
agency or finder’s fee or commission in connection with the Transactions contemplated by this
Agreement and that if any such claim should arise through, or under, or by virtue of any action
taken by any party, such Party shall indemnify and hold harmless the others in respect thereof.

-49-

 

     IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the
date first set forth above.

	 	 	 	 	 
	 	COMPAÑÍA MINERA CARMEN DE ANDACOLLO

 	 
	 	By:  	/s/
 David Baril 	 
	 	 	Print Name:  	David Baril 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	/s/
Christian Arensten 	 
	 	 	Print Name:  	Christian Arensten 	 
	 	 	Title:  	Director 	 
	 
	 	ROYAL GOLD, INC.

 	 
	 	By:  	/s/
Tony Jensen 	 
	 	 	Print Name:  	Tony Jensen 	 
	 	 	Title:  	President
and CEO 	 
	 

 

 

EXHIBIT A

Form of Avío Agreement

(Attached)

 

 

EXHIBIT B

Mining Properties

Part I — Mining Properties

“Mining Properties” mean:

	 	1.	 	Exploitation mining concession named “Aconcagua” the surveys and titles of
which are currently registered on page 507 number 86 of the Property Registry of the
Mines Registry Andacollo of the year 1996 (National Rol No 04106-0046-3);
	 
	 	2.	 	Exploitation mining concession named “Adolfo” the surveys and titles of which
are currently registered on page 616 number 107 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0366-7);
	 
	 	3.	 	Exploitation mining concession named “Aguada” the surveys and titles of which
are currently registered on page 120 number 24 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0057-9);
	 
	 	4.	 	Exploitation mining concessions named “Aldo 1 to 50” the surveys and titles of
which are currently registered on page 441 number 79 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0569-5);
	 
	 	5.	 	Exploitation mining concession named “Andrea” the surveys and titles of which
are currently registered on page 242 number 48 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04104-0594-6);
	 
	 	6.	 	Exploitation mining concessions named “Anita 1 al 15” the surveys and titles of
which are currently registered on page 260 number 52 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0385-3);
	 
	 	7.	 	Exploitation mining concessions named “Antofagasta 1 al 2” the surveys and
titles of which are currently registered on page 536 number 92 of the Property Registry
of the Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0089-7);
	 
	 	8.	 	Exploitation mining concessions named “Antonio 1 al 17” the surveys and titles
of which are currently registered on page 275 number 54 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0571-7);

 

 

	 	9.	 	Exploitation mining concessions named “Antonio 1 al 23” the surveys and titles
of which are currently registered on page 28 number 8 of the Property Registry of the
Mines Registry of Ovalle of the year 1996 (National Rol No 04202-0295-4);
	 
	 	10.	 	Exploitation mining concession named “Arica” the surveys and titles of which
are currently registered on page 527 number 90 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0282-2);
	 
	 	11.	 	Exploitation mining concession named “Atacama” the surveys and titles of which
are currently registered on page 517 number 88 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0049-8);
	 
	 	12.	 	Exploitation mining concessions named “Blanca 1 al 2” the surveys and titles of
which are currently registered on page 306 number 123 of the Property Registry of the
Mines Registry of Ovalle of the year 1991 (National Rol No 04202-0202-4);
	 
	 	13.	 	Exploitation mining concessions named “Blanca Estela 1 al 2” the surveys and
titles of which are currently registered on page 34 number 10 of the Property Registry
of the Mines Registry Andacollo of the year 1994 (National Rol No 04106-0106-0) ;
	 
	 	14.	 	Exploitation mining concession named “Blanquita” the surveys and titles of
which are currently registered on page 120 number 24 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0058-7);
	 
	 	15.	 	Exploitation mining concession named “Carmen” the surveys and titles of which
are currently registered on page 120 number 24 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0330-6);
	 
	 	16.	 	Exploitation mining concession named “Carmen Bajo” the surveys and titles of
which are currently registered on page 321 number 62 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0364-0);
	 
	 	17.	 	Exploitation mining concession named “Cautin” the surveys and titles of which
are currently registered on page 511 number 87 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0283-0);
	 
	 	18.	 	Exploitation mining concessions named “Chifute 1 al 8” the surveys and titles
of which are currently registered on page 707 number 119 of the Property Registry of
the Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0277-6);
	 
	 	19.	 	Exploitation mining concessions named “Chorrillo”, “Chorrillo Segunda” and
“Chorrillo Tercera” which surveys and titles are currently registered on page 629

 

 

	 	 	 	number 110 of the Property Registry of the Mines Registry of Andacollo of the year
1996 (National Rol No 04106-0213-K);
	 
	 	20.	 	Exploitation mining concessions named “Churque 1 al 100” the surveys and titles
of which are currently registered on page 287 number 55 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0263-6);
	 
	 	21.	 	Exploitation mining concessions named “Churque 1 al 4” the surveys and titles
of which are currently registered on page 566 number 98 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0326-8);
	 
	 	22.	 	Exploitation mining concessions named “Churque 5 al 9” the surveys and titles
of which are currently registered on page 255 number 51 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0386-1);
	 
	 	23.	 	Exploitation mining concession named “Clavel” the surveys and titles of which
are currently registered on page 521 number 89 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0062-5);
	 
	 	24.	 	Exploitation mining concessions named “Cobre Morado 1 al 10” the surveys and
titles of which are currently registered on page 15 number 9 of the Property Registry
of the Mines Registry Andacollo of the year 1997 (National Rol No 04106-0474-4);
	 
	 	25.	 	Exploitation mining concession named “Compañia” the surveys and titles of which
are currently registered on page 331 number 67 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0355-1);
	 
	 	26.	 	Exploitation mining concessions named “Complemento 1 al 10” the surveys and
titles of which are currently registered on page 266 number 53 of the Property Registry
of the Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0573-3);
	 
	 	27.	 	Exploitation mining concession named “Condella” the surveys and titles of which
are currently registered on page 623 number 109 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0552-K);
	 
	 	28.	 	Exploitation mining concession named “Coquimbana” the surveys and titles of
which are currently registered on page 120 number 24 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0329-2);

 

 

	 	29.	 	Exploitation mining concession named “Coquimbo” the surveys and titles of which
are currently registered on page 319 number 61 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0358-6);
	 
	 	30.	 	Exploitation mining concession named “Culebron” the surveys and titles of which
are currently registered on page 562 number 97 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0015-3);
	 
	 	31.	 	Exploitation mining concession named “Desempeño” the surveys and titles of
which are currently registered on page 120 number 24 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0331-4);
	 
	 	32.	 	Exploitation mining concession named “El Toro” the surveys and titles of which
are currently registered on page 582 number 102 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0047-1);
	 
	 	33.	 	Exploitation mining concession named “Emmita” the surveys and titles of which
are currently registered on page 329 number 66 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0009-9);
	 
	 	34.	 	Exploitation mining concessions named “Encarnación 1 al 10” the surveys and
titles of which are currently registered on page 83 number 17 of the Property Registry
of the Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0276-8);
	 
	 	35.	 	Exploitation mining concessions named “Escondida 1 al 2” the surveys and titles
of which are currently registered on page 633 number 111 of the Property Registry of
the Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0040-4);
	 
	 	36.	 	Exploitation mining concession named “Glady” the surveys and titles of which
are currently registered on page 185 number 35 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04104-0611-K);
	 
	 	37.	 	Exploitation mining concession named “Gloria” the surveys and titles of which
are currently registered on page 149 number 29 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04104-0609-8);
	 
	 	38.	 	Exploitation mining concession named “Guanaco” the surveys and titles of which
are currently registered on page 333 number 68 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0363-2);
	 
	 	39.	 	Exploitation mining concessions named “Hermosa 1 al 3” the surveys and titles
of which are currently registered on 120 page number 24 of the Property Registry of

 

 

	 	 	 	the Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0059-5);
	 
	 	40.	 	Exploitation mining concession named “Hermosa” the surveys and titles of which
are currently registered on page 179 number 34 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04104-0617-9);
	 
	 	41.	 	Exploitation mining concession named “Huamachuco” the surveys and titles of
which are currently registered on 120 page number 24 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0332-2);
	 
	 	42.	 	Exploitation mining concession named “Infante” the surveys and titles of which
are currently registered on page 327 number 65 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0012-9);
	 
	 	43.	 	Exploitation mining concession named “Invierno” the surveys and titles of which
are currently registered on page 120 number 24 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0334-9);
	 
	 	44.	 	Exploitation mining concession named “Jazmin” the surveys and titles of which
are currently registered on page 746 number 123 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0343-8);
	 
	 	45.	 	Exploitation mining concession named “Las Dos Coloradas” the surveys and titles
of which are currently registered on page 315 number 59 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0357-8);
	 
	 	46.	 	Exploitation mining concession named “Laura” the surveys and titles of which
are currently registered on page 237 number 47 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0557-0);
	 
	 	47.	 	Exploitation mining concession named “Limari” the surveys and titles of which
are currently registered on page 541 number 93 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0538-4);
	 
	 	48.	 	Exploitation mining concession named “Los Angeles” the surveys and titles of
which are currently registered on page 122 over number 24 of the Property Registry of
the Mines Registry of Coquimbo of the year 1960 (National Rol No 04106-0365-9);
	 
	 	49.	 	Exploitation mining concessions named “Los Veneros 1 al 114” the surveys and
titles of which are currently registered on page 10 number 4 of the Property Registry
of the Mines Registry Andacollo of the year 2007 (National Rol No 04104-1067-2);

 

 

	 	50.	 	Exploitation mining concessions named “Louisiana”, “Clarin”, “Alabama”, “Rosa”,
“Colorada”, “Demasia”, “Florida”, “Tenesee” and “Maria” the surveys and titles of which
are currently registered on page 74 number 15 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0342-K);
	 
	 	51.	 	Exploitation mining concessions named “Luz 1 al 6” the surveys and titles of
which are currently registered on page 619 number 108 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0198-2);
	 
	 	52.	 	Exploitation mining concession named “Maravilla” the surveys and titles of
which are currently registered on page 499 number 84 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0002-1);
	 
	 	53.	 	Exploitation mining concession named “Marta Elvira” the surveys and titles of
which are currently registered on page 317 number 60 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0356-K);
	 
	 	54.	 	Exploitation mining concession named “Martina” the surveys and titles of which
are currently registered on page 231 number 46 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04104-0618-7);
	 
	 	55.	 	Exploitation mining concession named “Maruja Primera” the surveys and titles of
which are currently registered on page 335 number 69 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0555-4);
	 
	 	56.	 	Exploitation mining concession named “Maruja Segunda” the surveys and titles of
which are currently registered on page 750 number 124 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0554-6);
	 
	 	57.	 	Exploitation mining concession named “Miguel” the surveys and titles of which
are currently registered on page 614 number 106 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0508-2);
	 
	 	58.	 	Exploitation mining concessions named “Nanita 1 al 65” the surveys and titles
of which are currently registered on page 39 number 13 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0575-K);

 

 

	 	59.	 	Exploitation mining concession named “Negrita” the surveys and titles of which
are currently registered on page 120 number 24 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0005-6);
	 
	 	60.	 	Exploitation mining concessions named “Nelly 1 al 5” the surveys and titles of
which are currently registered on page 304 number 56 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0576-8);
	 
	 	61.	 	Exploitation mining concession named “Ohio” the surveys and titles of which are
currently registered on page 521 number 89 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0063-3);
	 
	 	62.	 	Exploitation mining concession named “Otoño” the surveys and titles of which
are currently registered on page 120 number 24 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0006-4);
	 
	 	63.	 	Exploitation mining concession named “Pelargonia” the surveys and titles of
which are currently registered on page 557 number 96 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0328-4);
	 
	 	64.	 	Exploitation mining concession named “Perlita” the surveys and titles of which
are currently registered on page 325 number 64 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0066-8);
	 
	 	65.	 	Exploitation mining concession named “Poderosa” the surveys and titles of which
are currently registered on page 120 number 24 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0335-7);
	 
	 	66.	 	Exploitation mining concession named “Preciosa” the surveys and titles of which
are currently registered on page 217 number 41 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0359-4);
	 
	 	67.	 	Exploitation mining concession named “Primavera” the surveys and titles of
which are currently registered on page 120 number 24 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0336-5);
	 
	 	68.	 	Exploitation mining concession named “Protectora” the surveys and titles of
which are currently registered on page 219 number 42 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0010-2);
	 
	 	69.	 	Exploitation mining concession named “Prudencio” the surveys and titles of
which are currently registered on page 221 number 43 of the Property Registry of

 

 

	 	 	 	the Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0360-8);
	 
	 	70.	 	Exploitation mining concession named “Reforma” the surveys and titles of which
are currently registered on page 120 number 24 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0060-9);
	 
	 	71.	 	Exploitation mining concession named “Relleno” the surveys and titles of which
are currently registered on page 173 number 33 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04104-0577-6);
	 
	 	72.	 	Exploitation mining concession named “Resguardo” the surveys and titles of
which are currently registered on page 311 number 57 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0362-4);
	 
	 	73.	 	Exploitation mining concessions named “Rio Elqui Uno 1 al 33” the surveys and
titles of which are currently registered on page 1160 number 229 of the Property
Registry of the Mines Registry of Andacollo of the year 1996 (National Rol No
04104-0928-3);
	 
	 	74.	 	Exploitation mining concessions named “Rio Elqui Dos 1 al 95” the surveys and
titles of which are currently registered on page 1169 number 230 of the Property
Registry of the Mines Registry of Andacollo of the year 1996 (National Rol No
04104-0929-1);
	 
	 	75.	 	Exploitation mining concessions named “Rio Elqui Tres 1 al 53” the surveys and
titles of which are currently registered on page 769 number 127 of the Property
Registry of the Mines Registry of Andacollo of the year 1996 (National Rol No
04104-0930-5);
	 
	 	76.	 	Exploitation mining concessions named “Rio Limari Dos 1 al 11” the surveys and
titles of which are currently registered on page 788 number 129 of the Property
Registry of the Mines Registry of Andacollo of the year 1996 (National Rol No
04104-0932-1);
	 
	 	77.	 	Exploitation mining concessions named “Rio Limari Tres 1 al 70” the surveys and
titles of which are currently registered on page 1178 number 231 of the Property
Registry of the Mines Registry of Andacollo of the year 1996 (National Rol No
04104-0933-K);
	 
	 	78.	 	Exploitation mining concessions named “Rio Limari Cuatro 1 al 82” the surveys
and titles of which are currently registered on page 779 number 128 of the Property
Registry of the Mines Registry of Andacollo of the year 1996 (National Rol No
04104-0934-8);

 

 

	 	79.	 	Exploitation mining concession named “Roberto” the surveys and titles of which
are currently registered on page 223 number 44 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0367-5);
	 
	 	80.	 	Exploitation mining concession named “Rojo Dos” the surveys and titles of which
are currently registered on page 454 number 80 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04104-0578-4);
	 
	 	81.	 	Exploitation mining concession named “Rosario” the surveys and titles of which
are currently registered on page 120 number 24 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0337-3);
	 
	 	82.	 	Exploitation mining concessions named “Rosario 54 al 65”, “Rosario 67” and
“Rosario 89” which surveys and titles are currently registered on page 598 number 105
of the Property Registry of the Mines Registry of Andacollo of the year 1996 (National
Rol No 04106-0389-6);
	 
	 	83.	 	Exploitation mining concession named “Rosario 66” the surveys and titles of
which are currently registered on page 70 number 14 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0559-7);
	 
	 	84.	 	Exploitation mining concessions named “Rosario 130 al 138” the surveys and
titles of which are currently registered on page 34 number 12 of the Property Registry
of the Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0629-2);
	 
	 	85.	 	Exploitation mining concessions named “Rosario 171/185” which surveys and
titles are currently registered on page 586 number 103 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0631-4);
	 
	 	86.	 	Exploitation mining concessions named “Rosario 186 al 188” and “Rosario 193”
which surveys and titles are currently registered on page 591 number 104 of the
Property Registry of the Mines Registry of Andacollo of the year 1996 (National Rol No
04104-0632-2);
	 
	 	87.	 	Exploitation mining concession named “Rosario 194” the surveys and titles of
which are currently registered on page 80 number 16 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0633-0);
	 
	 	88.	 	Exploitation mining concession named “San Jose” the surveys and titles of which
are currently registered on page 88 over number 11 of the Property Registry of the
Mines Registry of Coquimbo of the year 1962 (National Rol No 04106-0065-K);

 

 

	 	89.	 	Exploitation mining concession named “San Lorenzo” the surveys and titles of
which are currently registered on page 323 number 63 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0361-6);
	 
	 	90.	 	Exploitation mining concession named “San Miguel” the surveys and titles of
which are currently registered on page 578 number 101 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0050-1);
	 
	 	91.	 	Exploitation mining concession named “San Pedro” the surveys and titles of
which are currently registered on page 574 number 100 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0090-0);
	 
	 	92.	 	Exploitation mining concessions named “Sandra 1 al 3” the surveys and titles of
which are currently registered on page 387 number 74 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0579-2);
	 
	 	93.	 	Exploitation mining concession named “Sandro” the surveys and titles of which
are currently registered on page 247 number 49 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04104-0580-6);
	 
	 	94.	 	Exploitation mining concession named “Sebastopol” the surveys and titles of
which are currently registered on page 120 number 24 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0007-2);
	 
	 	95.	 	Exploitation mining concession named “Soledad” the surveys and titles of which
are currently registered on page 191 number 36 of the Property Registry of the Mines
Registry of Andacollo of the year 1996 (National Rol No 04106-0558-9);
	 
	 	96.	 	Exploitation mining concession named “Sonia Primera” the surveys and titles of
which are currently registered on page 200 number 38 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0614-4);
	 
	 	97.	 	Exploitation mining concession named “Sonia Segunda “ the surveys and titles of
which are currently registered on page 206 number 39 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0616-0);
	 
	 	98.	 	Exploitation mining concession named “Sonia Tercera “ the surveys and titles of
which are currently registered on page 212 number 40 of the Property Registry of

 

 

	 	 	 	the Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0615-2);
	 
	 	99.	 	Exploitation mining concession named “Sussy Primera “ the surveys and titles of
which are currently registered on page 108 number 22 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04104-0622-5);
	 
	 	100.	 	Exploitation mining concession named “Tarapaca “ the surveys and titles of
which are currently registered on page 570 number 99 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0281-4);
	 
	 	101.	 	Exploitation mining concession named “Valdivia 1” the surveys and titles of
which are currently registered on page 531 number 91 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0048-K);
	 
	 	102.	 	Exploitation mining concession named “Veranito 1” the surveys and titles of
which are currently registered on page 659 number 116 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0280-6);
	 
	 	103.	 	Exploitation mining concession named “Verde Bajo” the surveys and titles of
which are currently registered on page 313 number 58 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0011-0);
	 
	 	104.	 	Exploitation mining concessions named “Viejo 1 al 4” the surveys and titles of
which are currently registered on page 546 number 94 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0094-3);
	 
	 	105.	 	Exploitation mining concessions named “Zapallo 1 al 3” the surveys and titles
of which are currently registered on page 552 number 95 of the Property Registry of the
Mines Registry of Andacollo of the year 1996 (National Rol No 04106-0325-K);
	 
	 	106.	 	Exploitation mining concessions named “Esperanza 1 al 3” the surveys and titles
of which are currently registered on page 19 number 12 of the Property Registry of the
Mines Registry Andacollo of the year 2004 (National Rol No 04104-1053-2);
	 
	 	107.	 	Exploitation mining concessions named “Fuerza 1 al 24” the surveys and titles
of which are currently registered on page 109 number 62 of the Property Registry of the
Mines Registry Andacollo of the year 2003 (National Rol No 04104-1049-4);

 

 

	 	108.	 	Exploitation mining concessions named “Milla 1 al 10” the surveys and titles of
which are currently registered on page 91 number 59 of the Property Registry of the
Mines Registry Andacollo of the year 2003(National Rol No 04104-1050-8);
	 
	 	109.	 	Exploitation mining concessions named “Nuevo Mexico 1 al 40” the surveys and
titles of which are currently registered on page 9 number 9 of the Property Registry of
the Mines Registry Andacollo of the year 2004 (National Rol No 04106-0268-7);
	 
	 	110.	 	Exploitation mining concessions named “Osorno 1 al 8” the surveys and titles of
which are currently registered on page 1098 number 213 of the Property Registry of the
Mines Registry Andacollo of the year 1996 (National Rol No 04106-0488-4);
	 
	 	111.	 	Exploitation mining concession named “Recife 1” the surveys and titles of which
are currently registered on page 104 number 61 of the Property Registry of the Mines
Registry Andacollo of the year 2003 (National Rol No 04104-1051-6);
	 
	 	112.	 	Exploitation mining concessions named “Remanso 1 al 30” the surveys and titles
of which are currently registered on page 97 number 60 of the Property Registry of the
Mines Registry Andacollo of the year 2003 (National Rol No 04104-1052-4);
	 
	 	113.	 	Exploitation mining concessions named “Rosa 1 al 15” the surveys and titles of
which are currently registered on page 250 number 55 of the Property Registry of the
Mines Registry Andacollo of the year 1997 (National Rol No 04104-0959-3);
	 
	 	114.	 	Exploitation mining concessions named “Rosa Segunda 1 al 41” the surveys and
titles of which are currently registered on page 232 number 53 of the Property Registry
of the Mines Registry Andacollo of the year 1997 (National Rol No 04104-0961-5); and
	 
	 	115.	 	Exploitation mining concessions named “Vicky 1/2” the surveys and titles of
which are currently registered on page 167 number 32 of the Property Registry of the
Mines Registry Andacollo of the year 1996 (National Rol No 04104-0624-1).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]