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  Exhibit 10.49    
    

Free Translation  

 Journal N°16,103-2010  

 
    AGREEMENT ON SURETY AND JOINT AND SEVERAL CO-DEBT    
    
    ESTABLISHED BY    
    
    ROYAL GOLD CHILE LIMITADA    
    
    IN FAVOR OF    
    
    HSBC BANK USA,
NATIONAL ASSOCIATION    
    

        In Santiago, Republic of Chile, on May 7, 2010, before me,  RENE BENAVENTE CASH,
attorney, Notary Public, Regular Notary of the Forty-Fifth Notary Office of Santiago, domiciled in this city at
Huérfanos 979,7th floor, there appear: 

        Mr. ANTONIO JOSE CUSSEN MACKENNA, Chilean, married, commercial engineer, on behalf of, as shall be evidenced,  ROYAL GOLD CHILE LIMITADA, a limited liability company
incorporated and existing according to the laws of the Republic of Chile, taxpayer identification
number 76,763,240-1, hereinafter indistinctively also called the "Surety and Joint and Several Co-debtor", both domiciled
in this city at Avenida Andrés Bello 2711, 16th floor, borough of Las Condes, Santiago, on the one hand; and on the other hand, JOSE
FRANCISCO SANCHEZ DROUILLY, Chilean, married, attorney, national identity card number 6.866.519-1, and HUGO SENASTIAN PRIETO
ROJAS, Chilean, single, attorney, national identity card number 11,947,423-k, both on behalf, as shall be evidenced, "HSBC BANK USA,
NATIONAL ASSOCIATION", a bank incorporated and existing according to the laws of the United States of America, hereinafter indistinctively also called the
"Agent", acting pro se and on behalf of the "Lenders" defined in Section One below, all domiciled, for
these purposes at Magdalena 140, 20th floor, borough of Las Condes, Santiago; the parties of legal age, whom I know because they have evidenced their identities to me by the
aforesaid identity cards, and who state: 

FIRST:    BACKGROUND AND SECURED OBLIGATIONS  

         One. One.    On January 20, 2010, a Term Loan Facility Agreement (the "Term Loan Facility
Agreement") was signed in the English language among ROYAL GOLD, INC., an American company, as borrower, hereinafter indistinctively the "Main
Borrower", ROYAL GOLD CHILE LIMITADA, a Chilean company, and RGLD GOLD CANADA, INC, and HIGH DESERT MINERAL RESOURCES, INC., foreign companies, as guarantors
(hereinafter indistinctively the "Guarantors") or together with the Main Borrower, the "Credit Parties";
HSBC BANK USA, NATIONAL ASSOCIATION and THE BANK OF NOVA SCOTIA, as lenders and together with the other lenders that eventually acquire that status under the Term Loan Facility Agreement,
indistinctively called the "Lenders", and also as administrative agent on behalf of all Lenders (in such capacity, the
"Administrative Agent"), and HSBC SECURITIES (USA) INC., as sole lead arranger ("Sole Lead
Arranger"). Pursuant to the Term Loan Facility Agreement, both this instrument as well as the notes and several other instruments relating to the Term Loan Facility Agreement
are included in the definition of Credit Documents hereinafter the "Credit Documents". The Term Loan Facility Agreement was subsequently amended on
March 26, 2010, by way of an instrument executed in English language named "Amended and Restated Term Loan Facility Agreement". For the purposes of this instrument, the term
"Term Loan Facility Agreement" shall hereinafter refer to the Amended and Restated Term Loan Facility Agreement, and also include all amendments,
supplements and/or restated texts that have been executed in the past or that may be executed in the future with respect to such instrument. 

         One. Two.    Under the Term Loan Facility Agreement, the Lenders granted a loan to the Main Borrower for one hundred thirty million United
States
dollars, hereinafter the "Loan", which should be used by the Main Borrower and RG Exchangeco, Inc., its subsidiary, to acquire all shares in
INTERNATIONAL ROYALTY CORPORATION, a Canadian company. The funds from the Loan must be made available to the Main Borrower after all conditions established in Article V of the Term Loan
Facility Agreement have been met. 

         One. Three.    The Credit Documents contain several obligations owed to each of the Lenders and the Agent, all included in the definition
of Obligations
as defined in the Term Loan Facility Agreement, enforceable against the Main Borrower and the other Credit Parties. Such obligations will be hereinafter called the
"Obligations" and they include, for example, the payment of principal, interest, expenses, expenditures, reimbursements and indemnity obligations as
well as all other amounts and fulfillment of all other obligations assumed, such as, merely by way of example and not limitation: (i) The "Affirmative
Covenants" set down in Article VI of the Term Loan Facility Agreement whereby the Credit Parties promised to complete several actions during the term of the Obligations, including those
indicated in Section 6.16, consisting of executing several collateral agreements defined in the Term Loan
Facility Agreement as the Chilean Security Documents, hereinafter the "Chilean Security", which include: (a) the pledge on equity interests in
ROYAL GOLD CHILE LIMITADA by the partners therein; (b) the pledge on royalty rights or royalties held by ROYAL GOLD CHILE LIMITADA regarding the mining projects known as
Pascua-Lama, El Toqui and Andacollo, all included in the definition of "Material Royalties" as defined in the Term Loan Facility Agreement; (c) this public deed of surety and joint
and several co-debt; and (d) any other security associated or related to the foregoing. The Chilean Security must be executed in terms formally and substantively acceptable to the
Agent no later than May 28, 2010, and any notice in regard thereto must also be delivered no later than June 28, 2010. A legal opinion of the counsel to ROYAL GOLD CHILE LIMITADA must
also be delivered in this latter period of time on the signature and perfecting of the aforesaid Material Royalties pledges; (ii) The "Negative
Covenants" assumed by the Credit Parties in Article VII of the Term Loan Facility Agreement; (iii) The Guaranty granted according to
Article XI of the Term Loan Facility Agreement by which each Guarantor undertook unconditionally and irrevocably to be the surety and joint and several co-debtor of full and timely
payment of any and all of the Obligations, either at original maturity or upon acceleration. 

         One. Four.    The Term Loan Facility Agreement is subject to the laws of the State of New York, United States of America, and the parties
thereto have
submitted the resolution of any dispute, claim, action or procedure that may arise in relation to the Term Loan Facility Agreement to the jurisdiction of the State or Federal Courts sitting in New
York City, State of New York, United States of America. 

SECOND:    REPRESENTATIONS  

        Royal Gold Chile Limitada hereby acknowledges the existence, validity and efficacy of the Obligations set down in the Term Loan
Facility Agreement and/or in the other Credit Documents indicated in Section One above. Royal Gold Chile Limitada further hereby expressly acknowledges and ratifies the surety and joint and several
co-debt (the Guaranty) that it assumed according to the Term Loan Facility Agreement, as set down in Article XI thereof, and it
represents that the surety and joint and several co-debt granted by this deed must be understood to be additional to, separate and independent from the Guaranty, which remains in force and
fully enforceable on its own terms. 

THIRD:    SURETY AND JOINT AND SEVERAL CO-DEBT  

        In order to guarantee the full, effective and timely payment of the Obligations assumed now or in the future under the Term Loan
Facility Agreement and/or any other Credit Document as well as any other obligation of the Main Borrower and/or the Guarantors owed to the Lenders under the Term Loan Facility Agreement, any other
Credit Document and/or all such contracts and instruments that are signed and delivered to the Lenders under the Term Loan Facility Agreement and/or any other Credit Document, the Surety and Joint and
Several Co-debtor, represented in the manner stipulated in the preamble, hereby agrees and concurs that it will personally, unconditionally, irrevocably and absolutely guarantee the
Lenders, represented by the Agent, and hereby becomes a surety and joint and several co-debtor of all and any of the other Credit Parties, including the Main Borrower and the other
Guarantors, hereinafter all jointly and indistinctively called the "Borrowers", in regard to, fulfillment of each and every one of the Obligations
assumed now or in the future by the Borrowers in respect of the Lenders under the Term Loan Facility Agreement, any other Credit Document and/or all such contracts and instruments that are signed and
delivered to the Lenders under the Term Loan Facility Agreement. Notwithstanding the other rights available to the Lenders pursuant to the law in regard to the content and scope of this surety and
joint and several co-debt, it is agreed: (i) that this surety and joint and several co-debt shall be governed by the
stipulations agreed below and otherwise by the provisions on sureties, solidarity and common law contained in the Commercial Code of Chile; (ii) by this
surety and joint and several co-debt, the Surety and Joint and Several Co-Debtor secures payment to the Lenders of all obligations indicated in Section One, whether performance
can be required on the agreed dates or earlier; (iii) the Surety and Joint and Several Co-Debtor also secures performance of obligations by
set-off, i.e. the corresponding damage indemnity decreed by any court in the country and/or abroad, as the case may be; and payment of all accessories to the Obligations, such as
interest, including default interest, commissions, taxes, remunerations, charges, costs, judicial or extrajudicial collection expenses, including attorneys' fees, insurance premiums, any other
disbursements that the Lenders have made that originate in the Term Loan Facility Agreement, any other Credit Document and/or all such contracts and instruments that are signed and delivered to the
Lenders under the Term Loan Facility Agreement or this surety and joint and several co-debt; (iv) the Surety and Joint and Several
Co-Debtor also secures fulfillment of conditional, term and future obligations originating in the Term Loan Facility Agreement, any other Credit Documents and/or all such contracts and
instruments that are signed and delivered to the Lenders under the Term Loan Facility Agreement. The Surety and Joint and Several Co-Debtor hereby waives in favor of the Lenders the right
or possibility of retraction, in the case of future obligations, before the main obligation enters into force, pursuant to article 2339 of the Civil Code of Chile;  (v) the Surety and Joint and
Several Co-Debtor also secures fulfillment of all obligations owed by the Borrowers to the Lenders because of
extensions, renewals, amplifications or other amendments made to the Term Loan Facility Agreement and/or any other Credit Document. For these purposes, the Surety and Joint and Several
Co-Debtor irrevocably and unconditionally accepts any amplification, extension, renewal, acceleration or amendment to the Term Loan Facility Agreement, any other Credit Document and/or any
of the obligations arising therefrom such as, for example, in relation to amount, place of payment, conditions assessable thereon, modes determining them, amplification or renewal of periods and
establishment of new periods agreed upon by the Borrowers; and a waiver in favor of the Lenders of any right, motion, allegation or defense relating to this matter, in particular the right granted
regarding the surety in Article 1649 of the Chilean Civil Code in the case of a mere extension in the term; and (vi) the Surety and Joint and
Several Co-Debtor further secures payment of any marketable securities documenting now or in the future, in Chile or abroad, the Obligations originating in the Term Loan Facility
Agreement, any other Credit Document and/or all
such contracts and instruments that are signed and delivered to the Lenders under the Term Loan Facility Agreement; and the payment of marketable securities that might be signed, accepted or endorsed
in renewal, replacement or addition to other previous ones because of the amplifications, extensions, renewals or amendments mentioned in the preceding number. Furthermore, to the extent not contrary
to the laws of the Republic of Chile and without prejudice to the foregoing, Royal Gold Chile Limitada further undertakes to indemnify the Lenders, the Agent and/or the Sole Lead Arranger for any
cost, loss or damage suffered by any thereof should any of the 

Obligations
be declared illegal, void or otherwise ineffective, unenforceable or non-binding now or in the future. Such indemnity must redress the equivalent to what the indemnitee could
have obtained by fulfillment of the secured obligation. 

FOURTH:    RIGHTS  

        The Lenders are empowered, without any need to notify or obtain the acceptance of the Surety and Joint and Several
Co-Debtor nor affecting the validity or enforceability of this surety and joint and several co-debt nor establishing any extinguishment, limitation, impairment or release of
the obligations of the Surety: (i) to agree at any time with the Borrowers to renewals, extensions or other amendments of the Obligations, whether they
have been stipulated originally in the Term Loan Facility Agreement or introduced thereafter, such as, for example, the place of payment, conditions, terms, modes or other conditions that may be
assessed thereon, acceleration or other circumstances of payment; (ii) to settle, submit to arbitration, waive or pardon the Obligations, accept or
reject any offer of fulfillment thereof, agree to novations or substitutions of the Obligations or subordinate the payment thereof to any other obligation;  (iii) to agree to other sureties or other
collateral or security in guarantee of the Obligations arising from the Term Loan Facility Agreement or to
secure the obligations originating in this agreement on surety and joint and several co-debt; (iv) to waive, exchange, submit to
arbitration, subordinate or modify, with or without reason, any collateral or security of the Borrowers or third parties securing fulfillment of the Obligations arising from the Term Loan Facility
Agreement and all such contracts and instruments that are signed and delivered to the Lenders under the Term Loan Facility Agreement; (v) to determine,
at their discretion, the order in which they will enforce the collateral or security securing performance of the Obligations arising from the Term Loan Facility Agreement, the other Credit Documents
and all such contracts and instruments that are signed and delivered to the Lenders under the Term Loan Facility Agreement or this agreement of surety and joint and several co-debt and the
exercise of the rights available thereto as a result, even though this impairs or extinguishes any right to reimbursement or subrogation or any other right or action available to the Surety and Joint
and Several Co-Debtor in respect of the Borrowers or another surety or Surety and Joint and Several Co-Debtor of such obligations; and  (vi) to allocate, at their discretion, the proceeds of the
liquidation of any collateral or security, including of third parties, to payment of any of
the Obligations due now or in the future under the Term Loan Facility Agreement and all such contracts and instruments that are signed and delivered to Lenders under the Term Loan Facility Agreement. 

FIFTH:    OTHER AGREEMENTS  

        The parties agree, and the Surety and Joint and Several Co-Debtor in particular accepts, that the obligations arising
therefor under this guaranty shall not be subject to any condition. They are irrevocable, absolute and separate from any other circumstance other than default or delay by the Borrowers. And they shall
only be deemed fulfilled when the Obligations have been fully and effectively fulfilled in the same terms in which the Borrowers should fulfill them. For these purposes, notwithstanding the other
rights available to the Lenders pursuant to the law in regard to the content and scope of this surety and joint and several co-debt, the Surety and Joint and Several Co-Debtor:  (i) waives the benefit of
discussion in article 2357 of the Chilean Civil Code in favor of the Lenders. Consequently, the Lenders shall not have
to first sue or make requests extrajudicially to any of the Borrowers under the Term Loan Facility Agreement and all such contracts and instruments that are signed and delivered to the Lenders under
the Term Loan Facility Agreement in order to enforce this surety and joint and several co-debt, nor must the Surety and Joint and Several Co-Debtor be sued previously in order
to obtain the foreclosure of the collateral or security granted thereby to secure the Obligations; (ii) may not require that the Lenders request payment
formally, judicially or extrajudicially, from the Borrowers, other sureties, joint and several co-debtors and other third parties who have also established collateral or security in favor
of the Lenders in guarantee of the Obligations or that a suit be filed previously for the foreclosure of such collateral; (iii) nor may the Surety and
Joint and Several Co-Debtor require that the Lenders first exercise other actions or rights, regardless of the nature thereof; (iv) waives
all motions, allegations or defenses relating to, or based on, the legal inexistence of the Borrowers, their lack of procedural capacity or the voidance of the incorporation of 

any
thereof as a juristic person; the voidance, legal ineffectiveness or unenforceability of the Term Loan Facility Agreement and any such contracts and instruments signed and delivered to the Lenders
under the Term Loan Facility Agreement, for any reason, provided they are not contrary to the laws of the Republic of Chile, or on the lack of authority of the representatives thereof upon execution;
on the legal ineffectiveness of this agreement of surety and joint and several co-debt for any reason or the omission or insufficiency of agreements or authorizations required for such
purpose; on the legal ineffectiveness of the Obligations; on the occurrence or omission of any deed or act or a delay in the performance thereof as a consequence of which the risk assumed by the
surety and joint and several co-debtor could be in any form or measure modified; or on the fact that the Borrowers' liability ceased for any reason other than full and effective payment of
the Obligations; (v) also waives any motion, allegation or defense by which it seeks to limit its liability as surety and joint and several
co-debtor, notwithstanding that such waiver does not comprehend the Surety and Joint and Several Co-Debtor's right to oppose the claim by bringing any pleas that result from
the nature of the obligation and any personal plea, in accordance with Article 1520 of the Civil Code; (vi) also waives any motion, allegation or
defense based on the fact that the Lenders enforced another collateral and as a result, or for any other reason, the Surety and Joint and Several Co-Debtor has forfeited the possibility of
subrogating legally or voluntarily for the rights of the Lender; or of being reimbursed by the Borrowers; or of enforcing any collateral or security against the Borrowers or other sureties and joint
and several co-debtors of the Obligations; (vii) also waives any motion, allegation or defense based on the fact that the Lenders have
committed a deed or act or omission or delay as a consequence of which the Surety and Joint and Several Co-Debtor has been fully or totally unable to subrogate legally or voluntarily for
the rights of the Lenders in respect of the Borrowers or any other person who has secured the Obligations. For these purposes, the Surety and Joint and Several Co-Debtor waives the right
granted thereto by article 2355 of the Chilean Civil Code to the benefit of the Lenders; (viii) also waives any motion, allegation or defense
based on the fact that the Lenders did not exercise any right, action, claim, request or remedy regarding the Obligations or this surety and joint and several co-debt or other security
stipulated in guarantee of the Term Loan Facility Agreement; or on the fact that the Lenders could not or were not able to exercise them because there is or was a judicial decision suspending,
forbidding or extinguishing the exercise of such rights, actions, claims or remedies. The Surety and Joint and Several Co-Debtor expressly waives the right granted thereto in
article 2356 of the Chilean Civil Code to the benefit of the Lenders and will always be liable in the cases stipulated in such article, even if any of the Borrowers becomes insolvent;  (ix) also
waives filing to its benefit any motion, allegation, defense, cross-claim, compensation or any action or personal right that may be available
to the Borrowers in respect of the Lenders in relation to the Obligations; (x) further waives all motions, allegations or defenses based on the omission
of any proceeding that might be necessary in order to perfect or keep this surety and joint and several co-debt in effect or be able to collect, judicially or extrajudicially, any
marketable securities that might document the Obligations, such as protests, notification of protests, of renewals, extensions or amendments or any other agreement of the parties to the Term Loan
Facility Agreement, another Credit Document and all such contracts and instruments signed and delivered to the Lenders under the Term Loan Facility Agreement, not even under the pretext that they are
or were necessary to keep the liability of the Surety and Joint and Several Co-Debtor in effect; (xi) further waives, in favor of the
Lenders, any motion, allegation or personal defense, regardless of its factual or legal basis, whether invoked in situations allowing the application of the theory of unforeseeability, allegations of
unjust enrichment or other reasons of any nature by which the intent is to delay or weaken the exercise of the rights and actions of the Lenders. The Surety and Joint and Several Co-Debtor
waives, for example, without limiting the foregoing, exercising the legal right of retention and invoking compensation judicially and extrajudicially as a way of extinguishing the Obligations or its
obligations arising from this agreement on surety and joint and several co-debt; and (xii) undertakes not to exercise any action or right
against any of the Borrowers until they have made full and complete payment of all obligations described in section one to the Lenders, including, but not limited to, a reimbursement action that may
be available to the Surety and Joint and Several Co-Debtor to recover what it has paid on behalf of any of the Borrowers under the Term Loan Facility Agreement and all such contracts and
instruments signed and delivered to the Lenders under the Term 

Loan
Facility Agreement, any action or right available thereto by legal or conventional subrogation or the right to claim a damage indemnity according to general rules. 

SIXTH:    RULES ON EXTINGUISHMENT OF OBLIGATIONS  

        Any obligation of payment contained in or resulting from the enforceability and exercise of this surety and joint and several
co-debt, whether in
regard to the Term Loan Facility Agreement, any other Credit Document and/or all such contracts and instruments signed and delivered to the Lenders under the Term Loan Facility Agreement, shall only
be extinguished by payment thereof in the foreign currency corresponding under the Term Loan Facility Agreement. Therefore, the payment obligations payable, by court decision, in a currency other than
the currency corresponding under the Term Loan Facility Agreement will be extinguished only up to the amount that the Lenders can acquire of such foreign currency using said currency according to
normal, reasonable banking practices. If the sum of the foreign currency thus acquired is less than the sum owed under the Term Loan Facility Agreement or any of the contracts and instruments signed
and delivered to the Lenders thereunder, the obligor, particularly the Surety and Joint and Several Co-Debtor, in the manner indicated in the preamble, unconditionally undertakes to
redress the Lenders for such loss and difference as a distinct, separate obligation, despite said court decision. 

SEVENTH:    ACCELERATION  

        The Surety and Joint and Several Co-Debtor, duly represented as indicated in the preamble, hereby accepts and agrees to the
benefit of the Lenders that the occurrence of any Event of Default, as defined in Section VIII of the Term Loan Facility Agreement, hereinafter an "Event of
Default", may cause the immediate, irrevocable acceleration of the Obligations or instruments documenting them, as if due, and therefore, of the surety and joint and several
co-debt established in section three, together with interest and expenses pertaining thereto, and any and all of the collection and/or other actions available under the Term Loan Facility
Agreement and all such contracts and instruments signed and delivered to the Lenders thereunder and hereunder may be filed against the Surety and Joint and Several Co-Debtor according to
the general rules of law. 

EIGHTH:    ALLOCATION OF PAYMENTS  

        The Surety and Joint and Several Co-Debtor expressly, formally and irrevocably authorizes the Lenders to allocate any type
of deposit or securities that the Lenders have or receive from the Surety and Joint and Several Co-Debtor toward payment of the Obligations should any of the Borrowers become delinquent or
simply delay in the payment of any of the Obligations set down in the Term Loan Facility Agreement, the other Credit Documents and/or any of the contracts and instruments signed and delivered to the
Lenders under the Term Loan Facility Agreement that are jointly and severally guaranteed hereby or that any thereof has accelerated. This will cause the total or partial extinguishment, as relevant,
of such obligations owed to the Lenders. The foregoing is without prejudice to any other right that the law or administrative rules may confer or grant to the Lenders. 

NINTH:    GOVERNING LAW AND JURISDICTION  

        The surety and joint and several co-debt established herein shall be governed by, and construed according to, the laws of
the Republic of Chile. To the benefit of the Lenders, the Surety and Joint and Several Co-Debtor hereby submits irrevocably to the venue of the courts sitting in the borough of Santiago,
Chile, in relation to any action or procedure derived from or relating to this deed. For these purposes, the Surety and Joint and Several Co-Debtor elects its domicile as the city and
borough of Santiago, Chile. The provisions in this clause do not preclude nor affect the determination of jurisdiction in which the Lenders must file any action or procedure against the Borrowers
under the Term Loan Facility Agreement or any of the contracts and instruments signed and delivered to the Lenders thereunder. Any action or procedure by the Surety and Joint and Several
Co-Debtor against the Lenders because or on occasion of or in relation to the Term Loan Facility Agreement and all such contracts and instruments signed and delivered to the Lenders under
the Term Loan Facility 

Agreement
must be filed before the Courts indicated in the Term Loan Facility Agreement. The Surety and Joint and Several Co-Debtor hereby expressly and irrevocably waives any defense or
motion regarding the incompetence of such courts. This notwithstanding, the Surety and Joint and Several Co-Debtor declares that it knows, understands and accepts that this stipulation
inures to the benefit of the Lenders and, therefore, none of the Lenders will be impeded from filing an action or procedure against the Borrowers under the Term Loan Facility Agreement or any of the
contracts and instruments signed and delivered to the Lenders thereunder before any other court with jurisdiction or venue. The Lenders may, to the extent allowed by law, file actions simultaneously
in several jurisdictions. 

TENTH:    COSTS AND EXPENSES  

        All expenses, costs and notary fees as well as any disbursement of any nature relating to the execution or registration of this deed as
well as those resulting from supplemental public deeds that might have to be executed in order to clarify, rectify or amend this deed and all those corresponding to the cancellation or enforcement of
this surety and joint and several co-debt will be paid by ROYAL GOLD CHILE LIMITADA. 

ELEVENTH:    POWER OF ATTORNEY  

        The Surety and Joint and Several Co-Debtor, represented in the manner indicated in the preamble, grants a special,
irrevocable power of attorney to Sergio Orrego Flory, Chilean, married, attorney, national identity card number 7,051,727-2 and  María Elena Dörr
Bulnes, Chilean, single, attorney, national identity card number 8,459,196-3, in order
for any one thereof, acting indistinctively and separately, to receive on its behalf judicial and/or extrajudicial notifications in any action, lawsuit or procedure, regardless of the procedure
applicable or the court or authority hearing the case. In exercising this irrevocable power of attorney, the attorneys-in-fact shall be amply empowered, each acting
indistinctively and separately, to represent the Surety and Joint and Several CO-Debtor judicially, which includes receiving any type of notification, answering claims and acting with the
judicial powers contained in both subparagraphs of Article Seven of the Code of Civil Procedure of Chile, which are deemed expressly set out. 

TWELFTH:    ACCEPTANCE OF THE POWER OF ATTORNEY  

        Present in this act are Sergio Orrego Flory and  María Elena Dörr Bulnes, both
domiciled, for these purposes, in this city at Avda. Andrés Bello
N°2711, 16th floor, borough of Las Condes, Santiago, of legal age, who evidence their identity by the aforesaid identity cards and declare that they accept the
irrevocable power of attorney granted thereto in the preceding clause and promise not to resign it without prior written consent of the Lenders in whose benefit it has been granted. 

THIRTEENTH:    ACCEPTANCE OF THE SURETY AND JOINT AND SEVERAL CO-DEBT  

        The Lenders, represented in the manner indicated in the preamble, accept the establishment of this surety and joint and several
co-debt to their benefit. 

FOURTEENTH:    NO AMENDMENT  

        This agreement shall not be considered under any circumstances to be an amendment, substitution or limitation of the rights granted to
the Lenders under the Term Loan Facility Agreement, the other Credit Documents and/or the other instruments to be executed in favor of the Lenders in accordance with one or the other. This surety and
joint and several co-debt is also granted and is without prejudice to any other collateral or guaranty existing now or in the future that may be granted or established in favor of the
Lenders, in particular, the Guaranty established by the Surety and the Joint and Several Co-Debtor in the Term Loan Facility Agreement, as discussed in Section 2 above.
Consequently, the rights and actions granted to the Lenders by this deed are not exclusive, will be additional to and separate from all other rights and actions available thereto under the Term Loan
Facility Agreement, the other Credit Documents and/or the other instruments to be granted pursuant to one or the other in favor of the Lenders. 

FIFTEENTH:    FURTHER REPRESENTATION  

        The Surety represents that the acts and contracts contained in this instrument as well as the exercise of the rights that may derive
therefrom have not been, nor are they subject to, taxes or other similar charges. Accordingly, the Lenders may freely exercise such rights without any restriction. The taxes that may be assessed on
the payment of the Obligations pursuant to Chilean law, as well as any other tax, tribute, assessment, duty, charge, withholding, remuneration, cost increase, finance charge, reimbursable expense,
disbursement and any other sum, including reasonable fees and expenses that must eventually be incurred because of judicial or extrajudicial performance and collection actions, are the exclusive
liability of the Surety and Joint and Several Co-Debtor. 

SIXTEENTH:    SCOPE OF THIS GUARANTY  

        The surety and joint and several co-debt established herein shall benefit the Lenders, while the rights granted may be
exercised by the Lenders and their successors, assigns or endorsees in the Term Loan Facility Agreement and the instruments that may document the Obligations as well as by the legal or voluntary
subrogates to their rights. Such successors, assigns or endorsees and the legal or voluntary subrogates to the rights thereof shall have the same rights and benefits against the Borrowers and the
Surety and Joint and Several Co-Debtor that this deed grants the Lenders and they shall be considered Lenders for all purposes. 

SEVENTEENTH:    ACKNOWLEDGEMENT  

        The Surety and Joint and Several Co-Debtor acknowledges the Obligations described in Section One hereof, and represents
that it shall recognize, in any collection of the Obligations after the occurrence and continuation of an Event of Default that is not repaired or waived, this deed as sufficient title to collect such
Obligations. It is stipulated that any obligation for which payment is agreed in a foreign currency shall be deemed extinguished only up to the amount that the Lenders have received in such freely
convertible and available currency or if the payment is made in another currency, only up to the amount with which the foreign currency in which payment should have been made can be acquired with such
currency, in the terms set down in the Term Loan Facility Agreement. 

EIGHTEENTH:    COOPERATION COVENANT  

        ROYAL GOLD CHILE LIMITADA undertakes, from time to time and at its expense, to make the representations, take all such actions and
appear for execution and signature of all such instruments or public deeds that the Lenders may reasonably request or consider necessary to allow the Lenders to perfect, preserve or protect this
surety or joint and several co-debt or to exercise any of the rights conferred upon the Lenders under this agreement or the law. To such end, ROYAL GOLD CHILE LIMITADA undertakes to
execute all such instruments, documents and contracts, obtain all consents, approvals and other authorizations necessary to create the surety and joint and several co-debt granted herein
legally and validly, without committing a contractual or legal default, and it undertakes to give all notices and instructions that the Lenders may consider necessary. 

NINETEENTH:    VOID PAYMENTS  

        If a sum paid to any of the Lenders under the Term Loan Facility Agreement or any of the other instruments to be executed in favor of
the Lenders according thereto is cancelled or otherwise voided in a bankruptcy, winding up or receivership procedure of the person who made such payment, then such payment shall not be considered to
have been made irrevocably for purposes of this surety and joint and several co-debt. 

TWENTIETH:    HEADINGS  

        The headings and titles contained in this deed have been placed for convenience and reference only and do not amend or interpret the
intention of the parties in any way nor affect any of the stipulations herein. 

         AUTHORITIES.    The authority of Antonio José Cussen Mackenna to represent ROYAL GOLD CHILE
LIMITADA is set down in the power of attorney executed in Denver, Colorado, United States of America, on March 31, 2010 and was recorded in the Notary of Santiago of
Mr. Andrés Rubio Flores on Aprul 9, 2010. The authority of José Francisco Sanchez Drouilly and Hugo Sebastian Prieto Rojas to represent HSBC BANK USA, NATIONAL
ASSOCIATION, is set down in the power of attorney granted in New York, United States of America on April 8, 2010, which, after due legalization, was filed on April 9, 2010, in the Notary
of Santiago of Mr. René Benavente Cash. The authorities are not inserted, at the request of the parties, as they are known to the parties and to the attesting Notary. In witness
whereof, the parties sign after reading, together with the attesting Notary. I issued a copy. I attest. 

 

 

			
	 	 	/s/ Antonio José Cussen MacKenna

  ANTONIO JOSE CUSSEN MACKENNA

for ROYAL GOLD CHILE LIMITADA
	

 	
 	
/s/ Jose Francisco Sanchez Drouilly

  JOSE FRANCISCO SANCHEZ DROUILLY

for HSBC BANK USA, NATIONAL ASSOCIATION
	

 	
 	
/s/ Hugo Sebastian Prieto Rojas

  HUGO SEBASTIAN PRIETO ROJAS

for HSBC BANK USA, NATIONAL ASSOCIATION
	

 	
 	
/s/ Sergio Orrego Flory

  SERGIO ORREGO FLORY
	

 	
 	
/s/ María Elena Dörr Bulnes

  MARIA ELENA DORR BULNES

 

 

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Exhibit 10.49

AGREEMENT ON SURETY AND JOINT AND SEVERAL CO-DEBT ESTABLISHED BY ROYAL GOLD CHILE LIMITADA IN FAVOR OF HSBC BANK USA, NATIONAL ASSOCIATIONQuickLinks
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  Exhibit 10.50    
    

Free Translation

 Journal No 16,104-2010.  

 
    COMMERCIAL PLEDGE ON RIGHTS
  
    BY
  
    ROYAL GOLD CHILE LIMITADA
  
    TO
  
    HSBC BANK USA, NATIONAL ASSOCIATION    
    

        In Santiago, Republic of Chile, on May 7th 2010, before me,  RENÉ BENAVENTE CASH, attorney, Notary Public, Regular Notary of the Forty-Fifth Notary Office of Santiago, domiciled in this city at
Huérfanos 979,7th floor, there appear: Mr. ANTONIO JOSÉ CUSSEN MACKENNA, Chilean, married,
commercial engineer, chilean national tax identity number 5.071.481-0, on behalf of, as shall be evidenced, ROYAL GOLD CHILE
LIMITADA , a limited liability company incorporated and existing according to the laws of the Republic of Chile, hereinafter indistinctively the
"Grantor", taxpayer identification number 76.763.240-1, both domiciled in this city at Avenida Andrés Bello 2711,
16th floor, borough of Las Condes, Santiago; on the one hand, and on the other, JOSÉ FRANCISCO SANCHEZ DROUILLY,
Chilean, married, attorney, chilean national tax identity number 6.866.519-1, and HUGO SEBASTIÁN PRIETO ROJAS,
Chilean, single, attorney, national identity card number 11.947.423-K, both on behalf, as shall be evidenced, HSBC BANK USA, NATIONAL
ASSOCIATION, a bank incorporated and existing according to the laws of the United States of America, hereinafter indistinctively also called the
"Agent", acting pro se and on behalf of the "Lenders" defined in Section One below, all domiciled, for
these purposes, at Magdalena 140, 20th floor, borough of Las Condes, Santiago; the parties of age, whom I know because they have evidenced their identities to me by the aforesaid
identity cards, and who state: 

 FIRST:    BACKGROUND INFORMATION AND SECURED OBLIGATIONS  

	1.1
	On
January 20, 2010, a Term Loan Facility Agreement (the "Term Loan Facility Agreement") was signed
in the English language among ROYAL GOLD, INC., an American company, as borrower hereinafter indistinctively the "Main Borrower" the
"Grantor", and RGLD GOLD CANADA, INC, and HIGH DESERT MINERAL RESOURCES, INC., foreign companies, as guarantors, hereinafter indistinctively the
"Guarantors" or together with the Main Borrower, the "Credit Parties"; HSBC BANK USA, NATIONAL
ASSOCIATION and THE BANK OF NOVA SCOTIA, as lenders and together with the other lenders that eventually acquire that status under the Term Loan Facility Agreement, hereinafter indistinctively the
"Lenders", and also HSBC BANK USA, NATIONAL ASSOCIATION, as administrative agent on behalf of all Lenders, and HSBC SECURITIES (USA) INC., as
sole lead arranger hereinafter indistinctively the "Sole Lead Arranger". Pursuant to the Term Loan Facility Agreement, both this instrument as well as
the notes and several other instruments relating to the Term Loan Facility Agreement are included in the definition of Credit Documents hereinafter the "Credit
Documents". The Term Loan Facility Agreement was subsequently amended on March 26, 2010, by way of an instrument granted in English language named "Amended and Restated
Term Loan Facility Agreement". For the purposes of this instrument, the term "Term Loan Facility Agreement" shall hereinafter refer to the Amended and Restated Term Loan Facility Agreement, and also
include all amendments, additions and/or restated texts that have been executed in the past or that may be executed in the future with respect to such instrument.

	1.2
	Under
the Term Loan Facility Agreement, the Lenders granted a loan to the Main Borrower for one hundred thirty million United States dollars, hereinafter
the "Loan", which should be used by the Main Borrower and RG Exchangeco, Inc., its subsidiary, to acquire all shares in 

INTERNATIONAL
ROYALTY CORPORATION, a Canadian company. The funds from the Loan must be made available to the Main Borrower after all conditions established in Article V of the Term Loan
Facility Agreement have been met.  

	1.3
	The
Credit Documents contain several obligations owed to each of the Lenders and the Agent, all included in the definition of  Obligations as defined in the Term Loan Facility Agreement, enforceable against
the Main Borrower and the other Credit Parties. Such obligations will be
hereinafter called the "Obligations" and they include, for example, the payment of principal, interest, expenses, expenditures, reimbursements and
indemnity obligations as well as all other amounts and fulfillment of all other obligations assumed, such as, merely by way of example and not limitation: (i) the Affirmative Covenants set down
in Article VI of the Term Loan Facility Agreement whereby the Credit Parties promised to complete several actions during the term of the Obligations, including those indicated in
Section 6.16, consisting of executing several collateral agreements defined as the Chilean Security Documents, in the Term Loan Facility
Agreement, hereinafter the "Chilean Security", which include: (a) the pledge on equity interests in Grantor by the partners therein;
(b) the pledge on royalty rights or royalties held by Grantor regarding the mining projects known as Pascua-Lama, El Toqui and Andacollo, all included in the definition of  Material Royalties as
defined in the Term Loan Facility Agreement; (c) the public deed of surety and joint and several co-debt
executed on May 7th 2010 before the attesting notary, repertory number 16,103-2010; and (d) any other security associated or related with the
foregoing. The Chilean Security must be executed in terms formally and substantively acceptable to the Agent no later than May 28, 2010, and any notice in regard thereto must also be delivered
no later than June 28, 2010. A legal opinion of the counsel to Grantor must also be delivered in this latter period of time on the signature and perfecting of the aforesaid Material Royalties
pledges; (ii) the Negative Covenants assumed by the Credit Parties in Article VII of the Term Loan Facility Agreement; (iii) the Guaranty granted according to Article XI of
the Term Loan Facility Agreement by which each Guarantor undertook unconditionally and irrevocably to be the surety and joint and several co-debtor of full and timely payment of any and
all of the Obligations, either at original maturity or upon acceleration.

	1.4
	The
Term Loan Facility Agreement is subject to the laws of the State of New York, United States of America, and the parties thereto have submitted the
resolution of any dispute, claim, action or procedure that may arise in relation to the Term Loan Facility Agreement to the jurisdiction of the State or Federal Courts sitting in New York City, State
of New York, United States of America. 

 SECOND:    PLEDGED CREDIT  

	2.1
	By
way of public deed dated January 12, 2010, executed in the Santiago Notarial Office of Andrés Rubio Flores, Journal
Number 42-2010, hereinafter the "Royalty Agreement", Compañía Minera Teck Carmen de Andacollo sold,
assigned and transferred to the company Royal Gold, Inc. a royalty consisting of the right to receive a percentage of the sales of gold extracted and treated from any of the mining exploitation
concessions detailed in the Royalty Agreement, hereinafter the "Mining Property". This royalty is referred to as the "Andacollo
Royalty" and is terms and conditions are indicated in the Third Clause, Annex A and the other provisions and annexes of the Royalty Agreement. With the objective of
guaranteeing the full and timely fulfillment of all and each one of the obligations assumed by Compañía Minera Teck Carmen de Andacollo in the Royalty Agreement,
including the payment of the Andacollo Royalty, this latter constituted a first rank mortgage in favor of Royal Gold, Inc. and, furthermore, undertook not to enter into any working capital loan
contract nor transfer, directly or indirectly, all or any part of the Mining Property without the prior consent of Royal Gold, Inc. upon the terms and conditions that are indicated in said
contract. The aforementioned obligations and restrictions are hereinafter and indistinctly referred to as the "Restrictions".

	2.2
	By
way of public deed dated 25 January 2010, executed in the Notary Public of Santiago of Mr Andrés Rubio Flores, repertory
number 133 of year 2010, hereinafter referred to as the "Assignment of Rights", Royal Gold, Inc. sold, assigned and transferred to the
Grantor all the 

rights
that correspond to it or may correspond to it in the Royalty Agreement, including, amongst other, the Andacollo Royalty, subrogating the Grantor to all the rights and obligations of Royal Gold
Inc in the Royalty Agreement.  

	2.3
	On
the same date of the subscription of the Assignment of Rights, Compañía Minera Teck Carmen de Andacollo delivered the
Grantor an authorized copy of the Royalty Agreement, consisting of the assigned credit in which the pertinent assignment, designation of the assignee and signature of the assignor were noted. GRANTOR
declared receipt thereof to its full and total satisfaction. As a consequence of the Rights Assignment, GRANTOR became the holder of the Andacollo Royalty and the Restrictions, assuming the
contractual position held by the assignor up to that date. 

 THIRD:    COMMERCIAL PLEDGE  

	3.1
	In
order to guarantee full, effective and timely payment of the Obligations assumed now or in the future under the Term Loan Facility Agreement and/or any
other Credit Document as well as any other obligation of the Credit Parties, including the Main Borrower and the Guarantors (hereinafter all collectively and indistinctively called the  Borrowers)
owed to the Lenders under the Term Loan Facility Agreement, any other Credit Document and/or all such contracts and instruments that are
signed and delivered to the Lenders under the Term Loan Facility Agreement and/or any other Credit Document, GRANTOR hereby grants a commercial pledge in favor of the Lenders, represented by the
Agent, on the Andacollo Royalty (hereinafter called indistinctively the Pledged Credit) according to Article 813 et seq.
of the Commercial Code and the terms and conditions set out below (the Pledge). Notwithstanding the other rights that correspond to the Lenders pursuant
to the law in regard to the content and scope of this Pledge, it is agreed: (i) that this Pledge shall be governed by the stipulations agreed below and otherwise by the provisions on pledge and
common law contained in the Commercial Code of Chile; (ii) by this Pledge, GRANTOR secures payment to the Lenders of the Obligations, whether performance can be required on the agreed dates or
earlier; (iii) GRANTOR also secures performance of Obligations by set-off, i.e. the corresponding damage indemnity decreed by any court in the country and/or abroad, as the
case may be; and payment of all accessories to the Obligations, such as interest, including default interest, commissions, taxes, remunerations, charges, costs, judicial or extrajudicial collection
expenses, including attorneys' fees, insurance premiums, any other disbursements that the Lenders have made that originate in the Term Loan Facility Agreement, any other Credit Document and/or all
such contracts and instruments that are signed and delivered to the Lenders under the Term Loan Facility Agreement or this Pledge; (iv) GRANTOR also secures fulfillment of conditional, term and
future obligations originating in the Term Loan Facility Agreement, any other Credit Documents and/or all such contracts and instruments that are signed and delivered to the Lenders under the Term
Loan Facility Agreement; (v) GRANTOR also secures fulfillment of all obligations owed by the Borrowers to the Lenders because of extensions, renewals, amplifications or other amendments made to
the Term Loan Facility Agreement and/or any other Credit Document. For these purposes, GRANTOR irrevocably and unconditionally accepts any amplification, extension, renewal, acceleration or amendment
to the Term Loan Facility Agreement, any other Credit Document and/or any of the obligations arising therefrom such as, for example, in relation to amount, place of payment, conditions assessable
thereon, modes determining them, amplification or renewal of periods and establishment of new periods agreed upon by the Borrowers; and a waiver in favor of the Lenders of any right, motion,
allegation or defense relating to this matter; and (vi) GRANTOR further secures payment of any marketable securities documenting now or in the future, in Chile or abroad, the Obligations
originating in the Term Loan Facility Agreement, any other Credit Document and/or all such contracts and instruments that are signed and delivered to the Lenders under the Term Loan Facility
Agreement; and the payment of marketable securities that might be signed, accepted or endorsed in renewal, replacement or addition to other previous ones because of the amplifications, extensions,
renewals or amendments mentioned in clause (v) above. Furthermore, to the extent not contrary to the laws of the Republic of Chile and without prejudice to the foregoing, GRANTOR further
undertakes to 

indemnify
the Lenders, the Agent and/or the Sole Lead Arranger for any cost, loss or damage suffered by any thereof should any of the Obligations be declared illegal, void or otherwise ineffective,
unenforceable or non-binding now or in the future. Such indemnity must redress the equivalent to what the indemnitee could have obtained by fulfillment of the secured obligation. 

	3.2
	The
Lenders are empowered, without any need to notify or obtain the acceptance of GRANTOR nor affecting the validity or enforceability of this Pledge nor
establishing any extinguishment, limitation, impairment or release of the obligations of GRANTOR: (i) to agree at any time with the Borrowers to renewals, extensions or other amendments of the
Obligations, whether they have been stipulated originally in the Term Loan Facility Agreement or introduced thereafter, such as, for example, the place of payment, conditions, terms, modes or other
conditions that may be assessed thereon, acceleration or other circumstances of payment; (ii) to settle, submit to arbitration, waive or pardon the Obligations, accept or reject any offer of
fulfillment thereof, agree to novations or substitutions of the Obligations or subordinate the payment thereof to any other obligation; (iii) to agree to other sureties or other collateral or
security in guarantee of the Obligations; (iv) to waive, exchange, submit to arbitration, subordinate or modify, with or without reason, any collateral or security of the Borrowers or third
parties securing fulfillment of the Obligations arising from the Term Loan Facility Agreement and all such contracts and instruments that are signed and delivered to the Lenders under the Term Loan
Facility Agreement; (v) to determine, at their discretion, the order in which they will enforce the collateral or security securing performance of the Obligations arising from the Term Loan
Facility Agreement, the other Credit Documents and all such contracts and instruments that are signed and delivered to the Lenders under the Term Loan Facility Agreement and the exercise of the rights
available thereto as a result; and (vi) to allocate, at their discretion, the proceeds of the liquidation of any collateral or security, including of third parties, to payment of any of the
Obligations due now or in the future under the Term Loan Facility Agreement and all such contracts and instruments that are signed and delivered to Lenders under the Term Loan Facility Agreement.

	3.3
	GRANTOR,
duly represented as indicated in the preamble, hereby accepts and agrees to the benefit of the Lenders that the occurrence of any Event of Default,
as defined in Article VIII of the Term Loan Facility Agreement and hereinafter called an Event of Default, may cause the
immediate, irrevocable acceleration of the Obligations or of the instruments that might document such Obligations and, therefore, of the Pledge, as if due, as well as of any interest and expenses
arising therefrom. Each and every one of the collection and/or other actions resulting from the Term Loan Facility Agreement and all such contracts and instruments that are signed and delivered to the
Lenders under the Term Loan Facility Agreement might be pursued according to the general rules of law.

	3.4
	For
purposes of number 2 of Article 185 of the Commercial Code, the parties expressly stipulate that the principal under the Loan that is part
of the Obligations totals one hundred thirty million United States dollars. 

 FOURTH:    DELIVERY  

        For purposes of article 2389 of the Civil Code, the parties represent that Grantor hereby delivers the title to the Pledged
Credit to the Agent, which includes: (i) a counterpart of
the public deed containing the Stock Purchase; (ii) a counterpart of the filing of the private, English-language Share Purchase and Royalty Agreement; and (iii) a counterpart of the
public deed containing the Rights Assignment. This delivery perfects the Pledge among the parties and is the way in which the real right of pledge is transferred to the Lenders. The Agent declares
receipt thereof to its full satisfaction. 

 FIFTH:    PROHIBITION TO ENCUMBER AND CONVEY  

        Grantor further undertakes not to encumber, convey, dispose of or enter into any act or contract in regard to the Pledged Credit as
long as the Pledge set out herein is in effect, unless they have prior written authorization of the Agent. The Parties declare that convey shall mean any collateral or any 

lien,
prohibition, third-party right, attachment, impediment or restriction that may affect or hinder the free use, enjoyment or disposal of the Pledged Credit. 

 SIXTH:    ACCEPTANCE  

        The Agent hereby accepts the commercial pledge on interests and prohibition to encumber and convey set down in this deed and acquires
the real right of pledge for the Lenders. 

 SEVENTH:    REPRESENTATIONS  

	7.1
	GRANTOR
represents that it is the sole and exclusive owner of the Pledged Credit, that the Pledged Credit is free of any other liens, litigation,
prohibition to encumber and convey and any other restriction, attachment, precautionary measure, resolutory actions or third-party priority rights; and they are not assessed by options, sale promises,
conditional or term sales nor any other act or contract that seeks or is intended to transfer ownership of the Pledged Credit or give it in guarantee of other obligations; and there is no impediment
that might affect the free disposal, establishment or enforcement of the Pledge and prohibitions to encumber and convey set down herein, with the exception of that established in Section (i) of
letter (o) of the Sixth Clause of the Royalty Agreement.

	7.2
	GRANTOR
has full power and lawful authority to enter into this agreement and to pledge the Pledged Credit to the Agent and to grant to the Agent a first and
prior security interest therein as herein provided, all of which have been duly authorized by all necessary corporate action.

	7.3
	The
execution and delivery and the performance hereof are not in contravention of any charter, articles of incorporation or bylaw provision, or of any
instrument or undertaking to which GRANTOR is a party or by which GRANTOR or its property are bound.

	7.4
	This
agreement constitutes the valid and legally binding guarantee of GRANTOR enforceable in accordance with its terms.

	7.5
	GRANTOR
will defend the Pledged Credit against all claims and demands of all persons at any time claiming the same or any interest therein. Any officer or
representative acting for or on behalf of GRANTOR in connection with this agreement or any aspect hereof, or entering into or executing this agreement on behalf of GRANTOR, have been duly authorized
to do so, and are fully empowered to represent GRANTOR in connection with this agreement and all matters related thereto or in connection therewith. 

 EIGHTH:    APPEARANCE AND ACCEPTANCE OF THE PLEDGOR PURSUANT TO THE PLEDGED CREDIT  

	8.1
	GRANTOR
and the Lenders hereby forbid Compañía Minera Teck Carmen de Andacollo to pay all or part of the Pledged Credit to
anyone other than the Lenders or the Agent, on behalf of the Lenders, as of the date when notice is delivered pursuant to Section 8.2 below. Present in this act is Mr. Christian
Andrés Arentsen de Grenade, Chilean, married, commercial engineer, chilean national tax identity number 7.044.596-4, and Mr. David Richard Baril, Canadian,
married, mine engineer, tax identity number for foreigns 14.532.728-8, both on behalf of, as shall be evidenced, Compañía Minera Teck Carmen de Andacollo, a
mining company duly constituted and existing according to the Republic of Chile law, taxpayer identification number 78.126.110-6, all domiciled at Avenida Vitacura 2939,
24th floor, Vitacura, Santiago, who hereby receives notice pursuant to article 2389 of the Civil Code and accepts the Pledge established herein and, accordingly,
unconditionally, irrevocably and unreservedly accepts the obligation to pay the Pledged Credit to the Lenders or the Agent, on behalf of the Lenders, or to the successor or substitute thereof
according to this agreement and article 12 of Decree Law 776 of 1925, once it receives the notice indicated in Section 8.2 below. It is hereby evidenced that by way of letter dated
26 January 2010, the Grantor communicated to Compañía Minera Teck Carmen de Andacollo its intention to constitute a pledge over the Andacollo Royalty, and in said
instrument this latter company waived its right that the referred communication be sent at least 60 days in advance, in accordance with that established in Section (i) of letter
(o) of the Sixth Clause of the Royalty Agreement. 

	8.2
	Notwithstanding
the stipulations in Section 8.1 above, should an Event of Default occur that has not been waived or otherwise remedied in the period
established in the Term Loan Facility Agreement, at the exclusive discretion of the Lenders and/or the Agent, the Parties agree that the Lenders or the Agent, on behalf of the Lenders, shall exercise
the rights available thereto regarding the Pledged Credit. In this case, the Agent, on behalf of the Lenders, shall send a notice to Compañía Minera Teck Carmen de
Andacollo through a Notary Public and as of the date of delivery thereof, Compañía Minera Teck Carmen de Andacollo without the requirement to carry out any further
analysis, will be forbidden to pay the Pledged Credit to anyone other than the Lenders or the Agent, on behalf of the Lenders, as provided in Article 816 of the Commercial Code. Until such
notice is delivered to Compañía Minera Teck Carmen de Andacollo, GRANTOR shall be empowered to collect and receive the Pledged Credit and allocate funds to the activities
forming part of its business. The funds thus received and allocated will be released from the Pledge established herein.

	8.3
	In
accordance with that established in Clause 6(o) (i) of the Royalty Contract, the Agent, in representation of the Creditors, is hereby
obligated to respect the terms and conditions of the Royalty Contract and any amendments to the same with respect to the rights object of the Pledge that is constituted by this act. Notwithstanding
the foregoing sentence, Grantor must comply with all obligations assumed in the Term Loan Facility Agreement, including, but not limited to, the covenant relating to amendments to the Royalty Contract
as set forth in Section 7.10. 

 NINTH:    COLLECTION BY THE AGENT  

	9.1
	If
the notice indicated in Section 8.2 above has been delivered, the Agent shall be empowered to collect the Pledged Credit provided it has accrued
and is due and payable, wherefore it shall be deemed the legal representative of GRANTOR according to article 12 of Decree Law 776 of 1925. The sums received by the Agent from
Compañía Minera Teck Carmen de Andacollo on behalf of the Lenders shall be applied by the Agent immediately, without any formality, toward payment of the Obligations
secured by this Pledge, notwithstanding the Agent's obligation, on behalf of the Lenders, to render an account to GRANTOR. After the notice indicated in Section 8.2 above has been delivered,
the Agent may, on behalf of the Lenders, ask Compañía Minera Teck Carmen de Andacollo to make the payments of the Pledged Credit directly in its name, which
Compañía Minera Teck Carmen de Andacollo must do, including if for such purpose it is necessary to replace any payment document originally issued in the name or to the
GRANTOR and that is still in possession of Compañía Minera Teck Carmen de Andacollo, by an equivalent issued in the name of the Agent, that is hereby accepted by GRANTOR,
who in turn waives any claim against Compañía Minera Teck Carmen de Andacollo. Furthermore, notwithstanding the foregoing, the Agent will be authorized to withdraw checks
in payment and any other document extended to that end by Compañía Minera Teck Carmen de Andacollo to the order or name of GRANTOR that is linked in any way with the
Andacollo Royalty and in this latter case, it may endorse such checks and any other document in ownership or in collection commission and dispose thereof, cash them and exercise any and all of the
other rights inherent to the account holder in order to receive effectively the amount of such checks and any other document. The Agent, on behalf of the Lenders, may also issue the receipts requested
for the amounts collected and received thereby and it may sign the public or private documents required by Compañía Minera Teck Carmen de Andacollo in relation to the
foregoing.

	9.2
	Notwithstanding
the Pledge established in accordance with this deed, and in the event that Compañía Minera Teck Carmen de
Andacollo refuses for any reason to make the payment to the Agent in its capacity as Lender, GRANTOR hereby confers an irrevocable power of attorney upon the Agent in accordance with
Article 241 of the Commercial Code in order for the Agent to collect, in the name and on behalf thereof, all sums it is entitled to receive because of the Pledged Credit, to execute the
liquidations, issue the receipts and/or cancellations necessary and allocate the proceeds thereof to payment of the Obligations, including any amplification, extension, renewal, acceleration or
amendment thereof, whether such monies have accrued or consist of 

default
interest, at the Agent's discretion, with the specific power to prepay. The Agent is released from the obligation to render account of his actions under such power of attorney. This power of
attorney also includes the power of the Agent to represent GRANTOR judicially and extrajudicially in order to collect any sums arising in relation to the Pledged Credit and/or any dispute relative to
performance, existence and/or validity thereof, as well as the exercise of any action relating to the Restrictions, all using the powers indicated in both subparagraphs of Article Seventh of the Code
of Civil Procedure, particularly the power to discontinue an action filed in the first instance, accept the counterclaim, reply to interrogatories, waive legal remedies or terms, settle, submit to
arbitration, grant arbitrators their powers of conciliators, approve compositions and receive. A written notice from the Agent to Compañía Minera Teck Carmen de Andacollo
delivered by a Public Notary shall suffice to exercise the power of attorney established in this section. As of deliver of such notice, Compañía Minera Teck Carmen de
Andacollo shall pay the corresponding amounts directly to the Agent. In order to complete this mission, the Agent as an attorney shall be empowered to submit and sign all documents necessary to that
end, without any conventional limitation, and to collect all payments that are made. The Agent accepts such power of attorney and the GRANTOR expressly represents that it accepts and
assumes that because of the nature of this commission, the Agent shall have no liability of any type if all or part thereof cannot be completed by the attorney-in fact for any cause or
reason, and it hereby releases the Agent from any such liability. It is further stipulated that any default by the GRANTOR on the obligations assumed herein at any time whatsoever shall entitle the
Agent to waive, ipso facto and immediately, all or part of the instructions given, as the Agent deems pertinent, without any type of liability, which
the GRANTOR hereby accepts, notwithstanding giving written notice to the GRANTOR about the resignation.  

	9.3
	GRANTOR
undertakes to provide the Agent with all documentation and/or calculations necessary to proceed with timely collection of the sums to which it is
entitled because of the Pledged Credit in any event in which the Agent proceeds directly with collection of the Pledged Credit.

	9.4
	The
Agent is hereby empowered to notify the pledges and power of attorney established herein to the corresponding person through a notary or the means it
deems most suitable. 

 TENTH:    CONTINUED OWNERSHIP  

        GRANTOR shall take the judicial and extrajudicial actions that are necessary, at their exclusive expense, to maintain ownership and
free disposition of the Pledged Credit and to defend it against third-party actions. 

 ELEVENTH:    SUFFICIENT TITLE  

        GRANTOR recognizes the Obligations that are described in Clause First of this deed, and represents that it shall recognize this deed as
sufficient title for collection thereof in any collection action regarding the Obligations taken after an Event of Default. It is stipulated that any Obligation for which payment is agreed in a
foreign currency shall be deemed extinguished only up to the amount that the pledgee has received in such freely convertible and available currency or if the payment is made in another currency, only
up to the amount with which the foreign currency in which payment should have been made can be acquired with such currency, in the terms set down in the Term Loan Facility Agreement. 

 TWELFTH:    PROCESS AGENT  

        Grantor grants a special, irrevocable power of attorney to Mr. Sergio Orrego Flory, Chilean, married, attorney, identification
card number 7.051.727-2 and Ms. María Elena Dörr Bulnes, Chilean, single, attorney, identification card number 8.459.196-3 in
order for any one thereof, acting indistinctively and separately, to receive on their behalf judicial and/or extrajudicial notifications and requests in any action, procedure or lawsuit relating to
the contract set down in this deed and the Obligations, regardless of the procedure applicable or the court or authority entrusted with the hearing 

thereof.
Therefore, upon notification or request to the attorney-in-fact, Grantor shall be deemed validly served in such action, procedure or lawsuit. In exercising this
irrevocable power of attorney, the attorneys-in-fact shall be amply empowered to represent Grantor judicially, which includes receiving any type of notification, answering
claims and acting with the judicial powers contained in both subparagraphs of Article Seventh of the Code of Civil Procedure, which are deemed expressly set out. Grantor expressly represents that the
power of attorney set down in this clause is irrevocable in the terms of Article 241 of the Commercial Code because the execution thereof is of interest to the Lenders. Present in this act are
Mr. Sergio Orrego Flory and Ms. María Elena Dörr Bulnes, both domiciled, for these purposes, in this city at Avenida Andrés Bello 2711,
16th floor, borough of Las Condes, who are of age, evidence their identity by the aforesaid identity cards and declare that they accept the power of attorney granted thereto in
this Section and promise not to resign it without written consent of the Agent. 

 THIRTEENTH:    NO LIMITATION  

        The pledge and prohibition set down herein shall not be considered under any circumstances to be an amendment, substitution or
limitation of the rights granted to the Lenders under the Term Loan Facility Agreement. It is further expressly stipulated that the pledge and prohibition established herein are without prejudice to
any other collateral and prohibition that have been granted by Grantor and/or by third parties, whether real or personal, to secure the obligations identified in this deed. 

 FOURTEENTH:    FURTHER COMMITMENTS  

        Grantor undertakes to make the representations and carry out all such actions in time and form at the expense thereof that the Agent
may reasonably request or consider necessary to allow the Agent to perfect, preserve or protect this pledge or prohibition or to exercise any of the rights conferred upon the Agent or the Lenders
under this Agreement or the law. To such end, Grantor undertakes to execute all such instruments, documents and contracts, obtain all consents, approvals and other authorizations necessary to create
the pledge and prohibition granted herein legally and validly, without committing a contractual or legal default, and it undertakes to give all notices and instructions that the Agent may consider
necessary. 

 FIFTEENTH:    VOID PAYMENTS  

        If a judicial action is filed requesting the declaration that any sum paid to any of the Lenders under the Term Loan Facility Agreement
be cancelled or otherwise voided in a proceeding of any type, including for example a bankruptcy, winding up or receivership procedure of the person who made such payment, then such payment shall not
be considered to have been made irrevocably for purposes of this pledge and prohibition. 

 SIXTEENTH:    DOMICILE  

        For all legal purposes derived from this deed, Grantor elects its domicile as Santiago and submits to the jurisdiction of the ordinary
courts of justice sitting and with venue in the borough of Santiago, Chile. This pledge is governed by the laws and other regulations and other provisions in effect in the Republic of Chile. 

 SEVENTEENTH:    EXPENSES; SUPPLEMENTAL DEEDS  

        The expenses, taxes, notarial and registration fees relating to the execution or registration of this deed as well as those resulting
from supplemental public deeds that might have to be executed in order to clarify, rectify or amend this deed and all those corresponding to the enforcement or release of this Pledge and prohibition
at the pertinent time, will be paid by Grantor and each thereof grants a special and irrevocable power of attorney to Sergio Orrego Flory and María Elena Dörr in order
for any one thereof, acting with a representative of the Agent on behalf thereof, to be able to draft any text necessary to correct this public deed and attain full registration of the pledge and
prohibition, as 

relevant.
In use of their attributions, the representatives may correct and rectify the contents of this deed, the identification of the parties and the Pledged Credit or complete the data necessary
for perfection of the agreements stipulated by the parties. Similarly, the representatives are empowered to execute those texts to public deed and register them in the respective registries together
with this deed. 

 EIGHTEENTH:    SUCCESSORS AND ASSIGNS  

        This pledge and prohibition shall benefit, and the rights granted may be exercised by, the Lenders or their successors or assigns or
legal or conventional subrogates in the rights thereof. Such successors or assigns or legal or conventional subrogates shall have the same rights and benefits in respect of Grantor that this deed
grants to the Lenders and they shall be considered Lenders for all pertinent legal and contractual purposes. 

 NINETEENTH:    HEADINGS  

        The headings and titles contained in this deed have been placed for convenience and reference only and do not amend or interpret the
intention of the parties in any way nor affect any of the stipulations herein. 

        AUTHORITIES.    The authority of don Antonio José Cussen Mackenna to represent ROYAL GOLD CHILE LIMITADA is set down in power of
attorney
granted on March 31st 2010 in Denver, Colorado, United States of America, was filed before the Santiago Notarial Office of Andrés Rubio Flores dated
April 9, 2010. The authority of José Francisco Sanchez Drouilly and Hugo Sebastián Prieto Rojas to represent HSBC BANK USA, NATIONAL ASSOCIATION, is set down in
the power of attorney granted in New York, United States of America on April 8, 2010 which, after due legalization, was filed on April 19, 2010 before René Benavente Cash,
Notary of Santiago. The authority of Mr. Christian Andrés Arentsen de Grenade and Mr. David Richard Baril to represent COMPAÑÍA MINERA TECK
CARMEN DE ANDACOLLO on the public deeds dated March 30th 2009, Journal N° 6,958-2009, February 19th 2008, Journal
N° 4,070-2008, and November 17th 2008, Journal N° 30,542-2008, all granted on Santiago Notarial Office of
María Gloria Acharán Toledo. In witness whereof, the parties sign after reading, together with the attesting Notary. I issued a copy. I attest. 

 

 

			
	 	 	/s/ Antonio José Cussen MacKenna

  ANTONIO JOSÉ CUSSEN MACKENNA

for ROYAL GOLD CHILE LIMITADA
	

 	
 	
/s/ Jose Francisco Sanchez Drouilly

  JOSE FRANCISCO SANCHEZ DROUILLY

for HSBC BANK USA, NATIONAL ASSOCIATION
	

 	
 	
/s/ Hugo Sebastián Prieto Rojas

  HUGO SEBASTIÁN PRIETO ROJAS

for HSBC BANK USA, NATIONAL ASSOCIATION
	

 	
 	
/s/ Sergio Orrego Flory

  SERGIO ORREGO FLORY
	

 	
 	
/s/ María Elena Dörr Bulnes

  MARÍA ELENA DÖRR BULNES
	

 	
 	
/s/ Christian Andrés Arentsen de Grenade

  CHRISTIAN ANDRÉS ARENTSEN DE GRENADE

for COMPAÑÍA MINERA TECK CARMEN DE ANDACOLLO
	

 	
 	
/s/ David Richard Baril

  DAVID RICHARD BARIL

for COMPAÑÍA MINERA TECK CARMEN DE ANDACOLLO

 

 

QuickLinks

Exhibit 10.50

COMMERCIAL PLEDGE ON RIGHTS BY ROYAL GOLD CHILE LIMITADA TO HSBC BANK USA, NATIONAL ASSOCIATION

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