Royal Gold, Inc. (Royal Gold), together with its subsidiaries, is engaged in the business of acquiring and managing precious metals royalties and similar interests derived from production. The Company focuses to acquire existing royalties or to finance projects that are in production or in development stage in exchange for royalty interests. As of June 30, 2011, the Company owned royalties on 36 producing properties, 21 development stage properties and over 128 exploration-stage properties, of which the Company considers 38 to be evaluation stage projects. The Company owns a royalty on all gold produced from the sulfide portion of the Andacollo copper and gold deposit. As of June 30, 2011, the Company acquired an additional 0.75% sliding-scale NSR royalty on the Pascua-Lama project located on both sides of the border between Argentina and Chile, and operated by Barrick. The Company owns a sliding-scale NSR royalty on the Holt portion of the Holloway-Holt mining project.