Royal Gold, Inc. (Royal Gold), together with its subsidiaries, is engaged in the business of acquiring and managing precious metals royalties. The Company focuses to acquire existing royalties or to finance projects that are in production or in development stage in exchange for royalty interests. During the fiscal year ended June 30, 2009 (fiscal 2009), the Company received royalty revenue from 23 producing properties. In addition, it owns royalty interests on 10 development-stage properties and over 80 exploration-stage properties, of which the Company considers 25 to be evaluation-stage projects. Royal Gold does not conduct mining operations. On October 1, 2008, the Company completed the acquisition of 72 royalties from Barrick Gold Corporation (Barrick), including a restructuring of the Company’s gross smelter return 2 (GSR2), GSR3 and net value royalty 1 (NVR1) royalties.