Royal Gold Completes Acquisition of Battle Mountain


DENVER, Oct. 25 / -- ROYAL GOLD, INC., the world's leading precious metals royalty company, today announced the completion of a merger agreement with Battle Mountain Gold Exploration Corp. ("Battle Mountain"), under which Royal Gold acquired 100% of the fully diluted shares of Battle Mountain. Royal Gold paid approximately $3.4 million in cash and issued 1.14 million shares of its common stock to the Battle Mountain shareholders in order to acquire the shares of Battle Mountain that the Company did not already own. Subject to the settlement of certain Battle Mountain litigation, the former shareholders of Battle Mountain may receive additional shares of Royal Gold common stock or cash, in the same form as previously elected.

Battle Mountain is a precious metals royalty company with a portfolio consisting of royalties on 13 properties located mainly in the Americas. Its principal assets include a 1.25% and a 2.0% net smelter return ("NSR") royalty on gold production and a 2.0% NSR royalty on silver production from the Dolores project in Mexico, which is under development by Minefinders Corporation Ltd. Battle Mountain's royalty properties contain approximately 4.8 million ounces of gold reserves and 136 million ounces of silver reserves.

Royal Gold is the leading precious metals royalty company engaged in the acquisition and management of precious metals royalty interests. Royal Gold is publicly-traded on the NASDAQ Global Select Market under the symbol "RGLD," and on the Toronto Stock Exchange under the symbol "RGL." The company's web page is located at www.royalgold.com/.

FCMN Contact: kgross@royalgold.com

Source: Royal Gold, Inc.

CONTACT: Karen Gross, Vice President and Corporate Secretary of Royal Gold, Inc., +1-303-573-1660

Web site: www.royalgold.com

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