October 2014

Royal Gold Plc

Gold Mining
and Investment Company

October 2014, Royal Gold PLC Rev 1.1 Page 1

DISCLAIMER

This document has been prepared by Royal Gold PLC (the Company) to provide existing and prospective investors in the Company with
an update on the Company and its operations.

This presentation, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendation to
subscribe for or purchase any security and neither the presentation, disclaimer nor anything contained in them forms the basis of any
contract or commitment. This presentation does not take into account your individual investment objectives, financial situation or
particular needs. You must not act on the basis of any matter contained in this presentation, but must make your own assessment of the
Company.

No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of information contained in this
presentation, including the accuracy, likelihood of achievement or reasonableness of any forecast, prospects, returns or statements in
relation to future matters contained in the presentation (“forward-looking statements”). Such forward-looking statements are by their
nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject
to change (and in many cases are outside the control of the Companyits directors) which may cause the actual results or performance of
the Company be materially different from any future results or performance expressed or implied by such forward-looking statements.

To the maximum extent permitted by law, none of the Company, or its related corporations, directors, employees or agents, nor any
other person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any loss arising from the
use of this presentation or its contents or otherwise arising in connection with it.

October 2014, Royal Gold PLC Rev 1.1 Page 2

TABLE OF CONTENT

Disclaimer ........................................................................................................................................................................................................ 2  

Table of content ............................................................................................................................................................................................... 3  

GROUP OVERVIEW ......................................................................................................................................................................................... 5  

Management .................................................................................................................................................................................................... 6  

Projects ............................................................................................................................................................................................................ 8  

Group Structure ............................................................................................................................................................................................... 9  

Current Project Portfolio ................................................................................................................................................................................ 10  

Funding Requirenments................................................................................................................................................................................. 11  

Rio Tinto Tailings Project ............................................................................................................................................................................... 12  

Russia – Amarzakan Project .......................................................................................................................................................................... 13  

Russia – Amazar Gold Project ....................................................................................................................................................................... 14  

Kyrgyzstan – April Gold Project ..................................................................................................................................................................... 15  

Kyrgyzstan – Amangold Project ..................................................................................................................................................................... 16  

October 2014, Royal Gold PLC Rev 1.1 Page 3

Kyrgyzstan – Chonkaindi Project ................................................................................................................................................................... 17  

Armenia – Lusadjur Gold Project ................................................................................................................................................................... 18  

Armenia – Right bank Gold Project ............................................................................................................................................................... 19  

Armenia – Azatek and Sofi Bina Gold Projects .............................................................................................................................................. 20  

Armenia – Bazum Iron Project ....................................................................................................................................................................... 21  

Experienced leadership and operating team ................................................................................................................................................ 22  

EGC Advisors................................................................................................................................................................................................. 31  

October 2014, Royal Gold PLC Rev 1.1 Page 4

GROUP OVERVIEW

• Royal Gold Plc: A Natural resources group created to own, develop and manage mining opportunities worldwide

• PORTFOLIO: Approximately 30 million ounces of gold resources and 9 million ounces of gold reserves across 11 projects.
Estimated average operating cost of < US$250-300/oz due to location of assets

• ASSETS: diverse project portfolio with assets primarily located in Mediterranean Europe and Central Asia, with substantial
exploratory mining, infra-structural and development completed

• Strong relationships with governments and local partners to ensure successful progress with different stages of delivering the
projects into production stage

• MANAGEMENT AND ENGINEERING TEAM: strong track record of identification, origination and development of diversified
natural-resource opportunities with strong experience in emerging markets

• Phase of securing assets & agreements completed; EGC’s prime focus on project development

October 2014, Royal Gold PLC Rev 1.1 Page 5

MANAGEMENT

— Chairman: Sir Tony Baldry is, and has been, a director or chairman of a number of public and private natural resource
companies operating in Europe, Africa, Asia and South America including iron ore projects in both Sierra Leone and
Mauretania. He has been a member of the UK Parliament for nearly 30 years, and for eight years was a Government Minister
under Prime Ministers Margaret Thatcher and John Major, including a period of time as a Minister at the UK Foreign Office. Sir
Tony Baldry is a Barrister and head of a commercial set of Chambers in London

— Chief Executive Officer: Mr. Wang

— Chief Financial Officer: Mrs Jou

— Stephen Lay, is a qualified mining engineer, Chartered Engineer and Fellow of the Institute of Materials, Minerals and Mining
(formerly the IMM); he has over 30 years of mining, mine management, exploration and project management experience in gold,
diamonds and base metals. After graduating from the Camborne School of Mines, England, in 1977 he spent 13 years in the
Cornish Tin Mines. Most recently he has been COO of AIM listed Kopane Diamond Developments Plc and Chairman of Lesotho
company, Liqhobong Mining Development Company (pty) Ltd where he was responsible for a producing diamond mine in Lesotho
and overseeing a bankable feasibility study for a ten fold expansion in production. In 2006 he was CEO of AIM listed Altona
Resources Plc which holds the Arckaringa coal licences in South Australia. Between 2001 and 2006 he was with Celtic Resources
Holdings Plc, responsible for the development of the Nezhdaninskoye underground gold mine in Eastern Siberia; one of Russia’s
largest gold deposits. From 1998 to 2000 he was Managing Director of Australian company Bolnisi Mining Operations and
Executive Officer of Australian listed Bolnisi Gold NL, which had two JV operations in the former Soviet republic of Georgia. He
was Director of Finance and Operations of Quartzite LLC. During his control gold production quadrupled to 80,000oz per year.

October 2014, Royal Gold PLC Rev 1.1 Page 6

 — Chief operations Officer: Paul Seakens: Held a number of senior positions in well known financial services organizations' over a
career spanning 30 years. Formerly a director of EBC Amro Securities Services for three years, Head of Group Operations and
Risk Management at Kas Bank NV in London for six years and Head of Group Operations at SG Hambros Bank and Trust Limited.

— Head Mining Engineer: George Curtis is a mining professional with over 45 years experience spanning coal, base and precious
metals, in both underground and surface mines across three continents. Mr Curtis has held positions within all tiers of
management in mining operations including: Colliery Overman, National Coal Board (United Kingdom); Mine Captain, R.C.C.M
(Zambia); Underground Manager, South Crofty Tin Mine (United Kingdom); Statutory Mine Manager projects (various, United
Kingdom). He was also the Managing Director of a group of Diamond mines in Sth Africa and a former Director of operations and
finance of a surface gold operation of the Caucasus Project in Georgia.

October 2014, Royal Gold PLC Rev 1.1 Page 7

PROJECTS

Spain:

• Rio Tinto Tailings (Au;

AG; Fe; Cu)

Russia:
• Amazarkan
• Amazar

Kyrgyzstan:
• April
• Amangold
• Chonkiandi

Armenia:
• Lusadjur
• Right Bank
• Sophie-Binea
• Azatek

October 2014, Royal Gold PLC Rev 1.1 Page 8

GROUP STRUCTURE

• Each deposit is owned directly by a local project company (“PCo”), which is the holder of the exploration and/or mining licence for
the relevant deposit.

• EGC owns a majority stake in each PCo, in most cases alongside an experienced local minority partner

October 2014, Royal Gold PLC Rev 1.1 Page 9

CURRENT PROJECT PORTFOLIO

Category Grade Production Capacity

Project & Proposed
Location Metal Reserve (Tonnes) (T / p.a.) and mining Production Timing
LRG Ownership (%)
method
(GKZ) (g / T)

RIO TINTO (50%) Spain Gold Tailings 120 ** >1 5-7 (dams) Q2 2013

RIO TINTO (50%) Spain Silver Tailings 3,600T** 40 100 (dams) Q2 2013

RIO TINTO (50%) Spain Copper Tailings 200,000** 0.2 TBD (dams) Q2 2013

APRIL (81%) Kyrgyzstan Gold C1; P1 8; 30 07-Aug 0.5 (u/ground) 1H 2013

CHONKIAINDI (75%) Kyrgyzstan Gold C2 – P1 30 5 1.5 (open pit) 1H 2013

AMANGOLD (81%) Kyrgyzstan Gold P1 300 5 3-5 (open pit) 1H 2014

LUSAJUR (75%) ARMENIA Gold C1 20 05-Jul 0.7 (u/ground) Q4 2012

RIGHT BANK (75%) ARMENIA Gold C1 10 05-Jul 1.2 (u/ground) Q4 2012

AZATEK (90%) ARMENIA Gold C1; C2-P1 25; 95 2.5 2.5 (open pit) 2H 2013

SOPHIE-BINEA (80%) ARMENIA Gold C1 8 05-Jul 0.7 (open pit) Q2 2013

2013
AMAZARKAN
RUSSIA Gold C1/C2; P1 80; 40 2.3 2.5 (open pit) (0.5 current
(100%)
production)

AMAZAR (100%) RUSSIA Gold P1; P2 55; 170 2.5 1.5 (open pit) 2015

BAZUUM (81%) ARMENIA Iron Ore/steel C2; P1 200m; 1Bn 0.28 1m (Steel) Q2 2014

October 2014, Royal Gold PLC Rev 1.1 Page 10

FUNDING REQUIRENMENTS

PHASE DESCRIPTION FUNDS SOURCE OF FUNDS USE OF FUNDS (1)

REQUIRED (US$)

Phase 40m • Completion of Feasibility Studies in selected projects

1 • Detailed design and mine management programmes
• Finalisation and engagement of project teams and advisory /
contractor partners
• Initial ground mobilisation
• Commencement of construction of processing facilities / pilot
operations or, in respect of operating projects, expansionary capex

Phase Initial 150m • Operating • Completion of all remaining Feasibility Studies

2 Production cash flow • Completion of all construction and expansionary capex programs
• Debt financing
Phase To Full 425 – 475m
3 Production

October 2014, Royal Gold PLC Rev 1.1 Page 11

RIO TINTO TAILINGS PROJECT

Location Huelva Province, Spain

Resource Gold, Silver, Copper and Iron Ore Tailings Processing
Reserves Status Tailings: 250 MT tailings heaps (80MT Gold and Silver tailings)
Estimated Production -­‐ Gold: 5-7 T pa (average grade > 1g/T) – Initial production Q3 2012
-­‐ Silver: 100T pa – Initial production Q3 2012
-­‐ Potential to also extract significant quantities of copper and iron ore from residue

Estimated Capex BFS Deferred Initial Production Full Production

Payment

€1.5 €4.5m € 20.0m €90.0m

Legal Status ECG holds 50% of the Project Company, Rumbo 5.0 Cero SL

Rumbo 5.0 has lodged license application for tailings processing rights. License is expected to be
obtained in Q4 2012
Technical Status Technical Reports:

-­‐ Behre Dolbear Pre-Feasibility Report

-­‐ ALS Minerals Analysis

October 2014, Royal Gold PLC Rev 1.1 Page 12

RUSSIA – AMARZAKAN PROJECT

Location Amazarkan, Mogochinskii Region of the Chita Area, Russia

Gold Reserve Status 80 Tonnes: C1/C2 Category – estimated grade 2-3 g/T

40 Tonnes: P1 Category – estimated grade 2-3 g/T

Production 5 Tonnes p.a. – full production 2015

Current production 700kg p.a. (2011)

10-12 year mine life

Estimated Capex BFS Initial Production Full Production

Completed In Production US$35-50m

Legal Status Licence Holder: Amazarkan Russia

EGC owns 75% of licence holder via Amazarkan Gold (Cyprus)

Technical Status Report of IMC Economic and Energy Consulting Limited dated January 2009

October 2014, Royal Gold PLC Rev 1.1 Page 13

RUSSIA – AMAZAR GOLD PROJECT

Location Davan-Kholodzhikan gold-ore deposit, Chita region, Russia

Resource Gold
Reserve Status 55 Tonnes: P1 Category – estimated grade 2.5 g/T

170 Tonnes: P2 Category – estimated grade 2.5 g/T

Estimated Production 1.5 Tonnes p.a. – full production 2015

10-12 year mine life

Estimated Capex BFS Initial Production Full Production

US$5.0m US$10.0m US$35.0m

Legal Status Licence Holder: Amazar Russia

EGC owns 75% of licence holder via Amazarkan Gold (Cyprus)

Technical Status Technical Report of Russian TZK dated 2008

October 2014, Royal Gold PLC Rev 1.1 Page 14

KYRGYZSTAN – APRIL GOLD PROJECT

Location Aprelskoe, Kyrgyz Republic

Resource Gold (same geological belt as Kumtor Mine)

Reserve Status 30 Tonnes: P1 Category – estimated grade 7-8 g/T
8 Tonnes: C1 Category – estimated grade 7-8 g/T

Estimated Production 500kg p.a. – start of production expected in 2H 2013

10 year mine life

Estimated Capex Deferred Payment BFS Initial Production

US$200,000 US$2.5m US$2.0m

Legal Status Licence Holder: IZ International (Kyrgyz company)

EGC owns 81% of Licence holder via Amangold (Belize Co), with Almazintech Russia owning 19%

Technical Status Technical Reports:

-­‐ SRK Report being completed currently
-­‐ Almazinteck Report dated 2008

October 2014, Royal Gold PLC Rev 1.1 Page 15

KYRGYZSTAN – AMANGOLD PROJECT

Location Kyrgyz Republic (located between Kumtor and Muruntai Deposits)

Resource Gold

Reserve Status 300 Tonnes: P1 Category – estimated grade 5 g/T

Estimated Production 3-5 T p.a. – production commencement 1H 2014

10 year mine life

Estimated Capex BFS Initial Production Full Production

$10m US$10.0m US$35.0m

Legal Status Licence Holder: Amangold (Krygyz company)

EGC owns 81% of Licence holder via Amangold (Belize Co), with Almazintech Russia owning 19%

Technical Status Technical Reports:

-­‐ SRK Report being completed currently
-­‐ Almazinteck report dated 2008

October 2014, Royal Gold PLC Rev 1.1 Page 16

KYRGYZSTAN – CHONKAINDI PROJECT

Location Kyrgyz Republic

Resource Gold

Reserve Status 30 Tonnes: P1 Category – estimated grade 5 g/T

15 Tonnes: C1 Category – estimated grade 5 g/T

Estimated Production 1.5T p.a. – production commencement 1H 2013

10 year mine life

Estimated Capex BFS Initial Production Full Production

US$2.5m US$10.0m US$15.0m

Legal Status License Holder: Redmet (Kyrgyz company)

EGC owns 75% of the license holder via Amangold (Belize Co)

Due Diligence Documents Technical Report: Geological Survey Works Program dated 2009

October 2014, Royal Gold PLC Rev 1.1 Page 17

ARMENIA – LUSADJUR GOLD PROJECT

Armenia (50 km north from the Armenian capital of Yerevan)

Location
Resource Gold

Reserve Status 20 Tonnes: C1 Category – estimated grade 5-7 g/

Estimated Production 700 kg p.a. – production commencement 2H 2012

Pilot operation produced 50kg per mth in 2010

10-15 year mine life

Estimated Capex BFS Initial Production Full Production

COMPLETED US$10.0m US$15.0m

Legal Status Licence Holder: Paramount Gold (Armenia)

EGC owns 7% of licence holder via Coeur Gold Armenia (Belize)

Due Diligence Documents Technical Reports: SRK Report issued dated February 2011 – See attached

October 2014, Royal Gold PLC Rev 1.1 Page 18

ARMENIA – RIGHT BANK GOLD PROJECT

Location Armenia (Located next to Lusajur Deposit)

Resource Gold

Reserve Status 10 Tonnes: C1 Category – estimated grade 5-7 g/T

Estimated Production 1.2 Tonnes p.a. – production commencement 2H 2012

10-15 year mine life

Estimated Capex BFS Initial Production Full Production

US$6.0m US$0.5m US$3.0m

Legal Status Licence Holder: Paramount Gold (Armenia)

EGC owns 76% of licence holder via Coeur Gold Armenia (Belize)

Technical Status: Technical Reports: Covered in the Lusadjur SRK report – see above

October 2014, Royal Gold PLC Rev 1.1 Page 19

ARMENIA – AZATEK AND SOFI BINA GOLD PROJECTS

Location Armenia

Resource • Gold
• Antimony

Reserve Status
Estimated Production
• Gold: 25 Tonnes - C1 Category; 95 Tonnes - C2-P1 Category – estimated grade 2.5 g/T
• Antimony: 340,000 Tonnes [What classification?]
• Gold: 2.5 Tonnes p.a. – production commencement 1H 2013
• Antimony: 25,000KG p.a.
• 10-12 year mine life for each

Estimated Capex Deferred acquisition BFS Initial Production Full Production

consideration

US$0.5m US$1.5m US$25.0m US$60.0m

Legal Status License Holder: Vardana Zartong Ltd

EGC owns 90% of the license holder

Technical Status Technical Report of Wardell Armstrong (December 2007) updated in 2010. CPR to be completed by mid-
Q3 2012

October 2014, Royal Gold PLC Rev 1.1 Page 20

ARMENIA – BAZUM IRON PROJECT

Location Armenia (8 km from the regional center Kirovakan - 2 km from Pambak railway station)

Resource Iron Ore

Steel Production

Reserve Status 200 MT: C2 Category; 1bn T: P1 Category – estimated grade [28%] Fe content

Estimated Production 1m Tonnes p.a. Steel production from nearby DRI process plant – initial production Q2 2014
10-12 year mine life

Estimated Capex BFS Initial Production Full Production

US$2.0m US$40.0m US$120.0m

Legal Status Licence Holder: Surat Ltd

81% owned by EGC via Bazum Steel (60%) and Bazum Mining (21%)

Technical Status • Technical Reports of SRK dated September 2012 issued to Bazum Steel

October 2014, Royal Gold PLC Rev 1.1 Page 21

EXPERIENCED LEADERSHIP
AND OPERATING TEAM

Over 100 years combined operating experience in mining and infrastructure; 12 years experience of working as a team. Proven
track record of delivering greenfield projects to production:

Saleem Aslam individuals, ministers, ambassadors to presidents and prime

Member of the Board ministers as well as royal family members round the globe.

Mr. Aslam has built an exceptionally successful career as a real Since 2008, he has strategically diversified by investing into new
estate developer and advisor since 1996. He has a natural ability promising high growth markets and industries to meet investors’
to add value through his creative deal structures, and to specific short and long term investment goals, i.e. to maximize
mastermind projects with his own vision and imagination; thus returns on their investments. Mr Aslam is currently CEO of
taking a massive lead in many markets across the globe. energy, mining and property investment companies, where he is
leading a formidable team of professionals.
He has developed direct relationships with many foreign
investors, and is recognized as a leader of quality investment
opportunities for himself and his clients. In 16 years he has
implemented transactions worth hundreds of millions dollars, in
the process generating substantial returns for himself as well as
his investors, sometimes in very difficult markets.

These investors are companies, corporations, business

associates and personal friends ranging from high net worth

October 2014, Royal Gold PLC Rev 1.1 Page 22

George H. Richmond MBA
Member of Board - Business Development.
Business Development Professional with a high degree of
commercial acumen and entrepreneurial flair demonstrated
through an outstanding record of achievement. Leads from the
front with an influential management style to create effective
teams and possesses a structured analytical approach with a
keen eye for detail in providing reliable, accurate and financial
information. Offering substantial strategic management and a
proven track record in identifying opportunities and
implementing innovative management initiatives through robust
cost effective solutions. He worked as director in several
successful mining operations including Quartzite JV, Armenia
Gold – AGRC which were specializing in processing stockpile
and tailing material by using innovative technotlogies.
October 2014, Royal Gold PLC
Daniel McGrath
Advisors on Board
Daniel McGrath graduated from Queensland University of
Technology in Brisbane gaining degrees in Law and Business.
After gaining admission as a solicitor in Queensland, he studied
a Masters Degree (Political History) at Cambridge University. He
represented the University in cricket and rugby, receiving two
cricket Blues. He has worked at international law firms
Freshfields and Shearman & Sterling in Singapore and London
(respectively), specialising in Energy & Infrastructure. After
leaving private practice, Daniel worked for Challenger Financial
Services Group in their M&A team, with postings in Sydney,
London, Paris and Belgium. In 2010 Daniel founded Fumel
Investment Group, a private client advisory firm specialising in
the infrastructure and resources sectors. He is also currently a
Director of Blackstar Capital Partners, the regulated investment
advisor to the Blackstar Commodities Fund in Luxembourg.
Rev 1.1 Page 23
Alexander Furman
Country Manager
Mr. Furman is a specialist in corporate management and
marketing, with a strong background in mining, mining
machinery, oil and gas drilling. Alexander is an expert on CIS
countries markets and has wide business network connection in
the region. Alexander has studied Mathematics and Physics at
Bristol University and currently pursuing CFA certification.
Vardan Ayvazyan
Advisor Government Relations
Vardan Ayvazyan was elected Vice President, Government
Relations in April 2010, after having served as Minister of Natural
Resources and Industry of Armenia from 1999 till 2006 and
becoming Member of Parliament under presidents personal
election list as member N5. As Member of Parliament her is vice
speaker of Parliament, head of Investment supporting committee
.He graduated from Tbilisi University in Georgia , with a
Bachelor degree in history and political science.
October 2014, Royal Gold PLC
Alexander Begliarov
President and Chief Executive Officer
Alexandr Begliarov was appointed President and Executive
Officer and joined the Board of Directors Coeur Gold Armenia’s
subsidiary in Armenia on March 1, 2006. He previously served as
General Director and Chief Operating Officer of Armenia National
Gold Mining Corporation since July 1988 and served as
Executive Vice President and Chief Operating Officer of Russian
Largest Gold State Company DalUralZoloto since December
1986. Mr. Goldberg has 40 years of experience in the mining
industry and served as Chairman of the National Mining
Association in the Soviet Union. Named among 10 Gold
Generals of USSR. He holds a Bachelor of Science degree in
Mining Engineering from the Moscow University.
Rev 1.1 Page 24
Ashot Hovhanesyan
Director of Operations
Ashot Hovhanesyan was appointed as Director of Operations
since 2009. Prior to that he served as Director of Commerce and
operation of Armenian National Gold Mining Company for a
period of 1992 -2004. In the period 2004 – 2009 was with Nagin
Group - a 2 billion ton reserves deposits conglomerate where he
was responsible for efficient operation of the mine. This implied
making decisions on production methods, based on factors such
as safety, cost, and deposit characteristics. He has experience
and technical mining skills such as ventilation, explosives, survey
mining, legal, health and safety, geology and engineering,
including mentoring, coaching and strategy planning and
management. During his career at Nagin he has been managing
10 drilling rig, supervising training to new employees, implement
safety procedures and overseeing regular safety audits. He
excels in maintaining liaison with all important stakeholders and
act as the link between top management and the staff as well as
Mine Planning and project setting up.
October 2014, Royal Gold PLC
Tigran Kromyan
Corporate Development
Tigran was elected, Corporate Development, in July 2007.
Krmoayn previously served as Head of Department in Ministry of
National Resources and Metallurgy from July 2000 to June 2007,
and Vice President, Newmont Capital-Australia from 2003 to
2004. Mr. Krmoayn graduated from the Yerevan University, with
a Bachelor of Arts degree in land studies.
Dimitri Nadiradze
Construction Manager
Senior construction and building materials expert. Have
doctorate degree in Construction Material and construction
methodology. Was head of operation of construction of Georgian
Gold Mining Company Quartzite Heap Leach Process Plant,
American embassy, Hotel Marriot, Baku Jeyhan Oil Pipeline.
Have innovation approach to construction with modern materials
and special efficient coordination methods with subcontractors
and supply companies. Generate specific experience in
construction and operations in this region.
Rev 1.1 Page 25
Maryam Terzyan
Human Resources and Communications
Maryan Resources was elected Human Resources and
Communications in 2010. Prior to joining, Mrs. Terzyan served as
Chief Human Resources Officer, People and Places, for Nagin
Ltd –Armenian largest Iron ore and Metallurgy facility company.
With more than 15 years of human resources experience, Mrs
Terzyan has a history of aligning people strategies with business
results and creating a diverse, engaging and collaborative
culture. In 2007, he received the Diversity Best Practices Legacy
Award for lifetime achievements on behalf of women association.
Hakob Tadevosyan
Planning and Tax
Hakob Tadevosyan was elected Planning and Tax in November
2009, Prior to joining Newmont, he was a Partner with Granth
Thorton LLP from 2002 , serving as the Yerevan office tax
Managing Partner . He holds a Bachelor of Science degree in
accounting from the University of Yerevan and a Juris degree
from DePaul University. Mr. Tadevosyan is a certified public
accountant.
October 2014, Royal Gold PLC
Levan Mgaloblishvili
Technical Services
Levan was elected manager, Technical Services in December
2011. Prior to joining Mr. Levan was deputy director ,
Engineering Services of Georgian National Mining company
responsible for global engineering and technical services
support. Mr. Levan spent 20 years with international mining
companies in region , including executive roles and as Vice
President Engineering & Technical Services for QZJV,. Mr.
Lawson holds a Bachelor of Science in Civil Engineering from the
Tbilisi University and Master of Business Administration from the
Moscow University. He is also a member of the Tbilisi University
Civil & Environmental Engineering Industrial Advisory Board.
Rev 1.1 Page 26
Gagik Gevorkyan
Senior Manager, Exploration
Gagik was elected Senior of Exploration, in February 2011, after
having served as geology and mining expert, since April 2006.
Previously, he served as Manager, Generative Exploration, from
2007 to 2009, and as Chief Geoscientist of the Global Exploration
Solutions group from 2006 to 2007. Prior to joining Newmont, Mr.
Simon had exploration management positions with Armenian
State Geology Department and Mining Mapping Service agency.
He also worked as an exploration geologist for several mining
firms and as assistant professor of economic geology at the
University of Yerevan. He holds an engineering degree in geology
and geophysics from the University of Yerevan; a master's
degree and Ph.D. in geology from the University of Moscow.
October 2014, Royal Gold PLC
Leonid Valentinovich Oparin
Member of Management Boardm director of Azatek Operations
since 2006
Born in 1949. In 1971, graduated from the Leningrad Mining
Institute specializing in mining engineering. Began his
professional career in 1973 in the Norilsk mining and processing
complex (currently known as GMK Norilski Nickel). Between 1973
and 2002: area surveyor, chief mining surveyor, deputy director of
capital construction for raw material base development, director
for mining projects development. 2002 – 2010: chief of mining-
geological department, ALROSA Investment Group JSC; director
of Altyn-ALROSA JSC, Kyrgyz Republic; director of Azatekgold
CJSC, Republic of Armenia.
Rev 1.1 Page 27
Dr.SergeyGrigoryan Robert L. Arghushyan
Geochemstry Coordinator - Supply manager

Sergey Grigoryan has nearly 50 years of experience in the Mr. Robert L. Arghushyan graduated from Polytechnic Institute
geology and geochemistry. He is Academician of Nat.Ac.Sci. of (Mechanical Faculty) in 1978, and was employed by
Republic Armenia, Member of Russian Academy of Natural SANTEKHPRIBOR Mechanical Factory in Kazan city (Russia),
Sciences, Dr. of Geological Science, Professor. In 1966 – 1986 where he advanced from junior specialist to the Deputy of
he has worked as Deputy Director of Russian IMGRE (Institute of General Director of Economy. In 1995, Mr. Robert L Arghushyan
Rare Elements, Moscow). In 1986 -1992 he was the Director of was managing Concept CJSC - Moscow financial – industrial
the Institute of Geological Sciences of Armenian Academy of company, and in 1996 – General Director of Chimexim Ltd
Sciences. From 1993 he is the President of the International (CIS (Yerevan). In 1996, Mr. Arghushyan was elected as a board
countries) Association of Co-operation in Applied Geochemistry. member of “Golden Ring of Volga Region” Concern (Volgograd
City, Russia).
Prof. Grigoryan graduated from Moscow Institute of Nonferrous
Metals. He is author of two scientific discoveries creating novel
approach in geological exploration of metal containing ores,
deposits of gas and oil. This method has been successfully
exploited in Russia, Iran, Sweden, and Armenia. He has 23
monographs (in Russian, English, Chinese, and Persian) and
over 400 papers and patents. Also, he has high educational
merit and has trained 51 PhD. Prof. Grigoryan joined Group in
2005.

October 2014, Royal Gold PLC Rev 1.1 Page 28

Dr. Hrachik Avagyan
Geology
Dr. H. Avagyan graduated from Polytechnical Institute of Mining
Faculty in 1954, with the specialization of Mining Engineer-
Geologist and qualification of Mineral Resources’ Deposits
Discovery and Exploration. Has worked for more than 53 years in
this sphere, and remains one of the leading specialists in
Armenia. For many years he has led the field-works of Armenia’s
geological explorations in the deposits of copper-molybdenum,
polymetallic, gold-polymetallic, bentonits, zeolite-bentonites, and
other types of ores. In 1968 he defended the PhD thesis, and in
1989 the doctoral thesis in Geological and Mining Sciences. He is
author of six monographs, more than 100 scientific articles in the
field of ore exploration, mining and geological economics. He is
the discoverer of two ore-deposits. He was awarded by the
Government for the explorations in Sarigyugh bentonit ore-
deposit as well as for the statement of its resources. Dr. Avagyan
has extensive experience in working international environment,
as he was twice assigned to work for Algeria Democratic
Republic and in Congo Republic. Dr. Avagyan is also the Head of
Thematic Group of the National Academy of Sciences of
Armenia’s Economics Institute. Currently Dr. Avagyan manages
GBDP Department of Geology. Prof. Avagyan joined Group in
2005.
October 2014, Royal Gold PLC
Dr. Klement Hakobyan
InnovativeTechnologiesinMetallurgy
Kliment Hakobyan has worked over 40 years on creating of new
technologies for processing of sulfide ores containing
molybdenum, copper, and other metals. Since 1992 he has held
the position of Director of Kapan Metallurgy and Mining
Enrichment Lab of the Armenian Academy of Science. Kliment
Hakobyan received his PhD Degree in Metallurgy in 1985 from
the Moscow Baykov Metallurgy Institute of the Academy of
Sciences of the USSR. He has elaborated a new waste-free and
environmentally sound vapor-metallurgical method of various ore
concentrate processing. Dr. K. Hakobyan has established
productive collaboration with various metallurgical institutes of
Russia and USA, and in 2003 awarded CRDF research grant in
cooperation with Russian Baykov Metallurgy Institute and
University of Utah (USA).
He is the author of a Eurasian patent, 8 inventions, 30 open
publications and more then 75 closed publications. In 2002 he
has received Silver Medal at the “Geneva 2003” 31st International
Exposition of Innovations and the Jury especially mentioned the
ecological safety of new technology developed by him. Dr.
Hakobyan joined Group in 2007.
Rev 1.1 Page 29
Dr. Gagik Karamyan
Development Projects
Gagik Karamyan, specialist in chemical physics and material
science, has more than 30 years of experience in development of
different technologies and projects in the field of energy sources,
processing and utilization of mineral deposits, waste
management.
He has graduated from Yerevan State University in 1970 and
received his PhD Degree in Chemical Physics in 1979 from the
Moscow State University. From 1980 up to now he has worked at
several R&D institutes as Senior Scientist.
In 2000 – 2005 he has worked as Head of fuel cell group and
Chief Scientist at H2 ECOnomy CJSC. He has prepared and
awarded different international grant proposals, CRDF, INCO
Copernicus, ISTC, UNIDO, UNDP. Dr. Karamyan is also the
National Expert in the international projects performed by Ministry
of Nature Protection of Republic Armenia, such as the “Modern
Technologies in District Heating System” and “Creation of
Technology Transfer Center”. He is a member of academic
council at State Engineering University of Armenia. He has 2
monographs, and more than 65 scientific publications. Dr.
Karamyan joined Group in 2007.
October 2014, Royal Gold PLC
Nona Abazyan
Investors Relations
Nona has BA in Foreign Languages and MA in Social Sciences.
Has been trained and education abroad through various regional
and international programs. Has worked for Armenian
Constitutional Right Protective Centre as the Head of Projects
Designing and Fundraising. Has also extensive experience in
NGO sector. For more than five years she has headed the US
Government funded exchange program Alumni Advisory Council
(AAC) in Lori Region of Armenia. Her MA thesis focused EU-
Armenia-Russian triangle and Armenian foreign policy
“complementarity”. Her articles on Armenia-EU and EU policies
towards the South Caucasus/Armenia have been published in
local and international publications.
Nona Abazyan joined the group in 2007.
identifying opportunities and implementing innovative
management initiatives through robust cost effective solutions.
He worked as director in several successful mining operations
including Quartzite JV, Armenia Gold – AGRC which were
specializing in processing stockpile and tailing material by using
innovative technotlogies.
Rev 1.1 Page 30
EGC ADVISORS

• Almazinteck Consulting and Engineering

• SRK Consulting

• Behre Dolbear Group

• Wardell Armstrong

• Grant Thornton

• Libertas

October 2014, Royal Gold PLC Rev 1.1 Page 31