IMARU CASANOVA, McNicoll, Lewis & Vlak, LLC (02/04/2011)
"Royal Gold's Q211 results were very impressive and highlighted once again what we have been saying about this company: we believe it is going to produce a lot of free cash flow with a very attractive royalty pipeline. We estimate there is more to come with the revenue contribution from several new mines in 2011, including Wolverine, Holt, and the Canadian Malartic project, as well as increased production at Andacollo and Peñasquito, further enhanced in the longer term by important contributions from the Mt. Milligan and Pascua-Lama projects starting in 2013."

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