HIGHLIGHTS:Cash flow from royalty interests continues to...

HIGHLIGHTS:

Cash flow from royalty interests continues to outperform.
Physical gold (1116.9 ounces post New Zealand withholding
tax) was received during the quarter from the Reefton gold
project in New Zealand. In addition, a record cash payment
for a quarterly period was received from Mt Garnet.
Gold sales for the quarter generated $4,644,383. A total of
3,850.7 ounces were sold at an average price of $1206 per
ounce.
Present gold position is 616.9 ounces on deposit against a
spot A$ gold price of $1215 per ounce.
Additional royalty opportunities over a range of commodities
are being reviewed on an ongoing basis.
Royalcos cash/liquids position is represented by $11.1
million cash on deposit, the gold position of 616.9 ounces
with a spot value of $750,000 and a small listed equities
position of approximately $250,000. This equates to $12.1
million.