ROYAL GOLD (RGLD: $60.22, rated Neutral with $56 price target) EXPANSION AT TECK’S ANDACOLLO COPPER GOLD MINE TO 75,000 MTPD IN 2018 AND HIGHER ANDACOLLO GOLD RECOVERIES BENEFITS RGLD’S VALUATION AND SHOWS THE POWER OF THE ROYALTY TRANSACTION. INVESTMENT RATING UPGRADED TO NEUTRAL FROM UNDERWEIGHT. 4/17/2012

ROYAL GOLD (RGLD: $60.22, rated Neutral with $56 price target) EXPANSION
AT TECK’S ANDACOLLO COPPER GOLD MINE TO 75,000 MTPD IN 2018
AND HIGHER ANDACOLLO GOLD RECOVERIES BENEFITS RGLD’S
VALUATION AND SHOWS THE POWER OF THE ROYALTY TRANSACTION.
INVESTMENT RATING UPGRADED TO NEUTRAL FROM UNDERWEIGHT. 4/17/2012