ROYAL GOLD (RGLD: $70.06, rated Underweight with $50 price target): INCREASE FROM 25% TO 40% OF GOLD FROM THOMPSON CREEK’S MT. MILLIGAN PROJECT HAS MINOR POSITIVE IMPACT ON NPV, 9% BENEFIT TO POST-2014 EPS AND MILDLY UNFAVORABLE TO 2012-13 EPS. 12/16/2011

ROYAL GOLD (RGLD: $70.06, rated Underweight with $50 price target):
INCREASE FROM 25% TO 40% OF GOLD FROM THOMPSON CREEK’S MT.
MILLIGAN PROJECT HAS MINOR POSITIVE IMPACT ON NPV, 9%
BENEFIT TO POST-2014 EPS AND MILDLY UNFAVORABLE TO 2012-13 EPS. 12/16/2011