Red Lake Miners

Great Bear Royalties Corp. was acquired by Royal Gold, Inc.

As of September 9, 2022, Great Bear Royalties Corp. was acquired by Royal Gold, Inc. through its wholly
owned subsidiary, International Royalty Corporation, pursuant to an arrangement agreement dated July
10, 2022 (the “Arrangement”). Under the terms of the Arrangement, Great Bear Royalties Corp.
shareholders are entitled to receive all-cash consideration of C$6.65 per Great Bear Royalties Corp.
common share.

For information about the Arrangement, please see below for links to the Management Information
Circular, Letter of Transmittal, press release announcing the completion of the acquisition, and the
Great Bear Royalties Corp. SEDAR profile. 
Management Information Circular Letter of TransmittalPress Release: Royal Gold Completes Acquisition of Great Bear Royalties (September 9th, 2022)Great Bear Royalties Corp. SEDAR profile
Shareholders of Great Bear Royalties Corp. with questions regarding how to obtain the cash consideration payable pursuant to the Arrangement should review the Management Information Circular and contact the Depositary directly at:

By Mail:
P.O. Box 7021
31 Adelaide St E
Toronto, ON, M5C 3H2
Attention: Corporate Actions
By telephone (Toll Free): 1-800-564-6253By E-Mail: