Volatility in gold, silver, copper and nickel pricesOur revenue is demonstrated by the annual high and low prices for those metals over the past decade as reported by, in the case of gold and silver, the London Bullion Market Association, and in the case of copper and nickel, the London Metal Exchange:

Declines in market prices could cause an operatordirectly tied to reduce, suspend or terminate production from an operating project or construction work at a development project, which may result in a temporary or permanent reduction or cessation of revenue from those projects, and may prevent us from being able to recover the initial investment inmetal prices. Under our stream and royalty interests. Our streaming agreements, provide us the right towe purchase metals eithermetal at a fixed price per ounce or a specifiedstated percentage of the spot price. Our margin betweenmarket price and then sell the price at which we can purchase metals pursuant to streaming agreements and the price at which we sell metalsmetal in the open market. If market will vary as metal prices vary; in the event of metal price declines, we would generate lowerdecline, our revenue and cash flow or earnings, or possibly losses. Further,from metal sales decline. A price decline can also impact our sliding‑scale royalties, suchrevenue under certain sliding-scale royalty agreements as Cortez, Holt, Mulatos and other properties, amplify the effect of declines in market prices for metals becausewe may receive a lower royalty rate when prices fall below price thresholds specified in a sliding‑scale royalty, a lower royalty rate will apply. A price decline may result in a material and adverse effect on our business, resultsthresholds. In addition, some of operations and financial condition.

Metal price fluctuations between the time that decisions about development and construction of a mine are made and the commencement of production can have a material adverse effect on the economics of a mine and can eliminate or have a material adverse impact on the value of stream and royalty interests on the property.

Where gold and silver are produced as co-products or by‑products at the properties where we hold stream and royalty interests, an operator’s production decisions and the economic cut‑off applied to its reporting of gold and silver reserves and resources may be influenced by changes in the commodity prices of the principal metals produced at the mines. 

Moreover, certain agreements governing our royalty interests, such as those relating to our royalty interests in the Robinson and Peñasquito properties,agreements are based on the operator’s concentrate sales to smelters which includeand allow for price adjustments between the operator and the smelter based on metals prices aton a laterfuture date, typically three to five months after shipment of concentrate. These price adjustments can decrease our revenue in future periods if metal prices decline following shipment.

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Price declines could cause an operator to reduce, suspend, or terminate production or development at a project, which would impact our future revenue from the project. These production or development decisions could prevent us from recovering our initial investment in the project or result in an impairment to the smelter. In such cases,value of our payments from the operator include a component of these later price adjustments, which can result in decreased revenue in later periods if metals prices have fallen.initial investment.

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We own passive interests in mining properties and it is difficult or impossible for us tocannot ensure properties are developed or operated in our best interest.interests.

All of our current​

Our revenue is derived entirely from stream and royalty interests onin properties owned and operated by third parties. The holder of a stream or royalty interest typically hasIn general, we have no decision-making authority regarding the development or operation of athe mineral property. Therefore, we typically are not in control of decisions regarding development or operation of any of the properties on which we hold a stream or royalty interest, and we have limited legal rights to influence those decisions.

Our strategy of acquiring and holdingunderlying our stream and royalty interests on properties operated by third parties puts us generally at risk to theinterests. Operators make all development and operating decisions, of others regarding all operating matters, including decisions about permitting, feasibility analysis, mine design and operation, processing, plant and equipment matters, and temporary or permanent suspension of operations. We generally are not entitled to compensation if operations among others. As a result, our revenue is dependent upon the activities of third parties, whichare shut down. This creates the risk thatfor us because operators may at any time those third parties may: (i)times have business interests that are inconsistent with ours, (ii) take actionour interests or may act contrary to our interests, policies or objectives, or (iii) be unable or unwilling to fulfill their obligations under their agreements with us. At any time, any of the operators of our mining properties may decide to suspend or discontinue operations. Except in limited circumstances,

we will not be entitled to material compensation if operations are shut down, suspended or discontinued on a temporary or permanent basis. Although we attempt to secure contractual rights when we create new stream or royalty interests, such as audit or access rights, that will permit us to protect our interests to a degree, there can be no assurance that such rights will always be available or sufficient, or that our efforts will be successful in achieving timely or favorable results or in affecting the operation of the properties in which we have a stream or royalty interest in ways that would be beneficial to our stockholders.

Our revenues arerevenue is subject to operational and other risks faced by operators of our mining properties.the properties in which we hold stream or royalty interests.

Although we​

We generally are not required to pay capital or operating costs on projects onin which we hold stream or royalty interests (except for transactions where we finance mine development or actively fund or participate in exploration),interests. However, our financial resultsrevenue and the value of our investments are indirectly subject to hazards and risks normally associated with developing and operating mining properties, where we hold stream and royalty interests. Some of these risks include:including the following:

•insufficient ore reserves;

•increases in capital or operating costs incurred by operators or third parties that may impact the amount of reserves available to be mined, cause an operator to delay or curtail mining development and operations, or render mining of ore uneconomical and cause an operator to suspend or close operations;

•declines in the price of gold, silver, copper, nickel and other metals;

•mine operating and ore processing facility problems;

•significant permitting, environmental and other regulatory requirements and restrictions and any changes in those regulations or their enforcement;

•challenges by non‑mining interests, including by local communities, indigenous populations and non‑governmental organizations, to existing permits and mining rights, and to applications for permits and mining rights;

•community or civil unrest;

•labor shortage of miners, geologists and mining experts, changes in labor laws, increased labor costs, and labor disputes, strikes or work stoppages at mines;

•unavailability of mining, drilling and related equipment;

•unanticipated geological conditions or metallurgical characteristics;

•unanticipated ground or water conditions, including lack of access to sufficient quantities of water for operations;

•pit wall or tailings dam failures or any underground stability issues;

•fires, explosions and other industrial accidents;

•environmental hazards and natural catastrophes such as droughts, floods,hurricanes or earthquakes;

•injury to persons, property or the environment;

•the ability of operators to maintain or increase production or to replace reserves as properties are mined;

•potential increased operating costs arising from climate change initiatives and their impact on energy and other costs in the U.S. and foreign jurisdictions;

•uncertain domestic and foreign political and economic environments;

•economic downturns and operators’ insufficient financing; 

•default by an operator on its obligations to us or its other creditors;

•insolvency, bankruptcy or other financial difficulty of the operator; and

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stages must obtain and maintain all necessary environmental permits and access to adequate supplies of water, power and other raw materials, as well as financing, necessary to begin or sustain development or production, and there can be no assurance that operators will be able to do so.

The failure of any of our principal properties to produce anticipated revenues on schedule or at all would have a material adverse effect on our asset carrying values or the other benefits we expect to realize from the acquisition ofacquire new stream and royalty interests, and potentially our business, results of operations, cash flows and financial condition.

For example, we experienced an impairment charge of $239.1millionfor the Pascua-Lama mining project during our third quarter of fiscal 2018 after Barrick Gold Corporation (“Barrick”), the owner of the project, reclassified the proven and probable reserves for the Chilean portion of the project, to which our royalty interest relates, and, ultimately, suspended further development of the project, in response to sanctions by the Chilean government.  See Note 4 of the notes to consolidated financial statements for more information.  Further, as mines on which we have stream and royalty interests mature, we can expect overall declines in production unless operators are able to replace reserves that are mined through mine expansion or successful new exploration. There can be no assurance that the operators of properties where we hold stream and royalty interests will be able to maintain or increase production or replace reserves as they are mined.

Operators may interpret our stream and royalty interests in a manner adverse to us or otherwise may not abide by their contractual obligations, and we could be forced to take legal action to enforce our contractual rights.

Our stream and royalty interests generally are subject to uncertainties and complexities arising from the application of contract and property laws in the jurisdictions where the mining projects are located. Operators and other parties to the agreements governing our stream and royalty interests may interpret our interests in a manner adverse to us or otherwise may not abide by their contractual obligations, and we could be forced to take legal action to enforce our contractual rights. We may or may not be successful in enforcing our contractual rights, and our revenues relating to any challenged stream or royalty interests may be delayed, curtailed or eliminated during the pendency of any such dispute or in the event our position is not upheld, which could have a material adverse effect on our business, results of operations, cash flows and financial condition. Disputes could arise challenging, among other things, methods for calculating the stream or royalty interest, various rights of the operator or third parties in or to the stream or royalty interest or the underlying property, the obligations of a current or former operator to make payments on stream and royalty interests, and various defects or ambiguities in the agreement governing a stream or royalty interest.

For example, on October 6, 2017, the Labrador Nickel Royalty Limited Partnership (“LNRLP”), of which the Company is the indirect majority owner, filed amendments to its original October 2009 statement of claim against Vale and certain subsidiaries of Vale. LNRLP alleges that Vale has been calculating LNRLP’s 3% NSR royalty on nickel, copper and cobalt produced from the Voisey’s Bay mine incorrectly since production began in late 2005, and since Vale began processing Voisey’s Bay concentrates at its new Long Harbour Processing facility, and that Vale has breached its contractual duties of good faith.  Royal Gold strongly disagrees with Vale’s position that full operating costs, depreciation and cost of capital are permissible net smelter return deductions pursuant to the royalty agreement and is aggressively pursuing its legal remedies.

Potential litigation affecting the properties that we have stream and royalty interests in could have a material adverse effect on us.

Potential litigation may arise between the operators of properties on which we have stream and royalty interests and third parties. For example, Barrick’s Pascua‑Lama mining project has been the subject of litigation by local farmers and indigenous communities alleging that the project’s water management system is not in compliance with environmental permits and that the project has damaged glaciers located in the Pascua‑Lama project area. As a holder of stream and royalty interests, we generally will not have any influence on litigation such as this and generally will not have access to non‑public information concerning such litigation. Any such litigation that results in the reduction, suspension or termination of a project or production from a property, whether temporary or permanent, could have a material adverse effect on our business, results of operations, cash flows and financial condition.

We may enter into acquisitions or other material transactions at any time.

In the ordinary course of business, we engage in a continual review of opportunities to acquire existing stream and royalty interests, to establish new streams and royalties on operating mines, to create new stream and royalty interests through financing mine development or exploration, or to acquire companies that hold stream and royalty interests. We currently, and generally at any time, have acquisition opportunities inat various stages of active review, including, for example, our engagement of consultants and advisors to analyze particular opportunities, analysis of technical, financial, legal and other confidential information, submission of indications of interest and term sheets, participation in preliminary discussions and negotiations and involvement as a bidder in competitive processes. We also consider obtaining debt commitments for acquisition financing. In the event that we choose to raise debt capital to finance any acquisition, our leverage may be increased. We also could issue common stock to fund our acquisitions. Issuances of common stock could dilute existing stockholders and may reduce some or all of our per share financial measures.

review. Any such acquisition could be material to us. All transactions include risks associated with our ability to negotiate acceptable terms with counter-parties.  In addition, any such acquisition or other transaction may have other transaction specific risks associated with it, including risks related to the completion of the transaction, the project, its operators, or the jurisdictions in which the project is located and other risks discussed in this Annual Report on Form 10-K. There can be no assurance that any acquisitions completed will ultimately benefit the Company.

In addition,At times, we mayalso consider opportunities to restructure our existing stream or royalty interests where we believe suchthe restructuring would provide a long‑termlong-term benefit to the Company,us, even though such restructuring mayit could reduce near‑termnear-term revenues or result in the incurrence of transaction‑relatedtransaction-related costs. The success

calculations inaccurate. Certain agreements governing our stream and royalty interests require the operators to provide us with production and operating information that may, depending on the completeness and accuracy of such information, enable us to detect errors in deliveries under metal streams and in the calculation of payments of royalties. We do not, however, have the contractual right to receive production information for all of our royalty interests.  As a result, our ability to detect payment errors through our stream and royalty monitoring program and its associated internal controls and procedures is limited, and the possibility exists that we will need to make retroactive revenue adjustments. Some contracts governing our stream and royalty interests provide us the right to audit the operational calculations and production data for the associated stream deliveries and royalty payments; however, such audits may occur many months following our recognition of the revenue and we may be required to adjust our revenue in later periods, which could require us to restate our financial statements.

Development and operation of mines is very capital intensive and any inability of the operators of properties where we hold stream and royalty interests to meet liquidity needs, obtain financing or operate profitably could have material adverse effects on the value of and revenue from our stream and royalty interests.

If operators of properties where we hold stream and royalty interests do not have the financial strength or sufficient credit or other financing capability to cover the costs of developing or operating a mine, the operator may curtail, delay or cease development or operations at a mine site, or enter into bankruptcy proceedings.  An operator’s ability to raise and service sufficient capital may be affected by, among other things, macroeconomic conditions, future commodity prices of metals to be mined, or further economic volatility in the U.S. and global financial markets.  If certain of the operators of the properties on which we have stream and royalty interests suffer these material adverse effects, then our stream and royalty interests, including the value of and revenue from them, and the ability of operators to obtain debt or equity financing for the exploration, development and operation of their properties may be materially adversely affected.

Certain of the agreements governing our stream and royalty interests contain terms that reduce or cap the revenuesrevenue generated from thethose interests.

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Revenue from some of our stream and royalty interests will stopdecreases or decreasestops after threshold production, delivery, or payment milestones are achieved. For example, our gold stream interests at Pueblo Viejo, decreases from 7.5% of Barrick’s interest in gold produced at Pueblo Viejo to 3.75% after 990,000 ounces of gold have been delivered. Similarly, our silver stream at Pueblo Viejo decreases from 75% of Barrick’s interest in silver produced at Pueblo Viejo to 37.50% after 50.00 million ounces of silver have been delivered. Our stream interests atAndacollo, Wassa, and Prestea, Andacollo, and Rainy RiverKhoemacau, and certain of our royalty interests at other properties, are subject to similar limitations, and therefore currentcontain these types of limitations. As a result, past production and revenue results from ourrelating to these interests may not be indicative of future results.

Estimates of reserves and other mineralized material by​

If the operators of mines in which we have stream and royalty interests are subject to significant revision.

There are numerous uncertainties inherent in estimating proven and probable reserves and mineralized material, including many factors beyond our control and the control of the operators of properties in which we have stream and royalty interests. Reserve estimates for our stream and royalty interests are prepared by the operators of the mining properties. We do not participate in the preparation or verification of such reports and have not independently assessed or verified the accuracy of such information.

The estimation of reserves and of other mineralized material is a subjective process, and the accuracy of any such estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, metallurgical testing andassumptions underlying operators’ production, and the evaluation of mine plans subsequent to the date of any estimate, may cause a revision of such estimate. The volume and grade of reserves recovered and rates of production may be less than anticipated. Assumptions about gold and other precious metal prices are subject to great uncertainty, and such prices have fluctuated widely in the past. Declines in the market price of gold, silver, copper, nickel or other metals also may render reservesreserve, or mineralized material containing relatively lower ore grades uneconomical to exploit. Changes in operating costs and other factors including short‑term operating factors, the processing of new or different ore grades, geotechnical characteristics and metallurgical recovery, may materially and adversely affect reserves.

Mineral resources as reported by some operators do not constitute mineral reserves and do not have demonstrated economic viability. Due to the uncertainty of mineral resources, there can be no assurance that such resources will be upgraded to proven and probable mineral reserves as a result of continued exploration. It should not be assumed that any part or all of mineral resources on properties where we hold stream and royalty interests constitute or will be converted into mineral reserves.

Estimates of production by the operators of mines in which we have stream and royalty interests are subject to change, and actual production may vary materially from such estimates.

Production estimates are prepared byinaccurate or if future events cause operators to negatively adjust their previous estimates, our future revenue or the operatorsvalue of mining properties. There are numerous uncertainties inherent in estimating anticipated production attributable to our stream and royalty interests, including many factors beyond our control and the control of theinvestments could be adversely affected.

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The operators of the properties in which we have stream and royalty interests. We do not participate in the preparation or verification of production estimates and have not independently assessed or verified the accuracy of such information. The estimation of anticipated production is a subjective process and the accuracy of any such estimates is a function of the quality of available data, reliability of production history, variability in grade encountered, mechanical or other problems encountered, engineering and geological interpretation and operator judgment. Actual rates of production may be less than expected. Results of drilling, metallurgical testing and production, changes in commodity prices, and the evaluation of mine plans subsequent to the date of any estimate may cause actual production to vary materially from such estimates.

If title to mining claims, concessions, licenses or leases from governments on mine properties is not properly maintained by the operators, or is successfully challenged by third parties, ourhold stream and royalty interests generally prepare production and reserve estimates for the properties. We do not independently prepare or verify this information. There are numerous uncertainties inherent in these estimates, many of which are outside the operators’ control. As a result, production and reserve estimates are subjective and necessarily depend upon a number of assumptions, including, among others, reliability of historical data, geologic and mining conditions, metallurgical recovery, metal prices, operating costs, capital expenditures, development and reclamation costs, mining technology improvements, and the effects of government regulation.  If any of the assumptions that operators make in connection with production or reserve estimates are incorrect, actual production could be foundsignificantly lower than the production or reserve estimates, which could adversely affect our future revenue and the value of our investments. In addition, if operators’ estimates with respect to be invalid.the timing of production are incorrect, we may experience variances in expected revenue from period to period.

Our business includes​

Some operators also report publicly or to us estimates of mineralized material. The term “mineralized material” does not indicate proven or probable reserves as defined by the risk that operators of mining projects and holders of exploration or mining claims, tenements, concessions, licenses or other interests in land and minerals may lose their exploration or mining rights, or have their rightsSEC. Mineralized material is subject to explore and mine properties contested by private parties or the government. Internationally,future exploration and mining tenuresdevelopment and associated risks and may never convert to future reserves.  In addition, estimates of mineralized material are subject to loss for many reasons, including expiration, failuresimilar uncertainties and assumptions as discussed above with respect to mineral reserves.

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Our disclosures relating to operating properties will change as a result of the holdernew SEC disclosure rules, and we continue to meet specific legal qualifications, failure to pay maintenance fees or meet expenditure or work requirements, reduction in geographic extent upon passageface uncertainty around how some of time or upon conversion from an exploration tenurethese rules apply to a mining tenure, failure of title, expropriation and similar risks. If title to exploration or mining tenures subject to our streamstreaming and royalty interests have not been properly established or not properly maintained, or are successfully contested, our streamcompany.

•restrictions on mineral production and price controls;

•import and export regulations, including restrictions on the export of gold, silver, copper, nickel or other metals;

•changes in legislation and government policies, including changes related to taxation, government royalties, imports, exports, duties, currency, foreign ownership, foreign trade, foreign investment and other forms of government take, including any such changes as may be made in response to U.S. laws or foreign policies;

•challenges to mining, processing and related permits and licenses, or to applications for permits and licenses, by or on behalf of regulatory authorities, indigenous populations, non‑governmental organizations or other third parties;

•changes in economic, trade, diplomatic and other relationships between countries, and the effect on global and economic conditions, the stability of global financial markets, and the ability of key market participants to operate in certain financial markets;

•high rates of inflation;

•labor practices and disputes;

•enforcement of unfamiliar or uncertain foreign real estate, mineral tenure, contract, water use, mine safety and environmental laws and policies;

•renegotiation, nullification or forced modification of existing contracts, licenses, permits, approvals, concessions or the like;

•war, crime, terrorism, sabotage, civil unrest and uncertain political and economic environments;

•corruption;

•exposure to liabilities under anti‑corruption and anti‑money laundering laws,jurisdictions, including the U.S. Foreign Corrupt Practices Act and similar laws and regulations in other jurisdictions to which we, but not necessarily our competitors, may be subject;following:

•suspension of the enforcement of creditors’ rights and stockholders’ rights; and​

•loss of access to government controlled infrastructure, such as roads, bridges, rails, ports, power sources and water supply.

In addition, many of our operators are organized outside of the United States. Our stream and royalty interests may be subject to the application of foreign laws to our operators, and their stockholders, including laws relating to foreign ownership structures, corporate transactions, creditors’ rights, bankruptcy and liquidation. Foreign operations also could be adversely impacted by laws and policies of the United States affecting foreign trade, investment and taxation.​

These risks may limit or disrupt operating minesthe development or projects onoperation of properties in which we hold stream and royalty interests restrict the movement of funds, or result in the deprivation of contractimpair our rights or the takinginterests in these properties, which could adversely affect our results of property by nationalizationoperations or expropriation without fair compensation,financial condition.

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We and our operating properties may be subject to environmental risks, including risks associated with climate change, which could have a material adverse effect on our business, resultsfinancial condition or the value of operations, cash flows and financial condition.our investments.

Opposition from indigenous people may delay or suspend development or​

Mining operations at the properties where we hold stream and royalty interests, which could decrease our revenues.

Various international and national, state and provincial laws, rules, regulations and other practices relate to the rights of indigenous peoples. Some of the properties where we hold stream and royalty interests are located in areas presently or previously inhabited or used by indigenous peoples. Many of these laws impose obligations on governments to respect the rights of indigenous people. Some mandate that governments consult with indigenous people regarding government actions which may affect indigenous people, including actions to approve or grant mining rights or permits. One or more groups of indigenous people may oppose continued operation, further development, or new development of the properties where we hold stream and royalty interests. Such opposition may be directed through legal or administrative proceedings or protests, roadblocks or other forms of public expression, and claims and protests of indigenous peoples may disrupt or

delay activities of the operators of the properties. For example, the Pascua‑Lama project has been challenged by Chilean indigenous groups and other third parties. During the fourth calendar quarter of 2013, Barrick suspended construction activities at the Pascua‑Lama project, except for those activities required for environmental and regulatory compliance.  Subsequently, in the first calendar quarter of 2018, Barrick reclassified the proven and probable reserves for the Chilean portion of the project, to which our royalty interest relates, and, ultimately, suspended further development of the project, in response to sanctions by the Chilean government.

Changes in mining taxes and royalties payable to governments could decrease our revenues.

Changes in mining and tax laws in any of the United States, Canada, Chile, the Dominican Republic, Ghana, Mexico or any other country in which we have stream and royalty interests in mines or projects could affect mine development and expansion, significantly increase regulatory obligations and compliance costs with respect to mine development and mine operations, increase the cost of holding mining tenures or impose additional taxes on mining operations, all of which could adversely affect our revenue from such properties. A number of properties where we hold royalty interests are located on U.S. public lands that are subject to federal mining and other public land laws. In recent years, the United States Congress has considered a number of proposed major revisions to the General Mining Law of 1872, and otherextensive laws which govern the creation, maintenance and possession of mining claims and related activities on public lands in the United States. Congress also has recently considered bills, which if enacted, would impose a royalty payable to the government on hardrock production, increase land holding fees, impose federal reclamation fees and financial assurances, impose additional environmental operating standards and afford greater public involvement and regulatory discretion in the mine permitting process. Such legislation, if enacted, or similar legislation in other countries, could adversely affect the development of new mines and the expansion of existing mines, as well as increase the cost of all mining operations, and could materially and adversely affect mine operators and our revenue.

The mining industry is subject to environmental risks in the U.S. and in the foreign jurisdictions where our interests are located, including risk associated with climate change.

Mining is subject to potential risks and liabilities associated with pollution of the environment and the disposal of waste products occurring as a result of mineral exploration and production. Laws and regulations in the United Statesgoverning land use and abroad intended to ensure the protection of the environment are constantly changing and evolving in a manner expected to result in stricter standards and enforcement, larger fines and liability, and potentially increased capital expenditures and operating costs. Furthermore, mining may be subject to significant environmental and other permitting requirements regarding the use of raw materials needed for operations, particularly water and power.environment. In addition, concerns with regardmany countries have implemented laws and regulations designed to address the effects of climate change, in the United States and abroad have resulted in international, national and local treaties, legislation and initiatives that affect mineral exploration and production, including those intendedrules to reduce industrial emissions and increase energy efficiency. Compliance with all suchThese laws and regulations treaties and initiatives (“Laws”) could increase permitting requirements,are constantly evolving in a manner generally expected to result in stricter standards, more liability, and enforcement,increased costs. Compliance with these laws and require significant increases in capital expendituresregulations can impose substantial costs and operating costs byburdens on operators of properties subject to our interests. Further, breach of a Law may result in the imposition of fines and penalties or other adverse impacts on operators and their properties, which may be material. IfIn addition, an operator is forced to incur significant costsoperator’s failure to comply with Lawsthese laws and regulations could result in injunctive action, orders to

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Despite our due diligence practices, it is possible that unknown defects or problems will exist relating to the existence, validity, enforceability, terms, or geographic extent of our stream and royalty interests. Similarly, stream interests and, in many jurisdictions, royalty interests are contractual in nature, rather than interests in land. As a result, these interests may not survive a bankruptcy or insolvency of an operator. We are dependent upon information technology systems, which are subject to cyber threats, disruption, damage and failure.

Information systems and other technologies, including those related to our financial and operational management, are an integraloften do not have the protection of security interests that could help us recover all or part of our business activities. Network and information systems‑related events, such as computer hackings, cyber‑attacks, ransomware, computer viruses, wormsinvestment in a stream or other destructive or disruptive software, process breakdowns, denial of service attacks, malicious social engineering or other malicious activities, or any combination of the foregoing, or power outages, natural disasters, terrorist attacks or other similar events, could result in damage to our property, equipment and data, affect our ability to maintain ongoing operations, and result in significant expenditures to repair or replace the damaged property or information systems, reacquire access to networks and information systems, or to protect them from similar eventsroyalty interest in the future. In addition, any security breaches, such as misappropriation, misuse, leakage, falsificationevent of an operator’s bankruptcy or accidental releaseinsolvency. If our stream or loss of information maintained in our information technology systems (or thoseroyalty interests were set aside through judicial or administrative proceedings, the value of our third party service providers), including information about our company or our employees, third party information in our possession,investments could be adversely affected.

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Anti-corruption laws and other data,regulations could damage our reputation, exposesubject us to legal liability and require us to expend significant capitalincur costs.

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We are subject to the U.S. Foreign Corrupt Practices Act (the "FCPA") and other resourceslaws that prohibit improper payments or offers of payments to remedy any such security breach.   Despite security measuresthird parties, including foreign governments and their officials, for the purpose of obtaining or retaining business. In some cases, we invest in mining operations in jurisdictions that have implemented and other measures we may implementexperienced corruption in the future, and despitepast. Our international investment activities create the fact that, to date,risk of unauthorized payments or offers of payments in violation of the Company has not experienced any material losses relating to cyber-attacksFCPA or other information security breaches, there can be no assurance thatanti-corruption laws by one of our employees or agents in violation of our policies. In addition, the operators of the properties in which we own stream and royalty interests may fail to comply with anti-corruption laws and regulations. Although we are passive investors in these eventsproperties, enforcement authorities could deem us to have some culpability for the operators’ actions. Any violations of the FCPA or other anti-corruption laws could result in significant civil or criminal penalties to us and security breaches will not occur in the future or notcould have an adverse effect on our business.  Furthermore, new and evolving requirements relating to cybersecurity are applicable or may in the future applyreputation.