ROYALGOLD, INC. September 6, 2002 Acqua Wellington North American Funds Equities Ltd. C/o Fortis Fund Services (Bahamas) Ltd. Montague Sterling Centre East Bay Street, P.O. Box SS-6238 Nassau, Bahamas Dear Sirs:Stock Purchase Agreement • September 11th, 2002 • Royal Gold Inc /De/ • Mineral royalty traders
This letter sets forth the agreement of Acqua Wellington North American Equities Fund, Ltd. (the "Purchaser") and Royal Gold, Inc. (the "Company") regarding the purchase by the Purchaser from the Company of the Company's common stock on the date hereof. The parties agree as follows:
