Developing Royalty Assets
in North America

Gold Resource Corp.

Isabella Pearl

Isabella Pearl is located within the Walker Lane Mineral Belt, Nevada, U.S.A. The property covers 494 mining claims comprising 3,642 hectares (9,000 acres). The Isabella Pearl open pit heap leach project, located at the southeast end of the property position, is currently in construction with first gold pour targeted by June 2019. Proven and probable reserves included in the Isabella Pearl reserve report (with a drill data cutoff date of December 31, 2017) include 2,694,500 tonnes grading 2.22 grams per tonne (g/t) gold and 13 g/t silver, equating to 192,600 gold ounces and 1,129,100 silver ounces. Significant exploration upside exists at Isabella Pearl to the northwest along a geologic trend containing mineralized outcrops and historic mine workings.

Ely Gold Royalties holds a 2.5% NSR Royalty on certain claims covering the Isabella deposit.

Mina Gold

Mina Gold is located in the Walker Lane Mineral Belt, Nevada, U.S.A. The property has a third party mineralized material estimate of 1,606,000 tonnes grading 1.88 g/t gold in the property’s "Monster Zone". The Monster Zone consists of parallel structures approximately 45 meters apart which remain open on strike and depth. The Monster Zone mineralization is covered by patented claims, which are surrounded by multiple unpatented claims included in the transaction, giving additional exploration upside potential along this mineralized trend.

Ely Gold Royalties holds a 3.0% NSR Royalty on Mina Gold.

County Line

The County Line property covers an area of approximately 429 hectares (1,060 acres) consisting of 53 unpatented lode mining claims and one unpatented placer mining claim in central Nevada’s Walker Lane Mineral Belt in Mineral and Nye counties, Nevada. The Company staked 63 additional unpatented claims around the property to strengthen the land position and exploration potential. The total land package consists of 939 hectares (2,320 acres). The property is located within close proximity, approximately 14 miles north east, of the Company’s Isabella Pearl Project.

The County Line property is part of the Paradise Peak collection cluster of high sulfidation epithermal deposits. The district historically produced a total of 1.5 million ounces of gold and 38.9 million ounces of silver. The County Line open pit historically produced approximately 81,000 ounces of gold and 760,000 ounces silver. The Porphyry (East) Pit, located approximately 2,500 feet south east of the County Line pit, produced approximately 7,400 ounces of gold and 8,000 ounces silver. While both open pits represent exploration targets, other targets include "Newman Ridge" and the "Jackpot Zone".

Ely Gold Royalties holds a 2.5% NSR Royalty on County Line.