Good afternoon, ladies and gentlemen. My name is Aaron and I will be your operator today. At this time, I would like to welcome everyone to the Royal Gold Fiscal 2013 Second Quarter Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, we will have a question-and-answer session. (Operator Instructions). I would now like to turn the call over Ms. Karen Gross. Ms. Gross, you may begin your conference.

Thank you, operator, good morning. Thank you for joining us today to discuss Royal Gold’s fiscal 2013 second quarter results. This event is being webcast live. And you will be able to access the replay of the call on our website. Participating on the call today are Tony Jensen, President and CEO; Stefan Wenger, CFO and Treasurer; Bill Heissenbuttel, Vice President, Corporate Development; Bill Zisch, Vice President, Operations; Bruce Kirchhoff, Vice President and General Counsel; and Stan Dempsey, Chairman. Tony will open with an overview of the quarter and Bill Zisch will discuss our operations and will review our producing and development property. After management completes their opening remarks, we will open the line for a Q&A session. Before we begin, I want to remind everyone that this discussion falls under the Safe Harbor provision of the Private Securities Litigation Reform Act. A discussion of the company’s current risks and uncertainties is included in the Safe Harbor statement in today’s press release and is presented in greater detail in our filings with the SEC. With that I will turn the call over to Tony.

Thank you, Karen. And good morning everybody thank you for joining us today. Royal Gold had strong second quarter results for fiscal 2013 in which we achieved record revenue in EBITDA through increased production volume as well as metal prices. Royalty revenue increased 16% to $80 million compared to $69 million for the prior year period. Adjusted EBITDA totaled $73 million or 92% of revenues compared to $62 million or 90% of revenues for the comparable quarter. Operating cash flow totaling $11 million was negatively impacted by provisional income tax payments of $23 million in a timing of the withholding tax payment of $17 million which is expected to be recovered prior to fiscal year end. As we just mentioned in our calendar year, our fiscal year we have two tax payments that both come due in our second fiscal quarter so that’s always a consumption of cash in that particular period. Net income was $27 million compared with $23 million for the prior year period. Although net income increased both period resulted in $0.42 per share due to the equity offering we completed in October to strengthen our balance sheet. For the quarter just over 46% of our revenue came from our three producing cornerstone properties including Andacollo, Voisey's Bay and Peñasquito. Andacollo was largest revenue source contributing approximately $23 million followed by Peñasquito and Voisey's Bay both at about $7 million. Compared with the prior year period we saw volume expansion at 8 of our 12 top paying properties, most notably at Andacollo. Our percentage of revenue from precious metals was 79% of which 73% was from gold. Approximately 30% of the revenue is derived from Chile with Canada, Mexico and United States each contributing around 20%. During the quarter we increased our net smelter return option at the KSM property for a net cost of $3.6 million. This now gives us the right to purchase either a 1.25% NSR royalty for C$100 million, or a 2% NSR royalty for C$160 million on all of the gold and silver production from the projects. We do not expect to exercise our option until all material approvals and permits are received, construction funding is in place and a construction decision has been made. With that I will turn the call over to Bill Zisch for a detailed review of our operations. Bill?

Thank you Tony and good morning everyone. To give you a more tiny review of operational performance I will compare December 2012 quarterly results with September 2012 quarterly results as in prior year comparables. We saw continued improvement from many of our principal properties including Andacollo, Mulatos, Canadian Malartic, Dolores, Holt, Robinson, and Wolverine. Solid performance from the core properties in our portfolio was offset by lower production at Voisey's Bay, Cortez, Las Cruces and Peñasquito. Across the portfolio our production stated in terms of net gold equivalent ounces paid to our account was about 1% below the September quarter. A 4% increase in metal prices with relatively flat production resulted in another quarter of record revenue. At Teck’s Andacollo mine production once again exceeded the preceding quarter as the benefits of the recently installed crushing circuit were realized and as planned slightly higher grade ore was mined. Teck has reported they will continue the optimization and de-bottlenecking process. Production to our account at Andacollo was up 12% over the September quarter. Alamos Gold’s Mulatos mine produced a record 67,800 ounces of gold exceeding the preceding quarter by 41%. The company reported that production in the fourth quarter benefited from higher than budgeted throughput in grade from the gravity mill, which is processing ore from the Escondido high grade zone. In addition, quarterly crusher throughput achieved a record levels averaging 17,900 tons of ore per day and ore stacked in the leach pad exceeded full year budgeted grades by 20%. Alamos’ 2013 annual guidance builds on these successes as they anticipate producing between 180 and 200,000 ounces of gold. During the first six months of Pan America Silvers ownership of the Dolores mine they produced about 1.7 million ounces of silver and 29,000 ounces of gold. Production during the fourth…

Thank you, Bill for that comprehensive review. As many of you have seen in your other gold investments mining companies are experiencing notable year-over-year operating cost increases. In addition, you are likely heard that the industry is moving to a more transparent cost reporting structure to better communicate the total cost in gold production, previous convention has not included cost such as corporate and exploration expense in total cash costs. In these respects, Royal Gold will continue to look very attractive due to our business model that provides this exploration upside at no cost as well as installation from inflation in high corporate overhead. In summary, this was a very solid quarter of operational and fiscal results. Once again we achieved record financial performance due to the strength and diversity of our portfolio. We anticipate continued improvement in Andacollo, Peñasquito, Canadian Malartic and Wolverine as these projects worked towards achieving full production capacity. And more importantly, we look forward to the start up our production in Mt. Milligan in the second half of this calendar year. Our first investment at Mt. Milligan was in mid 2010 so it’s exciting to see that we are now only months away from project commissioning. With that operator we’d be happy to take any questions.

(Operator Instructions). Your first question comes from the line of Michael Peterson from MLV & Company. Your line is now open. Michael Peterson – MLV & Company: My question regard to the expansion of your portfolio, with more than billion dollars in liquidity, you are poised to take advantage of what’s why they regarded as a buyer’s market and I think Tony’s comments just a few moments ago detailed that in particular. Now I know you can’t speak to any specifics regarding the future transaction, however any insight you could share with regard to this issue would be helpful, I think it’s been a modest overhang on share performance and I think additional clarity would certainly help us on this end.

Thanks for the question, Michael. Yeah, you are absolutely right, this is a very good market for royalty companies. The equity performance of many of the operators are not in a situation where they can issue equity at a reasonable cost to the company and of course that is available and sometimes expensive for others, but the point is that I think the royalty business model and financing is very much appropriate in this particular time and space. So, we did take a lot of time during the course of the calendar 2012 to restructure our balance sheet and get us prepared for opportunities as they may come on. We have seen a lot of good things. We are continuing to sort through and make sure that we invest in properties that we have a lot of confidence in, and in management teams that we have a lot of confidence in, you are quite correct, I can’t comment in any detail, but we do feel very good about where the royalty financing is at, at this appropriate time. Michael Peterson – MLV & Company: Thank you, Tony, I appreciate the detail and just a little more of your perspective. Before I hand the call off to other analyst, I would like to take a moment and thank Karen for all of her help. Karen we wish you well in the next stages of your life and really appreciate all your efforts.

Thank you. I appreciate that.

Michael you stole part of my closing remarks. Michael Peterson – MLV & Company: Well I think we all share sentiment here, so well deserved for sure. That’s all I have this morning. Thank you.

Okay, thank you, Michael.

Your next question comes from the line of Shane Nagle from National Bank Financial. Your line is now open.

Just one quick question guys on the Voisey's Bay, as you mentioned the hydro met facility coming online back end of the year, I just want to see if you know how that impact will be with NSR, I know you’ve had some issues, we thought that was calculated in the past obviously, is that going to be – are we going to see a similar structure with the smelting refining fees that they showed you internally similarly spread or would you see an impact on your revenue at all?

Yeah, Shane, thanks for the question. I think it’s probably premature to see that or to be able to respond to that question. We will continue to work through collaboratively with Vale and the payments of that royalty and would [expect] to see once the calculation happens if it meets our expectations.

Okay, and what do you expect with the taxation, obviously the sales should smooth out as they start selling the [cathode], does that impact this tax issue that you currently have, where you charge more in your fiscal Q2 I guess?

Okay, I think we are probably confusing some tax issues here. Are you speaking specifically to Voisey's Bay?

Yeah, just to the laboratory tax and specifically with Voisey's Bay, yeah.

Yeah, the laboratory tax I think is 20% in Province right, Stefan, yes.

Yes, your estimates are correct.

And that won’t have any impact whether it’s at the hydro met facility or if the concentrate shift to Sudbury, so I might be missing your question, if I hit on it or not?

No, I think that’s fine. I guess they should be with the revenue, the concentrate shipments obviously you have a lot coming in this quarter with the shipping season, but that revenue should smooth out which would smooth out some of the top line with no impact on the taxes I guess then?

Yeah, I think you are correct there. This was been the last two quarters, I am looking to Bill’s issue, usually the stronger shipping quarters….

That’s right.

Stronger payment quarters for us and so obviously that would be a higher tax in Province taxes time as well.

(Operator Instructions). We are showing no further questions at this time. I will turn the call back over to the presenters.

Well, thank you, operator. It is been a very solid quarter for us. I don’t think there was any real surprises in the overall portfolio and we continue to look for strong performance going forward. As Michael and Shane both alluded to Karen Gross has elected to retire from Royal Gold and she is been with us - Karen since have been 1980s, probably our longest serving employee now, certainly our longest serving employee and she will be dearly missed by the entire management team here at Royal Gold, but we wish well in her retirement and she plans to get off the call clubs and enjoy lot of courses around the Colorado and the United States. So with that we will conclude the call and conclude it by saying thank you very much Karen.

Thank you.

We look forward to updating you at our next conference call if not sooner. Bye for now.

This concludes today’s conference call. You may now disconnect.