Royalties Inc.

Royalties Inc. has a stake in Music Royalties Inc. (“MRI”), a Canadian-based private company that acquires passive music royalties from rightsholders (including but not limited to artists, producers and songwriters) and currently holds a portfolio of approximately 27 cash-flowing music royalties. MRI is currently paying a monthly dividend generating a 7.2% annual yield. It also a 1.5% net smelter royalty on the Bilbao silver lead zinc Mexico property.