The Rosebel royalty production is anticipated to be between 253,000 ounces and 274,000 ounces in 2019. In 2019, the Rosebel royalty is expected to provide revenues to the Company of between approximately EUR 19.2 million and EUR 20.8 million. These pre-tax numbers assume a gold price of $1,225 per ounce and an exchange rate of EUR 1 for USD 1.15. The impact of changes in the average gold price on EURO's annual revenues, based on an estimated production of 263,000 ounces, would be approximately $2.6 million for each $100 per ounce change in the gold price. The impact of a 5% change in the average foreign exchange rate on EURO's annual revenues would be approximately EUR 1.0 million.