The royalty received for the September quarter was over $12 million, making a total for the half year of more than $22.3 million. This was more than $3 million or 34.1% higher than the estimate contained in the prospectus on an annualised basis. It was also 17.4% higher than the previous quarter and 31.1% higher than the previous half year.

The total distribution per redeeming ordinary unit for the royalty period 1 April 2004 to 30 September 2004 will be 50.782 cents, comprising 25 cents capital redemption and 25.782 cents income. This distribution will be paid on 17 January 2005 to unit holders who are entitled to be registered as the close of business on 31 December 2004.