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Canadian Malartic

Canada Flag

Operator: Agnico Eagle Mines Ltd./Yamana Gold Inc.

Location: Quebec, Canada

Royalty:

1.0% to 1.5% sliding-scale NSR (gold only)

Term of Royalty: Life of Mine

Canadian Malartic is an open-pit mine managed and operated by the Canadian Malartic Partnership, jointly owned by Agnico Eagle Mines Ltd. (Agnico Eagle) and Yamana Gold Inc. (Yamana). Canadian Malartic is located in the Abitibi region of Quebec in the Town of Malartic.

Canadian Malartic is the largest operating gold mine in Canada. The mine was developed by Osisko Mining Corporation (Osisko) and began commercial production in May 2011. In June 2014, Agnico Eagle and Yamana each acquired a 50% stake in Osisko and created the Canadian Malartic Partnership.

The Canadian Malartic deposit is a large-tonnage, low-grade Archean gold system, consisting of a widespread shell of disseminated gold-bearing pyrite mineralization hosted by porphyritic felsic to intermediate intrusions and altered metasediments. The mine and plant are designed to process 55,000 tonnes of ore per day. The plant includes conventional crushing, grinding and leaching circuits, where the gold and silver are recovered and poured into doré bars.

Royal Gold owns a 1.0% to 1.5% sliding-scale net smelter return (NSR) royalty on gold production from certain claims included in the Canadian Malartic property, which includes the Canadian Malartic mine. At a gold price below $350 per ounce the royalty rate is 1.0%, which increases to 1.5% at a gold price equal to or above $350 per ounce.

Royal Gold originally acquired a 2.0% to 3.0% sliding-scale NSR royalty on Canadian Malartic as part of the acquisition of a royalty portfolio from Barrick Gold Corporation on July 31, 2008. On March 28, 2011, Osisko Mining Corporation exercised an option to purchase 50% of the royalty, which reduced the royalty to its current 1.0% to 1.5% sliding-scale NSR royalty rate.

*Detailed information on our interest can be found on the Portfolio Asset Summary table