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Don Nicolas

Argentinian Flag

Operator: Cerrado Gold, Inc.

Location: Santa Cruz, Argentina

Royalty:

2.0% NSR (gold and silver)

Term of Royalty: Life of Mine

Don Nicolas is an open-pit gold mine owned and operated by Minera Don Nicolas S.A., a wholly-owned subsidiary of Cerrado Gold, Inc. and is located in the mineral-rich Deseado Massif in the Province of Santa Cruz, Argentina.

The ore deposits are characterized as low-sulphidation, epithermal vein mineralization hosted in a volcanic complex. The mineralization is hosted in sub-vertical dipping quartz breccias and veins in the volcanic complex.

Construction of the facility was completed in 2017 and with operations commencing in 2018. Current mining operations are conducted in two areas: the high-grade La Paloma deposit and the Martinetas deposits. Ore mined is processed with a conventional crushing and grinding circuit followed by a carbon-in-leach (CIL) circuit for gold recovery. The rated capacity of the plant is 1,000 tonnes per day, and gold recovery is expected to average over 90%.

Royal Gold holds a 2.0% net smelter return (NSR) royalty on gold and silver produced from Don Nicolas.

In February 2000, Royal Gold acquired a 2% NSR royalty on all mineral production from any of Yamana Gold Inc.’s properties in Santa Cruz, Argentina, including Don Nicolas.