Manh Choh

Operator: Kinross Gold Corporation

Location: Alaska, United States

Royalty: 3% NSR (all metals) plus an incremental 28% NSR (silver only)

Term of Royalty: Life of Mine

The Manh Choh Project (formerly Peak Gold Project and, earlier to that, Tetlin Gold Project) is located near Tok, Alaska, is accessible by road and is near the Alaska Highway. The project is situated within the 2,732 km2 mineral lease with the Village of Tetlin and is a high-grade skarn deposit that extends to surface. The Manh Choh Project is owned by a joint venture in which Kinross Gold Corporation (Kinross) holds a 70% operating interest and Contango ORE, Inc. holds the remaining 30% interest.

In July 2022, Kinross announced that it is proceeding with development of the Manh Choh Project with the completion of a project feasibility study. Kinross plans to batch process Manh Choh ore at its Fort Knox facility utilizing the existing mill and infrastructure. Manh Choh ore is expected to be 8 g/t, or approximately 10 times the current average mill grade at Fort Knox. Production is expected to commence in the second half of 2024 with a mine plan, subject to receipt of applicable permits, that consists of two small, open pits that will be mined concurrently over 4.5 years.