Back River

Operator: B2Gold Corp.

Location: Nunavut, Canada

Royalty: 1.95% GSR and 2.35% GSR (all metals)

Term of Royalty: Life of Mine

The Back River Gold Project is located in southwestern Nunavut, Canada, approximately 520 kilometers northeast of Yellowknife, Northwest Territories and 75 kilometers southwest of Bathurst Inlet. Back River is owned by B2Gold Corp. (“B2Gold”); B2Gold acquired Sabina Gold & Silver Corp., which previously held the asset, on April 19, 2023. The currently known gold deposits at Back River include Umwelt, Llama and Goose (all on the Goose property), and the George deposit approximately 50 kilometers to the north of the Goose property.

The Goose Project is envisioned to be a combined open-pit and underground operation. The project is under construction with the first gold expected to be produced in the second quarter of 2025, and average annual gold production from 2026 to 2030 is expected to be in excess of 310,000 ounces per year. B2Gold's longer-term plan is to develop the significant gold resource endowment at the Back River Gold District into a large, long-life, mining complex.