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Investor Factsheet


Canada Flag

Operator: Evolution Mining Ltd.

Location: Ontario, Canada


5.0% NPI

Term of Royalty: Life of Mine

Cochenour (formerly Wilanour) is an underground mine, part of the larger Red Lake Operation, owned and operated by Evolution Mining Limited. Cochenour is located in the District of Kenora, northwestern Ontario, approximately 180 km north of the town of Dryden.

The Cochenour mine is connected to Red Lake by a 5 km haulage drift, with ore processed at the Campbell Mill. The Campbell Mill uses conventional crushing and grinding which is followed by gravity concentration to recover free-milling gold. Refractory gold is recovered by flotation followed by pressure oxidation, neutralization and carbon in leach (CIL). Evolution plans to increase the capacity of the Campbell Mill to 1.1 million tonnes per annum by 2023.

The primary mining method is sublevel open stoping, along with traditional and modified Avoca methods. Ore and waste are moved via internal passes, trams and ramp trucking.

Royal Gold holds a 5.0% net profits interest royalty on gold produced from Cochenour, calculated as the revenue received from the sale of minerals, less exploration, development, and operating expenses. The operation is currently in production; however, payment of the royalty will be required only after the payback of capital expenses and profits are reported. 

Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation.