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
Manh Choh (formerly Peak Gold Project and, prior to that, Tetlin Gold Project) is located near Tok, Alaska, and is accessible by road from the Alaska Highway. The project is situated within the 2,732 square kilometer mineral lease with the Village of Tetlin. Manh Choh is owned by a joint venture between Kinross Gold Corporation (“Kinross”) (70% operating interest) and Contango ORE, Inc. (30% interest).
Manh Choh is an open-pit operation mined with conventional open-pit mining equipment. Ore from Manh Choh is trucked approximately 400 kilometers southeast to Kinross' Fort Knox facility where it is batch processed through existing mill and infrastructure. First gold from Manh Choh was poured at the Fort Knox mill on July 8, 2024.
Royal Gold currently holds a 3.0% net smelter return (NSR) royalty on all metals produced from Manh Choh and an incremental 28% NSR on silver produced from Manh Choh.
Royal Gold received the incremental 28% NSR on silver as part of consideration for its divestiture of its 40% interest in Manh Choh in September 2020. Peak Gold, LLC retains the right to acquire 50% of the incremental 28% net smelter return royalty on silver for $4 million.