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NX Gold

Brazilian Flag

Operator: Ero Copper Corp.

Location: Mato Grosso State, Brazil

Stream:

25% of Gold Produced until 93,000 ounces delivered, 10% thereafter

Term of Stream: Life of Mine

The NX Gold Mine consists of fully integrated underground mining and processing facilities located in southeastern Mato Grosso State, Brazil, approximately 670 kilometers east of the capital city of Cuiabá. It is accessible all-year round by gravel road from the town of Nova Xavantina 18 kilometers to the east, and the site is connected to the national electrical grid. The total NX Gold Mine claim area currently covers approximately 45,300 hectares.

The high-grade, shear-zone hosted, quartz vein system is accessed via a single decline, and current mining operations are focused on the Santo Antonio vein. Ore is processed using a conventional three-stage crushing circuit, milling, and a combination of gravity concentration and intensive leaching and flotation followed by carbon in leach processing. The NX Gold Mine processing facilities have capacity to process approximately 300,000 tonnes of ore per year.

Near mine exploration activities are focused on down-plunge extensions of the Santo Antonio vein, the Matinha vein and untested near-mine targets. Regional exploration targets outside of the mine area have also been identified. 

Royal Gold’s wholly-owned subsidiary RGLD Gold AG, entered into a stream agreement on June 30, 2021 with a subsidiary of Ero Copper Corp. (“Ero”), and the transaction closed on August 6, 2021, whereby Royal Gold made an advance payment of $100 million. Royal Gold will make up to an additional $10 million of further payments from the beginning of calendar 2022 through the end of calendar 2024 based on Ero’s achievement of success-based targets related to regional exploration and resource additions. In return, Royal Gold will receive 25% of the gold produced from the NX Gold Mine until the delivery of 93,000 ounces, and 10% thereafter. The cash purchase price for gold is 20% of the spot gold price for each ounce delivered until the delivery of 49,000 ounces, and 40% of the spot gold price thereafter.

Royal Gold will also contribute $5 per ounce of gold delivered under the stream agreement towards Ero’s environmental, social and governance (“ESG”) commitments within the area of influence of the NX Gold Mine.