Operator: Northern Star Resources Limited

Location: Western Australia, Australia

1.5% NSR (all metals), 4.0% NPI (gold only), A$6.00 per ounce (gold only) and A$10.00 per ounce (gold only)

Term of Royalty: Life of Mine

South Laverton is a series of open-pit and underground projects, owned and operated by Northern Star Resources Ltd. (“Northern Star”), located in Western Australia, approximately 120 kilometers northeast of Kalgoorlie. Northern Star refers to the active mining region of our South Laverton royalty as the Carosue Dam Operations (“CDO”).

The CDO processing plant was constructed in 2000 and commissioned in November of that year. The CDO operated continuously through to June 2005 when it was put on care and maintenance due to depressed gold prices and limited gold resources. In February 2006, Saracen Minerals, now Northern Star, acquired the CDO processing plant and, in late 2009, a refurbishment was completed to reinstate the mill facility to its full nameplate capacity of 2.4 million tonnes per year. Gold is recovered by gravity concentration and carbon-in-leach (CIL) cyanidation.

Currently ore is sourced from the Whirling Dervish and Karari underground mines adjacent to the process plant, and from the Million Dollar and Porphyry open-pits 40 kilometers to the north.