Operator: Vale S.A.

Location: Labrador, Canada

Royalty: 2.7% NVR (all metals)

Term of Royalty: Life of Mine

Voisey’s Bay is an underground mine, owned and operated by Vale Newfoundland & Labrador Ltd., a subsidiary of Vale S.A. (“Vale”). Voisey’s Bay is located in the province of Newfoundland & Labrador, Canada, approximately 35 kilometers southwest of the town of Nain and 80 kilometers northwest of Natuashish.

Operations at the Voisey’s Bay open-pit mine began in 2005. Ore is processed at a 6,000 tonne per day mill facility that produces two products: nickel-cobalt-copper concentrate and copper concentrate. Nickel concentrate is processed at the Long Harbour Processing Plant (LHPP) hydrometallurgical processing facility in Long Harbour, Newfoundland, which began operations in 2014, and copper concentrate is sold on the open market.