Franco-Nevada acquires 1.0% NSR on AngloGold’s Arthur Gold Project, Nevada

Franco-Nevada’s (FNV) wholly-owned subsidiary has acquired an existing 1.0% net smelter return royalty, or NSR, on AngloGold’s (AU) Arthur Gold Project from Altius Minerals Corporation (ATUSF) for $250M in cash, plus a contingent cash payment of $25M payable subject to the achievement of certain conditions. The ongoing drill program expanded the resource by 20% year over year, taking the most recently stated gold Mineral Resource base to 3.4 million ounces of Indicated Mineral Resources and 12.9 million ounces of Inferred Mineral Resources. The Arthur Gold Project has Mineral Resource base across the Merlin and Silicon deposits for a total of 3.4 Moz of gold Indicated Mineral Resources and 12.9 Moz of gold Inferred Mineral Resources. AngloGold has completed 430 km of drilling as of year-end 2024, inclusive of 132 km of drilling completed in 2024. AngloGold is currently focused on advancing a PFS for the project with expected completion by the end of 2025 or early 2026. Funding of the transaction was completed with cash on hand, and a $175M draw from the company’s $1B corporate credit facility. Altius holds the remaining 0.5% NSR royalty, with respect to which Franco-Nevada has been granted certain pre-emptive rights on a sale by Altius.