Exploration
Mineral Properties
Franco-Nevada owns royalty interests in an extensive list of exploration stage mineral properties. We have classified as exploration stage those royalties which are speculative and unlikely to generate cash flow in the next 5 years or which are inactive. While some of these royalty interests are associated with properties that have production, reserves or resources, Franco-Nevada's exploration stage property interests are estimated to be outside known resources or the royalty requires more than currently known reserves or resources to become payable.
Some of the properties are in proximity to operating or advance projects discussed above. Franco-Nevada has not visited or audited its full list of exploration stage royalties and has relied on either operator reports, public disclosures and title searches to determine which properties are in good standing. It is possible some properties may have lapsed or some AMR revenue may be uncollectable.
Oil & Gas Properties
Franco-Nevada has interests in almost two hundred non-producing oil and gas agreements which include approximately 100,000 gross acres of undeveloped mineral title in addition to non-producing land within producing areas. Franco-Nevada also has approximately 80,000 gross (net 12,000) acres of unproved non-producing lands under lease. These non-producing agreements cover lands located in Alberta, Saskatchewan and Manitoba.