Operator: Jaguar Mining Inc.
Royalty: NSR: 0-1%
Franco-Nevada holds a sliding scale NSR royalty (1% at greater than $400 per ounce gold) on Jaguar Mining Inc.’s (“Jaguar”) Gurupi project located in the State of Maranhão in northern Brazil. Jaguar reported the results of a feasibility study for Gurupi in January 2011 which anticipated an open-pit mine that would produce approximately 149,000 ounces of gold annually for a period of 13 years. Jaguar has stated that its focus will be on its current operations and generating free cash flow before Gurupi is advanced further.