Franco-Nevada has interests in 176 exploration stage mineral properties as at March 10, 2016. By commodity, these include 138 precious metals assets and 38 other minerals exploration assets. Exploration assets are speculative and unlikely to generate revenue to Franco-Nevada in the next five years, if ever. Some of these assets have associated resources that, to be economic, may require additional resources, higher commodity prices, permitting approval, lower geopolitical risk or a better financing environment. A good portion of the properties are inactive and may not see activity again. Some of the properties are in proximity to producing or advanced projects discussed above. Franco-Nevada has not visited or audited its full list of exploration assets and has relied on operator reports, public disclosures and title searches to determine which properties are in good standing. It is possible some properties may have lapsed.
The following table is a list of exploration assets of Franco-Nevada as at March 10, 2016. Assets that have had their terms or leases expire and have been written off are not listed. In early 2016, Franco-Nevada reclassified Matilda as an advanced asset. In 2015, Franco-Nevada wrote off one mineral exploration royalty asset and removed it from its asset counts.