Franco-Nevada holds a 1% NSR royalty on the Bronzewing Gold project operated by Navigator Resources Limited (“Navigator”) in Western Australia. Bronzewing commenced production in 1994 and the project has had several operators since that time. Mining operations were suspended in February 2008 when the previous operator went into administration. Navigator purchased the project assets in September 2009, and recommenced gold production in April 2010. Historic mining has been from a number of open pit and underground deposits.

Navigator has a five year open pit mine plan comprising 9.27Mt with an average grade of 1.8g/t for 490,000 ounces recovered gold. The ore will be sourced from seven separate pits. Mining of the Success pit was completed in November 2010. Mining continues at the Central, Challenger and Challenger South pits. Pre-strip activities commenced at the Cockburn pit in January 2011. Franco-Nevada’s royalty is estimated to cover 56,280 hectares of the Bronzewing Gold project covering all known reserves and resources except the Corboys deposit, which remains undeveloped to date.

Updated: April 14, 2011