Franco-Nevada has a 2% NSR royalty that covers approximately 30 kilometers of strike length of the known geological trends of the Detour gold camp in north-eastern Ontario as shown in the schematic. Detour Gold Corporation (“Detour Gold”) is the operator of the Mine Option Property and Blocks B, C, D and E on which Franco-Nevada has its royalty. Trade Winds Ventures Inc. (“TWD”) is the operator of Block A which is a 50/50 joint venture between TWD and Detour Gold and on which Franco-Nevada has the same royalty. The Mine Option Property included a former Placer Dome mine which produced 1.8 million ounces of gold from 1983 to 1999 from both open pit and underground.

Since 2006 Detour Gold has drilled over 500,000 meters on the Mine Option Property outlining a large open pit. As of January 31, 2011, Detour Gold estimated global resources to be 25.6 million ounces, of which 14.9 million ounces are in reserves. Detour Gold expects reserves to increase further as drilling continues westwards towards the boundary with Block A. Immediately to the west on the Block A property, TWD has continued to evaluate the Block A deposit and on February 16, 2011 TWD filed an NI 43-101 technical report estimating a global resource of 4.4 million on its Block A property of which 2.5 million ounces indicated category and 1.9 million ounces are in the inferred category. Both projects may eventually be one pit.

Detour Gold is well advanced on its project. It has raised approximately $1 billion in equity capital to finance construction. On January 25, 2011, Detour Gold announced an agreement with the Moose Cree First Nation. On February 3, 2011 it announced terms for $105 million in Caterpillar equipment financing. Detour Gold has reported that it has started infrastructure construction and expects to pour concrete for the processing plant by April 2011 and have up to 1,000 people working at site during the construction period. Detour Gold expects production to begin in early 2013 with throughput ranging from 55,000 to 61,000 tpd and a mine life of 21 years. Detour Gold has also indicated that it is evaluating an increase in process plant throughput which it believes will be justified if gold prices remain above $1,000 per ounce.