Franco-Nevada has a 2% NSR that covers 267,819 hectares of the Duketon gold project in Western Australia. Regis Resources Limited (“Regis”) is the operator and production commenced in August 2010 at the Moolart Well deposit.

Regis expects Moolart Well to produce 555,000 gold ounces over six years at an annual average production rate of 90,000 ounces per year at cash costs of A$562/oz. 2010 production at Moolart Well was 32,772 ounces of gold.

In addition to Moolart Well, Regis has announced a maiden reserve of 1,340,000 ounces at the Garden Well deposit. Regis intends to develop Garden Well as a stand-alone operation and a feasibility study is scheduled for completion in June 2011. Garden Well is entirely on Franco-Nevada royalty ground.

There are also eight satellite deposits in the Duketon gold project area. Seven deposits are entirely on Franco-Nevada royalty ground. The single deposit not entirely on Franco-Nevada royalty ground is the Erlistoun deposit, which has reserves of 202,900 ounces. Regis estimates 89% of recoverable ounces from Erlistoun are on Franco-Nevada royalty ground.