Franco Nevada

Royalty:	2% NSR
2009 Revenue:	Production to start in 2010
Operator:	Regis Resources Limited

Franco-Nevada has a 2% NSR that covers much of the Duketon Gold Project in Western Australia.  Regis Resources Limited (“Regis”) is the operator and is advancing development of the project. The largest deposit in the project is Moolart Well, which has reserves of 604,000 contained gold ounces.   Total resources at the Duketon Gold Project are 3.5 million ounces in eight separate deposits, most of which are on Franco-Nevada royalty ground.

In early 2010, Regis reached an agreement with Newmont Mining Finance Pty Ltd (“Newmont Finance”) to restructure Newmont Finance held debt and securities, thereby enabling Regis to finalize funding for the development of the Duketon Gold Project. With funding in place, development has commenced, and the first gold production is scheduled for September 2010.  Based on their July 2009 feasibility study, Regis expects the project to produce 550,000 gold ounces over 6 years at an annual average production rate of 90,000 ounces per year at cash costs of A$495/oz.  Capital for the project is estimated at A$73M and includes a central mill facility and multiple satellite open pits.