Franco-Nevada holds a 1-2% sliding scale NSR on land operated by Queenston Mining Inc. (“Queenston”), a 2-3% sliding scale NSR on land operated jointly by Queenston and Kirkland Lake Gold Inc. (“KL Gold”), and a 20% NPI on certain claims at the Macassa Mine operated by KL Gold. The royalty properties cover over 15 miles of the Larder Lake and Kirkland Lake Main Breaks in the Kirkland Lake camp of Ontario. These include revenue-based royalties covering resources currently being drilled by Queenston notably at Upper Canada and Anoki-McBean. Queenston has reported that Measured and Indicated Resources at McBean are 105,000 ounces and at Anoki are 111,200 ounces. Queenston has been reporting encouraging drill results from its current drill program at Upper Canada and it expects to prepare NI 43-101 compliant resources at Upper Canada in early 2011. Over the next two years Queenston plans to advance the McBean, Anoki and Upper Canada projects towards pre-feasibility stage. Close to the Macassa mine, KL Gold has been exploring from underground a high grade discovery called the South Mine Complex (“SMC”). Franco-Nevada’s profit-based interest on resources under the Joseph and Gracie claims appear to be close to the south-west extensions of the discovery.