Franco-Nevada holds a 2% NSR royalty on the Perama Hill project, which is located in the Thrace region of north-eastern Greece and is owned by Eldorado Gold Corp. (“Eldorado”). Eldorado reports current Proven and Probable Reserves for Perama Hill of 966,000 ounces of gold at a grade of 3.2 g/t. The Measured and Indicated Resource for Perama Hill contains 1.363 million ounces of gold at a grade of 3.62 g/t and an Inferred Resource of 552,000 ounces of gold grading 1.96 g/t. Mineralization on the property is non-refractory in nature and would be accessible at a very low strip ratio of 0.4:1. The estimated metallurgical recovery is 90%. Eldorado projects construction capital of $159 million for a project capable of producing 110,000 oz/year with an average operating cost of $278/oz. According to Eldorado, the recent political and economic developments in Greece are viewed as positive for the permitting and timely development of this project. Eldorado has submitted a Pre-Environmental Impact Assessment and expects approval to submit the Environmental Impact Assessment in 2011.