The Hemlo gold camp, which consists of the David Bell underground mine and the Williams underground and open-pit mine, is located just off the Trans-Canada highway near Marathon, Ontario. Williams Operating Corporation (“WOC”), a wholly-owned subsidiary of Barrick, is the operator of the Hemlo gold camp. Franco-Nevada holds a 3% NSR and a 50% NPI on the portion of the Hemlo camp that underlies the Interlake claims to the north-west of the Williams mine and which are under option to WOC. Mineralization continues from the WOC operations onto Franco-Nevada’s royalty property and WOC has been developing the royalty property including resource and reserve delineation, underground development and exploration drilling. The current reserve and resource life of mine plan projects the production of approximately 200,000 feed ounces from the royalty property from 2010 to 2016. While NSR royalties are received with production, WOC is entitled to recover its initial capital spent for development on the Interlake claims before Franco-Nevada will recognize NPI royalties.