Franco Nevada

Royalty:	3-5%NSR
2009 Revenue:	$1.555 M
Operator:	Great Basin Gold Limited

Franco-Nevada’s royalties include a 5% NSR, less third party underlying royalties, on portions of the Hollister project, Nevada, resulting in (i) an effective 3% NSR on a 45 claim block area called the Hillcrest-Finley River Block, and (ii) a 5% NSR royalty on another portion of the Ivanhoe property. The Hollister project is located at the northern end of the Carlin Trend in northeast Nevada. Great Basin Gold Limited (“GBG”) owns and operates the Hollister project.

In December 2008, GBG purchased the 350-400 ton per day mill located at the Esmeralda Project, some 290 miles southwest of the property for US$2 million, and has since completed an US$11 million refurbishment. GBG is currently awaiting approval from the U.S. Bureau of Land Management on the Environmental Impact Statement (“EIS”).

GBG announced on February 25, 2010, that 81,211 gold equivalent ounces were extracted from Hollister during the 2009 year at a cash cost of $467 per gold equivalent ounce (excluding milling and haulage charges). Of this total, GBG reported 44,700 ounces were actually treated from processing agreements with Newmont and Kinross Gold Corporation (“Kinross”). GBG reported as of the end of 2009, the Hollister ore stockpile contained 41,683 tons with an estimated 41,446 gold equivalent ounces and a further 5,676 gold equivalent ounces were in process.

In 2010, GBG announced plans to extract 120,000 contained ounces from mining operations at a cash cost of $470 per gold recovered ounce. GBG anticipates recovery of 135,000 ounces in 2010 from the processing of 130,000 tons through the Esmeralda mill from both mined and stockpiled ores.