Franco-Nevada has multiple royalties over an extensive land package on the Destor-Porcupine mineral trend in Ontario owned and operated primarily by St Andrew Goldfields Ltd. (“St Andrew”). Highway 101 parallels the mineral trend and is called the “Golden Highway”.

Holloway – In late 2009, St Andrew reactivated the Holloway mine on which Franco-Nevada has a sliding scale royalty of 2% if the price of gold is $800/oz or less, increasing by 1% for every $100/oz increase in the price of gold, up to a maximum of 15%. Mining at Holloway in 2011 is expected to transition from the Blacktop Footwall Zones and the Lightning Zone to the Smoke Deep Zone in the latter half of the year. St Andrew expects to produce 20,000 to 23,000 ounces of gold from Holloway in 2011.

Hislop – The Hislop property is located approximately 50 kilometres to the west of the Holt mill, where ore is trucked for processing. In 2009, Franco-Nevada purchased a 4% NSR royalty on the Hislop property with minimum royalty payment commitments. St Andrew brought the Hislop open pit mine into production in the third quarter of 2010. The mine is designed with a capacity of 1,500 tonnes per day and St Andrew expects to produce 20,000 to 22,000 ounces of gold at Hislop in 2011.

Holt – The Holt property lies immediately south of Holloway and is the location of the Holt mill complex. Franco-Nevada has a sliding scale NSR royalty beginning at 2% when the gold price is less than or equal to $500/oz and increasing in 1% increments for each $100/oz increase in the gold price, to a maximum of 10%. St Andrew is currently in the process of restarting mining activities at its Holt Mine, with an objective to commence production in the beginning of the second quarter of 2011. St Andrew expects to produce 45,000 to 50,000 ounces of gold from Holt in 2011.

Aquarius – The Aquarius property is located approximately 28 kilometres east of Timmins and contains an indicated resource of 1.1 million ounces of gold. Franco-Nevada holds a sliding scale NSR royalty on the Aquarius property which increases from 1% to 2% when the gold price is greater than $1,000/oz.

Taylor and Stock properties – Franco-Nevada holds a 1% NSR royalty on a portion of these former producers. St Andrew conducted two phases of drilling on the Taylor property in 2010 where a total resource of 559,000 ounces was established in 2006.

Central Timmins – Franco-Nevada has a 0.25% to 1% NSR on this exploration property.