Franco-Nevada has a 1.5% NSR royalty on the bulk of minerals extracted from the majority of claims covering the Rosemont (Helvetia) project, located in Pima County, approximately 30 miles southeast of Tucson, Arizona. The property is currently in the permitting process. The property contains three known potentially open-pit mineable copper/molybenum/silver skarn deposits (Rosemont, Peach Elgin and Broadtop Butte, respectively) and is situated near a number of large porphyry type producing copper mines operated by Freeport-McMoRan Copper & Gold Inc. and Asarco LLC. The project is owned by Augusta Resource Corporation (“Augusta”).

As of March 25, 2010, Augusta reported that Measured and Indicated Resources at Rosemont, assuming a 0.15% copper cut-off and $1.85/lb copper price, included 105.1 million tonnes of oxide and mixed ore, and 596.8 million tonnes of sulfide mineralization containing 6.17 billion pounds of copper, 176 million pounds of molybdenum and 72 million ounces of silver. Proven and Probable Reserves, which are included in the above resources, were 70.0 million tonnes of oxide ore containing 241 million pounds of copper and 546.3 million tonnes of sulfide ore containing 4.93 billion pounds of copper, 161 million pounds of molybdenum and 65 million ounces of silver.

Augusta released an updated feasibility study in January 2009 re-affirming that the Rosemont (Helvetia) project is technically and economically feasible and that the project will be a conventional modern hard rock open pit operation, with a mine life of 21 years, and average annual production of 221 million pounds of copper, 4.7 million pounds of molybdenum, and 2.4 million ounces of silver over the expected mine life.

In November 2010, Augusta publicly announced that its Environment Impact Statement (“DEIS”) had been delivered to the US Forest Service for internal review. The Company anticipates the release of the Rosemont DEIS and subsequent public hearings to be scheduled for early 2011.