Canadian Malartic (Au)

Canadian Malartic

LOCATION: Quebec, Canada
OPERATOR: Yamana Gold / Agnico Eagle

In June 2011, Franco-Nevada purchased a 1.5% gross royalty on part of the Canadian Malartic gold project. The project is located in Quebec’s Abitibi mining district and is Canada’s largest gold producer. The royalty covers seven claims on the property including the central portion of the open-pit as shown in the schematic which equates to approximately 3 km2. Royalty payments are expected to fluctuate annually based on the location of mining relative to the royalty property. Yamana and Agnico Eagle are the 50/50 joint operators of the Canadian Malartic mine following the 2014 acquisition of Osisko Mining Corporation.

On a 100% basis, Canadian Malartic produced 568,634 ounces in 2020 versus 2019 production of 669,192 ounces of gold. The Canadian Malartic open-pit complex contains Proven and Probable Mineral Reserves of 4.4 million ounces of gold. Franco-Nevada estimates that roughly 9% of the Mineral Reserves of the main open-pit complex are subject to our royalty interest.

In February 2021, Yamana and Agnico Eagle announced a positive construction decision on the Odyssey underground project. The Odyssey project hosts three main zones: East Gouldie, East Malartic, and Odyssey (which is further sub-divided into Odyssey North, Odyssey South and Odyssey Internal). On a 100% basis, after dilution and mining recovery, the Odyssey technical study outlines an Indicated Mineral Resource of 0.4 million ounces of gold (6.2 million tonnes grading 2.1 g/t) and an Inferred Mineral Resource of 6.9 million ounces of gold (75.9 million tonnes grading 2.8 g/t). One of Franco-Nevada’s royalty claims covers a portion of the Odyssey South extension and two of Franco-Nevada’s royalty claims cover a portion of East Gouldie, as seen in the schematic below. It is estimated that Franco-Nevada’s East Gouldie claims cover approximately 35% of this portion of the project. For Odyssey and East Gouldie, the combined Mineral Resource in the technical study includes an Inferred Mineral Resource of 5.2 million ounces (52.0 million tonnes grading 3.1 g/t) at East Gouldie, with an additional Indicated Resource of 0.1 million ounces (1.6 million tonnes grading 1.9 g/t) and an Inferred Mineral Resource of 1.1 million ounces (16.1 million tonnes grading 2.1 g/t) at Odyssey (the remainder being at East Malartic).

In December 2020, ramp development was started on the Odyssey project to facilitate underground drilling and provide access to the Odyssey and East Malartic deposits. In 2021, exploration and conversion drilling will be focused on East Gouldie to improve confidence in the Mineral Resource, with the deposit remaining open both laterally and down-plunge. Production is expected to begin at Odyssey South in late 2023 and shaft collaring is expected to commence in Q2 2021. With an estimated depth of 1,800 m, the shaft will be commissioned in 2027 with modest production from East Gouldie. Starting in 2029, on a 100% basis, the mine is expected to produce an average of 545,400 ounces of gold per year with gold production expected to be approximately 6.9 million ounces over a 17-year mine life.


  • Canada’s largest gold producer and long-life asset
  • Positive construction decision on Odyssey underground project
  • Three of Franco-Nevada’s royalty claims cover a portion of the Odyssey project

2020 2019 2018
Revenue to Franco-Nevada ($ million) $ 3.1 $ 2.2 $ 2.5
Canada Malarctic map