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Franco-Nevada

Calcatreu (Au & Ag)

Location: Argentina, Latin America
Operator: PATAGONIA GOLD PLC
Royalty: NSR: 2.5%

Franco-Nevada has a 2.5% NSR on the Calcatreu property in Argentina. Calcatreu is an exploration-stage, epithermal gold-silver deposit located in the Province of Rio Negro. In December 2017, Patagonia Gold PLC (“Patagonia”) acquired the property from Pan American Silver Corp. (“Pan American Silver”). The Calcatreu deposit contains an Indicated Mineral Resource of 669,000 ounces of gold and 6.3 million ounces of silver (9.8 million tonnes grading 2.11 g/t gold and 19.83 g/t silver) and an Inferred Mineral Resource of 348,000 ounces of gold and 3.4 million ounces of silver (8.1 million tonnes grading 1.34 g/t gold and 13.09 g/t silver). Exploration activities in 2018 included geophysics surveys, mapping and a geochemical sampling program. As of 2019, Calcatreu remains the primary exploration focus for Patagonia.