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Cerro Moro (Au & Ag)


Location: Argentina, Latin America
Operator: Yamana Gold Inc.
Royalty: NSR: 2%

Franco-Nevada has a 2% NSR on the Cerro Moro mine operated by Yamana Gold Inc. (“Yamana”) in Santa Cruz province of Argentina. The royalty is estimated to cover 160 km2 of the property and all current Mineral Resources which are contained in high grade epithermal gold and silver veins.

Cerro Moro construction was completed in 2018 with first gold and silver doré poured on May 15, 2018 and commercial production declared on June 26, 2018. For 2018, Yamana expected to produce 85,000 ounces of gold and 3.75 million ounces of silver. Actual production was better than expected as the mine produced 92,800 ounces of gold and 4.119 million ounces of silver. Production is expected to ramp-up to 130,000 ounces of gold and 6 million ounces of silver in 2019.

Yamana plans to increase the exploration budget in 2019 by 33 percent which will target major structures with potential to host new mineralized zones while also continuing to generate new targets through multi-disciplinary fieldwork. The Cerro Moro feasibility study assumed an initial 6.5 year mine life which Yamana is actively trying to extend through exploration success.


  • 2018 production exceeded expectations
  • Increased production in 2019 following ramp-up of operations
  • High grade gold/silver deposit with exploration potential

2018 2017 2016
Revenue to Franco-Nevada ($ million) $ 2.3 $ - $ –