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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, Argentina. The royalty covers approximately 160 km2 of the property including a significant portion of the Mineral Resources which are contained in high-grade epithermal gold and silver veins.

Construction at Cerro Moro was completed in 2018 with commercial production being declared in June 2018. For 2019, actual production was 120,802 ounces of gold and 6.323 million ounces of silver. Gold and silver production at Cerro Moro is expected to vary from year to year and Yamana has stated it will strive to maintain consistent production on a GEO basis.

In November 2019, Yamana released substantial exploration results both on and off royalty ground. Discoveries in the Tres Lomas, Michelle and Deborah sectors are on royalty ground. Additional regional and near-mine exploration is planned for 2020. For 2019, Inferred mineral resources increased by 29% and 10% for gold and silver respectively compared to 2018.


  • High grade gold/silver deposit with ramp-up complete
  • Year-over-year increase in Mineral Resources
  • Significant near-mine and regional exploration potential

2019 2018 2017
Revenue to Franco-Nevada ($ million) $ 5.1 $ 2.3 $ –