Franco-Nevada

Ağı Dağı (Au)

Location: Turkey, Rest of World
Royalty: NSR: 2%
Operator: Alamos Gold Inc.

Franco-Nevada has a 2% NSR on the Ağı Dağı property owned by Alamos and located in northwest Turkey. The royalty covers the Ağı Dağı deposit as well as most of the Çamyurt deposit but does not cover the Kirazli project. Alamos released a feasibility study conducted on its Ağı Dağı project and a preliminary economic assessment on its Çamyurt project in February 2017. The Ağı Dağı study envisioned average annual production of 177,600 ounces of gold over 5 years while the Çamyurt study estimated average annual production of 93,200 ounces of gold and 403,000 ounces of silver over 4 years. Alamos has reported that development would first come from Kirazli, which has an estimated life of 5 years, at which point cash flow from that operation would be utilized to help fund development of Ağı Dağı. In March 2019, Alamos received its operating permit for Kirazli but as of October 2019 construction activities were suspended pending renewal of its mining concessions. Alamos plans to provide an updated timeline and budget following the renewal of concessions and the restart of construction.