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Ity (Au)

LOCATION: Côte D’ivoire
ROYALTY: NSR: 1-1.5%

The Ity gold mine, located in western Côte d’Ivoire, is operated by Endeavour Mining. Endeavour Mining increased its ownership interests further in 2019 to 85% with the remainder owned by the Government of Côte d’Ivoire and SODEMI (a government-owned mining company). Franco-Nevada has a sliding scale royalty which increased to an approximate 1.5% NSR once cumulative production from 2001 onwards exceeded 21 tonnes of gold (reached at beginning of 2015). The royalty ceases once cumulative production reaches 35 tonnes of gold. Endeavour Mining is currently constructing a CIL processing plant at Ity which is expected to pour first gold during the second quarter of 2019. Ity produced 85,000 ounces in 2018 which was substantially better than Endeavour Mining budgeted given the focus on the CIL construction. Mining and stacking activities for the heap leach operation ceased in December 2018 as the Ity operation transitions to CIL processing. Endeavour expects to produce between 160,000 - 200,000 ounces of gold in 2019 once the plant is operational. Up until December 2018, the mine has produced ~30 tonnes. As such, it is expected that the royalty cap will be reached towards the end of 2019.