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Kiziltepe (Au & Ag)

Location: Turkey, Rest of World
Operator: Zenit Madencilik
Royalty: NSR: 2.5%

Franco-Nevada has a 2.5% NSR on the Kiziltepe gold-silver mine located in Turkey which started production in April 2017. Kiziltepe is operated by Zenit Madencilik, a JV owned 50/50 by operators Ariana Resources plc and Proccea Construction Co. Kiziltepe produced 27,985 ounces of gold in 2019 compared with 27,110 ounces of gold in 2018 and 10,191 ounces of gold in 2017 (partial first year). The production for 2019 was better than the 25,000 ounces that Ariana Resources plc had estimated at the start of the year. Ariana Resources plc has previously estimated average production of 20,000 ounces of gold equivalent per year over an 8 year mine life with potential to increase to at least 10 years including satellite deposits.