Bald Mountain (Au)


Location: Nevada, United States
Royalty: NSR/GR: 0.875-5%

The Bald Mountain mine lies within the Southern Ruby Mountains of northeastern Nevada, approximately 110 km southeast of Elko. Ore is sourced from multiple open-pits over an estimated 600 km2 property with processing at multiple conventional heap leaching facilities. Bald Mountain is the largest mine site by area in the U.S. It stretches 40 km north to south and 15 km east to west and is divided in three zones: North Zone, South Zone and JV Zone. At the end of 2015, Kinross Gold Corporation (“Kinross”) purchased from Barrick 100% of the North and South Zones while forming a 50/50 exploration joint venture partnership with Barrick on the JV Zone in between the North and South Zones. During 2018, Kinross acquired the remaining 50% portion of the JV area that it did not already own.

Franco-Nevada’s Bald Mountain royalties cover a significant portion of the Bald Mountain property. Royalty rates range from 0.875%-5% NSR/GR. A detailed map of the royalties is shown in the schematic.

Bald Mountain produced 191,282 ounces in 2020, a slight increase from the 187,961 ounces produced in 2019. The majority of production in 2021 and 2022 is expected to come from the Vantage and Top pits. In 2023 and 2024, mining will expand to the North and South Duke, Royale and Saga pits. Further exploration upside could be realized from projects at Redbird, Top underground, the Yankee satellite deposits and a second pushback at Vantage. The large scale of the Bald Mountain land package offers significant exploration upside, with multiple known mineralized bodies.


  • Expected higher production over the next three years from the North Zone
  • Potential to add significant mine life at gold prices above $1,200/oz

2020 2019 2018
Revenue to Franco-Nevada ($ million) $ 11.2 $ 8.9 $ 14.5

Bald Mountain map