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Franco-Nevada

Stibnite Gold (Au)

LOCATION: Idaho, United States
OPERATOR: MIDAS GOLD CORP.
ROYALTY: NSR: 1.7%

In May 2013, Midas Gold Corp. (“Midas Gold”) agreed to sell to Franco-Nevada a newly created 1.7% NSR on the future gold production from Midas Gold’s Stibnite project in Idaho for $15 million. The Stibnite project is located in a historic mining town of the same name in Idaho, about 153 km northeast of Boise. It is potentially one of the highest grade open-pit deposits in the U.S. Midas Gold has consolidated 107 km2 of unpatented and patented claims. In December 2014, Midas Gold announced the results of an independent prefeasibility study on the Stibnite project. The study envisages three open-pit mines along with the retreatment of historical tailings, supplying a common processing plant. The Stibnite project is expected to have a 12 year mine life with annual gold production of 337,000 ounces per year. In August 2019, the Nez Perce Tribe filed a lawsuit in the United States District Court for the District of Idaho against Midas Gold under the federal Clean Water Act (“CWA”) with regard to legacy issues. The company continues to advance solutions to address pre-existing contamination in the Stibnite Mining District.

Midas Gold continues to work closely with federal and state regulators to ensure that the permitting process remains on track. The US Forest Service anticipates issuing a Final Environmental Impact Statement and Draft Record of Decision (“ROD”) in Q4 2020 and the Final ROD for the project in Q1 2021.