| Mineral Royalty Interests |
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Mineral Royalty Interests | The following table summarizes mineral royalty interests owned by the Company as of June 30, 2026:
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Location of
Mine |
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Upfront Consideration Paid to Date 2 |
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Upfront Consideration to be Paid 2 |
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Total Upfront Consideration 2 |
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Date of
Original
Contract |
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| Metates |
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Chesapeake |
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Mexico |
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0.5% NSR |
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$ |
3,000 |
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$ |
- |
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$ |
3,000 |
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Life of Mine |
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Victoria Gold |
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Canada |
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2.0% NSR |
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3,529 |
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- |
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3,529 |
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Life of Mine |
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Liberty Gold |
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USA |
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0.5% NSR |
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3,600 |
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- |
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3,600 |
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Life of Mine |
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Vista |
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Australia |
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1.0% GR |
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20,000 |
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- |
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20,000 |
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Life of Mine |
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Integra |
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USA |
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1.5% NSR |
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9,750 |
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- |
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9,750 |
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Life of Mine |
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| Spanish Mountain |
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Spanish Mountain |
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Canada |
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1.5% NSR |
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22,500 |
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32,500 |
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55,000 |
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Life of Mine |
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Cipango |
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Japan |
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1.5% NSR |
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4,500 |
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3,000 |
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7,500 |
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Life of Mine |
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$ |
66,879 |
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$ |
35,500 |
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$ |
102,379 |
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| 1) |
Abbreviation as follows: NSR = Net Smelter Return Royalty; and GR = Gross Royalty. |
| 2) |
Expressed in thousands; excludes closing costs. |
| 3) |
The Company paid $3 million for an existing 2.0% net smelter return royalty interests on the first 600,000 ounces of gold mined and a 2.75% net smelter returns royalty interest thereafter. The Brewery Creek royalty agreement provides, among other things, that Golden Predator Mining Corp., (subsidiary of Victoria Gold) may reduce the 2.75% net smelter royalty interest to 2.125% on payment of the sum of Cdn$2 million to the Company. On August 14, 2024, the Ontario Superior Court of Justice placed Victoria Gold Corp . into receivership following the failure of the heap leach pad at its Eagle Mine in June 2024. |
| 4) |
Liberty Gold has been granted an option to repurchase 50% of the NSR for $4 million at any point in time up to the earlier of commercial production at Black Pine or January 1, 2030. |
| 5) |
The Mt Todd royalty is at a rate of 1% of gross revenue with such rate being subject to increase to a maximum rate of 2%, depending on the timing associated with the achievement of certain operational milestones. |
| 6) |
Under the DeLamar royalty, if completion is not achieved by January 1, 2029, the DeLamar royalty will increase annually by 0.15% of net smelter returns to a maximum of 2.7% of net smelter returns. |
| 7) |
Comprised of the Hoshino, Onuki, Hasami, Bosawa, Miyata, Kato and Tashiro properties. | The following table summarizes mineral royalty interests owned by the Company as of December 31, 2025
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Chesapeake |
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Mexico |
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0.5% NSR |
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$ |
3,000 |
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Life of Mine |
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07-Aug-2014 |
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Victoria Gold |
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Canada |
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2.0% NSR |
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3,529 |
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Life of Mine |
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04-Jan-2021 |
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Liberty Gold |
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USA |
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0.5% NSR |
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3,600 |
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Life of Mine |
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10-Sep-2023 |
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Vista |
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Australia |
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1.0% GR |
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20,000 |
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Life of Mine |
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13-Dec-2023 |
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Integra |
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USA |
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1.5% NSR |
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9,750 |
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Life of Mine |
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20-Feb-2024 |
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$ |
39,879 |
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1) |
Abbreviation as follows: NSR = Net Smelter Return Royalty; and GR = Gross Royalty. |
2) |
Expressed in thousands; excludes closing costs. |
3) |
The Company paid $3 million for an existing 2.0% net smelter return royalty interests on the first 600,000 ounces of gold mined and a 2.75% net smelter returns royalty interest thereafter. The Brewery Creek royalty agreement provides, among other things, that Golden Predator Mining Corp., (subsidiary of Victoria Gold) may reduce the 2.75% net smelter royalty interest to 2.125% on payment of the sum of Cdn$2 million to the Company. On August 14, 2024, the Ontario Superior Court of Justice placed Victoria Gold Corp . into receivership following the failure of the heap leach pad at its Eagle Mine in June, 2024. |
4) |
Liberty Gold has been granted an option to repurchase 50% of the NSR for $4 million at any point in time up to the earlier of commercial production at Black Pine or January 1, 2030. |
5) |
The Mt Todd royalty is at a rate of 1% of gross revenue with such rate being subject to increase to a maximum rate of 2%, depending on the timing associated with the achievement of certain operational milestones. |
6) |
Under the DeLamar royalty, if completion is not achieved by January 1, 2029, the DeLamar royalty will increase annually by 0.15% of net smelter returns to a maximum of 2.7% of net smelter returns. |
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