Franco-Nevada royalty over Arthur Gold Project (previously Expanded Silicon Project)

On July 23, 2025, Franco-Nevada Corporation ("Franco-Nevada") announced that its wholly-owned subsidiary acquired an existing 1.0% net smelter return royalty on AngloGold Ashanti plc's ("AngloGold") Arthur Gold Project from Altius Minerals Corporation ("Altius") for US$250 million in cash, plus a further contingent cash payment of US$25 million, dependent upon the final award outcome of an ongoing arbitration process between Altius and AngloGold that confirms that the full extent of the royalty beyond the base area of interest is substantially consistent with that of Altius' interpretation of a partial award of the arbitration tribunal that it reported on earlier this year.

The Arthur Gold Project (previously the Expanded Silicon Project) is one of the largest and fastest growing new gold discoveries in the United States. The ongoing drill program expanded the resource by 20% year over year, taking the most recently stated gold Mineral Resource base to 3.4 million ounces of Indicated Mineral Resources and 12.9 million ounces of Inferred Mineral Resources.

The royalty applies to a substantial land package in the Beatty District of Nevada covering the vast majority of the existing Mineral Resource of the Arthur Gold Project (including both Merlin and Silicon deposits) within a base area of interest with no step-downs or buydown provisions, providing the potential for decades of stable gold cash flow once in production.

Altius continues to hold a 0.5% NSR royalty on the project, for which Franco-Nevada has been granted certain pre-emptive rights in the event of a sale.

Further information can be found on PR Newswire’s website, as well as on businesswire.com.

Franco-Nevada is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation.

Altius is a diversified mining & metals royalty company. Its strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations.

AngloGold is an independent, global gold mining company with a diverse, high-quality portfolio of operations, projects and exploration activities across ten countries on four continents.