Franco Nevada

Royalty:	1.75-5% NSR 0.5-4% GR
2009 Revenue1:	$7.263M
Operator:	Goldcorp Inc.

¹ Marigold Revenue refers only to payments made to Franco-Nevada from production on the 5% NSR and 1.75% NSR portions of the property.

The Marigold Property subject to Franco-Nevada royalties includes different royalties on different sections of the Marigold mine, including a royalty acquisition in November 2009 on alternating sections which, along with the historic royalties, collectively covers essentially all production from the property. The Marigold mine is located in Humboldt County, Nevada and has been in operation for over 15 years. The mine is operated by conventional open pit mining with heap leach processing. Marigold is operated by a joint venture comprised of Goldcorp Inc. (“Goldcorp”) (66.66%) and Barrick (33.33%).

The Company’s royalties include, on different alternating sections, an effective 1.75% NSR royalty, a 5% NSR royalty, a 0.5%-1.5% GR, and a 2.5%-4% GR. The November 2009 acquisition also included three sections of 3% NSR royalty lands immediately southeast of the Marigold mine leased by a different operator. Portions of the Marigold Property subject to the 1.75% NSR royalty were previously in production and generated revenues on production from the 8-South ore body from 1989 to 1994. Although there is no current production from this portion of the Marigold Property, an AMR of $160,000 is payable annually and is required to be credited as an advance to be deducted from subsequent royalties paid on production.

In 2009, production was 146,900 ounces of gold, with an average grade of 0.63 g/t, compared to 144,300 ounces of gold in 2008 with an average grade of 0.52 g/t. Exploration has been focused on the conversion of resources to reserves in the Red Dot area within Section 19 in the south-central portion of the property, where 730,000 ounces were added to reserves in 2009.