Franco Nevada

Avocet Mining PLC (“Avocet”) owns an 80% interest in an Indonesian company which holds a 6th generation Contract of Work (“CoW”) located in the central portion of North Sulawesi in the District of Bolaang Mongondow, Indonesia. The North Lanut gold mine is located within the CoW, which includes exploration and mining rights over approximately 50,000 hectares. The property includes the Riska, Effendi, Talugon, Durian, Rasik and Osela deposits. Franco-Nevada has a 5% NSR on 80% of gold production which will cease after 500,000 ounces of production. Production from the property was 46,894 oz of gold in 2009, bringing the total life of mine production to just under 262,400 ounces. In 2009, the cash cost of production was estimated to be just over $550/oz. Franco-Nevada received $1.76 million in royalty revenue in 2009. Reserves and Resources at North Lanut are prepared based on the JORC classification system. As of March 31, 2009, Measured, Indicated and Inferred resources were reported by Avocet to be 552,100 ounces of gold and Reserves were estimated to be 215,700 ounces. The 2010 Reserve and Resource base is currently in the process of being updated. Measured and Indicated resources are inclusive of reserves.