Altius
This project is part of our
All-Canadian royalty portfolio

Cory (potash)
Prairie Royalties

Location
11 km southwest of Saskatoon, Saskatchewan, Canada

Operator
Potash Corporation of Canada ("PCS")
www.potashcorp.com

Commodity
Potash

Asset Profile
LTM (as of January 31, 2016) Royalty Revenue $0.94 million
Annual production capacity 1.5 mt
Estimated Mine Life 54 years

PCS’s Cory mine is a conventional underground mining operation located approximately 11 km southwest of Saskatoon, Saskatchewan. Potash ore is excavated at the mining face c.1,000m below the surface, transported by conveyor belt to the bottom of the production shaft and hoisted to the mill where it is processed into the final concentrated muriate of potash (KCl) product.

Proven and probable mineral reserves at the mine as at December 31, 2011 totaled 241mt of ore with an average K2O grade of 24.7%. Based upon reported mining rates and reserves by the operator a mine life of nearly 60 years in anticipated should reserves remain unchanged.

The mine is has undergone two phase expansion focused on s. The first phase of the expansion commenced in 2007 and was completed in late 2010. The second phase of the expansion is near completion and is forecast to bring Cory’s operational capability (which reflects estimated achievable annual production levels) to 2.7mt muriate vs 2011 operational capability of 1.5mt.

The Cory mine has undergone debottlenecking operations and significant capacity additions in recent years that Altius anticipates will eventually increase operational production capability.

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