Royalty Assets

	Property	Primary Commodity	Explorer/Developer	Royalty Basis
1	Chapada	Copper	Lundin Mining	3.7% of payable copper stream
1	777	Zinc, Copper, Gold & Silver	Hudbay Minerals	4% Net smelter return ("NSR")
1	Rocanville	Potash	Nutrien	Revenue
1	Cory	Potash	Nutrien	Revenue
1	Allan	Potash	Nutrien	Revenue
1	Patience Lake	Potash	Nutrien	Revenue
1	Esterhazy	Potash	Mosaic	Revenue
1	Vanscoy	Potash	Nutrien	Revenue
1	Voisey's Bay	Nickel, Copper, Cobalt	Vale	0.3% NSR
1	IOC	Iron	Iron Ore Company of Canada	7% Gross Overriding Royalty ("GOR")
1	Clyde River	Renewable Energy	Gravity Renewables	Revenue
1	Genesee	Coal (Electricity)	Westmoreland / Capital Power Corporation	Tonnes x indexed multiplier
1	Sheerness	Coal (Electricity)	Westmoreland / Heartland Generation Ltd. (private subsidiary of Energy Capital Partners)	Tonnes x indexed multiplier
1	Paintearth	Coal (Electricity)	Westmoreland / ATCO	Tonnes x indexed multiplier
1	Highvale	Coal (Electricity)	TransAlta	Tonnes x indexed multiplier
2	Gunnison	Copper	Excelsior Mining Corp.	1.625% GRR
2	Kami	Iron	Champion Iron Limited	3% GSR
2	Curipamba	Copper	Adventus Mining Corp	2% NSR
2	Tres Quebradas (3Q)	Lithium	Neo Lithium Corp.	0.1% GRR
2	Telkwa	Met Coal	Allegiance Coal Limited	1.5-3% price based sliding scale GSR
3	Viking	Gold	Anaconda Mining Inc	2% NSR, plus 1-1.5% royalties on surrounding lands
3	Central Mineral Belt	Copper	Paladin Energy Ltd	2% NSR on all minerals except uranium
3	Grota do Cirilo	Lithium	Sigma Lithium Resources	0.1% GOR (After mandatory deductions for government/community)
3	Stellar	Copper	PolarX Ltd	2% NSR on gold; 1% NSR on base metals
3	Silicon	Gold	Renaissance Gold Inc / Anglo Gold Ashanti NA	1.5% NSR
3	Pickett Mountain	Zinc, lead, copper, silver	Wolfden Resources Corp	1.35% GSR
4	Llano del Nogal	Copper	Evrim Resources Corp	1.5% NSR on PM; 1.0% NSR on BM
4	Cuale	Copper	Evrim Resources Corp	1.5% NSR on PM; 1.0% NSR on BM
4	Jupiter	Gold	Renaissance Gold Inc	1.0% NSR
4	Kingscourt, Rathkeale	Zinc	South32 Base Metals Ireland Limited	2% NSR on each Project
4	Arcas, Lia, Timon, Quiltro	Copper	AbraPlata Resource Corp / Rio Tinto	0.98% GSR
4	Cape Ray	Gold	Cape Ray Mining Limited	2.0% NSR
4	Lismore, Fermoy	Zinc	BMEx Ltd	2% NSR on each Project
4	Gibson	Gold	Canex Metals Inc	Option to acquire a 1.5% NSR
4	Buchans	Zinc	Canstar Resources Inc	2% NSR
4	Daniel's Harbour	Zinc	Canstar Resources Inc	2% NSR
4	Vidalita, Jotahues	Gold	Emu NL	0.49% NSR
4	Saint Patrick	Cobalt	LRH Resources Ltd	2% GSR
4	Mythril	Copper, Gold	Midland Exploration Inc	1% NSR
4	Elrond, Gondor, Helm's Deep, Minas Tirith, Fangom	Gold	Midland Exploration Inc	1% NSR
4	Moria	Nickel	Midland Exploration Inc	1% NSR
4	Shire	Zinc	Midland Exploration Inc	1% NSR
4	Copper Range	Copper	N/A	Option to acquire 1% NSR held by a third party
4	Voyageur	Nickel	N/A	2% NSR
4	Loro en el Hombro	Copper	Revelo Resources Corp	0.98% NSR on gold; 0.49% NSR on base metals
4	Moosehead	Gold	Sokoman Minerals Corp	2% NSR
4	Iron Horse	Iron	Sokoman Minerals Corp	1% GSR; option to acquire additional 1.1% GSR
4	Sulieman, Buckingham, Smoky	Zinc	Teck Australia Pty	1% GSR
4	Point Leamington	Zinc	Callinex Mines Inc.	2% GSR
4	Goethite Bay	Iron Ore	High Tide Resources Corp.	2.75% GSR on iron ore; 2.75% NSR on all other minerals
4	Sheerness West - CDC	Thermal Coal	Westmoreland Coal Company	Tonnes x indexed multiplier

2 6

Voisey's Bay Labrador, Canada
Nickel, Copper, Cobalt

IOC Labrador, Canada
Iron

Kami Labrador, Canada
Iron

Central Mineral Belt Labrador, Canada
Copper

Iron Horse Labrador, Canada
Iron

Goethite Bay Labrador, Canada
Iron Ore

Rocanville Saskatchewan, Canada
Potash

Esterhazy Saskatchewan, Canada
Potash

Cory Saskatchewan, Canada
Potash

Allan Saskatchewan, Canada
Potash

Vanscoy Saskatchewan, Canada
Potash

Patience Lake Saskatchewan, Canada
Potash

Genesee Alberta, Canada
Coal (Electricity)

Sheerness Alberta, Canada
Coal (Electricity)

Paintearth Alberta, Canada
Coal (Electricity)

Highvale Alberta, Canada
Coal (Electricity)

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