Contract to receive a percentage of mineral production from an operating mine in exchange for a one-time payment

Not working interests in the property – an economic interest in production without exposure to cash calls to develop the project

Can be existing royalty transferred by current holder or a new royalty on projects in or near production or for expanded production

Net Smelter Return Royalties (NSR) – based on a percentage of proceeds received for
refined minerals from the smelter or refinery less specified transport, insurance and other expenses

Assets may provide exploration optionality by attaching to geologically prospective lands – without any direct carrying, exploration or development costs