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about 130 employees during the initial two-year construction period and approximately 250 full-time employees for the operations period.

The Spring Valley project is owned by Solidus Resources, LLC, a wholly-owned subsidiary of Waterton Gold. Osisko Gold Royalties Ltd. holds various net smelter return (NSR) royalties on the project, with combined pro-forma NSRs of 6.0%, 4.0% and 1.0% across different parts of the project upon closing an acquisition in February 2026. A positive Feasibility Study was completed in 2025, and the project is fully permitted.

The first five years are expected to average approximately 348,000 ounces of gold per year. The life-of-mine average annual production is estimated at over 300,000 ounces of gold.

The project will use conventional heap leaching. Ore will be treated through two streams: higher-grade crushed ore and lower-grade run-of-mine (ROM) ore. The process includes an Adsorption Desorption Recovery (ADR) circuit and an on-site refinery to produce doré.

The mine plan involves using 320-ton autonomous haul trucks and hydraulic face shovel excavators. Blasthole drills will also utilise autonomous drill system technology.

Early site works are underway in preparation for full construction to commence in 2026. First gold production is anticipated in the first half of 2028.

The project is at an advanced exploration stage, with a completed Updated Preliminary Economic Assessment (PEA) effective February 28, 2025. The PEA outlines a potential 11.1-year mine life for an underground mining operation.

The proposed underground mine is projected to have a production rate of 1,000 tonnes per day. The life-of-mine plan anticipates the production of 4,159,000 tonnes of mineralised rock with average grades of 5.26 g/t gold and 32 g/t silver. The average annual production is estimated to be 56,000 ounces of gold and 312,000 ounces of silver. The PEA projects total payable metals of 637,000 ounces of gold and 3,562,000 ounces of silver over the mine's life.

gold/silver doré. Metallurgical testing indicates expected recoveries of 91.5% for gold and 92.9% for silver.

longitudinal and traverse longhole stoping, cut and fill stoping

A significant 50,000-metre drilling program, funded with C$20 million, was planned for 2026 to focus on resource and exploration drilling.

The project currently employs more than 150 people directly and supports hundreds of contractor jobs. Once fully operational, the Taylor deposit is expected to support up to 900 direct jobs. As of October 2025, there were approximately 250 direct employees and a thousand contractors on site for construction.

The Hermosa project is located in the Patagonia Mountains in Santa Cruz County, approximately 80 kilometres southeast of Tucson. It consists of several deposits, with the first to be developed being the Taylor deposit, a zinc-lead-silver sulphide deposit. It also contains the Clark deposit, which holds battery-grade manganese, and the Peake and Flux prospects, which have potential for copper and further polymetallic mineralisation. Hermosa is the only advanced mine development project in the United States as of early 2024 that could produce the federally designated critical minerals of zinc and manganese.

First production from the Taylor deposit is targeted for the 2027 financial year.

The mine will be developed as a "next generation mine", utilising automation and technology. It will be partly run from an Integrated Remote Operating Center (iROC) located in Nogales, Santa Cruz County, which will monitor and control mining and processing. The design will leverage methods from South32's Cannington underground operation in Australia.

In February 2024, the South32 board approved a $2.16 billion investment to develop the Taylor zinc-lead-silver deposit. A final investment decision to develop the Taylor deposit was made in February 2024. The U.S. Forest Service issued a Draft Record of Decision and Final Environmental Impact Statement for the project, signalling intent for final authorisation. Construction at the mine site, which is on private land, was reported as 50 percent complete in March 2026. The project has been added to the U.S. government's FAST-41 permitting process to improve timeliness and transparency.

As of March 2026, there are 283 employees and contractors on the construction project. In December 2025, it was reported that 143 employees and contractors were on site. The permanent mine camp will have a capacity for 136 employees and contractors.

Commercial production is expected to begin in the fourth quarter of 2026. The first phase of the gold-in-oxide starter operation is projected to produce an average of 19,700 ounces of gold annually in the first two years. Life-of-mine production is estimated to total approximately 72,500 ounces. An updated pre-feasibility study from July 2025 indicates a life of mine gold production of 113,155 ounces.

The initial phase of the project will be a heap leach operation for the near-surface oxide gold mineralization.

The company received a key preliminary license (Licença Prévia) for a full mining license in March 2026, which allows for the potential expansion of the operation. The project is being developed under trial mining licenses that permit production of 1,500 tonnes per day, with plans to potentially expand to 3,000 tonnes per day.

A Preliminary Economic Assessment from June 2023 projects an average annual production of 95,000 tonnes of copper and 49,000 ounces of gold over the first 14 years of operation.

The proposed processing method involves a copper sulphide process plant with a nominal throughput of 20 million tonnes per annum and a 3.3 million tonnes per annum oxide heap leach circuit with a SX/EW plant.

A Preliminary Economic Assessment was completed in June 2023. A Pre-Feasibility Study was scheduled for completion in 2024. Hot Chili filed a NI 43-101 Technical Report for the Preliminary Feasibility Study with an effective date of 27 March 2025. Glencore has an offtake agreement for 60% of the mine's production for the first 8 years.

The project is expected to employ approximately 1,400 people during construction and 600-700 workers during operations.

The Casino Project is an open pit mine under development in Yukon, Canada, targeting copper, gold, molybdenum, and silver. It is 100% owned by Western Copper and Gold Corporation, with Osisko Gold Royalties holding a royalty interest.

Average annual production is estimated at 164 million pounds of copper, 259 thousand ounces of gold, 1.392 million ounces of silver, and 15 million pounds of molybdenum.

The proposed processing method involves a concentrator with a nominal throughput of 120,000 tonnes per day to recover copper, gold, molybdenum, and silver, as well as a 25,000 tonnes per day oxide heap leach facility for gold, silver, and copper.

Western Copper and Gold submitted its Environmental and Socio-economic Effects (ESE) Statement to the Yukon Environmental and Socio-economic Assessment Board (YESAB) in October 2025. The project is currently undergoing a YESAB Panel Review, the highest level of environmental and socio-economic assessment in the Yukon.

Over 250 personnel are onsite for the current pre-construction and exploration phase. The project is expected to create approximately 634 jobs during construction and 525 permanent jobs during operations.

The mine is expected to produce an average of approximately 190,000 ounces of gold annually, and a total of approximately 1.89 million ounces of gold over its life.

The processing capacity is planned to be 4,900 tonnes per day. The process will involve underground crushing, conveying to the surface for sorting, followed by grinding, a gravity circuit, flotation, and tailings dewatering. All mill tailings will be used as paste backfill underground. Gravity concentrate will be refined onsite into doré bars.

The mining fleet will include six two-boom Jumbos, two Sandvik Roadheaders, seventeen 51-tonne diesel trucks, and 10-tonne Load Haul Dump (LHD) vehicles.

The project is fully permitted, having received its Environmental Assessment Certificate in October 2023, its Mines Act permit in November 2024, and Environmental Management Act permits in December 2024. It is the first project to be fully assessed under British Columbia's 2018 Environmental Assessment Act. As of March 2026, planned site activities, including pre-construction, early works, and exploration drilling, have resumed following a temporary suspension. Approximately 2.1 kilometres of underground development has been completed. Construction is anticipated to begin in the second half of 2025, with completion expected by the end of 2027. The first gold production is anticipated in the second half of 2027.

The Back Forty Project is a development-stage asset in Menominee County, Michigan, now wholly owned and operated by Gold Resource Corporation (GRC). Osisko Gold Royalties holds an 18.5% gold stream and an 85% silver stream on the project. Development, previously stalled, resumed in December 2025 with GRC initiating a feasibility study and permitting process, supported by an SK-1300 compliant Technical Report Summary (effective 30 September 2023) outlining a revised plan to minimize environmental impact.

Over the life of the mine, total cumulative production is estimated to be 504,000 ounces of gold, 6,150,000 ounces of silver, 61.6 million pounds of copper, and 778 million pounds of zinc.

The processing plant is designed with a nominal capacity of 2,500 metric tonnes per day. The planned processing methods will produce gold and silver doré, as well as copper and zinc concentrates.

In January 2026, Gold Resource Corporation (GRC), the project's operator, announced a business combination with Goldgroup Mining, expected to close in Q2 2026, resulting in GRC becoming a wholly-owned subsidiary of Goldgroup. This merger is expected to create a more diversified mining company with an enhanced portfolio.

As of January 2025, the operations team consisted of 1,055 employees, with 97.6% being Brazilian. In September 2023, it was reported that 2,220 employees and contractors were employed by the project.

G Mining Ventures acquired the Tocantinzinho project from Eldorado Gold in 2021. Construction commenced following a formal decision in September 2022. The mine achieved commercial production on time and on budget. The mine is powered by a 193-km, 138 kV transmission line connected to the national grid.

In 2024, the mine produced 63,566 ounces of gold. For the fourth quarter of 2024, production was 40,147 ounces. The average annual gold production is expected to be 174,700 ounces over the mine life, with an average of 196,200 ounces for the first five full years. The production guidance for 2025 is between 175,000 and 200,000 ounces.

The processing plant includes crushing, gravity, flotation, and leaching circuits. It has a nameplate throughput capacity of 4.7 million tonnes per annum or 12,890 tonnes per day. The plant is designed for a recovery rate of around 90%.

The mining fleet includes CAT 6030 hydraulic mining excavators, a Sandvik DI650i blasthole drill, and CAT 777E haul trucks.

approximately 2,000 workers

As of February 2026, the San Gabriel project is 99% complete. The company is awaiting the final operating permit and water license to begin commercial operations in 2026. The project's total capital expenditure is estimated to be between US$720 million and US$750 million.

The first gold and silver were produced on 23 December 2025. Commercial production is expected in 2026. The mine is expected to produce between 100,000 and 120,000 ounces of gold annually. Production guidance for 2026 is estimated at between 48,000 and 55,000 ounces of gold.

The processing plant will have a capacity of 2,000 tonnes per day in 2026, increasing to 3,000 tonnes per day.

The processing plant will have a capacity of 2,000 tonnes per day in 2026, increasing to 3,000 tonnes per day. The project's total capital expenditure is estimated to be between US$720 million and US$750 million.

During the construction phase, over 1,000 people were employed, with the majority being Ghanaians. In September 2023, the construction workforce of 1,024 was comprised of 54% locals, 44% from other parts of Ghana, and 2% expatriates.

The mine is expected to produce an average of 287,000 ounces of gold per year over its 15-year mine life. Production in the first three years is forecast to be approximately 360,000 ounces annually. A 2019 feasibility study projected 421,000 ounces in the first year of operation. The project is expected to produce 5.1 million ounces of gold from 150 million tonnes of ore over its lifespan.

The processing plant has a designed throughput of 9.5 million tonnes per annum. The process involves single-stage crushing, grinding in SAG and ball mills, a gravity recovery circuit, flotation, concentrate regrind, and a carbon-in-leach (CIL) circuit to produce gold doré.

Mining is conducted using conventional open-pit methods, including drill and blast, 400-tonne class excavators, and 150-tonne-class rigid body dump trucks. The processing plant includes a Metso Premier™ semi-autogenous (SAG) mill with 18 MW of installed power, noted as the largest gear-driven mill in Africa, and a ball mill.

approximately 500 people

The mine produces over 40,000 tonnes of copper annually. In 2021, the mine produced 41,000 tonnes of payable copper and 459,000 ounces of payable silver. Metals Acquisition Limited reported copper production of 10,864 tonnes for the second quarter of 2024 and 10,159 tonnes for the third quarter of 2024. Production guidance for the CSA mine was estimated at 38,000-43,000 tonnes for 2024, 43,000-48,000 tonnes for 2025, and 48,000-53,000 tonnes for 2026.

Ore is processed on-site through grinding and flotation to produce a copper concentrate. The concentrate is then thickened, filtered, and dried before being transported by rail to the Port of Newcastle for export.

The mine is a mechanised operation. It utilises underground tunnels and two hoisting shafts. A new underground materials handling system includes ore bins, a crusher, and conveyors. The Temporary Rib Pillar mining method is supported by the WebGen™ wireless blasting system.

Harmony Gold is continuing the development of the Merrin Mine, a newly designated upper zone of the CSA Mine. There is also an inaugural zinc resource that was announced in February 2025. A ventilation project is underway and targeted for completion by mid-2026, which is expected to increase mine throughput capacity.

The Cascabel project is in the development stage, with a Pre-Feasibility Study completed in February 2024. Early works are scheduled for 2026, targeting first production from an open-pit operation in early 2028, followed by underground production later that year. An exploitation contract was signed in June 2024, granting development rights for 33 years. Initial development focuses on the TAM open-pit deposit to fund the larger Alpala underground block cave mine.

Over this period, the mine is expected to produce an average of 123,000 tonnes of copper, 277,000 ounces of gold, and 794,000 ounces of silver annually. The processing plant will initially have a capacity of 12 million tonnes per annum, with plans to expand to 24 million tonnes per annum in the sixth year of production.

The processing will involve a copper concentrator and a gold recovery circuit.

plans to expand to 24 million tonnes per annum in the sixth year of production

398 employees (2025 annual report)

The Seabee operation is located in northern Saskatchewan, Canada, approximately 125 kilometres northeast of the town of La Ronge. It is owned and operated by SSR Mining Inc. Osisko Gold Royalties Ltd. holds a 3% net smelter return royalty on the life of mine revenues. The operation consists of the Santoy underground mine and the Seabee mill facility.

In 2023, the Seabee operation produced 90,777 ounces of gold. For the first quarter of 2024, production was 23,773 ounces of gold. The full-year 2024 production guidance is between 75,000 and 85,000 ounces of gold. A subsequent report in February 2025 stated that Seabee produced 78,545 ounces of gold in 2024.

Ore from the Santoy mine is processed at the Seabee mill. The process involves a conventional crushing and grinding circuit, followed by gravity concentration and cyanide leaching with a carbon-in-pulp (CIP) circuit for gold recovery. The final product is gold doré bars which are shipped to a third-party refinery. The mill processes approximately 1,200 to 1,300 tonnes per day.

The primary mobile equipment fleet includes load-haul-dump machines (LHDs) and 40-tonne haulage trucks.

There is ongoing exploration focused on reserve growth at the Santoy mine and advancing other nearby targets.

Approximately 500 people were employed when the mine was operational. About 75 employees remain for care and maintenance duties.

The mine was expected to produce an average of 1.6 million carats per year.

The processing plant includes a dense media separation plant, ore sorting technology, and a grinding circuit. It was the first diamond mine to incorporate ore sorting into its processing plant.

In October 2023, operations were suspended and the mine was placed on care and maintenance due to a significant drop in global diamond prices. An option agreement for Australian miner Winsome Resources to acquire the site and repurpose it for lithium processing was terminated in August 2025. Following the termination, a process to sell the mine's assets began.

The mine has no on-site accommodation, and all staff live off-site, mainly in the city of Antofagasta.

In the fourth quarter of 2024, production was 13,600 tonnes of copper, consisting of 12,200 tonnes from sulphide operations and 1,400 tonnes of cathode from oxide operations. For the full year 2024, consolidated production was 184,460 tonnes of copper. In the third quarter of 2024, production was 10,000 tonnes, with 8,200 tonnes from sulphide operations and 1,700 tonnes of cathode from oxide operations. Second quarter 2024 production was 10,100 tonnes, comprising 8,200 tonnes from sulphide operations and 1,900 tonnes from oxide operations. First quarter 2024 production was 11,000 tonnes, with 9,200 tonnes from sulphide operations and 1,800 tonnes of cathodes. Annual copper production for 2025 was a record 61,919 tonnes, a 39% increase over 2024. Osisko Gold Royalties holds a silver stream on 100% of the payable silver produced until 19.3 million ounces have been delivered, and 40% thereafter. Silver production was 1,106,000 ounces in 2023 and 830,000 ounces in 2024.

The operation processes both sulphide and oxide ores. Sulphide ore with an insoluble copper grade greater than 0.22% is treated at a flotation plant (concentrator). Oxide ore with a soluble copper grade greater than 0.10% is processed via dump leaching. Since 2020, due to the depletion of oxide mineral reserves, processing in the oxide plant has substantially decreased, with only run-of-mine dump leaching of low-grade material being processed. The mine produces copper concentrates and copper cathodes.

The Mantos Blancos Concentrator Debottlenecking Development Project was completed in late 2021 to extend the mine's life and expand sulphide ore treatment capacity from 4.2 million tonnes per year to 7.3 million tonnes per year. The new 20,000 tonnes per day sulphide processing plant ramped up to sustained design capacity in 2024. A Phase II expansion is being evaluated to potentially increase the concentrator plant's throughput to at least 27,000 tonnes per day by using existing and underutilised equipment. A feasibility study for the Phase II expansion is expected around the end of 2025. The company has also implemented ShovelSense technology, which uses X-ray Fluorescence sensors on shovels to better differentiate ore grades and optimise recovery.

The mine is expected to produce 1.2 million ounces of gold over its 8-year mine life, through to 2032. Average annual gold production is forecast to be above 175,000 ounces through 2028.

Ore is processed at the on-site Sigma Mill. The mill's current processing throughput is approximately 2,500 tonnes per day. Studies are underway to potentially increase throughput towards the fully permitted capacity of 5,000 tonnes per day. The processing circuit includes a crushing circuit with a cone and jaw crusher, and a grinding circuit with a primary rod mill and two ball mills.

The Lamaque Complex is expanding its fleet of battery-electric vehicles. Orders are in place for five Sandvik TH550B trucks and five Toro LH518iB loaders, to be delivered from mid-2026 into 2027.

The Lamaque Complex includes the Triangle mine, the Ormaque deposit, the Parallel deposit, and the Plug #4 deposit. Commercial production at the Triangle mine was declared on 31 March 2019. In March 2026, Eldorado Gold received the operating authorization for the Ormaque deposit, which will provide an additional source of high-grade ore to the Sigma Mill. The historic Lamaque and Sigma mines are also located on the property. An amended NI 43-101 Technical Report with an effective date of 31 December 2024 was filed on 20 February 2025.