What we own

The Group has a 1% life of mine NSR royalty over a number of claims on the Black Thor, Black Label and Big Daddy chromite deposits owned by TSX-listed Noront Resources Limited (‘Noront’), in the Ring of Fire region of Northern Ontario, Canada.

Performance

Noront released an updated corporate presentation in Q3 2018 which outlined the path towards first production at Eagles Nest, the first deposit it is targeting to bring into production. Anticipated timing of first production is 2024, with construction due to start in 2021, and this reflects positive discussions with the State and First Nation groups over the past few years. Although there is no specific guidance in
relation to the Group’s royalties, the Black Thor deposit is the third deposit which would be brought online should market conditions be favourable for chromite prices at that time. Given the guidance in relation to first production at Eagles Nest we have altered our expectation for first production at Black Thor, pushing out the likely start date to 2030.