Trenton Canyon Royalty

The Trenton Canyon royalty covers 52 unpatented claims in a discontinuous trend for over 2 miles in length. The royalty is a 0.6% gross royalty on gold and silver with an additional 3.3% net profits on any other metals or materials sold from the project area.

The royalty position covers a linear trend of low-grade gold deposits within a very significant gold district in northern Nevada (+20 Moz past production and present reserves). The Trenton deposits were discovered in the late 1980’s, resources defined by drilling, and portions of the deposits were mined during the low‐gold regime in the 1990’s. Estimates of +1 million ounces of gold were made for the Trenton deposits with much of this resource being uneconomic at $400/oz gold price. Mine infrastructure is in place; the metallurgy of the ore is favorable; and it is considered highly likely that new exploration would increase the gold resources.

SSR Mining acquired the Trenton Canyon deposits including the area of NMP’s Royalty in mid-2019.

Potential

Three opportunities currently exist for the Trenton Royalty: (1) Mine material in existing deposit models left in the ground by earlier mining in a low gold price regime (~150,000 ounces in ground):, (2) Add to the resource through exploration along strike: (3) Develop additional resources at depth and on the western portion of the royalty area.

In the Trenton Canyon area, the Marigold mine complex was considered to be an insignificant cluster of small mines when put into production in 1988. SSR Mining acquired the project from Barrick/Gold Corp in 2005 and has produced ~3 million ounces of gold with an additional 5.6 million ounces of reserves currently reported. The recent acquisition of the Trenton deposits will allow continued expansion of the mine to the south.