Royalty Agreements

Cornish Metals Inc.

Through its strategic alliance with Osisko Gold Royalties, Cornish Metals acquired royalties in the Cantung (1%) and Mactung (4%) tungsten properties located in Yukon and Northwest Territories, Canada.

Osisko Gold Royalties

On August 30, 2017, Cornish Metals announced it agreed to sell a 1.5% Net Smelter Returns royalty to Osisko Gold Royalties Ltd. (TSX-OR) on all metals and minerals produced from the South Crofty tin project in Cornwall, UK, for $7.17 million. On February 22, 2021, Cornish Metals announced Osisko had converted its C$7.17 million senior secured convertible note into a 1.5% Net Smelter Return royalty with respect to the South Crofty tin project and a 0.5% NSR royalty on other mineral rights held by the Cornish Metals in Cornwall.