Nations Royalty Update on Royalty Interest: The KSM Deposit Receives “Substantially Started” Designation

Press Release

July 30, 2024, Vancouver, BC: Nations Royalty Corp. (“Nations Royalty” or the “Company”) (TSXV: NRC) is pleased to be informed that the British Columbia Provincial Government has granted “Substantially Started” designation for Seabridge Gold Inc.’s (“Seabridge”) KSM Project, located in the Golden Triangle of northwest British Columbia.

The Substantially Started designation allows for the KSM Project’s Provincial Environmental Assessment Certificate (“EAC”) to be valid in perpetuity over the life of the KSM Project and is no longer subject to expiry. With this designation, KSM is the largest, permitted copper-gold development project in the world. The deposit hosts 47.3M ounces of Au and 7.3B pounds of Cu in Proven and Probable Reserves¹. According to Seabridge’s News Release dated July 26^th, 2024, Seabridge has spent over $800 million to advance the KSM Project since the EAC was issued. Development completed to-date includes significant work such as road and power infrastructure and camp construction.

Nations Royalty holds the right to receive an annual benefit payment entitlement on the KSM Project that is calculated by reference to the amount of tax payable by the project operator under the Mineral Tax Act (British Columbia) for the life of the KSM Project (the “KSM Payment Entitlement”). The KSM Payment Entitlement was negotiated by the Nisga’a Nation and recently contributed to Nations Royalty as part of a royalty portfolio (see the Company’s news release dated June 20, 2024). The Nisga’a Nation is a founder and the major shareholder of Nations Royalty.

“Nations Royalty wishes to congratulate Seabridge and acknowledge the work completed by the Government of British Columbia, as well as the thorough consultation with Indigenous Groups and nearby communities, including Nis ga’a and Tahltan,” said Kody Penner, Vice President of Corporate Development for Nations Royalty. “We look forward to all groups continuing to work together to advance the KSM Project and fruitful outcomes to Seabridge’s joint venture discussions. Our Payment Entitlement, on the large, long-life copper – gold-silver-molybdenum Deposit, is a core piece of the foundation for the future success of Nations Royalty.”

KSM Project Proven and Probable Mineral Reserves as of May 26, 20221

		Diluted Grades					Contained Metal
	Ore	Au	Cu	Ag	Mo	Au	Cu	Ag	Mo
	(Mt)	(g/t)	(%)	(g/t)	(ppm)	(Moz)	(Mlb)	(Moz)	(Mlb)
Proven	1,297	0.71	0.15	2.4	75	29.6	4,203	98	215
Probable	995	0.55	0.14	1.9	77	17.7	3,116	62	170
Total Proven	2,292	0.64	0.14	2.2	76	47.3	7,320	160	385
& Probable

 

1. Source KSM (Kerr-Sulphurets-Mitchell) Prefeasibility Study and Preliminary Economic Assessment, Prepared for Seabridge Gold Inc. August 8, 2022. The Mineral Reserve Estimates were reviewed by Jim Gray, P.Eng. (who’s also the Independent Qualified Person for these Mineral Reserve Estimates) reported using the 2014 CIM Definition Standards and 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and have an effective date of May 26, 2022.

About Nations Royalty Corp.

The Company’s vision is to unite First Nations and Indigenous groups across Canada, welcoming external investors to join the Company as shareholders. Together, they will combine royalties, income and commodity streams and annual benefit payment entitlements from resource projects, tapping into the growth, diversification and value potential typical of publicly traded royalty companies. As a leader in the spirit of economic reconciliation, Nations Royalty’s mission includes capacity building of Indigenous People in public companies and capital markets.

Nations Royalty’s foundation begins with the right to receive five annual payment entitlements in place in respect of the following properties in Canada:

• The high-grade Brucejack gold mine operated by Pretium Resources Inc., a wholly-owned indirect subsidiary of Newmont Corporation, a large underground gold mine;
• The KSM Copper-Gold-Silver-Molybdenum deposit, currently in development by Seabridge Gold Inc.;
• The Premier Gold Project, currently being commissioned by Ascot Resources Ltd. with first gold pour completed in April 2024;
• The Red Mountain Gold Deposit, owned by Ascot Resources Ltd.; and
• The Kitsault Molybdenum Deposit, a large, fully permitted brownfield site owned and being actively advanced by New Moly LLC, majority-owned by Resource Capital Fund VI L.P.

Qualified Person

Andrew Hamilton, P.Geo, a “qualified person” within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the technical disclosure in this press release.

On behalf of the Board of Directors of Nations Royalty Corp.

“Robert McLeod”

Chief Executive Officer

Contacts

For more information, please contact:
Rob McLeod, President and CEO
rm@nationsroyalty.ca
(604) 617-0616
Kody Penner, VP Corporate Development
kody.penner@nationsroyalty.ca
(604) 356-4995

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