<SEC-DOCUMENT>0001558370-17-007005.txt : 20171023
<SEC-HEADER>0001558370-17-007005.hdr.sgml : 20171023
<ACCEPTANCE-DATETIME>20170911134812
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001558370-17-007005
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170911

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANCO NEVADA Corp
		CENTRAL INDEX KEY:			0001456346
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		199 BAY STREET, SUITE 2000
		STREET 2:		COMMERCE COURT WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5L 1G9
		BUSINESS PHONE:		416-306-6317

	MAIL ADDRESS:	
		STREET 1:		199 BAY STREET, SUITE 2000
		STREET 2:		COMMERCE COURT WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5L 1G9
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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			Correspondence
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						<font style="display:inline;font-family:Arial Narrow;font-size:2pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Arial Narrow;font-size:9pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Arial Narrow;font-size:9pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Arial Narrow;font-size:9pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-size:9pt;"><img src="correspg001.jpg" style="width: 2.433333in; height: 0.4083333in" alt="Picture 1"></font></p>
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					<p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial Narrow;font-weight:bold;font-size:9pt;">Franco-Nevada Corporation</font></p>
					<p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;overflow: hidden;">
						<font style="display:inline;font-family:Arial Narrow;font-size:4pt;">&nbsp;</font></p>
					<p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial Narrow;font-size:9pt;">199 Bay Street</font></p>
					<p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial Narrow;font-size:9pt;">Suite 2000, P.O. Box 285</font></p>
					<p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial Narrow;font-size:9pt;">Commerce Court West</font></p>
					<p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial Narrow;font-size:9pt;">Toronto, Ontario&nbsp;&nbsp;M5L 1G9</font></p>
					<p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;overflow: hidden;">
						<font style="display:inline;font-family:Arial Narrow;font-size:2pt;">&nbsp;</font></p>
					<p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial Narrow;font-size:9pt;">Tel: 416-306-6300</font></p>
					<p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial Narrow;font-size:9pt;">Fax: 416-306-6330</font></p>
					<p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;overflow: hidden;">
						<font style="display:inline;font-family:Arial Narrow;font-size:4pt;">&nbsp;</font></p>
					<p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial Narrow;font-weight:bold;font-size:9pt;">www.franco-nevada.com</font></p>
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">September 11, 2017</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Mr. Rufus Decker</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Accounting Branch Chief</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Office of Beverages, Apparel and Mining</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Division of Corporation Finance</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">U.S. Securities and Exchange Commission</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">100 F Street, NE</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Washington, DC, U.S.A.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Dear Mr. Decker,</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">We write in response to the comments raised by the Staff of the U.S. Securities and Exchange Commission in the comment letter to Sandip Rana dated August 25, 2017.&nbsp; For ease of reference, we have reproduced the question from your letter and provided our response directly below the question. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;color:#000000;font-size:11.5pt;text-decoration:underline;">Form 40-F for Fiscal Year Ended December 31, 2016 </font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;color:#000000;font-size:11.5pt;text-decoration:underline;">Exhibit 99.3 &#x2013; Audited Consolidated Financial Statements </font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;color:#000000;font-size:11.5pt;text-decoration:underline;">Note 2 &#x2013; Significant Accounting Policies </font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;color:#000000;font-size:11.5pt;text-decoration:underline;">(f) Royalty, Stream and Working Interests, page 11 </font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;color:#000000;font-size:11.5pt;text-decoration:underline;">(g) Working Interests in Oil and Gas Properties, page 12 </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 1.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
			<font style="display:inline;font-style:italic;font-size:11pt;">We have read your responses to comments 1 through 5. Please provide us a sample of your proposed revised disclosure in regards to the above-referenced footnotes.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">In future filings, we propose the amendments to the accounting policy note in the financial statements as shown in Exhibit I.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;color:#000000;font-size:11.5pt;text-decoration:underline;">Note 8 &#x2013; Royalty, Stream and Working Interests, Net&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;color:#000000;font-size:11.5pt;text-decoration:underline;">(a) Royalty, Stream and Working Interests</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 2.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
			<font style="display:inline;font-style:italic;font-size:11pt;">Please revise your disclosure to clearly label or otherwise identify the carrying amounts capitalized pursuant to IFRS 6 within each category of royalties, streams and working interests. Refer to paragraphs 23 through 25 of IFRS 6.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">In future filings, we propose the amendments to the accounting policy note in the financial statements as shown in Exhibit I, in order to identify that the carrying amounts&nbsp;of exploration assets are capitalized pursuant to IFRS&nbsp;6, while all other amounts are accounted for in accordance with IAS 16.&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%">

		<p style="margin:0pt 0pt 24pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			<font style="display:inline;font-size:11pt;">Page 2</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">We trust the foregoing responses are satisfactory and thank you in advance for your attention to this matter.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Sincerely,</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-size:11pt;">Franco-Nevada Corporation</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;background-color: #FFFFFF;">/s/ Sandip </font><font style="display:inline;font-size:11pt;">Rana</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
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					<p style="margin:0pt;line-height:100%;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;color:#000000;font-size:11pt;">Sandip Rana, Chief Financial Officer</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%">

		<p style="margin:0pt 0pt 24pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			<font style="display:inline;font-size:11pt;">Page 3</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">Exhibit I</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-style:italic;">Proposed amended disclosure </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Note 2 &#x2013; Significant accounting policies</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty, stream and working interests</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Royalty, stream and working interests consist of acquired royalty interests, stream metal purchase agreements, and working interests in producing, advanced/development and exploration stage properties. Royalty, stream and working interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses. The cost of royalty, stream and working interests is determined by reference to the cost model under IAS&nbsp;16 </font><font style="display:inline;font-style:italic;font-size:11pt;">Property, Plant and Equipment</font><font style="display:inline;font-size:11pt;">. The major categories of the Company&#x2019;s interests are producing, advanced and exploration. Producing assets are those that have generated revenue from steady-state operations for the Company or are expected to in the next year. Advanced assets are interests on projects </font><font style="display:inline;color:#B4072D;font-size:11pt;text-decoration:underline;">which are not yet producing, but where in management&#x2019;s view,&nbsp;the technical feasibility and commercial viability of extracting a mineral resource are demonstrable</font><font style="display:inline;text-decoration:line-through;color:#B4072D;font-size:11pt;">that in management&#x2019;s view have a reasonable possibility of generating steady-state revenue for the Company in the next five years or include properties under development, permitting, feasibility or advanced exploration</font><font style="display:inline;font-size:11pt;">. Exploration assets represent</font><font style="display:inline;color:#B4072D;font-size:11pt;text-decoration:underline;"> interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable</font><font style="display:inline;text-decoration:line-through;color:#B4072D;font-size:11pt;"> early stage exploration properties that are speculative and are expected to require more than five years to generate revenue, if ever, or are currently not active</font><font style="display:inline;color:#B4072D;font-size:11pt;">.</font><font style="display:inline;color:#B4072D;font-size:11pt;text-decoration:underline;">&nbsp;</font><font style="display:inline;color:#000000;font-size:11pt;">Royalty, stream and working interests for </font><font style="display:inline;color:#B4072D;font-size:11pt;text-decoration:underline;">producing and</font><font style="display:inline;color:#000000;font-size:11pt;">&nbsp;advanced&nbsp;assets are recorded at cost and capitalized in accordance </font><font style="display:inline;color:#B4072D;font-size:11pt;text-decoration:underline;">with IAS&nbsp;16, while exploration assets are recorded and capitalized in accordance </font><font style="display:inline;color:#000000;font-size:11pt;">with IFRS 6 </font><font style="display:inline;font-style:italic;color:#000000;font-size:11pt;">Exploration for and Evaluation of Mineral Resources</font><font style="display:inline;color:#000000;font-size:11pt;">.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#B4072D;font-size:11pt;text-decoration:underline;">Management uses the following criteria in its assessment of technical feasibility and commercial viability:</font><font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;color:#B4072D;text-decoration:underline;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:11pt;;"> (i)</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
			<font style="display:inline;color:#B4072D;font-size:11pt;text-decoration:underline;">Geology: there is a known mineral deposit which contains mineral reserves or resources; or the project is adjacent to a mineral deposit that is already being mined or developed and there is sufficient geologic certainty of converting the deposit into mineral reserves or resources.</font><font style="display:inline;font-size:11pt;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;color:#B4072D;text-decoration:underline;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:11pt;;"> (ii)</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
			<font style="display:inline;color:#B4072D;font-size:11pt;text-decoration:underline;">Accessibility and authorization: there are no significant unresolved issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and governmental permits and approvals to develop or mine the mineral deposit appear obtainable.</font><font style="display:inline;font-size:11pt;">&nbsp;</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Producing mineral royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates. The life of the property is estimated using life of mine models specifically associated with the mineral royalty or stream properties which include proven and probable reserves and may include a portion of resources expected to be converted into reserves. Where life of mine models are not available, the Company uses publicly available statements of reserves and resources for the mineral royalty or stream properties to estimate the life of the property and portion of resources that the Company expects to be converted into reserves. Where life of mine models and publicly available reserve and resource statements are not available, depletion is based on the Company&#x2019;s best estimate of the ounces to be produced and delivered under the contract. The Company relies on information available to it under contracts with operators and /or public disclosures for information on reserves and resources from the operators of the producing mineral and stream interests.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Producing oil &amp; gas interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available estimated proved and probable reserves </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%">

		<p style="margin:0pt 0pt 24pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			<font style="display:inline;font-size:11pt;">Page 4</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;font-size:11pt;">specifically associated with the oil &amp; gas properties. For the oil &amp; gas interests, management engages an independent petroleum consultant to prepare annual reserve reports.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">On acquisition of a producing royalty, stream or working interest, an allocation of its fair value is attributed to the exploration potential of the interest. The estimated fair value of this acquired exploration potential is recorded as an asset (non-depreciable interest) on the acquisition date. Updated reserve and resource information obtained from the operators of the royalty, stream or working interest properties is used to determine the amount to be converted from non-depreciable interest to depreciable interest. If the cost of a royalty, stream or working interest includes contingent consideration, the contingent consideration is measured at fair value on the date of acquisition and included in the cost of the interest. Any changes in the fair value of the contingent consideration subsequent to the acquisition date are recorded against the cost of the interest acquired.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;color:#000000;font-size:11pt;">Acquisition costs of advanced and exploration stage royalty, stream and working interests are capitalized and are not depleted until such time as revenue-generating activities begin. The Company may receive advanced minimum payments prior to the commencement of production on some of its interests. In these circumstances, the Company would record depletion expense as described above, up to a maximum of the total of the advanced minimum payment received.</font>
		</p>

</div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
