On May 27, 2025, Franco-Nevada Corporation announced its agreement to acquire a royalty package on the Côté Gold Mine in Ontario for US$1.05 billion (approximately C$1.43 billion). The acquisition covers a 7.5% gross margin royalty on 100% of mineral production from the Chester 1, 2 & 3 claims, encompassing all Mineral Reserves and over 99.9% of current Mineral Resources. Torys is acting as counsel to Franco-Nevada in its US$1.05 billion acquisition of an existing 7.5% gross margin royalty for nearly all minerals produced from IAMGOLD Corporation's Côté Gold Mine in northeastern Ontario, Canada. The mine is operated by IAMGOLD (70%) and Sumitomo Metal Mining Co. Ltd. (30%) through an unincorporated joint venture.

Franco-Nevada partnered with IAMGOLD and Sumitomo to gain exclusive due diligence access. Upon closing—expected by the end of Q2 2025—the original Royalty will be replaced by a new agreement registered on title, with unchanged economics but enhanced audit and information rights. IAMGOLD and Sumitomo may repurchase up to 50% of the Royalty in two tranches under IRR-based terms.

The mine commenced commercial production in August 2024, with 2025 guidance of 360–400 koz at cash costs of US$950–$1,100/oz. The Royalty is expected to generate C$33.5 million in H2 2025. RBC Capital Markets is acting as financial advisor to the private seller.