Xavantina Operations

The Xavantina Operations are located in southeastern Mato Grosso State, Brazil, and consist of a high-grade, narrow-vein underground gold mine and an on-site processing facility. Current mining activities are focused on the Santo Antônio and Matinha veins.

Ore is processed at the adjacent Xavantina Mill, which is designed with a conventional three-stage crushing circuit, milling, and a combination of gravity concentration and intensive leaching and flotation, followed by carbon-in-leach. This produces high-quality gold doré bars, which are sold to refiners.

The Xavantina property covers nearly 135,000 hectares, offering significant exploration upside potential. Our current exploration program is focused on down-dip extensions of known mineralization, as well as the discovery and definition of new veins, aimed at both sustaining and growing production over the long term.

In August 2021, RGLD Gold AG, a wholly owned subsidiary of Royal Gold, Inc., purchased a $110 million gold stream on the Xavantina Operations, which was extended in March 2025 with an additional $50 million payment. Under the terms of the agreement, RGLD Gold AG receives 25% of gold produced from the operation until 160,000 ounces have been delivered, after which the rate decreases to 10% for the life of mine. Ongoing payments are equal to 20% of the prevailing spot gold price for each ounce delivered until 49,000 ounces have been received – a milestone that has now been met – after which RGLD Gold AG pays 40% of the prevailing spot gold price for each ounce delivered. Full transaction details are available in the Company’s March 31, 2025 press release.