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Precious metals streamlining firm Franco-Nevada has acquired an additional 1.5% net smelter return (NSR) royalty on the Valentine gold project for $45-million, TSX-listed Marathon Gold reported on Thursday.

Franco-Nevada now holds an aggregate 3% NSR on the project, which is located in the central region of Newfoundland and Labrador.

“With this transaction, we have strengthened our balance sheet for the Valentine build in a substantial fashion, while maintaining a disciplined overall approach to our capital structure,” said president and CEO Matt Manson.

Franco-Nevada has been a royalty holder since 2019.

According to its feasibility study,  Valentine could produce an average of 195 000 oz/y over a 14.3-year mine life.