osisko and virginia - business combination
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Osisko and Virginia - Business CombinationTRANSCRIPT
Creating the Leading Intermediate
Gold Royalty Company
November 17, 2014
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that
address future events, developments or performance that Osisko and Virginia (collectively, the “Corporations”) expect to occur including managements’ expectations regarding
the Corporations’ growth, results of operations, estimated future revenues, requirements for additional capital, future demand for and prices of commodities, business prospects
and opportunities are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the
words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (Including negative variations),
or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, that all conditions precedent to the transaction will be met and the
realization of the anticipated benefits deriving therefrom for shareholders of the Corporations, the view on (i) the quality and the potential of the Corporations’ assets, (ii) the
consideration offered to Virginia’s shareholders, (iii) the potential of the combined entity. Although the Corporations believe the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future
performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from
those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities that drive royalties held by the Corporations; fluctuations in the value
of the Canadian dollar relative to the U.S. dollar; risks related to the operators of the properties in which the Corporations hold a royalty; development, permitting, infrastructure,
operating or technical difficulties on any of the properties in which the Corporations hold a royalty or other interest; rate and timing of production differences from resource
estimates or production forecasts by operators of properties in which the Corporations hold a royalty or other interest; risks and hazards associated with the business of
exploring, development and mining on any of the properties in which the Corporations hold a royalty or other interest, including, but not limited to unusual or unexpected
geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest; regulatory changes by national and local government,
including corporate law, permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in
which the Corporations hold a royalty or other interest are located or through which they are held); continued availability of capital and financing and general economic, market or
business conditions; business opportunities that become available to, or are pursued by the Corporations; the impossibility to acquire royalties and to fund precious metal
streams; other uninsured risks. The forward looking statements contained in this press release are based upon assumptions management believes to be reasonable, including,
without limitation: the ongoing operation of the properties in which the Corporations hold a royalty or other interest by the owners or operators of such properties in a manner
consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in
the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which the Corporations hold a royalty,
stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other
factors that could cause actions, events or results to differ from those anticipated, estimated or intended. For additional information on risks, uncertainties and assumptions,
please refer to Schedule I to the management information circular of Osisko Mining Corporation which created Osisko and also provides additional general assumptions in
connection with these statements, which is filed on SEDAR at www.SEDAR.com under the profile of Canadian Malartic Corporation (formerly: Osisko Mining Corporation), and
Virginia’s Annual Information Form, also filed on SEDAR at www.SEDAR.com. Please also consult Virginia’s annual report on Form 40-F filed with the U.S. Securities and
Exchange Commission. Risks and uncertainties relating to the Corporations are also discussed under the header "Risks and Uncertainties" in the Corporations’ management's
discussion and analysis for their most recent interim financial statements, which are available on SEDAR at www.sedar.com. The Corporations caution that the foregoing list of
risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statements contained herein should carefully consider the above
factors as well as the uncertainties they represent and the risk they entail. The Corporations believe that the expectations reflected in those forward-looking statements are
reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be
unduly relied upon. These statements speak only as of the date of this press release. The Corporations undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
Safe Harbour Statement:
This PowerPoint presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd
and Virginia Mines Inc. By accepting delivery of this confidential information or any other material in connection with an investment in the Company, the investor agrees: (1) to
keep strictly confidential the contents of this confidential information presentation and such other material and not to disclose such contents to any third party or otherwise use the
contents for any purpose other than evaluation by such offered of an investment in the securities; (2) not to copy all or any portion of this confidential PowerPoint presentation,
other confidential information or any such other material.
Inquiries regarding this confidential PowerPoint presentation can be made to the Companies’ financial advisors, or the senior management of the Companies.
2
Forward Looking Statements
Two World-Class Royalties
3
Two cornerstone assets create the new leading intermediate
gold royalty company
Combination of two of the premier royalty
assets in the sector
Large new mines generating cash flow
(two biggest gold mines in Canada)
Long-life assets in mining camps with
significant upside potential
Senior company operators
Québec based
All gold weighting
Canadian Malartic Gold Mine
Éléonore Gold Mine
4
Transaction Summary
Notes: Pro forma private placement. Based on basic shares outstanding.
Proposed
Transaction
Business combination between Osisko and Virginia via a Plan of Arrangement
Total transaction value of approximately C$508 million
Combined entity market capitalization of approximately C$1.3 billion
Pro forma ownership of 61% Osisko and 39% Virginia
C$70 million private placement by the Caisse de dépôt et placement du Québec (“CDPQ”) and the Fonds de
solidarité (“the Fonds”) into both companies (C$42 million into Osisko and C$28 million into Virginia)
Consideration
0.92 of an Osisko common share per Virginia share, representing consideration of C$14.19 per share
41% premium over the November 14, 2014 closing price and 27% premium based on both companies’ 30-
day VWAPs
Deal
Protection
Customary non-solicitation covenants, subject to normal fiduciary outs
Reciprocal C$26 million termination fee payable in certain circumstances if the transaction is not completed
Holders of 27% of the shares of Virginia, in addition to the board and management who beneficially own
3.4%, have agreed to support the transaction and enter into lock-up agreements
Other
Considerations
Virginia shareholder vote (66⅔% of shareholder votes cast)
Osisko shareholder vote (majority of shareholder votes cast)
Customary regulatory and court approvals
Virginia to receive 2 of 8 seats on Osisko Board of Directors
Simultaneous initiation of dividend and NCIB
Timing
Mailing of meeting materials in late November
Shareholder meetings in early January
Closing expected shortly thereafter
5
Guerrero (100% Osisko)
Guerrero, Mexico
Status: Exploration
Kirkland Lake Camp (2% NSR)
Ontario, Canada
Status: Exploration
Hammond Reef (2% NSR)
Ontario, Canada
Status: Permitting
Upper Beaver (2% NSR)
Ontario, Canada
Status: Exploration
Pandora (2% NSR)
Quebec, Canada
Status: Exploration, Contiguous to
Lapa mine
Canadian Malartic (5% NSR)
Quebec, Canada
Status: Producing
Éléonore (2.0 – 3.5% NSR)
Quebec, Canada
Status: Ramp up
Mines Coulon
Quebec, Canada
Status: Exploration
James Bay Area
5,800 km2 land position
Quebec, Canada
Status: Exploration
Royalty – Producing
Royalty – Non-producing
Exploration Project
Portfolio of North American Assets
NioGold Mining (Equity Position)
Quebec, Canada
Status: Exploration, close proximity to
Canadian Malartic
Nighthawk Gold (Equity Position)
Northwest Territories, Canada
Status: Exploration
Falco Resources (Equity Position)
Quebec, Canada
Status: Exploration
NioGold Mining 2.1 M oz
Falco Resources 2.8 M oz
Nighthawk Gold 2.1 M oz
Hammond Reef 7.2 M oz
Kirkland Lake 2.4 M oz
Canadian Malartic 11.9 M oz
Éléonore 8.1 M oz
7.0 M oz
29.6 M oz
36.6 M oz
Equity Interests Royalty Interests Total Exposure to Ounces ThroughEquity or Royalty Interests
6
Total Ounces Under Management
Source: Public disclosure.
(1) See Appendix for full disclosure on Reserves & Resources.
(2) Gold equivalent resources calculated based on the following commodity prices (US$): Gold - $1,300/oz; Copper - $3.30/lb; Zinc - $0.95/lb.
(3) Gold equivalent resources calculated based on the following commodity prices (US$): Gold - $1,300/oz; Copper - $2.85/lb.
(2)
Global Gold Equivalent Reserves & Resources (M oz)(1)
(3)
19.5% Interest
15.0% Interest
10.1% Interest
2.2-3.5% NSR
2.0% NSR
2.0% NSR
5.0% NSR
100%
72%61%
27%
28%39%
73%
PF Osisko Royal Gold Franco-Nevada Silver Wheaton
Gold Other
$15.42
$20.11$21.37
$22.63
Current SharePrice
P/NAV @ 1.6x P/NAV @ 1.7x P/NAV @ 1.8x
Re-Rating Potential to PF Osisko (C$)(1)
Re-Rating Potential
7
World-class royalty assets in Québec
Peer-leading growth profile as both
Canadian Malartic and Éléonore ramp-up to
full capacity
Proven management teams with a long
history of significant shareholder value
creation
Initiation of dividend policy
Only intermediate/senior royalty company
with 100% exposure to gold
Robust pipeline of exploration/development
stage assets
Well funded for future growth through the
acquisition of additional precious metals
royalties
Revenue by Commodity (2)
Source: Company disclosure and analyst estimates.
(1) Based on consensus net asset value for Osisko and Virginia.
(2) Based on 2014 YTD revenue where available, otherwise based on 2013 revenue by commodity.
Benefits to Osisko Shareholders
8
Participation in the leading intermediate royalty company with enhanced capital
markets presence, asset diversification and balance sheet strength
Addition of the world-class Éléonore gold royalty to the Osisko portfolio
Accelerated cash flow growth as Canadian Malartic and Éléonore mines ramp up
to full capacity
Significant expansion of Osisko’s asset portfolio with the addition of a premier
producing royalty, 15 earlier-stage NSRs and 20 evaluation and exploration projects
Excellent land position in the James Bay area and distinguished exploration team
Robust re-rate potential as the combined company solidifies its leading
intermediate royalty company status
Amalgamation of two successful management teams with proven track records
of success
Benefits to Virginia Shareholders
9
Significant premium of 41% to the current share price and continued upside
through ownership of Osisko shares
Immediate exposure to substantial free cash flow from the world-class
Canadian Malartic mine
Enhanced market profile with greater liquidity and analyst coverage
Financially stronger combined company with better access to capital and
greater balance sheet flexibility
Robust re-rate potential as the combined company solidifies its leading
intermediate royalty company status
Amalgamation of two successful management teams with proven track records
of success
Participation in dividend of pro forma Osisko
3032
29
35
31
2015E 2016E 2017E 2018E 2019E
592 631
588
704
615
2015E 2016E 2017E 2018E 2019E
Canadian Malartic Overview
10
Operators: • Agnico Eagle / Yamana Gold
Location: • Malartic, Québec
Interest: • 5% NSR royalty + $0.40/tonne on milled ore from
outside the current property area for life of mill starting
in June 2021
Commercial
Production:
• May 2011
Property
Description:
• 55k tpd open pit, bulk tonnage operation
• Currently Canada’s largest gold mine
• Mine life expected to last through 2028
• 2014 production guidance of 510-530k oz Au
• Upside potential from throughput optimization, to be
completed in 2015
• Significant exploration potential exists from targets
within the immediate vicinity of the mine
• Current reserves of 8.9 M oz Au (1)
5-Year Production Profile (k oz Au) (2)
Source: Agnico Eagle, Yamana and Osisko Gold Royalties public disclosure.
(1) See Appendix for full disclosure on Reserves & Resources.
(2) Based on press release dated March 20, 2014 titled “Osisko Updates Canadian Malartic Mine Plan” on Osisko Mining
Corporation’s profile on www.sedar.com. In the process of being updated by Agnico Eagle / Yamana for February 2015.
5-Year Attributable Royalty Ounces (k oz Au) (2)
7
8
12
13 12
2015E 2016E 2017E 2018E 2019E
323
377
527 574 568
2015E 2016E 2017E 2018E 2019E
5-Year Production Profile (k oz Au) (3)
Éléonore Overview
11
Operator: • Goldcorp (100%)
Location: • James Bay, Québec
Interest: • 2.00% NSR royalty on the first 3M oz of Au production,
increasing by 0.25% for every additional 1M oz of
production thereafter, to a maximum of 3.50% (subject
to Au price adjustment of up to +/-10% if Au is higher
than US$500/oz and -10% if Au is below US$350/oz)
Commercial
Production:
• Q1 2015
Property
Description:
• 3.5k tpd underground operation, with development plan
to expand plant throughput to 7k tpd
• First gold poured on October 1, 2014
- 2014 production guidance of 40-60k oz Au
• Average annual production upon ramp-up to full
capacity (expected by 2018) of 575-625k oz Au
according to operator
• Overall construction progress of 99.3% (1)
- Initial capital of C$1.8-1.9 billion
• Currently focused on in-fill drilling and exploration
drilling the lower mine area to expand the current
reserve and resource and extend the mine life to a
minimum of 20 years
- Deposit remains open at depth
• Current reserves of 4.0M oz Au (2)
Source: Goldcorp and Virginia Mines public disclosure.
(1) As of October 1, 2014.
(2) See Appendix for full disclosure on Reserves & Resources.
(3) Based on consensus analyst estimates.
5-Year Attributable Royalty Ounces (k oz Au) (3)
Exposure to Dominant
Land Packages
12
Land packages in Québec and Mexico provide significant option value
Seek to maximize value for shareholders through potential divestitures and retained
royalty interests
5,800 km2 + land position in James Bay
- More than estimated C$40B of in-situ value resources in the region
- Government of Québec’s Plan Nord to improve infrastructure over the years
9,600 km2 area in Guerrero Mexico with two new gold trends (130km and 30km long)
- Over 25 million ounces of gold discoveries in the immediate vicinity
Kirkland Lake to Val-d’Or gold trend
- 19.5% equity position in NioGold Mining
- 15% equity position in Falco Resources
- 31% equity position in Mistango River Resources
Units Osisko Virginia Pro Forma
TSX Share Price C$/sh $15.42 $10.07 $15.42
Basic Shares
Outstanding
Issued in Private
Placement
M
47.9
2.8
33.8
2.0
83.6
Cash
CDPQ / The Fonds
Investment
C$M $157
$42
$47
$28 >$270
Long-Term Debt C$M - - -
Strengthened Balance Sheet
13
>C$270M in cash resources pro forma the transaction
Stronger balance sheet through
private placements with leading
Québec financial institutions
CDPQ and the Fonds to invest
C$70M in combined company:
– C$42M private placement
into Osisko at C$15.03/share
– C$28M private placement
into Virginia at $13.83/share
– CDPQ and the Fonds option
to participate up to 15% in
Osisko’s and Virginia future
royalty transactions
The company will have >C$270M
in cash resources and >C$400M of
available liquidity for growth pro
forma the transaction
Creating the Leading Intermediate Royalty Company
14
Creates the leading intermediate royalty company with world-class royalties on the
premier Canadian Malartic and Éléonore gold mines
Enhanced capital markets presence, balance sheet strength, and trading liquidity
Complementary asset portfolios and management teams
Full support of significant long-term shareholders
Tremendous re-rate potential as the combined company solidifies its leading
intermediate royalty company status
Significant future cash flow generation provides the foundation for a robust dividend
policy
Supplemental
Information
Share Positions in Junior Mining Companies
16
Source: Public disclosure.
Note: See slide 24 for full disclosure on Reserves & Resources.
(1) Gold equivalent resources calculated based on the following commodity prices (US$): Gold - $1,300/oz; Copper - $3.30/lb; Zinc - $0.95/lb.
Location Quebec
Au Ounces (M oz) 2.13
Au Grade (g/t) 1.36
% Held 19.5%
Location Quebec
Au Eq Ounces (M oz) (1) 2.77
Au Eq Grade (g/t) (1) 3.41
% Held 15.0%
Location Northwest Territories
Au Ounces (M oz) 2.10
Au Grade (g/t) 1.64
% Held 10.1%
Robust Asset Portfolio
17
Asset Current Owner Operator Interest Commodities Jurisdiction Stage
Canadian Malartic Osisko Agnico/Yamana 5% NSR royalty Au Québec Producing
Éléonore Virginia Goldcorp 2.0-3.5% NSR royalty Au Québec Producing
Pandora Osisko Agnico/Yamana 2% NSR royalty Au Québec Development
Hammond Reef Osisko Agnico/Yamana 2% NSR royalty Au Québec Development
Upper Beaver Osisko Agnico/Yamana 2% NSR royalty Au, Cu Québec Exploration
Kirkland Lake Camp Osisko Agnico/Yamana 2% NSR royalty Au, Cu Québec Exploration
Guerrero Camp Osisko Osisko 100% Ownership Au Mexico Exploration
Corvet Est Virginia Virginia 50% Ownership Au Québec Exploration
Éléonore Régional Virginia Virginia 100% Ownership Au Québec Exploration
Lac Pau Virginia Virginia 100% Ownership Au Québec Exploration
Poste Lemoyne Virginia Virginia 100% Ownership Au Québec Exploration
Wabamisk-Anatacau Virginia Virginia 100% Ownership Au Québec Exploration
Eastmain Virginia CBay Minerals 1.15% NSR royalty Au Québec Exploration
Apple Virginia Strateco 2% NSR royalty U Québec Exploration
Duncan Virginia Augyva Mining $0.40/tonne ore (1) Fe Québec Exploration
Tantale Virginia Commerce Resources 1% NSR royalty Tantalum Québec Exploration
Stabell Virginia Alexandria Minerals 3% NSR royalty Au Québec Exploration
Dieppe Virginia Agnico Eagle $1M if resources >1M oz Au Québec Exploration
Sagar Virginia Energizer Resources 1.5% NSR royalty U, Au Québec Exploration
Lac Dufault Virginia Nyrstar N.V. 2% NSR Base Metals Québec Exploration
Lac Clark Virginia Chibougamau Ind. Mines 1% gross metal royalty Au, Cu Québec Exploration
Northbelt Virginia Terrax Minerals 2% NSR royalty Au NWT Exploration
Coulon Mines Virginia Virginia 90% Ownership Zn, Cu, Ag Québec Exploration
Lac Gayot Virginia Virginia 100% Ownership (2) Ni, Cu Québec Exploration
Source: Company disclosure.
(1) Virginia is also entitled to a 2% NSR royalty on any metal other than iron.
(2) KGHM International (formerly Quadra FNX) has a 50% earn-in option.
18
Canadian Malartic Target Areas
8.94 million ounces P&P Reserves1
10.8 million ounces M&I Resources1
1.14 million ounces Inferred Resources1
Source: Osisko Gold Royalties public disclosure.
(1) See Appendix for full disclosure on Reserves & Resources.
Éléonore Property
19 Source: Goldcorp and Virginia Mines public disclosure.
Éléonore Exploration Potential
20
High quality exploration targets exist, both near the
Roberto deposit and on other parts of the concession
Project remains open at depth
Gaumond exploration shaft completed
Production shaft at a depth of 900m
Exploration ramp 5,500m long (depth 800m)
Current development on seven levels
Currently 8 drills underground to achieve ~140,000m in
2014
Exploration activities during the third quarter of 2014
focused on exploration and in-fill drilling in the lower mine
area
Source: Goldcorp and Virginia Mines public disclosure.
La Grande Properties: A Mining Camp-size Belt
21
La Grande Belt
Kirkland Lake – Val-d’Or at the same scale
David Orfée
(100k oz)
Orfée Est
Contact
Edy
Marco
Zone 32
(350k oz)
Wedding Pari-30
FCI
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Probable 6.49 4.03 19.3
* Cut-off grade: 3.0g/t
Gold Price: $1,300/oz Au
C$/US$ exchange rate of 1.05
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Inferred 9.63 4.10 13.3
* Cut-off grade: 3.0g/t
Category
Reserves*
Global Resources (Exclusive of Reserves)*
Category
Reserves & Resources
Canadian Malartic (1) Éléonore (2)
(1) See the “TECHNICAL REPORT ON THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES FOR THE CANADIAN
MALARTIC PROPERTY” dated August 13th 2014 on Agnico Eagle’s profile at www.sedar.com.
(2) See the “TECHNICAL REPORT ON ÉLÉONORE – GOLD PROJECT, QUEBEC, CANADA” dated January 26th 2014 on Goldcorp’s
profile at www.sedar.com.
Reserves*
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Proven 0.91 1.69 57.6
Probable 1.10 7.26 205.6
Total Proven & Probable 1.06 8.94 263.2
* Cut-off grade: 0.28 - 0.35g/t
Gold Price: $1,300/oz Au
C$/US$ exchange rate of 1.10
Global Resources (Including Reserves)*
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Measured 0.98 1.79 56.8
Indicated 1.09 8.97 254.9
Stockpiles (Measured) 0.51 0.04 2.5
Total Measured & Indicated
(Including Reserves)1.07 10.80 314.2
Inferred 0.77 1.14 46.5
* Cut-off grade: 0.28 - 0.35g/t
Category
Category
22
Upper Beaver (1)
Global Gold Resources*
Au
Grade
Cu
GradeAu Cu Tonnes
(g/t) (%) (M oz) (M lb) (Mt)
Indicated 6.62 0.37 1.46 56.0 6.87
Inferred 4.85 0.32 0.71 32.2 4.57
Category
* Au Cut-off grade: 2.0g/t
Reserves & Resources
Hammond Reef (2)
(1) See the “TECHNICAL REPORT ON THE UPPER BEAVER GOLD – COPPER PROJECT, ONTARIO, CANADA” dated November 5th
2012 on Osisko Mining Corporation’s profile at www.sedar.com.
(2) See press release dated January 28th 2013 titled “Osisko Provides Resource Update for Hammond Reef Project” on Osisko Mining
Corporation’s profile on www.sedar.com.
Global Resources*
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Measured 0.90 3.59 123.5
Indicated 0.78 1.83 72.9
Total Measured & Indicated 0.86 5.43 196.4
Inferred 0.72 1.75 75.7
* Cut-off grade: 0.5g/t
Category
23
Gold
Grade
Copper
Grade
Zinc
GradeGold Copper Zinc Tonnes
(g/t) (%) (%) (M oz) (M lbs) (M lbs) (Mt)
Inferred 2.64 0.23 0.70 2.2 131.1 393.1 25.3
* Cut-off grade: NSR C$80/t
Commodity Prices: $1,300/oz Au, $3.30/lb Cu; $0.95/lb Zn
C$/US$ exchange rate of 1.05
Category
Global Gold Resources
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Measured 1.40 0.30 6.6
Indicated 1.50 1.24 25.6
Total Measured & Indicated 1.48 1.53 32.1
Inferred 1.13 0.60 16.5
* Cut-off grade: 0.35 - 2.5g/t
Gold Price: $1,540/oz Au
Global Gold Resources
Category
NioGold Mining – Marban Block Property (1)
Resources – Equity Positions
Nighthawk Gold – Colomac Property
(1) See the “Updated Mineral Resource Technical Report – Marban Block Property” dated August 15, 2013 on NioGold Mining Corporation’s
profile at www.sedar.com.
(2) See the “Technical Report and Mineral Resource Estimate for the Horne 5 Deposit” dated April 16, 2014 on Falco Resources Ltd’s profile
at www.sedar.com.
(3) See the “Technical Report and Mineral Resource Estimate Update on the Colomac Property of the indin Lake Project” dated June 17,
2013 on Nighthawk Gold Corp’s profile at www.sedar.com.
24
Falco Resources – Horne 5 Deposit
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Inferred 1.64 2.10 39.8
* Cut-off grade: 0.6g/t
Gold Price: $1,500/oz Au
Global Gold Resources
Category