05:58 AM EDT, 05/27/2025 (MT Newswires) -- Franco-Nevada ( FNV ) said Tuesday it has agreed to acquire a royalty package on the Cote Gold Mine in Ontario, Canada from a third party for $1.05 billion.

The package consists of a 7.5% gross margin royalty and covers mineral production from Chester 1, 2 and 3 claims, the company said.

The gold mine is owned by IAMGOLD ( IAG ) and Sumitomo Metal Mining. Franco-Nevada ( FNV ) partnered with the owners for the acquisition of the royalty, it said.

Annual revenue from the royalty is estimated to be $67 million.

The deal is expected to close at the end of Q2.