Asset report

Karma gold mine

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Report summary

Commercial production was declared in October 2016 following a US$131 million investment. Open pit mining is used with the ore treated via heap leaching. Ore reserves of 1.1Moz of gold as of end 2016 are sufficient to support a seven year mine life. The mine owned and operated by Endeavour Mining following its takeover of True Gold in April 2016. Franco-Nevada and Sandstorm Gold provided US$100 million in project financing under a streaming deal. Under the deal, the mine is to supply 20koz/a of gold from 31 March 2016 for five years and then 6.5% annually after that. The delivered gold will be paid at 20% of the spot price.

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