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EURO Ressources S.A. (“EURO” or the “Company”) (Euronext: EUR) is a French company focused on precious-metal royalties.  Approximately 89.71% of the Company’s issued and outstanding common shares are indirectly owned by the Canadian gold mining company IAMGOLD Corporation (“IAMGOLD”).  The Company’s principal asset is the Rosebel gold production royalty from the Rosebel gold mine in Suriname 95% owned by and operated by IAMGOLD (“the Rosebel Royalty”).  As of December 31, 2017, the Rosebel gold mine had estimated mineral proven reserves of 23.1 million tonnes averaging 0.6 g/t Au for 0.48 million ounces of gold, and probable reserves of 84.4 million tonnes averaging 1.1 g/t Au for 3.03 million ounces of gold.  The Rosebel Royalty due by IAMGOLD applies to the first 7 million ounces of gold produced from the mine and the related payments are calculated on the basis of gold production at the Rosebel mine and the market price of gold based on the London PM fixing price.  The Rosebel Royalty is calculated based on 10% of the excess gold market price above US$300 per ounce for soft and transitional ore, and above US$350 per ounce for hard rock ore, and, in each case, after deducting a fixed royalty of 2% of production paid in-kind to the Government of Suriname.  Rosebel commenced production in 2004 and as of the end of 2017 had produced 4.7 million ounces of gold. 

Aside from the Rosebel Royalty, on December 5, 2011, EURO entered into an Option agreement with Columbus Gold Corp. (“Columbus”) allowing for the restructuring of an existing royalty on any future gold production from the Paul Isnard concessions (the “Option”) in French Guyana.  On November 7, 2013, Columbus exercised the Option in return for cash, shares of Columbus and a retained net smelter returns (“NSR”) royalty (the NSR royalty covers the Paul Isnard concessions and an area of interest surrounding the concessions in French Guiana).  In return, the Company transferred to Columbus the intangible asset related to the royalty on future gold production from the Paul Isnard concessions receivable from Auplata.  At the end of 2017, EURO held approximately 12.0% of Columbus outstanding shares.