1% NSR Foy/Bowell Townships, Ontario (primary commodities – Ni/Cu/PGE)
United Reef sold its 50% interest in 47-patented claims (situated on the Foy offset dike) in Foy and Bowell Townships to Falconbridge Limited (now Xstrata) in 1998 and retained a 0.5% NSR. The remaining 50% interest was sold to Falconbridge on identical terms. United Reef acquired the other 0.5% NSR in 2000 and now holds a 1% NSR for any ores or minerals recovered from the claims payable to a maximum of $750,000. Falconbridge may repurchase the royalty at any time by payment of $500,000.