In 2019, the new operator of the Scully iron ore mine re-commenced mining operations. We derive revenue from a mining lease upon which the Scully iron ore mine is situated in Newfoundland and Labrador, Canada. The lease commenced in 1956 and expires in 2055. Pursuant to this lease, we hold a net revenues royalty interest on iron ore shipped from the mine. Under the terms of the lease, we receive minimum payments of $3.25 million per year, which may be credited towards royalties equal to 7% of net revenue.

On August 30, 2019 the operator of the mine announced that it had made its first seaborne vessel shipment of iron ore concentrate produced at the Scully iron ore mine.