Abitibi Royalties Inc. provided an update on the company's net smelter royalties at the Canadian Malartic Mine near Val-d'Or, Québec. Odyssey North Zone (3% NSR): Abitibi Royalties holds a 3% NSR on the Odyssey North Zone located inside the Malartic CHL property (the Property). Odyssey North is proximate to the Odyssey South Zone and together they comprise the ‘Odyssey Zones' or ‘Odyssey' that is east of the main Canadian Malartic Mine open pit.

The Canadian Malartic mine and Malartic CHL property are jointly operated by Agnico Eagle Mines Limited (Agnico Eagle) and Yamana. Yamana's presentation suggests the exploration budget for the Odyssey Zones has been increased from CAD 3.5 million (25,500 metres of drilling) in 2015 to approximately CAD 8.5 million (60,000 metres of drilling) in 2016. Since last reported by Abitibi Royalties on February 23, 2015, Yamana's presentation also notes that the strike length and vertical extent of the Odyssey North Zone have both increased.

The strike length of Odyssey North has increased to approximately 1,500 metres from the previously reported 600 metres. The vertical extent of Odyssey North has increased to 850 vertical metres (from 550 metres to 1,400 metres below surface) from the previously reported 600 vertical metres (from 650 metres to 1,250 metres below surface). Abitibi Royalties is encouraged by these developments at Odyssey North.

Previously all of Odyssey North was covered by the company's 3% NSR. However, the company has not received any additional exploration results, including assays or drill hole locations, since then. Although there appeared to be potential to expand Odyssey North's vertical extent and in particular, its strike length on the Property as last reported by the company, there are no assurances that all or any of the recent expansion at Odyssey North has occurred on Malartic CHL where Abitibi Royalties holds a 3% NSR. Barnat Extension and Sheehan Zone (3% NSR): Further, the Yamana presentation notes that an additional CAD 1.6 million is being budgeted to examine and quantify the economics at a number of areas around the Canadian Malartic open pit that may represent near mine upside potential. Two of the target areas, eastern portion of the Barnat Extension and the Sheehan Zone, appear to be partially covered by Abitibi Royalties 3% NSR.