International Royalty Completes Offering and Acquires Voisey’s Bay Royalty

On February 22, 2005, International Royalty Corp., a mining royalty interest company, completed an initial public offering of 34,883,721 common shares for gross proceeds of approximately $150 million and a private placement offering of units consisting of common shares and debentures for gross proceeds of $30 million. Haywood Securities Inc. and GMP Securities Ltd. co-led a syndicate of agents that included Canaccord Capital Corp., Raymond James Ltd., Salman Partners Inc. and Bolder Investment Partners, Ltd.

Concurrent with the initial public offering and unit offering, International Royalty completed the acquisition of all of the shares of Archean Resources Ltd., a private company that indirectly holds an effective 2.7 per cent net smelter return interest in the Voisey’s Bay nickel-copper-cobalt project located in Labrador, Canada. Other royalty interests were also acquired.

International Royalty was represented by Fasken Martineau DuMoulin LLP with a team that included Michael Bourassa and Josh Lewis (global mining), Chuck Higgins (securities/global mining), Janne Duncan, Nancy Eastman, Sonali GuptaBhaya, Lata Casciano, Robert Eberschlag, Georges Dubé, Krisztian Toth, John Sabetti and Jamie Pennell (corporate/securities), John Torrey (banking) and Alan Schwartz, Kathleen Hanly and Peter Vair (tax).

International Royalty was represented by Dorsey & Whitney LLP in the US with a team that included Christopher Barry, Kenneth Sam, Christopher Carlberg and Bill Kitay (securities and corporate), Steve Carlson, Greg Jordan and Chris Lenhart (banking and commercial) and John Hollinrake, Brian Davis and Gabe Gartner (tax).

With respect to the acquisition of the shares of Archean Resources and the initial public offering and unit offering related thereto, International Royalty was represented by Benson Myles in St. John’s, Newfoundland and Labrador with a team that included Jeff Benson, Q.C., Benjamin Kavanagh, Paul Dicks, Q.C., Jay Neville and Susan Marsh.

The agents were represented by Fraser Milner Casgrain LLP with a team that included Frank Davis, Corina Zatreanu and Lara Vos Smith (securities), Brian Abraham (mining), Russel Kowalyk (banking) and Christopher Steeves (tax).

The shareholders of Archean Resources were represented by the St. John’s office of Stewart McKelvey Stirling Scales with a team that included Colm Seviour (corporate/mining), Geoff Brown (securities), and Maureen Ryan and Susan Norman (corporate). Ed Heakes and Jim McKee of Macleod Dixon LLP in Toronto advised on tax matters.

One of the purchasers under the unit offering was represented by Stikeman Elliott LLP with a team that included Daphne MacKenzie, Jill West and John Lorito.

Lawyer(s)

Susan E. Norman Chris Lenhart Paul Dicks Charles L.K. Higgins John W. Torrey Alan M. Schwartz John G. Lorito Jamie C. Pennell Lara Vos Smith Josh Lewis Michael J. Bourassa Janne M. Duncan Jeffrey P. Benson Maureen E. Ryan William D. Kitay Krisztián Tóth James G. McKee Robert W. Eberschlag Franklin L. Davis Kathleen S.M. Hanly D. James (Jay) Neville John M. Sabetti Sonali GuptaBhaya Geoffrey E.J. Brown Steven E. Carlson Gabe Gartner Kenneth G. Sam Brian E. Abraham Russel Z. Kowalyk Colm St. Roch Seviour Lata C. Casciano Chris Barry Christopher J. Steeves Edward A. Heakes Corina O. Zatreanu Susan Marsh Georges Dubé Greg H. Jordan Nancy Partner Daphne J. MacKenzie Peter W. Vair Christopher K. Carlberg

Firm(s)