We’ll take a conservative view, but do see that upside from the underground in the near-term. As a reminder, Canadian Malartic complex really shifts to becoming a full underground mine towards 2028, where we’ll see a meaningful step change in our royalty coverage. At Côté, the most immediate catalyst within the portfolio based on IAMGOLD’s Q4 results in 2024 guidance announced that IAMGOLD would achieve first gold pour imminently here by the end of March, which is where we’re at, and then achieving commercial production in Q3 of 2024. Given this is the ramp up year, they’ve provided guidance of 220,000 to 290,000 ounces in 2024 on 100% basis of the asset, while Côté within the mine plan ramps up closer to 500,000 ounces per year once at full capacity.
As a reminder of Gold Royalty’s coverage at Côté, our royalty covers zones five and seven of the patchwork of royalties at Côté, which is the southern portion of the pit. Importantly, mineralization at Côté is concentrated near surface and the higher grade portion of mineralization is within our royalty coverage area. So we do expect to see an immediate benefit as the royalty holder once this asset starts producing in the very, very near-term. At Ren, Barrick outlined their growth prospects last September, where they disclosed that Ren was the subject of an internal pre-feasibility study, which they are targeting to publish in early 2026, and then incorporating Ren into the mine plan thereafter. They’ve continued their exploration efforts through Q4, some exciting drill results include 4.7 meters at 24.9 grams per ton at the Corona zone or the Corona corridor, that’s the western portion of the property.
So they’re continuing to expand that resource, get a better understanding of it, also advancing development and internal studies. So we’re quite bullish that this high grade resource close to 7 grams per ton currently is going to be incorporated into the overall Carlin Complex later this decade. Now, beyond these cornerstone assets, pivoting to some of our most recent acquisitions and where they’re standing, the most recent deal we closed is the Aura Minerals financing package, where we received a 2% NSR royalty over the Borborema project in addition to a gold linked loan. In Aura’s most recent quarterly results, they outlined that construction was 17% complete at Borborema and they maintained to be on track with first production in early 2025.
In fact, February 2025 is their guidance. Aura is a proven mine builder within Brazil. The team that is currently constructing Borborema just came off the successful completion of the Almas mine on time and on budget. So we are quite confident in that team’s ability to deliver at Borborema. As a reminder of our exposure at Borborema, we do receive those pre-production payments until they achieve technical completion of 1,000 gold equivalent ounces per year. And our coupon payment associated with the gold linked loan is 440 gold equivalent ounces per year. So while this is a development stage asset, we’re already receiving 1,440 GEOs in 2024 or expect to. At Cozamin, a relatively small mine within Capstone’s portfolio, but a high grade, high margin operation with great exploration success and a track record that we would expect to continue into the future.
In 2024 consistent with their previous mine plan and consistent with 2023, they’ll look to have relatively similar production with marginally higher costs. But this is still a first quartile operation in terms of costs. We do expect continued exploration work at Cozamin as well to potentially extend the mine life. And this will be an asset that will be producing well beyond the reserve life in our view. And finally, our royalty at Granite Creek, reminder, this royalty was acquired through a package of royalties from Nevada Gold Mines, the joint venture between Barrick and Newmont. i-80 Gold the operator has had continued exploration success, extremely high grade drilling results at their South Pacific zone, which is the deeper area of mineralization at the underground of Granite Creek.
This area is expected to be the main mining horizon in 2024 and they’re targeting to ramp up production here to 1,000 tons per day. Our royalty to Granite Creek, the 10% net profit interest is subject to 120,000 ounce production threshold. They mined just shy of 10,000 ounces total to date. And once fully ramped up, we expect that hurdle to be met quite quickly. So with those three cornerstone assets, three recent acquisitions, we’ve got a robust growth profile in 2024 and out towards the end of the decade as well. With that, I’d pass it back to David to wrap things up, speak a bit about where we sit within the sector and then we can open things up for Q&A.
David Garofalo: Thanks Peter. Thanks very much for that overview of our operations. Look, I think what’s important to talk about is where we’re positioned relative to our peers in the sector. And as you’ve heard me say before, there are two distinct solitudes in our sector. There’s the large cap universe, the Wheaton Precious Metals, Franco-Nevada’s Royal Gold all exceptional large cap liquid companies with great royalty portfolios. But what they lack is growth, what we provide is an opportunity to grow significantly, even exponentially off of a very strong and diversified portfolio, one, in terms of our scale, that’s actually comparable to the seniors in the space and some of the best royalty opportunities in North America.
We have royalties on three of the five biggest producing gold mines in North America, including Canadian Malartic, Côté and also the underground extension of Goldstrike and Ren. So that provides a quality proposition in addition to the significant diversification we have within those three principle jurisdictions in Nevada, Quebec and Ontario, and now in Brazil, with the Borborema asset, which will be coming into production in early 2025, but also already contributing, I should say, pre-production royalty revenue over the course of 2024. So exceptional growth in the best jurisdictions from a well diversified portfolio, but with foundational assets, cornerstone assets that will be delivering royalties for our shareholders for many decades to come.
