On February 29, 2012, the Québec Court of Appeal rendered a long-awaited judgment in the continuing legal battle between Canadian Royalties and Nearctic Nickel Mines concerning their respective ownership interests in a mining property in the area of the Plan Nord in Northern Quebec called the Expo Ungava Property (the “Property”). Situated just south of Xstrata’s Raglan Mine, the Property has been found to contain significant mineralization and is currently being developed by Canadian Royalties, which has invested in excess of $500 million in developing its Nunavik Nickel Project.