Q2 2024 Franco-Nevada Corp Earnings Call

Unknown Executive: Volstadic Production in recent months will boost our results in the second half of the year.

Paul: Production in recent months will boost our results in the second half of the year.

Plants will boost our results in the second half of the year.

that all-started production in recent months will boost our results in the second half of the year.

Sandip: That, I'll hand it over to Sandip.

Paul Brink: That, I'll hand it over to Sandip. Thanks, Paul.

Sandip: Thanks, Paul.

Unknown Executive: was thought of production in recent months. Produced by Results in the Second Half. With that, I'll hand it over. Thanks, Paul. Good morning, everyone.

Sandip: Good morning, everyone.

Sandip Rana: Good morning, everyone. I'll turn it to slide 4 to give an overview of the financial results for the quarter. Overall, Geos sold were 110,264 for second quarter 2024. This compares to 168,515 for the prior year quarter and 131,865 for the prior year quarter went co-rate Padama Geos are excluded. As you are aware, co-rate Padama continues to be on preservation and safe management. In terms of operating assets and Geos delivered and sold for the quarter, we did receive less taxes from Candelaria and Antipokai compared to prior year.

Santa: With that, I'll hand it over to Santa.

Sandip: I'll turn to slide four to give an overview of the financial results for the quarter. Overall, Geo Sold, we're $110,264 for second quarter 2024. This compares to $168,515 for the prior year quarter, and $131,865 for the prior year quarter when co-rate Panama Geo Soldiers are excluded. As you are aware, co-rate Panama continues to be on preservation and safe management. In terms of operating assets and Geo's delivered and sold for the quarter, we did receive last sources from Candelaria and Antipokai compared to prior year. Geo's delivered were both less than our expectations. At Candelaria, Geo delivered and sold in 222, 2024 were lower than those sold in 222, 2023 as mining rates were impacted by the interface of the open pit and historic underground mining stoves.

Santa: Thanks Paul. Good morning everyone. I'll turn to slide 4 to give an overview of the financial results for the quarter.

Unknown Executive: I'll turn to slide four to give an overview of the financial results for the quarter. Overall Geo sold were $110,264 for second quarter 2024. This compares to $168,515 for the prior year quarter. $131,865 for the prior year quarter when Cobre-Panama Geos are available. As you are aware, Cobra Ipad continues to be under preservation. In terms of operating assets and geos delivered and sold for the quarter, we did receive less ounces from Candelaria and Antipakai compared to prior years. Videos delivered from both were less than art.

Santa: Overall GOs sold were $110,264 for second quarter 2024. This compares to $168,515 for the prior year quarter and $131,865 for the prior year quarter when COBRE Panama GOs are excluded.

Santa: As you are aware, Colbray-Padua continues to be on preservation and safe management.

Santa: In terms of operating assets and GOs delivered and sold for the quarter, we did receive less ounces from Candelaria and Antipakai compared to prior year. GOs delivered from both were less than our expectations.

Sandip Rana: Geos delivered were both less than our expectations. At Candelaria, Geos delivered and sold in 222,2024 were lower than those sold in 222,2023 as mining rates were impacted by the interface of the open pit and historic underground mining stopes. This required more stockpile order to be processed with reduced rates and recoveries. With access to higher grade ore anticipated in the second half of 2024, londine mining anticipates stronger production and has maintained a production guidance for Candelaria.

Unknown Executive: At Candelaria, GO delivered and sold in 2-2-2024. We're lower than those sold in... 1923 as mining rates were impacted, by the interface of the open pit and a historic underground mine. This required more stockpile ore to be processed, which reduced gradients.

Santa: At Candelaria, geode delivered and sold in Q2 2024 were lower than those sold in Q2 2023 as mining rates were impacted by the interface of the open pit and historic underground mining stopes.

Sandip: This required more stockpile order to be processed with reduced rates and recoveries. With access to higher rate ore anticipated in the second half of 2024, Lundin Mining anticipates stronger production and has maintained a production guidance for Candelaria. At Antipokai, Geo's delivered and sold were also lower in the second quarter compared to the prior year. Mine scheduling was adjusted in part due to Geo's technical event, which temporarily limited pit access, resulting in the lower production. Lundin Courts has spayed stronger production in the second half of 2024, and Franklin Abadd expected stream deliveries for the full year to be within the initial expectations of 50,000 to 60,000 Geos.

Santa: This required more stockpile ore to be processed, which reduced grades and recoveries.

Unknown Executive: With access to higher grade or anticipated in the second half of 2024, Lundin, "..stronger production." and have maintained a production guidance. At Antipiki, GOs delivered and sold were also lower in second quarter compared to prior years.

Santa: With access to higher-grade ore anticipated in the second half of 2024, Lundin Mining anticipates stronger production.

Sandip Rana: At Antipokai, Geos delivered and sold were also lower in second quarter compared to prior year. Mine scheduling was adjusted in part due to geosatical event which temporarily limited pit access. This required more stockpile order to be processed resulting in the lower production. The plan for it to spate stronger production in the second half of 2024 and Franco-Nevad expected stream deliveries for the full year to be within the initial expectations of 50,000 to 60,000 Geos.

Santa: have maintained the production guidance for Candelaria.

Santa: At Antipakai, geos delivered and sold were also lower in second quarter compared to prior year. Mine scheduling was adjusted in part due to a geotechnical event which temporarily limited pit access, resulting in a lower production.

Unknown Executive: Mine scheduling was adjusted in part due to a geotechnical event. Temporarily Limited Pit, © The Bulletproof Executive 2013 anticipates stronger production in the second half of 2024, and Franco-Nevada expected stream deliveries for the full year to be within its initial expectations. 50,000 to 60,000. The Pemlo NPI was also weaker than expected in the second quarter of 2024. There was less mining on royalty land, along with higher costs, which resulted in a lower NPI pay-to-pay ratio. It continues to be difficult to estimate what the Hamill MPI will be.

PlanCorp: PlanCorp anticipates stronger production in the second half of 2024, and Franco-Nevada expects its stream deliveries for the full year to be within its initial expectations of 50,000 to 60,000 geos.

Sandip: HMO NPI was also weaker than expected in the second quarter of 2024. There was less mining on a cruelty land, along with higher costs, which resulted in a lower NPI paid to Franco. It seems to be difficult to estimate what the HMO NPI will be going forward. For the quarter, precious metal Geos were 82,350. This compares to 95,383 in the prior year when co-grade Panama Geos are excluded. Precious metal Geos represented approximately 75% of total Geos for the quarter. For diversified Geos, total Geos sold were 27,914 compared to just over 36,000 in due to 2023.

Sandip Rana: HMO-NPI was also weaker than expected in the second quarter of 2024. There was less mining on cruelty land along with higher costs which resulted in a lower NPI paid to Franco. It used to be difficult to estimate what the HMO-NPI will be going forward. For the quarter precious metal geos were 82,350, this compares to 95,383 in prior year when Cobrate Panama Geos are excluded. Precious metal geos represented approximately 75% of total Geos for the quarter.

PlanCorp: The Pemlo NPI was also weaker than expected in Q2 2024. There was less mining on royalty land, along with higher costs, which resulted in a lower NPI paid to Franco.

PlanCorp: It continues to be difficult to estimate what the Hamel MPI will be going forward.

Unknown Executive: For the quarter, Precious Metal Geos were $82,350, compares to 95,383 in prior year when Cobre-Panama Geos are. Precious metal geodes represented approximately 75% of total geodes. For diversified geos, total geos sold were 27,914 compared to just over 36,000. Ion ore geosols were relatively flat year over year, while energy geos were lower at 22,100.

Speaker Change: For the quarter, precious metal geos were 82,350. This compares to 95,383 in prior year when cobra panama geos are excluded.

Speaker Change: Precious metal geos represented approximately 75% of total geos for the quarter.

Sandip Rana: For diversified Geos, total Geos sold were 27,914 compared to just over 36,000 in due to 2023. Iron ore Geos sold were relatively flat year over year while energy Geos were lower at 22,100 for Q2 compared to 28,683 year ago. The increase in Geos is a combination of lower revenue due to weaker natural gas prices as well as the impact of converting energy revenue to Geos by higher gold prices. Also in Q2 2020, three revenue included a catch up royalty payment related to the new wells in the Permian Basin which was not present in Q2 2020.

Speaker Change: For diversified geos, total geos sold were 27,914 compared to just over 36,000 in Q2 2023.

Sandip: Iron ore Geos sold were relatively flat year over year, while energy Geos were lower at 22,100 for Q2 compared to 28,683 year ago. Increasing Geos is a combination of low revenue due to weaker natural gas prices, as well as the impact of converting energy revenue to Geos by higher gold prices. Also in Q2 2020, three revenue included a catch-up royalty payment related to the new wells in the Permian Basin, which was not present in Q2 2020. As you look at total revenue, revenue was 260.1 million for the quarter, compared to 329.9 million a year ago. When you exclude co-grade Panama from prior year revenue, revenue was actually up from 258.2 million.

Speaker Change: Iron ore GOs sold were relatively flat year over year, while energy GOs were lower at 22,100 for Q2 compared to 28,683 a year ago.

Unknown Executive: 2 compared to $28,000. Increase in GEOs is a combination of lower revenue due to weaker natural gas prices, as well as the impact of converting energy revenue to GEOs by higher emissions, also in Q2 2023 revenue included a catch up, Welles in the Permian Basin, which was not present. As we look at total revenue, revenue was $260.1 million for the quarter compared to $329.9 million a year ago, to exclude Colbury-Panama from prior year revenue, revenue was actually split up, due to 2024 stock continued volatility and average commodity price as you see on slide 5, gold and silver average price, be higher for the quarter when compared to prior years. However, platinum and, in particular, palladium average prices were lower year-over-year, which did negatively impact conversion at the PGM.

Speaker Change: Decrease in geos is a combination of lower revenue due to weaker natural gas prices as well as the impact of converting energy revenue to geos by higher gold prices.

Speaker Change: Also in Q2 2023, revenue included a catch-up royalty payment related to new wells in the Permian Basin, which was not present in Q2 2023.

Sandip Rana: As you look at total revenue revenue was 260.1 million for the quarter compared to 329.9 million a year ago when you exclude Cobrate Panama from prior year revenue revenue was actually up from 258.2 million. Q2 2020 ore sucked continued volatility and average commodity prices as you see on slide 5 gold and silver average prices. The prices were significantly higher for the quarter when compared to prior year, however platinum, and in particular palladium average prices were lower year-over-year, which did negatively impact conversion of PGM revenues to Geo's.

Speaker Change: As we look at total revenue, revenue was $260.1 million for the quarter compared to $329.9 million a year ago. When you exclude Colbury-Panama from prior year revenue, revenue was actually up from $258.2 million.

Sandip: Q2 2020 ore suck continued volatility and average commodity price.

Sandip: As you see on slide five, gold and silver average prices were significantly higher for the quarter when compared to prior year. However, platinum and in particular palladium average prices were lower year over year, which did negatively impact conversion of PGM revenues to Geo's. Well prices were higher as well, while natural gas average prices were essentially flat. Slide six highlights the financial results for the quarter and year to date 2024. As mentioned, Geo sold and revenue were lower year over year. Just that EBITDA was 221.9 million, while adjusted net income was 144.9 million. On a per share basis, adjusted net income was 75 cents for the quarter. On the cost side, we did have a decrease in cost of sales compared to prior year, as we did not incur the ongoing fixed costs for ounces delivered for Cobrate Panama and had lower Geo's delivered and sold from Antibacai and Candelaria. With respect to the arbitration costs for Cobrate Panama, the company incurred costs of 800,000 in Q2 2024 and have incurred 2.3 million year to date. We expect approximately 3 million to be incurred for the rest of the year. Decreased to 52.9 million versus 75.1 million a year ago. Again, the decrease was due to no depletion recorded for Cobrate Panama, as well as lower depletion recorded for Antibacai because of the lower deliveries in the quarter. One additional item to noting Q2 2024 is the tax adjustment recorded in May 2024. The government of Barbados enacted legislation to implement tax measures also in response to the OECD's killer to global among tax initiatives. Measures include an increase of the Barbados corporate tax rate to 9% and the introduction of a qualified domestic minimum top-up tax, which together aid to ensure that the Barbados the fact that tax rate payable subjective filler to is at least 15% going forward. What's important to note is that of the 122.8 million total tax expense recorded for the six months ended June 30th, 2024, 49.1 related to an adjustment for prior years and the actual incremental tax expense related to 2024 is about 21 million dollars because it's changes. Going forward, we estimate that our effective tax rate will be about 19 to 20 percent, depending on where tax income is generated. Like seven highlights the continued diversification of the portfolio. From the charts, you can see that 75% of our second quarter 2024 revenue was generated by precious metals, with revenue being sourced 82% from the Americas. Light 8 illustrates the strength of our business model to generate high margins. 2224, the cash cost per geo, which is essentially cost of sale the divided by goal equivalent ounces sold, was 264 per geo. This compares to 280 per geo in 2223. This amount will fluctuate depending upon the mix of royalty versus stream geos, including mining and energy. But as you can see, at current average goal prices, the company generates significant margins. Margin is approximately 2100 of dollars per ounce in 2.2.20.

Speaker Change: Due to 2024 stock continued volatility in average commodity prices.

Speaker Change: As you see on slide 5, gold and silver average prices were significantly higher for the quarter when compared to prior year. However, platinum and in particular palladium average prices were lower year over year, which did negatively impact conversion of PGM revenues to GEOs.

Unknown Executive: Oil prices were higher as well, while natural gas averaged prices. Slide 6 highlights the financial results for the quarter and year-to-date 2024. As mentioned, GEO sold and revenue were lower year-over-year. Adjusted EBITDA was $221.9 million, while adjusted net income was $150 million. On a per share basis, adjusted net income was $75,000.

Sandip Rana: While prices were higher as well, while natural gas average prices were essentially flat. Slide 6 highlights the financial results for the quarter and year-to-date 2024, as mentioned Geo's sold and revenue were lower year-over-year. Just an EBITDA was $221.9 million, while adjusted net income was $144.9 million. On a per share basis, adjusted net income was 75 cents for the quarter. On the cost side, we did have a decrease in cost of sales compared to prior year, as we did not incur the ongoing fixed cost for ounces delivered for Coleray Panama, and had lower Geo's delivered and sold from Antibacai and Candelaria.

Speaker Change: Oil prices were higher as well, while natural gas average prices were essentially flat.

Speaker Change: Slide 6 highlights the financial results for the quarter and year-to-date 2024. As mentioned, GEO sold and revenue were lower year-over-year. Adjusted EBITDA was $221.9 million, while adjusted net income was $144.9 million.

Speaker Change: On a per share basis, adjust the net income with 75 cents for the quarter.

Unknown Executive: On the cost side, we did have a decrease in cost of sales compared to prior year, as we did not incur the ongoing fixed cost for ounces delivered for Cobre Panama, and had lower geos delivered and sold from Antibacai and Canada. With respect to the arbitration costs for Colbray-Panama, the company incurred costs of $800,000, and have incurred $2.3 million year-to-date. I expect approximately $3 million to be incurred. Depletion decreased to 52.9 million versus 75.1 million a year ago.

Speaker Change: On the cost side, we did have a decrease in cost of sales compared to prior year as we did not incur the ongoing fixed cost for ounces delivered for Cobre Panama and had lower geos delivered and sold from Antipakai and Candelaria.

Sandip Rana: With respect to the arbitration costs for Coleray Panama, the company incurred costs of 800,000 in Q22 2024, and have incurred 2.3 million year-to-date. We expect approximately 3 million to be incurred for the rest of the year. Decent decreased to 52.9 million versus 75.1 million a year ago. Again, the decrease was due to no depletion recorded for Coleray Panama, as well as lower depletion recorded for Antibacai because of the lower deliveries in the quarter.

Speaker Change: With respect to the arbitration costs for Cobre Panama, the company incurred costs of $800,000 in Q2 2024, and have incurred $2.3 million year-to-date. We expect approximately $3 million to be incurred for the rest of the year.

Speaker Change: Depletion decreased to 52.9 million versus 75.1 million a year ago. Again, the decrease was due to no depletion recorded for Colbray Panama, as well as lower depletion recorded for Antipakai because of the lower deliveries in the quarter.

Unknown Executive: Again, the decrease was due to no depletion recorded for Colbray-Panama, as well as lower depletion recorded for Antipakai. One additional item to note in Q2 2024 is the tax adjustment recorded. In May 2024, the Government of Barbados enacted legislation to implement tax measures also in response to the OECD's Pillar, Global Tax Initiative. Measures include an increase of the Barbados corporate tax rate to 9% and the introduction of a qualified domestic minimum top-up tax, which together aim to ensure that the Barbados effective tax rate payable.

Sandip Rana: One additional item to note in Q22 2024 is the tax adjustment recorded. In May 2024, the government of Barbados enacted legislation to implement tax measures also in response to the OECD's color to global and untax initiative. The measures include an increase of the Barbados' corporate tax rate to 9%, and the introduction of a qualified domestic minimum top-up tax, which together aimed to ensure that the Barbados' effective tax rate payable, subjective pillar 2 is at least 15% going forward.

Speaker Change: One additional item to note in Q2 2024 is the tax adjustment recorded in May 2024 the government of Barbados enacted legislation to implement tax measures also in response to the OECD's Pillar 2 Global Income Tax Initiative.

Speaker Change: The measures include an increase of the Barbados corporate tax rate to 9% and the introduction of a qualified domestic minimum top-up tax, which together aim to ensure that the Barbados effective tax rate payable.

Unknown Executive: Subject to Pillar 2 is at least 15% going forward. What's important to note is that of the $122.8 million total tax expense recorded for the six months ended June 30, 2024, 49.1 relates to an adjustment for prior years. The actual incremental tax expense related to 2024 is about $21 million.

Speaker Change: subject to Pillar 2 is at least 15.

Sandip Rana: What's important to note is that of the 122.8 million total tax expense recorded for the six months ended June 30, 2024, 49.1 relates to an adjustment for prior years, and the actual incremental tax expense related to 2024 is about $21 million because of its changes. Going forward, we estimate that our effective tax rate will be about 19 to 20%, depending on where tax income is generated.

Speaker Change: percent going forward.

Speaker Change: What's important to note is that of the $122.8 million total tax expense recorded for the six months ended June 30th.

Speaker Change: 2024, 49.1 relates to an adjustment for prior years, and the actual incremental tax expense related to 2024 is about $21 million because of these changes.

Unknown Executive: Going forward, we estimate that our effective tax rate will be about 90% Unknown Attendee, David Harquail, John Blanchette, Lloyd Hong, Ryan King, Sandip Rana, Martin Pradier, Bonavie Tek, Jason OConnell, Slide seven highlights the continued diversification of the portfolio from the charts you can see that 75% of our second quarter 2024 revenue was generated by precious metals. © The Bulletproof Executive 2013, Slide 8 illustrates the strength of our business model to generate high margins. 2020-2024, the cash cost per geo, which is essentially cost of sales divided by gold equivalent ounces sold. 264 per GEO, Paris to 280 per G.O.

Speaker Change: Going forward, we estimate that our effective tax rate will be about 19 to 20%, depending on where tax income is generated.

Sandip Rana: Light 7 highlights the continued diversification of the portfolio from the charts. You can see that 75% of our second quarter 2024 revenue was generated by precious metals with revenue being sourced 82% from the Americas. Light 8 illustrates the strength of our business model to generate high margins for Q2 2020 for the cash cost per geo, which is essentially cost of sale that divided by goal equivalent ounces sold with 264 per geo, this compares to 280 per geo and 2223.

Speaker Change: Slide seven highlights the continued diversification of the portfolio. From the charts, you can see that 75% of our second quarter 2024 revenue was generated by precious metals, with revenue being sourced 82% from the Americas.

Speaker Change: Slide 8 illustrates the strength of our business model to generate high margins.

Speaker Change: for Q2 2024, the cash cost per geo, which is essentially cost of sales divided by gold equivalent ounces sold.

Speaker Change: was $264 per geo, this compares to $280 per geo in Q2 2023.

Sandip Rana: This amount will fluctuate, depending upon the mix of royalty versus stream geos, including mining and energy, but as you can see at current average goal prices, the company generates significant margins, margin is approximately $2,100 per ounce in Q2 2021. A rising commodity price environment we expect to benefit fully as the cost, or Geo-Soul, should not increase in this agenda. As we turn to available capital, the company has 2.4 billion as of June 30th, 2024, as highlighted on slide 9.

Unknown Executive: The amount will fluctuate depending upon the mix of royalty versus stream geos. David Milstead, David Milstead, David Milstead, But as you can see, at current average gold prices, the company... Margin is approximately $2,100. A rising commodity price environment we expect to benefit fully as the cost... So, good night.

Speaker Change: This amount will fluctuate depending upon the mix of royalty versus stream geos, including mining and energy, but as you can see, at current average gold prices, the company generates significant margins. Margin is approximately $2,100 per ounce in Q2 2020.

Sandip: Verizon commodity, price and environment, we expect to benefit fully as the cost per geosocial should not increase in its account.

Speaker Change: A rising commodity price environment, we expect to benefit fully as the cost per geo soul should not increase in this account.

Sandip: As we turn to available capital, the company has 2.4 billion as at June 30th, 2024, as highlighted on slide 9. Please note that subsequent to June 30th, 2024, the company has funded a number of transactions. The acquisition of a royalty and new Monteana Cocha property for 210 million, which Ian will speak to shortly, 23.3 million advance to Solid Gold as part of the $525 million stream commitment agreed to in July. The purchase of shares and G mining ventures as part of the Reunion Gold business combination for $25 million and the funding of a 5-year $35 million loan to EMEX Royalty.

Unknown Executive: As we turn to available capital, the company has $2.4 billion as of June 30, 2024, as highlighted on slide 9. Please note that subsequent to June 30, 2020, for the company has funded a number of transactions. The acquisition of a Royalty of New Montiana Cocha property for $210 million, which Ian will speak to shortly. $23.3 million advance to SolGold as part of the $525 million stream commitment agreed to in July.

Speaker Change: As we turn to available capital, the company has $2.4 billion as of June 30, 2024, as highlighted on slide 9.

Unknown Executive: Please note that subsequent to June 30th, 2024, the company has funded a number of transactions.

Speaker Change: Please note that subsequent to June 30, 2024, the company has funded a number of transactions.

Unknown Executive: The acquisition of a roll to a new Montianna Cocha property for 210 million, which Ian will speak to shortly. 23.3 million advance to Saul Gold as part of the $525 million stream commitment agreement. 22 in July, purchase of shares and G mining ventures as part of the reunion gold business combination for 25 million, and the funding of a 5-year $35 million loan to EMEX royalty. Even after funding of the above, the company still has a strong balance sheet to complete additional transaction.

Speaker Change: The acquisition of a Royalty of New Montiana Cocha property for $210 million, which Ian will speak to shortly. $23.3 million advance to SolGold as part of the $525 million stream commitment agreed to in July .

Unknown Executive: Purchase of shares in G-Mining Ventures as part of the Reunion Gold Business Combination for $25 million, and funding of a five-year, $35 million... Even after funding of the above, the company still has a strong balance. Also during the quarter, the company amended its $1 billion unsecured revolving term credit facility, extends term to June 3rd.

Speaker Change: The purchase of shares in G-Mining Ventures is part of the Reunion Gold business combination for $25 million and the funding of a five-year $35 million loan to EMX Royalty. Even after funding of the above, the company still has a strong balance sheet to complete additional transactions.

Sandip: Even after funding a bib of, the company still has a strong balance sheet to complete additional transaction. Also, during the quarter, the company amended its $1 billion unsecured revolving term credit facility to extend its term to June 3rd, 2029. Finally, with respect to the Geosold Guidance for 2024, 480 to 540,000 total geosold and 360,000 to 400,000 precious metal geosold, we reiterate those guidance ranges but expect to be at the low end of both ranges. To anticipate stronger delivery from Candolary in the second half of the year and new contributions from Toccasinio, Reenstone, and Solaris Norte.

Unknown Executive: Also during the quarter, the company amended its $1 billion unsecured revolving term credit facility to extend its term to June 3rd, 2029. Finally, with respect to the Geo-Soul Guidance for 2024, 480 to 540,000 total Geo-Soul and 360,000 to 400,000 precious metal Geo-Soul, we reiterate those guidance ranges but expect to be at the low range of both ranges. To anticipate stronger delivery from Canjolary in the second half of the year and new contributions from Toccasinio, Reenstone, and Solaris Norte.

Speaker Change: Also during the quarter, the company amended its $1 billion unsecured revolving term credit facility to extend its term to June 3rd, 2029.

Unknown Executive: Finally, with respect to the geosoled guidance for 2024, 480,000 to 540,000 total geosoled and 360,000 to 400,000 precious metal geosoled, we reiterate those guidance ranges but expect to be at the lower end. You anticipate stronger deliveries from Candulary in the second half of the year. Contributions from Tocantinio, Greenstone, and Slardar.

Speaker Change: Finally, with respect to the geosoled guidance for 2024, 480,000 to 540,000 total geosoled and 360,000 to 400,000 precious metal geosoled. We reiterate those guidance ranges but expect to be at the lower end of both ranges.

Ian: We anticipate stronger deliveries from Candelaria in the second half of the year, and new contributions from Toconzino, Greenstone, and Solaris Norte. And with that, I will now pass it over to Ian, who will speak to the recent business development transactions completed.

Sandip: And with that, I will now pass it over to Ian, who will speak to the recent business development transactions completed.

Ian: And with that, I will now pass over to Ian who will speak to the recent business development transactions completed. Thank you, Sandy.

Ian: With that, I will now pass it over to Ian. Thank you, Sandy. It's been a good morning.

Ian: Thank you, Sandy.

Ian: Good morning. As Paul mentioned, we were happy to announce Gold Street financing on solid golds of Paul Project in July. We view this as a world-class, copper-gold, porphyry. Green is tailored to solid gold steeds, allowing for de-risking with initial pre-construction tranches and funding construction once key stage gates are met and funding is secured. Transaction was syndicated at 7030 with Cisco Gold royalties. And we believe represents a prudent capital allocation and risk-adjusted return. The Apollo deposit stands out amongst copper gold projects globally based on its size and grade.

Ian: Good morning. As Paul mentioned, we were happy to announce Gold Street financing on Saul Gold's Paul project in July. We view this as a world-class, copper gold for free. Dream is tailored to Saul Gold's needs, allowing for T-Risking with initial pre-construction tranches and funding construction once key state gates are met and funding is secured. Transaction was syndicated at 7030 with the Cisco Gold royalties, and we believe represents a prudent capital allocation and risk adjusted return.

Ian: As Paul mentioned, we were happy to announce GoldStreet Financing on the SolGolds Apollo project in July. We view this as a world-class copper-gold porphyry. Dream is tailored to solve goals needs, allowing for de-risking with initial pre-construction tranches and funding construction once key stage gates are met and funding is secured. Transaction was syndicated at 70-30 with Cisco Gold Royals. [inaudible] and we believe represents a prudent capital allocation and risk-adjusted return. The Alpala deposit stands out amongst copper-gold projects globally based on its size and grade.

Ian: Thank you, Sandy, and good morning. As Paul mentioned, we were happy to announce GoldStreet Financing on Saltgold's Alpala project in July. We view this as a world-class copper-gold porphyry.

Ian: This stream is tailored to solve goals needs, allowing for de-risking with initial pre-construction tranches and funding construction once key stage gates are met and funding is secured.

Speaker Change: Transaction was syndicated 70-30 with the Cisco Gold Royalties and we believe represents a prudent capital allocation and risk-adjusted return.

Ian: The Alpala deposit stands out amongst copper gold projects globally based on its size and grade. To summarize, the recent pre-feasibility study, which demonstrates the robust project and look forward to management steps to advance the D-risk of the project. Our team sees great upside down Alpala and on a broader basketball concession which the stream covers. Projects like Tendiama increase the value of the stream in our view. Our experience is that these types of deposits tend to cluster, and we see great potential in the drill bit over time on the property.

Speaker Change: [inaudible]

Speaker Change: The Alpala Deposit stands out amongst copper-gold projects globally based on its size and grade.

Ian: To summarize, the recent pre-feasibility study, which demonstrates a robust project, and look forward to management steps to advance and de-risk the project. Our team sees great upside at Apollo and on a broader basketball concession, which the stream covers. Projects like Tendiama increase the value of the stream, in our view. Our experience is that these types of deposits tend to cluster, and we see great potential in the drill bit over time on the property. The transaction includes a number of risk mitigates to determine when funding takes place and various protections for streamers should there be delays or rescoping of the project.

Ian: To summarize the recent pre-feasibility study, which demonstrates a robust project, I look forward to management steps to advance and de-risk the project. Our team sees great upside at El Pala and on the broader Cascabel concession, which the stream covers. Projects like Tendiyama increase the value of the stream in our view. Our experience is that these types of deposits also tend to cluster, and we see great potential in the drill bit over time on the property.

Speaker Change: We summarize the recent pre-feasibility study, which demonstrates a robust project, and look forward to management steps to advance and de-risk the project.

Speaker Change: Our team sees great upside at El Pala and on the broader Cascabel concession, which the stream covers.

Speaker Change: Projects like Tendiyat increase the value of the stream in our view.

Speaker Change: Our experience is that these types of deposits also tend to cluster, and we see great potential in the drill bit over time on the property.

Ian: The transaction includes a number of risk mitigates to determine when funding takes place and various protections for streamers should there be delays or re-scoping of the project. An acquirer would benefit also from the ability to reduce the stream, but to do so would have to provide a payment to both Franco-Nevada and a Cisco. We along with the Cisco look forward to the steps management has taken to advance the project. I am pleased that Cascabel will be a meaningful contributor to Franco-Nevada for years to come.

Ian: The transaction includes a number of risk mitigates to determine when funding takes place and various protections for streamers should there be delays or rescoping of the project. An acquirer would benefit also from the ability to reduce the stream, but to do so would have to provide a payment to private Nevada and a Cisco. We, along with the Cisco, look forward to the steps that have been taken to advance the project. I believe that basketball will be a meaningful contributor to private Nevada for years to come. We also point investors to saw goals recent update, release this morning, providing information on their steps to add value to the project. Project.

Speaker Change: The transaction includes a number of risk mitigates to determine when funding takes place, and various protections for streamers should there be delays or re-scoping of the project.

Ian: An acquirer would benefit also from the ability to reduce the stream, but to do so would have to provide a payment to private Nevada and a Cisco. We, along with Cisco, look forward to the steps that have been taken to advance the project. I believe that basketball will be a meaningful contributor to private Nevada for years to come.

Speaker Change: An acquirer would benefit also from the ability to reduce the stream, but to do so would have to provide a payment to both private Nevada and a Cisco.

Speaker Change: We, along with the CISCO, look forward to the steps management has taken to advance the project. I'm pleased that Cascabel will be a meaningful contributor to Franklin, Nevada for years to come.

Ian: We'd also point investors to Saul Gold's recent update, released this morning, providing information on their steps to add value to the project.

Ian: We'd also point investors to SolGold's recent update, released this morning, providing information on their steps to add value to the project. Moving to the Anacota Royalty Acquisition from Buena Ventura, which was announced yesterday. We're happy to add this asset to the portfolio. Royalty will contribute immediately given significant oxide production, and we expect it would step up significantly with the sulfide approach. We are very positive on the sulfides and see great potential from the existing footprints to extend the life for many years beyond what is currently envisaged.

Speaker Change: We'd also point investors to SolGold's recent update, released this morning, providing information on their steps to add value to the project.

Ian: Moving to the Anticultural Royalty Act position, from one of Intura, which was announced yesterday, we're happy to add this asset to the portfolio. Royalty will contribute immediately given significant oxide production, and we expect would step up significantly with the self-rights project. We're very positive on the sulfides, and see great potential, from the existing footprints to extend the life for many years beyond what is currently envisaged. The Royalty also covers the Kong and Killish projects, providing excellent oxide. We're able to visit the site as part of our review, and have good institutional knowledge of the asset dating back to Newmont, and maintain an excellent relationship with Bonavintura, providing comfort in the long-term potential.

Ian: Moving to the Anticocha Royalty Act in position from Wood of Intura, which was announced yesterday, we're happy to add this asset to the portfolio. Royalty will contribute immediately given significant oxide production, and we expect would step up significantly with the Sulphide Project. We are very positive on the Sulphides, and see great potential from the existing footprints to extend the life for many years beyond what is currently envisaged. The Royalty also covers the Colgate and Killers Projects providing excellent upside.

Speaker Change: Moving to the Anacota Royalty acquisition from Buena Ventura, which was announced yesterday. We're happy to add this asset to the portfolio. Royalty will contribute immediately given significant oxide production, and we expect it would step up significantly with the sulfides project.

Speaker Change: We are very positive on the sulfides and see great potential from the existing footprints to extend the life for many years beyond what is currently envisaged.

Ian: The royalty also covers the Conga and Killish projects, providing excellent upsides. We're able to visit the site as part of our review and have good institutional knowledge of the asset dating back to Newmont and maintain an excellent relationship with Beneventura, providing comfort in the long-term potential. Review this as another world-class geological setting, as evidenced by past production and extensive resources.

Speaker Change: The Royalty also covers the Kong and Killish projects, providing excellent upside.

Ian: We're able to visit the site as part of our review and have good institutional knowledge of the asset dating back to Newmont, and maintain an excellent relationship with Bonavittura providing comfort in the long-term potential. We view this as another world-class geological setting, as evidenced by past production and extensive resource. We see great potential to contribute significant production for decades to come, and further potential in the role for that we maintain on the additional royalties.

Speaker Change: We're able to visit the site as part of our review and have good institutional knowledge of the asset dating back to Newmont and maintain an excellent relationship with Beneventura, providing comfort in the long-term potential.

Ian: We view this as another world-class geological setting, as evidenced by past production and extensive resource.

Speaker Change: We view this as another world-class geological setting, as evidenced by past production and extensive resource.

Ian: It's a great potential to contribute significant production for decades to come, and further potential in the role for that we maintain on the additional royalties.

Ian: Great Potential to Contribute, Significant Production for Decades to Come, for the potential in the ROFR that we maintain on the additional royalties. With that, I'll hand it back to the operator and Candida for any questions. Of course. During this Q&A session, if you would like to ask a question, simply press star, then the number 1 on your telephone keypad.

Speaker Change: We see great potential to contribute significant production for decades to come.

Speaker Change: and further potential in the ROFR that we maintain on the additional royalties.

Operator: With that, we'll hand it back to the operator and Candida for any questions. Of course, during this Q&A session, if you would like to ask a question, simply press star, then the number one on your telephone keypad. If you would like to avoid your question, please press star two.

Operator: With that, we'll hand it back to the operator and Candida for any questions. Of course, during this Q&A session, if you would like to ask a question, simply press star then the number one on your telephone keypad. If you would like to avoid your question, please press star two. If you're joining us on the webcast, please submit your question through the Q&A section of the webcast platform.

Speaker Change: With that, I'll hand it back to the operator and Candida for any questions.

Candida: Of course.

Speaker Change: During this Q&A session, if you would like to ask a question, simply press star then the number 1 on your telephone keypad. If you would like to review your question, please press star 2. If you are joining us on the webcast, please submit your question through the Q&A section of the webcast platform.

Operator: If you would like to review your question, please press star 2. If you are joining us on the webcast, please submit your question through the Q&A section of the webcast platform. Our first question comes from the line of Josh Wolfson from RBC Capital Markets. Go ahead, please.

Operator: If you're joining us on the webcast, please submit your question through the Q&A section of the webcast platform.

Josh Wolfson: Our first question comes from the line of Josh Wolfson from RBC Capital Markets. Go ahead, please. Thanks very much.

Josh Wolfson: Our first question comes from the line of Josh Wolfson from RBC Capital Market. Go ahead, please. Thanks very much. The first question on the Yanicocha transaction. The returns that we calculate would be comparable to some of the mega type returns we saw maybe 2015, 2016, which I would note ultimately worked out fairly well for the company. If we're looking at these deals today like Yanicocha and maybe others that could be on the horizon, what's the sort of appeal here?

Speaker Change: Our first question comes from the line of Josh Wolfson from RBC Capital Markets. Go ahead please.

Josh Wolfson: Thanks very much. First question on the Yanicocha transaction. You know, the returns that we calculate would be comparable to some of the, I guess, mega type of returns we saw maybe 2015, 2016, which I would know, you know, ultimately worked out fairly well for the company. You know, if we're looking at these deals today, like Yanicocha and maybe others that could be on the horizon, you know, what's what's the sort of appeal here?

Josh Wolfson: The first question on the Yanikotya transaction. The returns that we calculate would be comparable to some of the mega-type returns we saw maybe 2015, 2016, which I would know ultimately worked out fairly well for the company. If we're looking at these deals today like Yanikotya and maybe others that could be on the horizon, what's the sort of appeal here, and I would note from our perspective, the main bulk of the economics are not really, the project hasn't really been developed. Some of the historical lower turn deals were large producing known assets, just a bit more insight on what the company sees versus what we know in the market today.

Speaker Change: to

Speaker Change: First question on the Anticocha transaction, the returns that we calculate would be comparable to some of the mega type of returns we saw maybe 2015, 2016.

Speaker Change: which I would note, you know, ultimately worked out fairly well for the company.

Speaker Change: If we're looking at these deals today, like Yennecocha and maybe others that could be on the horizon, what's the sort of appeal here? And I would note from our perspective, the main bulk of the economics are not really – the project hasn't really been developed.

Josh Wolfson: I would note from our perspective, the main bulk of the economics are not really, the project hasn't really been developed versus some of the historical lower turn deals. We're large producing known assets, just a bit more insight on what the company sees versus what we know in the market today. You see great potential in the asset. It's been a huge producer over the years, the ground field site, the very large resources down it.

Speaker Change: versus some of the historical low-return deals, you know, we're large producing known assets, just a bit more insight on what the company sees versus what we know in the market today.

Dean: Thanks, Josh, to Dean speaking. You see great potential in the asset. It's been a huge producer over the years, the ground field site, with a very large resource entailment. We do get the benefit of existing off-site production and expect the short-term rule should be a decision on the solid file. We were able to do an outside diligence as part of the transaction, which provided additional comfort, especially in the solid file. We see that as a great project; the new month, we expect a little advance. I think they put off a decision until 2025. But then, on top of that, you have fantastic projects on the site, which really incentivize maintaining production in our view.

Josh Wolfson: And I would note from our perspective, like the the main bulk of the economics are not really happy. The project hasn't really been developed versus some of the historical low return deals. You know, we're large producing known assets, just a bit more insight on what the company sees versus what we know in the market today. Thanks, Josh. See you in the speech. We see great potential. The App Set.

Ian: It's been a huge producer over the years. It's a brownfield site with a very large resource endowment. We do get the benefit of existing offsite production and expect, In the short term, there should be a decision on the SALT 5. We were able to do an on-site diligence as part of the transaction, which provided additional comfort, especially in the sulfide. We see that as a great project. The Newmont, we expect, will advance.

Speaker Change: Thanks Josh, see you in the speaking [inaudible]

Speaker Change: You see great potential in the asset. It's been a huge producer over the years. It's a brownfield site with a very large resource endowment.

Josh Wolfson: We do get the benefit of existing oxide production and expect in the short term, it will shoot me a decision on the solid file. We were able to do an outside diligence as part of the transaction which provided additional comfort, especially in the solid file. We see that as a great project that nuanced. We expect a little advance. I think they put off a decision until 2025. But then on top of that, you have fantastic projects on the site which really incentivize maintaining production in our view.

Speaker Change: We do get the benefit of existing off-site production and expect, you know, in the future

Speaker Change: In the short term, there should be a decision on the sulfides.

Speaker Change: We were able to do an on-site diligence as part of the transaction which provided additional comfort, especially in the sulfides. We see that as a great project that Newmont, we expect, will advance. I think they've put off a decision until 2025.

Ian: I think they've put off a decision until 2025. But then on top of that, you have fantastic projects on the site, which really incentivize maintaining production, in our view. You have the Conga project, which not that long ago was advancing, and in the fullness of time, there is potential there, and the Killish project, both very, very large.

Speaker Change: But then on top of that, you have fantastic projects on the site, which really incentivize maintaining production.

Dean: You have the Konga project, which not that long ago was advancing in the fullness of time. There is potential there in the Kilesh project. Over here, very, very large. and so you get the benefit both of the media cash flow and fantastic optionality won't return so that is why we find it attractive and it's a great partner nuance as I'm sure you know as a great track record of both advancing projects and operating successfully so we're happy to be involved there.

Josh Wolfson: You have the Tonga project which not that long ago was advancing in the fullness of time. There is potential there and the Killish project. Both, we have very, very large, and so you get the benefit both of immediate hash flow and fantastic optionality of long term so that is why we find it attractive and it's a great partner nuance as I'm sure you know as a great track record of both advancing projects and operating successfully so we're happy to be involved there.

Speaker Change: and our view.

Speaker Change: You have the Conga project, which not that long ago was advancing in the fullness of time.

Speaker Change: There is potential there, and the Killish project.

Ian: So you get the benefit both of immediate cash flow and fantastic optionality longer term. So that is why we find it attractive and it's a great partner. Nuance, as I'm sure you know, has a great track record of both advancing projects and operating successfully. So we're happy. Right. And then just, you know, in terms of the opportunity for maybe more of this style transaction that skews towards the optionalities, are these the type of opportunities you're seeing out there? Or, you know, there's been a focus, at least from commentary for other companies about, you know, project financing type of deals. We see both.

Speaker Change: Both, you have very, very large, and so you get the benefit both of the media cash flow and fantastic optionality of one return, so that...

Speaker Change: is why we find it attractive, and it's a great partner. Nuance, as I'm sure you know, has a great track record of both advancing projects and operating successfully, so we're happy to be involved there.

Dean: Great, and then just, you know, in terms of the opportunity for maybe more of this style transaction that's used towards the optionalities, are these the type of opportunities you're seeing out there, or there's been a focus, at least from commentary for other companies, about you know, project financing type of deals. We both ensure I think there is certainly opportunity for project financing type transactions operating assets. There's a pretty rich deal environment at the moment, so we'll continue to advance all fronts.

Josh Wolfson: Right and then just you know in terms of the opportunity for maybe more of this style transaction that's used towards the optionalities are these the type of opportunities you're seeing out there or you know there's been a focus at least from commentary for other companies about you know project financing type of deals. We see both in short I think there's certainly opportunity for project financing type transactions operating assets. There's a pretty rich deal environment at the moment so we'll continue to advance all fronts.

Speaker Change: In terms of the opportunity for maybe more of this style transaction that skews towards the optionalities, are these the type of opportunities you're seeing out there, or has there been a focus at least from commentary from other companies about project financing type of deals?

Ian: In short, I think there is certainly opportunity for project financing type transactions, operating assets. There's a pretty rich field environment at the moment. © The Bulletproof Executive 2013, Thank you. And one last question.

Speaker Change: We see both. In short, I think there is certainly opportunity for project financing type transactions, operating assets. There's a pretty rich deal environment at the moment, so we'll continue to advance all fronts.

Josh Wolfson: Thank you, and one last question just on one of the deals that was done early this year on the energy side of things for Haynesville. I'm not sure if this is a you know anomaly for the quarter but Haynesville production or revenues hasn't really improved that much and there was a large investment made in the first quarter you know when should we start to see the increased you know royalty revenues from this asset.

Jason OConnell: Just on one of the deals that was done earlier this year on the energy side of things for Haynesville. I'm not sure if this is an anomaly for the quarter, but Haynesville production or revenues haven't really improved that much. And there was a large investment made in the first quarter. When should we start to see the increased royalty revenues from this asset? Hi Josh, it's Jason speaking. You're right, we did add incrementally to AIMSO at the end of last year, and despite that, revenues were sort of flat. A lot of that is timing and quantity price, so gas prices that you probably know of have fallen off fairly dramatically in the last couple of years.

Josh Wolfson: Thank you and one last question just on one of the deals that was done earlier this year on the energy side of things for Haynesville. I'm not sure if this is a you know anomaly for the quarter but Haynesville production or revenues hasn't really improved that much.

Speaker Change: Thank you. And one last question, just on one of the deals that was done early this year on the energy side of things for Haynesville. I'm not sure if this is a, you know, anomaly for the quarter, but

Speaker Change: Haynesville production or revenues hasn't really improved that much and there was a large investment made in the first quarter, you know, when should we start to see the increased, you know, royalty revenues from this asset?

Jason OConnell: And there was a large investment made in the first quarter you know when should we start to see the increased you know royalty revenues from this asset. Hi Josh is Jason speaking you're right we did add it permanently to Haynesville at the end of last year and despite that revenue for more sort of flat. A lot of that is timing and commodity price so gas prices which you probably know are falling off fairly dramatically in the period we're speaking about.

Jason: Hi, Josh. It's Jason speaking. You're right; we did add it permanently to Haynesville at the end of last year, and despite that, revenues were sort of flat. A lot of that is timing and commodity price, so gas prices, which you probably know, are falling off fairly dramatically in the period we're speaking about. That impacts the royalty both in terms of straight royalty economic and also impacts the way the operators are managing the production. So low gas prices in Haynesville result within software drilling rates and in times operators that are back to production levels to try to rebalance the market.

Speaker Change: Hi Josh, it's Jason speaking. You're right, we did add incrementally to AIMSIL at the end of last year and despite that revenues were sort of flat.

Speaker Change: A lot of that is timing and commodity price, so gas prices, as you probably know, have fallen off fairly dramatically in the period we're speaking about. That impacts the Royalty both in terms of

Jason OConnell: That impacts the Royalty Vote for Termite. Transcripts provided by Transcription Outsourcing, LLC. Low gas prices in the Hainesville have resulted in softer drilling rates.

Jason OConnell: That impacts the royalty both in terms of straight royalty economic and also impacts the way the operators are managing the production. So low gas prices in Haynesville resulted in software drilling rates and in times operators that are back to production levels to try to rebalance the market. So there's a bit of a large commodity price I guess impact there in two ways. We're also onboarding continuing to onboard the assets that we acquired at the end of last year does take some time for all the worship interest transfer over.

Speaker Change: Straight royalty economics that also impacts the way the operators are managing their production

Speaker Change: Low gas prices in the Hainville have resulted in softer drilling rates, and at times, operators dialing back their production levels to try to rebalance the market.

Operator: Times Operator is dialing back their production levels to try to rebalance. So there's a bit of a large commodity price, I guess, impact there in two ways. We're also continuing to onboard the assets that we acquired at the end of last year. It does take some time for all, ownership interest to transfer over. So I think, as you'll see, commodity prices rebound here in the coming quarters. Brian Clemer, Robyn, Those are all my questions.

Jason: So there's a bit of a large commodity price, I guess, impact there in two ways.

Speaker Change: So there's a bit of a large commodity price, I guess, impact there in two ways. We're also onboarding, continuing to onboard the assets that we acquired at the end of last year. It does take some time for all the ownership interests to transfer over.

Jason: We're also onboarding, continuing to onboard the assets that we acquired at the end of last year. It does take some time for all the ownership interest to transfer over. So I think as you see money price is rebound here in the coming quarters, I think you'll see volumes and revenues normalize a bit.

Jason OConnell: So I think as you see money price is rebound here in the coming quarters I think you'll see volumes and revenues normalize a bit.

Speaker Change: So I think as you'll see commodity prices rebound here in the coming quarters, I think you'll see volumes and revenues normalize a bit.

Josh Wolfson: Those are my questions. Thank you.

Josh Wolfson: Those are my questions.

Operator: Thank you. Our next question comes from the line of Lawson Winder from Bank of America. Go ahead, please.

Speaker Change: Those were my questions. Thank you.

Lawson Winder: Thank you our next question comes from the line of law and winter from Bank of America go ahead please. Yeah thanks operator and good morning Frank with team thanks for taking a question here I wanted to ask first of all about the deal on the end of coach congratulations on getting another big deal done. What was the assumption in terms of the start up of the sulfides when you got to a an IRR that you were comfortable with for this.

Lawson Winder: Our next question comes from the line of law and winter from Bank of America. Go ahead, please. Yeah, thanks operator, and good morning Frank with team. Thanks for taking the question here. I wanted to ask, first of all, about the deal on Yanikotra. Congratulations on getting another big deal done. What was the assumption in terms of the startup of the sulfides when you got to an IRR that you were comfortable with for this. Thank you.

Speaker Change: Thank you. Our next question comes from the line of Lawson Winter from Bank of America. Go ahead please.

Lawson Winder: Yeah, thanks, operator. And good morning, Franklin team. Thanks for taking the question here. I wanted to ask, first of all, about the deal on Yenikotra. Congratulations on getting another big deal done. Um, um, What was the assumption in terms of the startup of the sulfides when you got to a an IRR that you were comfortable with for this? Thanks, Lawson. Ian again here.

Lawson Winter: Yeah, thanks operator and good morning Franklin team. Thanks for taking the question here. I wanted to ask first of all about the deal on Yenicotra. Congratulations on getting another big deal done.

Speaker Change: What was the assumption in terms of the startup of the sulfides when you got to an IRR that you were comfortable with for this?

Ian: In terms of the sulfides, I think... What Newmont has said is 2025, you know, that's possible that they'll adjust it. It's worth noting that the oxides are currently in production. Our diligence would indicate there's potential there. I think we are expecting something around the 2029 timeline.

Lawson Winder: Thank you again here in terms of the sulfides I think yeah. What Newmont has said is 2025, that's possible that they'll adjust it. It's worth noting that the oxides are currently in production and I think that our diligence would indicate there's potential there to continue to do leaching as there is delay. But I think we are expecting something around the 2029 timeline production.

Lawson Winder: Thank you again. Here, in terms of the sulfides, I think, yeah.

Speaker Change: Thanks Lawson, Ian again here. In terms of sulfides, I think

Lawson Winder: What New Month has said is 2025, that's possible that they'll adjust it. It's worth noting that the oxides are currently in production, and I think that our diligence would indicate there's potential there to continue to do leaching as there is delay.

Speaker Change: What Newmont has said is 2025, you know, that's...

Speaker Change: It's possible that they'll adjust it.

Speaker Change: It's worth noting that the oxides are currently in production, and I think our diligence would indicate there's potential there to continue to

Lawson Winder: But I think we are expecting something around the 2029 timeline production.

Speaker Change: do leaching if there is delay, but I think we're expecting something around the 2029 timeline.

Lawson Winder: Okay, great, very helpful. And then just thinking about the deal pipeline and the relative metal mix. I mean, that's improved.

Lawson Winder: Okay, great. Very helpful. And then just thinking about the deal pipeline and the relative metal mix. I mean, that's improved.

Lawson Winder: Okay, great, very helpful. And then just thinking about the deal pipeline and the relative metal mix. I mean, that's improved. But I shouldn't use the word improved, but that's swung back in the favor of gold and silver and the precious metals quite significantly in Q2 versus Q1 where it dipped to quite a low level. So you're now back to 70% of revenue from gold and silver. In that context, how do you think about adding new streams in terms of metal mix is gold and silver still a continued priority here or does the rebound gold and silver prices and the move to the metal mix as a result perhaps shift your focus now going forward more to non precious deals.

Speaker Change: Production.

Speaker Change: Okay, great. Very helpful.

Speaker Change: Just thinking about the deal pipeline and the relative metal mix, I mean, that's improved.

Paul: But I shouldn't use the word improved, but that's swung back in the favor of gold and silver and the precious metals, quite significantly in Q2 versus Q1, where it dipped to quite a low level. So you're now back to 70% revenue from gold and silver. In that context, how do you think about adding new streams in terms of metal mix? Is gold and silver still a continued priority here, or does the rebound gold and silver prices and the move to the metal mix as a result? Perhaps shift your focus now going forward more to non-precious deals.

Lawson Winder: By the way, I shouldn't use the word improve, but that's swung back in the favor of gold and silver and the precious metals quite significantly in Q2 versus Q1, where it dipped to quite a low level. So you're now back to 70% of revenue from gold and silver. In that context, how do you think about adding new streams in terms of metal mix?

Speaker Change: I shouldn't use the word improve, but that's swung back in the favor of gold and silver and the precious metals quite significantly in Q2 versus Q1 where it dipped to quite a low level. So you're now back to 70% of revenue from gold and silver.

Paul: Is gold and silver still a continued priority here? Or does the rebound in gold and silver prices and the move to the metal mix as a result, perhaps shift your focus now going forward more to non-precious deals? Lawson, it's Paul.

Speaker Change: In that context, how do you think about adding new streams in terms of metal mix? Is gold and silver still a continued priority here? Or does the rebound in gold and silver prices and the move to the metal mix as a result

Speaker Change: perhaps shift your focus now going forward more to non-precious deals.

Paul: Thanks for the question. Focus, as always, is precious metals. And it starts, as always, with answer quality.

Paul: Lawson and Paul, thanks for the question. Focus, as always, is precious metals. And it starts as always with acid quality. Any time we're looking at stuff, what are the great assets? That is the biggest driver, and it was generates the best returns of a time.

Paul Brink: Lawson as Paul, thanks a question. Focus is always is precious metals. And it starts as always with that quality. Any time we're looking at stuff, it's what are the great assets that that's the biggest driver and it was generates the best returns over time. You know, and then we get on to commodity mix. So first is do we like the asset and second, you know, can we get it done, you know, within the guidelines of what we do with the commodity mix.

Speaker Change: Lawson, it's Paul. Thanks for the question. Focus, as always, is precious metals.

Paul: © The Bulletproof Executive 2013, That is the biggest driver and it generates the best returns over time. Uh, you know, and then we get on to commodity mix, so first is, do we like the asset, and second, you know, can we get it done, uh, you know, within the, the guidelines of what we're, Good morning, mate. So as always, gold and precious metal is number one on our list in terms of what we'd like to do. But always open-minded if they're great assets in other commodities. We think we'll get long-term returns, happy to answer any questions. Okay, that's great context.

Lawson Winter: And it starts, as always, with antiquality.

Speaker Change: Any time we're looking at stuff, it's what are the great assets?

Speaker Change: That is the biggest driver and it's what generates the best returns over time.

Paul: And then we get on to commodity mix, so first is do we like the acid, and second, can we get it done within the guidelines of what we do? With the commodity mix. That's why I was always golden precious metal. There's no one on the list in terms of what we like to do. But always open minded if they great assets and other commodities, we think we'll get long term returns.

Speaker Change: You know and then we get on to commodity mix So first is do we like the asset and second, you know, can we get it done? you know within the guidelines of what we do with the with the commodity mix

Paul Brink: So I was always golden precious metal. There's no one on us in terms of what we'd like to do. But always open minded if they great assets and other commodities, we think we'll get long term returns happy to add those two.

Lawson Winder: Okay, great context. Thanks very much Paul.

Speaker Change: So, as always, gold and precious metal is number one on our list in terms of what we'd like to do.

Operator: Thank you.

Speaker Change: But always open-minded. If they're great assets in other commodities, we think we'll get long-term returns, happy to add those too.

Paul: Happy to add those two.

Paul: Okay, great context. Thanks very much, Paul.

Paul: Thanks very much, Paul. Thank you. Thank you. Our next question comes from the line of Tanya Jakusconek from Scotiabank. Go ahead, please. Hi, good morning.

Speaker Change: Okay, that's great context. Thanks very much, Paul. Thanks, Ian.

Tanya Jakusconek: Our next question comes from the line of Tania Jica's Kona from Scotia Bank.

Tanya Jakusconek: Our next question comes from the line of tania jica's Kona from Scotia bank. Go ahead, please.

Speaker Change: Thank you. Our next question comes from the line of Tanya Jakusconek from Scotiabank. Go ahead, please.

Tanya Jakusconek: Go ahead, please. Good morning. Thank you so much for taking my questions. I'm just going to start off on some of the guidance. And thanks, Sandi. That is always difficult to forecast, but just as we look at the second half of the year. And we do have, you know, the, you know, candle candle area. I think it was one that you had mentioned and took convenes to allow us North K those ones ramping up. I might just think that like it's a second half, it's a second half weighted, but is it more weighted to Q4 or is it more of an even distribution plus I have the valetop up in Q3.

Tanya Jakusconek: Thank you so much for taking my questions. I'm just going to start off on just some of the guidance. And thanks, Sandip, that hemlo is always difficult to forecast. But just as we look at the second half of the year, and we do have, you know, the, you know, Candelaria, I think was, was one that you had mentioned and Tocantinos, Solaris Norte, those ones ramping up. I might just think that, like, it's a second half, is second half weighted, but is it more weighted to Q4? Or is it more of an even distribution?

Sandip Rana: Good morning. Thank you so much for taking my questions. I'm just going to start off on just some of the guidance. And thanks, Sandi. That is always difficult to forecast, but just as we look at the second half of the year. And we do have, you know, the, you know, candle candle area, I think was one that you had mentioned and took convenes allow us North K. And I think it's a second half, it's a second half weighted, but is it more weighted to Q4 or is it more of an even distribution, plus I have the valley top up in Q3. So I'm just trying to understand, you know, Q3 versus Q4.

Speaker Change: Hi, good morning. Thank you so much for taking my questions. I'm just going to start off on some of the guidance.

Speaker Change: And thanks, Sandeep. That hemlo is always difficult to forecast.

Speaker Change: Just as we look at the second half of the year.

Speaker Change: and we do have, you know, the, you know, Candelaria, I think was the...

Speaker Change: was one that you had mentioned, and Tocantinos, Solaris Norte, those ones ramping up. I like to think that, like, it's a second half.

Speaker Change: is second half weighted, but is it more weighted to Q4, or is it more of an even distribution? Plus I have the valet top up in Q3. So I'm just trying to understand, you know, Q3 versus Q4.

Sandip Rana: Plus, I have the valet top up in Q3. So I'm just trying to understand, you know, Q3 versus Q4. Sure, Tanya.

Tanya Jakusconek: So I'm just trying to understand, you know, Q3 versus Q4.

Tanya Jakusconek: Sure, tania. As of right now, from the visibility that we have, I would say it's probably going to be pretty even between the two. Maybe, you know, Q4 might get a little bit higher as, you know, Greenstone and Slurs North K ramp up. But I don't expect too much of a difference. Obviously, part of it is all dependent on commodity price. I think this is with respect to the NPI, but for the simplicity, I would say those things should be pretty close. Okay, that's awful.

Sandip Rana: As of right now, from the visibility that we have, I would say it's probably going to be pretty even. And the two may be... You know, Q4 might be a little bit higher as, you know, Greenstone and Solaris Norte ramp up. But I don't expect too much of a difference. Obviously, part of it is all dependent on commodity prices. – – – – – – – David Alcindor, Okay, that's helpful.

Tanya Jakusconek: Sure, Tania. As of right now from the visibility that we have, I would say it's probably going to be pretty even between the two. Maybe, you know, Q4 might go a little bit higher as, you know, greenstone and slarse North J, ramp up, but I don't expect too much of a difference. Obviously part of it is all dependent on commodity price. I think this is with respect to the NPI, but for the simplicity, I don't say those things should be pretty close. Okay, that's awful. Thank you for that.

Speaker Change: Sure, Tanya. As of right now, from the visibility that we have, I would say it's probably going to be pretty even between the two.

Speaker Change: Q4 might get a little bit higher as Greenstone and Solaris Norte ramp up, but I don't expect too much of a difference. Obviously, part of it is all dependent on commodity prices with respect to the NPIs.

Tanya Jakusconek: Thank you for that. And then I can move on to just the, you know, the transactions and just the environment itself. And Ian, for you, you know, thank you for your forecast of 2029 for the startup of the Salt Sides. We modeled it into the next decade ourselves. But when you look at the internal rate of return and again make that decision. You know, whatever gold price you want to use for both of your transactions that you recently did, what are you getting?

Tanya Jakusconek: Thank you for that. And then, if I can move on to just the transactions and just the environment itself. And Ian, for you, you know, thank you for, you know, your forecast of 2029 for the start-up of the fall-pides. We modeled it into the next decade ourselves. But when you look at the internal rate of return, and again, making that decision, you know, whatever gold price you want to use, for both of your transactions that you recently did, what are you getting? Are you getting the middle, you know, single-digit internal rate of returns, just a benchmark for us to see on that.

Speaker Change: Simplicity, I would say they should be pretty close.

Tanya Jakusconek: And then if I can move on to just the, you know, the transactions and just the environment itself, and Ian, for you, you know, thank you for, you know, your, you know, forecast of 2029 for the start-up of the, on the sawpides, we modeled it into the next decade ourselves. But when, when you look at the internal rate of returns, and again, making that decision, you know, whatever gold price you want to use for both of your transactions that you recently did, what are you getting?

Tanya: Okay, that's helpful. Thank you for that.

Speaker Change: The, you know, the transactions and just the environment itself.

Speaker Change: and Ian, for you, you know, thank you for, you know, your, you know, forecast of 2029 for

Speaker Change: The startup of the sulfides, we modeled it into the next decade ourselves. But when you look at the internal rate of return and again, making that decision.

Speaker Change: You know, whatever both price you want to use, or both of your transactions that you recently did, what are you getting? Are you getting the middle, you know? [inaudible]

Ian: Are you getting the middle, you know, single digit internal rate of return? Just a benchmark for us to see on that. And same with Casabella.

Speaker Change: Single-digit internal rate of return just a benchmark for us to see On that and same with Casabella like when did you you know figure start up on that asset as well?

Tanya Jakusconek: It's same with Casabell, like when did you, you know, figure start-up on that asset as well.

Ian: Like, when did you figure start up on that asset as well? Thank you, Tanya, for the question. There's a lot there to unpack. I would say, you know, first of all, it's, you know, risk-adjusted returns is what we think about and optionality. In fact, Tito's multicolored estimate teches that marine recreation is important in investment.

Ian: Thank you, Tanya, for the question. There's a lot there to unpack. I would say, you know, first of all, you know, risk-adjusted returns is what we think about, and optionality is important in the investments. We want to see that there's a lot there that can go right over time, and we can earn an outsized return. Even if it does take time, it might not show up in an IRR, but certainly enhances the profile of the company, providing gold, you know, for years to come. So, with Ian a coach, yes, I would say it's a pretty reasonable return we see with the outsides and the sulfides.

Tanya Jakusconek: Are you getting the middle, you know, single, digital internal rate of returns, just a benchmark for us to see on that. It's same with Casabell, like when did you, you know, figure start-up on that asset as well. Thank you, Tenya, for the question. There's a lot there to unpack. I would say, you know, first of all, you know, risk adjusted returns, what we think about and optionality is important in the investments.

Tenia: Thanks Tanya for the question. There's a lot there to unpack. I would say, you know, first of all, it's, you know, risk-adjusted returns is what we think about and optionality.

Tanya Jakusconek: You know, we want to see that there's a lot there that can go right over time, and we can earn an outside return. Even if it does take time, it might not show up in an IRR, but certainly enhances the profile of the company, writing gold, you know, for years to come. So, with Yanikotya, yes, I would say it's a pretty reasonable return we see with the oxides and the sawpides, and beyond that, you have fantastic projects which stand to provide you many multiples on your investment.

Tenia: Yeah.

Ian: We want to see that there's going to be a lot there that can go right over time and we can earn an outsized return. Even if it does take time, it may not show up in an IRR, certainly enhances the profile of the company, for years to come. So, with Yanicocha, yes, I would say it's a pretty reasonable return lease, with the oxides and the sulfides, and beyond that, you have fantastic projects which stand to provide you many moments, on your best, https://www.youtube.com.uk, Now, Conga, you know, Kilish could take a lot of time, you know, if they get developed, but certainly that's huge, where it's outsized cash flows from the investment was tracked. Maybe that provides a bit of context. It is reasonable for you single, middle, single digit, like 5%. I don't know what reasonable is for you.

Tenia: is important in the investments, and we want to see that there's a lot there that can go right over time, and we can earn an outsized return.

Tenia: Even if it does take time, it might not show up in an IRR, but certainly enhances the profile of the company providing gold for years to come.

Tenia: So, with Yannicocha, yes, I would say it's a pretty reasonable return we see with the oxides and the sulfides.

Ian: And beyond that, you have fantastic projects which stand to provide you many multiples on your investment as those move forward. Now, Konga, you know, Kilesh could take a lot of time, you know, if they get developed, but certainly that skewed towards outsides, cash flows from the investment was tracked to us. So, maybe that provides a bit of context on- and it's reasonable for you single digit, middle single digit, like 5%, I don't know what reasonable is for you. Yeah, for an asset that has a great degree of optionality, that would be a reasonable return. Again, all just all things equals its risk adjusted.

Tenia: And beyond that, you have fantastic projects which stand to provide you many multiples.

Tanya Jakusconek: As those move forward now, Konga, you know, Kilesh could take a lot of time, you know, if they get it all, but certainly that skewed towards outside cash flows from the investment was tracked to us. So, maybe that provides a bit of context on- It's reasonable for you, single digit, middle single digit, like 5%, I don't know what reasonable is for you. Yeah, for an asset that has a great degree of optionality, that would be a reasonable return, again, all just all things equal to its risk adjusted.

Speaker Change: on your investments.

Speaker Change: as those move forward. Now, Conga, you know, Kilish could take a lot of time, you know, if they get developed, but certainly that skew towards outsized cash flows from the investment was attractive to us. So maybe that provides a bit of context.

Speaker Change: It's reasonable for you single, middle, single digit, like 5%. I don't know what reasonable is for you.

Ian: Uh, yeah, for an asset that has a great degree of... Optionality, that would be a reasonable return, again, all things equal, it's risk-adjusted. In other cases, like SolGold, the return was meaningfully higher. It just represents, again, Okay, and then for Fogo, when did you assume startup of that one? And when you say significantly higher, are you implying double digit?

Speaker Change: Yeah, for an asset that has a great degree of...

Speaker Change: optionality.

Speaker Change: that would be a reasonable return. Again, all things equal, it's risk-adjusted. You know, in other cases, like SolGold,

Ian: You know, in other cases, like solvable, the return was meaningfully higher. And it just represents, again, I would just adjust a great return.

Tanya Jakusconek: In other cases, like Solval, the return was meaningfully higher, and it just represents, again, I would suggest a great return. Okay, and then for Solval, when did you assume startup of that one, and when you say significantly higher, are you implying double digit? Yeah. Yeah, in terms of, I don't want to get too much into field specifics, I don't think it's appropriate, but roughly, you know, we look at scenarios for startup there in the early 2030s, and rate of return, certainly above the mid single digits. But, you know, be on that. I don't think it's purpose comment.

Speaker Change: The return was meaningfully higher, and it just represents, again, I mentioned a risk-adjusted rate of return.

Ian: Okay, and then the focal, when did you assume startup of that one, and when you say significantly higher, are you implying double-digit? Yeah, in terms of, I don't want to get too much into feel specific, so I don't think it's appropriate, but roughly, you know, we look at scenarios for startup there in the early 2030s and rate of return, certainly above the mid single digits. But, you know, be on that.

Speaker Change: Okay, and then for SOGLE, when did you assume startup of that one and when you say significantly higher, are you implying double-digit?

Ian: Uh, yeah, in terms of, uh, I don't want to get too much into deal specifics, I don't think it's appropriate, but, uh, roughly, you know, we look at scenarios for start-up there in the early 2030s, and Ray Tuurns, certainly above the mid-single digits, http://TheBusinessProfessor.com, Okay, no, thank you for that caller, Ian. And maybe just turning to the M&A environment. Just, I wanted to, you know, on the last conference call we talked about. You're seeing bigger size deals, you know, plus 500 million, I guess the Cathabell one was over 500 million. What sort of opportunity size are we still looking at now? Is it still over that 500?

Speaker Change: Yeah, in terms of, I don't want to get too much into deal specifics, I don't think it's appropriate, but roughly, you know, we look at scenarios for a startup there in the early 2030s.

Speaker Change: and Ray DePerturne, certainly above the mid-single digits, but beyond that I don't think it's appropriate to comment.

Ian: I don't think it's a purpose comment.

Ian: Okay, no, thank you for that color, Ian, and maybe just turning to the M&A environment. Just I wanted just to, you know, on the last conference while we talked about seeing bigger size deals, you know, plus 500 million. I guess the Capital One was over 500 million. What sort of opportunity size are we still looking at now? Is it still over that 500? Are we back to that? 100 to 300 million on the goal side. That's my first question on the transaction side. Thank you for the question. Good question. I would say, you know, expect more of the same in terms of what you've seen recently for deal size.

Tanya Jakusconek: Okay, no thank you for that color, Ian, and maybe just turning to the M&A environment. Just, I wanted to, you know, on the last conference hall we talked about seeing bigger size deals, you know, plus 500 million, I guess the capital one was over 500 million. What sort of opportunity size are we still looking at now? Is it still over that 500? Are we back about 100 to 300 million on the goal side? That's my first question on the transaction side.

Speaker Change: Okay, now thank you for that color, Ian. And maybe just turning to the M&A environment. Just, I wanted to, you know, on the last conference call we talked about

Ian: Are we back to that 100 to 300 million on the gold side? That's my first question on the transaction side. Thanks, Tanya, for the question. It's a good question. I would say, you know, expect more of the same in terms of what you've seen recently for deal size. 1 to 300 is a pretty good kind of average.

Speaker Change: you're seeing bigger sized deals, you know, plus $500 million. I guess the Kassabelle one was over $500 million.

Speaker Change: What sort of opportunity size are we still looking at now? Is it still over that 500? Are we back to that?

Speaker Change: $100 to $300 million.

Speaker Change: on the goal side. That's my first question on the transaction side.

Unknown Executive: Thank you for the question. Good question. I would say, you know, expect more of the same in terms of what you've seen recently for deal size. You know, 1 to 300 is a pretty good kind of average size within the pipeline. You know, the overall comments, I think, is that it remains extremely busy. So, there's lots to look at, which is great. And plenty on the price belt side. So, you remain very focused.

Speaker Change: Thanks, Tanya, for the question. It's a good question. I would say, you know, expect more of the same.

Ian: You know, one to 300 is a pretty good kind of average size within the pipeline. You know, the overall comments, I think, is that it remains extremely busy. So there's lots to look at, which is great. And plenty on the price as well. And then in terms of royalties means one of Inter have been talking about selling to this royalty on Yannick coaches since last year. So congrats on finally getting this done.

Speaker Change: in terms of what you've seen recently for deal size.

Ian: There are quite a bit of people with special needs in the tower, The overall comments, I think, is that it remains... So, there's lots to look at, which is great, and plenty on the precious metal side so the team remains very Okay, and then in terms of royalties, I mean, Dwayne Ventura has been talking about, I've been selling this royalty on Yenakocha since last year, so congrats on finally getting this done.

Speaker Change: 1 to 300 is a pretty good kind of average.

Speaker Change: The overall comments, I think, is that it remains extremely busy.

Speaker Change: So, there's lots to look at, which is great, and plenty on the precious metal side. So, the team remains very focused.

Unknown Executive: Okay. And then in terms of royalties, I mean, one of the Internet has been talking about selling this royalty on Yannick coaches since last year, so congrats on finally getting this done. Are you seeing other opportunities on the royalty side in the environment separate from streams? Certainly. You know, we like royalties. I think they're great with Portfolio. So, we see that both in terms of streams. Okay.

Speaker Change: Okay, and then in terms of royalties, I mean, Dwayne Ventura has been talking about this.

Ian: Are you seeing other opportunities on the royalty side and, you know, in the environment separate from stream? Certainly, you know, we like royalties. I think they're great within the portfolio.

Speaker Change: I've been selling this royalty on Yenakocha since last year, so congrats on finally getting this done. Are you seeing other opportunities on the royalty side in the environment, separate from streams?

Ian: Are you seeing other opportunities on the royalty side in the environment, separate from streams? Uh, certainly, uh, you know, we, we like royalties, uh, I think they, they're, they're great within the portfolio, so we see a bit of both. Okay, and then maybe just for Paul, I think the last conference call we talked about, Transactions in the non-gold space, and we specifically talked about lithium in the $50-$400 million range and just looking at opportunities in the part of the market where commodities are not as strong as we see in the gold market. So I'm just wondering what your thoughts are. Have they changed?

Speaker Change: Certainly. We like royalties. I think they're great within the portfolio, so we see a bit of both.

Paul: So we see that both, both in terms of streams. And then maybe just for Paul, I think the last conference call we talked about transaction in non-negole space. We expect specifically talked about lithium in the 50 to 400 million range. And, you know, just, you know, looking at opportunities in the part of the market where commodities are not as strong as we see in the gold market. So I'm just wondering what your thoughts are. Have they changed? Is the opportunity for lithium still there, and is that something you still want to pursue? We're still on that front.

Paul Brink: And then maybe just for Paul, I think the last conference call we talked about transaction in non the gold space. We had specifically talked about lithium in the 50 to 400 million range. And, you know, just, you know, looking at opportunities in the part of the market where commodities are not as strong as we see in the gold market. So, I'm just wondering what your thoughts have they changed is the opportunities for lithium still there?

Speaker Change: both in terms of streams and rural areas.

Speaker Change: Okay, and then maybe just for Paul, I think the last conference call we talked about.

Paul: transactions in a non-gold space.

Paul: We specifically talked about lithium in the $50-$400 million range.

Speaker Change: and you know just you know looking at opportunities in the part of the market where commodities are not as strong as we see in the gold market so I'm just wondering what your thoughts have they changed is though are the opportunities for lithium still there and is that something you still want to pursue

Paul: Are the opportunities for lithium still there and is that something you still want to pursue? We're still busy on that front. As Ian mentioned, most of our efforts are on the precious metals side, but we are looking at some diversified, some of that is lithium, some another commodity. Um, so I think there's still good potential to get some deals done on those, and that 50 to 400 million range is so the range that those would fit into. Yeah, that's a good range.

Paul Brink: And is that something you still want to pursue? We're still on that front. As Ian mentioned, most are answered on the precious metal site, but we are looking at some zero five. Some of that is lithium, some and other commodities. So, I think there's still good potential to get some deals done in those areas. And that's 50 to 400 million ranges. So, the range of those would fit into? Yep. That's a good range.

Paul: As Ian mentioned, most are asset on the fresh smell side, but we are looking at some zero five. Some of that is lithium, some, and other commodities. So I think there's still good, good potential to get some deals done in those areas. And that 50 to 400 million ranges. So the range up. Those would fit into. Yeah, that's a good range.

Speaker Change: We're still busy on that front. As Ian mentioned, most of our efforts are on the precious metal side, but we are looking at some diversified. Some of that is lithium, some in other commodities.

Ian: So I think there's still good potential to get some deals done in those areas.

Ian: And that 50 to 400 million range is still the range that those would fit into? Yeah, that's a good range.

Tanya Jakusconek: Okay, look like you're very busy. Congratulations on both of those deals. Thank you, Daniel.

Paul: Okay, looks like you're very busy. Congratulations on both of those deals. Thank you, Tanya. Thank you. Our next question comes from the line of Martin Pradier from Veritas Investment Research. Go ahead, please.

Tanya Jakusconek: Okay. Looks like you're very busy. Congratulations on both of those deals.

Speaker Change: Okay, looks like you're very busy. Congratulations on both of those deals.

Unknown Executive: Thank you, Daniel. Thank you.

Martin Pradier: Thank you.

Martin Pradier: An expression comes from the line of Martin Predier from a very tight investment research. Go ahead, please. Thank you.

Martin Pradier: Our next question comes from the line of Martin Perrier from a very tight investment research. Go ahead, please. Thank you.

Tanya: Thank you, Tanya.

Speaker Change: Thank you. Our next question comes from the line of Martin Perdier from Veritas Investment Research. Go ahead, please.

Martin Pradier: Thank you. It looks like you need the Sulfite project to go ahead to make your money back on Unacocha. Is that the correct assumption?

Paul: It looks like you need the soul fight project to go ahead to make a money back in a coach. Is that the correct assumption? That is correct to be speaking here. And did I hear that there was a 49 million tax adjustment from the previous year? Is that correct, or is just previous quarter? Yes, so because Barbados increased its tax rate to 9%, its corporate tax rate, our deferred tax liability on our balance sheet was set up at the old rate, so we had to adjust that, and that was 49.1 million. One time adjusting. Okay, Darcy, thank you.

Martin Pradier: It looks like you need the solidified project to go ahead to make your money back in a culture. Is that the correct assumption? That is correct to be speaking here.

Martin Perdier: It looks like you need the Sulphide Project to go ahead to make your money back on Unacocha. Is that the correct assumption?

Unknown Executive: That is correct. Okay, and did I hear that there was a 49 million tax adjustment from previous year? Is that correct? Or is just previous quarter? Yes, so because Barbados increased its tax rate to 9%, its corporate tax rate, our deferred tax liability on our balance... Set up at the old rate. So we had to adjust that and that was 49.1 million one time, Okay, perfect.

Martin Pradier: Okay, and did I hear that there was a 49 million tax adjustment from previous year? Is that correct or is this previous quarter? Yes, so because Barbados increased its tax rate to 9% its corporate tax rate, our deferred tax liability on our balance sheet was set up at the old rate, so we had to adjust that. And that was 49.1 million. One time adjusted. Okay, perfect. Thank you. Thank you very much. Thank you.

Speaker Change: That is correct. He is speaking here.

Speaker Change: Did I hear that there was a 49 million tax adjustment from previous year? Is that correct or is it just previous quarter?

Speaker Change: Yes, so because Barbados increased its tax rate to 9%, its corporate tax rate, our deferred tax liability on our balance sheet was set up at the old rate, so we had to adjust that and that was $49.1 million.

Unknown Executive: Thank you. That's all. Thank you very much.

Unknown Executive: Thank you so much.

Unknown Executive: Thank you very much. Thank you.

Speaker Change: One-time adjustment.

Speaker Change: Okay, perfect. Thank you. That's all. Thank you very much.

Operator: Thank you. There are no further questions on the phone line, I will now turn the Q&A session over to Candida Hayden, who will take questions from the webcast. Thank you, Laura.

Operator: There are no further questions on the phone line.

Operator: There are no further questions on the phone line. I will not turn the Q&A session over to Candida Hayden, but we'll take questions from the webcast.

Operator: I will not turn the Q&A session over to Candida Hayden, but we'll take questions from the webcast. Thank you, Lara.

Speaker Change: Thank you. There are no further questions on the phone line. I will now turn the Q&A session over to Candida Hayden, who will take questions from the webcast.

Bernie Feachie: Thank you, Lara. A first question comes from Bernie Feachie from Palatine Capital. Given the recent social and political turmoil and Ecuador, I'm a bit surprised by your commitment to the Cascadeal Project, especially after Panama experience. What extent have you balanced your intention to the project geology versus your view of the political environment there?

Candida Hayden: Our first question comes from Bernie, from Palisade Capital. Given the recent social and political turmoil in Ecuador, I'm a bit surprised by your commitment to the Cascabel project, especially after Panama experience. What extent have you balanced your attention to the project geology versus your view of the political environment there? Thank you for the question. Mascabel transaction was very carefully structured to take advantage of the geology but also mitigate, First point, in terms of the funding structure, it's broken down at charges based on... This allows certain items.

Bernie Feachie: A first question comes from Bernie Feachie from Palatine Capital. Given the recent social and political turmoil in Ecuador, I'm a bit surprised by your commitment to the Cascadeal Project, especially after Panama experience. To what extent have you balanced your intention to the project geology versus your view of the political environment there? Thank you for the question. Cascadeal Transaction was very carefully structured to take advantage of the geology but also mitigate the risks. First of all, in terms of funding structure, it's broken down in torrential space on stage gates. And this allows certain items to be dealt with before additional capital is funded.

Candida Hayden: Thank you, Lara. A first question comes from Bernie Feachy.

Bernie Feachy: from Palisade Capital. [inaudible]

Speaker Change: Given the recent social and political turmoil in Ecuador, I'm a bit surprised by your commitment to the Cascabel project especially after Panama experience What extent have you balanced your attention to the project geology versus your view of the political environment there?

Ian: Thank you for the question. Cascadeal Transaction was very carefully structured to take advantage of the geology, but also mitigate the risk. First of all, in terms of the funding structure, it's broken down into launches based on stage gates. And this allows certain items to be dealt with before additional capital is funded. And then when it comes to the final construction funding that is contingent on the rest of the funding being secured and a robust investment agreement being signed with governments of Ecuador with criteria included as conditions of funding.

Speaker Change: Thank you for the question.

Speaker Change: The Azkabal transaction was very carefully structured to take advantage of the geology, but also mitigate the risks.

Speaker Change: First point, in terms of the funding structure, it's broken down into branches based on stage gates.

Unknown Executive: © The Bulletproof Executive 2013, Capital is funded by the U.S. Department of State. And then when it comes to the final construction funding, that is contingent upon the rest of the funding being secured and a robust investment agreement being signed with the government of Ecuador. Criteria Included as Conditions of Funding. We take a lot of comfort from that, but I would probably say, bigger picture, Ecuador has a very fair split of fiscal flows versus other countries. You can draw a lot of comfort from that as well. Wines Like Fruits Del Norte, the government derives 50%.

Speaker Change: and this allows certain items to be dealt with before additional capital is funded.

Ian: And then, when it comes to the final construction funding, that is contingent on the rest of the funding being secured and a robust investment agreement being signed with the governments of Ecuador, with criteria included as conditions of funding. So we take a lot of comfort from that. But I would probably say bigger picture Ecuador has a very fair split fiscal flow versus other countries. So we draw a lot of comfort from that as well. We might like to still not see the government drive 50% of the economic benefit of the projects. So that provides what I believe is a good backdrop towards stability going forward.

Speaker Change: And then when it comes to the final construction funding, that is contingent upon the rest of the funding being secured and a robust...

Speaker Change: Investment Agreement being signed with the government of Ecuador, with criteria included as conditions of funding.

Ian: So we take a lot of comfort from that, but I would probably say bigger picture Ecuador has a very fair split fiscal flow versus other countries. So we draw a lot of comfort from that as well. Minds like troops still not to the government drive 50% of the economic benefit of the projects. So that provides what I believe is a good backdrop towards stability going forward.

Speaker Change #100: We take a lot of comfort from that, but I'd probably say, bigger picture, Ecuador has a very fair split of fiscal flows versus other countries, so we draw a lot of comfort from that as well. With minds like Fruits Del Norte, the government derives 50%.

Unknown Executive: The Economic Benefit of the Project. So that provides what I... © The Bulletproof Executive 2013, Projects. The government is also quite supportive of the project.

Speaker Change #100: of the economic benefit of the project.

Ian: Social acceptability of mining projects. The government is also quite supportive of the project, which came to us a lot of comfort as part of our diligence we met with. A number of government officials in St. Tocque, along with our partners at Cisco, and also Canadian and U.S. Embassy staff.

Speaker Change #100: So that provides what I believe is a good backdrop towards stability going forward and social acceptability of mining projects.

Paul Brink: Social acceptability of planning projects. The government is also quite supportive of the project, which came to us a lot of comfort as part of our diligence we met with. And a number of government officials in the total one of our partners at Cisco and also Canadian and US Embassy staff.

Unknown Executive: David's a lot of comfort that's part of our.., and a number of government officials, names in tow, along with our partners at Cisco. Next question is also from Bernie Picchi, Acala Bay Capital. An update on Panama, especially given the new government. So Bernie, it's Paul.

Speaker Change #100: The government is also quite supportive of the project, which gave us a lot of comfort as part of our diligence. We met with a number of government officials in Quito, along with our partners at Cisco and also Canadian and U.S. Embassy staff.

Paul: Next question is also from Bernie Peugeot and Call of State Capital. An update on Panama, especially given the new government. Bernie is Paul. Since the millennial administration has come in, I think all the indications have been positive. They've indicated a willingness to look at a reopening of mine, enter into negotiations that is with some conditions. And I'd say most positives are steps of the taking of the first. I don't miss that they want to do a comprehensive environmental review, and so they're putting together a panel of experts that they can do that. I'm very hopeful that that will help demonstrate that the asset has been very well operated and that some of the misgivings that had been promoted in the population that there was environmental damage will be dispelled.

Paul Brink: Next question is also from Bernice, and how is the capital and update on Panama, especially given the new government. So Bernice Paul, since the millennial administration has come in, I think all the indications have been positive. They've indicated a willingness to look at a reopening of the mine, entry into negotiations, that is, with some conditions. And I'd say most positives are the steps of the taking of the first. First, I admit that they want to do a comprehensive environmental review and so they're putting together a panel of experts that they can do that.

Speaker Change #101: Next question is also from Bernie Pichie at Calumet Capital. An update on Panama, especially given the new government.

Paul: Since the Maleno administration has come in, I think all the indications have been positive. They've indicated a willingness to look at a reopening of the mines. Enter into negotiations, that is, with some conditions.

Speaker Change #101: So Bernie, it's Paul, the...

Speaker Change #101: Since the Maleno administration has come in, I think all the indications have been positive.

Speaker Change #101: They've indicated a willingness to look at a reopening of the mine, enter into negotiations, that is, with some conditions.

Paul: Uh, I'd say most positives are steps of the taking of the, the first, Item is that they want to do a comprehensive environmental review, and so they're putting together a panel of experts so that they can do that. I'm very hopeful that that will help demonstrate that the asset has been very well operated. Some of the misgivings that have been promoted in the population that there was environmental damage will be dispelled.

Speaker Change #101: And I'd say most positives are steps of the taking of the the first

Speaker Change #102: is that they want to do a comprehensive environmental review, and so they're putting together a panel of experts so that they can do that. I'm very hopeful that that will help demonstrate that the asset has been very well operated and that...

Paul Brink: I'm very hopeful that that will help demonstrate that the asset has been very well-operated and that some of the misgivings that had been promoted in the population that there was environmental damage will be dispelled. So I think taking very positive steps to set the table so that they can want to have a discussion with the company and to position this project better with the public in Panama.

Speaker Change #102: Some of the misgivings that had been promoted in the population that there was environmental damage will be dispelled.

Paul: So I think taking very positive steps to set the table so that they can, one, have a discussion with the company and The Bulletproof Executive 2013, The last question comes from Bjorn Wicklander. Current cash portfolio is 1.4 billion U.S. Are there deals out there, such as royalties or streams that are coming that can match this cash position, or are there other opportunities that this cash position can be used for? And if so, what could that be?

Paul: So I think taking very positive steps to set the table so that they can want to have a discussion with the company and to position this project better with the public in Panama.

Speaker Change #102: So I think taking very positive steps to set the table so that they can, one, have a discussion with the company and, two, position this project better with the public in Panama.

Bjorn Gliglander: The last question comes from Bjorn Gliglander. Current cash portfolio is 1.4 billion USD. Is there deals out there that's as royalty or streams that are coming that can match this cash position? Or are there other opportunities that this cash position can be used for? And if so, what could that be? Thank you for the questions. Ian is speaking. As I mentioned, we see a very robust pipeline because good potential to deploy that capital. Before we have in the pipeline going forward, I think you will see us continue to track back on a number of opportunities.

Bjorn Glander: The last question comes from Bjorn Glander. Current cash portfolio is 1.4 billion USD. Is there bills out there that as royalty or streams that are coming that can match this cash position? Or are there other opportunities that this cash position can be used for? And if so, what could that be? Thank you for the questions. Ian is speaking. As I mentioned, we see a very robust pipeline at the moment. It's good potential to deploy that capital before we have in the pipeline going forward.

Speaker Change #102: The last question comes from Bjorn Wicklander.

Speaker Change #103: Current cash portfolio is 1.4 billion USD.

Bjorn Wicklander: Is there deals out there, such as royalties or streams, that are coming that can match this cash position? Or are there other opportunities that this cash position can be used for? And if so, what could that be?

Ian: Thank you for the question. As I mentioned, we see a very robust pipeline. Good Potential to Deploy...

Bjorn Wicklander: Thank you for the questions. Ian speaking.

Speaker Change #105: As I mentioned, we see a very robust pipeline. There's good potential to deploy that capital.

Ian: , of what we have in the pipeline going forward. I think you will see us continue to transact. I don't see it as a surplus.

Bjorn Glander: I think you will see us continue to trust back on a number of opportunities. So I don't see it as a surplus. It's quite beneficial for us in terms of bidding competitively. Thank you, Ian. There are no further questions from the webcast.

Speaker Change #105: with what we have in the pipeline going forward, and I think you will see us continue to transact on a number of opportunities.

Ian: It's quite beneficial for us. Thank you, Ian. There are no further questions from the webcast. This concludes our second quarter of results conference call and webcast. We expect to release our third quarter 2024 results after market close on November 8th, with a conference call held the following morning.

Ian: So I don't see it as a surplus. It's quite beneficial for us in terms of bidding competitively. Thank you, Ian.

Speaker Change #106: So I don't see it as a surplus. It's quite beneficial for us in terms of bidding competitively. Thank you, Ian.

Operator: There are no further questions from the webcast. This concludes our second quarter of results conference call and webcast. We expect to release our third quarter 2024 results after market closed on November 8th, with the conference call held the following morning. Thank you for your interest in franking about it. Goodbye.

Operator: This concludes our second quarter of results conference call and webcast. We expect to release our third quarter 2024 results after March it closed on November 8th with the conference call held the following morning. Thank you for your interest in Frank and Nevada. Goodbye.

Speaker Change #107: There are no further questions from the webcast. This concludes our second quarter of results conference call and webcast.

Speaker Change #108: We expect to release our third quarter 2024 results after market close on November 8, with a conference call held the following morning. Thank you for your interest in Franco Nevada. Goodbye.

Unknown Executive: Thank you for your interest in Franco-Nevada. Goodbye. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

Operator: Ladies and gentlemen, this concludes your conference call for today.

Operator: We thank you for participating and ask that you please disconnect your lines.

Speaker Change #109: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line.

Speaker Change #109: [inaudible]