Q4 2024 Franco-Nevada Corp Earnings Call
Thank you Joanna and good morning, everyone. Thank you for joining us today to discuss Franco Nevada's year end 'twenty 'twenty four results.
Accompanying this call is a presentation, which is available on our website at Franco hyphen, Nevada Dotcom.
You will also find our full financial results.
The presentation is also available to view on the webcast.
Speaker Change: During our call. This morning, Paul Brink, President and CEO of Franco Nevada will provide introductory remarks.
Speaker Change: Led by Sandy Brenna, Chief Financial Officer, who will provide a brief review of our results.
Speaker Change: She'll be followed by a Q&A period.
Speaker Change: Our full executive team is available to answer any questions participants may submit questions by the telephone or via the webcast you would like to remind participants that some of today's commentary may contain forward looking information and we refer you to our detailed cautionary note on slide two of this presentation.
Speaker Change: I will now turn over the call to Paul Brink, President and CEO of Franco Nevada.
Speaker Change: Thanks Candido good morning.
Speaker Change: First of all welcome to Daniel melt shop, and joined our board in January.
Speaker Change: It was an experienced direct spent much of his executive career at BHP.
Speaker Change: Including malls hitting operations in the markets.
Speaker Change: Running the copper, although many of them.
Speaker Change: Nickel and manganese businesses.
Speaker Change: The exploration division.
Speaker Change: Joanne based out of San Diego and I'm sure will add valuable perspective on many of the assets in the country.
Speaker Change: We invest.
Speaker Change: We ended the year, well with a strong fourth quarter U S.
Speaker Change: Sales for the year when you're at the top end of our revised guidance range.
Speaker Change: Well the tailwind the tailwind from rising gold prices, we had higher property revenue adjusted EBITDA and adjusted net income.
Speaker Change: For 2023.
Even without the contribution from corporate that.
Speaker Change: 2024 was the most active year in our history for business development.
Speaker Change: Rather than to more than one 3 billion in acquisitions have commitments during the year.
Speaker Change: It's actions included gold stream investment cascabel in Ecuador.
Speaker Change: Royalty on the Ampco to go mine in Peru.
Speaker Change: Principally cold spring months upon years Western limb PGM operations in South Africa.
Speaker Change: All of them high quality.
Speaker Change: Bodies with potential to be very long life mines.
Speaker Change: One of our largest portfolio of successes in 2024 was the completion of construction and commercial operation of Poker Casino in Brazil.
Speaker Change: We haven't sent.
Speaker Change: Send goldstrike.
Speaker Change: No surprised minded built by the G mining team was on time and on budget.
Robin: Robin just providing stream financing Franco nevadas financial backer of treatment ventures provide extreme.
Speaker Change: Equity coupons.
Speaker Change: He said, it's only the first of many main stream and spills.
Speaker Change: Frank.
Speaker Change: Strong financial backing.
Speaker Change: In January we announced the second partnership based on the same principles are fantastic packaged tour discovered silvis acquisition.
Speaker Change: Optical combined complex tenants.
Speaker Change: Including a royalty credit facility.
Backing for that equity raise.
Speaker Change: So on the Cogent team are absolutely the right route.
Speaker Change: Revitalized fine assets and realize the tremendous potential that still remains in the camera.
Speaker Change: This is possibly only first moved to consult.
Speaker Change: Holiday the operations of the gap.
Speaker Change: And what's the financial backing from Franco discovery swap positions for those next steps.
Speaker Change: Okay.
The acquisitions over the last 12 months have the potential to add 85 to 95000 geos per annum medium term production profile almost all gold ounces.
Speaker Change: With these new additions along with organic growth from our existing portfolio.
Speaker Change: These drive the growth outlined in our 2025 guidance now for five years.
Speaker Change: What about 25, new contributions from span years Western some operations.
Speaker Change: Lynn.
T.J. Greenstone: And full year contributions from you had a culture T. J greenstone, it's a lot of snow will take will have a big impact.
T.J. Greenstone: Some of the highlights for the longer term outlook, our highest level of contributions from anthem.
Speaker Change: New gold ounces from the startup of Valentine Gold SK Creek comes to mind.
Speaker Change: Well Sandeep management of our balance sheet, all the acquisitions were or will be when the discovery deal closes.
Speaker Change: Our cash balances and we'll still have no debt and a substantial cash balance.
Our growing operating cash flows also allowed us to increase the dividend for the 18th consecutive time in January this year.
Speaker Change: You might have dividends since IPO are now greater than $2 5 billion.
Speaker Change: Okay.
Speaker Change: Our business development team could do with a break off there will be activity in the last 12 months, but I don't think that's going to happen.
Speaker Change: We have actual opportunities that could add more attractive assets this year.
Speaker Change: Finally.
Speaker Change: I'm very encouraged by the developments in Panama.
Speaker Change: <unk> has indicated a willingness to discuss corporate Panama this year.
Speaker Change: Sentiment in Panama. It now appears more supportive of restarting.
Speaker Change: I think there's good odds will see positive progress this year.
Seth: With that I'll hand, the call over to Seth.
Seth: Thank you Paul Good morning, everyone as Paul mentioned Franco Nevada, the year with a strong fourth quarter, which was the result of both strong production from our asset base and higher precious metal prices.
Seth: Precious metal prices with Golden particular reached record highs in 2024.
Seth: On slide four you will see the comparison of commodity prices for both fourth quarter and full year 2020 for gold and silver prices increased significantly for both periods with cold higher by 34, 7% in the quarter and 22, 9% for the year.
Seth: As for Palladium iron ore and oil continues to be volatile and lower.
Seth: Year over year.
Seth: Slide five provides a recap of the company's performance against the revised guidance provided for last year.
Seth: The updated guidance for 2024 provided for a range of 445000.
Seth: 165000 total deal.
Seth: Of this total the company guided 340000 to 360000.
Seth: With the balance based on diversified assets.
Seth: With the strong finish at the end of the year. The company ended the year with 463334 Geos.
Seth: Which was near the top end of the guidance range.
Seth: Also at the top end of the guidance range for precious metals for 355.
Seth: 280 Geos.
Seth: The diversified assets, which include our non precious metal mining assets in energy assets resulted in just over 108000 Geos sold for the year.
Seth: I'd like to point out that the revenue generated from our diversified assets was actually in line with our expectations for the year.
Seth: However, with a 37% higher average gold price in 2024 and our.
Speaker Change: 950 per vehicle price when converting to Geo sold it actually resulted in a loss of 28000, Geos and if the gold price information under a budget crisis.
Speaker Change: Turning to slide six you'll see the 2023 and 2020 for fourth quarter comparisons for Geo sold revenue and adjusted EBITDA total Geos sold were 120063 in the fourth quarter compared to $152003 51 in fourth quarter 2023.
Speaker Change: Precious metals Geos sold in the fourth quarter of 2024, or 95565 higher by 5% compared to prior year, but excluding COVID-19 time.
Speaker Change: For the fourth quarter, we received strong contributions from candle area benefited from the continued ramp up of new mines will continue and greenstone.
Speaker Change: Olivia delivered 26891, geos for the quarter, which was almost 70% higher than prior year and twice as many geos as Q3 2024.
Speaker Change: <unk> sold were 24298 for the quarter compared to 32770 for prior year, despite diversified revenue being flat year over year. The approximate 8000 Geos sold difference.
Speaker Change: This is due to the impact of Geo conversion using chemical prices.
Speaker Change: Total revenue for the quarter was $321 million compared to $303 3 million last year, a five 8% increase precious metals accounted for 79% of revenue.
Speaker Change: Adjusted EBITDA was 9% higher for the quarter at $277 4 million.
Speaker Change: $254 6 million in the fourth quarter of 2023.
Speaker Change: As you turn to slide seven Youll see a new measure that we have presented in our yearend financial results. It is called net geos as.
Speaker Change: As we look at our royalty and streaming business. We think it's important to evaluate contributions from asset based on margin contribution and not necessarily top line measures royalty geos are higher margin geos theres minimal cost associated with each geo sold versus the screening ongoing fixed payment is required.
Speaker Change: The measure net geos geos removes the cost of sales component for all Geos. So thats. All Geos sold are represented after cost for Q4 2024 net sales were 107140 for Franco Nevada compared to a 129000 527 million in Q4 2023.
Speaker Change: Okay.
Speaker Change: Slide eight highlights the key financial metrics used by the company.
Speaker Change: As mentioned total Geos sold were 120063 generating $321 million in revenue in fourth quarter.
Speaker Change: With respect to costs, we did have a decrease in cost of sales compared to Q4 2023 due to less stream ounces sold which is predominantly related to the absence of cobre Panama.
Speaker Change: Depletion decreased to $60 million versus $68 9 million a year ago depletion is based on actual mining geos sold and barrels of oil equivalent received on the energy side of the business as we received less geos from Cobre, Panama and answered the Cai this impacted depletion as those assets are higher per ounce depletion assets.
Speaker Change: Adjusted net income was $183 3 million or <unk> 95 per share for the quarter up 6% and 5% respectively versus prior year.
Speaker Change: Slide nine highlights the continued diversification of the portfolio 76, 5% of our full year 2024 revenue was generated by precious metals with revenue being sourced 83, 9% from the Americas.
Speaker Change: Our largest contributor to revenue was canceled at 14, 6% for the full year.
Speaker Change: Slide 10 illustrates the strength of our business model to generate high margins for full year 2024 cash cost per Geo, which is essentially cost of sales divided by gold equivalent ounces sold.
Speaker Change: $278 per Geo.
Speaker Change: This compares to 286 per <unk> in 2023.
Speaker Change: For the quarter, the cash cost per ounce was 287 compared to 296% fourth quarter of 2023.
Speaker Change: The gold price has risen Franco Nevada has seen a significant increase in our margin per geo margin with 2375 per kilo in Q4 2020.
Speaker Change: We've always stated that in a rising commodity price environment.
Speaker Change: We expect to benefit fully at the cost per Geo sold should not increase significantly.
Speaker Change: With respect to the company's Geos sold guidance for 2025, please refer to slide 11.
Speaker Change: Our 2025, we are guiding total geos sold of between 465000.
Speaker Change: 525000.
Speaker Change: Which is a 7% increase over 2024, if we use constant pricing between 2025 and 2024, the increase would be 13% year over year.
This range, we are guiding 385000 to 425000 precious metal geos for the year.
Speaker Change: This is a 14% increase in precious metal geos over 2012.
Speaker Change: The overall main drivers for <unk> year over year are for precious metals will benefit from contributions from recent acquisitions.
Speaker Change: <unk> western limb mining operation stream or defined complex royalty <unk>, we will continue to benefit from the ramp up of new mines that began production in 2024, So continue greenstone and Florida, and we will again to receive initial ounces from the currently under construction Valentine goldmine.
Speaker Change: In the second half of 2025.
Speaker Change: Please note, we will no longer be receiving gold ounces from mine waste solutions as the cap was reached in October 2024.
Speaker Change: Our guidance has been calculated using $2800 per ounce for gold $31 for silver 950 platinum 950 for palladium and $100 of iron ore.
Speaker Change: Obviously prices are volatile and as they change it will impact the conversion of non gold commodities to geos.
Speaker Change: On the energy side, we are using a price of $70 per barrel <unk> and $3 Mcf natural gas.
Speaker Change: Using our budgeted gold price 2800 per ounce and the midpoint of our total Geos guidance range, we expect a 25% increase in 2020 high revenue over 2024.
Speaker Change: Also with respect to timing, we do expect to see better performance as the year progresses, so a stronger second half as expected.
Speaker Change: As we look forward over the next few years, we do forecast 2028 is the current high for Geo sold based upon the information that we have to date.
Speaker Change: 102009, our outlook is 490000 to 550000 Geos sold.
Speaker Change: This range precious metals will be 375 to 415000 geos.
Speaker Change: Main contributors will be higher production from manned to Mena due to access to higher grade ore based on the latest mine plant.
Speaker Change: Full year contributions from Valentine goal.
Speaker Change: And new mine start from Stibnite SK.
Speaker Change: SK Creek Castle Mountain and comparable.
Speaker Change: We've also assumed the startup of Tokotoko with a partial year contribution.
Speaker Change: We assume mine expansions for candle area, Cora Kohei Cowen answer for Kai and machine.
For the energy assets, we do assume an increase in production over the next five years, resulting in an increase in geos.
Speaker Change: So we've held energy prices flat at $70, a barrel WTS and $3 per Mcf natural gas.
Speaker Change: Overall, when you look at the outlook for Geo sold the.
Speaker Change: The company has approximately 12% built in organic growth from $2024 29 at budgeted commodity prices, excluding cobre Panama.
Speaker Change: It also assumes that no additional assets are added to the portfolio.
Speaker Change: Please note that for all outlook ranges, we have excluded Cobra, Panama and our Geo sold numbers at Cobre, Panama remained in production with expected deliveries and sales of between 130000 and 150000 Geos.
Speaker Change: Okay.
Speaker Change: One additional item to note with the legal proceedings that will move forward related to cooperate Panama, we're expecting to incur annual cost of approximately $10 million per year.
Speaker Change: These costs will continue to be disclosed separately in our financials.
Speaker Change: Slide 13 summarizes the financial resources available to the company when including our credit facility of $1 billion total available capital at December 31 was $2 4 billion.
Speaker Change: After year end, we have funded the $500 million.
Speaker Change: Any western limb complex acquisition and expect to fund the port find royalty acquisition during second quarter.
Speaker Change: The company remains well capitalized to continue to add long life high quality assets to the portfolio.
Speaker Change: And now I'll pass it over to Jonah and we're happy to answer any questions.
Speaker Change: Thank you ladies and gentlemen, we will now begin the question and answer session.
Speaker Change: You May type your question in the Q&A section of the webcast platform for those on the phone who wish to ask a question. Please press star one on your Touchtone phone.
Speaker Change: Are using a speaker phone please lift the handset before pressing any case.
Speaker Change: The first question comes from Lawson Winder at Bank of America Securities. Please go ahead.
Lawson Winder: Yes, Thank you very much operator, and good morning, Paul and Sydney.
Lawson Winder: Wanted to start off with a couple of questions on Cobre, Panama, if I might so.
Lawson Winder: One would be.
Just related to president Molino and does some comments that he's made publicly president molino, Panama He indicated that.
Lawson Winder: She would require all arbitrations to be halted prior to entering into discussions with first quantum I just wanted to confirm that that also included the Franco arbitration at this frankly have the ability to put its arbitration on holder.
Lawson Winder: Or just temporary put her to temporarily put it aside in order to facilitate those negotiations if needed.
Lawson Winder: Thank you.
Lawson Winder: Paul.
Lawson Winder: Okay, well, thanks, yes separate arbitration processes.
Lawson Winder: Sure.
Lawson Winder: And a separate regimes.
Lawson Winder: There is the ability.
Lawson Winder: Each of those processes that you can put the arbitration on hold.
Lawson Winder: Right.
Lawson Winder: Fixed timeframe. So that is a possibility. Although we haven't had any asks for any of the parties to put us on hold yet.
Lawson Winder: Okay, perfect and then thanks for that Paul.
Lawson Winder: And then another comment that.
Speaker Change: President Milena all had made was just thinking about the economics of the prior deals negotiated under <unk> government relating to Cobra, Panama and noting that it was unfavorable for for Panama has.
Lawson Winder: As Franco Nevada had any.
Lawson Winder: Messages delivered or has any understanding what that could potentially mean.
Lawson Winder: For the Franco stream or whether it means anything at all for.
Lawson Winder: For example, there's been some discussion of a.
Lawson Winder: A potential change in.
Lawson Winder: The ownership positions.
Lawson Winder: Ownership position going to the.
Lawson Winder: Country Panama.
Lawson Winder: Yeah.
Lawson Winder: I mean can you comment on any potential applications for for Franco there I know, it's highly speculative but it has been mentioned many times in the Panamanian impressive I would just like to get your views.
Lawson Winder: Yes, so first off in terms of the economics I think that the deal that was.
Lawson Winder: A couple of years back.
Lawson Winder: Bob was positive was a good deal for Panama Youll recall in particular it had the provisions.
Lawson Winder: Thanks.
Lawson Winder: Provided.
Lawson Winder: Rent payments.
Lawson Winder: On the order of 375 million, a year, which I think for any country, I guess, particularly strong provision so.
Lawson Winder: Okay.
Lawson Winder: I think they were good economics, Panama in that deal.
Lawson Winder: I know there has been discussion.
Lawson Winder: The country actually wanting to get a better deal.
Lawson Winder: Not surprised by that.
Lawson Winder: In terms of the way that May go for Franco were financed cannot owners.
Lawson Winder: So on the legalities of it and any change in ownership doesn't.
Lawson Winder: Change the way that upstream is calculated.
Lawson Winder: Any increase in taxes in country or an increase in royalties.
Lawson Winder: None of that changes the way that our royalties right.
Yes, okay. Thank you very much for those comments very helpful and then.
Lawson Winder: Just two of the other streams.
Lawson Winder: I'd like to ask about just be helpful to get a little bit of color on specifics so with DSS.
Speaker Change: <unk> Stillwater, South African PGM stream that's closed congratulations.
And then just for Q1, when we think about the 7000 Geos from 24 to 45 day delay between before any geos or actually delivered to Franco how should we think about it.
Speaker Change: When the first delivery might occur whether it would be Q1 or Q2 or what would you recommend us modeling.
Speaker Change: With respect to that particular strength.
Speaker Change: You'll also know sandy.
Speaker Change: So it has closed or closed a couple of weeks ago and the <unk>.
Speaker Change: Delivery from September to December for 2024, we will receive in Q1 and you're correct. The next delivery related to 2025 production. There's a 45 day time delay so that'll come in in Q2. So for Q1, you should only be budgeting or estimating the delivery related to 2024.
Speaker Change: Okay Fantastic and then just longer term. Thank you for that Sandeep just longer term.
Speaker Change: About the 28 and 29 got it.
Speaker Change: <unk> an island are now sort of moving in the direction of becoming one operation So with <unk>, 3%.
Speaker Change: Royalty and then with <unk>.
Speaker Change: Viola and Theres, a six 2% royalty how long is that delineated or.
Speaker Change: Is there the potential for those to become a combined royalty or was it strictly dependent on from where the order comes in so the context here is that the idea is to essentially close the island mill and process Island or the Gino is there an additive benefit here or is it just.
Speaker Change: To figure out what the mix is between the two ore sources going forward to get to the right royalty level.
Speaker Change: Yes, so so right now on island, we only cover a portion of the deposit and so but <unk> cover the full land package you're right. They are talking about.
Speaker Change: Sharing the island gold mill and expanding the <unk> mill to 15000 tonnes per day Alamos is reviewing that right now.
Speaker Change: So once they do that will just be a question of where just the or when we did our deal.
Speaker Change: We budgeted 11500 tonnes per day coming from Gino, So I think at a minimum thats, what we should be receiving.
Speaker Change: On any production going forward once they do you expand the mill.
Speaker Change: And then in your current 2028 2009 guidance. That's the 11500 tonnes per day is that correct.
Speaker Change: Great. Thank you very much guys I appreciate it.
Speaker Change: Thank you. The next question comes from Cosmos <unk> at CIBC. Please go ahead.
Thanks, Paul and Sandeep.
Cosmos: Maybe my first question is on <unk>.
Speaker Change: Deals and how you calculated.
Cosmos: Could you remind us.
Speaker Change: Each and every quarter.
Speaker Change: How you calculate Gilles how you convert.
Speaker Change: Commodities not gold into gold equivalent analysis is that based on the.
Speaker Change: Spot prices during the quarter or is it based on your assumption that you put out.
Speaker Change: Beginning of the year like today $2831 an ounce.
Cosmos: Hi, Cosmos, yes, we will adjust it each quarter, so essentially at a high level, we will take our non gold revenue and we will divide by the average gold price for the quarter. So obviously you saw last year gold prices increase and it impacted the number of Geos are diversified asset.
Cosmos: January even though the revenue was the same as well.
Cosmos: We had expected for the year.
Cosmos: Yes.
Cosmos: Sandeep as you mentioned last year, you had to change it because the.
Cosmos: Gold prices clearly fluctuated quite a bit.
Speaker Change: Beyond what you had expected beginning of 2024, but for 2025 guidance I guess my question is.
Speaker Change: Could you share with us how much buffer you put into that guidance.
Speaker Change: And I guess my question is how much can it withstand in terms of volatility and commodity prices.
Speaker Change: Just given that last year when you had to change our guidance in 2024. It was not exactly two well received I'm just trying to see if that could happen again in 2025.
Speaker Change: If it does happen in such a great thing because I mean, the gold price has gone up significantly.
Speaker Change: Our guidance range is.
Speaker Change: Ah 60.
Speaker Change: Ounce range you take the mid point, so we've got 30000 geos to the downside.
Speaker Change: Gold price went up.
Speaker Change: Around 20% I think we'd still be okay.
Speaker Change: But obviously, it's a risk.
Speaker Change: Part of the way, we calculate guidance certain year, you benefit when other commodities outperform coal prices.
Speaker Change: Obviously gold outperforming now it is impacting the conversion, but we did run a number of sensitivities at this stage, we're comfortable with the range.
Speaker Change: Of course, yes, I agree higher gold prices is always better Indiana.
Speaker Change: Revenue that really matters its cash flow that really matters. So I think I think youre correct.
Speaker Change: Maybe moving onto Cobra Panama.
Speaker Change: Paul as you mentioned.
Speaker Change: The international arbitration seems to be under different regimes and.
Speaker Change: I think I notice that your meetings in its October 2026, I think first quantum had mentioned at their meetings in February 2026 could you maybe is there any importance is that we should be aware of.
Speaker Change: Timing of the different sort of regimes.
Speaker Change: The arbitrations going under or is it pretty much the same.
Speaker Change: I don't think theres anything to read into the timing there cosmos.
Speaker Change: Okay.
Speaker Change: First quantum has the option of going either under the ICC, which they going under the Lake could also go on to the Canada, Panama Free trade agreement, which is what were going on there.
Speaker Change: NPSA pursuing it under the ICC.
Speaker Change: We don't have that option.
Speaker Change: Our only option this under the Canada Panama.
Speaker Change: The difference.
Speaker Change: The different tribunals have different timeframes that they will come back.
Speaker Change: Alright.
Speaker Change: And timing is just because of the different processes.
Speaker Change: But as you said Paul this is really a plan b.
Speaker Change: Your preferred alternative is to for the operator, and the government to work out something on their own right.
Speaker Change: Oh absolutely.
Speaker Change: Always the best outcome.
Speaker Change: Of course, one last question Porcupine.
Speaker Change: Could you maybe talk about how that deal came about clearly this is the only royalty streaming involvement in the newmont divestitures.
Speaker Change: And so how did the parties come together, what's the evolution of that deal.
Speaker Change: My other part of the question is that I see that you are providing a credit facility Paul as you mentioned.
Speaker Change: And equity investment as well.
Speaker Change: More sort of full service.
Speaker Change: Financing is that the type of deal we could expect on a go forward basis or service on a go forward basis.
Speaker Change: Hi, Cosmos, it's Ian here.
Speaker Change: Congrats on a good days, having to answer that question I guess first off in terms of how it came together.
Speaker Change: Turning to coach we know well and a number of people and Franco Nevada have a strong relationship with Tony and when those assets came for sale.
Speaker Change: The obvious strategy was to work with the ideal person to revitalize them.
Speaker Change: And so we quickly.
Tony: Spoke with Tony.
Tony: Formed a strategy together as to how we would back him in doing that.
Tony: And the rest is history.
Tony: We.
Tony: Did provide multiple tranches.
Tony: And I think Thats, what you will see going forward when we can do that we find a suitable.
Tony: Asset will provide flexibility because capital markets aren't always the most efficient around these kinds of things and when we see good ability.
Tony: To get a good return for our shareholders, we will utilize other elements of the capital structure.
Tony: So it's not going to be all of what we do but certainly we hope it's a component going forward and we're very pleased with the results of that transaction.
Tony: Great those are all the questions. Thanks, once again, Paul Sandeep <unk>. Thank you.
Speaker Change: Thank you. The next question comes from Josh Wolfson at RBC capital markets. Please go ahead.
Josh Wolfson: Okay. Thanks, very much first your first question on the five year guidance I noticed the inclusion of the underground production expansion of candle area.
Speaker Change: And then also Tucker Tucker.
Speaker Change: We don't have a lot of.
Speaker Change: Insights as to what the production contribution could be for those opportunities or is the company able to provide a bit more disclosure there and maybe what the volume contribution would be.
Speaker Change: Sure So candidly area underground expansion.
Speaker Change: Dave talked about going from 14000 tons per day to 22000 tons per day.
Speaker Change: And we'll likely make a decision later this year so we.
Speaker Change: Obviously, we've made the assumption that they will go ahead with that.
Speaker Change: But they have disclosed whether they will or not on Taco Taco, we just looked at where first quantum is.
Speaker Change: With everything going on in Argentina, It would likely be their next projects that they develop.
Speaker Change: In 2029, we've used we've assumed a partial.
Speaker Change: Yes.
Speaker Change: Ramp up it works out to about 4000, geos to Franco and the total so it's not significant.
Speaker Change: Got it thank you very much.
Speaker Change: And then just a couple of sort of small details so for Palmer eho.
Speaker Change: The disclosures talk about production declining in 2029.
Speaker Change: Is the should we assume that production stays steady through 2028 versus some of the very high levels. This year.
Speaker Change: Thats correct from 2025% to 2028, it's pretty consistent and then it's about a 50% drop in 2029.
Josh Wolfson: And Josh those operations.
Josh Wolfson: Okay, great history of being able to replace ounces. So that's what's in the mine plan today, we hope that in the interim that there'll be the ability to extend that mine plan.
Speaker Change: Got it thank you and one last small housekeeping question.
Josh Wolfson: For both <unk> and <unk>.
Speaker Change: It's not a it's not a huge.
Josh Wolfson: Asset in terms of the overall production.
Josh Wolfson: But just because the royalty has come up pretty strongly in recent years.
Josh Wolfson: The royalty can vary quite a bit depending on what land is being mined for for these new redbird.
Josh Wolfson: Our pits.
Josh Wolfson: Any sort of idea of what the.
Josh Wolfson: Royalty rate would be.
Josh Wolfson: Off the top of my head, Josh I can't recall.
Josh Wolfson: I'll have to get that till now.
Speaker Change: Got it okay. Thanks very much.
Speaker Change: Thank you. The next question comes from Heiko Ely at H C. Wainwright. Please go ahead.
Speaker Change: Hey, there Paul Sandeep and team thanks for taking my questions.
Speaker Change: Recent market volatility has been quite rocky I mean today is another funding in the markets.
Speaker Change: I guess a bit of an open ended question, but I mean do you already see some impact of what's going on.
Speaker Change: Pretty much a restock in these out there flowing going into your M&A discussions or is this essentially offset because gold skull sitting at 29 our books.
Speaker Change: Hi, Joe.
Speaker Change: Yes.
Speaker Change: Everyone is impacted by volatility.
Speaker Change: In some form.
Speaker Change: But I got to say that the gold mining industry is very fortunate in terms of.
Speaker Change: Most places you can put the gold on a claim.
Speaker Change: Slide to wherever you want wherever you want so.
Speaker Change: I'd say of all the industries, it's probably the least impacted.
Speaker Change: And it doesn't come up in conversation, where people are like I want to get out now.
Speaker Change: Soon.
Speaker Change: No no.
Certainly we haven't had any conversations like that.
Speaker Change: Okay.
Speaker Change: Building on what you almost just answered a little bit have there been rumblings of countries trying to Youre awards put stuff on planes and get it out of there make that a little bit tougher given what's going on geopolitically right now.
Speaker Change: Right.
Speaker Change: And our sense of operation cycle, although I'm sure you're familiar that theres been a huge movement in stocks, particularly gold stocks of London, and then for the U S.
Speaker Change: And I believe that some of that happening in terms of copper stocks as well, but I haven't done.
Speaker Change: That I haven't heard it.
Speaker Change: Any of that in other jurisdictions.
Speaker Change: That's reassuring I will get back in queue.
Speaker Change: Okay.
Speaker Change: Thank you. The next question comes from Daniel Major at UBS. Please go ahead.
Speaker Change: Hi, Thanks.
Thanks for the question can you hear me okay.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Great. Thanks.
Speaker Change: Just a first question on the I think have partially answered it already but can you just run us through the delta of the key drivers for the <unk>.
Speaker Change: Moderation in the guidance 2029 versus 2028.
Speaker Change: Sure Hi, Daniel Sandeep here.
Speaker Change: Really the main adjusts the main adjustment is.
Speaker Change: Waterloo pay Paul Maria.
Speaker Change: Or are you essentially based on the mine plan that we have right now.
As Paul mentioned the mine continues to be extended over time. So we're hopeful that the mine life will continue to be extended you get a 50% drop in.
Speaker Change: And Geos and Thats essentially the drop in 2029.
Speaker Change: Thank you that's clear and then.
Speaker Change: The second question, just thinking kings slightly bigger picture about the Spanish deal.
Speaker Change: Profiles.
Speaker Change: It provided I mean, when we look at this.
Speaker Change: Kind of asset towards the upper end of the cost curve over say, a large reserve life, but in the context of a commodity with.
Speaker Change: She challenging longer term fundamentals either no has the plan too.
Speaker Change: Bring on.
Speaker Change: The flat rate towards the end of the decade, I mean, how concerned are you about the longevity of of <unk>.
Speaker Change: Production.
Speaker Change: Basis.
Speaker Change: What kind of cost position of the asset and the fundamental outlook for the market.
Speaker Change: Hi, Daniel Ian Greg.
Speaker Change: Hope to meet you.
Speaker Change: In terms of the assets.
Speaker Change: I actually think that when you look at the cost curve, you'll see therefore towards the middle, especially when you account for byproducts.
Speaker Change: Relative to the plan, where if you're a very significant on PJM byproducts coming out of the <unk>, which is focused on things.
Speaker Change: Things like from Iridium ruthenium.
Speaker Change: Kind of non catalytic uses.
Speaker Change: That stands to benefit these offerings.
Relatively.
Speaker Change: Compared to some of the others.
Speaker Change: Restructure this is a market that as you I'm sure are well aware.
Speaker Change: Off take of concentrates is very limited as to where it could go.
Speaker Change: <unk> fully integrated a lot of these other operations unclear.
Speaker Change: Whether they have all of the offtake or other things such as water and other key elements for production that are necessary.
Speaker Change: Whereas these are very much a fully integrated operations to take a lot of comfort that long term there'll be strong producers.
Speaker Change: That basket of fully integrated nature of the operations.
Speaker Change: Okay. Thanks.
Speaker Change: Thanks for that and then just final one.
Speaker Change: And the last couple of calls.
Speaker Change: Further questions and Theres been some talk about.
Speaker Change: Title losses potash.
Speaker Change: Yes.
Speaker Change: Pete.
Speaker Change: Cloud is small.
Speaker Change: Option from Brazil, Potash Corp, can you give us any sense of.
Speaker Change: Hello.
Speaker Change: Advanced <unk> in this segment of the market with other potential deals and how they.
Speaker Change: Rank relative to other opportunities out there.
Speaker Change: Thanks.
Speaker Change: Maybe on the on the strategy overall.
Speaker Change: Our objective is to be the go to gold stock and that means oil focused is on gold and precious metals.
Speaker Change: But I've always said also.
Speaker Change: Sometimes you can you can take advantage of good opportunities in other commodities when they come along.
Speaker Change: And hence we have had a diversified component over time the opportunity with Brazil potash. There is for a very low entry point, we were able to get an option to ride a royalty if and when that very large potash projects does get developed.
Speaker Change: I think it's a highlight we hope it does this is a very attractive deposit it's very close to the huge agricultural area in Brazil.
Speaker Change: It's cost advantages in terms of logistics are very substantial so.
Speaker Change: I am very hopeful that we'll get to exercise that option over time.
Speaker Change: Other than that as we look at the pipeline that there as usual with a mix of what we're looking at precious metal and diversified but by far the most of it is precious metal and so I expect us most.
Speaker Change: Most likely what you'll see as we go forward the next number of months.
Speaker Change: Okay.
Speaker Change: Great. Thanks, so much ill get back in the queue.
Speaker Change: Thank you. The next question comes from Brian Macarthur at Raymond James. Please go ahead.
Brian Macarthur: Hi, good morning, and thank you for taking my questions most of them answered, but can I go back to the Delta between 28, and 29 I get it.
Speaker Change: A lot of loopy.
Speaker Change: It comes down and I guess youre, saying its the full 25000 ounces, but can I confirm that on the anti pie you talk about it.
Speaker Change: Adding back in 2028 is that at the beginning of the year or is that partially through the year I'm still trying to make up the difference between.
Speaker Change: <unk> 28 and 29.
Brian Macarthur: Yes, so Brian you have it.
Part way through 2008, so youll have a full year dropped in 2009.
Brian Macarthur: So you do lose ounces from <unk> in 2029, so between Guadalupe and <unk> you lose some ounces and then on the other side you've got.
Brian Macarthur: Copper World, you've got top attack.
Brian Macarthur: And that will pick up some of that difference.
Brian Macarthur: Great. Thanks, and just on candle area, while I'm at it the step down from 68% to 40 again is that partially through the year in your assumptions on 2027 or at the beginning of the year.
Brian Macarthur: A partial year.
Brian Macarthur: Great. Thanks very much.
Brian Macarthur: Okay.
Speaker Change: Thank you. The next question comes from Tanya Yeah Kusanagi SKU.
Speaker Change: <unk> Bank. Please go ahead.
Speaker Change: Oh, great. Good morning, everyone. Thank you so much for taking my three questions.
Speaker Change: I just wanted to follow again on this guidance and a lot of it.
Speaker Change: I'm sorry.
Speaker Change: Maybe what I just would like to.
Speaker Change: Clarify with you is that your primary Hello last year of 2029 minor.
Speaker Change: Mine waste solutions has gone is there anything else that is.
Speaker Change: Hi, Dan.
Speaker Change: In this timeframe.
Speaker Change: Contributing.
Speaker Change: Or is it is dying out over this timeframe that we should be aware of.
Speaker Change: From a materiality standpoint, Tanya at those are the two largest.
Speaker Change: Okay perfect.
Speaker Change: Then you mentioned.
Speaker Change: Wanted to understand what is your assumption for Stillwater.
Speaker Change: You are aware, we have a quite a drop in 2025.
Speaker Change: And then so yeah go ahead.
Speaker Change: Alright, so stillwater.
Speaker Change: The operator has guided.
Speaker Change: 265000, PGM ounces for 2025.
Speaker Change: We've assumed that for three years and then it ramps back up.
Speaker Change: Subsequent to that.
Speaker Change: And back to that 500 or 600000 range.
Speaker Change: By 500.
Speaker Change: Yes.
Speaker Change: Thank you and then just continuing on the guidance you mentioned the energy Division.
Speaker Change: Is increasing over this timeframe.
Speaker Change: You used to provide guidance on what the energy contribution.
Speaker Change: Yes.
Speaker Change: 2029 of 2028 guidance.
Speaker Change: We were able to see what percentage of <unk>, 79% to 80% gold or.
Speaker Change: Leaving.
Speaker Change: 76% goals, what would you see.
Speaker Change: The energy as a percentage within your 'twenty, five 2020 nine guidance.
Speaker Change: So I think for 'twenty five 'twenty five we did disclose what the percentage would be energy.
Speaker Change: For 2009.
Speaker Change: Off the top of my head I'd say around 16% to 17% of Geos.
Speaker Change: Okay.
Speaker Change: Great. That's helpful. Thank you and then just a final one on guidance.
Speaker Change: Should that Sandy said, it's going to be.
Speaker Change: Stronger second half.
Speaker Change: And so we understand.
Speaker Change: Neil obviously that cycle from mine ramp up occurring.
Speaker Change: Should I be thinking first half second half is that a very big differences in a 45 55 and again this is Tim.
Speaker Change: Price forecast, assuming them to be flat without movement in commodities.
Speaker Change: I think of it that way is at a 45 55.
Speaker Change: Jess numbers I've looked at and our budgeted assumptions I'd say, it's $47 53.
Speaker Change: Okay and is it quarter over quarter improvement should I be thinking of it that way as well.
Speaker Change: Second quarter will be better than Q1, just because of the timing of the survey.
Speaker Change: But I look to Q3, and Q4 not too far off of our future.
Speaker Change: Okay Alright.
Speaker Change: Alright.
Speaker Change: My guidance.
Speaker Change: Question.
Speaker Change: My second one has to do with them.
Speaker Change: Cobra Panama.
Speaker Change: To confirm again is there any.
Further discussions on the concentrate on site and whether that may be dealt with ahead of you.
Speaker Change: Decisions and our other in 2026 and maybe power is there anything on the concentrate and remind me the size of this concentrate.
Speaker Change: Tenure, there are discussions that the company has been keen to be able to move.
Speaker Change: Initially what were the remaining explosive secondaries.
Speaker Change: Second is to move that concentrate off site. They do have an agreement they have been able to move the explosives. So.
Speaker Change: Discussions continue on the concentrate it is one of the first things so I'd like to get moving.
Speaker Change: As the government gets more willing to discuss progress on the mind.
Speaker Change: In terms of value of our concentrate.
Speaker Change: Thanks to the values in the order of $250 million.
Speaker Change: So as the total value for concentrate.
Speaker Change: Okay, Alright would be good if we could.
Speaker Change: With a concentrate and then just remind me again on that.
Speaker Change: Your security.
Speaker Change: The asset if you will.
Speaker Change: Security at the asset level.
Speaker Change: But you do not have a parent guarantee right.
Speaker Change: I remember that correctly.
Speaker Change: The sort of security and PSA as the operating entity in Panama.
Speaker Change: So we are secured on cash.
Speaker Change: That that operating entity.
Speaker Change: When we look at all these deals.
Speaker Change: As any good bank will tell you, where you want to be as close to the asset as possible.
Speaker Change: So very happy with the security structure that we have an opening.
Speaker Change: Okay.
Speaker Change: The asset, but you don't have a corporate guarantee right.
Speaker Change: Okay.
Speaker Change: We have undertakings up the chain.
Speaker Change: S entities would ensure that the undertakings of NPSA are.
Speaker Change: Are fulfilled.
Speaker Change: Which is also the usual solar provisions that you would get from them.
Speaker Change: And maybe one thing to add tenure in order to have arbitration directly with Panama is very important.
Speaker Change: We are linked directly to the asset so and a lot of cases.
Speaker Change: As to corporate obligation you wouldn't be.
And be able to avail yourself of that.
Type of protection.
Speaker Change: Okay, just one of the benefits that structure.
Speaker Change: Hopefully, we don't get there hopefully all of that is resolved okay.
Speaker Change: Everybody here.
Speaker Change: Okay. So maybe my last question and I'll just continue on the M&A side on the transaction side, John a lot of deals on France.
Speaker Change: France, where potash was a smaller one.
Speaker Change: So where do we stand now on the commodity mix of your deals that you are currently looking at in the market.
Speaker Change: Maybe we can just reduce size wise is it still that $300 million to $500 million is that still the deal sizes are you focused now more on precious metals or have you done enough precious metals.
Speaker Change: Where are we on that.
Speaker Change: It's ASC and again.
Speaker Change: So in terms of metals I think Paul alluded earlier to the fact that we're still very much focused on precious metals. The vast majority of what we're looking at right now is as precious metals. It doesn't mean that there arent good opportunities outside of that but in terms of just.
Speaker Change: Deal flow.
Speaker Change: That's primarily what we're seeing.
Speaker Change: At the moment I think it's a good time.
Speaker Change: And in terms of the complexion of the deals what I would really say is what you saw for the last year is a good reflection of what we're seeing now.
Speaker Change: Last year, obviously was also unprecedented in terms of total dollars that we deployed very happy about just how active we are.
Speaker Change: And the investments that we made.
Speaker Change: But in terms of what they were quite very similar.
Speaker Change: So whether its sai.
Speaker Change: The reason for doing the deal.
Speaker Change: Okay and would it also be for asset.
Speaker Change: For development.
Speaker Change: Nebraska does it fill backfill financing options for smaller companies is that still the case.
Speaker Change: Absolutely I think a core pillar of our business development efforts is project finance.
Speaker Change: Got a strong team to do that.
Speaker Change: All placed with our balance sheet. So we continue to focus very much on trying to.
Speaker Change: Significantly perfect financing deals.
Speaker Change: Okay, and then I wanted to ask you is on the non gold side.
Speaker Change: You said there could be opportunities come up are there opportunities in non core site.
Speaker Change: Your business and if so what sort of size of those.
Potential transaction.
Speaker Change: Certainly there are opportunities.
Speaker Change: Dan.
Dan: Our range in terms of size, that's probably similar to.
Dan: What we've been looking at on the precious metals side tenure some are smaller some are more.
Dan: Medium size.
Dan: Okay, so that $300 million to $500 million.
Dan: Okay.
Dan: Okay and.
Speaker Change: Would we still continue to keep focusing on the SAR does.
Dan: Non gold.
Dan: <unk> is that you have historically looked at or is energy back in the game as I guess, what im asking.
Dan: Would you consider an ODM that non gold component.
Dan: I know you had to put a pause button on it for a while.
Dan: So Tanya ware.
As usual with a diversified strategy is all around being opportunistic.
Dan: Robin starting with a particular commodity.
Dan: So energy is the if the right opportunities that we would also add.
Dan: Bob.
Dan: Great.
Dan: But nothing currently active.
Dan: Okay.
Dan: Okay. Thank you so much for taking my questions I will now I really appreciate it. Thank you.
Dan: Okay.
Speaker Change: Thank you. The next question comes from Martin <unk> at vertex. Please go ahead.
Martin: Yes. Thank you for taking my question.
Speaker Change: Could you give us some precision on what do you expect from took it took it does see Neal Burlington goal for 2025.
Speaker Change: Sure.
Speaker Change: <unk> for 2025.
Speaker Change: Ballantyne will be ramping up in the second half of the year. So it's minimal.
Speaker Change: 500 to 2000.
Speaker Change: Token Danielle fully ramped up by just over 20000 Geos.
Speaker Change: Okay. Thank you.
Speaker Change: We've seen a lot about the CRA and you continue having that there is a recurring issue.
Speaker Change: Well.
Speaker Change: Do you expect some kind of decision in the in this year this coming year.
Speaker Change: Obviously, we're a large cap taxpayer and the view of CRA. So we are constantly audited no different than other large cap taxpayers.
Speaker Change: We had three audit issues outstanding two got resolved, where they dropped the reassessment, we got the transfer pricing.
Speaker Change: Dispute that's ongoing we continue to work with CRA.
Speaker Change: What I'd like to resolve it this year absolutely but.
Speaker Change: With CRA, it's just a question of timing and what their views are so we continue to move forward, but no resolution at this time.
Speaker Change: Okay, but the 2013 16 or something like that.
Speaker Change: Isn't that parts of both too.
Speaker Change: It's supposed to them too.
Speaker Change: Each of decision this year.
Speaker Change: Yes, so you have to.
Speaker Change: They reassess desk, we appealed and then you have to go through a process and work your way towards a potential court date, we're working through that process. You have you have to go through discovery and we've done that now it's just a case of can.
Speaker Change: Can you.
All of it yourselves or would you end up in court so.
Speaker Change: No no decision at this time.
Speaker Change: Okay, great. Thank you very much.
Speaker Change: Thank you. The next question comes from John Tumazos at John Tumazos, very independent research. Please go ahead.
Congratulations on putting $1 billion to work.
Speaker Change: And for the $55 million of discovery today.
Speaker Change: Basically double on a month well done.
If you wanted to go to the future Fisher.
Play golf for the rest of the year, you've done a good job for the shareholders.
Speaker Change: In all seriousness.
Speaker Change: Yes.
In all seriousness could you tell us.
Speaker Change: Your criteria in terms of minimum rate of return gold price or other.
Speaker Change: So in evaluating future deals to not.
Speaker Change: Reduce the average quality of the portfolio given some of the great deals you have in hand.
Speaker Change: And are your criteria.
Speaker Change: Primarily numerical.
Speaker Change: Quantitative.
Speaker Change: Core is qualitative geologic inference.
Speaker Change: More important to you.
Speaker Change: And then peasy.
John I think you've answered the question there.
Speaker Change: Uh huh.
At the end of the day, you got to be invested in good ore bodies.
Speaker Change: Our overall objective is to make sure that we do that and anything that we add it added to the portfolio as a great quality ore body.
Speaker Change: We.
Speaker Change: Anytime we look at a deal and our board constantly reminds us office.
Speaker Change: Whatever you put in your spreadsheet is not going to happen.
Speaker Change: Oh bodies will develop and grow over time commodity prices will change over time.
Speaker Change: So the focus is on the quality of your body is getting the right ones in the portfolio.
Speaker Change: You know, how we think about it which is.
Speaker Change: We are prepared to accept the low rate of return for what you can see today on those ore bodies.
Speaker Change: But if you pick the ones that have got the best thoughts of getting bigger over time, that's really where we make our return the focus is.
Speaker Change: What are your robotics with great economics that we can be very comfortable we're going to get our money back.
And then what are we exposing ourselves to.
Speaker Change: Central Optionality whats the multiple of our money that we can make their hopes and dreams come true for the expansion of the ore bodies.
Speaker Change: In term. Thank you in terms of the new discovery silver and.
Speaker Change: Investment.
Speaker Change: Is it limited to exactly the land holdings bought from Newmont closing.
Speaker Change: And the existing mill and for example.
Speaker Change: Yes, Tony were to buyback as old company Lake Shore Gold from 10 a M.
Speaker Change: Should we assume that's excluded from your royalty.
Speaker Change: John.
Ian: Ian here. Thank you for the kind words upfront on the discovery deal.
Ian: I guess first of all what matters to us is relationships.
Ian: So we are very much trying to support Tony and his efforts.
Ian: As you alluded to to the market.
Ian: He has very ambitious plans for that camp.
Ian: And we want to be there to support him on those we agreed.
Ian: Some partnership clauses in the agreement to provide us certain certain rights.
Ian: In certain circumstances, but we are let's say more as a kind of a commercial loan relationship kind of very key to help them as.
Ian: As he looks at the one year.
Ian: There are many other opportunities not just one in the area. So we are keen to help them evaluate.
Ian: We may be able to maximize.
Speaker Change: Sal you for discovery shareholders of which of course, we are one.
Ian: So.
Ian: It's an exciting for us.
Ian: Thank you.
Speaker Change: Thank you we have no further questions on the phone I will turn the call back over to Ken Peter Haden.
Speaker Change: Thank you. Our first question comes from Berny Picchi Palisade capital management. Additionally, Franco Nevada has avoided investments in certain places Russia. China. For example, the rule of law is critical I was surprised by your investment in <unk> Stillwater.
Speaker Change: Guy has generally not been an area of interest for Franco Nevada can you.
Speaker Change: Explain this decision further.
Speaker Change: Thanks for the question there.
Speaker Change: Our objective is very low risk way of investors can <unk>.
Speaker Change: And best in the industry gold and the benefit of exploration upside.
Speaker Change: <unk> approach Geo politically is you've got to make sure that most of your assets are in great countries and we're blessed.
Speaker Change: So many assets, Canada U S Australia.
Speaker Change: It's got a lot of other.
Speaker Change: Good mining countries in the World and so we're also exposed in Chile, Peru and Brazil.
Speaker Change: <unk>.
Speaker Change: We do have assets in West Africa, and we have had assets in South Africa in particular for many years and interest and mine waste. It wasn't planned this way, but actually.
Speaker Change: The mine waste steel Hassan data pushed about 20, plus thousand ounces a year in geos.
Speaker Change: We're able to do the Sarnia deal similar amount over the long term so our exposure to South Africa.
Speaker Change: About the same as it was previously.
Speaker Change: South Africa is different from much of Africa.
Speaker Change: It is a very well developed mining economy.
Speaker Change: It's got a long history, it's Scott.
Speaker Change: Good Labor force good suppliers.
Speaker Change: And it does have a goodwill law as opposed for mining. So in terms of the amount of exposure. We've got roughly the $500 million are comfortable in putting that in South Africa.
Speaker Change: It does have its risks and its political risks I actually think it's on the uptick.
Speaker Change: In recent years.
Speaker Change: You had the change in government. The AMC is still leading at but for the first time, it's government of National Unity and.
Speaker Change: I think thats put some checks and balance on the ANC in there is there is a good level of optimism in country.
Speaker Change: But it is there is a change in direction in terms of the quality of government management.
Speaker Change: I think you've seen very practical results in terms of a turnaround in the past situations.
Speaker Change: So.
Speaker Change: Well good results on the ground.
Speaker Change: In terms of improving the transportation infrastructure so.
Speaker Change: Quite happy with that.
I think it's going to do us well over time.
Speaker Change: Our next question is also from burning Pgi Palisade capital management. When you say there is $250 million of concentrate.
Speaker Change: On site at Cobre, Panama.
Speaker Change: And first content would like to move how much of that is yours versus sprints contents.
Speaker Change: I haven't done the math recently.
Speaker Change: And what the gold prices at the time, obviously, but.
Speaker Change: Is that roughly the value there.
Speaker Change: We are due to receive is $15 million to $20 million.
Speaker Change: Thank you Paul there are no further questions from the webcast. This concludes our 2024 year end results conference call and webcast.
Speaker Change: We will host our Investor day on Tuesday March 25, 2025, the in person presentation will be hosted at the Lumi experience center in Toronto at one PM Eastern time.
Speaker Change: The presentation will also be available to be virtually registration details are available on our website. We expect to release, our first quarter 2025 results after market close on May eight.
Speaker Change: Conference call held the following morning.
Speaker Change: Thank you for your interest in Franco Nevada.
Speaker Change: Hi.
Thank you ladies and gentlemen. This concludes your conference call for today, we thank you for participating and we ask that you. Please disconnect your lines.