Q1 2025 Franco-Nevada Corp Earnings Call

May 9, 2025

Call is being recorded on May nine 2025.

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Following the presentation, we will conduct a question and answer session where.

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Speaker Change: I would now like to turn the conference call over to your host Candida Hayden Senior Analyst Investor Relations. Please go ahead.

Speaker Change: Thank you Jenny good morning, everyone.

Speaker Change: For joining us today to discuss Franco Nevada's first quarter 2025 results occur.

Operator: This call is being recorded on May 9, 2019.

Speaker Change: Accompanying this call is a presentation, which is available on our website at Franco hyphen, Nevada Dot com.

Operator: At this time, all lines are in a- Following the presentation, we will conduct a question and answer session. where you may ask a question through the phone line or. If you are joining by webcast, you may submit a written question for the Q&A session at any time during this call by typing your question in the Q&A section of the webcast.

Speaker Change: You will also find our full financial results.

Speaker Change: 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.

If you require immediate assistance during this call. Please press star zero with any time for the operator.

Speaker Change: Followed by Sandy Brenna, Chief Financial Officer, who will provide a brief review of our results.

Candida Hayden: I would now like to turn the conference call over to your host, Candida Hayden. Senior Analyst, Investor Relations. Please go ahead.

Speaker Change: I would now like to turn the conference call over to your host Candida Hayden Senior Analyst Investor Relations. Please go ahead.

Operator: If you require immediate assistance during this call, please press star zero at any time for the audio.

Speaker Change: This will be followed by a Q&A period.

Candida Hayden: I would now like to turn the conference call over to your host, Candida Hayden. Senior Analyst, Investor Relations. Please go ahead. Thank you, Jenny.

Candida Hayden: Thank you, Jenny. Good morning, everyone.

Speaker Change: Thank you Jenny good morning, everyone.

Speaker Change: Our full executive team is available to answer any questions.

Candida Hayden: Thank you for joining us today to discuss Franco-Nevada's first quarter 2025 results. Accompanying this call is a presentation, which is available on our website at franco-nevada.com, where you will also find our full financial results. The presentation is also available to view on the webcast.

Speaker Change: For joining us today to discuss Franco Nevada's first quarter 2025 results occur.

Speaker Change: Participants may submit questions by telephone or via the webcast.

Speaker Change: Accompanying this call is a presentation, which is available on our website at Franco hyphen, Nevada Dot com.

Operator: Good morning, everyone.

Operator: Thank you for joining us today to discuss Franco-Nevada's first quarter 2025 results. Accompanying this call is a presentation, which is available on our website at franco-nevada.com, where you will also find our full financial results. The presentation is also available to view on the webcast.

Speaker Change: We 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: You will also find our full financial results.

Speaker Change: The presentation is also available to view on the webcast.

Speaker Change: I'll now turn over the call to Paul Brink, President and CEO of Franco Nevada.

Candida Hayden: During our call this morning, Paul Brink, President and CEO of Franco-Nevada, will provide introductory remarks.

Speaker Change: During our call. This morning, Paul Brink, President and CEO of Franco Nevada will provide introductory remarks.

Speaker Change: Thank you you can data and good morning, everyone.

Speaker Change: Today, we are reporting our best financial results ever.

Candida Hayden: followed by Sandip Rana, Chief Financial Officer, who will provide a brief review of our results. This will be followed by a Q&A period. Our full executive team is available to answer any questions. Participants may submit questions by telephone or via the webcast.

Speaker Change: Followed by Sandy Brenna, Chief Financial Officer, who will provide a brief review of our results.

Operator: During our call this morning, Paul Brink, President and CEO of Franco-Nevada, will provide introductory remarks. followed by Sandip Rana, Chief Financial Officer, who will provide a brief review of our results.

Speaker Change: Record quarterly top and bottom line results.

Speaker Change: Without any contributions from corporate bonds.

This will be followed by a Q&A period.

Speaker Change: Our full executive team is available to answer any questions.

Speaker Change: The results benefited from elevated gold prices a good contribution from hemlo NPI.

Speaker Change: Participants may submit questions by telephone or via the webcast.

Operator: This will be followed by a Q&A period. Our full executive team is available to answer any questions. Participants may submit questions by telephone or via the webcast.

Speaker Change: Strong production from IHS.

Candida Hayden: We 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: We're looking forward to added contributions through the year in particular from the ongoing ramp up of <unk> and.

Speaker Change: And greenstone and the startup of Valentine.

Operator: We 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: As well as contributions from the new combined royalty.

Paul Brink: I will now turn over the call to Paul Brink, President and CEO of Franco-Nevada. Thank you, Candida, and good morning, everyone. Today we're reporting our best financial results ever. We achieved record quarterly top and bottom line results and that without any contributions from corporate banks. Results benefited from elevated gold prices. A good contribution from Hemlo NPI and strong production from IAG. We're looking forward to added contributions through the year, in particular from the ongoing ramp-up of Toca do Zinho and Greenstone and the start-up of Valentine Gold. as well as contributions from the new Porcupine World.

Speaker Change: I'll now turn over the call to Paul Brink, President and CEO of Franco Nevada.

Speaker Change: On the topic of corporate Panama, President Malino, Panama continues to indicate a willingness of discussions about the mine this year.

Speaker Change: Thank you you can data and good morning, everyone.

Paul Brink: I will now turn over the call to Paul Brink, President and CEO of Franco-Nevada. Thank you, Candida, and good morning, everyone. Today we're reporting our best financial results ever. We achieved record quarterly top and bottom line results and that without any contributions from corporate banks. The results benefited from elevated gold prices. A good contribution from Hemlo NPI, and strong production from IAG. We're looking forward to added contributions through the year, in particular from the ongoing ramp-up of Toca do Zinho and Green Storm and the start-up of Valentine Gold. as well as contributions from the new Porcupine World.

Speaker Change: Today, we are reporting our best financial results ever.

Speaker Change: And we are encouraged by recent statements regarding it.

Speaker Change: Record quarterly top and bottom line results.

Speaker Change: It was an active quarter for our community support program and we funded contributions for a waste management initiative at Cascabel Togo.

Speaker Change: Without any contributions from corporate bonds.

Speaker Change: The results benefited from elevated gold prices a good contribution from hemlo NPI.

Speaker Change: Reopening of the museum.

Speaker Change: Northern history in Kirkland Lake with Mako Eagle and Al Moss.

Speaker Change: Strong production from our energy.

Speaker Change: And a contribution to pursue the Soo area Hospital Foundation with outage.

Speaker Change: We're looking forward to added contributions through the year in particular from the ongoing ramp up of <unk> and.

Speaker Change: During the quarter, we closed the previously announced $500 million acquisition of a screen.

Speaker Change: And greenstone and the startup of Valentine.

Speaker Change: Scream on <unk> Stillwater is western limb mining operations.

Speaker Change: As well as contributions from the new combined royalty.

Speaker Change: And we received the initial payment which relates to operations in the last four months of last year.

Paul Brink: On the topic of corporate Panama, President Molino of Panama continues to indicate a willingness to hold discussions about the mine this year. And we're encouraged by his recent statements in this regard.

Speaker Change: On the topic of corporate Panama, President Malino, our Panama continues to indicate a willingness of discussions about the mine this year.

Speaker Change: We ended the quarter debt free and with $2 1 billion in available capital.

Speaker Change: And we are encouraged by recent statements regarding it.

Speaker Change: And post quarter end, we closed the acquisition of or in a quarter percent MSR royalty for $300 million was discovered so far on the Porcupine complex.

Paul Brink: It was an active quarter for our community support program and we funded contributions for a waste management initiative at Kaskabel, Sogol. The reopening of the Museum of Northern History in Kirkland Lake with Techniko Eagle and ALMOS. and a contribution to the Sioux Area Hospital Foundation with Al.

Speaker Change: It was an active quarter for our community support program and we funded contributions from a waste management initiative at Cascabel logo.

Speaker Change: You will recall as part of that financing package. We also provided $100 million loan facility and we had a roughly with <unk>.

Paul Brink: It was an active quarter for our community support program, and we funded contributions for a waste management initiative at Kaskabel, Sogol. The reopening of the Museum of Northern History in Kirkland Lake with Techniko Eagle and ALMOS and a contribution to the Sioux Area Hospital Foundation with Al. During the quarter, we closed the previously announced $500 million acquisition of a stream on Sabania Stillwaters, Western Limb Mining Operations. And we received the initial payment, which relates to operations in the last four months, the last We ended the quarter debt free and with $2.1 billion in available capital.

Speaker Change: Reopening of the museum.

Technical Eagle: Northern history in Kirkland Lake with technical Eagle and Al Moss.

Speaker Change: And a contribution to the Soothsaying Sue area Hospital Foundation with outage.

Speaker Change: <unk>, a roughly $70 million Canadian lead order and their equity issue.

Speaker Change: Needless to say, we are delighted with the roughly tripling value of the shares from our purchase price.

Paul Brink: During the quarter, we closed the previously announced $500 million acquisition of a stream on Savannia Stillwaters, Western Limb Mining Operations. And we received the initial payment, which relates to operations in the last four months, the last We ended the quarter debt-free and with $2.1 billion in available capital. And post-quarter end, we closed the acquisition of a 4.25% NSR royalty for $300 million with Discovery Silver on the Porcupine Corp. You'll recall as part of that financing package, we also provided a $100 million loan facility, and we had a roughly, we provided a roughly $70 million Canadian lead order in their equity issue.

Speaker Change: During the quarter, we closed the previously announced 500 million acquisition of a screen.

Speaker Change: <unk> Stillwater is western limb mining operations.

Speaker Change: We remain well capitalized that further growth.

Speaker Change: And we received the initial payment which relates to operations in the last four months of last year.

Speaker Change: And our business development team has a number of actionable opportunities.

Speaker Change: Further attractive assets this year.

Speaker Change: We ended the quarter debt free and with $2 1 billion in available capital.

Speaker Change: With that I'll hand, the call center.

Speaker Change: Thanks, Paul Good morning, everyone as Paul mentioned.

Speaker Change: And post quarter end, we closed the acquisition of or in a quarter percent MSR royalty or $300 million was discovered so far on the corporate bond complex.

Speaker Change: Franco Nevada reported record financial results for first quarter ended March 31 2025.

Paul Brink: And post-quarter end, we closed the acquisition of a 4.25% NSR royalty for $300 million with Discovery Silver on the Porcupine Company. You'll recall as part of that financing package, we also provided a $100 million loan facility, and we had a roughly, we provided a roughly $70 million Canadian lead order in their equity issue. Needless to say, we're delighted with the roughly triple in value of the shares from We remain well capitalized to add further growth.

Speaker Change: As the results of both strong production from our asset base and higher precious metal prices.

Speaker Change: You will recall as part of that financing package. We also provided a $100 million loan facility and we had a roughly we've provided a roughly $70 million Canadian lead order and their equity issue.

Speaker Change: Precious metal prices with bold in particular, we're very strong in first quarter on slide four youll see a comparison of commodity prices for Q1, 2025, and Q1 2024.

Paul Brink: Needless to say, we're delighted with the roughly triple in value of the shares from our We remain well capitalized to add further growth.

Speaker Change: Needless to say, we are delighted with the roughly tripling value of the shares from our purchase price.

Speaker Change: Goldman silver prices increased significantly year over year with the average gold price being higher by 38% in the quarter and average silver price be higher by 37%.

Speaker Change: We remain well capitalized to add further growth.

Paul Brink: and a business development team have a number of actionable opportunities that could add further attractive assets.

Speaker Change: And our business development team has a number of actionable opportunities could add further attractive assets this year.

Speaker Change: Prices for Palladium and oil continues to be volatile and were lower compared to prior year. However, you did see a significant increase in natural gas prices.

Paul Brink: With that, I'll hand the call to...

Speaker Change: With that I'll hand, the call to <unk>. Thanks.

Unknown Executive: and a business development team have a number of actual opportunities that could add further attractive assets.

Sandip Rana: Thanks, Paul. Good morning, everyone. As Paul mentioned, Franco-Nevada reported record financial results for first quarter ended March 31st, 2025. This was the result of both strong production from our asset base and higher precious metal. Precious metal prices with gold in particular were very strong in first quarter. On slide four, you'll see a comparison of commodity prices for Q1 2025 and Q1 2024. Gold and silver prices increased significantly year over year with the average gold price being higher by 38% in the quarter and average silver price being higher by 37%. Prices for palladium ion or in oil continue to be volatile and were lower compared to prior year, however you did see a significant increase in natural gas prices.

Paul Brink: Thanks, Paul Good morning, everyone.

Paul Brink: As Paul mentioned Franco Nevado reported record financial results for first quarter ended March 31, 2025. This was the result of both strong production from our asset base and higher precious metal prices.

Speaker Change: On slide five we highlight total geos sold and net Geos sold for Q1, 2025 Q1 2024.

Sandip Rana: With that, I'll hand the call to Thanks, Paul. Good morning, everyone. As Paul mentioned, Franco-Nevada reported record financial results for first quarter ended March 31, 2025. This was the result of both strong production from our asset base and higher precious metal prices. Precious metal prices, with gold in particular, were very strong in first quarter. On slide 4, you'll see a comparison of commodity prices for Q1 2025 and Q1 2024. Gold and silver prices increased significantly year-over-year, with the average gold price being higher by 38% in the quarter, and average silver price being higher by 37%.

Speaker Change: Total Geos sold were 126585 in the quarter.

Paul Brink: Precious metal prices with gold in particular, we're very strong in first quarter on slide four youll see a comparison of commodity prices for Q1 2025 in Q1 2020 for Goldman.

Speaker Change: <unk> to 122007 first quarter 2024, 3% increase.

Speaker Change: Precious metal Geos sold in the quarter were 106, 23 higher by 8% compared to prior year.

Paul Brink: Goldman silver prices increased significantly year over year with the average oil price being higher by 38% in the quarter and average silver price being higher by 37%.

Speaker Change: For the quarter, we received strong contributions from candle area and benefited from the recent acquisitions made Yannick culture and Western wind mining operations as Paul mentioned, we did receive our first yields from western limb in the quarter, which were related to the production period September <unk> to December 31 of last year.

Paul Brink: As for Palladium iron ore and oil continues to be volatile and were lower compared to prior year. However, you did see a significant increase in natural gas prices.

Sandip Rana: Prices for palladium ion oil continue to be volatile and were lower compared to prior year, however you did see a significant increase in that. On slide five, we highlight total GEOs sold and net GEOs sold for Q1 2025, Q1 2024. Total Geo sold were $126,585 in the quarter compared to $122,897 first quarter of 2024, a 3% increase. Precious Metal Geos sold in the quarter were $100,623, higher by 8% compared to prior year. For the quarter, we received strong contributions from Candelaria and benefited from the recent acquisitions made, Yana Kocha, and Western Limb Mining Operations. As Paul mentioned, we did receive our first geos from Western Limb in the quarter, which were related to the production period September 1st to December 31st of last year.

Sandip Rana: On slide five, we highlight total GEOs sold and net GEOs sold for Q1 2025, Q1 2024. Total Geo sold were $126,585 in the quarter compared to $122,897 first quarter of 2024, a 3% increase. Precious metal geos sold in the quarter were $100,623, higher by 8% compared to prior year. For the quarter, we received strong contributions from Candelaria and benefited from the recent acquisitions made, Yana Kocha, and Western Limb Mining Operations. As Paul mentioned, we did receive our first geos from Western Limb in the quarter, which were related to the production period September 1st to December 31st of last year.

Paul Brink: On slide five we highlight total geos sold and net yield for Q1, 2025 Q1 2024.

Speaker Change: <unk> related to January 2025 were delivered in April and it's important to note. There is a three months delay between production and delivery to Franco Nevada.

<unk> sold over 126585 in the quarter compared to 122019 staffing first quarter of 2024, 3% increase.

Speaker Change: In addition to better performance from candle area and receiving Geos from recent acquisitions. We also benefited from the continued ramp up of operations at new milestone <unk> greenstone I look forward to increasing contributions from these assets.

Paul Brink: Precious metal Geos sold in the quarter were 106, 23 higher by 8% compared to prior year.

Speaker Change: One of the key outperformers versus our expectations was the hemlo NPI.

Paul Brink: For the quarter, we received strong contributions from candle area and benefited from the recent acquisitions made Yannick culture and Western wind mining operations as Paul mentioned, we did receive our first yields from western limb in the quarter, which were related to the production period September one to December 31 of last year.

Speaker Change: We did record a catch up accrual related to 2024 that was recorded in the first quarter, but the hemlo NPI again showed its leverage to higher gold prices.

Speaker Change: Revenue reported for the quarter was $17 7 million compared to $4 8 million a year ago.

Sandip Rana: GEOs related to January 2025 were delivered in April, and it's important to note there's a three-month delay between production and delivery to Franco-Nevada. In addition to better performance from Candelaria and receiving Geos from recent acquisitions, we also benefited from the continued ramp-up of operations at new mines Tokens Inyo and Greenstone. I look forward to increasing contributions from these assets.

Paul Brink: <unk> related to January 2025 were delivered in April and it's important to note. There's a three month delay between production and delivery to Franco Nevada.

Speaker Change: Diversified Geo sold over 25960, <unk> for the quarter compared to 29 879 for prior year.

Sandip Rana: Geo is related to January 2025, or delivered in April, and it's important to note there's a three-month delay between production and delivery to Franco-Nevada. In addition to better performance from Candelaria and receiving GEOs from recent acquisitions, we also benefited from the continued ramp-up of operations at new mining tokens in NEO and Greenstone.

Paul Brink: In addition to better performance from candle area and receiving Geos from recent acquisitions. We also benefited from the continued ramp up of operations at new milestone continue greenstone.

Speaker Change: Despite diversified revenue being higher by 21% year over year, $74 8 million versus $61 6 million.

Speaker Change: The approximate 4000 Geos sold reduction is due to the impact of higher coal prices went converting revenue to geos.

Paul Brink: I look forward to increasing contributions from these assets.

Sandip Rana: One of the key outperformers versus our expectations was the Hamlow NPR. We did record a patch up accrual related to 2024 that was recorded in first quarter, but the Hemlow NPI again showed its leverage to higher gold prices. Revenue recorded for the quarter was $17.7 million compared to $4.8 million a year.

Paul Brink: One of the key outperformance versus our expectations was the hemlo NPI.

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.

Sandip Rana: I look forward to increasing contributions from these assets. One of the key outperformers versus our expectations was the AMLO-MPI. We did record a catch-up accrual related to 2024 that was recorded in first quarter, but the Hemlow MTI again showed its leverage to higher gold prices. Revenue recorded for the quarter was $17.7 million compared to $4.8 million a year. Diversified Geo sold for $25,962 for the quarter, compared to $29,879 for prior year, despite diversified revenue being higher by 21% year-over-year, $74.8 million versus $61.6 million. The approximate 4,000 geo sold reduction is due to the impact of higher gold prices when converting revenue.

Paul Brink: We did record a catch up accrual related to 2024 that was recorded in the first quarter, but the hemlo NPI again showed its leverage to higher gold prices.

Speaker Change: Royalty geos are higher margin geos as theres minimal cost associated.

Paul Brink: Revenue reported for the quarter was $17 7 million compared to $4 8 million a year ago.

Speaker Change: Versus stream Geos were in ongoing fixed payment is required.

Speaker Change: The measure net geos removes the cost of sales component for all Geos. So that you have sold a represented after costs for.

Sandip Rana: Diversified GEOs sold were $25,962 for the quarter, compared to $29,879 for prior year, despite diversified revenue being higher by 21% year-over-year, $74.8M vs $61.6M. The approximate $4,000 GEO sold reduction is due to the impact of higher gold prices when converting revenue.

Paul Brink: Diversified Geo sold over 25960, <unk> for the quarter compared to 29879 for prior year.

Speaker Change: For Q1, 2025, net Geos were 113138 for Franco Nevada, compared to 106681 in Q1, 2024% to 6% increase.

Paul Brink: Despite diversified revenue being higher by 21% year over year, $74 8 million versus $61 6 million the.

Paul Brink: The approximate 4000 Geos sold reduction is due to the impact of higher coal prices when converting wrapping to geos.

Speaker Change: I think it's important to note that when looking at our growth going forward. The majority of that growth comes from high margin royalty geos versus streams.

Sandip Rana: As we look at our royalty and streaming business, we think it's important to evaluate contributions from assets based on margin contribution and not necessarily top line measures. Royalty geos are higher margin geos as there's minimal cost associated. versus Dream Geos where an ongoing fixed payment is required. The measure net geos removes the cost of sales component for all geos, so that geos sols are represented on it. For Q1 2025, Net Geos were $113,138 for Franco-Nevada, compared to $106,681 in Q1 2020. at 6% increase.

Paul Brink: 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.

Speaker Change: As you turn to slide six we have highlighted our revenue and adjusted EBITDA results for the last five quarters total revenue for the quarter was $368 4 million, which is a record for Franco Nevada. This compares to $256 8 million last year, a 43% increase precious.

Sandip Rana: As we look at our royalty and streaming business, we think it's important to evaluate contributions from assets based on margin contribution and not necessarily top line measures. Royalty geos are higher margin geos as there's minimal cost associated. versus Dream Geos where an ongoing fixed payment is required. The measure net geos removes the cost of sales component for all geos, so that geos sold are represented optimally. The Q1 2025 Net Geos were $113,138 for Franco-Nevada compared to $106,681 in Q1 2020. A six-percent increase.

Paul Brink: Royalty geos or higher margin geos as theres minimal cost associated.

Paul Brink: Versus stream Geos were in ongoing fixed payment is required.

Paul Brink: The measure net geos removes the cost of sales components for all Geos. So that Geo sold are represented after cost.

Speaker Change: Precious metals accounted for 79% of revenue.

Speaker Change: Adjusted EBITDA also record was 49% higher for the quarter at $329 $321 9 million compared to $216 1 million in first quarter of 2024.

Paul Brink: For Q1, 2025, net Geos were 113138 for Franco Nevada, compared to 106681 in Q1, 2024% to 6% increase.

Sandip Rana: I think it's important to note that when looking at our growth going forward, the majority of that growth comes from high-margin Rural TGOs versus Streams. As you turn to slide six, we have highlighted our revenue and adjusted EBITDA results for the last five quarters. Total revenue for the quarter was $368.4 million, which is a record for Franco-Nevada. This compares to $256.8 million last year, a 43% increase. Precious metals accounted for 79% of the total. Justin Iveda also records 49% higher to the quarter at $321.9 million compared to $216.1 million in Q1 2020.

Speaker Change: Slide seven highlights the key financial metrics used by the company as mentioned total Geos were approximately $126 5000, generating $368 $4 million in revenue during the quarter.

Paul Brink: I think it's important to note that when looking at our growth going forward. The majority of that growth comes from high margin royalty geos versus streams.

Sandip Rana: I think it's important to note that when looking at our growth going forward, the majority of that growth comes from high-margin Rural TGOs versus Streams. As you turn to slide 6, we have highlighted our revenue and adjusted EBITDA results for the last five quarters. Total revenue for the quarter was $368.4 million, which is a record for Franco-Nevada. This compares to $256.8 million last year, a 43% increase. Precious Metals accounted for 79% of the total. Justin Iveda's also record was 49% higher to the quarter at $321.9 million compared to $216.1 million in the first quarter. Slide 7 highlights the key financial metrics used by the company.

Paul Brink: As you turn to slide six we have highlighted our revenue and adjusted EBITDA results for the last five quarters total revenue for the quarter was $368 4 million, which is a record for Franco Nevada. This compares to $256 8 million last year, a 43% increase precious.

Speaker Change: With respect to costs, we did have an increase in cost of sales compared to Q1 2024 due to higher stream ounces sold.

Speaker Change: Cost of sales was $38 $5 million versus $33 6 million last year.

Speaker Change: Depletion did increase as well to $68 4 million versus $58 2 million a year ago depletion is based on actual mining geos sold and barrels of oil equipment equivalent received from the energy Division.

Paul Brink: Precious metals accounted for 79% of revenue.

Paul Brink: Adjusted EBITDA was also a record of 49% higher for the quarter at $329 $321 9 million compared to $216 1 million first quarter of 2024.

Speaker Change: As we received more geos from candle area and began depleting our recent transaction Janet <unk>, China Western live mining operations. This impacted depletion as those assets are currently higher per ounce depletions.

Sandip Rana: Slide 7 highlights the key financial metrics used by the company. As mentioned, total GEOs were approximately $126.5K, generating $368.4M in revenue during the quarter. With respect to cost, we did have an increase in cost of sales compared to Q1 2024 due to higher stream ounces sold. Cost of sales is $38.5 million versus $33.6 million. Depletion did increase as well to 68.4 million versus 58.2 million a year ago. Depletion is based on actual mining geos sold and barrels of oil equivalent received from the Energy Division. As we received more geos from Candelaria and began depleting our recent transaction Janet Fouché and Western Limb Mining operations, this impacted depletion as those assets are currently higher per ounce depleted.

Paul Brink: Slide seven highlights the key financial metrics used by the company as mentioned total Geos were approximately $226 5000, generating $368 $4 million in revenue during the quarter.

Speaker Change: Adjusted net income was $205 6 million or a $1 seven per share for the quarter, both up 51% versus prior year.

Paul Brink: With respect to costs, we did have an increase in cost of sales compared to Q1 2024 due to higher stream ounces sold.

Sandip Rana: As mentioned, total GEOs were approximately $126.5K, generating $368.4M in revenue during the quarter. With respect to cost, we did have an increase in cost of sales compared to Q1 2024 due to higher stream ounces sold. Cost of sales is $38.5 million versus $33.6 million. Depletion did increase as well to 68.4 million versus 58.2 million a year ago. Depletion is based on actual mining geos sold and barrels of oil equivalent received from the Energy Division. As we received more geos from Candelaria, and began depleting our recent transaction Janet Kocha and Western Limb Mining operations, this impacted the deletion as those assets are currently higher per ounce deployed.

Speaker Change: Slide eight highlights the continued diversification of the portfolio, 79% of our Q1 2025 revenue was generated by precious metals with revenue being sourced 84% from the.

Paul Brink: Cost of sales was $38 $5 million versus $33 6 million last year.

Paul Brink: Depletion did increase as well to $68 4 million versus $58 2 million a year ago depletion is based on actual mining geos sold and barrels of oil equipment equivalent received from the energy Division.

Speaker Change: Our largest contributor to revenue was <unk>.

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

Speaker Change: Our first quarter 2025, the cash cost per Geo, which is essentially cost of sales divided by gold equivalent ounces sold was $304 per geo.

Paul Brink: As we received more geos from tangible area and began depleting our recent transaction Janet Chen of Western live mining operations. This impacted depletion as those assets are currently higher per ounce depletion assets.

Speaker Change: This compares to $2 73 per <unk> in Q1 2024.

Sandip Rana: Adjusted net income was $205.6 million, or $1.07 per share for the quarter, both up 51% versus prior.

Paul Brink: Adjusted net income was $205 6 million or a $1 seven per share for the quarter, both up 51% versus prior year.

Speaker Change: As the gold price has risen Franco Nevada has seen a significant increase in our margin per geo with it being over $2500 per Geo in Q1 2025.

Sandip Rana: Adjusted net income was $205.6 million, or $1.07 per share for the quarter, both up 51% versus prior.

Sandip Rana: Slide 8 highlights the continued diversification of the portfolio. 79% of our Q120.25 revenue was generated by precious metals, with revenue being sourced 84% from the... Our largest contributor to revenue was Candelaria.

Paul Brink: Slide eight highlights the continued diversification of the portfolio, 79% of our Q1 2025 revenue was generated by precious metals with revenue being sourced 84% from the apartments.

Speaker Change: As we've always said in a rising commodity price environment, we expect to benefit fully is the cost per geo should not increase significantly.

Speaker Change: And lastly, slide 10 summarizes the financial resources available to the company when including our credit facility of $1 billion total available capital at March 31.

Speaker Change: Our largest contributor to revenue was candle area.

Sandip Rana: Slide 9 illustrates the strength of our business model to continue to generate high margins. For first quarter 2025, the cash cost per GEO, which is essentially cost of sales divided by hold equivalent assets sold, was $304 per GEO. This compares to $273 per GEO in Q1 2021. As the gold price has risen, Franco-Nevada has seen a significant increase in our margin per geo, with it being over $2,500 per geo in Q1 2020. As we've always said, in a rising commodity price environment, we expect to benefit fully as the cost per geo should not increase significantly.

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

Speaker Change: It's one 9 billion. However, this isn't that that 300 million funded after quarter end for the Porcupine royalty.

Speaker Change: First quarter 2025, the cash cost per Geo, which is essentially cost of sales divided by gold equivalent ounces sold was $304 per geo.

Sandip Rana: Slide 9 illustrates the strength of our business model to continue to generate high margins. For first quarter 2025, the cash cost per GEO, which is essentially cost of sales divided by hold equivalent assets sold, was $304 per GEO. This compares to $273 per GEO in Q1 2021. As the gold price has risen, Franco-Nevada has seen a significant increase in our margin per geo, with it being over $2,500 per geo in Q1 2020. As we've always said, in a rising commodity price environment, we expect to benefit fully if the cost per geo should not increase significantly.

Speaker Change: The company remains well capitalized to continue to add long life high quality asset to the portfolio.

Speaker Change: This compares to $2 73 per geo or in Q1 2024.

And now I will pass it back over to Jenny and we're happy to answer any questions.

Speaker Change: As the gold price has risen Franco Nevada has seen a significant increase in our margin per geo with it being over $2500 per Geo in Q1 2025.

Speaker Change: Okay.

Speaker Change: Thank you could you would like to ask a question it seems with Transtar Linden number one on your telephone keypad.

Speaker Change: As we've always said in a rising commodity price environment, we expect to benefit fully is the cost per geo should not increase significantly.

Speaker Change: I would like to withdraw your question. Please.

Speaker Change: Please press star two.

Speaker Change: Joining us on the webcast. Please submit your question through the Q&A section of the webcast platform.

Sandip Rana: And lastly, slide 10 summarizes the financial resources available to the company when including our credit facility of $1 billion, total available capital at March 31st. It's $1.9 billion. However, this is net the $300 million funded after quarter end for the porcupine. The company remains well capitalized to continue to add long-life, high-quality assets to the portfolio.

Speaker Change: And lastly, slide 10 summarizes the financial resources available to the company when including our credit facility of $1 billion total available capital at March 31.

Speaker Change: Once again that is star one should you wish to ask a question on the phone lines.

Sandip Rana: And lastly, slide 10 summarizes the financial resources available to the company when including our credit facility of $1 billion, total available capital at March 31st. It's $1.9 billion. However, this is not the $300 million funded after quarter end for the porcupine. The company remains well-capitalized to continue to add long-life, high-quality assets to the portfolio.

Speaker Change: Your first question is from Heiko.

Speaker Change: It's one 9 billion. However, this isn't that the 300 million funded after quarter end for the Porcupine royalty.

Speaker Change: Tom H C. Wainwright your line is now open.

Speaker Change: Hey, good morning, Paul Sandeep and team Happy Friday.

Speaker Change: The company remains well capitalized to continue to add long life high quality assets in our portfolio.

Heiko: Okay Heiko.

Heiko: Yes.

Heiko: You did see conversion of the net profit ratios on Pandora into.

Candida Hayden: And now I'll pass it back over to Janie, and we're happy to answer any questions. Thank you.

Jenny: Now I will pass it back over to Jenny and we're happy to answer any questions.

Heiko: Where the net smelter return royalty our curiosity given current commodity pricing is that something where you are getting more and more operators are approaching you on some sort of conversion.

Speaker Change: Okay.

Speaker Change: Thank you could you would like to ask a question simply press Star then the number one on your telephone keypad. If you would like to withdraw your question. Please.

Operator: If you would like to ask a question, simply press star, then the number 1 on your telephone keypad. If you would like to withdraw your question... Please press star.

Candida Hayden: And now I'll pass it back over to Jenny, and we're happy to answer any questions. Thank you. If you would like to ask a question, simply press star, then the number 1 on your telephone keypad. If you would like to withdraw your question... Please press star.

Heiko: Two streams was what was always under the impression that.

Speaker Change: Press Star two.

Operator: If you are joining us on the webcast, please submit your question through the Q&A section of the webcast. Once again, that is star one.

Speaker Change: Joining us on the webcast. Please submit your question with the Q&A section of the webcast platform.

Heiko: In general once the stream is there sort of stays in that doesn't really get renegotiated.

Speaker Change: Once again that is star one should you wish to ask a question on the phone lines.

Heiko: As there are more seats right now with people trying to do things given that all the operators have more cash flow than they probably fall a year ago.

Operator: Should you wish to ask a question?

Candida Hayden: If you are joining us on the webcast, please submit your question through the Q&A section of the webcast. Once again, that is star one. Should you wish to ask a question?

Heiko Ihle: Your first question is from Heiko Ihle from HC Wainwright. Your line is now open. Hey, good morning, Paul, Sandip, and team. Happy Friday. Likewise.

Speaker Change: Your first question is from Heiko.

Speaker Change: H C. Wainwright your line is now open.

Heiko: I don't see it as a theme at the moment that conversion was just a function of the transaction, we did with Stillwater at the time.

Heiko: Hey, good morning, Paul So underpin team happy Friday.

Heiko Ihle: Your first question is from Heiko Ihle from HC Wainwright. Your line is now open. Hey, good morning, Paul, Sandip, and team. Happy Friday. Likewise. You did the conversion of the net profit interest on Pandora into a net smelt of return, a royalty. Out of curiosity, given current commodity pricing, is that something where you're getting more and more operators approaching you on some sort of conversion or amendment to streams? Because I was always under the impression that, you know, in general, once a stream is there, it sort of stays and it doesn't really get renegotiated. Is there more seen right now with people trying to do things, given that a lot of the operators have more cash flow than they probably thought a year ago?

Speaker Change: Hi, Hi, So my question.

Heiko Ihle: You did the conversion of the net profit interest on Pandora into a net smelter return, a royalty. Out of curiosity, given current commodity pricing, is that something where you're getting more and more operators approaching you on some sort of conversion or amendment to streams? Because I was always under the impression that in general, once a stream is there, it sort of stays and it doesn't really get renegotiated. Is there more seen right now with people trying to do things, given that a lot of the operators have more cash flow than they probably thought a year ago?

Speaker Change: You did see conversion of the net profit ratios on Pandora into.

Heiko: And it did make more sense in doing that to convert that into an MSR, which is.

Speaker Change: Net smelter return royalty out of curiosity, given current commodity pricing is that something where you are getting more and more operators are approaching you on some sort of conversion or amendment.

Heiko: More predictable instrument for us.

Heiko: So I would say, it's more just related to that particular transaction.

Heiko: Fair enough. So we shouldnt expect anything else like this.

Heiko: Q2 and beyond really.

Speaker Change: Two streams was what was always under the impression that.

Heiko: Yes, no conversions expected.

Speaker Change: In general Whats the stream is there sort of stays in that doesn't really get renegotiated.

Okay.

Heiko: And then something completely different.

Speaker Change: There was an article in the Wall Street Journal, a couple of days ago, with Warren Buffett and the stake in the Occidental petroleum.

Speaker Change: Is there a more C right now with people trying to do things given that all the operators have more cash flow than they probably fall a year ago.

Heiko: And essentially it's up to you.

Paul Brink: I don't see a theme at the moment. That conversion was just a function of the transaction that we did. It was still water at the time. And it did make more sense in doing that to convert that into an NSR, which is... a more predictable instrument for us. So I'd say it's more just related to a particular transaction.

Heiko: Investment didn't really work out.

Speaker Change: I don't see it as a theme at the moment that conversion was just a function of the transaction, we did with Stillwater at the time.

Heiko: In contrast, your U S energy interests actually quite okay, with obviously higher royalty rates in the Permian.

Speaker Change: And it did make more sense in doing that to convert that into an MSR, which is.

Heiko: Just want to see what have you been doing better and given current pricing what are you seeing with the new royalty investments in that space.

Speaker Change: More predictable instrument for us.

Speaker Change: I would say, it's more just related to that particular transaction.

Heiko Ihle: Fair enough, so we shouldn't expect anything else like this in Q2 and beyond, really. Yeah, no conversions expected. Okay.

Speaker Change: Fair enough. So we shouldn't expect anything else like this.

Heiko: Okay.

Tom: No Tom here.

Speaker Change: Q2 and beyond really.

Tom: I don't think we have a similar interest as oxy did we're a passive investor in our royalties in the U S.

Speaker Change: Yes, no conversions expected.

Heiko Ihle: Fair enough, so we shouldn't expect anything else like this in Q2 and beyond, really. Yeah, no conversions expected.

Heiko Ihle: And then something completely different. There was an article in the Wall Street Journal a couple of days ago with Warren Buffett and his stake in Occidental Petroleum, and essentially it said the investment didn't really work out. In contrast, your U.S. energy interests actually did quite okay with, you know, obviously higher royalty rates than the Parmian.

Speaker Change: Okay.

Speaker Change: And then something completely different.

Tom: So we don't have maybe the cost structure et cetera that that obviously would have in some of the performance issues.

Speaker Change: There was an article in the Wall Street Journal, a couple of days ago, with Warren Buffett and the stake in the Occidental petroleum.

Jason OConnell: And then something completely different, there was an article in the Wall Street Journal a couple of days ago with Warren Buffett and his stake in Occidental Petroleum, and essentially it said the investment didn't really work out. In contrast, your U.S. energy interests actually did quite okay with, you know, obviously higher royalty rates than the Parmian. Just want to see what have you been doing better, and given current pricing, what are you seeing with new royalty investments in that space?

Tom: They may have had.

Speaker Change: And essentially it's up to you.

Tom: I think our exposure in the U S is fairly broad we've got access to most of the major.

Speaker Change: So it didn't really work out.

Speaker Change: In contrast, your U S energy interests actually.

Tom: Shale place, including both.

Speaker Change: Okay.

Tom: In the Permian and Anadarko on the oil side as well as the Haynesville in Appalachia on the gas side, we're very well exposed both in terms of.

Speaker Change: Obviously higher royalty rates in the Permian.

Jason OConnell: Just want to see what have you been doing better, and given current pricing, what are you seeing with new royalty investments in that space?

Speaker Change: Just want to see.

Speaker Change: What have you been doing better and.

Tom: And our footprint in different basins as well as the different commodities.

Speaker Change: Given current pricing what are you seeing with the new royalty investments.

Tom: We are continuing to evaluate different opportunities in oil and gas.

Speaker Change: In that space.

Speaker Change: Okay.

Jason OConnell: Jason O'Connell here. I don't think we have a similar interest as Oxy did. We are a passive investor in our royalties in the US, so we don't have maybe the cost structure, etc. that Oxy would have and some of the performance issues that they may have had. I think our exposure in the US is fairly broad. We've got access to most of the major shale place, including both Permian and Darco on the oil side, as well as the Hainesville and Appalachian on the gas side. We're very well exposed both in terms of our footprint in the different basins, as well as the different commodities.

Tom: We look at good quality asset.

Speaker Change: Column here.

Tom: <unk> and <unk> packages as they become available we will continue to assess those if there is something that is.

Speaker Change: I don't think we have a similar interest as oxy did we're a passive investor in our royalties in the U S.

Jason OConnell: Jason O'Connell here. You know, I don't think we have a similar interest as Oxy did. We are a passive investor in our royalties in the U.S. So we don't have maybe the cost structure, etc. that Oxy would have and some of the performance issues that they may have had. You know, I think our exposure in the U.S. is fairly broad. We've got access to most of the major shale plates, including both, you know, the Permian and Anadarko on the oil side, as well as the Hainesville and Appalachian on the gas side. So we're very well exposed both in terms of, you know, our footprint in the different basins, as well as the different commodities.

Tom: Good quality and value significantly better in the future.

Speaker Change: So we don't have maybe the cost structure et cetera that that obviously would have in some of the performance issues.

Speaker Change: Fair enough. Thank you guys I'll get back in queue.

Speaker Change: They may have had.

Speaker Change: I think our exposure in the U S is fairly broad we've got access to most of the major.

Speaker Change: Thank you.

Cosmos: Our next question is from Cosmos <unk> from CIBC. Your line is now open.

Speaker Change: Shale place, including both.

Speaker Change: In the Permian and Anadarko on the oil side as well as the Haynesville in Appalachia on the gas side, we're very well exposed both in terms of.

Speaker Change: Thanks, Paul Sandeep and team and congrats on the record earnings.

Cosmos: Well deserved.

Speaker Change: Maybe a quick question first John.

Speaker Change: And our footprint in different basins as well as the different commodities.

Cosmos: NPI hemlo.

Jason OConnell: We are continuing to evaluate different opportunities in oil and gas. We look at good quality assets and role practices as they become available. We'll continue to assess those. If there's something that is of good quality and value, we may look at doing that in the future. Fair enough.

Cosmos: Sandeep as you mentioned there is a bit of a catch up in the quarter.

Speaker Change: We are continuing to evaluate different opportunities in oil and gas.

Cosmos: So to confirm we should I expect the same sort of elevated level in terms of earnings from hemlo.

Speaker Change: We look at good quality asset.

Speaker Change: Hudson and <unk> packages as they become available we will continue to assess those if there is something that is.

Jason OConnell: We are continuing to evaluate different opportunities in oil and gas. We look at good quality assets and road factors as they become available. We'll continue to assess those if there's something that is of good quality and value. We may look at doing that in the future. Fair enough. Thank you guys.

Cosmos: Future quarters will still be good because as we know NPI is very levered to higher commodity prices, but.

Speaker Change: Good quality and value.

Speaker Change: And in the future.

Cosmos: Likely would've leads up to the same sort of level.

Speaker Change: Fair enough. Thank you guys I'll get back in queue.

Heiko Ihle: Thank you guys.

Heiko Ihle: I'll get back to you.

Cosmos: Yes, Hi, Cosmos, yes, so the catch up.

Speaker Change: Thank you.

Cosmos: Related to last year was about $5 million U S.

Cosmos Chiu: Your next question is from Cosmos Chiu from CIDC. Your line is now open. Thanks Paul, Sandip and team, and congrats on the record earnings. It's well deserved.

Speaker Change: Our next question is from Cosmos <unk> from CIBC. Your line is now open.

Operator: I'll get back to you.

Cosmos: So the Q1 NPI zone was about $12 million U S and as you said, it's very hard to predict mti's.

Speaker Change: Thanks, Paul Sandeep and team and congrats on the record earnings.

Cosmos Chiu: Your next question is from Cosmos Chiu from CIBC. Your line is now open. Thanks Paul, Sandip and team, and congrats on the record earnings. It's well deserved.

Speaker Change: Well deserved.

Cosmos Chiu: Maybe quick question first on the MPI at Hemlo. Sandip, as you mentioned, there is a bit of a catch-up in the quarter. So to confirm, we should expect the same sort of elevated level in terms of earnings from Hemlo for future quarters. It should still be good because as we know, MPI is very levered to higher commodity prices, but likely wouldn't be to the same sort of level.

Cosmos: Specially at Hemlo, where we don't cover the entire line.

Speaker Change: Maybe quick question first on the NPI hemlo.

Cosmos: Just on one portion of the underground.

Speaker Change: <unk> as you mentioned there was a bit of a catch up in the quarter.

Cosmos: But at current commodity prices I would expect something similar in terms of revenue unless something drastic happens, but as I said it until you get the numbers you don't really know, but I think thats a fair estimate.

Sandip Rana: Maybe quick question first on the MPI at Hemlo. Sandip, as you mentioned, there is a bit of a catch-up in the quarter. So to confirm, we should expect the same sort of elevated level in terms of earnings from Hemlo for future quarters. It should still be good because as we know, MPI is very levered to higher commodity prices, but likely wouldn't be to the same sort of level. Yeah, hi, hi, Cosmos. Yeah, so the catch up related to last year was about 5 million U.S. So, you know, the Q1 MPI zone was about $12 million in the U.S., and, you know, as you said, it's very hard to predict MPIs, and especially at HEMLO where we don't cover the entire mine, we're just on one portion of the underground.

Speaker Change: So to confirm we should I expect the same sort of elevated level in terms of earnings from hemlo for future quarters as there will be good because as we know NPI is very levered to higher commodity prices, but.

Cosmos: It's a good surprise, so I think that that's a positive.

Speaker Change: It likely will then lead to the same sort of level.

Cosmos: And then in terms of NPI as we talked about very leverage to higher commodity prices.

Sandip Rana: Yeah, hi, hi, Cosmos. Yeah, so the catch-up related to last year was about $5 million US. So, you know, the Q1 MPI zone was about $12 million in the U.S. You know, as you said, it's very hard to predict MPIs, and especially at Hemlo where we don't cover the entire mine. We're just on one portion of the underground. But at current commodity prices, you know, I'd expect something similar in terms of revenue, unless something drastic happened. But as I said, it's until you get the numbers, you don't really know. But I think that's a fair aspect.

Speaker Change: Yes, Hi, Hi, Cosmos, yes, so the catch up.

Speaker Change: Related to last year was about $5 million U S.

Cosmos: Scan through your portfolio or the other.

Speaker Change: So the Q1 MPI zone was about $12 million U S ad <unk>.

Cosmos: NPI is in Kirkland Lake.

Cosmos: Is there any way that you can kind of talk about.

Speaker Change: As you said, it's very hard to predict.

Cosmos: The potential here.

Cosmos: Kirkland Lake because they didn't see the same degree in terms of increase.

Speaker Change: Yep, Hemlo, where we don't cover the entire line.

Cosmos: In Q1, so again, maybe just based on the area that you would cover but is there any more additional color that you can give us on the Kirkland Lake MPI.

Speaker Change: On one portion of the underground.

Speaker Change: But at current commodity prices.

Speaker Change: Expect something similar in terms of revenue unless something drastic happens, but as I said it until you get the numbers you don't really know, but I think thats a fair estimate.

Cosmos: Sure. So the Kirkland Lake MTI to at 20% accounting profit MTI, but it's only on a couple of claims at Kirkland Lake and where Theyre not mining right now.

Sandip Rana: But at current commodity prices, you know, I'd expect something similar in terms of revenue, unless something drastic happened. But as I said, until you get the numbers, you don't really know. But I think that's a fair estimate. You know what? It's a good surprise. So I think that that's a positive. And then in terms of MPIs, as we talked about, very leveraged to higher commodity prices. If I scan through your portfolio, the other MPIs in Kirkland Lake.

Speaker Change: Okay.

Cosmos Chiu: You know what? It's a good surprise. So I think that that's a positive. And then in terms of MPIs, as we talked about, very leveraged to higher commodity prices.

Speaker Change: What's a good surprise, so I think that.

Speaker Change: That's a positive.

Cosmos: So we're not getting paid had very good exploration results, there and theyre moving towards those claims.

Speaker Change: And then in terms of NPI as we talked about very leverage to higher commodity prices, thereby scan through your portfolio. The other NPI in Kirkland Lake.

Cosmos: So in the years going forward I do expect to finally start receiving payments on those.

Cosmos Chiu: If I scan through your portfolio, the other MPIs in Kirkland Lake. So is there any way that you can kind of talk about the potential here at the MPI at Kirkland Lake? Because it didn't see the same degree in terms of increase in Q1. So again, maybe it's just based on the area that you cover. But is there any more additional colors that you can give us on the Kirkland Lake MPI? Sure, so the Kirkland Lake MPI is a 20% accounting profit MPI, but it's only on a couple of claims at Kirkland Lake where they're not mining right now.

Cosmos: It won't be anything this year, the one MPI and Wil mentioned as musselwhite, where we have a 5% NPI.

Speaker Change: Is there any way that you can kind of talk about.

Speaker Change: The potential here.

Cosmos: And with or taking over that asset from newmont.

Speaker Change: NPI at Kirkland Lake because they didn't see the same degree in terms of increase.

Sandip Rana: So is there any way that you can kind of talk about the potential here at the MPI at Kirkland Lake? Because it didn't see the same degree in terms of increase in Q1. So again, maybe it's just based on the area that you cover. But is there any more additional colors that you can give us on the Kirkland Lake MPI? Sure, so the Kirkland Lake MPI is a 20% accounting profit MPI, but it's only on a couple of claims at Kirkland Lake where they're not mining right now.

Speaker Change: In Q1, so again, maybe just based on the area that you would cover but is there any more additional color that you can give us the Kirkland Lake MPI.

Cosmos: Looking forward to seeing what they do with that with that asset in terms of.

Cosmos: More efficient mining.

Cosmos: Improving our productivity and just that.

Speaker Change: Sure. So the Kirkland Lake MTI to at 20% accounting profit MTI, but it's only on a couple of claims at Kirkland Lake and where Theyre not mining right now.

Cosmos: These higher commodity prices.

Cosmos: See how that plays out so that is one where I think we do have some leverage.

Cosmos: And the Musselwhite NPI does that cover the entire property.

Speaker Change: Getting the paid had very good exploration results, there and theyre moving towards those claims.

Cosmos: Okay.

Cosmos: Good tomorrow.

Speaker Change: So in the years going forward I do expect to finally start receiving payments on those.

Cosmos: Maybe switching gears just quickly on the western limb.

Sandip Rana: So we're not getting, but they've had very good expiration results there and they're moving towards those claims. So in the years going forward, I do expect to finally start receiving payments on those, but there won't be anything this year. The one MPI I will mention is Muscle White, where we have a 5% MPI. And with Orlet taking over that asset from Newmont, we're looking forward to seeing what they do with that asset in terms of more efficient mining, improving productivity and just these higher commodity prices, just see how that plays out. So that is one where I think we do have.

Cosmos: The.

There won't be anything this year, the one MPI and Wil mentioned at Musselwhite, where we have a 5% NPI.

Cosmos: Fairly recent acquisition could you maybe talk about the timing again in terms of I saw that you received 6540 geos.

Sandip Rana: The one MPI I will mention is Muscle White, where we have a 5% MPI. And with Orlet taking over that asset from Newmont, we're looking forward to seeing what they do with that asset in terms of more efficient mining, improving productivity, and just these higher commodity prices, just see how that plays out. So that is one where I think we do have.

Speaker Change: And with or taking over that asset from newmont.

Cosmos: In the quarter, but that was for the four months ended.

Cosmos: Last year, so I would have expected it to be all the way to March or the end of Q1.

Speaker Change: Looking forward to seeing what they do with that with that asset in terms of more efficient mining.

Cosmos: In terms of payments, albeit again, maybe there is a lag could you walk me through the timing in terms of.

Speaker Change: Improving our productivity and just.

Speaker Change: And with these higher commodity prices and just see how that plays out. So that is one where I think we do have some leverage.

Cosmos: Where should we expect in terms of receipts in say Q2, and then Q3 for Franco Nevada into 2025.

Sandip Rana: And the Muscle White MPI, does that cover the entire property? That's good to know.

Speaker Change: And the Musselwhite NPI does that cover the entire property.

Cosmos: Sure. So what we received in Q1 was related to last year for the last four months of the year.

Speaker Change: Okay.

Speaker Change: Okay. That's good to know.

Sandip Rana: Maybe switching gears just quickly on the Western the, you know, fairly recent acquisition. Could you maybe talk about the timing again in terms of I thought you received 6540 geos in a quarter, but that was for the four months ended last year. So I would have expected it to be all the way to March or the end of Q1 in terms of payments. So, again, maybe there's a leg.

Cosmos: We didn't receive anything related to 2025. It is basically a one quarter lag. So January got delivered in April February will be may so.

Sandip Rana: And the Muscle White MPI, does that cover the entire property? That's good to know.

Speaker Change: Maybe switching gears just quickly on the western limb.

Speaker Change: The.

Speaker Change: Fairly recent acquisition could you maybe talk about the timing again in terms of I saw that you receive 6540 geos.

Sandip Rana: Maybe switching gears just quickly on the Western seats in, say, Q2 and then Q3 for Franco-Nevada into 2025. Sure. So what we received in Q1 was related to last year, the last four months of the year. We didn't receive anything related to 2025. There's basically a one quarter lag. So January got delivered in April, February will be May. So as we guide it to on an annual basis, it's roughly 20,000 geos. So roughly 5,000 geos a quarter. Great.

Cosmos: As we guided to on an annual basis, it's roughly 20000 geos.

Speaker Change: In the quarter, but that was for the four months.

<unk> are still roughly 5000 geos quarter.

Speaker Change: Last year, so I would have expected it to be all the way to March or the end of Q1.

Cosmos: Alright.

Cosmos: And then <unk>.

Cosmos: Maybe one last question bigger picture.

Cosmos: Paul you had kind of mentioned Cobre Panama.

Speaker Change: In terms of payments, albeit again, maybe there is a lag could you walk me through the timing in terms of I guess.

Sandip Rana: Could you walk me through the timing in terms of, again, what should we expect in terms of receipts in, say, Q2 and then Q3 for Crank of Nevada into 2025? Sure. So what we received in Q1 was related to last year, the last four months of the year. We didn't receive anything related to 2025. There's basically a one quarter lag. So January got delivered in April, February will be May. So as we guide it to on an annual basis, it's roughly 20,000 geos. So roughly 5,000 geos a quarter. Great.

Cosmos: But again, thanks, Jon your point of view and your interpretation.

Speaker Change: Where should we expect in terms of receipts in say Q2, and Q3 for Franco Nevada into 2025.

Cosmos: Maybe give us a bit more color in terms of what are the things kind of happening in Panama.

Speaker Change: Sure. So what we received in Q1 was related to last year for the last four months of the year.

Cosmos: How that relates to Cobra, Panama and as we all know first quarter discontinue their international arbitration process I think yours is.

Speaker Change: We didn't receive anything related to 2025, if there is basically a one quarter lag. So January got delivered in April February will be may so.

Cosmos: It's still active so maybe.

Cosmos: Talk a little bit about that as well.

Speaker Change: As we guided to on an annual basis, it's roughly 20000 geos.

Cosmos: Maybe starting what has gone on in Panama at the moment.

Speaker Change: Fight that fight so roughly 5000 geos quarter.

Cosmos: The.

Cosmos: You would have seen that.

Speaker Change: Alright.

Cosmos Chiu: And then maybe one last question, bigger picture, Paul, you had kind of mentioned COVID Panama. But again, based on your point of view and your interpretation, maybe give us a bit more color in terms of what do you think is kind of happening in Panama, how that relates to COVID Panama. And as we all know, First Quantum discontinued their international arbitration process. I think yours is still active. So maybe you can talk a little bit about that as well.

Speaker Change: And then <unk>.

Cosmos: President <unk>.

Speaker Change: One last question bigger picture.

Cosmos: For a while have said as open to a discussion on the mine this year.

Speaker Change: Paul you had kind of mentioned Cobre Panama.

Cosmos: He did.

Speaker Change: But again based on your point of view and your interpretation.

Cosmos: Late in March.

Paul Brink: And then maybe one last question, bigger picture, Paul, you had kind of mentioned COVID Panama. But again, based on your point of view and your interpretation, maybe give us a bit more color in terms of what do you think is kind of happening in Panama, how that relates to COVID Panama. And as we all know, First Quantum discontinued their international arbitration process. I think yours is still active. So maybe you can talk a little bit about that as well.

Cosmos: <unk>.

Cosmos: Give instruction Steve's team to say one of them.

Speaker Change: Maybe give us a bit more color in terms of what are the things kind of happening in Panama.

Cosmos: In their minds to how they might address the mine.

Speaker Change: How that relates to Cobra, Panama and as we all know first quarter discontinued their international arbitration process I think yours is.

Cosmos: The country has been completing the process on social security.

Cosmos: They've also had to deal with the U S. In terms of the Panama Canal. So those are all being items on the agenda.

Speaker Change: It's still active.

Kent: And Kent.

Kent: Talk a little bit about that as well.

Cosmos: Very hopeful that negotiations can start fairly soon with the company.

Paul Brink: Maybe starting up, you know, what is going on in Panama at the moment, the... You would have seen that President Malino for a while has said he's open to a discussion on the mine this year. He did. Late in March. Give instructions to his team to say he wanted them to turn their minds to how they might address the mine. The country has been completing the process on social security. They've also had to deal with the U.S. in terms of the Panama Canal. So those have all been items on the agenda. Very hopeful that negotiations can start fairly soon with the company.

Kent: Maybe starting what is going on in Panama at the moment.

Cosmos: I was also encouraged by some comments that Molina has made to say he would he.

Kent: The.

Kent: You would have seen that.

Kent: President Milena.

Kent: For a while have said it's open to a discussion on the mine this year.

Molina: He would like to see that they can get the situation with the mind resolved by year end.

Kent: It did.

Kent: Late in March.

Cosmos: I think that it's the setup.

Kent: <unk>.

Cosmos: In terms of.

Kent: Given struction Steve's team to say one of them.

Cosmos: Our own arbitration process since the spending we.

Speaker Change: Their mines to how they might address the mine.

Cosmos: We have had discussions represented of the government.

Speaker Change: The country has been completing the process on social security.

Cosmos: So have been productive and we don't have anything to report on that at this stage.

Paul: Great. Thanks, Paul Sandeep and team those are all the questions I had have a good weekend.

Speaker Change: Sure.

Speaker Change: They've also had to deal with the U S.

Speaker Change: In terms of the Panama Canal. So those are all being items on the agenda.

Bob: Okay. Thanks, Bob.

Speaker Change: Very hopeful that negotiations can start fairly soon with the company.

Daniele: Thank you. Your next question is from Daniele nature.

Paul Brink: I was also encouraged by some comments that Malino had made to say he would he would like to see that they can get. The situation with the mine resolves by year-end, so I think that is the set-up. In terms of our own arbitration process and suspending, we have had discussions with representatives of the government. Those have been productive, but we don't have anything to report on that at this time.

Speaker Change: I was also encouraged by some comments that Molina has made to say he would he.

Speaker Change: Your line is now open.

Speaker Change: Hi, Paul Hi, Sandeep. Thanks, Thanks for the questions.

Speaker Change: He would like to see that they can get.

Speaker Change: First one just to follow up again on.

Speaker Change: The situation with the mind resolved by year end so.

Speaker Change: So I think that is the setup.

Speaker Change: Cobra Panama.

Speaker Change: Just looking at the commentary from Menino I mean, I think he is equal.

Speaker Change: In terms of.

Speaker Change: Our own arbitration process since the spending we.

Speaker Change: Equated to.

Speaker Change: To forming in association with first quantum with respect to the new type of Panama license not being based on contract law, but he wants to see all arbitration suspended is this something that.

We have had discussions represented of the government.

Speaker Change: So have been productive and we don't have anything to report on that at this stage.

Cosmos Chiu: Great. Thanks, Paul, Sandip, and team. Those are all the questions I have.

Speaker Change: Great. Thanks, Paul Sandeep and team those are all the questions that have a good weekend.

Speaker Change: The Panamanian government.

Operator: Have a good week. Thanks for watching! Thank you.

Speaker Change: <unk> you.

Speaker Change: Thanks Scott.

Speaker Change: About dropping your.

Speaker Change: Attrition claim to.

Cosmos Chiu: Great. Thanks, Paul, Sandip, and team. Those are all the questions I have.

Speaker Change: To facilitate.

Speaker Change: Thank you. Your next question is from Daniele nature.

Operator: Your next question.

Operator: Have a good weekend. Thanks for watching! Thank you.

Speaker Change: Yes and engagement on.

Daniel Major: Daniel Major from UBS, your line is now open. Hi Paul, hi Sandip, thanks for the questions.

Speaker Change: The licensing agreement or is this just purely a negotiation between first containment.

Speaker Change: Your line is now open.

Speaker Change: Hi, Paul Hi, Sandeep. Thanks, Thanks for the questions.

Speaker Change: The government of Panama.

Daniel Major: Your next question. Daniel Major from UBS, your line is now open. Hi Paul, hi Sandip, thanks for the questions.

Speaker Change: Yes.

Daniel Major: First one, just to follow up again on COVID Panama. Looking at the commentary from Molina, I mean, I think he quoted that he's open to forming an association with First Quantum with respect to the new Cobra Panama license, not being based on contract law, but he wants to see all arbitration suspended. Is this something that, um, The Panamanian government have approached you about dropping your arbitration claim to facilitate an engagement on The Licensing Agreement, or is this just purely a negotiation between First Quantum and the government of Panama? In terms of the ownership, as you well know, it is First Quantum and also KORES, the Koreans.

Speaker Change: First one just to follow up again on.

Speaker Change: In terms of the ownership as you well know it is first quantum and also chorus.

Speaker Change: Type of Panama.

Speaker Change: Just looking at the commentary from Molina I mean, I think he is equal.

Speaker Change: Koreans.

Daniel Major: The first one, just to follow up again on COVID Panama, Looking at the commentary from Molina, I mean, I think he quoted that he's open to forming an association with First Quantum with respect to the new Cobra Panama license, not being based on contract law, but he wants to see all arbitration suspended. Is this something that, um... The Panamanian government have approached you about dropping your arbitration claim to facilitate an engagement on. The Licensing Agreement, or is this just purely a negotiation between First Quantum and the government of Panama? In terms of the ownership, as you well know, it is First Quantum and also KORES, the Koreans.

Speaker Change: The owners of the asset so in terms of any negotiation.

Speaker Change: Equated to.

Speaker Change: It's a negotiation with those parties.

Speaker Change: NCI to this project, we don't have a seat at the table.

Speaker Change: As outlined in mentioned before we obviously do have our arbitration rights.

Speaker Change: The Panamanian government.

Speaker Change: <unk> you.

Speaker Change: As I said, we have had some discussions with government representatives.

Speaker Change: About dropping your.

Speaker Change: Arbitration claim to.

Speaker Change: To facilitate.

Speaker Change: But don't have anything to report on it.

And engagement.

Speaker Change: The licensing agreement or is this just purely a negotiation between first quantum and <unk>.

Speaker Change: Okay.

Speaker Change: At this stage looking to drop your arbitration claim.

Speaker Change: On the government in Panama.

Speaker Change: Yes.

Our discussions have been where we are open to suspending it under the right conditions.

Speaker Change: In terms of the ownership as you well know it is first quantum and also chorus.

Speaker Change: And so we've had discussions around that.

Speaker Change: Koreans.

Paul Brink: who are the owners of the assets. So in terms of any negotiation, it's a negotiation with those parties. We're a financier to this project. We don't have a seat at the table. As outlined and mentioned before, we obviously do have our arbitration rights. As I said, we have had some discussions with government representatives, but don't have anything to report on. Okay, so at this stage, you're not looking to drop your arbitration. Our discussions have been, we're open to suspending it under the right conditions. And so we've had discussion. Okay, that's useful.

Speaker Change: Hopefully the owners of the asset so in terms of any negotiation.

Speaker Change: Okay. That's useful thank you.

Speaker Change: And then the second question is.

Speaker Change: <unk> negotiation with those parties.

Speaker Change: Strong performance from the oil and gas component of the portfolio.

Financing. This project, we don't have a seat at the table.

Paul Brink: Who are the owners of the assets? So in terms of any negotiation, it's a negotiation with those parties. We're a financier to this project, we don't have a seat at the table. As I outlined and mentioned before, we obviously do have our arbitration rights. As I said, we have had some discussions with government representatives, but don't have anything to report on. Okay, so at this stage, you're not looking to drop your arbitration. The discussions have been where we're open to suspending it under the right conditions. And so we've had discussion.

Speaker Change: This this quarter can you give us a steer on the distribution of expected <unk> sales from the diversified portion of the business through the balance of the year.

Speaker Change: As outlined in mentioned before we are.

Speaker Change: We do have our arbitration rights.

Speaker Change: I would say we have had some discussions with government representatives.

Speaker Change: But don't have anything to report on it.

Speaker Change: I think in terms of the energy performance, we did have a strong a strong quarter.

Speaker Change: Okay. So at this stage looking to drop your arbitration claim.

Speaker Change: Part of that was picked up by prices. The other piece was we had some strong performance in our Permian assets from new wells that came online.

Speaker Change: Our discussions have been where we are open to suspending it under the right conditions.

Speaker Change: During the quarter.

Speaker Change: Going forward.

Speaker Change: And so we've had discussions around that.

Speaker Change: I expect that we'll see a reasonably flat profile all of it will depend.

Speaker Change: Okay. That's useful thank you.

Daniel Major: Thank you.

Daniel Major: And then the second question, quite strong performance from the oil and gas component of the portfolio.

Speaker Change: On where prices go.

Speaker Change: And then the second question.

Speaker Change: You would've seen last year, when the gas price was weak.

Speaker Change: Strong performance from the oil and gas component of the portfolio.

Speaker Change: Some of our volumes on the.

Jason OConnell: This quarter, can you give us a steer on the distribution of expected GEO sales from the diversified portion of the business through the balance of the year? I think in terms of the energy performance, we did have a strong, a strong quarter. Part of that was helped out by prices. The other piece was we had some strong performance in our perming assets from new wells that came online during the quarter. Going forward, you know, I expect that we'll see a reasonably flat profile, although it will depend, you know, on where prices go. You would have seen last year when the gas price was weak, some of our volumes on our gas assets came off as operators pulled back on activity.

Daniel Major: Okay, that's useful. Thank you.

Speaker Change: On our gas assets came off as operators pull back on activity.

Sandip Rana: And then the second question, quite strong performance from the oil and gas component of the portfolio. This quarter, can you give us a steer on the distribution of expected GEO sales from the diversified portion of the business through the balance of the year? I think in terms of the energy performance, we did have a strong, a strong quarter. Part of that was helped out by prices. The other piece was we had some strong performance in our perming assets from new wells that came online during the quarter. Going forward, you know, I expect that we'll see a reasonably flat profile, although it will depend, you know, on where prices go.

Speaker Change: This this quarter can you give us a steer on the distribution of expected <unk> sales from the diversified portion of the business through the balance of the year.

Speaker Change: We are waiting to see how the operators on our lands to react to what has been a lower oil price.

Speaker Change: You can expect that if prices stay lower for a longer period of time for maybe seven reduction activity, which could translate into slightly lower volumes.

Speaker Change: I think in terms of the energy performance, we did have a strong a strong quarter.

Speaker Change: So it is <unk>.

Speaker Change: Part of that was picked up by prices. The other piece was we had some strong performance in our Permian assets from new wells that came online.

Speaker Change: Really a function of.

Speaker Change: Price.

Speaker Change: Prices sort of stabilize in and around where they were last year I would expect a fairly flat profile if prices continue to receive some.

Speaker Change: During the quarter.

Going forward.

Speaker Change: I expect that we'll see a reasonably flat profile all of it will depend.

Speaker Change: A modest volume decline associated with a pullback in activity.

Speaker Change: On where prices go.

Okay.

Speaker Change: Okay. Thanks, and then one more if I could.

Speaker Change: You would've seen last year, when the gas price was weak.

Speaker Change: Just thinking about your pipeline of.

Speaker Change: Our volumes on the on our gas assets came off as operators pull back on activity.

Speaker Change: Projects.

Sandip Rana: You would have seen last year when the gas price was weak, some of our volumes on our gas assets came off as operators pulled back on activity. We are waiting to see how the operators on our lands react to what has been a lower oil price. You can expect that if prices stay lower for a longer period of time, there may be some reduction in activity, which could translate into slightly lower volumes. So it is largely a function of price, prices sort of stabilizing in and around where they were last year, I would expect a fairly flat profile.

Jason OConnell: We are waiting to see how the operators on our lands react to what has been a lower oil price. You can expect that if prices stay lower for a longer period of time, there may be some reduction in activity, which could translate into slightly lower volumes. So it is largely a function of price, prices sort of stabilizing in and around where they were last year, I would expect a fairly flat profile. If prices continue to recede, we may see some modest volume decline associated with a pullback.

Speaker Change: Well Youre focuses at the moment can you give us any steer.

Speaker Change: We are waiting to see how the operators on our lands to react to what has been a lower oil price.

Speaker Change: Most of the transactions have been more focused on gold assets in the space.

Speaker Change: You can expect that if prices stay lower for a longer period of time for maybe seven reduction activity, which could translate into slightly lower volumes.

Speaker Change: Are you seeing any pickup in interest.

Speaker Change: In the base metal space.

Speaker Change: And.

Speaker Change: So it is.

Speaker Change: Has there been any.

Speaker Change: Largely a function of.

Speaker Change: Negotiations in Argentina.

Speaker Change: Price.

Speaker Change: Rice's sort of stabilize in and around where they were last year I would expect a fairly flat profile.

Speaker Change: <unk>.

Speaker Change: Can you make any comments on.

Speaker Change: Hi, Danielle seeing great speaking.

If prices continue to see some.

Speaker Change: I would make the first overall comments that the gold market is very active in terms of royalties <unk> streams. So we're spending a majority of our time there we're quite pleased with the conditions there.

Speaker Change: A modest volume decline associated with a pullback in activity.

Daniel Major: If prices continue to weaken, you may see some modest volume decline associated with a pullback. Okay, thanks.

Speaker Change: Okay.

Daniel Major: Okay, thanks.

Speaker Change: Okay. Thanks, and then one more if I could.

Daniel Major: One more if I could. Thinking about your pipeline of projects and where your focus is at the moment, can you give us any steer, most of the transactions have been more focused on gold assets in the space, are you seeing any pick up in interest in the base metal space and is there any negotiations in Argentina that you can make any comments?

Speaker Change: Just thinking about your pipeline of.

Speaker Change: There are opportunities outside of gold.

Speaker Change: Projects and.

Speaker Change: Relatively few compared to what we're seeing them go.

Operator: One more, if I could.

Speaker Change: Well Youre focuses at the moment can you give us any steer.

Daniel Major: Thinking about your pipeline of projects and where your focus is at the moment, can you give us any steer, most of the transactions have been more focused on gold assets in the space, are you seeing any pick up in interest in the base metal space and is there any negotiations in Argentina that you can make any comments? Hi, Daniel.

Speaker Change: No specific commentary I can provide.

Speaker Change: Most of the transactions have been more focused on gold assets in the space.

Speaker Change: Argentina.

Speaker Change: Alright. Thanks.

Speaker Change: Are you seeing any pickup in interest.

Speaker Change: We'll have a nice weekend.

Speaker Change: In the base metal space.

Speaker Change: Great. Thank you.

Speaker Change: And.

Speaker Change: Has there been any.

Speaker Change: Thank you. Your next question is from.

Speaker Change: Negotiations in Argentina.

Danielle: Danielle. Please go ahead maam.

Speaker Change: <unk>.

Speaker Change: Can you make any comments on.

Speaker Change: Bank. Your line is now open.

Ian Gray: Hi, Daniel. It's Ian Gray speaking. I would make the first overall comment that the gold market is very active in terms of royalties and streams, so we're spending the majority of our time there and we're quite pleased with the conditions.

Speaker Change: Hi, great. Good morning, everybody congrats on a good quarter.

Speaker Change: Hi, Danielle seeing great speaking.

Speaker Change: I would make the first overall comments that the gold market is very active in terms of royalties and streams that we're spending the majority of our time there we're quite pleased with the conditions there.

Speaker Change: Back to the year end.

Hemlo NPI is the one that keeps on giving so hard to forecast.

Ian Gray: It's Ian Gray speaking. I would make the first overall comment that the gold market is very active in terms of royalties and streams, so we're spending the majority of our time there and we're quite pleased with the conditions. There are opportunities outside of gold, relatively few compared to what we're seeing in gold, and no specific commentary I can provide on Argentina. All right, thanks. Very useful. Have a nice weekend. Great.

Speaker Change: Anyhow.

Speaker Change: Right.

Daniel Major: There are opportunities outside of gold, relatively few compared to what we're seeing in gold, and no specific commentary I can provide on Argentina. All right, thanks. Very useful.

Sandy Jessica: I have three questions if I could start with Sandy Jessica.

Speaker Change: There are opportunities outside of goal.

Speaker Change: Relatively few compared to what we're seeing in gold.

Speaker Change: On just.

Speaker Change: On the modeling side. So thank you for that.

Speaker Change: Modeling on the hemlo.

Speaker Change: No specific commentary you can provide on Argentina.

And.

Speaker Change: So I just wanted to have a little bit of an idea on how the overall profile for the company shakes out during the year.

Speaker Change: Alright. Thanks.

Daniel Major: Have a nice weekend. Great, thank you.

Speaker Change: But are you still have a nice weekend.

Speaker Change: Great. Thank you.

Speaker Change: Had started obviously with it that Q1, we had talked about a profile of 47% in the first half 53 in the Bakken.

Operator: Thank you.

Speaker Change: Thank you. Your next question is from Tanya <unk> with Cowen.

Tanya Jakusconek: Your next question is from Tanya Jakusconek from Scotiabank. Your line is now open. Great. Good morning, everybody. Congrats on a good quarter and good start to the year. And that Hemlo NPI is the one that just keeps on giving. So hard. Anyhow, right.

Speaker Change: <unk> from Scotia Bank. Your line is now open.

Speaker Change: With.

Speaker Change: Hi, great. Good morning, everybody congrats on a good quarter.

Speaker Change: Similar to Q3 Q4 and that was based on that ramp up on some of the operations that Paul mentioned in the beginning of the presentation.

Tanya Jakusconek: Your next question is from Tanya Jakusconek from Scotiabank. Your line is now open. Hi, great. Good morning, everybody. Congrats on a good quarter. And good start to the year. And that Hemlo NPI is the one that just keeps on giving so hard. Anyhow, right.

Speaker Change: Back to the here and now.

Speaker Change: Hemlo NPI is the one that just keeps on giving so hard to forecast.

Speaker Change: Wondering how that is that what youre looking at based on what you know today.

Speaker Change: Anyhow.

Tanya Jakusconek: I have three questions if I could. I'm going to start with Sandy, just the easier one on just on the modeling side. So thank you for that modeling on the Hemlo. And also, I just wanted to have a little bit of an idea on how the overall profile for the company shapes out during the year. We had started, obviously, with a good Q1. We had talked about a profile of 47% in the first half, 53% in the second, with a similar Q3, Q4. And that was based on the ramp up of some of the operations that Paul mentioned in the beginning of the presentation.

Speaker Change: Right.

Speaker Change: I have three questions if I could start with sandy Jesse <unk> on not just on the modeling side. So thank you for that.

Speaker Change: Yes, Tony I think I think that's a fair profile.

Speaker Change: The caveat is that.

Sandip Rana: I have three questions if I could. I'm going to start with Sandy, just the easier one on just on the modeling side. So thank you for that modeling on the Hemlo. And also, I just wanted to have a little bit of an idea on how the overall profile for the company shapes out during the year. We had started obviously with a good Q1. We had talked about a profile of 47% in the first half, 53% in the second, with a similar Q3, Q4. And that was based on the ramp up of some of the operations that Paul mentioned in the beginning of the presentation.

Speaker Change: The gold price has gone higher power our guidance was done at $2800, an ounce and Nicolas over 3000, now and energy prices have pulled back from especially oil from where we like it so add on.

Speaker Change: Modeling on the hemlo.

Speaker Change: And.

Speaker Change: So I just wanted to have a little bit of an idea on how the overall profile for the company shakes out during the year.

Speaker Change: Had started obviously with it that Q1, we have talked about our profile of 47%.

Speaker Change: On an overall Geo profile I think Thats fair year, Youll, probably you might see some of the gains on the mining side and the gated on the converged when we're converting it diversify site, but for your modeling purposes, I still think it's a fair profile.

Speaker Change: In the first half 53 in the Bakken.

Speaker Change: With.

Speaker Change: Similar to Q3 Q4 and that was based on that ramp up on some of the operations that Paul mentioned in the beginning of the presentation.

Speaker Change: And just on the energy side, and I know, we touched a little bit on it.

Sandip Rana: I'm wondering, is that still what you're looking at based on what you know today?

Speaker Change: Wondering how that is that what youre looking at based on what you know today.

Speaker Change: Can you just remind me the lab.

Speaker Change: In terms of pricing data files I thought there was about a six months lag of that.

Sandip Rana: Yeah, Tanya, I think I think that's a fair profile, you know, the caveat is that, you know, the gold price has gone higher, like our, our guidance was done at $2,800 an ounce and gold's over $3,000. And energy prices have pulled back from especially oil from where we had budgeted. So, you know, on an overall geo profile, I think that's fair. You'll probably you might see some of the gains on the mining side negated on the conversion when we're converting the diversified side. But for your modeling purposes, I still think it's a fair profile.

Speaker Change: Yes, Tony I think I think that's a fair profile.

Sandip Rana: I was wondering how that, is that still what you're looking at based on what you know today? Yeah, Tanya, I think I think that's a fair profile. You know, the caveat is that, you know, the gold price has gone higher, like our, our guidance was done at $2,800 an ounce and gold's over $3,000. And energy prices have pulled back from, especially oil, from where we had budgeted. So, you know, on an overall geo profile, I think that's fair. You'll probably, you might see some of the gains on the mining side negated on the conversion when we're converting the diversified side.

Correct in terms of being what they are doing today versus where youre going to see this in your financials as it about six months.

Speaker Change: The caveat is that.

Speaker Change: It depends on how you look at it from a pure price impact we get paid on a royalties typically.

Speaker Change: They range from anywhere from one month to maybe three months following production. So there is that impact.

Speaker Change: Overall Geo profile I think that's fair year, Youll, probably you might see some of the gains on the mining side and the gated on the conversion when we're converting to diversify site buy for your modeling purposes, I still think it's a fair profile.

Speaker Change: The other impact that I spoke about earlier as an impact to drilling activity.

Speaker Change: That is a longer lag operators typically would want to see where.

Tanya Jakusconek: Okay, and just on the energy side, and I know we touched a little bit on it. Can you just remind me the lag? In terms of pricing that are felt, I thought there was about a six month lag at that.

Speaker Change: And just on the energy side, and I know, we touched a little bit on it.

Speaker Change: Prices are going to sort of.

Sandip Rana: But for your modeling purposes, I still think it's a fair profile.

Speaker Change: Flattened out a little bit so oftentimes I'd say six months is probably a reasonable timeframe.

Speaker Change: Can you just remind me the lab.

Speaker Change: In terms of pricing data files I thought there was about a six month lag at that.

Jason OConnell: Okay, and just on the energy side, and I know we touched a little bit on it. Can you just remind me the lag? In terms of pricing that are felt, I thought there was about a six month lag at that. Transcripts provided by Transcription Outsourcing, LLC. this in your financials. Is it about six months? Tanya, it depends on how you look at it. From a pure price impact, we get paid on our royalties, typically, they range anywhere from one month to maybe three months following production. So there's that impact. The other impact that I spoke about earlier is an impact to drilling activity.

Speaker Change: To see how that unfolds would see if you look at some of the disclosure around.

Speaker Change: Correct in terms of being what they are doing today versus where you're going to see this in your financials within about six months.

Sandip Rana: Transcripts provided by Transcription Outsourcing, LLC. this in your financials. Is it about six months? Tanya, it depends on how you look at it. From a pure price impact, we get paid on our royalties, typically, they range, but from anywhere from one month to maybe three months following production. So there's that impact. The other impact that I spoke about earlier is an impact to drilling activity. That is a longer leg. Operators typically will want to see where prices are going to sort of... flatten out a little bit. So oftentimes, yeah, I'd say six months is probably a reasonable timeframe to see how that unfolds.

Speaker Change: Our operating companies some of them are starting to to react to lower prices by <unk>.

Speaker Change: It depends on how you look at it from a pure price impact we get paid on a royalties typically.

Speaker Change: Reducing their capital budgets somewhat so there is already a little bit of impact I would say the majority likely youll see some news next quarter if prices continue to recover.

Speaker Change: They range from anywhere from one month to maybe three months following production. So there is that impact.

Okay. Thanks for that Jonathan.

Speaker Change: Maybe I can come to Paul on my second question, just back on Cobra, Panama and the arbitration.

Speaker Change: The other impact that I spoke about earlier as an impact to drilling activity.

Speaker Change: That is a longer lag.

Speaker Change: So I ask you.

Maybe just on the next steps.

Speaker Change: It is typically would want to see where.

Speaker Change: Where do we stand on the concentrate I mean, we've been told that they fired.

Speaker Change: Prices are going to sort of.

Speaker Change: Add a little bit so oftentimes yet I'd say six months is probably a reasonable timeframe.

Jason OConnell: That is a longer leg. Operators typically will want to see where prices are going to sort of... flat out a little bit. So oftentimes, yeah, I'd say six months is probably a reasonable timeframe to see how that unfolds. You would see if you look at some of the disclosure around our operating companies, some of them are starting to react to lower prices by reducing their capital budget somewhat. So there is already a little bit of impact. I would say the majority, likely you'll see some news next quarter if prices continue to Okay, thanks for that, Jason.

Speaker Change: The power plant.

Speaker Change: They finally got the pipeline I think they were given direction to fire up the power plant and then there was the concentrate on site that was supposed to be sold so maybe just where.

Speaker Change: To see how that unfolds.

Sandip Rana: You would see if you look at some of the disclosure around our operating companies, some of them are starting to react to lower prices by reducing their capital budget somewhat. So there is already a little bit of impact.

If you look at some of the disclosure around our operating companies some of them are starting to to react to lower prices by <unk>.

Speaker Change: What exactly is happening on guidance.

Speaker Change: Timeline on selling this concentrate.

Speaker Change: Reducing their capital budget. So much. So there is already a little bit of impact I would say the majority likely youll see some news next quarter if prices continue to recover.

Tanya Jakusconek: I would say the majority, likely you'll see some news next quarter if prices continue to Okay, thanks for that, Jason.

Speaker Change: No timeline, yet tenure really three moving pieces there that they want is the approval of the preservation and safe maintenance.

Speaker Change: Okay. Thanks for that Jason.

Tanya Jakusconek: Maybe I can come to Paul on my second question, just back on Cobre Panama and the arbitration. So actually, maybe just on the next steps. Where do we stand on the concentrate? I mean, we've been told that they fired up the power plant Have they fired up the power plant? I think they were given direction to fire up the power plant. And then there was a concentrate on site that was supposed to be sold. So maybe just what exactly is happening on site? Have we a timeline on selling this concept? No timeline yet, Tanya, really three moving pieces there that they want is the approval of the preservation and safe maintenance.

Speaker Change: The other is shifting up the concentrate and the third is.

Speaker Change: Maybe I can come back to Paul on My second question is just back on Cobra, Panama and the arbitration.

Speaker Change: Restarting the power plant.

Speaker Change: The indications again from the government. This is that they are open to all those things going ahead.

Speaker Change: Maybe just on the next steps.

Tanya Jakusconek: Maybe I can come to Paul on my second question, just back on Cobre Panama and the arbitration. So actually, maybe just on the next steps, where do we stand on the concentrate? I mean, we've been told that they fired up the power plant. Have they fired up the power plant? I think they were given direction to fire up the power plant. And then there was a concentrate on site that was supposed to be sold.

Speaker Change: Do we stand on the concentrate I mean, we've been told that they fired up.

Speaker Change: But they haven't actually gone ahead at this stage.

Speaker Change: Power plants.

Speaker Change: Have they finally got the pipeline I think they were given direction to fire up the power plant and then there was the concentrate on site that was supposed to be sold so maybe just.

Speaker Change: I'm hopeful that in the coming months.

Speaker Change: Should see all of those things go ahead, okay. So on the mine I guess on the property mine site that just keeping it on care maintenance with that normal care maintenance procedures that are in place and there is nothing else that is going on.

Speaker Change: What exactly is happening on siding.

Speaker Change: The timeline on selling this concentrate.

Paul Brink: So maybe just where what exactly is happening on site? Have we a timeline on selling this concept? No timeline yet, Tanya, really three moving pieces there that they want is the approval of the preservation and safe maintenance. The other is shipping of the concentrate and the third is restarting the power plant. The indications, again, from the government is that they're open to all those things going ahead, but they haven't actually gone ahead at this stage. So I'm hopeful that in the coming months we should see all those things go ahead.

Speaker Change: Not that I'm aware of.

Paul Brink: No timeline yet Tanya.

Speaker Change: And then just on your.

Paul Brink: There are really three moving pieces that they wanted us the approval of the preservation and safe maintenance.

Speaker Change: Your comments you said.

Speaker Change: You'd be open to dropping the arbitration under certain condition with your discussion.

Paul Brink: The other is shipping at the concentrate, and the third is restarting the power plant. The indications, again, from the government is that they're open to all those things going ahead, but they haven't actually gone ahead at this stage.

Paul Brink: The other is shifting out the concentrate and third is.

Speaker Change: Not into the.

Paul Brink: On restarting the power pump.

Speaker Change: Details, but just from a bigger picture.

Paul Brink: The indications again from the government. This is.

Speaker Change: What would lead you to kick.

Speaker Change: Drop the arbitration would it be that you have.

Paul Brink: They are open to all of those things going ahead.

Speaker Change: Progressing ahead. The concentrate is sold or are there anything that you can provide some color on what help you with your decision on the arbitration.

Paul Brink: But they haven't actually gone ahead at this stage so.

Paul Brink: So I'm hopeful that in the coming months, we should see all those things go ahead. Okay, so on the mine, I guess on the property mine site, they're just keeping it on care maintenance with the normal care maintenance procedures that are in place. And there's nothing else that is going on.

Paul Brink: I am hopeful that in the.

Paul Brink: Coming months should see all of those things go ahead.

Speaker Change: Okay. So on the mine I guess on the property mine site that just keeping it on care maintenance with that normal care maintenance procedures that are in place and there is nothing else that is going on.

Speaker Change: Yes, so first.

Speaker Change: Suspending rather rather than dropping so that would be putting that on hold for.

Operator: Okay. So on the property mine site, they're just keeping it on care and maintenance with the normal care and maintenance procedures that are in place, and there's nothing else that is going on. Operator. Okay.

Speaker Change: That period to allow them there is a negotiation but actually.

Tanya Jakusconek: Author, I'm Okay. And then just in your comments, you said, Transcription by Rev.com Page 1 with your discussions, you know, not into the details, but just from a bigger picture, you know, you know, what would lead you to do to drop the arbitration? Would it be that, you know, you're progressing ahead the concentrate of souls? Or are there anything that you can provide some color on on what would help you with your decision on the arbitration? Transcription by Rev.com Page 1 Yeah, so first, it's suspending rather than dropping, so that just would be putting it on hold for a period, to allow that there is a negotiation, but still with the rights that that could pursue.

Paul Brink: Not that I'm aware of.

Speaker Change: Okay, and then just in Europe.

Speaker Change: Still with the rights back.

Paul Brink: Your comments you said.

Speaker Change: Pursue.

Paul Brink: You'd be open to dropping the arbitration under certain condition with your discussion.

Speaker Change: So what I would say if you put on a hold.

Paul Brink: And then just in your comments, you said... Transcription by Rev.com Page 1 Transcription by Rev.com Page 1 Yeah, so first, it's suspending rather than dropping, so that just would be putting it on hold for a period, to allow that there is a negotiation, but still with the rights that that could pursue. I don't want to get into the details of what those conditions would be, but the broad is we want to know that the table is set for negotiation and that both parties are ready to go.

Paul Brink: Not into the Ed.

Speaker Change: Sure.

Speaker Change: I don't wanted to get into the details.

Paul Brink: Details, but just from a bigger picture.

Speaker Change: What those conditions would be but.

Paul Brink: What would lead you to drop the arbitration would it be that.

Speaker Change: The broad is.

Speaker Change: Sure.

Speaker Change: Want to know that.

Paul Brink: <unk> ahead, the concentrate is sold or are there anything that you can provide some color on what.

Speaker Change: The table is set for a negotiation.

Speaker Change: Both projects are ready to go.

Speaker Change: Okay.

Paul Brink: <unk> with your decision on the arbitration.

Speaker Change: Okay. Thank you for that.

Speaker Change: And maybe my last question I, just wanted to circle back on the transaction opportunity I wanted to start by asking.

Speaker Change: Yes, so first.

Speaker Change: Suspending rather rather than dropping so that would be putting that on hold for.

Speaker Change: Last quarter, when we talked about the transaction opportunities, we talked about our pipeline and the $100 million to $500 million range.

Speaker Change: That period to allow them there is a negotiation.

Speaker Change: Still the rights that could pursue.

Speaker Change: Some of your peers have mentioned that that range now has moved up in size.

Speaker Change: So what I would say if you put all of our holders.

Speaker Change: So I'm just wondering are you seeing larger opportunities out there.

Paul Brink: I don't want to get into the details of what those conditions would be, but the broad is we want to know that the table is set for negotiation and that both parties are ready to go.

Speaker Change: I don't wanted to get into the details.

Speaker Change: What those conditions would be but.

Speaker Change: And are those opportunities.

Speaker Change: Abroad as well.

Speaker Change: Mainly in base metal producers that are trying to crystallize on this higher gold price.

Speaker Change: Want to know that.

Speaker Change: The table is set for a negotiation and both projects are ready to go.

Speaker Change: I'm just trying to understand whether that something that has increased and photo transaction opportunities and then just wanted to ask about the royalties versus the <unk>.

Speaker Change: Okay.

Tanya Jakusconek: Okay, thank you for that.

Speaker Change: Okay. Thank you for that.

Tanya Jakusconek: And my last question, I just wanted to circle back on the transaction opportunities.

Speaker Change: And maybe my last question I, just wanted to circle back on the transaction opportunity I wanted to start by asking.

Tanya Jakusconek: I want to start by asking, you know, last quarter, when we talked about the transaction opportunities, we talked about a pipeline in the 100 to 500 million range. Some of your peers have mentioned that that range now has moved up in size. So I'm just wondering, are you seeing larger opportunities out there? And are those opportunities mainly in base metal producers that are trying to crystallize on this higher gold price?

Howard: Screen Howard it that was the law.

Tanya Jakusconek: Okay, thank you for that.

Speaker Change: In terms of opportunities that you're seeing or royalties my screen.

Tanya Jakusconek: And my last question, I just wanted to circle back on the transaction opportunities. I want to start by asking, you know, last quarter, when we talked about the transaction opportunities, we talked about a pipeline in the 100 to 500 million range. Some of your peers have mentioned that that range now has moved up in size. So I'm just wondering, are you seeing larger opportunities out there? And are those opportunities mainly in base metal producers that are trying to crystallize on this higher gold price? I'm just trying to understand whether that's something that has increased in sort of transaction opportunities.

Speaker Change: Last quarter, when we talked about the transaction opportunities we've talked about.

Speaker Change: Hi, Toni it's Ian again, and I would say first off we're seeing similar conditions to what we saw last year.

Pipeline in the $100 million to $500 million range.

Speaker Change: Some of your peers have mentioned that that range now has moved up in size.

Speaker Change: Overall volume of deals and also on sites.

Speaker Change: So I'm just wondering are you seeing larger opportunities out there.

Speaker Change: Probably the best guidance I can.

Speaker Change: And are those opportunities.

Speaker Change: We give you.

In terms of.

Speaker Change: Mainly in base metal producers that are trying to crystallize on this higher gold price I'm, just trying to understand whether that something that has increased and photo transaction opportunities.

Speaker Change: Deal volume and sizing in terms of royalties versus streams similar to last year, It's a mix.

Speaker Change: And we're seeing good opportunities in both.

Ian Gray: Transcription by Trans-Experts at Trans-Experts at www.trans-experts.com In terms of opportunities, are you seeing more royalties, more screen?

Speaker Change: Okay.

Speaker Change: And Ian just.

Speaker Change: And then just wanted to ask about the loyalty the screen Howard it that was low.

Speaker Change: You came back and talked a little bit about you know you have some opportunities in non precious metal would that be outside of energy.

Speaker Change: In terms of opportunities that you're seeing more royalties more screen.

Jason OConnell: And then I just wanted to ask about the royalties versus the stream. In terms of opportunities, are you seeing more royalties, more screen? and we're seeing good opportunities in both.

Jason: Hey, Thanks, Jason we're looking at opportunities.

Jason OConnell: Hi, Tanya, it's Ian again. And I would say first off, we're seeing similar conditions to what we saw last year, in terms of overall volume of deals and also on size. That's probably the best guidance I can give you in terms of deal volume and sizing. In terms of royalties versus streams, similar to last year, it's a mix. and we're seeing good opportunities in both.

Ian: Hi, Toni it's Ian again.

Speaker Change: I would say first off we're seeing similar conditions to what we saw last year.

Speaker Change: Both within energy and outside of energy.

Speaker Change: So it's a pretty broad universe of things that we're looking at.

Ian: Terms of overall volume of deals and also on sites, that's probably the best guidance I can.

Speaker Change: Overall.

Speaker Change: <unk>, a little bit about the commodity but a lot of it is just what assets are available which are the best quality opportunities and those are the ones that we focus our time.

Speaker Change: I can give you.

Speaker Change: In terms of.

Speaker Change: Deal volume and sizing in terms of royalties versus streams similar to last year, It's a mix.

Speaker Change: Okay and in the non gold opportunities size with Cowen.

Speaker Change: Okay.

Speaker Change: And so we're seeing good opportunities in both.

Speaker Change: Theres really a wide range from very small to larger transactions. So we're looking at.

Jason OConnell: Okay, and even just you, you know, you came back and talked a little bit about, you know, you have some opportunities and in the non-precious metals, would that be outside of energy?

Speaker Change: Okay.

Speaker Change: Ian you came back and talked a little bit about you know you have some opportunities in non precious metal would that be outside of energy.

Speaker Change: Full spectrum.

Speaker Change: Quantum.

Speaker Change: Okay. When you say large deal is that small from like 50 to 500 or is it up to $1 billion I don't know what Youre large jets.

Jason OConnell: Hey Tanya, it's Jason. You know, we're looking at opportunities both within energy and outside of energy, so it's a pretty broad universe of things that we're looking at overall. A little bit about the commodity, but a lot of it is just what assets are available, which are the best quality opportunities, and those are the ones that we'll focus our time on. And in the non-gold opportunities, what side would those There's really a wide range from very small to larger transactions, so we're looking at a full spectrum of quanta. Okay, when you say large, is that small from like 50 to 500 or is it up to a billion?

Jason: Hey, Thanks, Jason we're looking at opportunities.

Jason: Both within energy and outside of energy.

Speaker Change: Largest of spectrum from.

Speaker Change: Zero to $500 million.

Jason: So it's a pretty broad universe of things that we're looking at.

Speaker Change: Okay.

Jason: Overall.

Speaker Change: Alright, that's helpful. Thank you so much for taking my questions and good luck in Lam as a good quarter. Thank you.

Jason: A little bit about the commodity but a lot of it is just what assets are available which are the best quality opportunities and those are the ones that will focus our time.

Speaker Change: Okay.

Jason: Okay and in the non gold opportunities size Macmillan's BS.

Speaker Change: Thank you. Your next question is from John Tumazos from John Tumazos Independent Research. Your line is now open.

Jason: Theres really a wide range from very small to larger transactions. So we're looking at.

Tanya Jakusconek: Okay, and in the non-gold opportunities, what size would those be? There's really a wide range from very small to larger transactions, so we're looking at a full spectrum of sort of quantity. Okay, when you say large, is that small from like 50 to 500 or is it up to a billion? I don't know what you're large. I, you know, large is a spectrum from zero to plus 500. All right, that's helpful.

John Tumazos: Thank you.

John Tumazos: I noticed that newmont sold.

Jason: Full spectrum.

John Tumazos: 40 million shares of discovery silver over night.

Jason: Quantum.

Speaker Change: Okay. When you say large deal is that small from like 50 to 500 or is it up to a $1 billion I don't know what youre large jets.

John Tumazos: First question.

Speaker Change: Would franco.

Jason OConnell: I don't know what your large is. I, you know, large is a spectrum from zero to plus 500. All right, that's helpful.

Speaker Change: With Franco wanted to buy the next block with Newmont wants to sell to have more.

Jason: Larger the spectrum from.

Jason: Zero to plus $500 million.

Where would Frank there'll be a seller.

Jason: Okay.

Paul Brink: Alright Thats helpful. Thank you so much for taking my questions and good luck Ken.

Tanya Jakusconek: Thank you so much for taking my questions and good luck and have a good quarter, thank you.

John Tumazos: Sure John.

Speaker Change: We're very happy supporter of the team at discovery.

Jason: That's a good quarter. Thank you.

Jason: Okay.

Speaker Change: We're delighted with the shares that we hold.

Tanya Jakusconek: Thank you so much for taking my questions and good luck in the good quarter. Thank you.

Tanya Jakusconek: Thank you.

Speaker Change: But as our strategy as you know is principally around royalties and streams.

Speaker Change: Thank you. Your next question is from John Tumazos from John Tumazos Independent Research. Your line is now open.

John Tumazos: Your next question is from John Tumazos from John Tumazos Independent Research. Your line is now open. Thank you. I noticed that Newmont sold, uh... 40 million shares of Discovery Silver overnight. First question. Would Franco, uh... Would Franco want to buy the next block that Newmont wants to sell to have more? Or would Franco be a seller?

Speaker Change: We're in getting deals done that's helpful for us to do.

Jason: Thank you.

John Tumazos: Your next question is from John Tumazos from John Tumazos Independent Research. Your line is now open. Thank you. I noticed that Newmont sold 40 million shares of Discovery Silver overnight. First question. Would Franco, uh... Would Franco want to buy the next block that Newmont wants to sell to have more? Or would Franco be a seller?

Speaker Change: In particular to be.

Jason: I noticed that newmont sold.

Speaker Change: Our lead order in an equity deal.

Jason: 40 million shares of discovery silver over night.

Speaker Change: It's something that we do and one of the things we're trying to do is.

Speaker Change: Put money in but leverage the dollars that we're putting in.

Jason: First question.

Speaker Change: Would franco.

Speaker Change: If we can help the company to raise more capital by providing that endorsement.

Speaker Change: With Franco wanted to buy the next block with Newmont wants to sell to have more.

Speaker Change: Good product strategy.

Speaker Change: But just buying block.

Speaker Change: Where we're trying to be a seller.

Speaker Change: Block of shares.

Speaker Change: Operating product strategy.

Paul Brink: John, we're a very happy supporter of the team at Discovery. We're delighted with the shares that we hold, but our strategy, as you know, is principally around royalties and streams, where in getting deals done, it's helpful for us to do some equity, in particular, to be a lead order in an equity deal is something that we do, and one of the things we're trying to do is not put money in, but leverage the dollars that we're putting in, so if we can help the company to raise more capital by providing that endorsement, that's a good part of the strategy, but just buying a block of shares is not really part of the strategy.

Speaker Change: John.

Speaker Change: Following up on the earlier question.

Speaker Change: Henry supporter of the team at discovery.

Speaker Change: As the gold price rises it's easier for the exploration and development companies to raise money.

Speaker Change: Delighted with the shares that we hold.

Paul Brink: John, we're a very happy supporter of the team at Discovery. We're delighted with the shares we hold. Our strategy, as you know, is principally around royalties and streams. In getting deals done, it's helpful for us to do some equity. In particular, to be a lead order in an equity deal is something that we do. One of the things we're trying to do is not put money in, but leverage the dollars that we're putting in. If we can help the company raise more capital by providing that endorsement, that's a good part of the strategy.

But as our strategy as you know is principally around royalties and streams.

Speaker Change: Should we expect.

Speaker Change: We're in getting deals done that's helpful for us to do.

Speaker Change: Franco to have a larger dividend payout.

Speaker Change: In particular to be.

Speaker Change: In view of.

A lead order in an equity deal.

Speaker Change: The boom in gold price.

Speaker Change: It's something that we do and one of the things we're trying to do is.

Speaker Change: Hi, John it's Sandeep here.

Speaker Change: Put money in but leverage the dollars that we're putting in.

John Tumazos: As you know we have always highlighted our dividend strategy as being sustainable and progressive where and we always want to be in a position, where we are raising the dividend and.

Speaker Change: We can help the company to raise more capital by providing that endorsement thats a good product strategy.

Speaker Change: But just fine.

Speaker Change: We're proud of the fact that we've raised it to <unk>.

Speaker Change: Block of shares is not running product strategy.

John Tumazos: Our Roe.

In terms of a higher higher dividend payout.

Paul Brink: Following up on the earlier question. As the gold price rises, it's easier for the exploration and development companies to raise money. Did we expect... Franco to have a larger dividend payout. Uh, in view of, uh... The Booming Gold Press. In terms of a higher dividend payout, our priority is always adding assets, good long-life assets, whether royalty or stream. And we see lots of opportunities right now. So I think you'd see our focus for capital deployment on adding those types of assets to the portfolio, but still raising the dividend. But I wouldn't expect an unusually higher increase in the dividend than we normally have.

Speaker Change: Following up on the earlier question.

John Tumazos: Our priority is always adding assets, good long life assets, whether royalty or stream.

Paul Brink: But just buying a block of shares is not really part of the strategy.

Speaker Change: As the gold price rises it's easier for the exploration and development companies to raise money.

John Tumazos: And we see lots of opportunities right now so I think you would see our focus for capital deployment on adding adding those types of assets to the portfolio, but still raising the dividend, but I wouldn't expect an unusually higher increase in the dividend that we normally.

John Tumazos: Following up on the earlier question. As the gold price rises, it's easier for the exploration and development companies to raise money. Should we expect... Franco to have a larger dividend payout. Uh, in view of, uh... The booming gold price.

Speaker Change: Should we expect.

Speaker Change: Frank or to have a larger dividend payout.

Speaker Change: In view of.

Speaker Change: The boom in gold price.

John Tumazos: Yes.

John Tumazos: Happy hunting thank you.

Speaker Change: Hi, John it's Sandeep here.

Speaker Change: As you know we have always highlighted our dividend strategy as being sustainable and progressive where and we always want to be in a position, where we are raising the dividend and <unk>.

John Tumazos: Thank you.

Sandip Rana: Hi, John and Sandeep here. As you know, we have always highlighted our dividend strategy as being sustainable and progressive, where we always want to be in a position where we are raising the dividend. And, you know, we're proud of the fact that we raised at $18. In terms of a higher dividend payout, our priority is always adding assets, good, long-life assets, whether royalty or stream. And we see lots of opportunities right now, so I think you'd see our focus for capital deployment on adding those types of assets to the portfolio, but still raising the dividend.

Peter Haden: There are no further questions on the phone line I will now turn to Q&A session over to Peter Haden, who will take questions from the webcast.

Speaker Change: Proud of the fact that we've raised it to <unk>.

Speaker Change: Nope.

Speaker Change: In terms of a higher higher dividend payouts.

Speaker Change: Thank you Jenny there are no further questions from the webcast. This concludes our first quarter 2025 results conference call and webcast.

Speaker Change: Our priority is always adding assets, good long life assets, whether royalty or stream.

Speaker Change: And we see lots of opportunities right now so I think you would see our focus for capital deployment on adding adding those types of assets of the portfolio, but still raising the dividend, but I wouldn't expect an unusually higher increase in the dividend that we normally.

Speaker Change: We expect to release, our second quarter 2025 results after market close on August nine.

Speaker Change: For your interest in Franco Nevada.

Speaker Change: Thank you, ladies and gentleman that concludes our conference call for today.

John Tumazos: Happy hunting. Thank you.

Speaker Change: Happy hunting thank you.

Speaker Change: You all for participating you may now disconnect your lines.

Operator: But I wouldn't expect an unusually higher increase in the dividend than we normally have. Happy hunting. Thank you. There are no further questions on the phone line.

Speaker Change: Thank you.

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

Speaker Change: There are no further questions on the phone line I will now turn a Q&A session in which you can see the haden, who will take questions from the webcast.

Candida Hayden: I will now turn the Q&A session over to Candida Hayden, who will take questions from the webinar. Thank you Jenny.

Speaker Change: Thank you Jenny there are no further questions from the webcast. This concludes our first quarter 2025 results conference call and webcast. We expect to release, our second quarter 2025 results after market close on August nine. Thank you for your interest in Franco Nevada.

Operator: There are no further questions from the webcast.

Candida Hayden: I will now turn the Q&A session over to Candida Hayden, who will take questions from the webinar. Thank you Jenny. There are no further questions from the webcast.

Candida Hayden: This concludes our first quarter 2025 results conference call and webcast.

Candida Hayden: We expect to release our second quarter 2025 results after market close on August 9. Thank you for your interest in Franco-Nevada. Thank you.

Operator: This concludes our first quarter 2025 results conference call and webcast. We expect to release our second quarter 2025 results after market close on August 9th. Thank you for your interest in Franco-Nevada. Thank you. Ladies and gentlemen, that concludes our conference call. Thank you all for participating. You may now disconnect your line.

Speaker Change: Thank you, ladies and gentleman that concludes our conference call for today.

Operator: Ladies and gentlemen, that concludes our conference call. Thank you all for participating.

Speaker Change: Thank you all for participating you may now disconnect your lines.

Operator: You may now disconnect your line.

Q1 2025 Franco-Nevada Corp Earnings Call

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