Franco-Nevada Corp (FNV) 2022 Q4 法說會逐字稿

Good morning, and welcome to Franco-Nevada Corporation's 2022 year-end Results Conference Call and Webcast. This call is being recorded on March 16, 2023. (Operator Instructions)

早上好，歡迎來到 Franco-Nevada Corporation 的 2022 年年終業績電話會議和網絡直播。此通話記錄於 2023 年 3 月 16 日。（操作員說明）

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

我現在想把會議轉交給你的主持人，投資者關係高級分析師 Candida Hayden。請繼續。

Thank you, Michelle. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada's 2022 year-end 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.

謝謝你，米歇爾。大家，早安。感謝您今天加入我們討論 Franco-Nevada 的 2022 年年終業績。伴隨此次電話會議的是一份演示文稿，可在我們的網站 franco-nevada.com 上獲取，您還可以在該網站上找到我們的完整財務結果。該演示文稿也可在網絡廣播中觀看。

During this call -- sorry, during our call this morning, Paul Brink, President and CEO of Franco-Nevada, will provide introductory remarks followed by Sandip Rana, our 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.

在這次電話會議中——抱歉，在我們今天上午的電話會議中，Franco-Nevada 總裁兼首席執行官 Paul Brink 將發表介紹性講話，隨後我們的首席財務官 Sandip Rana 將對我們的結果進行簡要回顧。隨後是問答環節。我們完整的執行團隊可以回答任何問題。與會者可以通過電話或網絡廣播提交問題。

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 3 of this presentation.

我們想提醒與會者，今天的一些評論可能包含前瞻性信息，我們建議您參閱本演示文稿幻燈片 3 中的詳細警示說明。

I will now turn the call over to Paul Brink, President and CEO of Franco-Nevada.

我現在將把電話轉給 Franco-Nevada 總裁兼首席執行官 Paul Brink。

Thanks, Candida, and good morning. I'm pleased to report strong fourth quarter and annual results for 2022. Our diversified assets outperformed, driven by elevated energy prices in the year. The benefit of our top line business was again apparent while inflation impacted the margins of many operating companies, our EBITDA margins actually expanded slightly and our business generated record profits.

謝謝，念珠菌，早上好。我很高興地報告 2022 年第四季度和全年的強勁業績。在能源價格上漲的推動下，我們的多元化資產表現出色。我們的頂線業務的好處再次顯現，而通貨膨脹影響了許多運營公司的利潤率，我們的 EBITDA 利潤率實際上略有擴大，我們的業務產生了創紀錄的利潤。

It's good to see our efforts on ESG being well received. Most recently, we were awarded a Sustainalytics global top 50 rating given to the top 50 companies in their ratings universe. This January, we announced our 16th consecutive annual dividend increase. The roughly 6% increase takes our quarterly dividend to $0.34 per share.

很高興看到我們在 ESG 方面的努力受到好評。最近，我們獲得了 Sustainalytics 全球 50 強評級，該評級授予其評級範圍內的前 50 家公司。今年 1 月，我們宣布連續第 16 次增加年度股息。大約 6% 的增長使我們的季度股息達到每股 0.34 美元。

Many of our largest shareholders have held the stock since the IPO, and they're now realizing a 12% yield in Canadian dollars or almost 9% in U.S. dollars. The renegotiation of the Cobre Panama concession contract over the last few months and the brief production halt caused some sleepless nights. It was a relief, I'm sure for everyone last week, when First Quantum and the government reached agreement on a refreshed contract. We hope it moves swiftly through public consultation and parliamentary approval.

自首次公開募股以來，我們的許多大股東一直持有該股票，他們現在實現了 12% 的加元收益率或近 9% 的美元收益率。過去幾個月對 Cobre Panama 特許權合同的重新談判和短暫的停產導致了一些不眠之夜。上週第一量子和政府就更新後的合同達成協議時，我相信每個人都鬆了一口氣。我們希望它能通過公眾諮詢和議會批准迅速採取行動。

Turning to outlook. For 2023, our precious metal GEOs and our diversified production are expected to be consistent with 2022. Although total GEOs are expected to be lower as current energy prices are off from the highs of last year. We're looking forward to Cobre Panama reaching its expanded throughput capacity of 100 million tonne per annum by year-end and also to initial contributions from 3 new gold mines during the year, Magino, Seguela and Salares Norte.

轉向展望。到 2023 年，我們的貴金屬 GEO 和我們的多元化生產預計將與 2022 年保持一致。儘管由於當前的能源價格低於去年的高位，預計總 GEO 會降低。我們期待 Cobre Panama 在年底前達到其每年 1 億噸的擴大吞吐量，並期待年內 3 個新金礦 Magino、Seguela 和 Salares Norte 的初步貢獻。

Our 5-year outlook shows ongoing growth in the business. This organic growth comes from both mine expansions and new mines. The most significant new additions during the period are expected from Tocantinzinho, Vale's Southeastern iron ore system and Hardrock in Ontario. We expect Mine Waste Solutions will have reached its cap in 2024 and also a step down in the Candelaria stream rate in 2027.

我們的 5 年展望顯示業務持續增長。這種有機增長來自礦山擴張和新礦山。在此期間最重要的新增項目預計來自 Tocantinzinho、Vale 的東南部鐵礦石系統和安大略省的 Hardrock。我們預計 Mine Waste Solutions 將在 2024 年達到上限，並在 2027 年降低 Candelaria 流率。

Resource optionality continues to drive our business. Success at the drill bit will provide 1 of our biggest annual increases in reserves from our underlying assets. The biggest impacts are reserve increases at Detour Lake and Cascabel. We'll publish our attributable royalty ounces with our asset handbook in April.

資源可選性繼續推動我們的業務。鑽頭的成功將為我們的基礎資產儲量提供最大的年度增長之一。最大的影響是 Detour Lake 和 Cascabel 的儲量增加。我們將在 4 月份的資產手冊中發布我們的權益使用費盎司。

The global drive for electrification will be good for Franco-Nevada's longer-term outlook, along with a deep portfolio of royalties on gold exploration properties we have royalties on what are likely some of the next generation of copper and nickel mines.

全球電氣化的推動將有利於 Franco-Nevada 的長期前景，同時還有大量的黃金勘探資產特許權使用費，我們可能對一些下一代銅礦和鎳礦擁有特許權使用費。

Our business development team is seeing good opportunities for precious metal financings, in particular financing new gold mines. We expanded the scope of our financing package with the Tocantinzinho transaction with G Mining Ventures last year and are seeing good interest in similar structures.

我們的業務開發團隊看到了貴金屬融資的好機會，特別是為新金礦融資。我們去年通過與 G Mining Ventures 的 Tocantinzinho 交易擴大了融資方案的範圍，並且看到了對類似結構的濃厚興趣。

To wrap up, Franco-Nevada has no debt, $2.2 billion in available capital. And in these uncertain markets, couldn't be better positioned to continue its growth record.

總而言之，Franco-Nevada 沒有債務，可用資本為 22 億美元。在這些不確定的市場中，沒有比這更好的定位來繼續其增長記錄了。

I'll now hand over the call to Sandip.

我現在將把電話交給 Sandip。

Thanks, Paul. Good morning, everyone. As mentioned by Paul, Franco-Nevada ended 2022 with a strong fourth quarter, resulting in record financial results for the full year. The company saw a strong underlying production from our diverse portfolio of assets during the quarter. The majority of our mining assets performed in line with our expectations. However, revenue and earnings were impacted by weaker precious metal commodity prices and timing of deliveries for certain assets. The 1 area of the business that continued to deliver strong financial results was the energy assets.

謝謝，保羅。大家，早安。正如 Paul 所提到的，Franco-Nevada 以強勁的第四季度結束了 2022 年，全年的財務業績創下歷史新高。該公司在本季度從我們多樣化的資產組合中看到了強勁的基礎生產。我們大部分礦業資產的表現符合我們的預期。然而，收入和收益受到貴金屬商品價格疲軟和某些資產交付時間的影響。繼續提供強勁財務業績的第一個業務領域是能源資產。

As you turn to Slide 4, you can see how the company performed against the guidance that was issued for 2022. The initial guidance provided by the company for the year was 680,000 to 740,000 total GEO sold. Of this total, we guided to 510,000 to 550,000 precious metal GEOs with the balance being from diversified assets.

當你轉向幻燈片 4 時，你可以看到公司如何根據 2022 年發布的指導執行。公司提供的 2022 年初步指導是銷售 680,000 至 740,000 個 GEO。其中，我們引導了 510,000 到 550,000 個貴金屬 GEO，其餘來自多元化資產。

The company ended the year with 729,960 total GEOs sold which is at the high end of the guidance range. However, we were at the lower end of the range for precious metals with just over 510,000 GEOs sold. This was due to lower GEOs than expected from Stillwater, Antamina and Cobre Panama, with a portion of the lower GEOs being related to price impact on conversion of non-gold commodities to GEOs.

截至年底，該公司共售出 729,960 件 GEO，處於指導範圍的高端。然而，我們處於貴金屬範圍的低端，僅售出 510,000 多個 GEO。這是由於斯蒂爾沃特、安塔米納和巴拿馬 Cobre 的 GEO 低於預期，其中部分較低的 GEO 與非黃金商品轉換為 GEO 的價格影響有關。

The diversified assets had a strong year driven by higher energy prices. This resulted in coming in ahead of our expected guidance of 219,575 total diversified GEOs.

在能源價格上漲的推動下，多元化資產在這一年表現強勁。這導致超過了我們預期的 219,575 個多元化 GEO 的指導。

On Slide 5, we highlight the gold equivalent ounces sold for the last 5 quarters as well as the previous 5 years. Overall, GEOs sold were relatively flat when compared to prior year with Q4 2022 GEOs sold being 183,886 compared to 182,543 in fourth quarter last year. Of this precious metal GEOs were 129,642, down 6.6% from prior year.

在幻燈片 5 中，我們突出顯示了過去 5 個季度以及過去 5 年銷售的黃金當量盎司。總體而言，與去年第四季度相比，售出的 GEO 數量相對持平，2022 年第四季度售出的 GEO 數量為 183,886 個，而去年第四季度為 182,543 個。其中貴金屬GEO為129,642筆，較上年下降6.6%。

For the quarter, the largest contributors to the lower precious metals were Cobre Panama, and Antapaccay and Guadalupe. At Cobre Panama, First Quantum had another strong quarter as it moves towards production of 100 million tonnes per year. However, for the quarter, due to timing of shipments, gold and silver deliveries and ounces sold were lower than expected for the company.

本季度，貴金屬價格下跌的最大貢獻者是 Cobre Panama、Antapaccay 和 Guadalupe。在 Cobre Panama，First Quantum 在朝著每年 1 億噸的產量邁進的過程中又迎來了一個強勁的季度。然而，對於本季度，由於發貨時間的原因，黃金和白銀的交付量和銷售量低於公司的預期。

As we look to Q1 2023, we do expect a delay in precious metal deliveries from Cobre Panama due to the temporary production curtailment that did occur. We expect to have a stronger Q2. Antapaccay delivered less ounces than prior year but was in line with our expectations for the quarter. And the operator at Guadalupe mined less ounces on lands to which our stream applies resulting in lower GEOs delivered.

展望 2023 年第一季度，我們確實預計，由於確實發生了臨時減產，Cobre Panama 的貴金屬交付將有所延遲。我們預計第二季度會更強勁。 Antapaccay 的交付量低於去年，但符合我們對該季度的預期。 Guadalupe 的運營商在我們的流所適用的土地上開采的盎司較少，導致交付的 GEO 較低。

Partially offsetting the lower precious metal yields from these assets mentioned were Hemlo and Tasiast, where we had strong fourth quarters. For diversified GEOs, our Vale Royalty resulted in just over 4,000 GEOs for the quarter. This was lower than prior year due to lower production and lower iron ore prices. As you know, each quarter, we make an estimate of what the royalty will be with the actual amount being announced by Vale in late March and September each year. As a result, you will see adjustments to our accruals twice a year in Q1 and Q3.

部分抵消了上述資產的較低貴金屬收益率的是 Hemlo 和 Tasiast，我們在第四季度表現強勁。對於多元化的 GEO，我們的 Vale Royalty 在本季度產生了超過 4,000 個 GEO。由於產量下降和鐵礦石價格下降，這一數字低於上年。如您所知，每個季度，我們都會根據淡水河谷每年 3 月下旬和 9 月公佈的實際金額估算特許權使用費。因此，您將在第一季度和第三季度看到我們每年兩次的應計利潤調整。

The strong fourth quarter closed out the year with 729,960 GEOs sold for 2022, the highest annual level thus far for Franco-Nevada. Precious metal GEOs represented approximately 70% of total GEOs for the quarter and for the full year.

強勁的第四季度以 2022 年售出 729,960 套 GEO 結束了這一年，這是 Franco-Nevada 迄今為止的最高年度水平。貴金屬 GEO 約佔本季度和全年 GEO 總數的 70%。

2022 saw continued volatility in commodity prices. As you see on Slide 6, most precious metal prices were lower for the quarter and the year. This did impact the conversion of metals to GEOs. Energy prices were again strong in 2022, reaching multiyear highs. However, oil and especially natural gas prices have both retreated in the first part of 2023.

2022 年大宗商品價格持續波動。正如您在幻燈片 6 中看到的那樣，大多數貴金屬價格在本季度和本年度均較低。這確實影響了金屬向 GEO 的轉化。能源價格在 2022 年再次走強，達到多年高位。然而，石油，尤其是天然氣價格在 2023 年上半年雙雙迴落。

Slide 7 highlights our total revenue and adjusted EBITDA amounts for the 3 and 12 months ended December 31, 2022, and '21. As you can see from the bar charts, revenue and adjusted EBITDA has decreased slightly for Q4 2022 compared to prior year. The company reported $320.4 million in revenue in the fourth quarter and $262.4 million in adjusted EBITDA, a margin of 81.9% was achieved. Fourth quarter continued the strong contribution from the energy assets as revenue increased from $62 million a year ago to $82.7 million this quarter. The increase was due to the continued strong energy prices, especially natural gas.

幻燈片 7 突出顯示了我們截至 2022 年 12 月 31 日的 3 個月和 12 個月以及 21 年的總收入和調整後的 EBITDA 金額。從條形圖中可以看出，與去年同期相比，2022 年第四季度的收入和調整後的 EBITDA 略有下降。該公司公佈第四季度收入為 3.204 億美元，調整後 EBITDA 為 2.624 億美元，利潤率為 81.9%。第四季度繼續來自能源資產的強勁貢獻，收入從一年前的 6200 萬美元增加到本季度的 8270 萬美元。增加的原因是能源價格持續走強，尤其是天然氣。

West Texas Intermediate oil price averaged $82.65 a barrel in the quarter, natural gas prices increased significantly with Henry Hub averaging over $6 an mcf in the fourth quarter compared to $4.85 in mcf a year ago. For the full year, the company recorded $1.31 billion in revenue, and $1.1 billion in adjusted EBITDA, both records for the company.

本季度西德克薩斯中質原油平均價格為每桶 82.65 美元，天然氣價格大幅上漲，亨利港第四季度平均價格超過每千立方英尺 6 美元，而一年前為每千立方英尺 4.85 美元。全年，該公司的收入為 13.1 億美元，調整後的 EBITDA 為 11 億美元，均創下公司記錄。

As you turn to Slide 8, you'll see the key financial results for the company. Although yields were slightly higher for the quarter, revenue was lower because of lower precious metal prices. On the cost side, we did have a decrease in cost of sales as less stream ounces were delivered and sold compared to prior year. Cost of sales is dependent on which assets deliver stream ounces as not all fixed payments per stream ounce are equal.

當您轉到幻燈片 8 時，您將看到公司的主要財務結果。儘管本季度的收益率略高，但由於貴金屬價格下跌，收入有所下降。在成本方面，我們的銷售成本確實有所下降，因為與上一年相比，交付和銷售的流盎司減少了。銷售成本取決於交付流量盎司的資產，因為並非每流量盎司的所有固定付款都是相等的。

Depletion decreased to $73.5 million versus $78.2 million a year ago. Depletion is based on actual mining GEOs sold in barrels of oil equivalent received on the energy side. As we received less GEOs from Antapaccay, Cobre Panama and Vale, this impacted depletion as those assets are higher per ounce depletion assets. For the full year 2022, adjusted net income was $697.6 million.

損耗減少至 7350 萬美元，而一年前為 7820 萬美元。消耗是基於實際開采的 GEO，以能源方面收到的石油當量桶為單位出售。由於我們從 Antapaccay、Cobre Panama 和 Vale 收到的 GEO 較少，這影響了消耗，因為這些資產每盎司消耗資產較高。 2022 年全年，調整後的淨收入為 6.976 億美元。

Slide 9 highlights the continued diversification of the portfolio. As shown, 70% of our 2022 revenue was generated by precious metals. The geographic revenue profile has revenue being sourced 91% from the Americas, with Canada and the U.S. being the largest. And with respect to asset diversification, Cobre Panama was again our largest revenue generator at 17% of total revenue, followed by Candelaria and Antapaccay. Cobre Panama is the only asset greater than 10% of revenue.

幻燈片 9 強調了投資組合的持續多元化。如圖所示，我們 2022 年收入的 70% 來自貴金屬。從地域收入來看，91% 的收入來自美洲，其中加拿大和美國是最大的。在資產多元化方面，Cobre Panama 再次成為我們最大的收入來源，佔總收入的 17%，其次是 Candelaria 和 Antapaccay。 Cobre Panama 是唯一一家收入超過 10% 的資產。

The last chart highlights our operator diversity. Our largest exposure to revenue being generated by any 1 operator is 17%, which is First Quantum who operates Cobre Panama.

最後一張圖表突出了我們運營商的多樣性。我們對任何一家運營商產生的收入的最大敞口為 17%，即運營 Cobre Panama 的 First Quantum。

Slide 10 illustrates the strength of our business model to generate high margins. For 2022, the cash cost per GEO, which is essentially cost of sales divided by gold equivalent ounces sold is $242 per GEO. This compares to $245 per GEO in 2021. This amount will fluctuate depending on the mix of royalty versus stream GEOs, including mining and energy. But as you can see, at current average gold prices, the company generates significant margins. The margin was over $1,500 per ounce in 2022. In a rising commodity price environment, we expect to benefit fully as the cost per GEO sold should not increase significantly. We consider our cost structure to be essentially fixed.

幻燈片 10 說明了我們的商業模式產生高利潤的實力。到 2022 年，每個 GEO 的現金成本（基本上是銷售成本除以已售出的黃金當量盎司）為每個 GEO 242 美元。相比之下，2021 年每個 GEO 為 245 美元。這一數額將根據特許權使用費與流 GEO 的組合而波動，包括採礦和能源。但正如您所見，以目前的平均黃金價格計算，該公司產生了可觀的利潤。到 2022 年，利潤率超過每盎司 1,500 美元。在商品價格上漲的環境中，我們預計將充分受益，因為每個 GEO 的銷售成本不應顯著增加。我們認為我們的成本結構基本上是固定的。

The other cost component of the company besides cost of sales is our corporate administration costs. The chart on Slide 11 highlights our quarterly revenues at quarterly corporate administration and share-based comp expenses since our IPO. As you can see, revenues have grown significantly over the period shown, while corporate costs have remained fairly stable. For 2022 corporate administration, including share-based comp, was $32.6 million or less than 3% of revenue. We continue to believe we can add to our portfolio and grow our business without adding significant overhead to the company.

除銷售成本外，公司的其他成本構成是我們的公司管理成本。幻燈片 11 上的圖表突出顯示了自首次公開募股以來我們季度公司管理的季度收入和基於股份的補償費用。如您所見，收入在所示期間顯著增長，而企業成本保持相當穩定。對於 2022 年的公司管理，包括基於股份的薪酬，為 3260 萬美元或不到收入的 3%。我們仍然相信，我們可以在不給公司增加大量開銷的情況下增加我們的投資組合併發展我們的業務。

As you can see on Slide 12, for 2023, we are guiding to lower total GEOs sold with the range being 640,000 to 700,000 GEOs sold. Of this total, we are guiding to 490,000 to 530,000 precious metal GEOs for the year. The balance would be GEOs from our diversified assets which we expect energy to account for about 70% for 2023. The overall main drivers for GEOs year-over-year are for precious metals. We do expect higher GEOs from Antapaccay, MWS, Tasiast and Musselwhite, where the NPI should be payable for the full year.

正如您在幻燈片 12 中看到的那樣，到 2023 年，我們將指導銷售的 GEO 總量降低，範圍為 640,000 到 700,000 銷售的 GEO。在這一總數中，我們今年指導 490,000 至 530,000 個貴金屬 GEO。餘額將是來自我們多元化資產的 GEO，我們預計到 2023 年能源將佔 70% 左右。GEO 同比的總體主要驅動因素是貴金屬。我們確實預計 Antapaccay、MWS、Tasiast 和 Musselwhite 會提供更高的 GEO，其中 NPI 應全年支付。

At Cobre Panama, we've guided for a range of 115,000 to 135,000 GEOs accounting for the recent production curtailment and timing of deliveries. We expect first deliveries from new mines Magino, Seguela and Salares Norte. We are anticipating that less mining will occur on our stream lands at Antamina and Candelaria and expect the Hemlo NPI to be less in 2023. Our guidance has been calculated using $1,800 per ounce for gold, $21 for silver, $900 platinum, $1,500 palladium and $120 per tonne iron ore. Obviously, prices are volatile, and as they change, it will impact the conversion of non-gold commodities to GEOs.

在 Cobre Panama，我們為 115,000 到 135,000 個 GEO 提供了指導，說明了最近的減產和交貨時間。我們預計新礦 Magino、Seguela 和 Salares Norte 將首次交付。我們預計 Antamina 和 Candelaria 的溪流土地上的採礦活動將減少，並預計 2023 年 Hemlo NPI 將減少。我們的指導是使用黃金每盎司 1,800 美元、白銀 21 美元、鉑金 900 美元、鈀金 1,500 美元和 120 美元計算得出的每噸鐵礦石。顯然，價格是波動的，隨著價格的變化，它將影響非黃金商品向 GEO 的轉換。

On the energy side, we're using $80 per barrel WTI and $3 mcf natural gas. This provides a range of 105,000 to 225,000 GEOs from our energy assets. As we look forward to 2027, we're proud of the built-in growth that the company already has in place. Our outlook for 2027 is 760,000 to 820,000 GEOs sold. Of this range, precious metals will be 565,000 to 605,000 GEOs. Main contributors will be Cobre Panama ramped up to 100 million tonnes per year. We will benefit from expansions at Stillwater, Detour and Tasiast. We're expecting a number of new mines to be in production by 2027, Tasiast, Greenstone, Valentine Gold, Stibnite and Eskay Creek. Also, we do expect McCreedy West and Sudbury to remain in production at 2022 levels until 2027. The initial step down in GEOs Candelaria will occur during this time frame in 2027. Also, it should be noted that Mine Waste Solutions will reach its cap at the end of 2024.

在能源方面，我們使用每桶 80 美元的 WTI 和 3 美元的天然氣。這從我們的能源資產中提供了 105,000 到 225,000 個 GEO。展望 2027 年，我們為公司已經實現的內在增長感到自豪。我們對 2027 年的展望是售出 760,000 到 820,000 個 GEO。在此範圍內，貴金屬將為 565,000 至 605,000 GEO。主要貢獻者將是每年增加到 1 億噸的 Cobre Panama。我們將受益於 Stillwater、Detour 和 Tasiast 的擴張。我們預計到 2027 年將有許多新礦投產，包括 Tasiast、Greenstone、Valentine Gold、Stibnite 和 Eskay Creek。此外，我們確實預計 McCreedy West 和 Sudbury 的生產將保持在 2022 年的水平，直到 2027 年。GEOs Candelaria 的初步減產將在 2027 年的這個時間段內進行。另外，應該注意的是，Mine Waste Solutions 將在 2027 年達到其上限2024 年底。

For diversified GEOs, we do expect an increase in GEOs from our Vale Royalty as attributable production should increase with plant expansions. And for the energy assets, we've assumed a slight increase in production over the next 5 years resulting in a marginal increase in GEOs. Also, we've held energy prices flat at $80 a barrel WTI and $3 an mcf natural gas for the period.

對於多元化的 GEO，我們確實預計來自 Vale Royalty 的 GEO 會增加，因為權益產量應該會隨著工廠擴張而增加。對於能源資產，我們假設未來 5 年產量略有增加，導致 GEO 略有增加。此外，在此期間，我們將能源價格持平於每桶 WTI 80 美元和每千立方英尺天然氣 3 美元。

Overall, when you look at the outlook for GEO sold, the company has over 18% built-in organic growth to 2027 at budgeted commodity prices. This assumes that no additional assets are added to the portfolio.

總體而言，當您查看 GEO 的銷售前景時，按預算商品價格計算，該公司到 2027 年的內在有機增長率超過 18%。這假設沒有額外的資產被添加到投資組合中。

Finally, Slide 13 summarizes the financial resources available to the company when including our credit facility of $1 billion, total available capital at December 31, 2022, is $2.2 billion.

最後，幻燈片 13 總結了公司可用的財務資源，其中包括我們的 10 億美元信貸額度，截至 2022 年 12 月 31 日的可用資本總額為 22 億美元。

And with that, I will pass it over to the operator, and we're happy to take your questions.

然後，我會將其轉交給接線員，我們很樂意回答您的問題。

(Operator Instructions) First question comes from Heiko Ihle of H.C. Wainwright.

（操作員說明）第一個問題來自 H.C. 的 Heiko Ihle。溫賴特。

Congratulations on the recent Cobre Panama news. That surprise it all worked out, but we'll still get to see it on paper here. [With the] Cobre Panama and given the importance of that asset to your franchise as a whole, can you provide some color on how much mine production has shifted backwards in time versus just changed for good or SECs right now? But I assume that given how fast this all happened, I assume that there will be limited loss and the inefficiencies that are encouraged should be somewhat limited just because of timing. I know there is no scientific answer to this, but I'm just trying to gauge the longer-term impact and also the timing close given that you're still expecting 115,000 to 135,000 ounces this year, please?

祝賀最近的 Cobre Panama 新聞。令人驚訝的是一切都解決了，但我們仍然會在這裡看到它在紙上。 [與] Cobre Panama 並考慮到該資產對您的整個特許經營權的重要性，您能否提供一些顏色，說明礦山生產在時間上倒退了多少，而不是現在就永久改變或 SECs？但我認為，考慮到這一切發生的速度有多快，我認為損失將是有限的，並且鼓勵的低效率應該只是因為時間的原因而受到一定程度的限制。我知道對此沒有科學的答案，但我只是想衡量長期影響和時間結束，因為你仍然預計今年會有 115,000 到 135,000 盎司，好嗎？

Yes. So at a high level, obviously, First Quantum has not adjusted their guidance for the year. So even though the mine was shut down roughly for 3 weeks, they think they can make it up. And during that period, they did do some maintenance activities on some of the lines.

是的。因此，在高水平上，顯然，第一量子沒有調整他們今年的指導。因此，即使礦山大約關閉了 3 週，他們仍然認為可以彌補。在那段時間裡，他們確實對一些線路進行了一些維護活動。

So from our standpoint, in Q1, we will be impacted, I would say, of our range of 115,000 to 135,000 GEOs, roughly 20% of that will come through Q1. There'll be the catch-up deliveries in Q2 and then it will be even in Q3 and Q4. That's our sense. But obviously, it will be dependent on how the mine ramps up. But from my understanding, it's back to normal operations.

因此，從我們的角度來看，在第一季度，我們將受到影響，我想說，我們的 115,000 到 135,000 個 GEO 範圍內，其中大約 20% 將通過第一季度。第二季度會有追趕交付，然後甚至會在第三季度和第四季度。那是我們的感覺。但很明顯，這將取決於礦山的增長方式。但據我了解，它已恢復正常運行。

Very good. Okay. And Paul, I mean, you were talking earlier on this call, 1 of your quotes was in these uncertain markets, you're still able to continue your growth, gold is at $90.30 an once right now, and we've discussed in the past that the mass royalties and streams is quite high, though you also play in a ballpark bigger than many of the other people. You are nonetheless diversified into energy assets as well. Is it maybe fair to say that management has been spending more time lately on non-gold or even energy acquisitions?

非常好。好的。保羅，我的意思是，你早些時候在這個電話會議上說過，你的報價之一是在這些不確定的市場中，你仍然能夠繼續你的增長，黃金現在是 90.30 美元一次，我們已經討論過過去，大量的版稅和流量相當高，儘管你也在一個比其他許多人更大的球場上玩。儘管如此，您也多元化投資於能源資產。可以說管理層最近在非黃金甚至能源收購上花費了更多時間，這是否公平？

No, the focus most recently has been on precious metal assets. There is a range of things that we're looking at, but the -- by far, the most of it is precious metal related. By my comment, more of where I was going is we're providing capital to the mining industry, particularly the gold mining industry. And the -- what we've seen and for the last number of years that we've been in a world of wash with cash and cheap capital. And that is drying up the cost of funds to many developers is higher than it was and particularly with the current liquidity issues in the market, I expect it will only go higher. So those are all very good tailwinds for us being able to deploy more funds and to do it with good returns. .

不，最近的焦點是貴金屬資產。我們正在研究的範圍很廣，但到目前為止，其中大部分與貴金屬有關。根據我的評論，我要去的地方更多的是我們正在為採礦業，特別是金礦業提供資金。而且——我們所看到的以及過去幾年我們一直處於一個充斥著現金和廉價資本的世界。許多開發商的資金成本正在枯竭，比以前更高，尤其是在當前市場流動性問題的情況下，我預計它只會更高。因此，對於我們能夠部署更多資金並獲得良好回報來說，這些都是非常好的順風。 .

Okay. That's what I assumed, you were trying to say, but I just want to clarify. And that was it on my end.

好的。這就是我的假設，你想說的，但我只是想澄清一下。我就是這樣。

The next question comes from Erin Kyle of CIBC.

下一個問題來自 CIBC 的 Erin Kyle。

Congratulations on a strong fourth quarter. Maybe my first question here is just on your 5-year outlook, starting with Vale. So your outlook points to increase production from the northern and southeastern system. Could you maybe comment on when you expect the Southeastern system to start contributing. We have about mid-2024 in our model. Does that sound right?

祝賀第四季度表現強勁。也許我在這裡的第一個問題只是關於你的 5 年展望，從淡水河谷開始。所以你的前景指向增加北部和東南部系統的產量。您能否評論一下您希望東南系統何時開始做出貢獻？我們的模型大約在 2024 年年中。聽起來對嗎？

It's Eaun speaking. So Vale, as Sandip indicated at the end of this quarter, we'll provide an update typically as to when they expect the Southeastern system to begin contributing. As you know, there's a threshold of production that needs to be met. The last time they provided an update was in September, and they indicated between 2024 and 2025. I think our expectation is for -- towards the end of 2024. But that's the range that is available.

是歐恩在說話。所以淡水河谷，正如 Sandip 在本季度末表示的那樣，我們通常會提供有關他們預計東南系統何時開始貢獻的更新。如您所知，需要滿足生產的門檻。他們最後一次提供更新是在 9 月，他們表示在 2024 年到 2025 年之間。我認為我們的期望是——到 2024 年底。但這就是可用的範圍。

Okay. And then maybe just switching gears here. Heiko touched on this briefly in terms of the deal environment, but that financing remains difficult to access for junior miners and developers with rising interest rates. So could we maybe expect more deals in the future structured similar to the deal that you did with G Mining comprised of streamed debt and equity components? Or are you focused primarily on stream?

好的。然後也許只是在這裡換檔。 Heiko 在交易環境方面簡要談到了這一點，但隨著利率上升，初級礦工和開發商仍然難以獲得融資。那麼，我們是否可以期待未來有更多交易結構類似於您與 G Mining 所做的交易，包括流式債務和股權部分？還是您主要關注流媒體？

It's Eaun again. Happy to answer that question. I think that transaction was well received and provided an elegant solution to financing in that particular case. So we are following up with others in -- with that set of structure, and we're hopeful we'll be able to do more deals like that. That's not exclusively what we're looking at. We're looking at things across the spectrum. But we are hopeful that will be an avenue for growth. .

又是歐恩。很高興回答這個問題。我認為該交易很受歡迎，並為該特定案例的融資提供了一個優雅的解決方案。因此，我們正在跟進其他人——採用這套結構，我們希望我們能夠做更多這樣的交易。這不僅僅是我們正在研究的。我們正在研究各個方面的問題。但我們希望這將成為增長的途徑。 .

Okay. Great. And then maybe my last question here is just to the extent that you can comment on it, what sort of -- what type of size of deals are you seeing? Are they primarily in the $100 million to $400 million range? Or are you seeing primarily royalty packages? Or is it primarily streaming deals that you're seeing?

好的。偉大的。然後也許我在這裡的最後一個問題只是在您可以評論的範圍內，您看到什麼樣的交易規模？它們主要在 1 億美元到 4 億美元之間嗎？或者您看到的主要是版稅套餐？還是您看到的主要是流媒體交易？

Sure. I guess a couple of comments. So first off, the pipeline is active. Yes, there are kind of more medium-sized deals. And that is kind of sub $400 million I would say is a mix of primary gold and byproduct but the one trend is we're seeing more and more project financing type transactions on lines of what I just mentioned.

當然。我想有一些評論。因此，首先，管道處於活動狀態。是的，有更多的中型交易。這是一種低於 4 億美元的金額，我想說是原生黃金和副產品的混合，但一個趨勢是我們看到越來越多的項目融資類型交易符合我剛才提到的內容。

The next question comes from Greg Barnes, TD Securities.

下一個問題來自道明證券的 Greg Barnes。

Sandip, the Musselwhite NPI, any idea what kind of number we're talking about there?

Sandip，Musselwhite NPI，知道我們在談論什麼樣的數字嗎？

It's paid in Canadian dollars. It could range my guess at this stage or my estimate is CAD 5 million to CAD 7 million based on a full year of production.

它以加元支付。它可能在我現階段的猜測範圍內，或者我的估計是基於全年生產的 500 萬加元到 700 萬加元。

Okay. Great. And I assume your guidance for the 5-year regarding Candelaria does not include the potential for them to go underground. And I assume when they do go underground, that would be captured under the streaming deal you have there or increase the underground, I should say, increase the underground production.

好的。偉大的。我假設你對 Candelaria 的 5 年指導不包括他們轉入地下的可能性。而且我假設當他們確實進入地下時，那將根據您在那裡的流媒體交易捕獲或增加地下，我應該說，增加地下產量。

Yes, Greg, it's Paul. So they don't yet have the increase in the underground in their mine plan. Our assumptions reflect the mine plan that they've put out there and their guidance. So that if they do go ahead with the underground expansion, that's upside on what we're currently guiding.

是的，格雷格，是保羅。所以他們還沒有在他們的礦山計劃中增加地下。我們的假設反映了他們在那裡提出的礦山計劃和他們的指導。因此，如果他們確實繼續進行地下擴張，那將比我們目前的指導有好處。

The next question comes from John Tumazos, private investor.

下一個問題來自私人投資者 John Tumazos。

Could you explain which of your projects had bigger reserve and resource extensions. Just looking down the list of Detour Lake, Brucejack, for example, had reserve gains or discoveries last year. So your revenues rose 1% but your depreciation fell 4.5%. Could that imply a 5% increase to your reserve life?

你能解釋一下你的哪些項目有更大的儲備和資源擴展嗎？僅查看 Detour Lake 的名單，例如 Brucejack，去年就有儲量增長或發現。因此，您的收入增長了 1%，但折舊下降了 4.5%。這是否意味著您的儲備壽命增加 5%？

So John, I'll take the first part here. The big changes for the year in reserves will be Detour Lake, Cascabel, where they moved M&I into the reserve category. The next on the list is the increase in reserves at Malartic with the underground. And then the new assets that we have Tocantinzinho and also Magino. So those will be the biggest increases.

約翰，我先講第一部分。今年儲備量的重大變化將是 Cascabel 的 Detour Lake，他們將 M&I 移至儲備類別。下一個清單是 Malartic 地下儲量的增加。然後是我們擁有 Tocantinzinho 和 Magino 的新資產。所以這些將是最大的增長。

And then, John, just on depletion. Yes, revenue was higher, but that was driven off of higher energy prices essentially. Production was slightly higher on the energy side. But on the mining side, we did have lower production, which results in lower depletion and the lower production was from high depletion assets, Cobre Panama, Antapaccay, Antamina. And as a result, we had lower depletion. The additional reserves and resources that will impact depletion for 2023 going forward.

然後，約翰，就快耗盡了。是的，收入更高了，但這主要是由於能源價格上漲所致。能源方面的產量略高。但在採礦方面，我們確實有較低的產量，這導致較低的消耗，而較低的產量來自高消耗資產，Cobre Panama、Antapaccay、Antamina。因此，我們的消耗較低。額外的儲量和資源將影響 2023 年的消耗。

The next question comes from Lawson Winder of Bank of America Securities.

下一個問題來自美國銀行證券的勞森溫德。

Just 2 questions for me. So one, just in terms of operator concentration. So obviously, the issues at Cobre Panama highlighted the benefits of First Quantum -- sorry, first -- Franco-Nevada, pardon me, diversified asset base. However, I mean, Cobre Panama remains a relatively large proportion of the asset base. Sandip, I think you mentioned 17% of '23. And I think with net asset value or using that as a basis, it would be a bit higher. Does this experience increase FNV's desire to like potentially reduce the exposure to any individual operator? Like what's your latest thinking in terms of -- is there a concentration risk with operators?

只問我兩個問題。所以，就操作員集中度而言。很明顯，Cobre Panama 的問題突出了 First Quantum 的好處——抱歉，首先——Franco-Nevada，對不起，多元化的資產基礎。然而，我的意思是，Cobre Panama 仍然在資產基礎中佔據相對較大的比例。 Sandip，我想你提到了 23 年的 17%。而且我認為以資產淨值或以此為基礎，它會更高一些。這種經歷是否會增加 FNV 希望潛在地減少對任何個體運營商的風險敞口的願望？比如你最近的想法是什麼——運營商是否存在集中風險？

So Lawson, it's -- we're trying to be a low-risk way for investors to invest in the gold sector. And so obviously, the more diversified, the better. But at the same time, we're trying to expose our investors to that resource optionality and the ability for assets to expand over time. And often, those 2 things, they go in different directions. Our experience has been -- it's the big ore bodies that get better over time that are the most likely to be expanded and often that have the longest lives and the greatest long-term potential.

所以勞森，它是 - 我們正在努力成為投資者投資黃金行業的一種低風險方式。很明顯，越多樣化越好。但與此同時，我們正試圖讓我們的投資者了解這種資源的選擇性以及資產隨時間擴展的能力。通常，這兩件事，它們朝著不同的方向發展。我們的經驗是——隨著時間的推移變得更好的大型礦體最有可能被擴張，而且通常具有最長的壽命和最大的長期潛力。

So it's a reality of our business. I have to say if there was another Cobre Panama that came along and we had the opportunity to invest in it, we would do it in an instant to expose ourselves to that growth. And as our portfolio grows and we add more assets, so we dilute the individual influence of each of them. It's the nature of the business that assets will go through these bumps in the road, but we think our business is well set up. We have no financial leverage the nature of our investments is such that the impact of these events is fairly minimal. And so it's -- if the big assets that we can bring on board, we'll do it again.

所以這是我們業務的現實。我不得不說，如果出現另一個 Cobre Panama 並且我們有機會對其進行投資，我們會立即進行投資，讓自己接觸到這種增長。隨著我們投資組合的增長和我們增加更多資產，我們會削弱他們每個人的個人影響力。資產將經歷這些顛簸是業務的本質，但我們認為我們的業務建立良好。我們沒有財務槓桿，我們投資的性質使得這些事件的影響相當小。所以它是 - 如果我們可以帶來大量資產，我們會再做一次。

With the same operators. Is that what I'm hearing?

使用相同的操作符。這就是我聽到的嗎？

On all aspects, if it's political risk, if it's assets, if it's operators, we try and diversify it. But again, if the great assets that come along, you've got to bring them on board when you have the chance.

在所有方面，如果是政治風險，如果是資產，如果是運營商，我們都會嘗試分散它。但同樣，如果出現了巨大的資產，你必須在有機會的時候把它們帶進來。

Okay. That's very clear. And then just secondly, on metal mix, so goal in 2022 was about 55% of the overall revenue mix. What is your thinking on where gold should be, how low it can go or how much higher you would want it to go? .

好的。這很清楚。其次，在金屬組合方面，2022 年的目標約為總收入組合的 55%。您對黃金應該處於什麼位置、它能跌多低或您希望它漲多高有何看法？ .

The -- again, our focus is on precious metal. We would love to do as much precious metal as we can and as much gold as we can in the portfolio. But as we've always said, we recognize that the business is cyclical and there are times where it's better to invest in other commodities. And also, there's some great ore bodies that are in other commodities. And if we can get exposure to it, we would do it.

同樣，我們的重點是貴金屬。我們很樂意在投資組合中盡可能多地做貴金屬和黃金。但正如我們一直所說的那樣，我們認識到業務是周期性的，有時投資其他商品會更好。而且，還有一些大礦體存在於其他商品中。如果我們能接觸到它，我們就會去做。

We have, last year, we're up to roughly 30% diversified. It's not the target, but if there were great assets that we needed to bring on board that we're diversified and we're at that level, we're comfortable with that.

去年，我們的多元化程度高達大約 30%。這不是目標，但如果有我們需要的大量資產，我們是多元化的，而且我們處於那個水平，我們對此感到滿意。

(Operator Instructions) Next question comes from Tanya Jakusconek of Scotiabank.

（操作員說明）下一個問題來自豐業銀行的 Tanya Jakusconek。

Can you hear me?

你能聽到我嗎？

Coming through clearly, Tanya.

很明顯，Tanya。

Okay. Great. So the first one, maybe just to finish off with Sandip, if I could. On the -- just looking at the year, Sandip, you mentioned Q1 is going to be weaker on Cobre Panama because of the shipment coming through 20% of that annual production. Any other assets within the portfolio that are going to be weighted either way to first, second, third that we should think about as we go through the year?

好的。偉大的。所以第一個，如果可以的話，也許只是為了結束 Sandip。就這一年而言，Sandip，你提到第一季度 Cobre Panama 的表現會較弱，因為出貨量佔該年產量的 20%。投資組合中的任何其他資產，我們在這一年中應該考慮的第一、第二、第三的權重是什麼？

Cobre Panama is probably the largest. Antapaccay was shut down for about 11 days earlier in January because of some protests. But it's up and running normal operations right now. So that's had a little bit of impact on production. Other than that top of mind, I don't really think there's much more. On Vale, we've always guided that production is usually less in the first 6 months of the year versus the second 6 months, it's usually like 45-55. So you can take that into consideration. But other than that, everything else is operating as expected.

Cobre Panama 可能是最大的。由於一些抗議活動，Antapaccay 在 1 月初被關閉了大約 11 天。但它現在正在正常運行。所以這對生產有一點影響。除了最重要的，我真的不認為還有更多。在淡水河谷，我們一直認為每年前 6 個月的產量通常低於後 6 個月，通常為 45-55。所以你可以考慮到這一點。但除此之外，其他一切都按預期運行。

Stillwater, had an incident at Stillwater West. So that section of the mine is shut down for 4 weeks. So that will impact the royalty there a little bit for Q1 as well.

Stillwater，在 Stillwater West 發生了一起事故。因此，該礦區將關閉 4 週。因此，這也會對第一季度的版稅產生一點影響。

No, I appreciate that. And then just looking at your 2027 guidance and appreciate was a bit higher than our expectations. But I really think it was down to 2 assets that we may differ on. So I just wanted to review Stibnite and the Rosemont copper world. Can you just give me an idea in your 2027 number, what, I mean Stibnite would be about 8,000 GEOs. And I just wondered on the Rosemont copper world, what you have there. We're a bit more conservative in production starting later. So I just wondered what you had there for that asset.

不，我很感激。然後看看你的 2027 年指導和欣賞就比我們的預期高一點。但我真的認為我們可能在 2 項資產上存在分歧。所以我只想回顧一下 Stibnite 和 Rosemont 銅世界。你能給我一個關於 2027 年數字的想法嗎，我的意思是輝銻礦大約有 8,000 個 GEO。我只是想知道羅斯蒙特銅世界，那裡有什麼。我們在稍後開始的生產中更加保守。所以我只是想知道你有什麼資產。

Yes. I'd have to check the detail, Tanya. If I can get back to you separately on that one.

是的。我必須檢查細節，Tanya。如果我能就那個問題單獨回复你。

Okay. Great. And then just lastly on transactions, and thank you for the color on looking at both project development, both on precious metal and also and byproduct credits from other producers. Just wanted to ask what your appetite is right now given that 70-30 precious metals to non-precious metals, what is your appetite for non-gold deals? And where does lithium fit into your transaction, if at all?

好的。偉大的。最後是交易，感謝您對項目開發的關注，包括貴金屬和其他生產商的副產品信貸。只是想問一下，鑑於 70-30 貴金屬對非貴金屬，您現在的胃口是什麼，您對非黃金交易的胃口是什麼？如果有的話，鋰在你的交易中適合什麼地方？

So the preference is precious metal and most of what we're active on as precious metal. As I say, on the diversified side, it's more about, are they great assets often we look at it and say, are there things that we can do and diversified assets that we can't do in gold. And so that's often. I think great ore bodies or ore bodies with very long lives, those are the sort of things we're looking for.

因此，偏好是貴金屬，而我們活躍的大部分都是貴金屬。正如我所說，在多元化方面，更多的是，它們是否是我們經常看到的偉大資產，並說，有沒有我們可以做的事情，以及我們不能在黃金中做的多元化資產。所以這經常發生。我認為偉大的礦體或壽命很長的礦體，這些就是我們正在尋找的東西。

We have been spending time on lithium. There's a lot of capital that will get spent building lithium mines over the next 5 to 10 years. I'm not expecting to get anything done in the short term with spot prices roughly 4x higher than consensus on long-term prices. It's -- it's hard to get the bid and the ask to match at present. But if there's a great lithium deposit and we could get a deal done based on longer-term prices where we can honestly believe there's more upside than downside. We'd be interested in doing something.

我們一直在研究鋰。在未來 5 到 10 年內，將有大量資金用於建設鋰礦。我不期望在短期內完成任何事情，因為現貨價格比長期價格的共識高出大約 4 倍。這是——目前很難獲得匹配的出價和要求。但如果有大量鋰礦，我們可以根據長期價格達成交易，我們可以誠實地相信，上行空間大於下行空間。我們有興趣做點什麼。

So would it be fair to say then, Paul, that on the non-gold on nonprecious metal side, it is not in energy, it would be in assets like would you increase further iron ore, lithium and other electrification metals rather than the energy side?

保羅，那麼公平地說，在非貴金屬方面的非黃金方面，它不是能源，而是資產，比如你會進一步增加鐵礦石、鋰和其他電氣化金屬而不是能源邊？

Yes. On energy, where -- as you know, we've guided to at 20% is where we're comfortable on energy. We wouldn't look to acquire energy above that level. Obviously, when prices run as they did last year, then energy gives you a greater contribution. And -- that's all upside. That's why you do it. So at our current levels, we're not looking to add more energy. But no bright line in the sand. In due course, if it was a lower percentage of our portfolio, we may consider it again.

是的。在能源方面，如您所知，我們已經指導 20% 的能源是我們對能源感到滿意的地方。我們不會尋求獲得高於該水平的能量。顯然，當價格像去年那樣運行時，能源會給你更大的貢獻。而且——這都是好的。這就是你這樣做的原因。所以在我們目前的水平上，我們不打算增加更多的能量。但沙子上沒有亮線。在適當的時候，如果它在我們的投資組合中所佔的比例較低，我們可能會再次考慮。

Appreciate that. And look forward to hearing from you Sandip on the Rosemont and copper world.

感謝。並期待收到您關於 Rosemont 和銅世界的 Sandip 的消息。

There are no further questions on the phone lines. I will now turn the Q&A session over to Candida Hayden, who will take questions from the webcast.

電話線路上沒有進一步的問題。我現在將把問答環節轉交給 Candida Hayden，她將回答網絡廣播中的問題。

Thank you, Michelle. Our first question comes from Barry Dunaway from America First Investment Advisors. Will the First Quantum agreement on Cobre Panama lead to any change in terms on your contract with them?

謝謝你，米歇爾。我們的第一個問題來自 America First Investment Advisors 的 Barry Dunaway。 First Quantum 關於 Cobre Panama 的協議是否會導致您與他們的合同條款發生任何變化？

It's Paul speaking. No. So the terms that have been negotiated and there's a draft agreement on -- principally relate to the taxation on First Quantum or MPSA, the entity that operates in country. So no direct impact on the contract that we have. .

是保羅在說話。不，所以已經協商的條款和協議草案主要涉及對在國家/地區運營的實體 First Quantum 或 MPSA 徵稅。所以對我們的合同沒有直接影響。 .

Our next question comes from [Bernard P.G], Telesat Capital, other than delay in deliveries for GEOs in Q1, is there any impact on FNV for the higher cost that First Quantum will occur incur at the operation.

我們的下一個問題來自 [Bernard P.G]，Telesat Capital，除了第一季度 GEO 的延遲交付外，對於 FNV 是否有任何影響，因為 First Quantum 將在運營中產生更高的成本。

So again, a similar comment before. There's no direct impact there. For us to do well over time in the asset, you're obviously hoping that the operators will spend capital and expand the asset over time, spend money exploring the asset. The -- that obviously is impacted by the overall economics of the assets. So a higher tax burden is -- can be a detriment. But I think that the tax rate that has been agreed given the margins on the asset should be at this incentive. So I don't expect a longer-term impact.

再次，之前有類似的評論。那裡沒有直接影響。為了讓我們隨著時間的推移在資產上做得更好，你顯然希望運營商會隨著時間的推移投入資金並擴大資產，花錢探索資產。 - 這顯然受到資產整體經濟的影響。因此，更高的稅收負擔可能是一種損害。但我認為，鑑於資產的利潤率，已經商定的稅率應該是這種激勵。所以我預計不會產生長期影響。

Thank you, Paul. There are no further questions from the webcast. This concludes our 2022 results conference call and webcast. We expect to release our first quarter 2023 results after market close on May 2, with the conference call held the following morning. Thank you for your interest in Franco-Nevada.

謝謝你，保羅。網絡廣播中沒有其他問題。我們的 2022 年業績電話會議和網絡廣播到此結束。我們預計將在 5 月 2 日收市後發布 2023 年第一季度業績，並於次日上午召開電話會議。感謝您對 Franco-Nevada 的關注。

Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開您的線路。