Franco-Nevada Corp (FNV) 2023 Q1 法說會逐字稿

Good morning, and welcome to Franco-Nevada Corporation's First Quarter 2023 Results Conference Call and Webcast. This call is being recorded on May 3, 2023.

早上好，歡迎來到 Franco-Nevada Corporation 的 2023 年第一季度業績電話會議和網絡廣播。此通話記錄於 2023 年 5 月 3 日。

(Operator Instructions)

（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, Joanna. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada's first quarter 2023 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，喬安娜。大家，早安。感謝您今天加入我們討論 Franco-Nevada 2023 年第一季度的業績。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 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. 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. 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.

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；隨後是首席財務官 Sandip Rana，他將簡要回顧我們的業績。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。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 over the call to Paul Brink, President and CEO of Franco-Nevada.

我現在將電話轉交給 Franco-Nevada 總裁兼首席執行官 Paul Brink。

Thank you, Candida, and good morning. I'll start with a note on our ongoing director succession. At our AGM yesterday, we were sad to mark the retirement of two of our directors, Louis Gignac and Elliott Pew. Louis was one of the original Directors of Franco-Nevada and his expertise and guidance has been the foundation of many of our investment decisions. Elliott joined our Board in 2019 and was key to directing our oil and gas investments. Thank you, Louis and Elliott, for the enormous contribution that you've made to our success.

謝謝你，念珠菌，早上好。我將從關於我們正在進行的董事繼任的說明開始。在昨天的年度股東大會上，我們很遺憾地宣布我們的兩位董事 Louis Gignac 和 Elliott Pew 退休。 Louis 是 Franco-Nevada 最初的董事之一，他的專業知識和指導一直是我們許多投資決策的基礎。 Elliott 於 2019 年加入我們的董事會，是指導我們的石油和天然氣投資的關鍵。感謝 Louis 和 Elliott，感謝你們為我們的成功做出的巨大貢獻。

Turning now to the first quarter results. Our diversified portfolio continues to generate strong cash flow and high margins, though the quarter was impacted by production disruptions at Cobre Panama and Antapaccay as well as lower energy prices. Stronger precious metal deliveries are anticipated in Q2 with the social disruptions at Antapaccay having subsided and First Quantum in the government of Panama having agreed on terms for a refreshed concession contract.

現在轉向第一季度的結果。儘管本季度受到 Cobre Panama 和 Antapaccay 生產中斷以及能源價格下跌的影響，我們多元化的投資組合繼續產生強勁的現金流和高利潤率。隨著 Antapaccay 的社會動盪已經平息，巴拿馬政府的 First Quantum 就更新的特許權合同條款達成一致，預計第二季度貴金屬交付量將增加。

The results for the quarter while lower bring home to me the robustness of our business. Despite the production impacts, the business still generated an 83% adjusted EBITDA margin and a 55% adjusted net income margin. We have no fixed costs related to our royalty and stream assets, so a temporary production hold is largely a deferral of revenue. We like to see great ore bodies get even better over time. And I think that will apply to both Cobre Panama and Antapaccay.

本季度的業績雖然較低，但讓我明白了我們業務的穩健性。儘管生產受到影響，該業務仍產生了 83% 的調整後 EBITDA 利潤率和 55% 的調整後淨利潤率。我們沒有與特許權使用費和流媒體資產相關的固定成本，因此臨時停產主要是收入的遞延。我們希望看到偉大的礦體隨著時間的推移變得更好。我認為這將適用於 Cobre Panama 和 Antapaccay。

During the quarter, we published our 2023 ESG report. Highlights include an outline of our ESG due diligence focus, increased community contributions, new board diversity goals, disclosure of Scope 3 finance emissions and details of our new climate action policy. We also published our annual asset handbook. A few numbers in the handbook stood out to me. We now have interest in 419 assets, of which 113 are cash flow producing. Those assets generated $1.3 billion of revenue in 2022. That's 8.7x the revenue of our first full year in 2018.

本季度，我們發布了 2023 年 ESG 報告。重點包括我們的 ESG 盡職調查重點概述、增加的社區貢獻、新的董事會多元化目標、範圍 3 金融排放的披露以及我們新的氣候行動政策的細節。我們還出版了年度資產手冊。手冊中的一些數字對我來說很突出。我們現在擁有 419 項資產的權益，其中 113 項資產產生現金流。這些資產在 2022 年產生了 13 億美元的收入。這是我們 2018 年第一個全年收入的 8.7 倍。

At year-end '22, we had $18.8 million M&I resource royalty ounces. Those are ounces that are cost free to Franco. At current production rates, our M&I resource mine life stands at 34 years. Those numbers don't include our energy assets, our exploration assets or obviously, the upside potential of the producing assets. In total, our assets cover 66,000 square kilometers on some of the world's best mineral trains.

在 22 年底，我們擁有 1880 萬美元的 M&I 資源特許權使用費盎司。這些是佛朗哥免費的盎司。按照目前的生產率，我們的 M&I 資源礦山壽命為 34 年。這些數字不包括我們的能源資產、我們的勘探資產，或者顯然不包括生產資產的上行潛力。總的來說，我們的資產覆蓋了 66,000 平方公里的一些世界上最好的礦產列車。

Looking forward to the balance of 2023, the expansion of Cobre Panama will be a big driver. I was impressed that despite the disruptions, First Quantum completed construction for the CP 100 expansion project ahead of schedule. They're now ramping up throughput to achieve 100 million tonnes per annum by year-end.

展望2023年的餘額，Cobre Panama的擴張將是一大推動力。令我印象深刻的是，儘管中斷，第一量子仍提前完成了 CP 100 擴建項目的建設。他們現在正在提高吞吐量，到年底達到每年 1 億噸。

There are three new mine starts we're looking forward to this year. Magino in Ontario, Seguela in Cote d'Ivoire and Salares Norte in Chile and during the quarter, we commenced funding that Tocantinzinho stream deposit. The G Mining Ventures team are targeting first production in the back half of 2024, driving our next leg of growth.

今年我們期待三個新礦的開工。安大略省的 Magino、科特迪瓦的 Seguela 和智利的 Salares Norte，在本季度，我們開始為 Tocantinzinho 流礦床提供資金。 G Mining Ventures 團隊的目標是在 2024 年下半年實現首次投產，推動我們的下一階段增長。

Lastly, our business development team is seeing good opportunities for financing new gold mines, and I'm confident they will further add to our 5-year growth outlook.

最後，我們的業務開發團隊看到了為新金礦融資的好機會，我相信它們將進一步增加我們 5 年的增長前景。

With that, I'll hand it over to Sandip.

有了這個，我會把它交給 Sandip。

Thank you, Paul. Good morning, everyone. As mentioned by Paul, our diverse portfolio continued to generate strong cash flows and high margins during first quarter 2023. However, our gold equivalent ounce deliveries and financial results were impacted by temporary production curtailments at two core assets, Cobre Panama and Antapaccay. In addition, with the retreated energy prices, specifically natural gas, this did result in a reduction in energy revenues and associated GEOs in first quarter 2023 compared to prior year.

謝謝你，保羅。大家，早安。正如 Paul 所提到的，我們多元化的投資組合在 2023 年第一季度繼續產生強勁的現金流和高利潤率。但是，我們的黃金等量盎司交付量和財務業績受到兩個核心資產 Cobre Panama 和 Antapaccay 的臨時減產的影響。此外，隨著能源價格，特別是天然氣價格的回落，這確實導致 2023 年第一季度的能源收入和相關 GEO 與去年同期相比有所減少。

On Slide 5, we highlight the gold equivalent ounces sold for the last 5 quarters. Overall, GEOs sold for the first quarter were 145,331 down from first quarter of 2022 and fourth quarter of 2022. Of this total, precious metal GEOs were 111,238 down 14% from prior year. For the quarter, the largest contributors to the lower precious metal GEOs were Antapaccay, Antamina, Guadalupe and Goldstrike.

在幻燈片 5 中，我們突出顯示了過去 5 個季度銷售的黃金當量盎司。總體而言，第一季度售出的 GEO 比 2022 年第一季度和 2022 年第四季度減少了 145,331 個。其中，貴金屬 GEO 為 111,238 個，比去年同期下降了 14%。本季度，對較低貴金屬 GEO 貢獻最大的是 Antapaccay、Antamina、Guadalupe 和 Goldstrike。

At Antapaccay, GEOs delivered and sold were lower in Q1 2023 compared to prior year due to sociopolitical tensions in Peru that impacted operating activities and constrained logistics during the period. We do expect strong deliveries from Antapaccay in second quarter.

在 Antapaccay，2023 年第一季度交付和銷售的 GEO 低於上一年，原因是秘魯的社會政治緊張局勢影響了該期間的經營活動和物流受限。我們確實預計第二季度 Antapaccay 的交付量很大。

For Antamina, we had lower GEOs sold in prior year as the operators currently mining lower grade ore, but this was expected with actuals for the first quarter being in line with our expectations. At Guadalupe, the operator mined less ounces from stream lands, resulting in lower GEOs delivered and sold. And at Goldstrike, the NPI was lower due to lower production from roaster maintenance and higher capital costs with the conversion of the autoclave to a conventional carbon-in-leach process. Partially offsetting the lower GEOs from the assets mentioned were stronger GEOs from Bald Mountain and Marigold.

對於 Antamina，由於運營商目前開採品位較低的礦石，我們在去年銷售的 GEO 較低，但這是預期的，第一季度的實際情況符合我們的預期。在瓜達盧佩，運營商從溪流地帶開采的盎司減少，導致交付和銷售的 GEO 數量減少。在 Goldstrike，NPI 較低是由於焙燒爐維護導致的產量下降以及高壓釜轉換為傳統碳浸出工藝導致的資本成本較高。 Bald Mountain 和 Marigold 的 GEO 較強，部分抵消了上述資產的較低 GEO。

At Cobre Panama, we earned 28,663 GEOs compared to 29,495 in Q1 2022. As guided, deliveries were impacted by the temporary curtailment of operations in the quarter, partly offset by the receipt of GEOs from shipments related to Q4 2022. We do expect strong deliveries from Cobre Panama in the second quarter.

在 Cobre Panama，我們獲得了 28,663 個 GEO，而 2022 年第一季度為 29,495 個。按照指導，交付受到本季度運營暫時縮減的影響，部分被從與 2022 年第四季度相關的發貨中收到的 GEO 所抵消。我們確實預計會有強勁的交付第二季度來自 Cobre Panama。

For diversified assets, we recorded lower GEOs and revenue for both iron ore and energy assets as both iron ore and energy prices were lower in first quarter 2023 compared to first quarter of 2022. Q1 2023 saw continued volatility in commodity prices. Other than the gold price, average commodity prices were lower year-over-year as seen on Slide 6.

對於多元化資產，由於 2023 年第一季度鐵礦石和能源價格低於 2022 年第一季度，我們記錄了鐵礦石和能源資產的 GEO 和收入較低。2023 年第一季度大宗商品價格持續波動。如幻燈片 6 所示，除黃金價格外，平均大宗商品價格同比下降。

Palladium and energy prices were down significantly. This volatility did impact our financial results for the quarter. The lower energy prices resulted in a sharp reduction in energy revenue for the quarter with energy revenue being $49 million compared to $75.6 million in prior year. Also, with the increase in the price of gold year-over-year and lower non-gold commodity prices, it did impact the conversion of non-gold commodities to GEOs.

鈀金和能源價格大幅下跌。這種波動確實影響了我們本季度的財務業績。較低的能源價格導致本季度能源收入大幅減少，能源收入為 4900 萬美元，而去年同期為 7560 萬美元。此外，隨著黃金價格同比上漲和非黃金商品價格下跌，它確實影響了非黃金商品向 GEO 的轉換。

Slide 7 highlights our total revenue and adjusted EBITDA amounts for the 5 quarters beginning Q1 2022. As you can see from the bar charts, revenue and adjusted EBITDA were consistently above $300 million per quarter, but did have a pullback this quarter for the reasons explained earlier. However, our margins remained consistent and adjusted EBITDA margin being 83% in the quarter. Revenue for the quarter was $276.3 million, while adjusted EBITDA was $229.4 million.

幻燈片 7 突出顯示了我們從 2022 年第一季度開始的 5 個季度的總收入和調整後的 EBITDA 金額。正如您從條形圖中看到的那樣，收入和調整後的 EBITDA 每季度一直高於 3 億美元，但由於解釋的原因，本季度確實有所回落更早。然而，我們的利潤率保持穩定，本季度調整後的 EBITDA 利潤率為 83%。本季度收入為 2.763 億美元，調整後的 EBITDA 為 2.294 億美元。

As you turn to Slide 8, you will see the key financial results for the company. As mentioned, GEOs and revenue were lower in the quarter compared to prior year. On the cost side, we had a decrease in cost of sales which was $38.2 million compared to $43.6 million in Q1 2022. The largest component of this is the per ounce fixed cost we pay for stream ounces. We sold 82,181 stream ounces in first quarter compared to 96,740 a year ago.

當您翻到幻燈片 8 時，您將看到公司的主要財務業績。如前所述，本季度的 GEO 和收入低於去年同期。在成本方面，與 2022 年第一季度的 4360 萬美元相比，我們的銷售成本減少了 3820 萬美元。其中最大的組成部分是我們為流盎司支付的每盎司固定成本。我們在第一季度售出了 82,181 流盎司，而一年前為 96,740。

Depletion decreased to $61 million versus $74.6 million a year ago. Depletion is based on actual mining GEO sold and barrels of oil equivalent received on the energy side of the business as we received less GEOs from Antapaccay, Antamina and Vale, which are higher per ounce depletion assets, this resulted in lower overall depletion expense. For first quarter 2023, adjusted net income was $152.2 million or $0.79 per share.

消耗減少至 6100 萬美元，而一年前為 7460 萬美元。消耗基於實際出售的採礦 GEO 和業務能源方面收到的等量石油桶，因為我們從 Antapaccay、Antamina 和 Vale 收到的 GEO 較少，每盎司消耗資產較高，這導致整體消耗費用較低。 2023 年第一季度，調整後淨收入為 1.522 億美元或每股 0.79 美元。

Slide 9 highlights the continued diversification of the portfolio. As shown, 77% of our Q1 2023 revenue was generated by precious metals. The geographic revenue profile has revenue being sourced 89% from the Americas, with Canada and the U.S. being the largest. With respect to asset diversification, Cobre Panama was again our largest revenue generator at 20% of total revenue. The last chart highlights our operator diversity. Our largest exposure to revenue being generated by any one operator is 20%, which is First Quantum who operates Cobre Panama.

幻燈片 9 強調了投資組合的持續多元化。如圖所示，我們 2023 年第一季度收入的 77% 來自貴金屬。從地域收入來看，89% 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 20%。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是 20%，即運營 Cobre Panama 的 First Quantum。

Slide 10 illustrates the strength of our business to generate high margins. On the slide, you can see that cost of sales has remained fairly consistent over the period shown. The amount of cost of sales will depend on the mix of royalty versus stream GEOs, including mining and energy. During first quarter 2023, the cash cost per GEO, which is essentially cost of sales divided by gold equivalent ounces sold, was $263 per GEO. Corporate administration costs, including stock-based compensation, was less than 4% of revenue for the quarter. The total can fluctuate quarter-over-quarter but has tended to average approximately $8 million each quarter historically. In a rising commodity price environment, we expect to benefit fully as we do not expect our cost structure to change significantly.

幻燈片 10 說明了我們的業務產生高利潤的實力。在幻燈片上，您可以看到銷售成本在所示期間內保持相當穩定。銷售成本的金額將取決於特許權使用費與流 GEO 的組合，包括採礦和能源。在 2023 年第一季度，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 263 美元。公司管理成本，包括基於股票的薪酬，不到本季度收入的 4%。總額可能會隨季度波動，但從歷史上看，每個季度的平均金額往往約為 800 萬美元。在大宗商品價格上漲的環境中，我們預計會充分受益，因為我們預計我們的成本結構不會發生重大變化。

Slide 11 summarizes the financial resources available to the company. When including our credit facility of $1 billion, total available capital at March 31, 2023 is $2.2 billion. The company continues to be debt free.

幻燈片 11 總結了公司可用的財務資源。包括我們的 10 億美元信貸額度在內，截至 2023 年 3 月 31 日的可用資本總額為 22 億美元。公司繼續沒有債務。

And before I turn it over to the operator, on Slide 12, we provide an update on our audit status with CRA. As you are aware, there were 3 disputes ongoing with CRA, foreign accrual property income, domestic and transfer pricing. I'm pleased to say that on April 28, we reached a settlement with the CRA on the domestic and FAPI reassessments. CRA will be vacating the reassessments entirely.

在我將其移交給運營商之前，在幻燈片 12 上，我們提供了 CRA 審計狀態的最新信息。如您所知，與 CRA 之間存在 3 起糾紛，國外應計財產收入、國內和轉讓定價。我很高興地說，4 月 28 日，我們與 CRA 就國內和 FAPI 重新評估達成了和解。 CRA 將完全取消重新評估。

The potential tax exposure related to the reassessments to be vacated was CAD 26.5 million for the domestic and CAD 11.6 million for the FAPI, including interest and penalties. With respect to the transfer pricing reassessment, the company continues to believe that these reassessments are not supported by Canadian tax law and intends to defend its tax filing position. We will continue to provide updates as needed.

與取消的重新評估相關的潛在稅收風險為國內 2650 萬加元和 FAPI 1160 萬加元，包括利息和罰款。關於轉讓定價重新評估，該公司仍然認為這些重新評估不受加拿大稅法的支持，並打算捍衛其納稅申報地位。我們將繼續根據需要提供更新。

And now I'll pass it over to the operator as we're happy to answer any questions.

現在我會把它交給接線員，因為我們很樂意回答任何問題。

(Operator Instructions)

（操作員說明）

First question comes from Cosmos Chiu at CIBC.

第一個問題來自 CIBC 的 Cosmos Chiu。

Great. Thanks, Paul, Sandip. Maybe my first question is on taxes and it's certainly good to see a CRA resolution here and FAPI and also the domestic reassessment. I guess my question is, is there any kind of read-through from the CRA resolution on April 28 into the transfer pricing for its subsidiary file at least any kind of read-through in terms of timing?

偉大的。謝謝，保羅，桑迪普。也許我的第一個問題是關於稅收的，很高興在這裡看到 CRA 決議和 FAPI 以及國內重新評估。我想我的問題是，從 4 月 28 日的 CRA 決議到其子公司文件的轉讓定價是否有任何形式的通讀，至少在時間方面有任何形式的通讀？

Thanks for the question, Cosmos. There's no read through. They're all separate. So FAPI and domestic have been settled. We're going through the process on the transfer pricing would likely discovery later this year, early next year, but no read-through.

謝謝你的問題，宇宙。沒有通讀。他們都是分開的。所以FAPI和國內的已經解決了。我們正在研究轉讓定價的過程，可能會在今年晚些時候、明年初發現，但沒有通讀。

Got it. Tony asked this, I guess, I believe all the three different issues all came out at about the same time. So -- but I guess my other question is, Sandip, if I can follow up. This transfer pricing kind of foreign subsidiary file. Has that always been more sort of complex or contentious? Or would you not say that?

知道了。 Tony 提出這個問題，我想，我相信這三個不同的問題幾乎是同時出現的。所以 - 但我想我的另一個問題是，Sandip，我是否可以跟進。這種轉讓定價類外國子公司文件。這是否一直比較複雜或有爭議？或者你不會那樣說？

I wouldn't say it's complex. It's just a different set of facts and circumstances, different legislation that CRA is looking at and making an interpretation of. So as I said, we believe we've got a very good fact pattern, and we will defend our position, but they're all independent.

我不會說這很複雜。這只是一組不同的事實和情況，CRA 正在研究和解釋的不同立法。所以正如我所說，我們相信我們有一個非常好的事實模式，我們會捍衛我們的立場，但他們都是獨立的。

Of course. Without sounding too much like a tax mode show, maybe another question on taxes. As you mentioned in your press release, a global minimum tax, you made a statement on global minimum taxes pillar too. It looks like it is going ahead. As you mentioned, there's no legislation yet. You need to review the legislation when it becomes available and take a look at the impact, potential impact of Franco-Nevada.

當然。聽起來不太像稅收模式秀，也許是另一個關於稅收的問題。正如您在新聞稿中提到的全球最低稅，您也就全球最低稅支柱發表了聲明。看起來它正在前進。正如你所說，目前還沒有立法。您需要在立法可用時對其進行審查，並查看 Franco-Nevada 的影響和潛在影響。

But maybe I'll ask this question anyways. If I look at the taxes paid in Q1, $23.9 million, your net income before taxes, $184 million. So that works out to about 13% global minimum tax is 15%. Is that how I should approach it in terms of potential impact? Or is that just too simplest?

但也許我還是會問這個問題。如果我看一下第一季度繳納的稅款，2390 萬美元，你的稅前淨收入為 1.84 億美元。因此，全球最低稅率約為 13%，為 15%。就潛在影響而言，我應該如何處理它？還是那太簡單了？

I guess the easiest way is whatever you have as your income taxes related to the Barbados assets because that's the only entity that they would apply to, which is approximately 50% of our revenue. And there, we pay a low tax rate less than 2% or at least that's what we record. So the incremental 13% would be related to those assets, and then you would adjust for that.

我想最簡單的方法是你擁有與巴巴多斯資產相關的所得稅，因為這是他們適用的唯一實體，大約占我們收入的 50%。在那裡，我們支付的稅率低於 2%，或者至少我們記錄的是這樣。因此，增量 13% 將與這些資產相關，然後您將對此進行調整。

Got it. And I guess you -- I don't know if you've thought about this yet, but I guess it is somewhat complex. But when the time comes and you -- when you're presenting us with the impact -- potential impact, I guess, have you thought about how you're presented? Or are you going to go, I guess, to details of the Barbados subsidiary. Have you given any thought in terms of how you will present that impact to the market to us and also investors?

知道了。我猜你——我不知道你是否考慮過這個問題，但我想它有點複雜。但是當時間到了，你 - 當你向我們展示影響時 - 潛在的影響，我想，你有沒有想過你是如何呈現的？或者我猜你會去了解巴巴多斯子公司的詳細信息。您是否考慮過如何向我們和投資者展示這種對市場的影響？

Yes. So obviously, we'll have to wait to see what the legislation entails. Once we've seen that, whatever disclosure is required by us going forward to explain that in our financial statements and MD&A and other filings, we'll do so. But at a high level, we have run some internal numbers and if it is enacted the way that the legislation internationally has been proposed, it's about a 4% -- 3% to 4% impact on NAV.

是的。所以很明顯，我們將不得不等著看立法的內容。一旦我們看到這一點，無論我們要求在我們的財務報表和 MD&A 以及其他文件中解釋這一點，我們都會這樣做。但在高層次上，我們已經運行了一些內部數據，如果它按照國際上提議的立法的方式頒布，它對資產淨值的影響約為 4% - 3% 到 4%。

Got it. And then maybe switching gears a little bit. You sold 111,000 ounces precious metals GEOs in Q1. You've maintained your guidance, $490 million to $530 million for the year my own writing. Clearly, that means that Q2 was better, H2 is better. I think, Paul, you kind of mentioned that as well in terms of different factors going to it. Could you maybe help us in terms of giving us more color in terms of how that increase is going to happen? Are we going to see increases sort of quarter-over-quarter steadily? Or are we just going to see a big lift in Q2 now that Cobre and Antapaccay some of the issues are behind us?

知道了。然後可能會稍微換檔。您在第一季度售出了 111,000 盎司貴金屬 GEO。你保持了你的指導，我自己寫的那一年 4.9 億到 5.3 億美元。顯然，這意味著 Q2 更好，H2 更好。我想，保羅，你也提到了不同的因素。你能不能幫助我們在增加將如何發生方面給我們更多的顏色？我們會看到季度環比穩步增長嗎？或者，既然 Cobre 和 Antapaccay 的一些問題已經過去，我們是否會在第二季度看到大幅提升？

Yes. So I think you'll see a stronger Q2. Obviously, at Cobre Panama, they were not making any shipments. So that stockpile has to be shipped. And so we'll see the benefit of that in the second quarter and we sort of have guided to that at the year-end call where we said that we did expect the second quarter stronger from Cobre compared to first quarter and quarters later on in the year.

是的。所以我認為你會看到一個更強大的第二季度。顯然，在 Cobre Panama，他們沒有發貨。所以必須運送庫存。因此，我們將在第二季度看到這樣做的好處，並且我們在年終電話會議上已經對此進行了指導，我們說我們確實預計 Cobre 第二季度與第一季度和以後的季度相比會更強勁那一年。

And then Antapaccay with the production curtailment there, again, there'll be some catch-up deliveries in Q2. But overall, the rest of the portfolio is performing in line with our expectations. So I think you'll see a stronger Q2 and a more even Q3, Q4.

然後 Antapaccay 在那裡減產，第二季度會有一些補貨。但總的來說，其餘投資組合的表現符合我們的預期。所以我認為你會看到更強大的第二季度和更均勻的第三季度、第四季度。

Perfect. And then maybe one last question. As you mentioned, there's some new streams or new royalties coming in new contributions coming in Magino, Seguela, Salares Norte. I guess my question is, we shouldn't see any kind of lag, right, in terms of production versus revenue to Franco-Nevada? Because I believe these are all dory. So I just want to make sure that as they produce, it hits the revenue or hit as revenue to Franco-Nevada fairly quickly.

完美的。然後也許是最後一個問題。正如你提到的，在 Magino、Seguela、Salares Norte 的新貢獻中有一些新的流或新的版稅。我想我的問題是，我們不應該看到 Franco-Nevada 的生產與收入之間存在任何滯後，對嗎？因為我相信這些都是海裡的。所以我只想確保當他們生產時，它會相當快地影響收入或作為 Franco-Nevada 的收入。

Yes. So they're all royalties. So we will accrue the revenue whether we've received it in kind or in cash prior to the month or the quarter end, we will still be booking the revenue. There's no timing delays.

是的。所以他們都是版稅。因此，無論我們在月底或季度末之前收到實物還是現金，我們都會累計收入，我們仍會記入收入。沒有時間延遲。

The next question comes from Heiko Ihle at H.C. Wainright.

下一個問題來自 H.C. 的 Heiko Ihle。溫賴特。

Can you hear me okay?

你能聽到我說話嗎？

Yes, we can hear you fine, Heiko.

是的，我們可以聽到你的聲音，Heiko。

Perfect. Yes, apologies I'm sitting in an airport lounge. So thanks to Louis and Elliott for their services in the past. Question-wise, I mean, Chile has really been pushing their lithium industry lately. Obviously, there is no direct impact on you, but I've heard some folks be fearful on the impact on the mining industry in general. Cash-strapped governments around the world looking for an easy buck. 26% of your revenue in the most recent quarter was from Mexico and Central America, 29% was South America. I assume you haven't seen or heard much that I haven't, but maybe you have. But can you share some of your thoughts in regards to impact on your future M&A strategies?

完美的。是的，抱歉我坐在機場貴賓室。感謝 Louis 和 Elliott 過去的服務。就問題而言，我的意思是，智利最近確實在推動他們的鋰產業。顯然，這對你沒有直接影響，但我聽說有些人擔心對整個採礦業的影響。世界各地資金短缺的政府都在尋找輕鬆的錢。最近一個季度你們 26% 的收入來自墨西哥和中美洲，29% 來自南美洲。我假設你沒有看到或聽到很多我沒有看到或聽到的東西，但也許你有。但您能否就對未來併購戰略的影響分享您的一些想法？

Thanks for that. It's Paul. The -- I think what you point to probably the most prominent thing there is, yes, that there has been both a shift to the left in recent years in Central and South America. Also with COVID, so many governments around the world are cash strapped. And so we've seen a lot of jurisdictions have moved to see how they can fund those budgets and an easy target is mining companies and in particular, international companies. So that has put pressure. And it does -- as we think about allocating capital around the world, obviously, those things do factor in.

感謝那。是保羅。 - 我認為你指出的可能是最突出的事情，是的，近年來中美洲和南美洲都出現了向左轉移的趨勢。此外，由於 COVID，世界上許多政府都手頭拮据。因此，我們看到許多司法管轄區已經開始研究如何為這些預算提供資金，而一個容易的目標是礦業公司，尤其是國際公司。所以這帶來了壓力。確實如此——當我們考慮在全球範圍內分配資本時，顯然，這些因素確實會產生影響。

In terms of our portfolio directly, we're very fortunate that our big stream interest, most of them are structured so that we're not paying taxes in country. And so we're fortunate we haven't been a target for governments in those countries. So for the most part, have been able to avoid that. The -- where are we in that process? The -- I actually think that the pendulum swung fairly far. And I'd say over the last year, it's actually moved back a bit towards the middle the initial proposals, much higher taxes in Chile were bolted down along with the rest of the constitutional changes. And so now the discussion seems to be a much more pragmatic discussion. And there will be a raise in mining taxes through that royalty, but it seems that it will be something that's much more manageable.

直接就我們的投資組合而言，我們非常幸運，我們的大量利益，其中大部分都是結構化的，因此我們不在國內納稅。所以我們很幸運，我們沒有成為那些國家政府的目標。所以在大多數情況下，已經能夠避免這種情況。 - 我們在那個過程中處於什麼位置？ - 我實際上認為鍾擺擺得很遠。我要說的是，在過去的一年裡，它實際上向最初提議的中間方向移動了一點，智利高得多的稅收與其他憲法改革一起被取消了。因此，現在的討論似乎更加務實。通過該特許權使用費，礦業稅將會提高，但似乎這將是更易於管理的事情。

Similarly, in Peru, the government was pushing hard for mining reforms and now has backed off a bit on that. You're absolutely right. So much of the focus now in governance is on lithium. It is a new element that they're turning to new potential and so many are thinking what their policy should be with regards to lithium, we don't have any interest in that area to date. So as yet are not impacted.

同樣，在秘魯，政府曾大力推動礦業改革，但現在有所退讓。你是絕對正確的。現在治理的大部分重點都放在鋰上。這是一個新元素，他們正在轉向新的潛力，所以很多人都在考慮他們對鋰的政策應該是什麼，我們迄今為止對該領域沒有任何興趣。所以目前還沒有受到影響。

Okay. Fair enough. But it's fair -- I mean, your answer was very polite to be correct, and I appreciate that. But it's fair to say that M&A might be shifting a little bit in the future?

好的。很公平。但這是公平的——我的意思是，您的回答非常有禮貌，而且是正確的，對此我表示讚賞。但公平地說，未來併購可能會發生一些變化？

We're trying to be a low risk weight for investors to invest in the gold market. One of the ways we do that is through diversification. And so we're -- unfortunately, with mining assets, they are where they are. And -- but our approach is don't put too many eggs in any one basket, but we know we will be exposed to some of these issues. We think we can ride out the bumps so long as we're well diversified.

我們正在努力成為投資者投資黃金市場的低風險權重。我們這樣做的方法之一是通過多樣化。所以我們 - 不幸的是，對於礦業資產，它們就在原地。而且 - 但我們的方法是不要在任何一個籃子裡放太多雞蛋，但我們知道我們會遇到其中一些問題。我們認為，只要我們多元化發展，就可以渡過難關。

Got it. And Cosmos asked my next question. But then one thing I just wanted to follow up on Slide 12 with the transfer pricing for Mexico subsidiaries in Mexico and Barbados. I appreciate the color on the exposure. Obviously, the interest and penalties are still accumulating. First of all, what's the rate at which that accumulates? And also, it says, I mean, you're vigorously defending your position not to understand it in a lawsuit. But are there settlement talks at all? Or will this become like an all or nothing outcome type of thing?

知道了。 Cosmos 問了我的下一個問題。但後來我只想跟進幻燈片 12 的一件事，了解墨西哥和巴巴多斯的墨西哥子公司的轉讓定價。我很欣賞曝光時的顏色。顯然，利息和罰款還在不斷累積。首先，積累的速度是多少？而且，它說，我的意思是，你正在大力捍衛自己的立場，不理解訴訟中的內容。但是否存在和解談判？或者這會變成一種全有或全無的結果類型嗎？

So we're still in the process of going through discovery and working through what's required under -- when you do file a dispute with CRA. We'd be happy to settle at some point, but we're not at that process yet. In terms of interest, the interest gets accrued at 8%.

因此，當您確實向 CRA 提出爭議時，我們仍在進行發現和處理所需內容的過程中。我們很樂意在某個時候達成和解，但我們還沒有進入那個過程。在利息方面，利息按8%計提。

Next question comes from Greg Barnes at TD Securities.

下一個問題來自道明證券的格雷格巴恩斯。

Sandip, I just want to get an idea of what Guadalupe looks like for the rest of the year. It's a lot lower than us in the first quarter, and I'm wondering how it's trending Q2, Q3, Q4.

Sandip，我只是想了解瓜達盧佩在今年餘下時間裡的情況。第一季度比我們低很多，我想知道第二季度、第三季度、第四季度的趨勢如何。

So obviously, we get guidance from them on a full year basis of what the deliveries will be for Guadalupe. Q1 was short. But at this time, we're still estimating that they'll reach their plan, and that's the best information we have.

很明顯，我們從他們那裡得到了關於瓜達盧佩交付量的全年指導。 Q1 很短。但目前，我們仍在估計他們會實現他們的計劃，這是我們掌握的最好信息。

And you don't have a sense of where the production is coming from relative to your streamlines?

而且您不了解相對於您的流水線的生產來自哪裡？

No. So it fluctuates quarter-to-quarter because the -- our stream doesn't cover the entire land package. But we sort of have a general percentage for the year. So at this time, we think they'll make it up, but we'll have a better idea as the year progresses. And we'll provide an update on our guidance in the second quarter.

不，所以它每季度都在波動，因為——我們的信息流沒有涵蓋整個土地包。但我們對這一年有一個大致的百分比。所以在這個時候，我們認為他們會彌補，但隨著時間的推移，我們會有更好的想法。我們將在第二季度提供我們指導的更新。

Thank you. Next question comes from Martin Pradier at Veritas.

謝謝。下一個問題來自 Veritas 的 Martin Pradier。

I have just two questions. In terms of the CRA, did you settle at a certain cost? And if yes, what was the cost? Or was this like a -- you won and you didn't pay anything?

我只有兩個問題。就CRA而言，您是否以一定的成本結算？如果是，成本是多少？或者這就像——你贏了但你什麼都沒付？

So with respect to the settlement, CRA basically vacated their reassessment. The only cost to us was the legal fees we incurred going through the process, but there was no other additional cost of Franco. So there were no interest or penalties paid nothing of that sort.

所以對於這個和解，CRA基本上放棄了他們的重新評估。我們唯一的成本是我們在整個過程中產生的法律費用，但佛朗哥沒有其他額外費用。所以沒有支付任何利息或罰款。

Okay. That's what I wanted to confirm. And there was a $10 million income in the financial income that was much higher than before. I guess that is related to all your cash that you have today. Are you doing something different than in the past?

好的。這就是我想確認的。而且財務收入中有1000萬美元的收入，比之前高出不少。我想這與你今天擁有的所有現金有關。你在做一些與過去不同的事情嗎？

No. As you can see, our cash balance has been growing. We do invest that through short-term safe, secure term deposits and other avenues for investing which is the reason for the increase in finance income.

沒有。如您所見，我們的現金餘額一直在增長。我們確實通過短期安全、有保障的定期存款和其他投資渠道進行投資，這是財務收入增加的原因。

So we should see that going forward in the next couple of quarters?

那麼我們應該在接下來的幾個季度看到這一點嗎？

As long as interest rates stay where they are, you should. Unless -- and otherwise, if our cash balance decreases. But yes, if everything stays the same, you should see that going forward.

只要利率保持不變，你就應該這樣做。除非 - 否則，如果我們的現金餘額減少。但是，是的，如果一切都保持不變，你應該看到它向前發展。

Next question comes from John Tumazos at John Tumazos Research.

下一個問題來自 John Tumazos Research 的 John Tumazos。

Thank you. Trying to understand this 15% global minimum tax. Presumably, your incremental tax payments because of the Barbados subsidiary would be paid to Ottawa, and I guess the monies would stay in Ottawa and fund the Canadian federal budget that might make someone in Peru or wherever, who's not enjoying those tax revenues, frustrated. If the mining and exploitation is in one country and the tax revenue is in another, is there any way that you could voluntarily pay taxes in the country of origin to kind of remedy that in equity?

謝謝。試圖了解這個 15% 的全球最低稅。據推測，您因巴巴多斯子公司而增加的稅款將支付給渥太華，我猜這些錢將留在渥太華並為加拿大聯邦預算提供資金，這可能會讓秘魯或任何地方的人感到沮喪，他們沒有享受這些稅收收入。如果採礦和開採在一個國家，而稅收在另一個國家，有沒有什麼辦法可以讓你自願在原產國納稅，以公平地補救？

So for the first part, you are correct with the way it will be implemented with paying the lower single digit in the foreign jurisdiction, the incremental GMT payments will go to Ottawa and remain in Canada. As to the various local jurisdictions where our streams are, our streams are all offshore. They're not in those specific countries. So voluntarily, it's not something that we would do. We're not directly linked in those jurisdictions. But as I said, we haven't seen any of the legislation, and we'll evaluate everything as time goes on.

因此，對於第一部分，您對在外國司法管轄區支付較低個位數的實施方式是正確的，增量 GMT 付款將轉到渥太華並留在加拿大。至於我們的流所在的各個地方司法管轄區，我們的流都是離岸的。他們不在那些特定的國家。所以自願的，這不是我們會做的事情。我們在這些司法管轄區沒有直接聯繫。但正如我所說，我們還沒有看到任何立法，隨著時間的推移，我們將評估一切。

So John, for the countries, if you take Panama or Peru or Chile, what they see is we're a metal purchaser. So it's just like they're selling the gold that they produce to some other party that is paying for that gold. So it's just a metal sale from the perspective of the countries where the mines are.

所以約翰，對於這些國家，如果你拿巴拿馬、秘魯或智利來說，他們看到的是我們是金屬採購商。因此，這就像他們將生產的黃金出售給支付該黃金的其他方。因此，從礦山所在國家的角度來看，這只是一次金屬銷售。

Thank you. In your press release, you give reference to higher production from three existing mines and three new mines in the next expansion in Panama. Some of us might be familiar with some of the companies, but not every one of the projects. Which of those developments might be more than a 1% impact on revenues? Or could you give us an idea as to which are the larger of the among these?

謝謝。在你們的新聞稿中，你們提到了巴拿馬下一次擴建中三個現有礦山和三個新礦山的更高產量。我們中的一些人可能熟悉某些公司，但不是每個項目。其中哪些發展對收入的影響可能超過 1%？或者您能否告訴我們其中哪些較大？

As I mentioned, John, obviously, there's stream interest, or the (inaudible) interest. So the -- for new mines, it is Tocantinzinho, the G mining and building where we have a larger interest. The -- in terms of ongoing growth in the business, it is a number of royalties. As you know, most of our royalties are 1%, 2% interest. But we've -- over the next 5 years, the main mine expansions are Detour on up to 1 million ounces hopefully, from Agnico. You've got Kinross expanding Tasiast. Again, that's a 2% royalty for us, and then the expansion of Stillwater. Stillwater is bigger. Our royalty there. It's one of our biggest. It's a 5% royalty. So that does obviously have a larger impact.

正如我提到的，約翰，很明顯，人們對直播感興趣，或者說（聽不清）興趣。所以 - 對於新礦，它是 Tocantinzinho，我們有更大興趣的 G 採礦和建築。 - 就業務的持續增長而言，這是一些特許權使用費。大家知道，我們大部分的版稅是1%、2%的利息。但我們已經——在接下來的 5 年裡，主要的礦山擴建是繞行，希望從 Agnico 獲得高達 100 萬盎司的產量。你有 Kinross 正在擴展 Tasiast。同樣，這對我們來說是 2% 的版稅，然後是 Stillwater 的擴張。斯蒂爾沃特更大。我們的皇室成員。這是我們最大的之一。這是 5% 的版稅。所以這顯然會產生更大的影響。

For the new mines that are coming in, those are 1% to 2% interest. In total, if you count over the next 5 years, I think we've got nine new gold mines potentially if copper world goes ahead one copper mine in there. But most of those interests are 1% or 2% royalty interest.

對於即將進入的新礦，這些是 1% 到 2% 的利息。總的來說，如果你在未來 5 年內計算，我認為如果銅世界在那裡推進一個銅礦，我們可能會有九個新金礦。但這些權益中的大部分是 1% 或 2% 的特許權使用費權益。

Thank you. Next question comes from Ralph Profiti at Eight Capital.

謝謝。下一個問題來自 Eight Capital 的 Ralph Profiti。

Just one question from me. Sandip, I apologize for coming back to the tax issue. But on the outstanding reassessment potential taxes and penalties, does the CRA ask you to place those monies in remittance or secure those against lines of credit? I'm just wondering what those potential impacts are in that available credit calculation of $2.2 billion.

我只有一個問題。 Sandip，我為回到稅收問題而道歉。但是關於未完成的重新評估潛在稅收和罰款，CRA 是否要求您將這些款項匯出或確保這些款項不受信用額度影響？我只是想知道在 22 億美元的可用信貸計算中這些潛在影響是什麼。

Yes, they do. For the reassessments we've received, you have to put 50%. You can either make deposits directly with CRA or you can draw down on the credit facility to put a line of credit in place. We've done -- sorry, letters of credit. We have done that for the reassessments we've been received so far. And the disclosures in the financial statements.

是的，他們有。對於我們收到的重新評估，您必須支付 50%。您可以直接向 CRA 存款，也可以提取信貸額度以建立信貸額度。我們已經完成了 - 抱歉，信用證。對於迄今為止收到的重新評估，我們已經這樣做了。以及財務報表中的披露。

Next question comes from Tanya Jakusconek at Scotiabank.

下一個問題來自豐業銀行的 Tanya Jakusconek。

I just wanted to come back to the global minimum tax, Sandip. Is it -- and I know we're waiting for legislature to come through to have more clarity. But from a modeling perspective, would it be the safest or most conservative to assume it's implemented in 2024?

我只想回到全球最低稅，Sandip。是嗎——我知道我們正在等待立法機構通過以更加明確。但從建模的角度來看，假設它在 2024 年實施是最安全還是最保守的？

I think that's a safe bet I think that's the direction the government has put forward that it will be implemented. So on a conservative basis, January 1, 2024, is a possible date that it could be implemented.

我認為這是一個安全的賭注，我認為這是政府提出的實施方向。因此，在保守的基礎上，2024 年 1 月 1 日是一個可能實施的日期。

That's helpful. And just again, coming back on the modeling side. I know on the Q4 call, we had talked about the iron ore business being [45-55], first half and second half. Should I still kind of think that it was a bit low on the iron ore side, should I kind of still think about it in that [45 to 55]? Has that changed?

這很有幫助。再一次，回到建模方面。我知道在第四季度的電話會議上，我們談到了鐵礦石業務 [45-55]，上半年和下半年。我是否仍應認為鐵礦石方面有點低，我是否仍應考慮 [45 至 55]？那改變了嗎？

That has not changed.

那沒有改變。

And then the oil division, are we going to see improvement quarter-over-quarter? Or is this just a weaker quarter because of the pricing?

然後是石油部門，我們會看到環比改善嗎？還是因為定價，這只是一個較弱的季度？

Tanya, it's Jason speaking. I think going forward, I think you'd expect to see volumes fairly stable for the remainder of the year. Revenues will obviously be impacted by where prices go there, currently sitting below, I guess, the range at which we provided in our guidance, which I believe was $80 for oil and $3 for gas. So we're a little bit under that right now. But in terms of performance, I would expect you to see reasonably stable performance throughout the year.

坦尼婭，我是傑森。我認為展望未來，我認為你會期望在今年餘下的時間裡看到銷量相當穩定。收入顯然會受到價格走勢的影響，我猜目前價格低於我們在指導中提供的範圍，我認為石油價格為 80 美元，天然氣價格為 3 美元。所以我們現在有點低於這個水平。但就性能而言，我希望您全年都能看到相當穩定的性能。

That's helpful, Jason. And just on the overall portfolio, Sandip, as I come back from a volume perspective. As I look at the portfolio, we have that uptick in Q2 and you said Q3 and Q4 are going to be relatively the same. Is Q2 going to be materially different than Q3, Q4 because when I look at our model, it's not materially different.

這很有幫助，傑森。當我從數量的角度回來時，就整體投資組合而言，Sandip。當我查看投資組合時，我們在第二季度有所上升，你說第三季度和第四季度將相對相同。 Q2 是否會與 Q3、Q4 有實質性的不同，因為當我查看我們的模型時，它並沒有實質性的不同。

I think Q2 will be definitely a better quarter just for the catch-up deliveries related to Cobre Panama and Antapaccay. I think Q3 and Q4 will be strong quarters as well. But at the end of the day, it depends on how operations are performing and deliveries, particularly with -- related to the streams, which are our largest revenue source. So as I said, we'll update our guidance in the second quarter as we have a better idea of how the year is going to progress.

我認為，僅就與 Cobre Panama 和 Antapaccay 相關的追趕交付而言，第二季度肯定會是一個更好的季度。我認為第三季度和第四季度也將是強勁的季度。但歸根結底，這取決於運營的執行方式和交付方式，尤其是與流相關，這是我們最大的收入來源。正如我所說，我們將在第二季度更新我們的指導，因為我們對今年的進展有了更好的了解。

(inaudible) comment, I kind of read through that Q2 is going to be better than Q1, but Q3, Q4 are going to be better than Q2.

（聽不清）評論，我有點讀到 Q2 會比 Q1 好，但 Q3、Q4 會比 Q2 好。

I would say Q3 and Q4 at this stage will be not as good as Q2 because Q2 has catch-up deliveries coming.

我會說現階段的第三季度和第四季度將不如第二季度，因為第二季度有追趕交付。

Okay. No, that's helpful. And my last question, I always have to come back to the transaction environment. Just want to circle back and make sure that we're still looking at the same sort of transaction range of under $400 million and that we are still looking for precious metal opportunities. And again, it's still for new mine builds for companies that are building new projects. I'm just circling back, if that's still the same or has something changed?

好的。不，那很有幫助。最後一個問題，我總是要回到交易環境。只是想回過頭來確保我們仍在尋找低於 4 億美元的相同交易範圍，並且我們仍在尋找貴金屬機會。同樣，它仍然適用於正在建設新項目的公司的新礦山建設。我只是轉回來，如果那仍然是一樣的或者有什麼改變？

Tanya, it's Eaun here. I think you're still accurate in your assessment there. That's largely what we're looking at.

Tanya，我是 Eaun。我認為你在那裡的評估仍然準確。這主要是我們正在研究的內容。

I'll let someone else ask questions. Appreciate you taking lead time for my questions.

我讓別人問問題。感謝您抽空回答我的問題。

(Operator Instructions)

（操作員說明）

Next question comes from Brian MacArthur at Raymond James.

下一個問題來自 Raymond James 的 Brian MacArthur。

Sorry, most of my questions have been answered. But just back to the tax for a minute. You talked about getting back $9.9 million. A couple of questions. First of all, have you got that? Because I know it's another company that's been a long time getting money back from the CRA. And secondly, is that in other assets on your balance sheet in that $41 million? So net-net, you will convert that back into your cash position?

抱歉，我的大部分問題都已得到解答。但回到稅收一分鐘。你談到收回 990 萬美元。幾個問題。首先，你明白了嗎？因為我知道這是另一家很長時間以來一直從 CRA 收回資金的公司。其次，這 4100 萬美元是否在您資產負債表上的其他資產中？所以淨淨，你會把它轉換回你的現金頭寸嗎？

Brian, Sandip. Yes, we have not -- sorry, we have not received it. We just finalized the settlement last Friday. So it is a process we have to go through. Yes, I am aware that getting cash back from CRA takes a bit of time. So we will follow the process. Hopefully, it will come back sooner for us. But at this point, we have not received it. And on the second piece, yes, it was sitting in our other assets on the balance sheet.

布賴恩，桑迪普。是的，我們還沒有——抱歉，我們還沒有收到。我們剛剛在上週五完成了和解。所以這是一個我們必須要經歷的過程。是的，我知道從 CRA 取回現金需要一些時間。因此，我們將遵循該過程。希望它能為我們早點回來。但在這一點上，我們還沒有收到它。在第二部分，是的，它位於我們資產負債表上的其他資產中。

There are no further questions on the line. You may proceed.

在線沒有其他問題。你可以繼續。

Thank you, Joanna. There are no questions from the webcast. This concludes our first quarter 2023 results conference call and webcast. We expect to release our second quarter 2023 results after market close on August 8, with the conference call held the following morning. Thank you for your interest in Franco-Nevada. Goodbye.

謝謝你，喬安娜。網絡廣播中沒有問題。我們的 2023 年第一季度業績電話會議和網絡廣播到此結束。我們預計將在 8 月 8 日收市後發布 2023 年第二季度業績，並於次日上午召開電話會議。感謝您對 Franco-Nevada 的關注。再見。

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

女士們，先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。