Franco-Nevada Corp (FNV) 2023 Q3 法說會逐字稿

Good morning, and welcome to Franco-Nevada Corporation's Third Quarter 2023 Results Conference Call and Webcast. This call is being recorded on November 9, 2023. (Operator Instructions).

早安，歡迎參加 Franco-Nevada Corporation 2023 年第三季業績電話會議和網路廣播。此通話錄音時間為 2023 年 11 月 9 日。（操作員說明）。

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

現在我想將會議交給主持人、投資者關係高級分析師坎迪達·海登 (Candida Hayden)。請繼續。

Thank you, Jerry. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada's Third Quarter 2023 Results.

謝謝你，傑瑞。大家，早安。感謝您今天加入我們討論 Franco-Nevada 2023 年第三季業績。

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. Presentation is also available to view on the webcast.

此次電話會議附帶一份演示文稿，可在我們的網站 franco-nevada.com 上獲取，您還可以在其中找到我們的完整財務業績。簡報也可以在網路廣播上觀看。

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. (Operator Instructions).

在今天早上的電話會議中，弗蘭科-內華達公司總裁兼首席執行官保羅·布林克 (Paul Brink) 將作介紹性發言；接下來是財務長 Sandip Rana，他將簡要回顧我們的業績。接下來是問答期。我們的完整執行團隊可以回答任何問題。 （操作員說明）。

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 2 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，我們建議您參閱本簡報投影片 2 上的詳細警告說明。

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

我現在將電話轉給法蘭科-內華達公司總裁兼執行長保羅‧布林克 (Paul Brink)。

Thanks, Candida, and good morning. We were saddened holding our Board yesterday with an empty seat, after the passing of Randall Oliphant early in September. Randall was a leader in the gold mining industry, had been a strong presence in our Board room for 16 years and played a big role in our company's success. He is missed by all of us at Franco-Nevada.

謝謝，念珠菌，早安。昨天，蘭德爾·奧利芬特 (Randall Oliphant) 九月初去世後，我們的董事會空缺席位，對此我們深感悲痛。 Randall 是金礦開採行業的領導者，在我們董事會任職 16 年，在我們公司的成功中發揮了重要作用。弗蘭科-內華達大學的所有人都很想念他。

Our core precious metal assets anchored the third quarter results. Both precious metal GEOs and revenues were up over the same period last year. Total revenues increased, although total GEOs were slightly down, in part due to gold prices being relatively stronger than oil and gas and iron ore prices. Fourth quarter GEOs are expected to be slightly higher than the third quarter. The Cobre Panama CP100 expansion is on track for year-end, and we expect the core streams to perform well.

我們的核心貴金屬資產支撐了第三季的表現。貴金屬GEO和營收均較去年同期成長。儘管總 GEO 略有下降，但總收入有所增加，部分原因是金價相對強於石油、天然氣和鐵礦石價格。第四季的 GEO 預計將略高於第三季。 Cobre巴拿馬 CP100 擴建計畫將於年底完成，我們預計核心業務將表現良好。

As we had indicated following Q2, we expect to be near the low end of our GEO guidance range for the year. Gold prices maintained at current levels, it will further boost revenues and financial results.

正如我們在第二季後所指出的，我們預計今年將接近 GEO 指導範圍的低端。金價維持在目前水平，將進一步提振收入和財務表現。

Cobre Panama has dominated the news over the last 10 days. There have been substantial social and anti-mining process, following approval by the National Assembly of the revises concession agreement in October. Last week, the government enacted a moratorium and granting new mining concession contracts. They also proposed but didn't proceed with the proper consultation on the new mining contract.

過去 10 天，巴拿馬 Cobre 一直佔據新聞頭條。自 10 月國民議會批准修訂後的特許權協議以來，已經開展了大量的社會和反採礦進程。上週，政府頒布了暫停令並授予新的採礦特許權合約。他們也提出了新採礦合約的建議，但沒有進行適當的協商。

Panamanian Supreme Court is now considering a number of lawsuits challenging the constitutionality of Law 406. Production at Cobre Panama has continued despite the protest activity, including road blockades. We've been in close contact with our partner, First Quantum, as the situation unfolds, and together, we are continuing to monitor it closely.

巴拿馬最高法院目前正在考慮多項質疑第 406 號法律合憲性的訴訟。儘管存在包括道路封鎖在內的抗議活動，Cobre巴拿馬的生產仍在繼續。隨著事態的發展，我們一直與我們的合作夥伴第一量子保持密切聯繫，並共同繼續密切關注事態發展。

Looking forward to 2024, we're expecting added precious metal contributions from a number of new mines. Most impactful will be the Tocantinzinho stream, which G Mining Ventures is progressing construction, and as you'd expect from that team, on time and on budget. We have a meaningful 3% NSR on Equinox in Orion's Greenstone project in Ontario, where first gold is expected before midyear.

展望 2024 年，我們預計許多新礦場將帶來更多的貴金屬貢獻。最具影響力的是 Tocantinzinho 流，G Mining Ventures 正在推進建設，並且正如您對該團隊的期望，按時按預算進行。我們在安大略省 Orion 的 Greenstone 專案中，在 Equinox 上獲得了有意義的 3% NSR，預計在年中之前將獲得第一批黃金。

We recently agreed to acquire an incremental 1% NSR on Argonaut's Magino gold mine, taking our total NSR there also to 3%. Gino achieved commercial production on November 1 and continues to ramp up production. Lastly, Gold Fields is Salares Norte project in Chile, was 96% complete at the last report, and we expect our first royalty payments in early 2024.

我們最近同意收購 Argonaut 的 Magino 金礦 1% 的 NSR，使我們在那裡的總 NSR 也達到 3%。 Gino於11月1日實現商業化生產，並持續提高產量。最後，Gold Fields 是智利的 Salares Norte 項目，在上次報告中已完成 96%，我們預計將於 2024 年初支付第一筆特許權使用費。

We continue to get good news on the longer-term organic growth in the portfolio. Candelaria received its environmental impact approval from the regional Chilean authorities. And I hope that paves the way for an expansion of the underground operations that they've been contemplating. On a similar note, Kinross are now considering an underground expansion of Tasiast. Both Hudbay and Canadian Nickel have released new studies, a PFS of the copper world with a time line to production in 2028, and a feasibility study at Crawford Nickel.

我們不斷收到有關投資組合長期有機成長的好消息。坎德拉里亞獲得了智利地區當局的環境影響批准。我希望這能為他們一直在考慮的擴大地下活動鋪平道路。同樣，金羅斯現在正在考慮對 Tasiast 進行地下擴張。 Hudbay 和 Canadian Nickel 都發布了新的研究報告、銅礦世界的 PFS（計劃於 2028 年投產）以及 Crawford Nickel 的可行性研究。

Lundin Mining, again is having great success with their recently acquired Caserones mine, with throughput well ahead of the acquisition assumptions and aggressive exploration program planned. Marathon Gold had a simplified permitting process confirmed that would allow that the Berry deposit expansion be included earlier in their mine plan.

Lundin Mining 最近收購的 Caserones 礦場再次取得巨大成功，產量遠遠超過收購假設和計劃的積極勘探計劃。 Marathon Gold 已確認簡化的許可程序，允許將 Berry 礦床擴張納入其採礦計劃的早期階段。

Finally, on our balance sheet and outlook. While developments at Cobre Panama have added uncertainty at one of our assets, our business is designed to weather such events. And regardless of the outcome, our business will remain robust, generating strong cash flows with high margins. We have no debt and a cash balance of $1.3 billion. Including our undrawn facilities, our available capital for deployment is $2.3 billion. We continue to be the capital provider of choice for many players, where equity capital is difficult to raise and debt capital is increasingly expensive.

最後，關於我們的資產負債表和前景。雖然巴拿馬銅礦的發展增加了我們一項資產的不確定性，但我們的業務旨在抵禦此類事件。無論結果如何，我們的業務都將保持強勁，產生強勁的現金流和高利潤。我們沒有債務，現金餘額為 13 億美元。包括我們未動用的設施在內，我們可用於部署的資本為 23 億美元。我們仍然是許多參與者的首選資本提供者，因為這些參與者的股權資本很難籌集，債務資本也越來越昂貴。

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

有了這個，我會把它交給桑迪普。

Thanks, Paul. Good morning, everyone.

謝謝，保羅。大家，早安。

Our diverse royalty stream portfolio continued to generate strong cash flows and high margins during third quarter 2023. If you turn to Slide 4, the chart shows gold equivalent ounces sold for third quarter 2023, along with the previous four quarters. GEO sold in the quarter were $160,848, a 5% decrease relative to second quarter 2023 and a 9% decrease relative to the comparable period for the prior year.

我們多元化的特許權使用費組合在2023 年第三季度繼續產生強勁的現金流和高利潤。如果您翻到幻燈片4，該圖表顯示2023 年第三季度以及前四個季度的黃金等值盎司銷量。 GEO 本季銷售額為 160,848 美元，較 2023 年第二季下降 5%，較去年同期下降 9%。

Of total GEOs sold for the quarter, precious metals were $125,337, an increase of 4% from same quarter last year. For the quarter, the largest contributors for precious metal GEOs were Cobre Panama, Candelaria and Antapaccay, with the increase year-over-year being from Cobre Panama and Guadalupe.

在本季銷售的 GEO 總額中，貴金屬為 125,337 美元，比去年同期成長 4%。本季度，貴金屬 GEO 的最大貢獻者是 Cobre巴拿馬、坎德拉里亞和安塔帕凱，年成長來自 Cobre 巴拿馬和瓜達盧佩。

Cobre Panama delivered 33% more GEOs than the same quarter in prior year. This was driven by higher copper grades and the continued ramp-up of the CP100 expansion project. Guadalupe GEO sold were higher by 14% relative to the comparable period from the prior year, with the increase being due to higher average grades being mined.

Cobre巴拿馬交付的GEO比去年同期增加了33%。這是由更高的銅品位和 CP100 擴建項目的持續推進所推動的。瓜達露佩 GEO 的銷量較去年同期成長了 14%，成長的原因是開採的平均品味較高。

One asset, which did have a weaker quarter for us compared to prior year was Antamina. At Antamina, we had approximately 30% lower GEOs sold in prior year, as the operator was impacted by a tropical cyclone that affected Peru's Northern region in April 2023. As you will recall, there is a 1-quarter lag for delivery of silver ounces from Antamina. The deliveries in third quarter related to production from April to June 2023.

與去年相比，我們的季度表現確實較弱的一項資產是安塔米納 (Antamina)。在 Antamina，我們去年銷售的 GEO 減少了約 30%，因為該運營商受到 2023 年 4 月影響秘魯北部地區的熱帶氣旋的影響。您可能還記得，銀盎司的交付存在 1 個季度的滯後來自安塔米納。第三季的交付量與2023年4月至6月的生產有關。

For our diversified portfolio, we did record lower GEOs and revenue in the quarter, as energy prices were lower compared to prior year. Third quarter 2023 saw continued volatility in commodity prices, as highlighted on Slide 5. Precious metals did see an improvement year-over-year, with average gold prices higher by 11.6%, silver by 22.6% and platinum by 5.1%. However, palladium and energy prices were down significantly.

對於我們的多元化投資組合，由於能源價格低於去年同期，本季我們的 GEO 和收入確實有所下降。正如幻燈片 5 所強調的，2023 年第三季大宗商品價格持續波動。貴金屬確實同比有所改善，黃金平均價格上漲 11.6%，白銀上漲 22.6%，鉑金上漲 5.1%。然而，鈀金和能源價格大幅下跌。

A large component of our diversified GEOs and revenue comes from our energy assets. On a barrel of oil equivalent basis, production was slightly lower than prior year. However, as seen on the bar chart on Slide 6, there was a larger retreat in oil and gas prices. WTI averaged a $82.26 a barrel in the quarter, lower by 10% versus the comparable quarter in prior year, and natural gas averaged $2.66 in mcf, lower by 66%. As a result, the lower energy prices impacted our GEOs sold and revenue, with GEOs sold from our energy assets being 43% lower in third quarter 2023 compared to prior year.

我們多元化的 GEO 和收入的很大一部分來自我們的能源資產。以每桶石油當量計算，產量略低於去年。然而，如幻燈片 6 的長條圖所示，石油和天然氣價格出現了較大的回落。本季 WTI 平均價格為每桶 82.26 美元，比去年同期下降 10%，天然氣平均每立方英尺價格為 2.66 美元，下降 66%。因此，較低的能源價格影響了我們的 GEO 銷售量和收入，2023 年第三季我們能源資產銷售的 GEO 量比去年同期減少了 43%。

Slide 7 highlights our total revenue and adjusted EBITDA amounts for the 3 months ended September 30, 2023 and 2022. The portfolio continues to deliver consistent performance. Revenue was $309.5 million for the quarter, slightly higher than prior year of $304.2 million, while adjusted EBITDA was relatively flat at $255.1 million compared to $256.7 million in third quarter of 2022. The company continued to generate a strong margin at 82.4% for the quarter.

投影片 7 重點介紹了截至 2023 年 9 月 30 日和 2022 年 3 個月的總收入和調整後 EBITDA 金額。該投資組合繼續提供一致的績效。本季營收為3.095 億美元，略高於去年同期的3.042 億美元，而調整後EBITDA 相對持平，為2.551 億美元，而2022 年第三季為2.567 億美元。該公司本季持續保持強勁的利潤率，達到82.4% 。

As you turn to Slide 8, you will see the key financial results for the company. As mentioned, GEOs sold were lower for the quarter, but revenue was higher due to higher average precious metal prices. On the cost side, we did have an increase in cost of sales, which was $48.9 million, compared to $42 million in third quarter 2022. The largest component of this is the per ounce fixed cost we pay for stream ounces. We sold 97,275 stream ounces in third quarter compared to 90,237 a year ago.

當您翻到幻燈片 8 時，您將看到該公司的主要財務表現。如前所述，本季 GEO 銷量較低，但由於平均貴金屬價格較高，收入較高。在成本方面，我們的銷售成本確實增加了 4,890 萬美元，而 2022 年第三季為 4,200 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。第三季我們銷售了 97,275 盎司，而去年同期為 90,237 盎司。

Depletion remained relatively flat at $68.1 million versus $68.5 million a year ago. And for third quarter 2023, adjusted net income was $175.1 million or $0.91 per share compared to $159.7 million or 83% per share in prior year.

消耗保持相對穩定，為 6,810 萬美元，而一年前為 6,850 萬美元。 2023 年第三季度，調整後淨利為 1.751 億美元，即每股 0.91 美元，而前一年為 1.597 億美元，即每股成長 83%。

Slide 9 highlights the continued diversification of the portfolio. As shown, 78% of our Q3 2023 revenue was generated by precious metals. This compares to 68% a year ago. The geographic revenue profile has revenue being sourced 88% from the Americas.

投影片 9 強調了投資組合的持續多元化。如圖所示，我們 2023 年第三季營收的 78% 來自貴金屬。相比之下，一年前這一比例為 68%。從地理收入情況來看，88% 的收入來自美洲。

With respect to asset diversification, Cobre Panama was our largest revenue generator at 22% of total revenue for the quarter, followed by Candelaria and Antapaccay. The last chart highlights our operator diversity with First Quantum being largest at 22% of revenue.

在資產多元化方面，Cobre巴拿馬是我們最大的收入來源，佔本季總收入的22%，其次是坎德拉里亞和Antapaccay。最後一張圖表凸顯了我們營運商的多樣性，其中第一個量子最大，佔營收的 22%。

Slide 10 illustrates the strength of our business model to generate consistent 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 both mining and energy. Corporate administration costs, including stock-based compensation, was less 2% of revenue for the quarter. This can fluctuate quarter-to-quarter, but is tended to average approximately $8 million quarterly. In a rising commodity price environment, we expect to benefit fully as we do not expect our cost structure to change significantly.

投影片 10 展示了我們的業務模式在產生持續高利潤方面的優勢。在投影片上，您可以看到銷售成本在所示期間保持相當穩定。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。包括股票薪酬在內的企業管理成本佔本季營收的比例不到 2%。該金額可能會按季度波動，但平均每季約為 800 萬美元。在大宗商品價格上漲的環境下，我們預計將充分受益，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 is $2.3 billion at the end of September. The company continues to be debt free and generated $236 million in operating capital during the quarter. Outflows for the quarter included $66.2 million to G Mining Ventures for the remainder of the $250 million stream deposit for TZ, the full deposit has now been funded. We closed the Pascua Lama royalty transaction for $75 million, and the company did declare dividends of $65.3 million during the quarter.

投影片 11 總結了公司可用的財務資源。如果包括我們 10 億美元的信貸額度，截至 9 月底的可用資本總額為 23 億美元。該公司繼續保持無債務狀態，並在本季產生了 2.36 億美元的營運資本。本季的資金流出包括流向 G Mining Ventures 的 6,620 萬美元，作為 TZ 2.5 億美元流存款的剩餘部分，全部存款現已到位。我們以 7500 萬美元的價格完成了 Pascua Lama 特許權使用費交易，該公司在本季度確實宣布了 6530 萬美元的股息。

On Slide 12, we reiterate our guidance for the year, based upon updated commodity prices, as highlighted on the slide and our expectations of production from our royalty stream interest for the remainder of the year, we are maintaining our guidance range for total GEOs sold of $640,000 to $700,000. We expect to be near the lower end of that range due to the conversion of non-gold revenue to GEOs based on our revised commodity prices. For precious metals, the GEOs sold range is $490,000 to $530,000, again, we expect to be near the lower end of that range.

在幻燈片 12 上，我們重申了今年的指導，根據幻燈片上強調的更新的商品價格以及我們對今年剩餘時間內特許權使用費利息的產量的預期，我們將維持已售 GEO 總量的指導範圍640,000 美元至700,000 美元。由於根據我們修訂後的商品價格將非黃金收入轉換為 GEO，我們預計將接近該範圍的下限。對於貴金屬來說，GEO 的出售範圍為 490,000 美元至 530,000 美元，我們再次預計將接近該範圍的下限。

Turning to tax matters. As you are aware, the Canadian government has announced that it will be proceeding with the implementation of the 15% global minimum tax. We expect this to be effective January 2024. For Franco-Nevada, this will impact the tax associated with the income from our Barbados subsidiary where the current corporate tax rate is less than 15%.

轉向稅務問題。如您所知，加拿大政府已宣布將著手實施15%的全球最低稅率。我們預計該政策將於 2024 年 1 月生效。對於 Franco-Nevada 而言，這將影響與我們巴貝多子公司收入相關的稅收，該子公司目前的企業稅率低於 15%。

However, earlier this week, the Barbados government announced that they are proposing to raise their local corporate tax rate to 9%. In addition, they are proposing to implement an additional 6% top-up tax for companies whose parent entity is subject to the global minimum tax. The specific Barbados legislation has not been released at this time. We will review and determine the impact once available.

然而，本週早些時候，巴貝多政府宣布，提議將當地企業稅率提高至9%。此外，他們也提議對母公司須繳納全球最低稅的公司徵收6%的附加稅。巴貝多島的具體立法目前尚未公佈。一旦影響可用，我們將進行審查並確定。

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

現在我會將其轉交給傑瑞，因為我們很樂意回答任何問題。

(Operator Instructions) And our first question comes from the line of Heiko Ihle of H.C. Wainright.

（操作員說明）我們的第一個問題來自 H.C. 的 Heiko Ihle。溫賴特。

With Antamina in your release, you state that I recall it production at the mine was also impacted by Cyclone Yaku, which constrained logistics in March and April of this year. This was reflected in the deliveries we received in Q3 '23. You sort of hinted at this in your prepared remarks, but just to clarify this again, this issue is completely in the review mirror now and given the delivery schedule that was agreed upon, and we can go back to our prior models on the site, correct? In other words, there should not be any follow-through to this into Q4?

在您發布的安塔米納礦區中，您說我記得該礦的生產也受到了雅庫颶風的影響，今年三月和四月的物流受到了限制。這反映在我們 23 年第三季收到的交付量。您在準備好的評論中暗示了這一點，但為了再次澄清這一點，這個問題現在完全在審查鏡中，並且考慮到商定的交付時間表，我們可以回到網站上之前的模型，正確的？換句話說，第四季不應該有任何後續行動嗎？

Yes, yes. That related to earlier in the year, and that's been rectified. So the delivery we would get in November will be from production from July to September.

是的是的。這與今年早些時候有關，現已得到糾正。因此，我們 11 月收到的交貨將來自 7 月至 9 月的生產。

That's how I figured it. And this was a little bit more open-ended. I mean, I understand that the chart is looking quite pretty, gold's up $240 over the past year. It's within $120, $130 of its annual high, and it's looking quite nice in a 5-year chart as well.

我就是這麼想的。這有點開放式。我的意思是，我知道圖表看起來相當漂亮，金價在過去一年上漲了 240 美元。它距離年度高點不到 120 美元、130 美元，而且在 5 年圖表中看起來也相當不錯。

In the meantime, the GDX as close as annual low, Franco-Nevada shares really aren't a big exception to all of this. So we see premarket today is looking quite decent. In your view, is the market -- broader market missing something, what are they looking for to properly reward your company and its investors? Is it more ESG? Or broader base? Is it higher dividends? It is just people have been beaten down for too long, they don't care anymore. Anything you want to share with us that you're seeing from folks you talk with on the phone?

與此同時，GDX 接近年度低點，Franco-Nevada 股票確實不是所有這一切的一個大例外。所以我們看到今天的盤前看起來相當不錯。在您看來，市場——更廣泛的市場是否缺少一些東西，他們正在尋找什麼來適當地回報您的公司及其投資者？是否更符合 ESG？還是更廣泛的基礎？是不是分紅比較高？只是人們被打壓太久了，他們已經不在乎了。您從與您通電話的人那裡看到了什麼，您想與我們分享嗎？

Think a couple of things there. And the obvious one is the impact of Cobre Panama at the moment, and that has had a clear impact on the stock.

在那裡想一些事情。最明顯的一個是目前巴拿馬銅礦的影響，這對股票產生了明顯的影響。

The other one, and in terms of the performance of the stock and where we found that the value creation over time is, we truly have a business that's not impacted by cost inflation and cost inflation has been such a big element that's eaten into the return of mining companies over time.

另一方面，就股票的表現而言，我們發現隨著時間的推移創造的價值是，我們確實擁有一家不受成本通膨影響的業務，而成本通膨一直是侵蝕回報的一個重要因素隨著時間的推移，礦業公司的數量。

So one, it's been protected on that aspect of the business. The other is we have a very deep portfolio and the core thing about the mining industry is so much of the value is created at the drill bit. And when the industry is able to drill, have the capital and can make new discoveries inevitably, they do and the beauty of our businesses, we are exposed to that. Both with our streams plus an extremely deep royalty portfolio, and it's that optionality and that's why I spoke to it a bit in my comments. We continue to get good news as to what's happening in the exploration portfolio, and I think that's the element that ultimately drives the future value of the company.

因此，它在業務的這方面受到了保護。另一個是我們擁有非常深入的產品組合，而採礦業的核心是大部分價值是由鑽頭創造的。當這個行業能夠進行鑽探、擁有資本並且能夠不可避免地做出新發現時，他們就會這樣做，我們的業務就會展現出美麗的一面，我們就會接觸到這一點。兩者都具有我們的串流媒體以及極其深入的版稅組合，這就是可選性，這就是我在評論中談到它的原因。我們不斷收到有關勘探組合中發生的事情的好消息，我認為這是最終推動公司未來價值的因素。

Fair enough. I mean, Cobre Panama obviously doesn't really have a whole lot of impact on the GDX. It's really just you. But I agree with the rest of your answer.

很公平。我的意思是，Cobre巴拿馬顯然並沒有對 GDX 產生太大影響。這真的只是你。但我同意你的其餘答案。

(Operator Instructions) We have a question from the line of Brian MacArthur of Raymond James. (Operator Instructions).

（操作員說明）我們有一個來自雷蒙德詹姆斯 (Raymond James) 的布萊恩麥克阿瑟 (Brian MacArthur) 的問題。 （操作員說明）。

Sorry about that. Sandip, I was wondering if you could just go through the Barbados again. Sorry, I may have missed it because my line cut out. But sorry, is it not just going to be 15% going forward, like everything else is global of minimum tax? Or is there something else you were kind of going through because I sort of heard 9% and 6% when you went through it. If you could just go through that again, that would be helpful.

對於那個很抱歉。桑迪普，我想知道你是否可以再次經過巴貝多。抱歉，我可能錯過了，因為我的線路中斷了。但抱歉，未來的稅率不只是 15%，就像全球其他所有最低稅率一樣嗎？或者你還經歷過其他事情，因為當你經歷它時我聽到了 9% 和 6% 的說法。如果你能再經歷一遍，那將會很有幫助。

Sure. So the way the global minimum tax works, Brian, is that whatever the difference is between the 15% and the local corporate tax rate, you'll pay a top up, you were supposed to pay a top-up tax in Canada based on accounting income.

當然。所以布萊恩，全球最低稅的運作方式是，無論 15% 和當地企業稅率之間有什麼差異，你都需要支付補充稅，你應該在加拿大支付補充稅，基於會計收入。

So for example, we were low single digits in Barbados and now the 15%. So assume the delta is 13%, you would pay that 13% based on accounting income. So there would be a cash tax payable. Barbados is now increasing their corporate tax rate from low single digits to 9% at least they propose to do so. As a result, that will be based on regular tax where you get the deposit treatment. And then what they're doing is they're proposing to implement a top-up tax from 9% to 15%, which would be based on accounting. And so for there, there would be a cash tax payable. So essentially, we're still determining the impact, but we think it will be positive.

舉例來說，我們在巴貝多的比例是低個位數，現在是 15%。因此，假設增量為 13%，您將根據會計收入支付 13%。所以需要繳現金稅。巴貝多現在正在將其企業稅率從較低的個位數提高到 9%，至少他們是這麼打算的。因此，這將基於您獲得存款待遇的常規稅收。然後他們正在做的是提議實施 9% 至 15% 的追加稅，這將基於會計。因此，在那裡，需要繳納現金稅。所以本質上，我們仍在確定影響，但我們認為這將是正面的。

So just if I look at your global portfolio though, will you not then just pay like on all the screens that are run through that 15% and then the other stuff that the (inaudible) or the other structured ones, you'll pay the rate in that jurisdiction on a consolidated basis, you'll probably get something just rated slightly higher than 15%. Is that fair? Or how should I think about that?

因此，如果我看看您的全球投資組合，您是否會像在所有經過 15% 的螢幕上一樣付費，然後再支付（聽不清楚）或其他結構化的其他內容，您將支付如果您在該轄區的綜合稅率上進行比較，您可能會得到略高於15% 的評級。這樣公平嗎？或者說我該如何思考這個問題？

It's just the split between what's going to be calculated based on tax versus accounting. There is an impact to that. We can go offline, Brian, I can walk you through it.

這只是根據稅收和會計計算的內容之間的區別。這是有影響的。我們可以離線，布萊恩，我可以引導你完成它。

Your next question comes from the line of Adrian Day of Adrian Day Asset Management.

你的下一個問題來自阿德里安·戴資產管理公司的阿德里安·戴。

I was just wondering if you could update us how your view in the market for new streams and possibly royalties, but new streams yes, yes.

我只是想知道您是否可以向我們更新您對新串流媒體和可能的版稅市場的看法，但新串流媒體是的，是的。

Adrian, it's Eaun Gray speaking. As Paul commented, the gold market is quite constrained for capital. So we are seeing good opportunities there. for additional royalties and streams, as you saw with our recent Magino transaction. So we're looking forward to doing more there, and I do see it as being relatively bland, especially on the gold side.

阿德里安，我是尤恩·格雷。正如保羅評論的那樣，黃金市場的資金相當有限。所以我們在那裡看到了很好的機會。額外的版稅和流量，正如您在我們最近的 Magino 交易中看到的那樣。因此，我們期待在那裡做更多的事情，我確實認為它相對平淡，尤其是在黃金方面。

Largely development, helping development?

大程度發展，助力發展？

Yes. I think that's a fair characterization.

是的。我認為這是一個公平的描述。

And there are no further questions on the phone line at this time. I will now turn the Q&A session over to Candida Hayden, who will take questions from the webcast.

目前電話線上沒有進一步的問題。我現在將問答環節交給 Candida Hayden，她將回答網路廣播中的問題。

Thank you, Jerry. Our first question comes from Alex Richardson from Ananda Asset Management. Why do you decide to become so reliant on Cobre Panama for future year growth given it is not a gold property?

謝謝你，傑瑞。我們的第一個問題來自 Ananda 資產管理公司的 Alex Richardson。鑑於巴拿馬 Cobre 並非黃金資產，為何您決定如此依賴 Cobre巴拿馬來實現未來一年的成長？

Alex, the -- our business has expanded over time. And you know the history of the company is we bought many royalties on gold properties, and those have had tremendous -- shown tremendous optionality and growth over time. But a lot of the growth in our business, as you correctly point out, has been buying precious metal streams on big copper assets. And that has been a very good element that allowed us to grow the business faster. Principally, copper assets tend to be much larger than gold assets. They also tend to have much longer life spans.

亞歷克斯，我們的業務隨著時間的推移而不斷擴大。你知道公司的歷史是我們購買了許多黃金財產的特許權使用費，這些特許權使用費隨著時間的推移顯示出巨大的選擇性和增長。但正如您正確指出的那樣，我們業務的大部分成長都是透過大型銅資產購買貴金屬流。這是一個非常好的因素，使我們能夠更快地發展業務。原則上，銅資產往往比黃金資產大得多。它們的壽命也往往更長。

So if you look at Antamina, Antapaccay, Candelaria, all of those, we get precious metal from those copper assets. Not only have those assets done very well, all of them have outperformed our assumptions that acquisition. They have very long lives, and we've also seen tremendous life expansion from those assets. Probably a good example is Candelaria. Candelaria, when we bought -- when we helped finance Lundin to acquire that asset, 6 or so years ago, it had a 14-year mine life. Lundin Mining is a tremendous success with the exploration program. And when we look forward today, the go-forward mine life is in the order of 25 years. So they are long-life assets, but also have the potential to get better over time. So it's been a good business for us.

因此，如果你看看 Antamina、Antapaccay、Candelaria，所有這些，我們都會從這些銅資產中獲得貴金屬。這些資產不僅表現出色，而且所有資產的表現都超出了我們對收購的假設。它們的壽命很長，而且我們也看到這些資產的壽命得到了巨大的延長。坎德拉里亞可能就是一個很好的例子。坎德拉里亞，大約 6 年前，當我們幫助 Lundin 融資收購該資產時，它的礦山壽命為 14 年。倫丁礦業公司的勘探計畫取得了巨大成功。當我們今天展望時，礦場的未來壽命約為 25 年。因此，它們是長期資產，但也有可能隨著時間的推移而變得更好。所以這對我們來說是一筆好生意。

Our next question comes from a private investor, any provisions taken on the Cobre Panama situation?

我們的下一個問題來自私人投資者，針對巴拿馬銅礦的情況有何規定？

No provisions is out there from First Quantum and ourselves, the mine is still operating, operating very well. So there's no provision, no review or impairment at this time.

第一量子和我們自己都沒有提供任何規定，礦場仍在運營，運作得很好。因此，目前沒有撥備、審查或減損。

Our next question comes from Vincenzo at Seven Pillars Capital Management. Could you please give me some color on the contingency plan if First Quantum, Cobre Panama were to go into arbitration. How should we think about potential claims that Franco-Nevada might have on an arbitration result, or if any potential exportation of Cobre Panama should occur since there are any insurance or [Nevada] claim?

我們的下一個問題來自七柱資本管理公司的文森佐。如果 First Quantum、Cobre 巴拿馬公司進入仲裁，您能否告訴我有關應急計劃的一些資訊。我們應該如何考慮弗蘭科-內華達州可能對仲裁結果提出的潛在索賠，或者由於存在任何保險或[內華達]索賠，是否應該發生巴拿馬銅礦的任何潛在出口？

Yes. So we hope it doesn't go in that direction. But if the concession were taken away from the operators, the one route for them is arbitration. What we've seen in the past is, in some of softer circumstances. The international arbiters have ruled in favorable mining companies. So you typically have seen settlements for the companies. They have been meaningful. They do have real teeth. So they ultimately do get paid. Our agreement and our contract is if there is a settlement that we would get a proportionate share of that settlement.

是的。所以我們希望事情不要朝那個方向發展。但如果營運商的特許權被剝奪，他們的唯一途徑就是仲裁。我們過去所看到的是，在一些較溫和的情況下。國際仲裁機構作出了對礦業公司有利的裁決。所以你通常會看到公司的和解。它們是有意義的。他們確實有真正的牙齒。所以他們最終確實得到了報酬。我們的協議和合約是，如果達成和解，我們將獲得該和解中的相應份額。

Next question is from Diego at North Star Capital Management. In a scenario where Cobre Panama is expatriated, what kind of actions would you legally expect to take?

下一個問題來自北極星資本管理公司的迭戈。如果 Cobre巴拿馬被移居國外，您在法律上期望採取什麼樣的行動？

Here, I would the -- in terms of the comments that we've already made, the action to be taken is by the operators, the -- and arbitration is the most likely course for them there. Again, hope they don't go down that course and then our protections of (inaudible) as we had already outlined.

在這裡，我想——根據我們已經發表的評論，要採取的行動是由運營商採取的——仲裁是他們最有可能採取的做法。再一次，希望他們不要走這條路，然後我們的保護（聽不清楚）正如我們已經概述的那樣。

Thank you, Paul. There are no further questions from the webcast. This concludes our third quarter 2023 results conference call and webcast. We expect to release our year-end 2023 results after market close on March 5 with the conference call held the following morning. Thank you for your interest in Franco-Nevada.

謝謝你，保羅。網路廣播中沒有進一步的問題。我們的 2023 年第三季業績電話會議和網路廣播到此結束。我們預計在 3 月 5 日收盤後發布 2023 年底業績，並於第二天早上舉行電話會議。感謝您對弗蘭科-內華達州的興趣。