Franco-Nevada Corp (FNV) 2024 Q4 法說會逐字稿

Good morning, and welcome to Franco-Nevada Corporation's 2023 Year-end Results Conference Call and Webcast. This call is being recorded on March 6, 2024. (Operator Instructions)

早安，歡迎參加 Franco-Nevada Corporation 的 2023 年年終業績電話會議和網路廣播。此通話錄音時間為 2024 年 3 月 6 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.

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, Lara. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada's year-end 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，拉拉。大家，早安。感謝您今天加入我們討論弗蘭科-內華達 2023 年底的業績。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。該簡報也可以透過網路廣播觀看。

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訊息，我們建議您參閱本簡報投影片 2 上的詳細警示說明。

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

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

Thank you, Candida, and good morning. Our diversified top line business has a history of generating leading returns. But in late 2023, we were challenged by the unprecedented production hole from the COVID pandemic. We're hopeful that the issues can be resolved, although we've taken a prudent approach to the carrying value of the asset.

謝謝你，念珠菌，早安。我們多元化的營收業務有著創造領先回報的歷史。但在 2023 年底，我們面臨新冠疫情造成的前所未有的生產缺口的挑戰。儘管我們對資產的帳面價值採取了謹慎的態度，但我們希望這些問題能夠得到解決。

Despite the issues at Cobre Panama, our business remains robust. We finished the year with no debt at $1.4 billion of cash. Balance of our long-duration business still generates industry-leading cash flow. Top line business model is fortunately not impacted by industry cost inflation. And in 2023, we generated an 83% adjusted EBITDA margin.

儘管巴拿馬銅礦存在問題，我們的業務仍然強勁。全年結束時，我們沒有負債，現金達 14 億美元。我們的長期業務餘額仍產生業界領先的現金流。幸運的是，頂線業務模式並未受到產業成本通膨的影響。 2023 年，我們的調整後 EBITDA 利潤率為 83%。

During the year, we added a number of attractive royalty interests, principally on gold mines and projects in Canada, Chile, Australia and the U.S. Drop in U.S. natural gas prices also allowed us to add to our natural gas royalty interests. Shareholders depend on us to allocate capital to operations that treat the environment and they host communities responsibly. The work has resulted in top-level ratings from the ESG agencies. Notably, we're top-ranked in the gold sector and in the broader precious metal sector for Sustainalytics for 2024.

在這一年裡，我們增加了一些有吸引力的特許權使用費權益，主要是加拿大、智利、澳洲和美國的金礦和專案。美國天然氣價格的下跌也使我們能夠增加天然氣特許權使用費權益。股東依靠我們將資金分配給保護環境的業務，並負責任地接待社區。這項工作獲得了 ESG 機構的頂級評級。值得注意的是，根據 2024 年 Sustainalytics 的數據，我們在黃金產業和更廣泛的貴金屬產業中排名第一。

Our objective is to have a sustainable and progressive dividend that's dependable, even [involved] tough times. 2024, our Board, we're proud to increase our dividend for the 17th consecutive year. Investors from our IPO are now achieving a 9.4% yield in U.S. dollars or 12.9% yield in Canadian dollars.

我們的目標是即使在困難時期也能獲得可靠的可持續和漸進的股息。 2024 年，我們的董事會，我們很自豪能夠連續第 17 年增加股利。我們 IPO 的投資者目前獲得了 9.4% 的美元收益率或 12.9% 的加元收益率。

Growth outlook for the balance of our business is strong over the next 5 years. Rate assets keep getting better. Antamina has just sanctioned the capital program that will increase production. Candelaria is considering underground expansion. And Agnico Eagle is planning to add underground production and detour to expand output up to 1 million ounces per year.

未來 5 年我們業務的成長前景強勁。利率資產不斷改善。安塔米納剛剛批准了增加產量的資本計劃。坎德拉里亞正在考慮地下擴建。 Agnico Eagle 計劃增加地下生產和繞道，將產量擴大到每年 100 萬盎司。

An exciting period of new mine builds. I'm looking forward to new contributions from Tocantinzinho, Greenstone and Salares Norte -- and Salares Norte amongst others, that will drive our organic growth through 2028.

新礦建設的激動人心的時期。我期待 Tocantinzinho、Greenstone 和 Salares Norte 以及 Salares Norte 等人的新貢獻，這將推動我們在 2028 年的有機成長。

This outlook is good certainty, 2/3 of the production is already under construction. $2.4 billion of capital we have available positions us well to add further assets.

這個前景是確定的，2/3的生產已經在建設中。我們擁有 24 億美元的可用資本，這使我們能夠很好地增加更多資產。

Cobre Panama represented roughly 20% of our revenue, and the production halt has seen more than that proportional reduction in our market. Prospect of Cobre restarting or an arbitration settlement are all upside optionality from these trading levels.

Cobre巴拿馬約占我們收入的20%，停產導致我們市場的減少幅度更大。 Cobre 重啟的前景或仲裁和解都是這些交易水準的上行選擇。

In summary, the outlook for our business is bright. Our strategy of maintaining a strong balance sheet has never been more relevant, giving us a large treasury to grow the business at a time when capital for the industry is otherwise scarce.

總而言之，我們的業務前景是光明的。我們維持強勁資產負債表的策略從未如此重要，這為我們在產業資本稀缺的情況下提供了龐大的資金來發展業務。

Now, I hand the call over to Sandip.

現在，我將電話轉交給桑迪普。

Thank you, Paul, and good morning, everyone. I will begin with Slide 4, which shows how the company performed against the guidance that was issued for 2023. The updated guidance provided by the company for last year was 620,000 to 640,000 total GEOs sold. Of this total, we guided to 480,000 to 500,000 precious metal GEOs, with the balance being from diversified assets. The company ended the year with 627,045 GEOs sold well within the guidance range. We're also within the guidance range for precious metals with 488,189 GEOs sold.

謝謝你，保羅，大家早安。我將從幻燈片 4 開始，該幻燈片顯示了該公司根據 2023 年發布的指導的表現如何。該公司去年提供的最新指導是售出 620,000 至 640,000 個 GEO 總量。其中，我們引導了48萬至50萬個貴金屬GEO，其餘則來自多元化資產。截至年底，該公司共售出 627,045 輛 GEO，基本上符合指導範圍。我們也處於貴金屬指導範圍內，售出 488,189 個 GEO。

The diversified assets, which include our non-precious mining assets and energy assets, resulted in just under 140,000 GEOs sold for the year.

多元化資產（包括我們的非貴重採礦資產和能源資產）導致全年售出近 140,000 個 GEO。

Before I get further into the financial results, I wanted to speak about Cobre Panama. Turning to Slide 5. Cobre Panama is Franco-Nevada's largest investment and has generated approximately 20% of revenue. Before the halt in production, the mine was operating very well, having successfully completed its expansion to 100 million tonnes per year. We will deliver 28,318 GEOs during fourth quarter and just shy of 129,000 GEOs for the full year. However, as previously disclosed, Cobre Panama has been in preservation and safe management with production halted since November 2023. November 28, 2023, following protest and President Cortizo's call for a mining moratorium, the Supreme Court of Justice of Panama released its ruling to clearing Law 406 unconstitutional.

在進一步討論財務表現之前，我想談談 Cobre 巴拿馬。轉向幻燈片 5。Cobre 巴拿馬是 Franco-Nevada 最大的投資，產生了約 20% 的收入。停產前，該礦營運狀況良好，已成功完成年產量1億噸的擴建。我們將在第四季度交付 28,318 個 GEO，全年交付略低於 129,000 個 GEO。然而，正如先前披露的那樣，巴拿馬銅礦自2023 年11 月以來一直處於保存和安全管理狀態，生產已停止。2023 年11 月28 日，在抗議和科蒂索總統呼籲暫停採礦後，巴拿馬最高法院發布了清理裁決406 號法律違憲。

In light of these events, we carried out an impairment assessment of our Cobre Panama streams at December 31, 2023. The recording of impairments is a judgment made by management based on available information at a point in time, which are used to determine the accounting treatment. We took a prudent approach in our judgment of the facts and circumstances and based on the halting of production and the political environment surrounding the ruling by the Supreme Court, as well as the significant share price impact, we determine the recoverable amount under applicable accounting standards to be nailed as at December 31, 2023. As a result, we recognized a full noncash impairment loss of approximately $1.2 billion.

鑑於這些事件，我們於2023年12月31日對巴拿馬銅礦流進行了減損評估。減損記錄是管理階層根據某一時間點的可用資訊做出的判斷，用於確定會計處理治療。我們審慎判斷事實和情況，根據停產情況和最高法院判決的政治環境以及對股價的重大影響，根據適用的會計準則確定可收回金額截止日期為2023 年12 月31 日。因此，我們確認了約12億美元的全部非現金減損損失。

As previously disclosed, we have provided a notice of intent to commence arbitration against the state of Panama. While we believe in the strength of our claims, the potential proceeds from the arbitration were not reflected in our impairment valuation. Our streams on Cobre Panama and we are hopeful of a resolution between First Quantum and the state of Panama and a restart of the mine at which time our deliveries would restart. In this situation, we would assess the recoverable amount of Cobre Panama streams at that point in time, which may lead to a reversal of part or all of the impairment loss we recognized.

如前所述，我們已提供針對巴拿馬國提起仲裁的意向通知。儘管我們相信我們的主張有說服力，但仲裁的潛在收益並未反映在我們的減損估值中。我們在巴拿馬銅礦上進行生產，我們希望第一量子和巴拿馬政府能夠達成解決方案，並重啟礦山，屆時我們的交付也將重新開始。在這種情況下，我們將評估當時巴拿馬銅礦流的可收回金額，這可能導致我們確認的部分或全部減損損失轉回。

Moving on to the financial performance for the quarter. On Slide 6, we highlight the gold equivalent ounces sold for the last 5 quarters as well as the last 5 years. Total GEOs sold were lower when compared to prior year, with Q4 2023 GEO sold being 152,351 compared to 183,886 in the fourth quarter 2022. Of this, precious metal, GEOs were 119,581, down approximately 8% from prior year.

接下來是本季的財務業績。在幻燈片 6 上，我們重點介紹了過去 5 個季度以及過去 5 年銷售的黃金當量盎司。與去年同期相比，GEO 總銷量有所下降，2023 年第四季GEO 銷量為152,351 枚，而2022 年第四季為183,886 枚。其中，貴金屬GEO 銷量為119,581 枚，比去年同期下降約8% 。

For the quarter, the largest contributors to the lower precious metal GEOs were Cobre Panama due to the halt in production, as mentioned. Stillwater, which was due to the impact of converting weaker platinum palladium revenue to GEOs; and Candelaria, which had lower production during the quarter. The lower GEOs from these assets was partially offset by stronger production from both Antapaccay and MWS, both of which had very strong fourth quarter. Precious metal GEOs represented 79% of total GEOs for the quarter and 78% for the full year.

如前面所提到的，由於停產，本季貴金屬 GEO 下跌的最大貢獻者是巴拿馬銅礦。 Stillwater，這是由於將疲軟的鉑鈀收入轉換為 GEO 的影響；坎德拉里亞 (Candelaria) 本季產量較低。這些資產較低的 GEO 被 Antapaccay 和 MWS 的強勁產量部分抵消，這兩家公司第四季的表現都非常強勁。貴金屬 GEO 佔本季 GEO 總數的 79%，佔全年 GEO 的 78%。

For diversified GEOs, our Vale royalty resulted in an increase in GEOs for the quarter compared to prior due to higher 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 the first and third quarter each year.

對於多元化的 GEO，由於鐵礦石價格上漲，我們的淡水河谷特許權使用費導致本季的 GEO 比之前增加。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 月公佈的實際金額來估算特許權使用費。因此，您將在每年第一季和第三季看到我們的應計費用每年兩次調整。

Energy GEOs were significantly lower at 25,640 GEOs for Q4 compared to 47,713 a year ago. This was the result of lower energy prices, natural gas in particular.

第四季能源 GEO 數量大幅減少，為 25,640 個 GEO，而去年同期為 47,713 個。這是能源價格下降的結果，特別是天然氣價格。

2023 saw continued volatility in commodity prices, as you can see on Slide 7, gold and silver prices were higher for the quarter and year, with gold higher by over 14% for the quarter and almost 8% for the year. Palladium prices were significantly lower year-over-year which did negatively impact the conversion of PGM revenues to GEOs. Energy prices were weaker in '23 coming off multiyear highs from 2022.

2023 年，大宗商品價格持續波動，正如您在幻燈片7 中看到的那樣，黃金和白銀價格在該季度和該年度均走高，其中黃金在該季度上漲了14% 以上，在全年上漲了近8%。鈀金價格年比大幅下降，這對鉑族金屬收入向 GEO 的轉換產生了負面影響。 23 年能源價格從 2022 年以來的多年高點走弱。

Slide 8 highlights our total revenue and adjusted EBITDA amounts for the last 5 quarters. As you can see from the bar charts, the revenue and adjusted EBITDA has decreased slightly Q4 2023 compared to prior year. The company recorded $303.3 million in revenue during the quarter and $254.6 million in adjusted EBITDA. Margin of 83.9% was achieved for the quarter.

投影片 8 重點介紹了我們過去 5 個季度的總收入和調整後 EBITDA 金額。從長條圖中可以看出，2023 年第四季的營收和調整後 EBITDA 與前一年相比略有下降。該公司本季營收為 3.033 億美元，調整後 EBITDA 為 2.546 億美元。本季利潤率為 83.9%。

As you turn to Slide 9, you will see the key financial results for the company. As mentioned, total GEOs were 627,045, generating $1.2 billion in revenue. On the cost side, we did have a slight decrease in cost of sales compared to Q4 2022 due to lower energy costs. Also, cost of sales is dependent on which assets deliver stream ounces as not all fixed payments per stream ounce are equal.

當您翻到幻燈片 9 時，您將看到該公司的主要財務表現。如前所述，GEO 總數為 627,045 個，產生了 12 億美元的收入。在成本方面，由於能源成本下降，與 2022 年第四季相比，我們的銷售成本確實略有下降。此外，銷售成本取決於哪些資產提供流盎司，因為並非所有每流盎司的固定付款都是相等的。

Depletion decreased to $68.9 million versus $73.5 million a year ago. Depletion is based on actual mining GEOs sold and barrels of oil equivalent received on the energy side of the business. As we received less GEOs from Cobre Panama, Antamina and Candelaria, this impacted depletion as those assets are higher per ounce depletion assets.

消耗減少至 6,890 萬美元，而一年前為 7,350 萬美元。消耗量是基於實際出售的採礦 GEO 和業務能源方面收到的石油桶當量。由於我們從巴拿馬 Cobre、安塔米納和坎德拉里亞收到的 GEO 減少，這影響了消耗，因為這些資產的每盎司消耗資產較高。

We did record a net loss for the quarter of $982.5 million or $5.11 per share due to the impairment recorded on Cobre Panama. This compares to net income of $165 million or $0.86 per share in the prior year. However, adjusted net income was $172.9 million or $0.90 per share for the quarter, up 5% and 5.8%, respectively, versus prior year.

由於 Cobre巴拿馬記錄的減值，我們確實錄得本季淨虧損 9.825 億美元，即每股 5.11 美元。相比之下，上一年的淨利潤為 1.65 億美元，即每股 0.86 美元。然而，本季調整後淨利潤為 1.729 億美元或每股 0.90 美元，分別比去年同期成長 5% 和 5.8%。

Slide 10 highlights the continued diversification of the portfolio. From the charts, you can see that 78% of our full year 2023 revenue was generated by precious metals with revenue being sourced 88% from the Americas, with Canada and the United States being the largest.

投影片 10 強調了投資組合的持續多元化。從圖表中可以看到，我們 2023 年全年收入的 78% 來自貴金屬，其中 88% 的收入來自美洲，其中加拿大和美國是最大的。

Slide 11 illustrates the strength of our business model to generate high margins. For 2023, the cash cost per GEO, which is essentially cost of sales divided by gold equivalent ounces sold is $286 per GEO. This compares to $242 per GEO in 2022. 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. Margin was over $1,600 per ounce in 2023.

幻燈片 11 展示了我們的業務模式在產生高利潤方面的優勢。 2023 年，每 GEO 的現金成本（本質上是銷售成本除以銷售的黃金當量盎司）為每 GEO 286 美元。相比之下，到 2022 年，每個 GEO 的費用為 242 美元。這筆金額將根據特許權使用費與流 GEO 的組合（包括採礦和能源）而波動。但正如您所看到的，按照當前的平均黃金價格，該公司產生了可觀的利潤。 2023 年，保證金將超過每盎司 1,600 美元。

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 essentially be fixed.

在大宗商品價格上漲的環境中，我們預計將充分受益，因為每個 GEO 的銷售成本不會大幅增加。我們認為我們的成本結構基本上是固定的。

The other cost component for the company besides the cost of sales is our corporate administration costs. The royalty streaming business model is a scalable model. Our corporate administration costs have increased at a much slower rate than our revenue. Revenue has increased eightfold from 2008, while corporate admin costs has less than doubled over the same period. Management believes we can continue to add to our portfolio and grow our business without adding significant overhead to the company.

除了銷售成本之外，公司的另一個成本組成部分是我們的企業管理成本。版稅流業務模式是一個可擴展的模式。我們的企業管理成本的成長速度遠低於收入的成長速度。營收比 2008 年增加了八倍，而同期企業管理成本只增加了不到一倍。管理層相信我們可以繼續增加我們的投資組合併發展我們的業務，而不會給公司增加大量管理費用。

With respect to guidance going forward, please refer to Slide 13. For 2024, we are guiding to total GEOs sold of between 480,000 to 540,000 GEOs sold. Of this total GEOs, we are guiding to 360,000 to 400,000 precious metals GEOs for the year. The balance would be GEOs from our diversified assets, of which we expect energy to account for about 75% for 2024. Please note that for all guidance ranges, we have excluded Cobre Panama in our GEOs sold numbers. At Cobre Panama range in production, we would have expected deliveries and sales of between 130,000 to 150,000 GEOs annually.

關於未來的指導，請參閱投影片 13。對於 2024 年，我們指導銷售的 GEO 總數為 480,000 至 540,000 個 GEO。在這些 GEO 總數中，我們今年指導的貴金屬 GEO 為 360,000 至 400,000 個。其餘部分將是我們多元化資產中的 GEO，我們預計到 2024 年能源將佔其中的 75% 左右。請注意，對於所有指導範圍，我們已將 Cobre巴拿馬排除在我們的 GEO 銷售數據中。在 Cobre巴拿馬系列的生產中，我們預計每年交付和銷售的 GEO 數量將在 130,000 至 150,000 之間。

The overall main drivers for GEOs year-over-year are, for precious metals, we will benefit from initial ounces from new mines being completed in 2024, Tocantinzinho, Greenstone, Mara Rosa and Salares Norte. We will have full year deliveries for Magino and Seguela, and we expect an increase in GEOs from Candelaria based on the guidance from the operator. However, we are anticipating lower production at Antapaccay based on the mine plan for lower grades.

GEO 同比成長的整體主要驅動因素是，對於貴金屬而言，我們將受益於 2024 年竣工的新礦（Tocantinzinho、Greenstone、Mara Rosa 和 Salares Norte）的初始盎司產量。我們將為 Magino 和 Seguela 提供全年交付，並且根據營運商的指導，我們預計坎德拉里亞的 GEO 數量將會增加。然而，根據較低品位的礦場計劃，我們預計 Antapaccay 的產量將會下降。

Our guidance has been calculated using $1,950 per ounce gold, $22.50 for silver, $850 for platinum, $900 palladium. And $115 per ton 62% iron ore. Obviously, prices are volatile, and as they change, it will impact the conversion of non-gold commodities to GEOs. Also, please note that we expect to reach our GEO cap by MWS by the end of 2024.

我們的指導價是根據每盎司黃金 1,950 美元、白銀 22.50 美元、鉑金 850 美元、鈀金 900 美元計算得出的。 62%鐵礦石每噸115美元。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。另請注意，我們預計到 2024 年底，MWS 將達到 GEO 上限。

On the energy side, we are using a price of $75 per barrel WTI and $2.50 and CF natural gas. This provides a range of 85,000 to 105,000 GEOs from our energy assets. As we look forward over the next few years, we do forecast 2026 as the current high for GEOs sold based upon what we know today. Thereafter, we will have the step down for Candelaria in 2027 and then Antapaccay in 2028.

在能源方面，我們使用的價格為每桶 75 美元的 WTI 和 2.50 美元的 CF 天然氣。這從我們的能源資產提供了 85,000 至 105,000 個 GEO。展望未來幾年，根據我們目前所知，我們確實預測 2026 年將是 GEO 銷售的最高點。此後，我們將在 2027 年取消坎德拉里亞 (Candelaria) 計劃，然後在 2028 年取消安塔帕凱 (Antapaccay) 計劃。

Our outlook for 2028 is 540,000 to 600,000 GEOs sold. Of this range, precious metals will be 385,000 to 425,000 GEOs. Main contributors will be higher production from Antamina and Guadalupe based on latest mine plants. Mine starts from Valentine Gold, Stibnite Gold, Eskay Creek and Castle Mountain Phase 2. For diversified GEOs, we do expect an increase in GEOs from our Vale royalty as attributable production should increase with the royalty on the Southeastern system becoming payable. For the energy assets, we do assume an increase in production over the next 5 years, resulting in increase in GEOs. Also, we have held energy prices flat at $75 a barrel WTI and $2.50 mcf natural gas for the period.

我們預計 2028 年將售出 54 萬至 60 萬個 GEO。其中，貴金屬為 385,000 至 425,000 GEO。主要貢獻者將是安塔米納和瓜達盧佩基於最新礦山工廠的更高產量。礦場從Valentine Gold、Stibnite Gold、Eskay Creek 和Castle Mountain Phase 2 開始。對於多元化的GEO，我們確實預期淡水河谷特許權使用費中的GEO 會增加，因為隨著東南系統的特許權使用費的支付，權益產量應該會增加。對於能源資產，我們確實假設未來 5 年內產量會增加，導致 GEO 的增加。此外，我們在此期間將能源價格維持在每桶 75 美元的 WTI 水平，將天然氣價格維持在每桶 2.50 美元的水平。

Overall, when you look at the outlook for GEOs sold, the company has approximately 15% built-in organic growth from 2023 to 2028 at budgeted commodity prices, excluding Cobre Panama. This also assumes that no additional assets are added to the portfolio.

總體而言，當您審視所售 GEO 的前景時，您會發現，以預算商品價格計算，該公司從 2023 年到 2028 年的內在有機增長約為 15%（不包括 Cobre巴拿馬）。這也假設投資組合中沒有添加任何額外資產。

Two additional items to note. With the legal proceedings that we will move forward related to Cobre Panama, we are expecting to incur annual costs of between $10 million to $15 million per year. These costs will be disclosed separately in our financials going forward. And with the proposed implementation of the global minimum tax, sometime in 2024, we are projecting that our effective tax rate will increase to approximately 18% to 19% going forward. The global minimum tax will be retroactive to January 1, 2024. The effective tax rate will fluctuate based on the jurisdictions that generate tax for income.

還有兩個需要注意的事項。隨著我們將推進與 Cobre巴拿馬相關的法律訴訟，我們預計每年將產生 1000 萬至 1500 萬美元的費用。這些成本將在我們未來的財務報表中單獨揭露。隨著全球最低稅率的實施，我們預計，在 2024 年的某個時候，我們的有效稅率將增加至約 18% 至 19%。全球最低稅率將追溯至 2024 年 1 月 1 日。有效稅率將根據對收入徵稅的司法管轄區而波動。

And lastly, Slide 14 summarizes the financial resources available to the company. When including our credit facility of $1 billion, total available capital at December 31, 2023 is $2.4 billion.

最後，投影片 14 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 2023 年 12 月 31 日的可用資本總額為 24 億美元。

And now I'll pass it over to Lara, and we are happy to answer any questions.

現在我會將其轉交給勞拉，我們很樂意回答任何問題。

(Operator Instructions) Our first question comes from the line of Josh Wolfson from RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC 資本市場的 Josh Wolfson。

First question is just on the long-term guidance. The structure of the deals the company has signed for a lot of its cornerstone assets incorporates the step-downs, which -- 2 of which I guess are coming into play here for the 5-year guidance. When you look at the outlook for growth and the replacement of some of this production, how do you sort of factor the step downs into the timing of deals? Or is there any motivation to sort of structure these deals, so there's consistent growth on a year-over-year basis longer term?

第一個問題只是關於長期指導。該公司為其許多基石資產簽署的交易結構包含了降級，我認為其中兩項將在 5 年指導中發揮作用。當您審視成長前景和部分生產的替代方案時，您如何將降價因素納入交易時間？或者是否有任何動機來安排這些交易，以便長期實現逐年持續成長？

Josh, it's Paul. At the time we do the deals, the -- it's more looking at what the reserves are and what you're confident will be mined over time and making sure that we get a minimum return or minimum estimated return based on that. And then also sizing the long term of the deal so that you've got an acceptable burden on the assets that you're going to maximize the optionality. So it really is deal by deal that you're trying to strike that balance. The -- obviously, it's a negotiation. We would love to push that out further in time. But you see what you can achieve on each transaction.

喬什，是保羅。當我們進行交易時，更多的是專注於儲量是什麼以及您有信心隨著時間的推移將開採什麼，並確保我們在此基礎上獲得最低迴報或最低估計回報。然後也要調整交易的長期期限，以便您對資產承擔可接受的負擔，從而最大限度地提高可選擇性。所以，你要努力達到這種平衡，這確實是一筆又一筆的交易。顯然，這是一場談判。我們很樂意及時將其推遲。但您會看到每筆交易可以實現什麼。

Okay. And then on Cobre, my understanding is there is some volume of concentrate on site that could potentially be sold down. Has this already been recorded at all in terms of value, I guess, for Franco? And if there was any concentrate sales would that registers as production to Franco this year?

好的。然後，在 Cobre 上，我的理解是，現場有一定數量的濃縮物可能會被出售。我想，對於佛朗哥來說，這是否已經被記錄在案了？如果有任何精礦銷售，是否會登記為佛朗哥今年的產量？

So Josh, since the concentrate has not yet been shipped, no deliveries have been made to Franco for our share of the gold and silver over there. Under our agreement, we are entitled to deliveries of gold and silver based on that concentrate.

所以喬希，由於精礦尚未裝運，因此我們在那邊的黃金和白銀份額尚未交付給佛朗哥。根據我們的協議，我們有權根據該精礦交付黃金和白銀。

Okay. And then last question, again on Cobre. The $5 billion damage is value. Just so I understand this is a separate case that would be in addition to the First Quantum arbitration for $20 billion?

好的。最後一個問題，又是關於 Cobre 的。 50 億美元的損失是有價值的。據我所知，這是一個單獨的案件，除了第一量子仲裁的 200 億美元？

It is in addition, yes. So both -- we're pursuing independent arbitrations. So the 2 numbers are (inaudible).

另外，是的。因此，我們都在尋求獨立仲裁。所以這兩個數字是（聽不清楚）。

Okay. And then under the stream agreement, Franco would be entitled as well to the proportional share for that $20 billion, and I hope it doesn't come to that -- that situation. But is that -- my understanding is still correct there?

好的。然後根據串流協議，佛朗哥也將有權按比例分享這 200 億美元，我希望事情不會發展到這種情況。但我的理解仍然正確嗎？

So I mean that was the one approach that we could have taken was just First Quantum pursued, and then we get a share of proceeds. The approach that we've agreed to take between assets that we would each independently pursue it. You're assuming we're both successful that we wouldn't share on their side as well.

所以我的意思是，我們可以採取的一種方法就是追求第一量子，然後我們得到一部分收益。我們同意在我們各自獨立追求的資產之間採取的方法。你假設我們都成功了，但我們也不會站在他們這邊分享。

Our next question comes from the line of Lawson Winder from Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的勞森·溫德（Lawson Winder）。

I wanted to ask about Cobre Panama as well. How much of the upfront between the 2 streams, the cores and the First Quantum stream has been paid back up to today and before the potential any potential concentrate sales?

我也想問巴拿馬銅礦。到目前為止，在任何潛在的濃縮物銷售之前，兩個流、核心和第一量子流之間的預付款有多少已經償還？

It's roughly half, Lawson. Off the top of my head, it's close to about $700 million.

大約是一半，勞森。我的直覺是，這個數字接近 7 億美元。

Okay. Perfect. And then sometimes with these agreements, do these partner guarantees where any sort of like outstanding upfront that hasn't been paid back in the event of mine closure, the operator then would be on the hook for that. Is that a feature of this agreement?

好的。完美的。有時，透過這些協議，這些合作夥伴會做出保證，如果礦井關閉時未償還的任何未償還的預付款，營運商就會為此承擔責任。這是該協議的一個特點嗎？

Yes, there is an uncredited balance. So as I said, of the $1.35 billion that we invested, we've received around half of that back, the remainder is an uncredited balance that we would be entitled to at the end of the contract.

是的，有未記入的餘額。正如我所說，在我們投資的 13.5 億美元中，我們收到了大約一半的回報，其餘的是我們在合約結束時有權獲得的未記入餘額。

Will you be seeking that now that you've written the asset down to nil, will you be seeking that now going forward from First Quantum?

既然您已將資產減記為零，您是否會尋求從第一量子繼續前進？

Not at this time. We want the contract to remain valid, and we're hopeful of a restart at which time the mine resumes production, and we receive our deliveries.

目前還不行。我們希望合約繼續有效，並希望礦場能夠恢復生產，屆時我們將收到交付的貨物。

Okay. Perfect. And then I also wanted to ask about Palmarejo. Are you -- which mine plan are you assuming? Are you assuming a reserve-only mine plan? Or is there some resources in the mine plan that you've assumed with those GEOs?

好的。完美的。然後我還想問問帕爾馬雷霍的狀況。您正在假設哪一個我的計劃？您是否採用僅限儲備的採礦計劃？或者您在採礦計劃中是否假設了一些與這些 GEO 相關的資源？

Reserves and resources based on a mine plan that the operators provided to us.

儲量和資源是基於營運商向我們提供的礦山計劃。

So would that reflect their most recent technical report?

那麼這會反映他們最新的技術報告嗎？

I'd have to double check the information we've received.

我必須仔細檢查我們收到的訊息。

Our next question comes from the line of Cosmos Chiu from CIBC.

我們的下一個問題來自 CIBC 的 Cosmos Chiu。

Paul, and Sandip, if I can, if I can ask about the write-down at Cobre Panama. I just find it interesting that when First Quantum reported about 2 weeks ago now, they didn't take a write-down, and on the other hand, yesterday night, you did take a write-down on Cobre Panama. And I (inaudible) same auditors, PwC Toronto. So I'm just wondering about the different approach. And should we be at all concerned about the security that you have of your economic interest on the asset?

保羅和桑迪普，如果可以的話，我是否可以詢問巴拿馬 Cobre 的減記情況。我只是覺得有趣的是，當第一量子大約兩​​週前報道時，他們沒有進行減記，而另一方面，昨天晚上，你們確實對 Cobre巴拿馬進行了減記。我和我（聽不清楚）是同一個審計師，普華永道多倫多。所以我只是想知道不同的方法。我們是否應該擔心您對該資產的經濟利益的安全性？

Cosmos, as I said, recording impairments is a management judgment. It's based on the information at that point in time. And based on the facts, we opted to be prudent and recorded an impairment. It does not question the validity of our stream agreement. Our stream agreement is in place. And if the mine does resume production, which we're hopeful that it does, we would look to reverse that impairment.

正如我所說，Cosmos 記錄減損是管理階層的判斷。這是基於當時的信息。基於事實，我們選擇謹慎，提列了減損準備。它並不質疑我們串流媒體協議的有效性。我們的直播協議已經到位。如果該礦確實恢復生產（我們希望如此），我們將尋求扭轉這種損害。

Of course. And then Sandip mentioned earlier, there is a $10 million to $15 million of ongoing costs annually. Could you -- are those just legal costs? What kind of costs are they? And could you maybe give us a bit more color?

當然。 Sandip 先前提到，每年有 1,000 萬至 1,500 萬美元的持續成本。這些只是法律費用嗎？它們是什麼樣的成本？你能給我們更多的色彩嗎？

Sure. So as you know, we have filed a notice of arbitration with the state of Panama under the Canada Panama free trade agreement. Going forward, if this arbitration is pursued and the mine is not restarted, you're basically having [Lloyd] legal fees and other consulting fees associated with that arbitration. So we're -- another scenario where this arbitration does actually proceed, that's our estimate right now on an annual basis.

當然。如您所知，我們已根據加拿大巴拿馬自由貿易協定向巴拿馬國提交了仲裁通知。展望未來，如果進行仲裁並且礦山沒有重新啟動，那麼您基本上需要支付[勞埃德]法律費用和與該仲裁相關的其他諮詢費用。所以我們是——仲裁確實進行的另一種情況，這是我們現在每年的估計。

Of course. And then maybe one last question on 2024 guidance. As you mentioned, there's a number of assets coming on, in part, that's why it is growing year-over-year without Cobre Panama. Could you maybe talk about -- is there any kind of lag between production and when Franco-Nevada receives -- starts receiving a stream or a royal payment on those assets? And how much conservatism, how much kind of lag have you factored in just in case there's any kind of delay in the start-up of some of these assets?

當然。然後也許是關於 2024 年指導的最後一個問題。正如您所提到的，有許多資產正在湧現，這在一定程度上就是為什麼在沒有 Cobre巴拿馬的情況下它會逐年增長的原因。您能否談談 - 製作和弗蘭科內華達州收到 - 開始收到這些資產的串流媒體或皇家付款之間是否存在任何滯後？為了防止其中一些資產的啟動出現任何延遲，您考慮了多少保守性、多少滯後性？

Obviously, we're basing our projections of what the operators or the developers have released publicly. But in terms of delays of receiving ounces, there shouldn't be, Greenstone and it's a royalty as it's Salares Norte. And (inaudible) at a stream where we should get deliveries on a regular basis. So I don't anticipate any timing delays.

顯然，我們的預測是基於營運商或開發人員公開發布的內容。但就接收盎司而言，不應該有延遲，綠石和它是特許權使用費，因為它是北薩拉雷斯。並且（聽不清楚）在我們應該定期送貨的地方。所以我預計不會有任何時間延遲。

Our next question comes from the line of Tanya Jakusconek from Scotiabank.

我們的下一個問題來自豐業銀行的 Tanya Jakusconek。

Just wanted to follow up on the write-down. So it appears, Sandip, from what you answered the question for Cosmos is that you guys decided that you wanted to take a write-down full amount even before having any visibility on the new government. Is that a fair assumption?

只是想跟進減記。所以，桑迪普，從你回答 Cosmos 的問題來看，你們決定在對新政府有任何了解之前就決定全額減記。這是一個公平的假設嗎？

Yes. As I said, it's a management judgment based on information that's available to us and that was the decision we made.

是的。正如我所說，這是基於我們可獲得的資訊的管理層判斷，這就是我們所做的決定。

So you wanted to go that route rather than take a little bit every quarter. Would that be a fair statement?

所以你想走這條路，而不是每季花一點點。這是一個公平的說法嗎？

That's a fair statement.

這是一個公平的說法。

Okay. And the $10 million to $15 million would be expensed in the income statement that we would put in for this year, assuming the mine comes back up next year?

好的。假設礦井明年恢復運營，這 1000 萬至 1500 萬美元將計入我們今年的損益表中？

Correct. Yes. Yes. So obviously, those costs are if it doesn't restart.

正確的。是的。是的。顯然，這些成本是如果不重新啟動的話。

Yes. And then just on the global minimum tax, we did see that Barbados has implemented it and you've given us attach for the year. Is it safe to assume that so far, like Q1 should have a lower tax rate and then we would have a pop-up like back up to that 18, 19x sometime in 2024?

是的。然後就全球最低稅而言，我們確實看到巴貝多已經實施了它，並且您已經向我們提供了今年的附加稅。是否可以安全地假設，到目前為止，像第一季一樣，稅率應該較低，然後我們會在 2024 年的某個時候突然回到 18 倍、19 倍？

So Barbados has not -- Barbados has -- it's not substantively enacted. So for us in Q1, we would have a lower tax rate until it actually is implemented in Canada. The key risk for Canada is to implement the global minimum tax, which then puts Barbados in effect and our tax rate would change.

所以巴貝多沒有——巴貝多已經——沒有實質地頒布。因此，對於我們來說，第一季度，我們的稅率將會較低，直到在加拿大實際實施為止。加拿大的主要風險是實施全球最低稅，這將使巴貝多生效，我們的稅率將改變。

Okay. So let's assume this isn't until midyear, you'd go through 2 quarters at the lower tax rate and then we go back up to the higher tax rate and potentially then have to go back to restate for Q1 and Q2?

好的。因此，我們假設要到年中，你會以較低的稅率度過兩個季度，然後我們回到較高的稅率，然後可能必須重新表述第一季和第二季？

There won't be a restate, it would be a cash adjustment.

不會有重述，而是現金調整。

Yes. Okay. And just on the guidance if I could ask, I mean we were a bit higher, 8% higher from your midpoint. So I appreciate the assets that are doing well, and we have a -- You mentioned Antapaccay that is coming off. Are there any other assets like -- there is halt, I mean we are always off on halt -- Is there any other assets within the portfolio that you can help us understand what would be weaker this year versus last?

是的。好的。如果我可以問的話，就指導而言，我的意思是我們的價格稍高一些，比你們的中點高出 8%。所以我很欣賞表現良好的資產，我們有一個——你提到的 Antapaccay 正在崛起。是否還有其他資產，例如——有暫停，我的意思是我們總是處於暫停狀態——投資組合中是否還有其他資產可以幫助我們了解今年與去年相比哪些資產會較弱？

In our guidance, we've highlighted the material ones. Obviously, other assets, they are small movements positive and negative, but I think we've highlighted the large movers.

在我們的指導中，我們強調了物質因素。顯然，其他資產的積極和消極的小變動，但我認為我們已經強調了大的變動。

Okay. we'll take it. And it's fair to assume that as you look at your year second half weighted with the better coming on with some of these Tocantinzinhos and Salares Nortes, et cetera?

好的。我們會接受它。可以公平地假設，當你回顧下半年時，這些 Tocantinzinhos 和 Salares Nortes 等的表現會更好嗎？

That is correct.

那是對的。

Okay. And then if I could ask on just the natural gas acquisition that you did, is there any guidance that can be provided on these royalties or contribution and/or other? Like is there anything you can help us with on that?

好的。然後，如果我可以詢問您所做的天然氣收購，是否可以就這些特許權使用費或貢獻和/或其他提供任何指導？您有什麼可以幫助我們的嗎？

Tanya, it's Jason here. So you'll have noted that acquisition at the end of last year was $125 million that we spent on assets in the Haynesville. They are a complementary set of assets to what we already own in the Haynesville. In terms of contribution, I guess what we can tell you is, last year, on an annualized basis, the royalties that we acquired generated about 6.5 million Mcf. And so depending on your gas price, so if you had a $2.50 gas price, that would be a little over $16 million in revenue. There are some deductions in costs associated with that. So you'd have to deduct those, but that's a rough guide as to how the assets performed last year. We would expect volumes to be sort of in a similar range this year, although they do depend on drilling activity and operators have been a little bit more conservative in their drilling activity or drilling pace so far this year. But that's sort of a rough estimate.

坦妮亞，我是傑森。所以您可能已經注意到，去年年底我們在海恩斯維爾的資產收購上花費了 1.25 億美元。它們是我們在海恩斯維爾已經擁有的資產的補充。就貢獻而言，我想我們可以告訴你的是，去年，按年化計算，我們獲得的特許權使用費產生了大約650萬麥克法郎。因此，具體取決於您的 Gas 價格，如果您的 Gas 價格為 2.50 美元，收入將略高於 1600 萬美元。與此相關的成本有一些扣除。所以你必須扣除這些，但這是去年資產表現的粗略指南。我們預計今年的產量將在類似的範圍內，儘管它們確實取決於鑽井活動，而且今年到目前為止，營運商在鑽井活動或鑽井速度方面更加保守。但這是一個粗略的估計。

Okay. So somewhere in that if we were to be conservative $10 million to $15 million for 2024 and into the 2028, we would be somewhere in there on the revenue line?

好的。那麼，如果我們保守地說 2024 年和 2028 年的收入為 1000 萬至 1500 萬美元，我們的收入會在某個位置嗎？

Yes, I think that's a reasonable estimate. And our best guess in terms of 5-year guidance would be similar to the coming year.

是的，我認為這是一個合理的估計。我們對 5 年指導的最佳猜測將與來年類似。

Okay. Perfect. And then just lastly, maybe someone can just address some of the M&A opportunities out there, I would assume, and maybe you can correct me if I'm wrong that the focus will shift back to precious metals? Or maybe someone can just tell me how you're looking at transactions right now from either commodity base, producers versus developers helping on the funding of these assets potentially for sale from Newmont and/or maybe corporate transactions. So size-wise, that would be very helpful.

好的。完美的。最後，我想也許有人可以解決一些併購機會，如果我錯了，也許你可以糾正我，焦點將轉移回貴金屬？或者也許有人可以告訴我你現在如何看待商品基地、生產商與開發商的交易，這些交易有助於為紐蒙特可能出售的這些資產和/或公司交易提供資金。因此，就尺寸而言，這將非常有幫助。

Thank you for the question, Tanya. It's Eaun speaking. I think those are very astute observations. I'd say we're spending a majority of our time on fresh channels, first off, so we do look at other commodities. And increasingly, I think we see a lot of opportunity there. So coming out of the last couple of weeks of conferences, we see good opportunities kind of across commodities, but we are spending the majority of our time on precious metals. In terms of the types of transactions, I would say this is certainly a bed towards project finance, getting things constructed. But M&A finance, of course, is also pretty near the front of the package towards a potential transaction. So looking at that carefully as well.

謝謝你的提問，塔妮亞。說話的是尤恩。我認為這些都是非常敏銳的觀察。我想說，首先我們大部分時間都花在新鮮管道上，所以我們確實會關注其他商品。我認為我們越來越多地看到那裡有很多機會。因此，在過去幾週的會議中，我們看到了大宗商品的良好機會，但我們將大部分時間花在了貴金屬上。就交易類型而言，我想說這無疑是專案融資和建設的基礎。當然，併購融資也是潛在交易中最重要的部分。所以也要仔細看看。

Would it fair to assume from what you said that you're looking at project financing to help fund that also corporate transaction from an M&A standpoint?

從您所說的情況來看，您正在尋求專案融資，以幫助從併購的角度為企業交易提供資金，這是否公平？

Yes. Yes. Certainly, both. I'd say, in terms of volume, though, there's more project financings than acquisition financings, in terms of the pipeline.

是的。是的。當然，兩者都有。不過，我想說，就數量而言，就管道而言，專案融資多於收購融資。

And size-wise, that, Eaun, if I could, what you're seeing out there?

就尺寸而言，Eaun，如果可以的話，你在外面看到了什麼？

I don't think it's changed much since we last spoke, probably more towards the kind of medium size $200 million to $300 million is, I would say, the typical kind of size of those transactions, there are some smaller. We don't mind doing some of the smaller transactions if they give us good torque on resource, but that's the general kind of median size.

我認為自我們上次談話以來情況沒有太大變化，可能更傾向於 2 億至 3 億美元的中等規模，我想說的是，這些交易的典型規模，有一些較小的。我們不介意做一些較小的交易，如果它們能為我們帶來良好的資源扭矩，但這是一般的中位數大小。

Our next question comes from the line of Martin Pradier from Veritas.

我們的下一個問題來自 Veritas 的 Martin Pradier。

My first question is in terms of the arbitration, is there any legally established time for the arbitration to take time? I mean, is it like 2 years, 1 year or there is no limit on how long this can go on?

我的第一個問題是關於仲裁，法律上是否規定了仲裁的審理時間？我的意思是，2年、1年還是沒有限制可以持續多久？

Martin, it's Lloyd Hong. There is no sort of prescribed time line for these things. As a general rule, I think you should probably expect that if it does go to a conclusion, it will take several years.

馬丁，我是勞埃德‧洪。這些事情沒有規定的時間表。作為一般規則，我認為你可能應該預料到，如果確實得出結論，需要幾年的時間。

And the second question will be how enforceable will an arbitration be? Because these things like other countries had legal rulings against them and people will never be able to enforce it.

第二個問題是仲裁的可執行性如何？因為這些東西就像其他國家一樣有針對它們的法律裁決，人們永遠無法執行它。

Yes. So in terms of the recognition of the award pursuant to international conventions, I think it would be treated as if it were a final judgment to the highest court of any given country that's a party to that convention. Collection following that is something that would have to be pursued.

是的。因此，就根據國際公約承認該裁決而言，我認為它將被視為該公約締約方的任何特定國家最高法院的最終判決。接下來的收集是必須追求的事。

Okay. And in terms of Condestable, can you provide some guidance, what do you expect on that mine?

好的。就警官而言，您能否提供一些指導，您對該礦場有何期望？

So Condestable, there's a minimum delivery in place. It's roughly 11,000 GEOs a year. But I can call you afterwards to give you the specifics.

所以警官，有最低限度的交付。每年大約有 11,000 個 GEO。但我可以稍後打電話給你，告訴你具體情況。

Our next question comes from the line of Jackie Przybylowski from BMO.

我們的下一個問題來自 BMO 的 Jackie Przybylowski。

I just -- I wanted to ask you about your arbitration claim. The amount that you disclosed of $5 billion, it just -- it seemed like it was higher than, I guess, than what we would have expected in terms of the amount that would be owed to you in arbitration for Cobre Panama. And I was wondering if you might just be able to walk us through how you arrived at that number and sort of what that represents to Franco-Nevada?

我只是 - 我想問你有關仲裁索賠的問題。你所揭露的 50 億美元金額，我想，這似乎比我們在 Cobre 巴拿馬仲裁中欠你的金額所預期的要高。我想知道您是否可以向我們介紹一下您是如何得出這個數字的以及它對弗蘭科-內華達州意味著什麼？

Jackie, it's Paul. The -- so under the Canada-Panama trade agreement, the -- in terms of our claim and what we've got right to recover is, I think it's the wording is full reparations, full amount of the damages we suffered. So there are a number of ways that you get to that in terms of calculating the value of the assets within our company. One of those measures is any loss of market valuation, that, for us, is a minimum of $5 billion. But we expect the -- as we work through the details, we'll finalize what that number is, but I expect that it will be well supported by the valuation for the asset and would be a minimum of $5 billion.

傑基，是保羅。因此，根據加拿大-巴拿馬貿易協定，就我們的索賠和我們有權獲得的賠償而言，我認為措辭是全額賠償，我們所遭受的損失的全額。因此，在計算我們公司內資產的價值方面，有多種方法可以實現這一點。其中一項衡量標準是市場估值的任何損失，對我們來說，損失至少為 50 億美元。但我們預計，當我們研究細節時，我們最終將確定這個數字，但我預計該數字將得到資產估值的良好支持，並且至少為 50 億美元。

That's super helpful. I hadn't talked through that in. So thank you for clarifying that. And maybe just one other question. This is probably unlikely, but I'm going to ask anyway, is -- is there any recourse to you if you don't collect on arbitration or arbitration doesn't conclude favorably. Is there any other recourse to you? Could you or would you put a direct lawsuit against First Quantum. Is that something that's available? Or would you consider that?

這非常有幫助。我沒有談過這一點。所以謝謝你澄清這一點。也許只是另一個問題。這可能不太可能，但無論如何我要問的是——如果您沒有透過仲裁收取費用或仲裁沒有得出有利的結論，您是否有任何追索權？還有其他辦法嗎？你能或願意對第一量子直接提起訴訟嗎？這是可用的東西嗎？或者你會考慮嗎？

We haven't considered that, Jackie. In terms of the plans, Plan A is as a negotiated solution to get the mine restarted. Plan B would be the arbitration.

我們還沒有考慮過這一點，傑基。就計劃而言，A計劃是作為重啟礦山的協商解決方案。 B 計劃將作為仲裁。

Our next question comes from the line of Greg Barnes from TD.

我們的下一個問題來自 TD 的 Greg Barnes。

Sandip, I'm going to apologize. I'm going to ask about the impairment as well. Are there any tax issues that went into you deciding to take the impairment now? It just seems rather early. And what are the factors that maybe went into your thinking given it's a management's decision?

桑迪普，我要道歉。我也想問一下關於傷害的問題。您現在決定接受減損是否有任何稅務問題？只是看起來還比較早。鑑於這是管理層的決定，您可能會考慮哪些因素？

Greg, no, tax had nothing to do with it. As I've said, it's a management judgment based on the impact on our share price, based on the Supreme Court decision, based on the mine being halted all triggers in our analysis of recording an impairment and that is -- we try to be prudent, and that's the decision that management made.

格雷格，不，稅收與此無關。正如我所說，這是管理層的判斷，基於對我們股價的影響，基於最高法院的裁決，基於礦山被停止，我們分析記錄減值時的所有觸發因素，也就是說，我們試圖謹慎，這是管理階層所做的決定。

Okay. Okay. Fair. I would think the share price reaction may have been one of the biggest factors in that decision?

好的。好的。公平的。我認為股價反應可能是該決定的最大因素之一？

It was part of it.

這是其中的一部分。

We have a follow-up question coming from the line of Martin Pradier from Veritas.

我們有來自 Veritas 的 Martin Pradier 的後續問題。

Just one question about the uncredited balance that you could have some recourse against First Quantum, if I understood correctly, that you could probably go for like $650 million, if my math is correct. But that you did not account of any of that when you do -- you did your impairment?

只是一個關於未記入餘額的問題，如果我理解正確的話，你可以對第一量子進行追索，如果我的數學正確的話，你可能會花 6.5 億美元。但是當你這樣做的時候你沒有考慮到任何這些——你做了你的損害嗎？

Correct. We did not factor that into our analysis.

正確的。我們的分析中沒有考慮到這一點。

That is a potential course of action?

這是一個潛在的行動方案嗎？

It is, yes.

是的，是的。

As Sandip said, it's not the current plan. We're hopeful that there is the potential for restart. So we wouldn't want to terminate the contract to make that claim, we will keep it open, and we're hopeful for success.

正如桑迪普所說，這不是目前的計劃。我們希望有可能重新啟動。因此，我們不想終止合約來提出這項要求，我們將保持開放狀態，並且我們對成功充滿希望。

We have a follow-up question coming from the line of Lawson Winder from Bank of America Securities.

我們有來自美國銀行證券公司勞森溫德 (Lawson Winder) 的後續問題。

I just wanted to follow up on the discussion around deal flow and ask whether or not you're seeing any deal flow in terms of transactions where there's a balance sheet repair element? I mean, obviously, -- those were some of the biggest transactions you guys have done? And are you seeing any signs of those in your discussions?

我只是想跟進有關交易流程的討論，並詢問您是否在涉及資產負債表修復元素的交易方面看到任何交易流程？我的意思是，顯然，這些是你們做過的一些最大的交易？您在討論中看到過這些跡象嗎？

Lawson, it's Eaun again. Yes is a short answer. We do have some of those that we're currently looking at. They do make up part of our typical deal flow with higher interest rates, I think continuing that is likely to remain part of what we do over the next little while.

勞森，又是尤恩。是的，這是一個簡短的答案。我們目前正在研究其中一些。它們確實構成了我們利率較高的典型交易流程的一部分，我認為繼續這種情況可能仍然是我們在接下來的一段時間內所做的工作的一部分。

And so when you discuss the various sizes of those transactions, would that fall into that sort of like lower hundreds of millions of dollars ranges? Are some of those getting bigger like they had been in sort of the 2015 to 2017 period?

因此，當您討論這些交易的各種規模時，是否會落入類似數億美元的較低範圍？其中一些是否像 2015 年至 2017 年期間那樣規模不斷擴大？

It varies. There are some out there that would be meaningfully larger as I said that was kind of the median size of what we're looking at, and there are some that are smaller that still fall into that category.

它有所不同。正如我所說，有些尺寸會更大，這是我們正在考慮的尺寸的中位數，而有些尺寸較小，但仍屬於該類別。

There are a couple of things driving it there. And the one is the cost of debt. People who've got debt and rates are high and struggling to repay that. The other area is the availability of equity. And so there are folks where they're hoping to raise the next set of funds to advance their projects to feasibility of do the next stage of economic study, and they're just not able to get that money in the equity market. So the industry is feeling a squeeze. And so the -- as I characterized the portfolio, it's very active right now because of the need for capital.

有幾個因素推動著它的發展。一是債務成本。人們負債累累，利率高，難以償還。另一個領域是股權的可用性。因此，有些人希望籌集下一批資金，以推進他們的項目，使其具有進行下一階段經濟研究的可行性，但他們無法在股票市場上獲得這筆資金。因此，該行業正感受到壓力。因此，正如我對投資組合的描述，由於對資本的需求，它現在非常活躍。

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

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, Lara. First question comes from Michael Fine of investing for retirees. What have you learned from the Cobre Panama experience? And how are you applying that to your business strategy?

謝謝你，拉拉。第一個問題來自退休人員投資的麥可法恩（Michael Fine）。您從巴拿馬銅礦的經驗中學到了什麼？您如何將其應用到您的業務策略中？

So Michael, it's Paul. The -- so we didn't at the time anticipated the political risk in Panama. Part of that is the world has changed. The -- in terms of what went on, we see how -- despite having a government that was supportive of the mine and negotiating contracts with the company. There was a popular stop raising that has caused these issues. And so as we look at countries going forward, that is the new world we're in, and we've got to take that into account.

邁克爾，是保羅。所以我們當時並沒有預料到巴拿馬的政治風險。部分原因是世界已經改變。儘管政府支持該礦並與該公司談判合同，但就所發生的事情而言，我們看到瞭如何進行。有一個流行的停止加註導致了這些問題。因此，當我們展望各國的未來時，我們正處於一個新世界，我們必須考慮到這一點。

Our next question is from Bior Wicklander from Sweden. How is the current market environment in finding new high-quality streams in royalties? And how is the competition for the opportunities?

我們的下一個問題來自瑞典的 Bior Wicklander。目前尋找新的優質版權流的市場環境如何？機會的競爭如何？

Thank you for the question. I think we covered a lot of that with Tanya and Lawson's question. I would say competition remains relatively vigorous. That said, I think we're benefiting significantly from our strong liquidity and cash flow position vis-a-vis some of our peers. A larger balance sheet helps us compete on a number of transactions. And also, we've demonstrated, I think, in a number of cases that we're a partner of choice as people look towards project financing that we can offer a unique and very helpful solution, as you saw in the Tocantinzinho transaction, that was very well conceived and I think received by the market.

感謝你的提問。我想我們在 Tanya 和 Lawson 的問題中已經討論了很多內容。我想說競爭仍然相對激烈。也就是說，我認為我們相對於一些同行而言強勁的流動性和現金流狀況使我們受益匪淺。更大的資產負債表有助於我們在許多交易中競爭。而且，我認為，我們在許多情況下都證明，當人們尋求專案融資時，我們是首選合作夥伴，我們可以提供獨特且非常有用的解決方案，正如您在 Tocantinzinho 交易中看到的那樣，構思非常好，我認為受到了市場的歡迎。

Thank you, Ian. There are no further questions from the webcast. This concludes our 2023 results -- year-end results conference call and webcast. We expect to release our first quarter 2024 results after market close on May 1, with the conference call held the following morning.

謝謝你，伊恩。網路廣播中沒有進一步的問題。我們的 2023 年業績－年終業績電話會議和網路廣播到此結束。我們預計在 5 月 1 日收盤後發布 2024 年第一季業績，並於第二天早上舉行電話會議。

Thank you for your interest in Franco-Nevada. Goodbye.

感謝您對弗蘭科-內華達州的興趣。再見。