Franco-Nevada Corp (FNV) 2025 Q1 法說會逐字稿

Good morning, and welcome to Franco-Nevada Corporation's first-quarter 2025 results conference call and webcast. This call is being recorded on May 9, 2025. (Operator Instructions)

早安，歡迎參加 Franco-Nevada Corporation 2025 年第一季業績電話會議和網路廣播。該通話於 2025 年 5 月 9 日錄製。（操作員指示）

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

現在，我想將電話會議交給主持人、投資者關係高級分析師 Candida Hayden。請繼續。

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

謝謝你，珍妮。大家早安。感謝您今天加入我們討論 Franco-Nevada 2025 年第一季的業績。本次電話會議附有簡報，可在我們的網站 franco-nevada.com 上查閱，您也可以在該網站上找到我們的完整財務表現。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. Participants may submit questions by telephone or via the webcast.

在今天上午的電話會議中，Franco-Nevada 總裁兼執行長 Paul Brink 將致開幕詞；隨後財務長 Sandip Rana 將對我們的業績進行簡要回顧。接下來是問答環節。我們的整個執行團隊將隨時解答您的任何問題。參與者可以透過電話或網路直播提交問題。

We would like to remind participants that some of today's commentary may contain forward-looking information, and we refer you to our detailed cautionary note on slide 2 of this presentation.

我們想提醒參與者，今天的一些評論可能包含前瞻性信息，我們請您參閱本簡報第 2 張投影片上的詳細警告說明。

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

現在我將把電話轉給 Franco-Nevada 總裁兼執行長 Paul Brink。

Thank you, Candida, and good morning, everyone. Today, we're reporting our best financial results ever.

謝謝你，坎迪達，大家早安。今天，我們報告了有史以來最好的財務表現。

We achieved record quarterly top and bottom line results, and that without any contributions from Cobre Panama. The results benefited from elevated gold prices, a good contribution from Hemlo NPI, and strong production from our Energy interests. We're looking forward to added contributions through the year, in particular, from the ongoing ramp-up of Tocantinzinho and Greenstone and the start-up for Valentine Gold, as well as contributions from the new Porcupine royalty.

我們取得了創紀錄的季度營收和利潤，而這並沒有得益於 Cobre Panama 的任何貢獻。這一業績得益於金價上漲、Hemlo NPI 的良好貢獻以及我們能源利益的強勁產出。我們期待全年更多的貢獻，特別是來自 Tocantinzinho 和 Greenstone 的持續成長、Valentine Gold 的啟動，以及來自新 Porcupine 皇室的貢獻。

On the topic of Cobre Panama, President Mulino of Panama continues to indicate a willingness of discussions about the mine this year, and we're encouraged by his recent statements in this regard. It was an active quarter for our community support program, and we funded contributions for a waste management initiative at Cascabel with SolGold, the reopening of the Museum of Northern History in Kirkland Lake with Agnico Eagle and Almos and a contribution to the Sault Area Hospital Foundation with Almos.

關於巴拿馬科布雷礦問題，巴拿馬總統穆利諾繼續表示願意今年就該礦進行討論，他最近在這方面的聲明令我們感到鼓舞。這是我們的社區支持計畫活躍的一個季度，我們與 SolGold 合作為卡斯卡貝爾 (Cascabel) 的廢物管理計劃提供了捐款，與 Agnico Eagle 和 Almos 合作為柯克蘭湖北方歷史博物館的重新開放提供了捐款，並與 Almos 合作為蘇聖瑪麗地區醫院基金會提供了捐款。

During the quarter, we closed the previously announced $500 million acquisition of a stream on Sibanye-Stillwater's Western Limb Mining Operations, and we received the initial payment, which relates to operations in the last four months of last year. We ended the quarter debt-free and with $2.1 billion in available capital. And post quarter end, we closed the acquisition of 4.25% NSR royalty for $300 million with Discovery Silver on the Porcupine complex.

在本季度，我們完成了先前宣布的以 5 億美元收購 Sibanye-Stillwater 西部邊緣採礦業務溪流的交易，並收到了與去年最後四個月的營運相關的首付款。本季結束時，我們已無債務，並擁有 21 億美元的可用資本。在本季末之後，我們以 3 億美元的價格與 Discovery Silver 完成了對 Porcupine 綜合體 4.25% NSR 特許權的收購。

You'll recall, as part of that financing package, we also provided a $100 million loan facility, and we had a roughly -- we provided a roughly CAD70 million lead order in their equity issue. Needless to say, we're delighted with the roughly tripling value of the shares from our purchase price. We remain well capitalized to add further growth and a business development team have a number of actual opportunities that could add further attractive assets this year.

您會記得，作為該融資方案的一部分，我們還提供了 1 億美元的貸款，並且我們在他們的股權發行中提供了大約 7000 萬加元的領先訂單。毋庸置疑，我們很高興看到股票價值比我們的購買價格上漲了大約三倍。我們仍然擁有充足的資本來進一步成長，並且業務開發團隊擁有許多實際機會，可以在今年增加更多有吸引力的資產。

With that, I'll hand the call to Sandip.

這樣，我就把電話交給桑迪普。

Thanks, Paul. Good morning, everyone. As Paul mentioned, Franco-Nevada reported record financial results for first quarter ended March 31, 2025. This was the result of both strong production from our asset base and higher precious metal prices.

謝謝，保羅。大家早安。正如保羅所提到的，Franco-Nevada 公佈了截至 2025 年 3 月 31 日的第一季創紀錄的財務業績。這是我們資產基礎強勁生產和貴金屬價格上漲的結果。

Precious metal prices, with gold in particular, were very strong in the first quarter. On slide 4, you'll see a comparison of commodity prices for Q1 2025 and Q1 2024. Gold and silver prices increased significantly year over year, with the average gold pricing higher by 38% in the quarter, and average silver price being higher by 37%. Prices for palladium, iron ore and oil continue to be volatile and were lower compared to prior year. However, you did see a significant increase in natural gas prices.

第一季貴金屬價格，尤其是黃金價格非常強勁。在投影片 4 上，您將看到 2025 年第一季和 2024 年第一季商品價格的比較。黃金和白銀價格較去年同期大幅上漲，本季黃金平均價格上漲 38%，白銀平均價格上漲 37%。鈀金、鐵礦石和石油的價格持續波動，且較上年同期下降。然而，你確實看到天然氣價格大幅上漲。

On slide 5, we highlight total GEOs sold and net GEOs sold for Q1 2025, Q1 2024. Total GEOs sold were 126,585 in the quarter compared to 122,897 first quarter 2024, a 3% increase. Precious metal GEOs sold in the quarter over 100,623, higher by 8% compared to prior year.

在第 5 張投影片上，我們重點介紹了 2025 年第一季、2024 年第一季銷售的總 GEO 和銷售的淨 GEO。本季 GEO 總銷量為 126,585 輛，而 2024 年第一季為 122,897 輛，成長了 3%。本季貴金屬 GEO 銷量超過 100,623 份，較上年增長 8%。

For the quarter, we were seeing strong contributions from Candelaria and benefited from the recent acquisitions made, Yanacocha and Western Limb Mining Operations. As Paul mentioned, we did receive our first GEOs from Western Limb in the quarter, which were related to the production period September 1 to December 31 of last year.

本季度，我們看到 Candelaria 做出了強勁貢獻，並受益於最近的收購 Yanacocha 和 Western Limb Mining Operations。正如保羅所提到的，我們確實在本季度收到了來自 Western Limb 的第一批 GEO，這些 GEO 與去年 9 月 1 日至 12 月 31 日的生產期有關。

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

與 2025 年 1 月相關的 GEO 已於 4 月交付，值得注意的是，生產和交付給 Franco-Nevada 之間有三個月的延遲。除了 Candelaria 的業績表現更好以及從最近的收購中獲得 GEO 之外，我們還受益於新礦 Tocantinzinho 和 Greenstone 的持續擴張。我期待這些資產能帶來更多貢獻。

One of the key outperformers versus our expectations was the Hemlo NPI. We did report a catch-up accrual related to 2024 that was recorded in the first quarter, but the Hemlo NPI again showed its leverage to higher gold prices. Revenue recorded for the quarter was $17.7 million compared to $4.8 million a year ago.

超出我們預期的關鍵表現之一是 Hemlo NPI。我們確實報告了第一季記錄的與 2024 年相關的補增，但 Hemlo NPI 再次顯示出其對金價上漲的槓桿作用。本季營收為 1,770 萬美元，而去年同期為 480 萬美元。

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

本季多元化 GEO 銷量為 25,962 輛，而去年同期為 29,879 輛，儘管多元化收入年增 21%，從 6,160 萬美元增長至 7,480 萬美元。大約 4,000 份 GEO 銷量的減少是由於在將收入轉換為 GEO 時受到金價上漲的影響。

As we look at our royalty and streaming business, we think it's important to evaluate contributions from assets based on margin contribution and not necessarily top line measures. Royalty GEOs are higher-margin GEOs as there's minimal cost associated reach versus stream GEOs where an ongoing fixed payment is required. The measure in net GEOs removes the cost of sales component for all GEOs, so that GEOs sold are represented after costs.

當我們審視我們的版稅和串流媒體業務時，我們認為根據利潤貢獻而不是必要的頂線指標來評估資產的貢獻很重要。特許權使用費 GEO 是利潤率較高的 GEO，因為與需要持續固定付款的流量 GEO 相比，其相關成本最低。淨 GEO 的衡量標準去除了所有 GEO 的銷售成本部分，因此，所售出的 GEO 是在成本之後表示的。

For Q1 2025, net GEOs were 113,138 for Franco-Nevada compared to 106,681 in Q1 2024, a 6% increase. I think it's important to note that when looking at our growth going forward, the majority of that growth comes from high-margin royalty GEOs versus streams.

2025 年第一季度，Franco-Nevada 的淨 GEO 為 113,138，而 2024 年第一季為 106,681，成長了 6%。我認為值得注意的是，展望我們未來的成長時，大部分成長來自高利潤的特許權使用費 GEO，而不是串流媒體。

As you turn to slide 6, we have highlighted our revenue and adjusted EBITDA results for the last five quarters. Total revenue for the quarter was $368.4 million, which is a record for Franco-Nevada. This compares to $256.8 million last year, a 43% increase. Precious metals accounted for 79% of revenue. Adjusted EBITDA, also a record, was 49% higher for the quarter at $321.9 million compared to $216.1 million in the first quarter of 2024.

當您翻到第 6 張投影片時，我們重點介紹了過去五個季度的收入和調整後的 EBITDA 結果。本季總收入為 3.684 億美元，創下了 Franco-Nevada 的最高紀錄。相較於去年的 2.568 億美元，成長了 43%。貴金屬佔收入的79%。調整後的 EBITDA 也創下了歷史新高，本季達到 3.219 億美元，而 2024 年第一季的 EBITDA 為 2.161 億美元，成長了 49%。

Slide 7 highlights the key financial metrics used by the company. As mentioned, total GEOs were approximately 126,500, generating $368.4 million in revenue during the quarter. With respect to costs, we did have an increase in cost of sales compared to Q1 2024 due to higher stream ounces sold. Cost of sales was $38.5 million versus $33.6 million last year.

幻燈片 7 重點介紹了該公司使用的關鍵財務指標。如上所述，本季 GEO 總數約為 126,500 個，創造了 3.684 億美元的收入。就成本而言，由於銷售量增加，我們的銷售成本與 2024 年第一季相比有所增加。銷售成本為 3,850 萬美元，而去年同期為 3,360 萬美元。

Depletion did increase as well to $68.4 million versus $58.2 million a year ago. Depletion is based on actual mining GEOs sold and barrels of oil equivalent received from the Energy division. As we received more GEOs from Candelaria and began depleting our recent transaction, Yanacocha and Western Limb Mining Operations, this impacted depletion of those assets are currently higher per ounce depletion assets. Adjusted net income was $205.6 million or $1.07 per share for the quarter, both up 51% versus prior year.

損耗也從一年前的 5,820 萬美元增加到 6,840 萬美元。消耗量是基於實際銷售的採礦 GEO 和從能源部門收到的石油當量桶數。隨著我們從 Candelaria 收到更多 GEO 並開始消耗我們最近的交易、Yanacocha 和 Western Limb 採礦業務，這些資產的消耗目前每盎司消耗資產更高。本季調整後淨收入為 2.056 億美元，即每股 1.07 美元，較上年同期成長 51%。

Slide 8 highlights the continued diversification of the portfolio. 79% of our Q1 2025 revenue was generated by precious metals, with revenue being sourced 84% from the Americas. Our largest contributor to revenue was Candelaria.

投影片 8 強調了投資組合的持續多元化。我們 2025 年第一季的 79% 營收來自貴金屬，其中 84% 的營收來自美洲。我們最大的收入貢獻者是 Candelaria。

Slide 9 illustrates the strength of our business model to continue to generate high margins. For first quarter 2025, the cash cost per GEO, which is essentially cost of sales divided by old equivalent assets sold, was $304 per GEO. This compares to $273 per GEO in Q1 2024. As the gold price has risen, Franco-Nevada has seen a significant increase in our margin per GEO, with it being over $2,500 per GEO in Q1 2025. As we've always said, in a rising commodity price environment, we expect to benefit fully as the cost per GEO should not increase significantly.

幻燈片 9 展示了我們的商業模式繼續產生高利潤的優勢。2025 年第一季度，每 GEO 的現金成本（本質上是銷售成本除以已售出的舊等效資產）為每 GEO 304 美元。相比之下，2024 年第一季每個 GEO 的價格為 273 美元。隨著金價上漲，Franco-Nevada 每 GEO 的利潤大幅增加，2025 年第一季每 GEO 的利潤超過 2,500 美元。正如我們一直所說的那樣，在商品價格上漲的環境中，我們預計將充分受益，因為每個 GEO 的成本不會大幅增加。

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

最後，第 10 張投影片總結了公司可用的財務資源。如果算上我們 10 億美元的信貸額度，3 月 31 日的總可用資本為 19 億美元。然而，這是扣除季度末為 Porcupine 特許權使用費提供的 3 億美元後的淨額。該公司仍然擁有充足的資本，可以繼續向投資組合中增加長壽命、高品質的資產。

And now I'll hand it back over to Jenny, and we're happy to answer any questions.

現在我將把話題交還給珍妮，我們很樂意回答任何問題。

(Operator Instructions) Heiko Ihle, H.C. Wainwright.

（操作員指示）Heiko Ihle，H.C. Wainwright。

You did the conversion of the net profit interest on Pandora into a net smelter return royalty. Out of curiosity, given current commodity pricing, is that something where you're getting more and more operators approaching you on some sort of conversion or amendment to streams?

您將 Pandora 的淨利潤權益轉換為淨冶煉廠回報特許權使用費。出於好奇，考慮到目前的商品價格，是否有越來越多的營運商就某種形式的流程轉換或修改與您接洽？

Because I was always under the impression that in general, once the stream is there, it sort of stays and it doesn't really get renegotiated. Is there more seen right now with people trying to do things, given that a lot of the operators have more cash flow than they probably thought a year ago?

因為我一直認為，一般來說，一旦溪流出現，它就會停留在那裡，並且不會真正重新協商。鑑於許多業者的現金流比一年前想像的要多，現在是否有更多人嘗試做事？

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

我目前沒有看到主題。這種轉換只是我們所進行的交易的一個功能。我們當時仍然希望將其轉換為 NSR，這對我們來說是一種更可預測的工具，這樣做確實更有意義。所以我認為這只是與特定交易有關。

Fair enough. So we shouldn't expect anything else like this in Q2 and beyond, really?

很公平。所以我們真的不該期待第二季及以後還會發生類似的事情嗎？

Yeah, no conversions expected.

是的，預計不會有轉換。

Okay. And then something completely different. I was -- there was an article in the Wall Street Journal a couple of days ago with Warren Buffett and his stake in the Occidental Petroleum. And essentially it said the investment didn't really work out.

好的。然後就發生了完全不同的事情。幾天前《華爾街日報》刊登了一篇有關沃倫·巴菲特及其持有西方石油公司股份的文章。本質上來說，這筆投資並沒有真正成功。

In contrast, your US energy interest actually did quite okay with obviously higher royalty rates in the Permian. Just want to see what have you been doing better? And given current pricing, what are you seeing with a new royalty investments in that space?

相較之下，你們在美國的能源利益其實表現得相當不錯，二疊紀的特許權使用費明顯更高。只是想看看你在哪些方面做得更好？鑑於目前的價格，您認為該領域的新特許權使用費投資會如何？

It's Jason O'Connell here. I don't think we have a similar interest as OXY did. We are a passive investor in royalties in the US. So we don't have the cost structure, et cetera, that OXY would have in some of the performance issues that may have had.

我是傑森·奧康奈爾。我認為我們的興趣與 OXY 不同。我們是美國特許權使用費的被動投資者。因此，我們並不具備 OXY 在某些可能的效能問題上所具有的成本結構等等。

I think our exposure in the US is fairly broad. We've got access to most of the major shale plays, including both the Permian and Anadarko on the oil side as well as the Haynesville and Appalachia on the gas side. So we're very well exposed folks in terms of our footprint in the different basins as well as the different commodities.

我認為我們在美國的業務範圍相當廣泛。我們已經進入了大多數主要頁岩氣田，包括石油方面的二疊紀和阿納達科以及天然氣方面的海恩斯維爾和阿巴拉契亞。因此，就我們在不同盆地以及不同商品中的足跡而言，我們對大眾非常了解。

We are continuing to evaluate different opportunities in oil and gas. We look at good quality assets and real factors as they become available. We'll continue to assess those. If there's something that is of good quality and value, we may look it that in the future.

我們正在繼續評估石油和天然氣領域的不同機會。我們會關注可用的優質資產和真實因素。我們將繼續評估這些。如果某樣東西品質優良、價值高，我們將來可能會考慮它。

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Paul, Sandip, and team, congrats on the record earnings. It's well deserved. Maybe a quick question first on the NPI Hemlo. Sandip, as you mentioned, there is a bit of a catch-up in the quarter. So to confirm, we shouldn't expect the same sort of elevated level in terms of earnings from Hemlo for future quarters? You still be good because as we know, NPI is very levered to higher commodity prices, but likely wouldn't be to the same sort of level?

保羅、桑迪普和團隊，恭喜你們取得創紀錄的收入。這是當之無愧的。首先想問一下關於 NPI Hemlo 的一個簡單的問題。桑迪普，正如您所說，本季的情況有所改善。因此，需要確認的是，我們不應該預期 Hemlo 未來幾季的獲利會達到同樣的高水準？您仍然很好，因為我們知道，NPI 非常容易受到大宗商品價格上漲的影響，但可能不會達到相同的水平？

Yeah. Cosmos, yeah. So the catch-up related to last year was about USD5 million. So the Q1 NPI on its own was about USD12 million. As you said, it's very hard to predict NPIs and especially at Hemlo, where we don't cover the entire mine. We're just on one portion of the underground. But at current commodity prices, I'd expect something similar in terms of revenue, unless something drastic happened. But as I said, until you get the numbers, you don't really know, but I think that's a fair estimate going forward.

是的。宇宙，是的。因此與去年相比追趕的金額約為 500 萬美元。因此，第一季 NPI 本身約為 1200 萬美元。正如您所說，預測新產品導入 (NPI) 非常困難，尤其是在 Hemlo，我們無法涵蓋整個礦場。我們只是位於地鐵的一部分。但以目前的商品價格，我預期收入方面會出現類似的情況，除非有重大變動。但正如我所說，在你得到數字之前，你真的不知道，但我認為這是一個公平的估計。

You know what, it's a good surprise. So I think that's a positive. And then in terms of NPI, as we talked about, very leveraged to higher commodity prices. If I scan through your portfolio, the other NPIs in Kirkland Lake, so is there any way that you can kind of talk about the potential here at the NPI at Kirkland Lake? Because you didn't see the same degree in terms of increased in Q1. So again, maybe it's just based on the area that you cover. But is there any more additional color that you can give us on the Kirkland Lake NPI?

你知道嗎，這真是個驚喜。所以我認為這是積極的。然後就新產品導入 (NPI) 而言，正如我們所討論的，其對大宗商品價格上漲的槓桿作用非常大。如果我瀏覽一下您的投資組合，即柯克蘭湖的其他 NPI，您能否談談柯克蘭湖 NPI 的潛力？因為您沒有看到第一季相同程度的成長。所以，也許這只是基於您所覆蓋的區域。但是，您還能提供我們有關 Kirkland Lake NPI 的更多詳細資訊嗎？

Sure. So the Kirkland Lake NPI is a 20% accounting profit NPI, but it's only on a couple of claims at Kirkland Lake, where they're not mining right now. So we're not getting, but they had very good exploration results there, and they're moving towards those claims. So in the years going forward, I do expect to finally start receiving payments on those, but there won't be anything this year.

當然。因此，Kirkland Lake NPI 的會計利潤為 20%，但這只針對 Kirkland Lake 的幾個礦區，目前這些礦區尚未進行開採。所以我們沒有得到，但他們在那裡取得了非常好的勘探成果，並且他們正在朝著這些主張邁進。因此，在未來的幾年裡，我確實希望最終開始收到這些付款，但今年不會有任何付款。

The one NPI I will mention is Musselwhite, where we have a 5% NPI. And with Orla taking over that asset from Newmont, we're looking forward to seeing what they do with that asset in terms of more efficient mining improving productivity and just -- and these higher commodity prices, just see how that plays out. So that is one where I think we do have some leverage.

我要提到的一個 NPI 是 Musselwhite，我們的 NPI 為 5%。隨著 Orla 從 Newmont 接管該資產，我們期待看到他們如何利用該資產進行更有效率的採礦，提高生產率，以及更高的商品價格，看看結果如何。所以我認為我們在這方面確實具有一定的優勢。

And the Musselwhite NPI, does that cover the entire property?

那麼 Musselwhite NPI 是否涵蓋了整個財產？

Yes.

是的。

Okay. That's good to know. Maybe switching gears just quickly on the Western Limb. The fairly recent acquisition. Could you maybe talk about the timing again in terms of -- I saw that you received 6,540 GEOs in the quarter, but that was for the four months ended last year. So I would have expected it to be all the way to March or the end of Q1 in terms of payments.

好的。知道這一點很好。也許只是在 Western Limb 上快速切換一下節奏。這是一次相當近期的收購。您能否再次談談時間安排——我看到您在本季度收到了 6,540 個 GEO，但那是截至去年的四個月的數據。因此，我預計付款將持續到 3 月或第一季末。

So again, maybe there's a lag. Could you walk me through the timing in terms of -- I guess, what should we expect in terms of receipts in, say, Q2 and then Q3 for Franco-Nevada into 2025?

所以，也許存在滯後。您能否向我介紹一下時間安排——我想，我們應該對 Franco-Nevada 在 2025 年第二季和第三季的收入預期是多少？

Sure. So what we received in Q1 was related to last year or the last four months of the year. We didn't receive anything related to 2025. There's basically a one quarter lag. So January got delivered in April, February will be May. So as we guided to on an annual basis, it's roughly 20,000 GEOs, up by more so roughly 5,000 GEOs a quarter.

當然。因此，我們在第一季收到的款項與去年或今年最後四個月的款項有關。我們沒有收到任何與 2025 年相關的資訊。基本上有一個季度的滯後。因此，一月是在四月交付的，二月將是五月。因此，正如我們所預期的，按年計算，大約有 20,000 個 GEO，每季增加約 5,000 個 GEO。

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

偉大的。然後也許還有最後一個問題，更大的圖像。保羅，你曾提到巴拿馬科布雷。但是，再次，根據您的觀點和您的解釋，也許您可以給我們更多有關您認為巴拿馬正在發生的事情的資訊？這與巴拿馬科布雷有何關係？眾所周知，First Quantum已終止其國際仲裁程序。我認為你的仍然活躍。那麼您是否可以稍微談論一下這個話題？

Maybe starting what is going on in Panama at the moment, you would have seen that President Mulino for a while has said he's open to a discussion on the mine this year. He did, late in March, give instruction to his team to say he wanted to turn their minds to how they might address the mine.

也許從巴拿馬目前正在發生的事情開始，你就會看到穆利諾總統曾一度表示，他願意在今年就礦場問題進行討論。3 月底，他確實指示他的團隊說，他想讓他們思考如何解決礦難問題。

The country has been completing the process on social security. They've also had to deal with the US in terms of the Panama Canal. So those have all been items on the agenda. Very hopeful that, that negotiations can start fairly soon with the company. I was also encouraged by some comments that Mulino had made to say he would like to see that they can get the situation with the mine resolved by year-end. So I think that is the setup.

該國正在完善社會保障進程。他們還必須就巴拿馬運河問題與美國打交道。這些都是議程上的事項。非常希望能夠很快與該公司開始談判。穆利諾的一些評論也令我感到鼓舞，他說他希望看到他們能在年底前解決礦井問題。所以我認為這就是設定。

In terms of our own arbitration process and suspending, we have had discussions with representative of the government. Those have been productive, but we don't have anything to report on that at this stage.

關於我們自己的仲裁程序和暫停，我們已經與政府代表進行了討論。這些工作都很有成效，但目前我們還沒有任何可報告的消息。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

First one, just to follow-up again on Cobre Panama. Just looking at the commentary from Mulino, I mean I think he quoted that he was open to forming an association with First Quantum with respect to the new Cobre Panama license not being based on contract law, but he wants to see all arbitration suspended. Is this something that the Panamanian government have approached you about dropping your arbitration claim to facilitate an engagement on the licensing agreement? Or is this just purely a negotiation between First Quantum and the government at Panama?

首先，再次跟進 Cobre Panama 的情況。僅從穆利諾的評論來看，我認為他引用了這樣的話：就新的 Cobre Panama 許可證而言，他願意與 First Quantum 建立合作關係，因為新的許可證不是基於合約法，但他希望暫停所有仲裁。巴拿馬政府是否已與您接洽，希望您放棄仲裁請求，以便就許可協議進行磋商？或者這只是第一量子和巴拿馬政府之間的一次談判？

The -- in terms of the ownership, as you well know, it is First Quantum and also KORES, the Koreans, the owners of the assets. So in terms of any negotiation, it's a negotiation with those parties. We're a financier of this project, we don't have a seat at the table.

就所有權而言，如大家所知，First Quantum 和 KORES（韓國）是這些資產的所有者。因此，任何談判都是與各方進行的談判。我們是這個計畫的出資人，但我們沒有參與權。

As outlined and mentioned before, we obviously do have our arbitration rates. As I said, we have had some discussions with government representatives, but don't have anything to report on it.

正如之前概述和提到的，我們顯然有我們的仲裁率。正如我所說，我們已經與政府代表進行了一些討論，但還沒有任何可報告的內容。

Okay. So at this stage, you're not looking to drop your arbitration claim?

好的。那麼，現階段，您不打算放棄仲裁請求嗎？

The -- our discussions have been we're open to suspending it under the right conditions. And so we've had discussions around that.

我們的討論是，我們願意在適當的條件下暫停它。因此我們就此進行了討論。

Okay. That's useful. And then the second question, quite strong performance from the oil and gas component of the portfolio this quarter. Can you give us a steer on the distribution of expected GEO sales from the diversified portion of the business through the balance of the year?

好的。這很有用。第二個問題是，本季投資組合中的石油和天然氣部分錶現相當強勁。您能否向我們介紹今年餘下時間裡，業務多元化部分預期 GEO 銷售額的分佈？

I think in terms of the energy performance, we did have a strong quarter. Part of that was helped out by prices. The other piece was we had some strong performance in our Permian assets from new wells that came online during the quarter.

我認為就能源表現而言，我們確實度過了一個強勁的季度。其中部分原因是價格上漲。另一件事是，本季投產的新井使我們的二疊紀資產表現強勁。

Going forward, I expect that we'll see a reasonably flat profile, although it will depend on where prices go. You would have seen last year when the gas price was weak, some of our volumes on the -- on our gas assets came off as operators pull back on activity. We are waiting to see how the operators on our lands react to what has been a lower oil price. So you can expect that if prices stay lower for a longer period of time, there may be some reduction in activity, which could translate into slightly lower volumes.

展望未來，我預計我們將看到一個相當平穩的走勢，儘管這將取決於價格走勢。您可能已經看到，去年當天然氣價格疲軟時，由於營運商減少活動，我們的部分天然氣資產交易量下降。我們正在等待觀察我們土地上的經營者對較低的油價作何反應。因此，你可以預期，如果價格在較長時間內保持較低水平，交易活動可能會減少，導致交易量略有下降。

So it is largely a function of price. If prices sort of stabilize in and around where they were last year, I would expect a fairly flat profile. If prices continue to weaken, they see some modest volume decline associated with a pullback in activity.

所以它很大程度上取決於價格。如果價格穩定在去年的水平左右，我預計價格走勢會相當平穩。如果價格繼續走弱，他們會看到交易量略有下降，同時活動也會減少。

Okay. And then one more, if I could, just thinking about your pipeline of projects and where your focus is at the moment. Can you give us any steer? Most of the transactions have been more focused on gold assets in the space. Are you seeing any pickup in interest in the base metals space? And has there been any negotiations in Argentina that you've -- can make any comments on?

好的。如果可以的話，我再問一個問題，想想您的專案流程以及您目前的重點是什麼。您能給我們一些指導嗎？大多數交易都集中在該領域的黃金資產。您是否發現對基本金屬領域的興趣增加？您是否對阿根廷的談判有何評論？

Daniel, it's Eaun Gray speaking. I would make the first overall comments that the gold market is very active in terms of royalties and streams. So we're spending a majority of our time there. We're quite pleased with the conditions. There are opportunities outside of gold, relatively few compared to what we're seeing in gold, and no specific commentary I can provide on Argentina.

丹尼爾，我是尤恩‧格雷。我首先要整體評價的是，黃金市場在特許權使用費和流量方面非常活躍。所以我們大部分時間都在那裡度過。我們對目前的狀況非常滿意。黃金之外也存在著機會，但與我們在黃金領域看到的機會相比相對較少，而且我無法對阿根廷提供具體的評論。

Tanya Jakusconek, Scotia Bank.

Tanya Jakusconek，豐業銀行。

Congrats on a good quarter and a good start to the year. And that Hemlo NPI is the one that just keeps on giving. So hard to forecast. Anyhow -- you are right. I have three questions, if I could. I'm going to start with Sandip just the easier one on -- just on the modeling side. So thank you for that modeling on the Hemlo.

恭喜本季取得良好業績並迎來新的一年。而 Hemlo NPI 就是那個持續奉獻的人。很難預測。無論如何——你是對的。如果可以的話，我有三個問題。我將從比較簡單的 Sandip 開始講解 — — 僅從建模方面講。非常感謝您對 Hemlo 的建模。

And also I just wanted to have a little bit of an idea on how the overall profile for the company shapes out during the year. We have started, obviously, with a good Q1. We had talked about a profile of 47% in the first half, 53% in the second with a similar Q3, Q4, and that was based on the ramp-up of some of the operations that Paul mentioned in the beginning of the presentation. I was wondering how that -- is that still what you're looking at based on what you know today?

而且我也想稍微了解一下公司今年的整體狀況如何。顯然，我們的第一季開局良好。我們討論過上半年 47% 的成長率，下半年 53% 的成長率，第三季和第四季也類似，這是基於 Paul 在演講開始時提到的一些業務的成長。我想知道那是怎麼回事——根據您今天所了解的情況，您仍然這麼認為嗎？

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

是的，Tanya，我認為這是一個公平的描述。要注意的是，金價已經走高，例如我們的指導價是每盎司 2,800 美元，而金價已經超過每盎司 3,000 美元。能源價格已經回落——尤其是石油價格，低於我們的預算水準。因此，從整體 GEO 概況來看，我認為這是公平的。當我們轉換多元化業務時，您可能會看到採礦業務的部分收益在轉換中被抵消。但就您的建模目的而言，我仍然認為這是一個公平的概況。

Okay. And just on the energy side, and I know we touched a little bit on it. Can you just remind me the lag in terms of pricing that are fell? I thought it was about a six-month lag. Is that correct in terms of what they're doing today versus where you're going to see this in your financials? Is it about six months?

好的。就能源方面而言，我知道我們稍微談了一下。您能否提醒我價格方面的延遲狀況？我認為滯後時間大約是六個月。就他們目前的表現以及您在財務上看到的狀況而言，這是否正確？大約是六個月嗎？

Tanya, it depends on how you look at it from a pure price impact. We get paid on our royalties typically a range, but from -- anywhere from one month to maybe three months following production, so there's that impact.

塔妮婭，這取決於你如何從純粹的價格影響來看待它。我們獲得的版稅收入通常有一個範圍，但從製作後的一個月到三個月不等，所以會有這種影響。

The other impact that I spoke about earlier is an impact to drilling activity. That is a longer lag. Operators typically would want to see where prices are going to sort of flatten out a little bit. So oftentimes, yeah, I'd say six months is probably a reasonable time frame to see how that unfolds.

我之前談到的另一個影響是對鑽井活動的影響。這是一個較長的滯後。營運商通常希望看到價格在何處逐漸趨於平穩。所以很多時候，是的，我認為六個月可能是觀察事情如何發展的合理時間範圍。

You would see, if you look at some of the disclosure around our operating companies, some of them are starting to react to lower prices by reducing their capital budgets so much. So there is already a little bit of impact. I would say the majority, likely you'll see some news next quarter if prices continue to be lower.

如果你看一下我們營運公司的披露信息，你會發現，其中一些公司開始透過大幅削減資本預算來應對價格下跌。所以已經存在一點影響。我想說的是，如果價格繼續走低，那麼大多數人下個季度可能會看到一些消息。

Okay. Maybe I can come to Paul on my second question. Just back on Cobre Panama and the arbitration. So actually, maybe just on the next steps, where do we stand on the concentrate? I mean we've been told that they fired up the power plant -- or have they fired up the power plant. I think they were given direction to fire up the power plant, and then there was a concentrate on site that was supposed to be sold. So maybe just where -- what exactly is happening on site? And have we a timeline on selling this concentrate?

好的。也許我可以問保羅我的第二個問題。剛剛回到科布雷巴拿馬和仲裁的話題。那麼實際上，也許就下一步而言，我們的重點是什麼？我的意思是，我們被告知他們啟動了發電廠——或者他們已經啟動了發電廠。我認為他們接到了啟動發電廠的指示，然後現場就有了要出售的精礦。那麼也許只是在哪裡——現場到底發生了什麼事？我們有銷售這種濃縮物的時間表嗎？

No timeline yet, Tanya. Really three moving pieces there that they want is the approval of the preservation and safe maintenance; the other is shipping of the concentrate; and the third is restarting the power plant. The indications again from the government is that they're open to all those things going ahead, but they haven't actually gone ahead at this stage. So I'm hopeful that in the coming months, we should see all of those things go ahead.

還沒有時間表，Tanya。他們真正需要的是三個關鍵要素：一是保存和安全維護的批准；二是精礦的運輸；三是重啟發電廠。政府再次表示，他們對所有這些事情的進展持開放態度，但目前他們還沒有真正開始行動。因此，我希望在接下來的幾個月裡，我們能夠看到所有這些事情都取得進展。

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

好的。那麼在礦場－我猜，在礦場財產上，他們只是按照現有的正常維護保養程序進行保養和維護，沒有其他事情發生？

Not that I'm aware of.

據我所知沒有。

Okay. And then just in your comments, you said you'd be open to dropping the arbitration under certain conditions with your discussions -- not into the itty-bitty details, but just from a bigger picture, what would lead you to do to drop the arbitration? Would it be that you're progressing ahead, the concentrate is sold? Or are there anything that you can provide some color on what would help you with your decision on the arbitration?

好的。然後，就在您的評論中，您說您願意在討論的某些條件下放棄仲裁——不是討論細節，而是從更大的角度來看，什麼會促使您放棄仲裁？難道你繼續前進，精礦就賣出去了？或者您能否提供一些資訊來幫助您做出仲裁決定？

Yeah. So first, it's suspending rather than dropping so that just would be putting it on hold for the period to allow that there is a negotiation. But the -- we're still with the rights that could pursue. The -- so I'd say you putting it on hold, is a good word. I don't want to get into the details of what those conditions would be. But the broad is want to know that the table is set for a negotiation and that both parties are ready to go.

是的。因此，首先，這是暫停而不是放棄，這只是將其擱置一段時間以進行談判。但是──我們仍然擁有可以追求的權利。所以我想說，你把它擱置一下，這是一個好詞。我不想詳細談論這些條件是什麼。但廣大民眾希望知道談判的局面已經擺好，雙方都準備好了。

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

好的。我的最後一個問題，我只是想回顧一下交易機會。首先我想問一下，上個季度當我們談論交易機會時，我們談論的是 1 億到 5 億美元範圍內的交易管道。您的一些同事提到，現在這個範圍已經擴大了。所以我只是想知道，您是否看到了更大的機會？這些機會是否主要存在於那些試圖利用金價上漲獲利的賤金屬生產商身上？

I'm just trying to understand whether that -- something that has increased in sort of transaction opportunities. And then I just wanted to ask about the royalties versus the stream, how do those look in terms of opportunities? Are you seeing more royalties, more streams?

我只是想知道這是否會增加某種交易機會。然後我只想問版稅與串流媒體，從機會的角度來看它們是什麼樣子的？您是否看到了更多的版稅和更多的流量？

Tanya, it's Eaun again. And I would say, first off, we're seeing similar conditions to what we saw last year in terms of overall volume of deals and also on size. That's probably the best guidance I can give you in terms of deal volume and sizing.

塔妮婭，又是伊恩。我想說，首先，就交易總量和規模而言，我們看到的情況與去年類似。就交易量和規模而言，這可能是我能給你的最佳指引。

In terms of royalties versus streams, similar to last year, it's a mix, and we're seeing good opportunities in both.

就特許權使用費與串流媒體而言，與去年類似，這是一種混合，我們在兩方面都看到了良好的機會。

Okay. And Eaun, just you came back and talked a little bit about you have some opportunities in the nonprecious metals. Would that be outside of energy?

好的。尤恩，你剛才回來談了你在非貴金屬領域的一些機會。那會超出能量範圍嗎？

Tanya, it's Jason. We're looking at opportunities both within energy and outside of energy. So it's a pretty broad universe of things that we're looking at. Overall, it's a little bit about the commodity, but a lot of it is just what assets are available and which are the best quality opportunities, and those are the ones that we'll focus our time.

塔妮婭，我是傑森。我們正在尋找能源領域內和能源領域外的機會。所以，我們所研究的事物的範圍相當廣闊。總的來說，這有一點與商品有關，但更多的是與有哪些資產可用以及哪些是最優質的機會有關，而這些正是我們將集中時間關注的。

Okay. And in the non-gold opportunities, what size would those be at?

好的。那麼在非黃金機會中，這些機會的規模有多大？

There's really a wide range from very small to larger transactions. So we're looking at a full spectrum of sort of quantum.

交易範圍確實很廣，從非常小的交易到較大的交易。所以我們正在研究量子的全譜。

Okay. When you say large, is that small from like $50 million to $500 million? Or is it up to $1 billion? I don't know what your large is.

好的。您說的「大」是指從 5,000 萬美元到 5 億美元這樣的小額金額嗎？還是高達 10 億美元？我不知道你的尺寸是多少。

Large is the spectrum from zero to plus $500 million.

大的範圍是從零到 5 億美元以上。

John Tumazos, John Tumazos Independent Research.

約翰‧圖馬佐斯，約翰‧圖馬佐斯獨立研究。

I noticed that Newmont sold 40 million shares of Discovery Silver overnight. First question, would Franco want to buy the next block that Newmont wants to sell to have more? Or would Franco be a seller?

我注意到紐蒙特公司一夜之間拋售了 4,000 萬股 Discovery Silver 股票。第一個問題，弗蘭科是否願意購買紐蒙特想要出售的下一個區塊以獲得更多產量？還是 Franco 會成為賣家？

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

約翰，我們非常高興地支持探索頻道的團隊。我們對所持有的股份感到非常滿意。但如您所知，我們的策略主要圍繞著特許權使用費和串流媒體，在完成交易時，我們要做的事情特別是在股權交易中佔據主導地位。我們正在嘗試做的事情之一就是投入資金，但要利用我們投入的資金。因此，如果我們能夠透過提供這種認可來幫助公司籌集更多資金，那麼這就是策略的一個很好的部分，但僅僅購買大量股份並不是真正的產品策略。

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

繼續回答先前的問題。隨著金價上漲，勘探和開發公司更容易籌集資金。鑑於金價上漲，我們是否可以預期 Franco 會支付更大的股息？

John, it's Sandip here. As you know, we have always highlighted our dividend strategy as being sustainable and progressive, where we always want to be in a position where we are raising the dividend, and we're proud of the fact that we've raised it 18 years in a row.

約翰，我是桑迪普。如您所知，我們一直強調我們的股息策略是可持續和漸進的，我們始終希望能夠提高股息，並且我們為連續 18 年提高股息而感到自豪。

In terms of a higher dividend payout, our priority is always adding assets, good long-life assets, whether royalty or stream. And we see lots of opportunities right now. So I think you'd see our focus for capital deployment on adding those types of assets to the portfolio, but still raising the dividend, but I wouldn't expect an unusually higher increase in the dividend that we normally have that.

在提高股利支付率方面，我們的首要任務始終是增加資產，優質的長壽命資產，無論是特許權使用費或股利流。我們現在看到很多機會。因此，我認為您會看到我們的資本配置重點是將這些類型的資產添加到投資組合中，但仍在提高股息，但我預計股息不會出現比通常更高的增幅。

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.

電話那頭沒有其他問題。現在，我將問答環節交給 Candida Hayden，她將回答網路直播中的問題。

Thank you, Jenny. There are no further questions from the webcast. This concludes our first quarter 2025 results conference call and webcast. We expect to release our second quarter 2025 results after market close on August 9. Thank you for your interest in Franco-Nevada.

謝謝你，珍妮。網路直播中沒有其他問題。這就是我們 2025 年第一季業績電話會議和網路廣播的結束。我們預計將於 8 月 9 日收盤後公佈 2025 年第二季業績。感謝您對 Franco-Nevada 的關注。

Ladies and gentlemen, that concludes our conference call for today. Thank you all for participating. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。