Franco-Nevada Corp (FNV) 2025 Q2 法說會逐字稿

Good morning, and welcome to Franco-Nevada Corporation's Second Quarter 2025 Results Conference Call and Webcast. This call is being recorded on August 11, 2025. (Operator Instructions)

早安，歡迎參加 Franco-Nevada Corporation 2025 年第二季業績電話會議和網路廣播。該通話於 2025 年 8 月 11 日錄製。（操作員指示）

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 Candida Hayden。請繼續。

Thank you, Joanna. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada's Second 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 you on the webcast.

謝謝你，喬安娜。大家早安。感謝您今天加入我們討論 Franco-Nevada 2025 年第二季的業績。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。您也可以透過網路廣播觀看該簡報。

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 webcast.

在今天上午的電話會議中，Franco-Nevada 總裁兼首席執行官 Paul Brink 將致開幕詞，隨後首席財務官 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, all. For Q1 this year, we announced record financial results, and now for Q2, we're surpassing those with new records. Our portfolio largely produced as expected for the quarter and high gold prices drove record revenue, operating cash flow, adjusted-EBITDA margins and earnings. We also saw constructive developments in Panama, including approval of the preservation and safe maintenance plan, and shipment of the remaining copper concentrate from Cobre Panama.

謝謝你，Candida，大家早安。今年第一季度，我們公佈了創紀錄的財務業績，而第二季度，我們又超越了其他公司，創下了新紀錄。我們的投資組合本季的產量基本上符合預期，高金價推動了創紀錄的收入、經營現金流、調整後的 EBITDA 利潤率和收益。我們也看到了巴拿馬的建設性進展，包括保存和安全維護計畫的批准，以及巴拿馬銅礦剩餘銅精礦的裝運。

Sentiment in Country continues to shift in favor of a restart of the operation, and I'm encouraged by Panamanian government's continued commitment to resolving the situation. We have attractive growth over the next five years from our existing portfolio, in particular, will be big beneficiaries of the move to unlock mine permitting process in the US, three projects in our outlook are now moving ahead. Perpetua's Stibinte Gold, Hudbay's Copper World, And the news this morning that the Castle Mountain has been included in the FAST-41 permitting process. One project that's potentially new to our five-year outlook is Cascabel. The new management team at SolGold has been starting approaches to accelerate production and is now indicating first production may occur as soon as 2028.

國內情緒繼續轉向支持重啟行動，巴拿馬政府繼續致力於解決這一局勢，這讓我感到鼓舞。我們現有的投資組合在未來五年內將實現有吸引力的成長，特別是將成為美國解禁礦場許可程序的最大受益者，我們預期的三個項目目前正在推進。Perpetua 的 Stibinte Gold、Hudbay 的 Copper World，以及今天早上的消息，Castle Mountain 已被納入 FAST-41 許可流程。對我們的五年展望來說，Cascabel 是一個潛在的新項目。SolGold 的新管理團隊已開始採取措施加速生產，目前表示首次生產可能最早在 2028 年進行。

One longer-term development is worth noting. There's been a positive shift in relations with the Chukotun First Nation at new prosperity. You may recall that Franco has a stream financing agreement to acquire a 22% pool stream. This could be a very meaningful growth driver for Franco if the Chukotun decide to support mine development. During the quarter, we acquired a royalty on IAMGOLD's’ Cote Gold Mine, one of Canada's newest large-scale gold mines, and we're off to a good start (inaudible) since our acquisition, IAMGOLD's’ Cote Gold achieved nameplate throughput ahead of schedule and positive grade reconciliation. Cote and Gosselin had 16 million ounces of M&I and more than 12 million ounces of inferred resources. IAMGOLD's’ targeting more than 20 million ounces of M&I and an updated resource is expected in the first half of 2026. The current mill is on the size for that scale of resource and IAMGOLD's’ planning to publish an updated technical report in 2026 with expansion scenarios. Our team believes something in the order of 20 million tonnes per annum of throughput would be better suited to the size of the ore body.

有一個長期發展值得注意。在新的繁榮時期，與楚科頓原住民的關係發生了積極的轉變。您可能還記得，Franco 有一項流融資協議，用於收購 22% 的池流。如果楚科頓決定支持礦場開發，這可能成為弗朗哥非常有意義的成長動力。在本季度，我們收購了加拿大最新的大型金礦之一 IAMGOLD 的 Cote 金礦的開採權，自收購以來，我們取得了良好的開端（聽不清），IAMGOLD 的 Cote 金礦提前實現了額定吞吐量並實現了積極的品位調節。Cote 和 Gosselin 擁有 1600 萬盎司的 M&I 和超過 1200 萬盎司的推論資源。IAMGOLD 的目標是 M&I 資源量超過 2,000 萬盎司，預計 2026 年上半年將獲得更新的資源量。目前工廠的規模與該資源規模相符，IAMGOLD 計劃於 2026 年發布包含擴張方案的最新技術報告。我們的團隊認為，每年約 2000 萬噸的產量更適合礦體的規模。

Post quarter end, we acquired a royalty on AngloGold's Arthur project comprised of the Merlin and Silicon deposits, which together form one of the largest oil discoveries in recent years in Nevada. AngloGold has rapidly expanded the resources in the last couple of years, and I wouldn't be surprised if the current resource, which stands at 3.4 million ounces indicated and 12.9 million ounce inferred rose at a similar trajectory to Goldstrike or Cortez in their heyday. Since our acquisition, AngloGold has announced a transaction to further consolidate the district and is pointed to ongoing high-grade drilling success. The Merlin initial assessment outlines the first number of years of production at 1 million ounces per annum. And if more high-grade is found, that production rate could be maintained for an extended period. The scale of the operation contemplated is already in the league of Goldstrike and Cortez. The last two years have been some of our most productive, adding assets to the portfolio. Last year, we added interest in some of the world's biggest mineral endowments. Newmont's Yanacocha operations in Peru; in Sibanye's PGM operations in the Western Limb of the Bushveld in South Africa; and SolGold's Cascabel Copper Gold development project in Ecuador.

本季結束後，我們獲得了 AngloGold 的 Arthur 計畫的權利金，該計畫由 Merlin 和 Silicon 礦床組成，這兩個礦床是近年來內華達州最大的石油發現之一。過去幾年，安格魯黃金公司迅速擴大了資源量，如果目前的資源量（指示儲量 340 萬盎司，推斷儲量 1290 萬盎司）以與黃金開採公司 Goldstrike 或 Cortez 鼎盛時期類似的軌跡增長，我不會感到驚訝。自我們收購以來，安格魯黃金公司已宣布了一項進一步鞏固該地區的交易，並有望繼續取得高品位鑽探的成功。Merlin 的初步評估顯示，最初幾年的產量為每年 100 萬盎司。如果發現更多高品位的油田，那麼這個生產力就可以維持較長一段時間。此次行動的規模已經與 Goldstrike 和 Cortez 相當。過去兩年是我們最有成效的兩年，我們的投資組合中增加了資產。去年，我們增加了對世界上一些最大的礦產資源的興趣。紐蒙特公司在秘魯的亞納科查 (Yanacocha) 業務、西班耶公司在南非布什維爾德西部邊緣的 PGM 業務以及 SolGold 公司在厄瓜多爾的卡斯卡貝爾銅金開發項目。

This year, we've expanded our exposure in Canada and the US, adding current production from the Porcupine and Cote operations in Ontario and the Arthur project, as mentioned in our namesake state, Nevada. Combined the acquisition over the last two years have transformed our longer-term growth outlook, has the potential of Cobre restart and long-term development of new prosperity, and you have the most exciting growth outlook in the space. The deal pipeline continues to be strong. We've dipped into our corporate revolver to complete the Arthur acquisition, and we're happy to use this facility for transactions -- for the transactions we see ahead of us, with roughly $1.3 billion in annual cash flow generation, we can repay the facility rapidly.

今年，我們擴大了在加拿大和美國的影響力，增加了安大略省 Porcupine 和 Cote 業務以及與我們同名的內華達州 Arthur 項目的當前產量。過去兩年的收購改變了我們的長期成長前景，具有重啟 Cobre 和實現新繁榮的長期發展的潛力，並且您擁有該領域最令人興奮的成長前景。交易管道持續強勁。我們已經動用了公司循環信貸來完成對 Arthur 的收購，並且我們很樂意使用這項信貸進行交易——對於我們即將進行的交易，憑藉每年約 13 億美元的現金流，我們可以迅速償還這項信貸。

With that, I'll pass the call over to Sandip.

說完這些，我會把電話轉給桑迪普。

Thank you, Paul. Good morning, everyone. As Paul mentioned, Franco-Nevada reported record financial results for second quarter ended June 30, 2025. Our portfolio generally performed in line with expectations, and we continue to benefit from higher precious metal prices. Precious metal prices, with gold in particular, continued to be strong.

謝謝你，保羅。大家早安。正如保羅所提到的，Franco-Nevada 公佈了截至 2025 年 6 月 30 日的第二季度創紀錄的財務業績。我們的投資組合整體表現符合預期，我們繼續受益於貴金屬價格上漲。貴金屬價格，尤其是黃金價格持續走強。

On slide 4, you will see the conversion of commodity prices for Q2 2025 and Q2 2024. Gold and silver prices increased significantly year-over-year, with the average gold price higher by 40% in the quarter and average silver price higher by 17%. We've also seen a rebound in prices for platinum and palladium. Prices for 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.

在投影片 4 上，您將看到 2025 年第二季和 2024 年第二季商品價格的轉換。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 40%，白銀平均價格上漲 17%。我們也看到鉑金和鈀金價格出現反彈。鐵礦石和石油價格持續波動，且較去年同期下降。然而，你確實看到天然氣價格大幅上漲。

On slide 5, we highlight some of the key metrics used to measure performance. total GEOs sold, net GEOs sold, revenue and adjusted EBITDA. Total GEOs sold increased 2% to 112,093 in the quarter compared to 110,264 in second quarter 2024. Precious metal GEOs sold in the quarter were 92,449, higher by 12% compared to prior year.

在第 5 張投影片上，我們重點介紹了一些衡量績效的關鍵指標。總銷售 GEO、淨銷售 GEO、收入和調整後的 EBITDA。本季 GEO 總銷量為 112,093 輛，較 2024 年第二季的 110,264 輛成長 2%。本季貴金屬 GEO 銷量為 92,449 份，較上年同期成長 12%。

For the quarter, we did receive strong contributions from Guadalupe and Candelaria and continue to benefit from the recent acquisitions made at Yanacocha and Western Limb. During the quarter, we recorded our first revenues related to the recently acquired royalties on Porcupine, operated by Discovery Silver and Cote Gold operated by IAMGOLD. We look forward to a full quarter of revenue from these assets in Q3. In addition to the better performance from Guadalupe Candelaria and receiving GEOs from recent acquisitions, we also benefited from continued ramp-up of operations at new mines, Tocantinzinho, Greenstone and Salares Norte.

本季度，我們確實獲得了來自瓜達盧佩和坎德拉里亞的強勁貢獻，並繼續受益於最近在亞納科查和西部林布進行的收購。在本季度，我們記錄了第一筆與最近獲得的 Porcupine 和 Cote Gold 特許權使用費相關的收入，Porcupine 由 Discovery Silver 運營，Cote Gold 由 IAMGOLD 運營。我們期待這些資產在第三季實現整整一個季​​度的收入。除了 Guadalupe Candelaria 的表現較好以及從最近的收購中獲得 GEO 之外，我們還受益於 Tocantinzinho、Greenstone 和 Salares Norte 等新礦場的持續擴張。

With respect to the Hemlo NPI, it was another strong quarter, showcasing the leverage of the NPI to higher gold prices. However, the NPI can vary depending on how much production comes from the area covered by our NPI lands.

就 Hemlo NPI 而言，這又是一個表現強勁的季度，展現了 NPI 對金價上漲的槓桿作用。然而，NPI 會根據來自我們的 NPI 土地覆蓋面積的產量而有所不同。

One asset that was lower than our expectation was Antapaccay, but this was solely due to timing of deliveries. We expect a stronger second half of the year from this asset. Diversified GEOs sold were 19,644 for the quarter compared to 29,914 for prior year quarter despite diversified revenue base slightly lower year-over-year, $62.7 million versus $64.6 million. The GEO sold reduction is due to the impact of higher gold prices when converting diversified revenue to GEOs. As you can see on the chart, total revenue increased 42% for the quarter to $369.4 million, which is a record for Franco-Nevada. Precious metals accounted for 82% of revenue. Adjusted EBITDA, also a record, was 65% higher for the quarter at $365.7 million compared to $221.9 million in second quarter 2024.

低於我們預期的一項資產是 Antapaccay，但這完全是由於交貨時間的問題。我們預計該資產下半年將表現更加強勁。本季多元化 GEO 銷量為 19,644 輛，而去年同期為 29,914 輛，儘管多元化收入基數較去年同期略有下降（分別為 6,270 萬美元和 6,460 萬美元）。GEO 銷售量的減少是由於將多元化收入轉換為 GEO 時受到金價上漲的影響。從圖表中可以看出，本季總營收成長了 42%，達到 3.694 億美元，創下了 Franco-Nevada 的最高紀錄。貴金屬佔收入的82%。調整後的 EBITDA 也創下了紀錄，本季成長 65%，達到 3.657 億美元，而 2024 年第二季為 2.219 億美元。

Slide 6 details the key financial metrics reported by the company. As mentioned, total GEOs sold were 112,093 generated $369.4 million in record revenue in the quarter. As you know, Franco-Nevada is a royalty and streaming company. For royalties, we typically receive payment in cash. However, for some of our royalties, we do take payment in [coin] rather than cash, and have been accumulating the inventory over time. To fund the Cote Gold Royalty acquisition, we liquidated the majority of our inventory position. This resulted in a gain on sale of gold bullion of $42.2 million as the average cost of the gold ounces we sold was approximately $2,350 per ounce. At the end of June, we still have $2,469 gold ounces running in inventory.

投影片 6 詳細介紹了公司報告的關鍵財務指標。如上所述，本季共售出 112,093 台 GEO，創造了 3.694 億美元的創紀錄收入。如您所知，Franco-Nevada 是一家版權和串流媒體公司。對於版稅，我們通常以現金形式收到付款。然而，對於我們的一些版稅，我們確實接受以[硬幣]而不是現金支付，並且一直在累積庫存。為了資助 Cote Gold Royalty 收購，我們清算了大部分庫存。這導致金條銷售收益為 4,220 萬美元，因為我們銷售的黃金盎司平均成本約為每盎司 2,350 美元。截至 6 月底，我們的庫存黃金仍為 2,469 美元/盎司。

With respect to costs, we did have an increase in cost of sales compared to Q2, 2024 due to higher stream ounces sold. Cost of sales was $33.5 million versus $29.1 million last year. Depletion increased to $64 million versus $52.9 million a year ago as we received more GEOs from Candelaria and began completing our recent transactions Yanacocha, Western Limb and Porcupine. This impacted depletion as those assets are currently higher per ounce depletion assets. Adjusted net income was $238.5 million or $1.24 per share for the quarter, both up 65% versus prior year.

就成本而言，由於銷售量增加，我們的銷售成本與 2024 年第二季相比有所增加。銷售成本為 3,350 萬美元，而去年同期為 2,910 萬美元。由於我們從 Candelaria 獲得了更多 GEO，並開始完成最近的 Yanacocha、Western Limb 和 Porcupine 交易，因此損耗從一年前的 5,290 萬美元增加到 6,400 萬美元。這影響了耗竭，因為這些資產目前每盎司的耗竭資產較高。本季調整後淨收入為 2.385 億美元，即每股 1.24 美元，較上年同期成長 65%。

Slide 7 highlights the continued diversification of the portfolio. 82% of our Q2 2025 revenue was generated by precious metals, with revenue being sourced 86% from the Americas. And our largest contributor to revenue was Candelaria at 15% for the quarter.

投影片 7 重點介紹了投資組合的持續多樣化。我們 2025 年第二季的 82% 營收來自貴金屬，其中 86% 的營收來自美洲。我們最大的營收貢獻者是 Candelaria，本季貢獻了 15%。

Slide 8 illustrates the strength of our business model to continue to generate high margins. For second quarter 2025, the cash cost per GEO is $299 per GEO. This compares to $264 per GEO in the prior year. As the gold price has risen, Franco-Nevada has seen a significant increase in our margin per GEO. Margin was just shy of $3,000 per GEO in the quarter.

幻燈片 8 展示了我們的商業模式繼續產生高利潤的優勢。2025 年第二季度，每 GEO 的現金成本為 299 美元。相比之下，上一年每個 GEO 的價格為 264 美元。隨著金價上漲，Franco-Nevada 的每 GEO 利潤率大幅增加。本季的利潤率略低於每 GEO 3,000 美元。

Slide 9 summarizes the financial resources available to the company. The company had $160.3 million in cash and cash equivalents on hand at the end of June, when including our credit facility of $1 billion and our equity investment, total available capital at June 30, 2025, is $1.6 billion. However, in July, we did fund the acquisition of a Royalty and AngloGold's Arthur project in Nevada, as mentioned by Paul, for $250 million in upfront cash. We did draw on our credit facility for $175 million to assist in funding this acquisition. This results in total available capital of approximately $1.35 billion currently. The company continues to remain well capitalized to continue to add long-life, high-quality assets to the portfolio.

投影片 9 總結了公司可用的財務資源。截至 6 月底，公司手頭上有 1.603 億美元的現金和現金等價物，如果算上 10 億美元的信貸額度和股權投資，截至 2025 年 6 月 30 日的總可用資本為 16 億美元。然而，正如保羅所提到的，7月我們確實出資2.5億美元預付現金收購了Royalty和AngloGold位於內華達州的Arthur計畫。我們確實動用了 1.75 億美元的信貸額度來資助這項收購。這使得目前可用資本總額約為 13.5 億美元。該公司繼續保持充足的資本，以繼續向投資組合中增加長壽命、高品質的資產。

And before I turn it over to Joanne to take questions, I would like to remind you of our guidance ranges for the year. Our original guidance was for 465,000 to 525,000 total GEOs for 2025, with 385,000 to 425,000 precious metal GEOs. This was using $2,800 per ounce gold price. By updating price assumptions with current commodity prices, we continue to remain on pace to achieve our total GEOs and precious metals GEO guidance ranges. Also, as mentioned, we will recognize revenue from Cobre Panama in third quarter as the concentrate on site has now been shipped, Franco-Nevada has begun to receive deliveries of gold and silver from Cobre Panama based on our stream agreement. We expect to receive approximately 10,000 GEOs in Q3.

在將問題交給喬安妮回答之前，我想提醒大家我們今年的指導範圍。我們最初的指導是，到 2025 年，GEO 總量將達到 465,000 至 525,000 個，其中貴金屬 GEO 為 385,000 至 425,000 個。這是以每盎司 2,800 美元的黃金價格計算的。透過根據當前商品價格更新價格假設，我們將繼續保持實現總 GEO 和貴金屬 GEO 指導範圍的步伐。另外，如上所述，我們將在第三季確認來自 Cobre Panama 的收入，因為現場精礦現已發貨，Franco-Nevada 已開始根據我們的流協議從 Cobre Panama 接收黃金和白銀。我們預計第三季將收到約 10,000 份 GEO。

And with that, I will pass it over to Joanna, and we're happy to answer any questions you may have.

說完這些，我會把話題交給喬安娜，我們很樂意回答你們的任何問題。

(Operator Instructions) Fahad Tariq, Jefferies.

（操作員指示）Fahad Tariq，Jefferies。

On Cobre Panama, can you maybe give some more color on why Franco decided to suspend the arbitration proceeding?

關於 Cobre Panama 案，您能否進一步解釋一下 Franco 決定中止仲裁程序的原因？

Fahad, it's Paul. The best outcome for us at Cobre Panama and I'd say for First Quantum as well is to see that mine get back into operation. So I think between the First Quantum, the government themselves, we're all like-minded to try and see a positive resolution. It had been a request of the asset from the Magino government that the arbitrations be suspended, to give the space, to try and find a new solution. So we are very amenable to working with the government to allow that to happen.

法哈德，我是保羅。對於我們 Cobre Panama 以及第一量子來說，最好的結果就是看到礦場重新投入運作。所以我認為，在第一量子集團和政府之間，我們都志同道合，試圖找到積極的解決方案。馬吉諾政府曾要求暫停仲裁，以提供空間，嘗試尋找新的解決方案。因此，我們非常願意與政府合作以實現這一目標。

Okay. And then maybe switching gears to corporate development. Given the available capital is now lower, you had some pretty less transactions, particularly Cote. Does that change how you think about GEO's size over the next year or so?

好的。然後也許會轉向企業發展。鑑於現在可用資本較低，您的交易量就會減少，尤其是 Cote。這是否會改變您對未來一年左右 GEO 規模的看法？

No, I don't think so. The -- our business continues to generate more and more cash every year. Currently, it's around $1.3 billion a year. So the -- no constraints on the capital side between the available capital with our revolver, between the amount of cash we're generating, we've got plenty of firepower, I don't think it restricts us in any ways.

不，我不這麼認為。我們的業務每年都在產生越來越多的現金。目前，每年約為 13 億美元。因此，在資本方面沒有任何限制，我們的可用資本、我們產生的現金量、我們有足夠的火力，我認為這不會以任何方式限制我們。

Larry Liu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Larry Liu。

Congrats on another financially strong quarter. I guess I'll start off my question asking about platinum. Paul earlier, you mentioned that platinum prices have rebound. And last December, Franco did a Sibanye Western Limb acquisition. I'm just wondering what kind of positive impact would that have on the asset? And was that factored in when the acquisition was -- first happened?

恭喜您又一個財務表現強勁的季度。我想我應該先問一下有關鉑金的問題。保羅，你之前提到鉑金價格已經反彈。去年 12 月，Franco 收購了 Sibanye Western Limb。我只是想知道這會對資產產生什麼樣的正面影響？在首次收購時是否考慮到了這一點？

Larry, it's Eaun Gray speaking. Thank you for the question. Yes, we've been very pleasantly surprised versus our expectations with platinum. The price has moved up very significantly. We believe this provides an excellent tailwind to those operations and should allow a number of the extension projects that -- which we spoke about at the time to have much improved economics. So it increases our confidence in the long term of those assets.

拉里，我是尤恩·格雷。謝謝你的提問。是的，鉑金的表現超出了我們的預期，這讓我們感到非常驚訝。價格已大幅上漲。我們相信，這為這些業務提供了極好的順風，並且應該會使我們當時談到的許多擴展項目的經濟效益大大改善。因此，它增強了我們對這些資產的長期信心。

For sure. That makes sense. While I have you as well. I'm going to follow up Fahad and ask about corporate development as well. I know it's been -- there's historical precedent as well for Nevada sometimes take shares in the companies, such as G Mining or Discovery Silver. I'm wondering, how's that -- has that has the strategy changed in an upcoming time with gold prices hitting record high? And I guess second part of that question is, what's the intention of those shares? I see earlier, it's been factored into the potential capital available for further acquisitions?

一定。這很有道理。而我也有你。我將跟進法哈德並詢問有關公司發展的情況。我知道，歷史上也有先例，內華達州有時會入股 G Mining 或 Discovery Silver 等公司。我想知道，情況是怎麼樣的──隨著金價創下歷史新高，這項策略是否改變了？我想這個問題的第二部分是，這些股票的目的是什麼？我之前看過，它已經被計入進一步收購的潛在資本了嗎？

Thanks for the question. And maybe getting part of it, it's part of a longer-term strategy, and it's -- as a business we compete in auctions to buy streaming assets and royalties. One area of the business we've been trying to develop is to say, how can we be not just transactional, but a financial backer to companies. If we can find great assets, great management teams, that we want to support for the longer term. How can we do that? And so that strategy has played out with G Mining, it's played out with Discovery. We think that for those players, we can differentiate them and be their backer so that we can reduce the financial risk of those companies. And we think in doing that, we can increase their valuations and their ability to be successful over time. so far, that strategy has worked out terrifically. And so we plan to continue both with those players and also there are other teams that fit that mold. We'd love to do more deals in that, but our overall objective is how do we support them as a long-term financial banker.

謝謝你的提問。也許獲得其中的一部分，這是長期策略的一部分，而且——作為一家企業，我們在拍賣中競爭購買串流資產和版稅。我們一直努力拓展的一個業務領域是，我們如何不僅進行交易，而且成為公司的財務支持者。如果我們能夠找到優質資產、優秀的管理團隊，我們就會願意長期支持他們。我們怎樣才能做到這一點？這項策略已經在 G Mining 和 Discovery 身上得到了體現。我們認為，對於這些參與者，我們可以將他們區分開來，並成為他們的支持者，這樣我們就可以降低這些公司的財務風險。我們認為，這樣做可以提高他們的估值以及他們隨著時間的推移取得成功的能力。到目前為止，這項策略已經取得了巨大的成功。因此，我們計劃繼續與這些球員合作，並且還有其他符合這種模式的球隊。我們很樂意在這方面達成更多交易，但我們的總體目標是如何作為長期金融銀行家為他們提供支援。

For sure. Yes. That strategy definitely worked out really well for Franco-Nevada. I guess my last question is focused more around the long-term guidance, if I may. So earlier in the call, Paul, you mentioned that there is a potential upward revision because the Cascabel now could potentially be included in the five-year guidance. We're wondering if there's any more assets that could potentially be a surprise and included in your future five-year guidance? And when can we expect an updated five-year guidance? Would that be next year?

一定。是的。這項策略對於 Franco-Nevada 來說確實非常有效。如果可以的話，我想我的最後一個問題更集中在長期指導上。保羅，在電話會議早些時候，您提到可能會上調，因為 Cascabel 現在可能會被納入五年指導中。我們想知道是否還有更多資產可能會帶來驚喜並納入您未來的五年指導中？我們什麼時候可以獲得更新的五年指導？那會是明年嗎？

Yes. We always -- we do the guidance in the first part of the year, along with our annual results. So that's when we are updated. The two bits of positive news there. Obviously, on Cascabel, looking at scenarios to get things up and running sooner. There's two parts to that. The one is Tandayama, the open-pit deposit. They've been drilling it up, having good success moving up some high-grade areas. So potentially, that can be early material to the mill. Also looking at scenarios to start with sublevel caving rather than a block cave. I think they're making good progress on both of those, and that's increasing the confidence that they can get it in production sooner. The other good news I mentioned today, it is in our five-year growth outlook, it's just the certainty of it's going ahead as Castle Mountain. We do have -- we have two royalties on that at 2.65% loyalty that covers the whole property. We've got a further 2% royalty that covers one of the pits in particular, that hopefully will be at the front end of the mine plan, taking that up to [4.65%], one part of the ore body. It's about a 200,000 ounce per year producer. So it could be a meaningful kicker in the back end of our five-year guidance.

是的。我們總是－我們會在每年上半年發布指導，同時公佈年度業績。那時我們就更新了。那裡有兩條積極的消息。顯然，在 Cascabel 上，正在研究各種方案以讓一切盡快啟動並運行。這包括兩個部分。一個是露天礦床Tandayama。他們一直在進行鑽探，並成功地進入了一些高品位區域。因此，這有可能成為工廠的早期材料。也研究了從分段崩落法而不是分塊崩落法開始的情景。我認為他們在這兩方面都取得了良好的進展，這增強了他們能夠更快地投入生產的信心。我今天提到的另一個好消息是，在我們的五年成長展望中，Castle Mountain 肯定會繼續發展。我們確實有——我們有兩份特許權使用費，忠誠度為 2.65%，涵蓋了全部財產。我們還有另外 2% 的開採權使用費，專門用於覆蓋其中一個礦坑，希望這能夠成為礦山計劃的前端，使其達到 [4.65%]，即礦體的一部分。其年產量約20萬盎司。因此，這可能會成為我們五年指導後半段的一個有意義的推動因素。

Perfect. Sounds good. It sounds like there's more upside investors can look for, for sure.

完美的。聽起來不錯。聽起來投資者肯定可以尋求更多上行空間。

Matthew Murphy, BMO Capital Markets.

馬修·墨菲，BMO資本市場。

Big deal during the quarter on the Cote royalty. Just wondering if you can elaborate a bit on your view on the asset, what gave you the confidence in the due diligence to take on a profits-based royalty? And are you willing to share your views on Cote's path to being a low-cost gold mine?

本季 Cote 皇室的生意十分興隆。只是想知道您是否可以詳細說明一下您對資產的看法，是什麼讓您有信心在盡職調查中承擔基於利潤的特許權使用費？您願意分享您對科特迪瓦成為低成本金礦之路的看法嗎？

Thank you, Matthew. It's Eaun Gray, again here. So I guess, first of all, it's worth highlighting that we did work with IAMGOLD on the acquisition. So that gave us unique insight into how it's currently operating and the long term for the asset. And this honestly, was one of the most exciting opportunities that we've looked at in quite some time. The scale of the resource is quite impressive.

謝謝你，馬修。我是尤恩·格雷，又來了。所以我想，首先值得強調的是，我們確實與 IAMGOLD 合作進行了收購。因此，這讓我們對其目前的營運狀況以及資產的長期前景有了獨特的見解。說實話，這是我們很長一段時間以來所看到的最令人興奮的機會之一。該資源的規模相當令人印象深刻。

And if you refer to IAMGOLD's call last week, they're starting to talk about a super pit between Cote and Gosselin. So the potential of this to your some of the production profiles you've seen in assets like Detour, Malartic, we see as quite robust. And that's based on being able to actually look at the data with IMGOLD and make that assessment. So we see as a result, fantastic opportunity going forward for the expansion and throughput to suit the scale of the resource, and what is also very exciting is that hopefully, there's some news for you relatively near term on this as well as IMGOLD has identified that they'll be putting out an updated resource in the first half of next

如果你參考 IAMGOLD 上週的電話會議，你會發現他們開始談論 Cote 和 Gosselin 之間的超級競爭。因此，我們認為這對於您在 Detour、Malartic 等資產中看到的一些生產概況的潛力相當大。這是基於能夠實際查看 IMGOLD 的數據並做出評估。因此，我們看到，未來在擴大和提高產量以適應資源規模方面存在著絕佳的機會，同樣令人興奮的是，希望在短期內能有一些關於這方面的消息，而且 IMGOLD 已經確定他們將在明年上半年發布更新的資源。

year, then hopefully, a technical report identifying some of the production scenarios to follow. So we were able to get a sneak peek into the asset with the fact that were able to uniquely do due diligence with IMGOLD. And that gave us the confidence to transact.

年，然後希望有一份技術報告確定一些需要遵循的生產場景。因此，我們能夠與 IMGOLD 一起進行獨特的盡職調查，從而對資產進行初步了解。這給了我們交易的信心。

And in terms of the cost profile, it's a good question. This is a new highly automated line with best practices and a team that we see as really first-class led by (inaudible). And so as a result, we have a high level of confidence in the costs. And you will note this is a gross margin royalty, so the deductions are fairly limited, and we're able to work again with IMGOLD to craft a form of agreement that we're very happy with. So overall, an extremely exciting opportunity, which we think will add low-risk growth to Franco-Nevada over the long term.

就成本概況而言，這是一個很好的問題。這是一條高度自動化的新生產線，擁有最佳實踐和一支我們認為一流的團隊，由（聽不清楚）。因此，我們對成本非常有信心。您會注意到，這是毛利率特許權使用費，因此扣除額相當有限，我們可以再次與 IMGOLD 合作，制定一份我們非常滿意的協議。總的來說，這是一個非常令人興奮的機會，我們認為從長遠來看，這將為 Franco-Nevada 帶來低風險的成長。

Okay. Also a question just on the quarter. You were a bit higher than expected on GEOs from oil and gas and I guess, Permian was one of the drivers. What's the outlook for your Permian asset base back half of the year?

好的。還有一個關於本季的問題。您對石油和天然氣的 GEO 的預期略高，我想二疊紀是其中一個驅動因素。今年下半年，二疊紀資產基礎的前景如何？

Matthew, it's Jason O'Connell speaking. We were pleasantly surprised by the performance of our Permian assets in the quarter. We had increased volumes over what we've seen last year. Part of that is a result of drilling on our lands. And at times, operators will hit areas of higher royalty rates across our acreage footprint. So we benefited a little bit from that. Going forward, those assets in the Permian are usually fairly reflective of the overall performance of the basin. So it will depend on oil prices and how active drillers are. You'll have seen oil prices have pulled back a little bit in recent months. So I would expect that production levels and drilling activity will likely stay reasonably consistent, perhaps soften slightly with the lower price.

馬修，我是傑森‧歐康奈爾。我們對本季二疊紀資產的表現感到驚喜。與去年相比，我們的交易量有所增加。部分原因是我們的土地上進行鑽探。有時，業者會在我們的土地覆蓋範圍內觸及特許費率較高的區域。因此我們從中受益匪淺。展望未來，二疊紀盆地的這些資產通常能夠相當好地反映該盆地的整體表現。因此這將取決於油價和鑽井工人的活躍程度。你會發現，近幾個月來油價略有回落。因此，我預期生產水準和鑽井活動可能會保持相當穩定，或許會隨著價格下跌而略有減弱。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

Just first one to clarify, Sandip, how much gold did you say still had on the balance sheet in terms of inventory? I didn't quite catch that.

首先要澄清的是，桑迪普，您說資產負債表上還有多少黃金庫存？我沒太聽懂。

Daniel. So at the end of June, we had 2,469 gold ounces still remain in inventory.

丹尼爾。因此，截至 6 月底，我們的庫存仍有 2,469 盎司黃金。

Okay. So quite small. Okay. Yes. And then the second question, just thinking about the guidance. So both the precious metal and the total GEOs is unchanged, yet you added about 20,000 ounces of additional sales that wasn't in the previous guidance from Cote and from Cobre Panama. What's the offset? Because I guess the implied non-gold GEOs is the same even after the change in the gold price assumption from $2,800 to $3,200. So what's the offset in the portfolio that means there's not a net upgrade to the precious metal GEO guidance?

好的。所以相當小。好的。是的。然後是第二個問題，只是考慮指導。因此，貴金屬和總 GEO 都沒有變化，但您增加了約 20,000 盎司的額外銷售，而這在 Cote 和 Cobre Panama 之前的指導中是沒有的。偏移量是多少？因為我猜測，即使黃金價格假設從 2,800 美元變為 3,200 美元，隱含的非黃金 GEO 仍然是相同的。那麼投資組合中的抵銷金額是多少，這意味著貴金屬 GEO 指導沒有淨升級？

Yes. So I guess the key message there is that without -- even without Cobre Panama and Cote, we're still within the guidance ranges. Anything from Cote and Cobre Panama is all incremental.

是的。因此，我猜想這裡的關鍵訊息是，即使沒有 Cobre Panama 和 Cote，我們仍然在指導範圍內。Cote 和 Cobre Panama 的所有產品都是增量的。

Right. So does that mean that all else equal, production is likely to be more skewed to the upper end of the range if you've added 20,000.

正確的。那麼，這是否意味著，在其他條件相同的情況下，如果增加了 20,000 個，產量可能會更偏向範圍的上限。

Yes, that's a fair assumption.

是的，這是一個合理的假設。

Got it. Okay. And then the final question, the new Prosperity option, the 22% gold stream, I'm not particularly familiar with this project. Can you give us a bit of a sense of quantum of what the contribution to Franco-Nevada might be?

知道了。好的。然後最後一個問題，新的繁榮選項，22%的黃金流，我對這個專案不是特別熟悉。您能否向我們稍微介紹一下對 Franco-Nevada 的貢獻量是多少？

Prosperity is a -- it's a large copper gold prophyry system in BC, the transaction that we had done was back in 2012. At the time, they were trying to get it permitted. They had received a BC permit, but weren't able to get a federal permit. Part of the issue was that they didn't have support of the Chukotun First Nation at the time. So the project has effectively been parked for many years since then. But the shift that was -- came out in June is they have an agreement with a Chukotun. The ownership of just over 20% of projects is being provided to the Chukotun Nation. The BC government is providing the funding, which is the payment that goes to Taseko for that transfer and the Chukotun will spend the next couple of years in land use planning process to decide how they would like to proceed or not proceed with any project there. Our agreement, if I have it right, it's a 22% gold stream. It is -- it's a -- the deposit is roughly half copper, half gold. I would have to check my numbers, but it's in the order of 40,000, 50,000 ounces per year of gold that you would get from there.

Prosperity 是 BC 省的一個大型銅金斑岩系統，我們在 2012 年就進行過這筆交易。當時，他們正試圖獲得許可。他們已經獲得了 BC 許可證，但無法獲得聯邦許可證。部分問題在於他們當時並沒有得到楚科頓原住民的支持。因此該項目實際上自那時起就被擱置多年。但 6 月出現的變化是，他們與 Chukotun 達成了協議。超過 20% 的專案所有權被授予楚科頓民族。不列顛哥倫比亞省政府正在提供資金，作為向塔塞科支付的轉讓費用，而楚科頓將在未來幾年內進行土地使用規劃，以決定是否繼續在那裡開展任何項目。我們的協議，如果我沒記錯的話，是 22% 的黃金流。該礦床大約一半是銅，一半是金。我必須核對我的數字，但每年您可以從那裡獲得大約 40,000 到 50,000 盎司的黃金。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Just to finish off, Sandip, on the gold bullion. I mean it's only like about $8 million or thereabout. Why wasn't it just all sold?

最後，桑迪普，關於金條的事。我的意思是它只有大約 800 萬美元左右。為什麼沒有全部賣掉？

Just we -- at the end, we sold what we felt was needed to fund the Cote transaction, Tanya -- plus we do accumulate over time, like the bullion that we've had in inventory, roughly 45,000 ounces has been built up over time. Every quarter, we do receive gold -- high gold royalty payments in kind for some of our assets, and we will continue to do so. So that balance could potentially grow again depending upon what the deliveries are.

只是我們 — — 最後，我們賣掉了我們認為需要為 Cote 交易提供資金的黃金，Tanya — — 而且我們確實會隨著時間的推移而積累，就像我們庫存的金條一樣，隨著時間的推移，我們已經積累了大約 45,000 盎司的黃金。每個季度，我們都會收到黃金——以實物形式支付的部分資產的高額黃金使用費，而且我們將繼續這樣做。因此，根據交付情況，餘額可能會再次增長。

Okay. And remind me which ones you're taking, [kind of] which royalties?

好的。並提醒我一下，您收取的是哪些版稅？

So there's a handful. We take Detour, Tasiast, Kirkland Lake, Porcupine and Magino in kind.

所以數量很少。我們以 Detour、Tasiast、Kirkland Lake、Porcupine 和 Magino 為例。

Okay. All right. So maybe we can start building a bit of an inventory there. Okay.

好的。好的。因此，也許我們可以開始在那裡建立一些庫存。好的。

And just maybe just looking again at your guidance. Is it safe to assume like I'm reading our previous note, I think we were saying that Q3 was supposed to be generally equal to Q4 or thereabout. And with that 10,000 GEOs coming now in Q3 from Cobre Panama, is that a bit of a skew. Should I be thinking a little bit higher in Q3 and lower in Q4 on that [47/53] first half, second half?

也許只是再次看看您的指導。是否可以安全地假設，就像我在閱讀我們之前的說明一樣，我認為我們說的是 Q3 應該大致等於 Q4 或大約等於這個數字。現在，Cobre Panama 在第三季將推出 10,000 個 GEO，這是否有點偏差。我是否應該考慮在第三季稍微提高一點，在第四季度降低一點，上半年和下半年分別為 [47/53] 和？

I think that's a fair assumption. Obviously, we expect to get the bulk of the deliveries in Cobre Panama in Q3, some could push into the early part of Q4. It just depends upon where the shipments go. But in terms of just overall, that's a fair assumption.

我認為這是一個合理的假設。顯然，我們預計在第三季將收到巴拿馬科布雷的大部分交付，部分交付可能會推遲到第四季初。這取決於貨物運往哪裡。但就總體而言，這是一個合理的假設。

And I hate asking this, but any guidance on that Hemlo NPI.

我不想問這個問題，但是關於 Hemlo NPI 有什麼指導嗎？

Your guess is as good as mine.

你的猜測和我的一樣好。

Okay. And then can I be reminded, I saw the Salares buyback, Gold Fields bought back, that 1%. Can you just roughly remind me which of your -- which ones have royalty streams, have some of these buybacks that are potentially coming due. It's just there's a lot of money available now that gold price is high, so there's potential for these buybacks. Can you just remind me which ones you have and were coming up on buybacks?

好的。然後我可以提醒一下，我看到了 Salares 的回購，Gold Fields 的回購，那 1%。您能否粗略地提醒我一下，哪些公司有特許權使用費流，哪些公司可能即將進行回購。現在金價很高，有很多資金可用，所以有回購的潛力。您能否提醒我您擁有哪些股票以及哪些股票即將回購？

Tanya, it's Eaun again here. Perhaps some of the most relevant for you. And I would say, first of all, the asset handbook does a pretty good job summarizing for the full set, but some of the more relevant Cote has a buyback with IAMGOLD, which is up to 50%. And so that's fairly significant in the scheme of things, Porcupine also has that (inaudible) it as well. So those would be relevant assets to keep track of.

塔妮婭，我又是伊恩。其中一些可能與您最相關。我想說，首先，資產手冊對全套資產進行了很好的總結，但一些更相關的資產是 Cote 透過 IAMGOLD 進行的回購，回購額高達 50%。因此，從整體來看，這相當重要，Porcupine 也具有（聽不清楚）這一點。因此這些都是需要追蹤的相關資產。

Yes. Sorry, I missed the first one, on the IAMGOLD one.

是的。抱歉，我錯過了第一個，關於 IAMGOLD 的。

Yes. (inaudible) Tanya, do you have a follow-up?

是的。（聽不清楚）Tanya，你還有後續問題嗎？

Yes, Eaun. I'm sorry, I missed the first --

是的，尤恩。抱歉，我錯過了第一個--

Yes. On Cote, the recent transactions, both Cote and Porcupine have that feature.

是的。關於 Cote，最近的交易，Cote 和 Porcupine 都具有該特徵。

Perfect. And maybe if I -- since I have you on the line, just wanted to come back about the opportunities that you are seeing out there. I ask everyone in terms of what -- how they're looking at their portfolio. You've done a couple, you've got a good mix between development and obviously, production. And the last two that you've done are adding right away, Arthur Gold is further out. What are you seeing out there in terms of mix between production opportunities versus development. And I think the size had been in that $100 million to $500 million range. Is that still a good mix for you?

完美的。也許如果我——既然你已經在線，我只是想回頭談談你所看到的機會。我詢問每個人——他們如何看待自己的投資組合。你已經做了一些事情，你在開發和生產之間取得​​了很好的結合。您所做的最後兩項是立即添加的，Arthur Gold 則更進一步。就生產機會與開發機會的結合而言，您看到了什麼？我認為規模在 1 億至 5 億美元之間。對您來說這仍然是一個很好的組合嗎？

Thanks, Tanya, for the question. So first of all, we're extremely happy with how we've been able to deliver on our business development plan, adding what we think are excellent assets with fantastic upside in North America. So we'll continue to focus on assets similar to what you have seen, I would say, Tanya, in terms of size and scale in the last 12 months being a very productive 12 months, we continue to see more of the same going forward. And so we're hopeful we'll be able to add significant growth to the portfolio. You're right, we've had a couple of cash flowing assets. And whenever we have the opportunity to transact on those, that's first prize. But I think in terms of managing the overall portfolio, we need to have a balanced and have some longer-term growth. So we'll do both types of transactions as we move forward. At the moment, focus really is on precious metals growth, and we have what I see is a very healthy pipeline of that moving forward, and we're focused on those private deals.

謝謝 Tanya 提出這個問題。首先，我們對能夠實現業務發展計劃感到非常高興，並增加了我們認為在北美具有巨大上升空間的優質資產。因此，我們將繼續關注與您所見類似的資產，我想說，Tanya，就規模和範圍而言，過去 12 個月是富有成效的 12 個月，我們將繼續看到更多類似的資產向前發展。因此，我們希望能夠為投資組合帶來顯著的成長。你說得對，我們確實有一些現金流資產。無論何時，只要我們有機會進行交易，那就是一等獎。但我認為，在管理整體投資組合方面，我們需要保持平衡並實現一些長期成長。因此，我們今後將同時進行這兩種類型的交易。目前，我們的重點確實是貴金屬的成長，而且我看到了非常健康的前進方向，我們專注於那些私人交易。

Okay. And maybe, Paul, if I could squeeze one in for you, just on the Prosperity option. Gosh, 2012 seems like a long time ago. I remember -- did we write that asset off at the time? Was it written off?

好的。保羅，如果我能給你擠出一個時間，就談談繁榮的選擇。天哪，2012 年似乎已經過了很久。我記得──我們當時註銷了那項資產嗎？是否已註銷？

So Tanya, the deal we had was to say, we put up $300 million, I believe, is the number for the financing if and when it got permitted. So I haven't had any capital that's being expended on it. So no need to write anything off.

所以 Tanya，我們達成的協議是，我們出資 3 億美元，我相信，如果獲得批准的話，這就是融資金額。所以我還沒有投入任何資金在這上面。因此無需註銷任何東西。

Yes. We took a small impairment at the time, Tanya, a few million dollars, which was just the costs associated with the asset. But as Paul highlighted, nothing was funded under the capital commitment.

是的。塔妮婭，我們當時進行了小額減值，幾百萬美元，這只是與資產相關的成本。但正如保羅所強調的，資本承諾並未提供任何資金。

Okay. All right. That was just what I was trying to understand. And then, Paul, I think you mentioned -- you think it's going to take a couple of years in terms of getting this to the table? Is that what I understood?

好的。好的。這正是我想要理解的。然後，保羅，我想你提到過——你認為要花幾年時間才能把這個問題提上日程嗎？這是我理解的嗎？

Yes. So the -- to move the project forward, it needs the support of the Chukotun Nation. They have opposed mining in the past. Now they have an ownership stake in the project. So I think there's obviously very material benefits that they could get if the mine does go ahead. I have no idea of timeline other than to say, I can only imagine that it will take some time for them to consider the change in circumstance and before they would make any decisions on how to move ahead.

是的。因此，為了推動該計畫的發展，需要楚科頓民族的支持。他們過去一直反對採礦。現在他們擁有該物品的所有權。因此我認為，如果礦山開採繼續進行，他們顯然可以獲得非常實質的利益。我不知道具體時間表，只能說，我只能想像他們需要一些時間來考慮情況的變化，然後才能決定如何繼續前進。

Okay. Well, thank you. It's obviously positive if we can have more projects permitted in Canada and especially B.C.

好的。好的，謝謝你。如果我們能夠在加拿大，特別是不列顛哥倫比亞省批准更多的項目，這顯然是積極的。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟、雷蒙詹姆斯。

Tanya asked a few of my questions. But can I just ask about Musselwhite as well. You highlighted the NPI model leverage. And again, Hemlo is the one we've always focused on, but Musselwhite was up pretty substantially this quarter. Is there anything other than just a straight gold price leverage going there with that 5% NPA? Like the two -- you never got anything from the 2% NSR anything yet?

塔妮亞問了我幾個問題。但我也可以問一下有關 Musselwhite 的問題嗎？您強調了 NPI 模型槓桿作用。再次強調，我們一直關注的是 Hemlo，但本季 Musselwhite 的漲幅相當大。除了直接利用黃金價格槓桿來發揮 5% 的不良資產作用外，還有其他作用嗎？就像這兩個——你還沒有從 2% NSR 中得到任何東西嗎？

Brian, it's Sandip. Nothing from the NSR, but with respect to the NPI, gold price leverage as well, there was a catch -- small catch- up payment related to 2024 that we recorded in the quarter as well. So we were [under-accrued] with what we had estimated for last year. So part of that increase but the bulk of it is just better production from Orla at the mine and just better operations than obviously, the leverage to the gold price.

布萊恩，我是桑迪普。NSR 沒有任何變化，但就 NPI 和黃金價格槓桿而言，也存在一個問題——我們在本季度記錄了與 2024 年相關的小額補繳款項。因此，我們對去年的估計是低於實際的。因此，雖然部分成長，但大部分成長只是因為 Orla 礦場的產量提高以及營運狀況改善，這顯然對金價產生了槓桿作用。

So just going forward, I mean, you did 7.7% this quarter. Should I think that these gold prices are the same and costs remain the same, everything is the same, it should be more like $6 million a quarter. Is that reasonably? You had $1.5 billion catch-up? Or just ballpark, what might it be?

所以，就未來而言，我的意思是，本季你的成長率為 7.7%。我是否應該認為這些黃金價格是一樣的，成本也是一樣的，一切都是一樣的，那麼每季應該更像是 600 萬美元。這樣合理嗎？你有 15 億美元的追補資金嗎？還是只是大概的數字，可能是多少？

I think $4 million is reasonable.

我認為400萬美元是合理的。

Okay. Thank you very much. That helps.

好的。非常感謝。這有幫助。

There are no further questions on the phone line. I will 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。我將把問答環節交給 Candida Hayden，她將回答網路直播中的問題。

Thank you, Joanna. Our first question comes from Lyle Green, shareholder of the company. Precious metals prices have been a strong tailwind this quarter. Could you outline the assumed price environment underpinning your guidance? And how sensitive your outlook is to the gold and silver price fluctuation? Also, are there any thresholds or scenarios under which asset allocation or hedging strategies might shift?

謝謝你，喬安娜。我們的第一個問題來自該公司股東萊爾·格林 (Lyle Green)。本季貴金屬價格表現強勁。您能否概述一下您指導意見所依據的假設價格環境？您的展望對黃金和白銀價格波動有多敏感？此外，是否存在資產配置或對沖策略可能發生變化的門檻或場景？

Sure. So Sandip here. The pricing that we used for the guidance that we've given is $3,250 gold price and a $37 silver price. In terms of sensitivity, $100 increase in the price of gold essentially results in about 4,700 GEOs lower for the other commodities when converting to GEOs. And with respect to hedging, we do not hedge. So we sell our gold at spot.

當然。這裡是桑迪普。我們給出的指導價格是黃金價格 3,250 美元和白銀價格 37 美元。就敏感度而言，黃金價格每上漲 100 美元，實際上就會導致其他商品轉換為 GEO 時下跌約 4,700 GEO。至於對沖，我們不進行對沖。因此我們以現貨出售黃金。

Our next question is from Lyle Green as well. What are the financial and strategic implications for Franco-Nevada if the Cobre Panama asset remains off-line into 2026? And how are you adjusting your portfolio risk exposure reporting base?

我們的下一個問題也來自萊爾·格林。如果 Cobre Panama 資產在 2026 年仍處於離線狀態，對 Franco-Nevada 有何財務和策略影響？您如何調整投資組合風險敞口報告基礎？

Lyle, thanks for your question. The -- as you recall, when Cobre was shut down, we had impaired the asset fully. So we have -- we haven't built it into our guidance that would be coming online in the near term. We're very hopeful that the company will be able to find a resolution with the government that would see mine come back into the operation. But it's all upside to us. We consider it -- the biggest free option that you can get in the royalty and streaming industry is investing in Franco and the option of Cobre coming back. we're not dependent on it in any way. But the -- we have an extremely robust portfolio. We've got the most diversified portfolio in the space. So we look forward to Cobre coming back online, but it's all upside.

萊爾，謝謝你的提問。您還記得，當 Cobre 被關閉時，我們已經完全損害了資產。因此，我們還沒有將其納入近期將上線的指導中。我們非常希望公司能夠與政府達成解決方案，讓礦場恢復營運。但這對我們來說都是有利的。我們認為——在版權和串流媒體行業中你能得到的最大的免費選擇是投資 Franco 和 Cobre 的回歸選擇。我們在任何方面都不依賴它。但是——我們擁有極其強大的投資組合。我們擁有該領域最多樣化的投資組合。因此，我們期待 Cobre 重新上線，但這都是好事。

The next question is from Bernie Picchi from Palisade Capital. Putting the last two quarters together, our pattern seems to be emerging. One, more aggressive business development M&A; two, less interest in non-precious metals; three, greater focus on North America. Is this the result of an over strategy shift?

下一個問題來自 Palisade Capital 的 Bernie Picchi。將過去兩個季度放在一起，我們的模式似乎正在顯現。一、更積極的業務發展併購；二、對非貴金屬的興趣減少；三、更關注北美。這是戰略過度轉變的結果嗎？

Good question. Is there a strategy shift? No, there isn't. The -- and maybe to reiterate, what is our overall strategy. It's we want to be the go-to gold stock. And that means at any point in time, we want to be looking to add gold assets. As you go through -- and I think through the cycle, adding gold assets, as you go through the cycle, the -- you do want to have a gut sense of where you are in the cycle? Are you in the top half of the cycle? Are you in the bottom half of the cycle? You want to keep adding gold assets through the cycle. Where do you want to spend a lot of money where that's at the bottom of the cycle. So gold has done very well. We're keen to keep adding gold. These prices, the key is you want to get into quality assets that are going to last for long term so that you can participate as the gold price appreciates over many decades. So -- that is probably -- hopefully, what you see in all the deals that we've done is a real focus on long-dated quality gold assets as we go through the cycle.

好問題。是否有戰略轉變？沒有。也許需要重申一下，我們的整體策略是什麼。我們希望成為值得信賴的黃金股票。這意味著在任何時候，我們都希望增加黃金資產。當你經歷——我認為在整個週期中，增加黃金資產，當你經歷整個週期時——你確實想對你在周期中的位置有一個直覺嗎？您是否處於週期的上半部？您是否正處於週期的下半段？您希望在整個週期中持續增加黃金資產。你想在哪裡花大錢，那裡處於週期的底部。因此黃金表現非常好。我們熱衷於繼續添加黃金。這些價格，關鍵是你想獲得能夠長期存在的優質資產，這樣你就可以在黃金價格在未來幾十年升值時參與其中。所以——這可能是——希望您在我們所做的所有交易中看到的是，隨著我們經歷整個週期，我們真正關注的是長期優質黃金資產。

Our diversification strategy is also unchanged. And the summary of it is it's opportunistic. For diversified assets, it does a great asset come to market, like the royalty we have on Vale's iron ore operations where they just are some of the best iron ore bodies in the world, if those assets come along, we'll buy them. The other is if you have a downturn in an industry and you can get a really good entry point into those commodities. So it's a strategy. We don't have to do it. We're just patient. We do it where we can get good value. So it -- more of the deals that have come out in the mix is just -- as a function of what it was available to us.

我們的多元化策略也沒有改變。總結起來就是機會主義。對於多元化資產，當一項重要資產進入市場時，它確實是一個重要的資產，例如，我們在淡水河谷鐵礦石業務中所擁有的特許權使用費，它們是世界上最好的鐵礦石公司之一，如果這些資產出現，我們就會購買它們。另一種情況是，如果某個產業陷入低迷，你就可以找到一個非常好的切入點來進入這些商品市場。所以這是一個策略。我們沒必要這麼做。我們只是有耐心。只要能獲得好的價值，我們就會這麼做。因此，這些交易中出現的更多交易只是取決於我們能獲得什麼。

Thank you, Paul. There are no further questions from the webcast. this concludes our second quarter 2025 results conference call and webcast. We expect to release our third quarter 2025 results after market close on November 3. Thank you for your interest in Franco-Nevada.

謝謝你，保羅。網路直播中沒有其他問題。我們的 2025 年第二季業績電話會議和網路直播到此結束。我們預計將於 11 月 3 日收盤後公佈 2025 年第三季業績。感謝您對 Franco-Nevada 的關注。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。