Franco-Nevada Corp (FNV) 2025 Q3 法說會逐字稿

Good morning, and welcome to Franco-Nevada Corporation's third quarter 2025 results conference call. This call is being recorded on November 4, 2025. (Operator Instructions) I would now like to turn the conference over to your host, Candida Hayden, Senior Analyst, Investor Relations. Thank you. Please go ahead.

早安，歡迎參加 Franco-Nevada 公司 2025 年第三季業績電話會議。本次通話於2025年11月4日錄音。（操作員指示）現在，我將把會議交給主持人，投資者關係高級分析師坎迪達·海頓。謝謝。請繼續。

Thank you, Ina. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada's third 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.

謝謝你，伊娜。各位早安。感謝您今天與我們一起討論 Franco-Nevada 2025 年第三季業績。本次電話會議附帶一份演示文稿，您可以在我們的網站 franco-nevada.com 上找到該演示文稿，您也可以在該網站找到我們的完整財務業績。

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.

今天上午的電話會議上，Franco-Nevada 總裁兼執行長 Paul Brink 將致開幕詞，隨後財務長 Sandip Rana 將簡要回顧我們的業績。接下來將進行問答環節。我們的全體管理團隊隨時準備好解答您的任何問題。

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

我們想提醒各位參與者，今天的一些評論可能包含前瞻性信息，請參閱本簡報第 2 頁上的詳細警示說明。現在我將把電話交給 Franco-Nevada 的總裁兼執行長 Paul Brink。

Thank you, Candida, and good day to all. For the third time this year, we're announcing record quarterly results. The new benchmark set this quarter were driven by high gold prices, strong operations, new acquisitions and the sale of Cobre Panama stockpiles. Over the last 18 months, we've made six acquisitions of meaningful new gold interests. Yanacocha, Cascabel, Sibanye's Western Limb, Porcupine, Côté and Arthur, all large ore bodies that will contribute to our growth for many decades.

謝謝你，坎迪達，祝大家今天愉快。今年我們第三次宣布季度業績創歷史新高。本季設定的新基準是由高金價、強勁的營運、新的收購以及Cobre Panama庫存的出售所推動的。在過去的18個月裡，我們完成了六項意義重大的新黃金權益收購。Yanacocha、Cascabel、Sibanye 的西部礦脈、Porcupine、Côté 和 Arthur，這些都是大型礦體，將在未來幾十年內為我們的發展做出貢獻。

Of the six, Porcupine, Yanacocha and Western Limb are also producing. That will impact our five-year growth and have boosted our gold price exposure. 85% of our revenue was from precious metals in the quarter. The last of the acquisitions in July this year was a royalty on the Arthur Gold project in Nevada, operated by AngloGold. We did draw on our corporate revolver to fund the acquisition with our strong cash flow generation and the proceeds from equity sales, the company was once again debt-free by quarter end.

六個品種中，豪豬（Porcupine）、亞納科查（Yanacocha）和西部肢體（Western Limb）也都在產卵。這將影響我們未來五年的成長預期，並增加我們對黃金價格的曝險。本季我們85%的營收來自貴金屬業務。今年 7 月的最後一筆收購是收購了英美黃金公司在內華達州經營的亞瑟黃金專案的特許權使用費。我們動用了公司循環信貸額度為此次收購提供資金，憑藉強勁的現金流和股權出售所得，公司在季度末再次實現了零負債。

During the quarter, we saw progress on the ground at Cobre Panama, completion of the concentrate shipments, pre-commissioning of the power plant for restart with the aim to provide power to the Panamanian grid, and formal notice to SGS to commence the environmental audit work.

本季度，我們在 Cobre Panama 取得了進展，完成了精礦運輸，發電廠已完成重啟前的調試，目標是向巴拿馬電網供電，並正式通知 SGS 開始環境審計工作。

Perhaps just as important, we're encouraged by the recent constructive comments by the President of Panama towards resolution of the Cobre mine closure. If Cobre does come back online and with the contributions from our recent acquisitions, we're positioned for roughly 50% growth in GEOs over five years compared to last year. For the long-term assets we've added, we can then maintain that level of production for many years thereafter.

或許同樣重要的是，我們對巴拿馬總統最近就解決科布雷礦關閉問題發表的建設性意見感到鼓舞。如果 Cobre 能夠恢復運營，再加上我們最近收購的公司的貢獻，那麼與去年相比，我們預計在未來五年內實現 GEO 成長約 50%。對於我們新增的長期資產，我們可以在之後的許多年裡保持這樣的生產水準。

Our deal pipeline remains very active. Although with this run-up in gold prices, we're also expecting good organic growth. With roughly half our revenue coming from principal gold assets, we expect this to be a powerful driver. Operators have strong cash flow for mine expansions, some ongoing by Detour and others now planned at Côté, Magino and Valentine. Developers have been able to raise capital for new builds, in particular, Skeena and Perpetua were both successful tapping the equity markets to ensure that they can advance Eskay Creek and Stibnite Gold. And the drills are turning on our large portfolio of exploration stage royalties.

我們的交易管道依然非常活躍。儘管金價上漲，但我們也預期會有良好的內生成長。我們約一半的收入來自黃金資產，因此我們預計這將是一個強勁的成長動力。營運商擁有強勁的現金流用於礦場擴張，Detour 正在進行一些擴張，而 Côté、Magino 和 Valentine 也正在計劃進行其他擴張。開發商已經能夠為新建設項目籌集資金，特別是 Skeena 和 Perpetua 都成功地利用了股權市場，以確保他們能夠推進 Eskay Creek 和 Stibnite Gold 的建設。我們正在鑽探大量勘探階段的特許權使用費。

Recognition of the importance of critical minerals has also unlocked a number of permitting processes, giving the green light to construction to Copper World and Stibnite Gold. Castle Mountain is also now included in the U.S. FAST-41 permitting process. On that same note, I've been impressed to see the profile that the Ring of Fire is getting in the Ontario government's Critical Mineral Strategy.

認識到關鍵礦產的重要性也促成了許多許可程序的啟動，為 Copper World 和 Stibnite Gold 的建設開了綠燈。城堡山現在也被納入了美國 FAST-41 許可程序。同樣值得一提的是，我對安大略省政府的關鍵礦產戰略中「火環」所受到的重視印象深刻。

In the last few years, we've added new avenue to grow our company. That is finding good teams and good projects and not just providing royalty or stream financing, but being their financial banker. The first was G Mining Ventures with Tocantinzinho and the second, the discovery team with Porcupine. Both are best-in-class and are proving to be highly successful. We are delighted to have played a role in their success. We're looking forward to supporting them going forward and to find other strong teams to bank.

近幾年，我們開闢了新的發展途徑。那就是找到優秀的團隊和優秀的項目，不僅提供版稅或融資，還要成為他們的財務銀行家。第一家是 G Mining Ventures 與 Tocantinzinho 合作，第二家是探勘團隊與 Porcupine 合作。兩者都是同類產品中的佼佼者，並且都取得了巨大的成功。我們很高興能為他們的成功貢獻一份心力。我們期待在未來繼續支持他們，並尋找其他值得信賴的優秀團隊。

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

接下來，我將把電話交給桑迪普，讓他來討論本季的情況。

Thanks, Paul. Good day, everyone. As Paul mentioned, Franco-Nevada reported record financial results for the third quarter ended September 30, 2025. Our diverse portfolio of royalty and stream assets performed ahead of recent expectations, and we continue to benefit from higher precious metal prices.

謝謝你，保羅。大家好。正如保羅所提到的，Franco-Nevada 公佈了截至 2025 年 9 月 30 日的第三季創紀錄的財務業績。我們多元化的特許權使用費和串流資產組合表現超出近期預期，我們將繼續受益於貴金屬價格上漲。

Precious metal prices with gold in particular, continue to be strong. On slide 4, you will see the comparison of commodity prices for Q3 2025 and Q3 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 34%. We also saw a rebound in prices for platinum and palladium, while prices for iron ore remained flat year-over-year, lower for oil, but we saw a significant increase in natural gas prices year-over-year.

貴金屬價格，尤其是黃金價格，持續走強。在第 4 張投影片中，您將看到 2025 年第三季和 2024 年第三季商品價格的比較。黃金和白銀價格較去年同期大幅上漲，其中黃金平均價格本季上漲 40%，白銀平均價格上漲 34%。我們也看到鉑金和鈀金價格反彈，而鐵礦石價格較去年同期持平，石油價格走低，但天然氣價格較去年同期大幅上漲。

On slide 5, we highlight some of the key financial metrics used to measure performance, total GEOs sold, net GEOs sold, revenue and adjusted EBITDA. Total GEOs sold increased 26% to 138,772 in the quarter compared to 110,110 in third quarter 2024. Precious metal GEOs sold in the quarter were 119,109, higher by 41% compared to prior year. Also, just under 50% of total GEOs sold were sourced directly from mines where precious metals are the primary commodity.

在第 5 張投影片中，我們重點介紹了一些用於衡量業績的關鍵財務指標，包括總銷售的 GEO、淨銷售的 GEO、收入和調整後的 EBITDA。本季 GEO 的總銷量成長了 26%，達到 138,772 台，而 2024 年第三季為 110,110 台。本季貴金屬GEO銷量為119,109股，較上年同期成長41%。此外，在售出的 GEO 總量中，近 50% 直接來自以貴金屬為主要商品的礦場。

For the quarter, we received strong contributions from a number of our key assets, Cobre Panama, Guadalupe and Candelaria, and we also benefited from our recent acquisitions, Western Limb, Yanacocha, Porcupine and Côté. This quarter, we recorded our first full quarter of revenue for both Porcupine and Côté. Approximately 11,000 GEOs were delivered and sold from Cobre Panama as we received GEOs related to the concentrate that had been stored on site since November 2023.

本季度，我們的一些主要資產，如 Cobre Panama、Guadalupe 和 Candelaria，做出了強勁的貢獻，我們也受益於我們最近收購的 Western Limb、Yanacocha、Porcupine 和 Cô´té。本季度，Porcupine 和 Côté 兩家公司都實現了首個完整的季度營收。大約有 11,000 個 GEO 從 Cobre Panama 交付並售出，因為我們收到了與自 2023 年 11 月以來一直儲存在現場的濃縮物相關的 GEO。

In addition to better performance from Guadalupe and Candelaria and receiving GEOs from recent acquisitions, we also benefited from the continued ramp-up of operations at new mines, Tocantinzinho, Greenstone and Salares Norte. With respect to the Hemlo NPI, the NPI was not as strong this quarter compared to earlier quarters this year due to lower production on Franco's Interlake claims on the property. Barrick is in the process of selling Hemlo, and we look forward to seeing what improvements the new team has planned for the mine.

除了 Guadalupe 和 Candelaria 表現更佳，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 這三個新礦場持續擴大營運規模。就 Hemlo NPI 而言，由於 Franco 在該礦區的 Interlake 礦權產量下降，本季 NPI 不如今年稍早幾季強勁。巴里克正在出售赫姆洛礦，我們期待看到新團隊為礦場製定了哪些改進計劃。

Diversified GEOs sold were 19,663 for the quarter compared to 25,733 for prior year despite diversified revenue being higher year-over-year, $67.1 million versus $61.2 million. The GEO sold reduction is due to the impact of higher gold prices when converting revenue to GEOs.

儘管多元化收入年增（6,710萬美元對6,120萬美元），但本季多元化GEO的銷量為19,663，而去年同期為25733。GEO 銷售下降是由於將收入轉換為 GEO 時金價上漲的影響。

For Q3 2025, net GEOs were 125,115 for Franco compared to 97,232 in Q3 2024. Net GEOs removes the cost of sales component for all GEOs so that GEOs sold are represented after cost. As you know, royalty GEOs are higher margin than stream GEOs.

2025 年第三季度，Franco 的淨 GEO 為 125,115，而 2024 年第三季為 97,232。淨 GEO 剔除了所有 GEO 的銷售成本部分，因此 GEO 的銷售量是在扣除成本後顯示的。如您所知，特許權使用費的地理空間收益比串流地理空間收益更高。

As you can see from the chart, total revenue increased by 77% for the quarter to $487.7 million, which is a record for Franco-Nevada. Precious metals accounted for 85% of revenue. Adjusted EBITDA, also a record, was 81% higher for the quarter at $427.3 million compared to $236.2 million in third quarter of 2024.

從圖表中可以看出，該季度總營收成長了 77%，達到 4.877 億美元，創下了 Franco-Nevada 的紀錄。貴金屬佔總收入的85%。調整後的 EBITDA 也創下紀錄，本季成長 81%，達到 4.273 億美元，而 2024 年第三季為 2.362 億美元。

Slide 6 details the key financial metrics reported by the company. As mentioned, total GEOs sold were 138,772, generating $487.7 million in revenue in the third quarter. With respect to costs, we did have an increase in cost of sales compared to prior year due to higher stream ounces sold, particularly Cobre Panama. Cost of sales was $47.2 million versus $31.9 million last year.

第 6 張投影片詳細列出了公司報告的關鍵財務指標。如前所述，第三季共售出 138,772 台 GEO，創造了 4.877 億美元的收入。就成本而言，由於銷售的散裝黃金盎司數增加，特別是巴拿馬銅礦，我們的銷售成本確實比上一年增加。銷售成本為 4,720 萬美元，而去年同期為 3,190 萬美元。

Depletion increased to $87 million versus $54.2 million as we received more GEOs from Candelaria, Cobre Panama and began depleting our recent transactions. This impacted depletion as those assets are currently higher per ounce depletion assets.

由於我們從 Candelaria 和 Cobre Panama 獲得了更多 GEO，並開始消耗我們最近的交易，消耗量從 5420 萬美元增加到 8700 萬美元。這影響了損耗，因為這些資產目前的每盎司損耗率較高。

Adjusted net income was $275 million or $1.43 per share for the quarter, both up 79% versus prior year. One other transaction that did occur during the quarter was the sale of some equity investments. We sold a portion of our equity investment in Discovery Silver and received total proceeds of $84.4 million with a gain of $67.4 million recorded on the sale. Under our accounting policies, these gains are reported in other comprehensive income and not reflected in our earnings per share. However, the gain would have generated an additional earnings per share of $0.30.

本季調整後淨收入為 2.75 億美元，即每股 1.43 美元，均較上年同期成長 79%。本季發生的另一筆交易是出售了一些股權投資。我們出售了在 Discovery Silver 的部分股權投資，共獲得 8,440 萬美元的收益，其中出售獲利 6,740 萬美元。根據我們的會計政策，這些收益計入其他綜合收益，不計入每股收益。然而，這項收益將使每股額外獲得 0.30 美元的收益。

Slide 7 highlights the continued diversification of the portfolio. As mentioned, 85% of our revenue was generated by precious metals, with revenue being sourced 88% from the Americas. No asset contributed more than 10% of our revenue.

第 7 張投影片重點介紹了投資組合的持續多元化。如前所述，我們 85% 的收入來自貴金屬，其中 88% 的收入來自美洲。沒有一項資產對我們收入的貢獻超過10%。

Slide 8 illustrates the strength of our business model to continue to generate high margins. For third quarter 2025, the cash cost per GEO is $340 per GEO. This compares to $290 per GEO last year. As the gold price has risen, Franco has seen a significant increase in our margin per GEO. Margin was $3,116 per GEO in the quarter, an increase of 42% year-over-year.

第 8 張投影片展示了我們商業模式的優勢，能夠持續創造高利潤。2025 年第三季度，每個 GEO 的現金成本為 340 美元。相比之下，去年每個 GEO 的成本為 290 美元。隨著金價上漲，Franco 的每 GEO 利潤率也大幅提高。本季每 GEO 的利潤為 3,116 美元，年增 42%。

Slide 9 summarizes our updated guidance. We have benefited from an increase in GEOs from Cobre Panama and Côté during the first nine months of 2025. That along with record gold prices has resulted in record financial results for the first nine months. Based on GEOs sold to date and what our expectations are for Q4 2025, we expect to be at the higher end of our initial guidance range, which was 465,000 to 525,000. We've narrowed this range to the higher end and now expect total GEOs sold to be between 495,000 to 525,000.

第 9 張投影片總結了我們更新後的指南。2025 年前九個月，Cobre Panama 和 Côté 的 GEO 數量有所增加，我們因此受益。再加上金價創歷史新高，使得前九個月的財務表現創下歷史新高。根據迄今為止售出的 GEO 數量以及我們對 2025 年第四季的預期，我們預計將達到最初指導範圍的上限，即 465,000 至 525,000。我們已將範圍縮小到較高水平，現在預計總銷量將在 495,000 至 525,000 台之間。

With respect to precious metals GEO sold guidance, our original guidance range was 385,000 to 425,000. With asset performance to date and precious metal GEOs received from Cobre Panama and Côté, we now expect to exceed the top end of the original guidance range. As a result, our updated guidance range for precious metal GEOs is 420,000 to 440,000.

關於貴金屬 GEO 的銷售指導，我們最初的指導範圍是 385,000 至 425,000。鑑於迄今為止的資產表現以及從 Cobre Panama 和 Côté 收到的貴金屬 GEO，我們現在預計將超過最初指導範圍的上限。因此，我們更新後的貴金屬GEO指導範圍為420,000至440,000。

Slide 10 summarizes the financial resources available to the company. The company had $236.7 million in cash and cash equivalents on hand at the end of the quarter. When including our credit facility of approximately $1 billion and our equity investments, total available capital at September 30, 2025, is in excess of $1.8 billion. As well, we continue to be debt free.

第 10 張投影片總結了公司可用的財務資源。截至季末，該公司持有現金及現金等價物2.367億美元。加上我們約 10 億美元的信貸額度和股權投資，截至 2025 年 9 月 30 日，可用資本總額超過 18 億美元。此外，我們仍然沒有負債。

And before I turn it over to the operator, I would just like to summarize the recent CRA Settlement that we achieved. On September 11, 2025, we reached a settlement with the Canada Revenue Agency, which provided for a final resolution of Franco-Nevada's tax dispute in connection with the reassessments under transfer pricing rules for the years 2013 to 2019 for our Mexican and Barbadian subsidiaries.

在將麥克風交給接線員之前，我想先總結我們最近達成的《社區再投資法案》和解協議。2025 年 9 月 11 日，我們與加拿大稅務局達成和解，最終解決了 Franco-Nevada 因 2013 年至 2019 年期間墨西哥和巴貝多子公司的轉讓定價規則重新評估而產生的稅務爭議。

Under the terms of the settlement, no payment of any tax in Canada is required on these foreign earnings for the subsidiaries for this period. We're glad to have this matter behind us and are very pleased with the settlement reached.

根據和解協議條款，在此期間，子公司在加拿大獲得的這些海外收益無需繳納任何稅款。我們很高興這件事終於過去了，對達成的和解結果非常滿意。

And with that, I will pass it over to the operator, and we're happy to answer any questions.

那麼，我就把電話交給接線生了，我們很樂意回答任何問題。

(Operator Instructions)

（操作說明）

Fahad Tariq, Jefferies.

法哈德‧塔里克，傑富瑞集團。

On the deal pipeline, can you talk a little bit more about the commodity focus? There were some articles recently talking about maybe expanding the gold business in Australia specifically. But at the same time, I know historically, Franco's strategy has been to try to be as countercyclical as possible. So just curious what the commodity focus is given where gold prices are today?

關於交易管道，能否再詳細談談大宗商品的重點？最近有一些文章討論了或許可以專門在澳洲擴大黃金業務。但同時，我知道從歷史上看，佛朗哥的策略一直是盡可能地反週期。鑑於目前的黃金價格，我很好奇市場關注的商品是什麼？

Fahad, it's Paul. Thanks for the question. It's a good one. As usual, our number 1 commodity focus is on precious metals here. The pipeline is good. So I think there's some good prospects of adding more gold deals. That said, gold prices are high. I think we are better positioned than most, two reasons. The one that I spoke a bit about in my comments there is in this environment, we expect strong organic growth.

法哈德，我是保羅。謝謝你的提問。這是個好主意。像往常一樣，我們最關注的大宗商品仍然是貴金屬。管道狀況良好。所以我認為增加更多黃金交易的前景不錯。話雖如此，黃金價格仍然很高。我認為我們比大多數人更有優勢，原因有二。我在剛才的評論中稍微提到的一點是，在這種環境下，我們預計會有強勁的內生成長。

The second is we always have a bit of our business open to diversify it. And so we always have the discipline in this environment, if there are better deals to do on the diversified side, we've got some room to do that. But as I say, most of the pipeline is currently gold.

第二點是，我們始終保持一定的業務開放，以實現多元化經營。因此，在這種環境下，我們始終保持著自律，如果多元化方面有更好的交易機會，我們還有一些空間去做。但正如我所說，目前大部分管道都是黃金。

On Australia, I was down there visiting recently. We and speaking to the number of Australian investors and the press about our plans there. We have added a new person to our team in Australia, Matt Selby out of Perth, who's driving our business development there. We would like to grow our business in Australia. As you know, we have a ton of royalties that cover a huge amount of land in Australia, but it's not yet a big part of our revenue.

關於澳大利亞，我最近去那裡旅遊了。我們正在與眾多澳洲投資者和媒體談論我們在澳洲的計劃。我們在澳洲團隊中新增了一位成員，來自珀斯的 Matt Selby，他將負責推動我們在當地的業務發展。我們希望在澳洲拓展業務。如您所知，我們擁有大量的特許權使用費，涵蓋澳洲的大片土地，但這還不是我們收入的主要部分。

I think they are particularly good prospects and very keen to find good teams in Australia that we can back and potentially do something similar to what we've done with G Mining or Discovery in the country.

我認為他們是非常有前途的，而且非常渴望在澳洲找到優秀的團隊，我們可以支持他們，並有可能在該國開展類似於我們與 G Mining 或 Discovery 合作的計畫。

Okay. Great. And maybe just as a follow-up, there were some comments probably now two months ago about looking at natural gas, given where natural gas prices were, maybe lithium brine transactions, given where lithium prices are and maybe oil, although the last time, I think Franco-Nevada did the oil royalty was when oil was below $50 a barrel, so we're not quite there yet. Just maybe comments on those three commodities specifically.

好的。偉大的。或許可以補充一點，大概兩個月前有人提到，鑑於當時的天然氣價格，可以考慮關注天然氣；鑑於當時的鋰價格，也可以考慮關注鋰鹵水交易；還可以考慮關注石油，雖然我記得 Franco-Nevada 上次收取石油特許權使用費的時候，油價低於每桶 50 美元，所以我們還沒到那個階段。或許可以就這三種商品發表一些評論。

We're open to all three. As I said, right now, as we look at what is ahead of us in the pipeline, the most actionable is on the gold side. But we're -- on the other commodities, it's less driven by the commodities. It's more driven by asset quality and being able to get good value. So if there is good value in either of those areas, we'd be open to it.

我們對這三種方案都持開放態度。正如我所說，現在，當我們展望未來的發展方向時，最切實可行的方向是黃金領域。但是，對於其他大宗商品而言，我們受到的大宗商品的影響較小。更重要的是資產品質和能否獲得良好的價值。所以，如果這兩方面都有很好的價值，我們都會持開放態度。

Sathish Kasinathan, Bank of America.

薩蒂什‧卡西納坦 (Sathish Kasinathan)，美國銀行。

This is Sathish on Lawson Winder's team. Just a follow-up on the pipeline. So you highlighted that you have a strong growth potential on the organic side with all the projects that you have under your portfolio. Does that mean that going forward, the focus is going to be more on the organic side instead of deals? Or how should we look at it?

這是勞森溫德團隊的薩蒂什。關於管道建設的後續情況。所以您強調，憑藉您投資組合中的所有項目，您在有機成長方面具有強大的潛力。這是否意味著未來公司的重點將更多地放在自然成長方面，而不是交易方面？或者我們應該如何看待這個問題？

No. As I just said on my last comment, there's a good pipeline. We're always focused on getting new deals done. I make the comment on organic growth really just in respect of discipline. You don't -- the market is bullish. We don't need to overpay for assets in this environment because we know that we're going to have good organic growth. So we know we've got a baseline there. The acquisitions on top of that are incremental. But the confidence that we'll have good organic growth allows us to keep our discipline.

不。正如我上次評論中所說，這裡有一條很好的管道。我們始終專注於達成新的交易。我之所以對有機成長發表評論，主要是出於對自律的考量。你不需要——市場正處於牛市。在這種環境下，我們不需要為資產支付過高的價格，因為我們知道我們將擁有良好的內生成長。所以我們知道我們已經有了基準線。除此之外的收購都是漸進式的。但我們相信自身能夠實現良好的自然成長，這使我們能夠保持自律。

Okay. That is clear. Just one follow-up on Palmarejo. So it had a huge quarter this quarter. It seems it is driven by a higher proportion of ore from the region that is covered by the stream. How high should we look at Q4?

好的。這一點很清楚。關於帕爾馬雷霍，僅作後續報導。所以它本季業績非常強勁。這是由於溪流覆蓋區域內礦石比例較高所致。第四季我們應該預期最高點是多少？

It's Sandip here. Yes, I would expect similar levels to what we've averaged for the first nine months of the year. Our projection for the year is anywhere between 40,000 to 50,000 GEOs from Palmarejo. So that's the guidance at this stage.

我是桑迪普。是的，我預計會與今年前九個月的平均值類似。我們預計今年來自帕爾馬雷霍的 GEO 數量將在 40,000 至 50,000 之間。這是現階段的指導意見。

Heiko Ihle, H.C. Wainwright.

海科·伊勒，H.C. 溫賴特。

This is Case calling in for Heiko as he's on another call. Just on our end, we're thinking out loud here, 3 months ago, gold was just below $3,400. Today, we're just below $4,000. Obviously, a pretty huge change in price, not really expected by most. You guys have been a huge benefactor of this, probably have more cash flows now than you budgeted for in recent past.

這是 Case 替 Heiko 打電話，因為他正在通話中。就我們而言，我們只是在自言自語，3 個月前，黃金價格略低於 3400 美元。今天，我們略低於 4000 美元。顯然，價格出現了相當大的變化，這完全出乎大多數人的意料。你們從中受益匪淺，現在的現金流可能比你們近期預算的還要多。

So the question is, has the recent gold price environment maybe changed your mind a bit in regard to shareholder returns as it relates to the higher dividend, potential share buyback or continued M&A given the pricing environment?

所以問題是，鑑於當前的金價環境，最近的金價環境是否改變了您對股東回報的看法，例如提高股利、潛在的股票回購或持續的併購？

Sure. Really, no, it's business as usual. As Paul highlighted, our priority is to continue to add good quality assets to the portfolio, focus on precious metals and then adding diversified if there's very good opportunities available to us. So that is the number 1 priority for capital deployment.

當然。真的，一切照舊。正如保羅所強調的那樣，我們的首要任務是繼續在投資組合中添加優質資產，並專注於貴金屬，然後在有非常好的機會時進行多元化投資。所以，這是資金部署的首要任務。

With respect to the dividend, it's a decision we sit down with our Board at the beginning of every year and go through what's in the pipeline, what our cash flow projections are and make a recommendation on how much we should increase that dividend. Our philosophy on the dividend is sustainable and progressive, raise it every year, never be in a position where you cut it regardless of what's happening with commodity prices. So we will be increasing it next year. The quantum is still yet to be determined, but there will definitely be an increase.

關於股息，我們每年年初都會與董事會坐下來討論，審查未來的計劃、現金流預測，並就股息應該增加多少提出建議。我們的分紅理念是可持續和進步的，每年提高分紅，無論大宗商品價格如何波動，我們都不會削減分紅。所以明年我們會增加這個數字。具體數字還有待確定，但肯定會增加。

As for buybacks, that it comes down to what's the best use of a dollar. And for us, we think the best use of a dollar is still adding good quality assets to the portfolio. So share buybacks is not something that we're considering at this time.

至於股票回購，關鍵在於如何最有效地利用每一美元。對我們來說，我們認為美元的最佳用途仍然是為投資組合增加優質資產。因此，目前我們暫不考慮股票回購。

(Operator Instructions)

（操作說明）

Cosmos Chiu, CIBC.

Cosmos Chiu，加拿大帝國商業銀行。

This is Cosmos from Cosmos' team at CIBC. Maybe my first question is on the NPIs. Paul and Sandip, as you know, I'd like to ask about these NPIs during periods of more robust precious metal prices. But as you mentioned, Hemlo did not have the best quarter in Q3, in part due to less ore being mined at Interlake. I guess my question is, I'm just wondering how much visibility do you have in terms of what's being mined from the different areas into Q4 and potentially into 2026 as well? And how is the potential change in ownership going to potentially change that thinking?

這是來自加拿大帝國商業銀行 (CIBC) Cosmos 團隊的 Cosmos。我的第一個問題可能是關於國家藥品識別碼（NPI）的。Paul 和 Sandip，你們也知道，我想問一下在貴金屬價格走強時期，這些 NPI 的狀況。但正如您所提到的，Hemlo 第三季的業績並不理想，部分原因是 Interlake 礦場的礦石開採量減少。我想問的是，您對第四季以及可能到 2026 年各個地區的採礦情況有多大了解？所有權的潛在變更將如何改變這種想法？

Cosmos, so in terms of visibility, it's limited. Obviously, there's a mine plan put in place at the beginning of each year and a budget that the operator does. So in this case, Barrick you can move away from that and sometimes based on timing, and that was what's happened in Q3. In this environment at these gold prices, we do expect the NPI to do quite well, and it did in the first part of this year.

宇宙，所以就可見性而言，是有限的。顯然，每年年初都會制定礦山計劃，營運商也會制定預算。所以，在這種情況下，巴里克可以擺脫那種局面，有時取決於時機，而這正是第三季發生的事情。在當前環境下，以目前的金價，我們預期淨商品指數（NPI）會表現良好，而今年上半年NPI的表現也確實如此。

I think part of the impact of Q3 was also with the sale going through and just probably some impact to efficiency with the mining on site. With respect to the new ownership group and that transaction has not closed yet, obviously, they're seeing something there to be spending over $1 billion to acquire that asset. So that is encouraging.

我認為第三季業績的部分影響也來自於出售的完成，以及可能對現場採礦效率造成的一些影響。關於新的所有權集團，雖然交易尚未完成，但顯然他們看到了其中的商機，並願意花費超過 10 億美元來收購該資產。這令人鼓舞。

We -- it's a wait-and-see approach at this time as to what changes or improvements they will make. But we're excited to see what their plan is and what they envision, and I think we'll have more information over the next few months.

目前我們只能採取觀望態度，看看他們會做出哪些改變或改進。但我們很期待看到他們的計劃和願景，我認為在接下來的幾個月裡我們會獲得更多資訊。

And how about the Musselwhite 5% NPI. Again, I'm seeing Q3, it didn't really increase that much from previous quarters in 2025. Like when does that one kick in? How should we look at that one at Musselwhite?

那麼 Musselwhite 5% NPI 怎麼樣呢？我再次看到，第三季與 2025 年之前的幾個季度相比，並沒有真正成長太多。那是什麼作用？我們該如何看待 Musselwhite 的那件事？

Yes. So Musselwhite is a -- again, it's a profit calculation. We have limited visibility at this time. We get paid once a year, which is after year-end. So right now, what you're seeing from our numbers is just an estimate. We haven't seen what capital is being spent. We'll get the calculation, as I said, post year-end, and there'll be a true-up there. We're a conservative group. So our numbers are conservative. So I'm hopeful that the actual number that comes out at the end of the year is much higher. But at this stage, it's our best estimate.

是的。所以，Musselwhite 又是另一個——這又是一個利潤計算。目前能見度有限。我們一年只領一次工資，是在年底之後。所以目前你們從我們的數據中看到的只是一個估計值。我們還沒有看到資金的具體用途。正如我所說，我們會在年底後進行計算，屆時會進行調整。我們是保守派團體。所以我們的數字比較保守。所以我希望年底公佈的實際數字會高很多。但就目前而言，這是我們能做出的最佳估計。

It's early days on both of those assets, Cosmos. But I got to say, delighted with the change in ownership in both. Bob Quartermain and their team. Bob, as you probably know, started his career at Hemlo, drilled some of the original discovery holes there. So having that team in place led by Bob, there's no doubt in my mind that they are going to drill and expand that ore body, which I think is going to do terrifically well for us over time.

Cosmos，這兩個項目都還處於早期階段。但我必須說，我對這兩家公司的所有權變更感到非常高興。鮑勃·夸特曼和他的團隊。你可能知道，鮑勃的職業生涯是從 Hemlo 開始的，他在那裡鑽探了一些最初的勘探孔。因此，有了鮑勃領導的團隊，我毫不懷疑他們會鑽探並擴大礦體，我認為這從長遠來看對我們非常有利。

Similarly, on Musselwhite, delighted that it's the older team led by Jason Simpson, very capable group, also very aggressive, having great success in drilling out the strike extension of that deposit. So all these things take a little bit of time before it starts showing up as cash flow. But I think very positive that you've got both those teams focused on expanding those assets.

同樣，在 Musselwhite 礦區，很高興看到由 Jason Simpson 領導的老團隊，他們能力很強，也很有進取心，在鑽探該礦床的走向延伸方面取得了巨大的成功。所以所有這些事情都需要一段時間才能開始轉換為現金流。但我認為非常積極的一點是，你們的兩個團隊都專注於擴大這些資產。

Great. thanks I do agree as well. Maybe switching gears a little bit. I noticed that and as Sandip you mentioned, you sold some -- or the company sold some Discovery shares in the quarter. How much of that was kind of related to your desire to be debt-free by the end of the quarter, especially since you had drawn $175 million on your credit facilities to pay for the Expanded Silicon acquisition. So how much of that was due to you wanting to be debt-free and number one?

太好了，謝謝。我也同意。或許可以稍微換個話題。我注意到了這一點，正如桑迪普你提到的那樣，你賣出了一些——或者說公司在本季賣出了一些Discovery的股票。其中有多少是因為你希望在本季末還清債務，特別是考慮到你已經動用了 1.75 億美元的信貸額度來支付對 Expanded Silicon 的收購。那麼，其中有多少是因為你想擺脫債務、成為第一名呢？

And number two, what's kind of like the plan now for the remaining Discovery shares or for that matter, your G Mining shares?

第二，對於剩餘的 Discovery 股份，或者就此而言，對於您的 G Mining 股份，目前的計劃是什麼？

Cosmos, it's Paul. The -- so first of all, with G Mining and Discovery, the -- our plan is to be their financial bankers, not just with stream and royalties, but also to be in the equity. So we will be long-term holders. That said, the equity side of our business, as we all know, it's not the core side. So we do plan to take profits over time.

宇宙啊，我是保羅。首先，對於 G Mining and Discovery 公司，我們的計畫是成為他們的財務顧問，不僅提供資金流和特許權使用費，還要持有股權。所以我們將長期持有。也就是說，眾所周知，股權部分並不是我們業務的核心部分。所以我們計劃逐步實現利潤最大化。

With Discovery, there were a couple of things there. The one is we had very good share price performance. And you're absolutely right. The other part of it was we had some debt outstanding. And so those two things together, we sold a small part of our position. We're able to realize a good gain and repay the debt. But we -- but longer term, we will continue to be holders of their stock and supporters of the company.

Discovery 頻道的情況比較特殊，有兩件事值得關注。其一是我們股價表現非常出色。你說得完全正確。另一方面，我們還有一些未償債務。因此，這兩件事結合起來，我們賣掉了一小部分股份。我們能夠獲得不錯的收益並償還債務。但是，從長遠來看，我們將繼續持有他們的股票，並繼續支持這家公司。

And then one last question, Western Limb, I saw that it had good results in Q3. And you had mentioned that platinum prices -- PGM prices have actually outperformed gold since the acquisition, which is good. But I just want to understand because I know this is a bit of a complicated transaction. And so I know that gold is actually based on PGM production. The delivery is actually pegged to the 4E PGM production.

最後一個問題，關於西部肢體，我看到它在第三季取得了不錯的成績。您曾提到，自收購以來，鉑金價格（PGM價格）實際上表現優於黃金，這是件好事。但我只是想弄清楚，因為我知道這是一筆有點複雜的交易。所以我知道黃金其實是以鉑族金屬的生產為基礎的。交付量實際上與 4E PGM 的生產掛鉤。

So -- and then you also mentioned in the MD&A that right now, it's 82% and 18% gold versus PGM. And I think the press release that came out earlier this year during the acquisition was 70 and 30. That was a split. So I guess I'm trying to confirm PGM prices have outperformed gold. Does that benefit your stream? And if so, how does it benefit?

所以—然後您在管理階層討論與分析中也提到，目前黃金佔比為 82%，鉑族金屬佔 18%。我認為今年早些時候收購期間發布的新聞稿是 70 和 30。那次分裂了。所以我想確認的是，鉑族金屬的價格表現是否優於黃金。這對你的直播有幫助嗎？如果真是如此，它有什麼好處？

Cosmos, it's Eaun speaking. Thank you for the question. I think it's a very good question. I would say, first of all, delighted with the performance of platinum. It has outpaced gold to a certain degree. And we do benefit from that both directly and indirectly. So you'll note that there is a portion of the stream that is platinum. So we do enjoy the appreciation in those platinum revenues immediately.

宇宙啊，我是伊恩。謝謝你的提問。我認為這是一個很好的問題。首先，我對白金版的表現非常滿意。在某種程度上，它的表現已經超過了黃金。我們確實從中獲得了直接和間接的好處。所以你會注意到，其中有一部分是白金級的。因此，我們確實能立即享受白金唱片收入的成長。

And then secondarily, you're quite right that what we've done is we've linked the gold deliveries to the 4E PGM production. So as the basket improves, as Sibanye looks at options for the assets, we would benefit indirectly from that as well. And -- as you'll probably know, there are two distinct ore bodies in these deposits, the UG2 and the Merensky.

其次，你說的完全正確，我們所做的就是將黃金交付與 4E PGM 生產聯繫起來。因此，隨著投資組合的改善，隨著 Sibanye 考慮資產處置方案，我們也會間接地從中受益。而且—您可能也知道—這些礦床中有兩個不同的礦體，分別是 UG2 礦體和 Merensky 礦體。

And this structure mitigates any risk of volatility for mining from one versus the other for us and provides a more stable stream of gold revenues to Franco. So that's why that was done.

這種結構降低了我們從其中一個礦場開採黃金相對於另一個礦場開採黃金的波動風險，並為 Franco 提供了更穩定的黃金收入來源。所以這就是這麼做的原因。

Congrats on a very strong Q3.

恭喜第三季業績非常出色。

Tanya Jakusconek, Scotia Bank.

Tanya Jakusconek，豐業銀行。

I just wanted to come back to the transaction environment in a little more detail. I guess it's divided into 3 sections. I'm going to start on the precious metals opportunities that you're seeing out there. When we last spoke because lots of things have happened with this rapid rise in the gold price, the opportunities were in the $100 million to $500 million range. I'm trying to understand if that's still what you're seeing out there.

我只是想更詳細地再談談交易環境。我猜它分為三個部分。我接下來要談談目前市場上存在的貴金屬投資機會。我們上次談話時，由於金價快速上漲，發生了很多事情，當時的投資機會在 1 億美元到 5 億美元之間。我想了解一下，你是否仍然看到這種情況。

And is it still for funding of asset sales or still funding for asset builds? I'm just wondering if that has changed at all? And are you seeing more competition now in the market with Zijin coming in and other players? And are you finding it's taking longer to get deals done? That's my first question on the precious metals.

那這筆資金是用於資產出售還是用於資產建設？我只是想知道這種情況是否有改變？隨著紫金礦業和其他企業的進入，您是否看到市場競爭加劇了？您是否發現完成交易所需的時間越來越長？這是我關於貴金屬的第一個問題。

Okay. Thank you, Tanya. It's Eaun speaking again. It's a very good question. When we last spoke, I indicated a similar environment to what we had seen in prior quarters. And I would reiterate that, that continues to be the case. In terms of deal size, certainly, and also in terms of the type of transaction. So we do see good opportunities in asset sales as likely over the coming quarters.

好的。謝謝你，塔尼亞。又是伊恩在說話。這是一個很好的問題。上次我們談話時，我指出情況與前幾季類似。我再次重申，情況依然如此。就交易規模而言，當然如此；就交易類型而言，也是如此。因此，我們認為未來幾季資產出售方面可能會出現良好的機會。

Likewise, good potential project financings as well. And I think those are two kind of legs of the stool, and we look to back teams in both of those types of financings, utilizing similar structures to what we would have done with Discovery or G Mining.

同樣，專案融資潛力也很好。我認為這是凳子的兩條腿，我們希望在這兩種類型的融資中支持團隊，採用與我們之前對 Discovery 或 G Mining 所做的類似的結構。

So we're quite optimistic about more of those transactions as we move forward. There are also some high-quality third-party royalties that are out there, and we continue to look at those and selectively execute on transactions like that when they come available. Hopefully, that's helpful.

因此，我們對未來更多此類交易的達成持相當樂觀的態度。市面上也有一些高品質的第三方版權，我們會繼續關注這些版權，並在有此類版權交易機會出現時選擇性地進行交易。希望這能有所幫助。

And are you finding that there is more competition and taking longer to complete deals with this higher gold price? I'm just trying to understand on how tight that market is?

您是否發現，隨著金價上漲，市場競爭加劇，交易完成時間也變長了？我只是想了解這個市場的競爭有多激烈？

Sure. I would say not a noticeable change in the competitive landscape really from my perspective. What has defined recent period is volatility, volatility in prices and volatility in terms of a number of other factors at play in the market. And as things kind of settle down and find more of a base, I think we'll see more transactions happen. And when you have significant moves in metal prices, of course, for any type of transaction on the short term, it makes it a bit more difficult to execute. But I think we'll see hopefully some more stability as we move forward.

當然。在我看來，競爭格局並沒有明顯的改變。近期的特點是波動性，價格波動性以及影響市場的許多其他因素的波動性。隨著情況逐漸穩定下來，找到更穩定的發展方向，我認為我們會看到更多的交易發生。當然，當金屬價格出現大幅波動時，任何類型的短期交易都會變得更難執行。但我認為，隨著時間的推移，我們有望看到更多的穩定性。

Okay. Thank you Eaun for that on the precious metal side. On the nonprecious metal side, I know we talked about lithium and natural gas and oil. So I wanted to ask whether that extends to also iron ore, if that's still something you're looking at? And also what's the size in a nonprecious metals deal are you seeing transactions similarly in that $100 million to $500 million range? And does iron ore or maybe potash also fit within that at this point?

好的。謝謝Eaun提供的貴金屬方面的資訊。在非貴金屬方面，我知道我們討論過鋰、天然氣和石油。所以我想問一下，這是否也適用於鐵礦石，如果這仍然是你們關注的領域的話？另外，非貴金屬交易的規模如何？您是否看到類似的交易規模在 1 億美元到 5 億美元之間？那麼，鐵礦石或鉀肥是否也屬於這個範疇呢？

So Tanya, Paul, the -- as my comments were earlier on, what we're looking at that's immediately actionable in the pipeline is precious metal focused. We -- but all those commodities that you mentioned there lithium, oil and gas, iron ore, we're open to those if there are transactions with good value. On the potash side, you do know we did it. We were able to acquire an option on the Autazes potash project down in Brazil. So that is -- if and when that project reaches a project financing, we've got the option to buy a royalty on that one.

所以 Tanya、Paul，正如我之前所說，我們目前著眼於可立即付諸行動的項目是貴金屬項目。我們——但是你提到的所有那些大宗商品，鋰、石油和天然氣、鐵礦石，如果交易價值高，我們都持開放態度。在鉀肥方面，你們也知道我們做到了。我們獲得了巴西奧塔澤斯鉀肥計畫的選擇權。所以，如果該專案獲得專案融資，我們可以選擇購買該專案的特許權使用費。

So all of those are our future prospects.

所以這些都是我們未來的發展前景。

And size-wise, Paul, what are we looking at in those types of transactions?

保羅，從規模來看，這類交易的規模有多大？

As I say, they were open in concept to transactions. Nothing that I can say is immediate in the pipeline. And -- but you know what our guidance is on diversified. It's a limited part of our portfolio. So I don't expect anything large.

正如我所說，他們在理念上對交易持開放態度。目前還沒有任何消息是立即提出的。但是——你知道我們對多元化投資的指導原則是什麼。這只是我們投資組合中的一小部分。所以我並不期待會有什麼大事發生。

Okay. So under $500 million. Okay. And then maybe just on my third portion of this is, are you -- as you look at the landscape out there, how do you assess corporate transaction vis-a-vis some of these other opportunities?

好的。所以不到5億美元。好的。然後，我的第三個問題是，當您審視當前的情況時，您如何評估企業交易與其他一些機會之間的關係？

We always run our pencil over the other companies, Tanya, to see if there is good value. And the -- nothing has changed from what we've said in the past. It comes down to you've got $1 to spend and where are you going to get the best return for your dollar. We typically find that, that is in doing private deals. And I'd say that's where we currently are again.

坦婭，我們總是會仔細檢視其他公司，看看它們是否物有所值。而且──我們過去所說的一切都沒有改變。歸根結底，你只有 1 美元可以花，那麼你該如何用這 1 美元獲得最大的回報？我們通常發現，這種情況發生在進行私人交易時。我想說，我們目前又回到那個階段了。

Okay. And then just maybe if I could ask on the equity interest, I think $625 million of equity investments. Just with the sale of the Discovery Silver, and I don't know what else may have been sold. Can you just kind of remind me, Sandip, what are the biggest portion of that $625 million, Discovery Silver, G Mining, is there anything else that's public?

好的。然後，我能否問一下股權方面的問題？我認為股權投資額為 6.25 億美元。僅出售 Discovery Silver 號就售出了，我不知道還賣掉了什麼其他東西。桑迪普，你能提醒我一下，這 6.25 億美元中最大的部分是什麼？是 Discovery Silver 還是 G Mining？還有其他公開揭露的資訊嗎？

Sorry, Tanya, Labrador Iron Ore Royalty, LIF. Those are the three largest positions.

抱歉，Tanya，拉布拉多鐵礦石特許權使用費，LIF。這是三個最重要的職位。

Okay. So the Labrador is in there as well. Okay. No, that's very good. And congrats on a good quarter.

好的。所以拉布拉多犬也在其中。好的。不，那非常好。恭喜你本季業績出色。

John Tumazos, John Tumazos Independent Research.

John Tumazos，John Tumazos 獨立研究公司。

Could you elaborate on the extra royalty on Gold Quarry buy-in? It's famously discovered over 40 years ago. Is the coverage the underground mining from the feeder zone with the open pit oxide all used up? Or are there more oxides that are economic because gold is $4,000. I'm wondering what the sizzle is there.

您能否詳細說明購買 Gold Quarry 股份所需的額外版稅？這項發現於40多年前，並廣為人知。此覆蓋範圍是否涵蓋了從礦脈帶到露天氧化礦開採區的地下採礦？或者，是否有更多經濟實惠的氧化物，因為黃金價格高達 4000 美元？我想知道那滋滋作響的聲音到底是什麼。

John, it's Eaun speaking. Thanks for the question. I'd say, first of all, we're very happy to add to our position on Gold Quarry. This is incremental to what we already have there. And so in reality, this royalty is structured with a minimum, which is based on a number of factors, one of which is the amount of reserves. So as those change based on a number of assumptions, one of which often would, of course, be gold price, that can trigger a change in the minimums.

約翰，我是伊恩。謝謝你的提問。首先，我們非常高興能夠增加我們在金礦區的持股。這是我們現有成果的補充。因此，實際上，這種版稅是有最低限額的，該限額基於許多因素，其中之一就是儲備金的金額。因此，隨著這些因素根據許多假設而變化（其中之一當然通常是黃金價格），這可能會引發最低限度的變化。

So in terms of what makes it attractive to us, there's that potential for sure. And I think as well, based on the current level of payments, it provides a very healthy rate of return. So very pleased to add that and the coverage is the same as set out for the existing royalty in the asset handbook, which I would have you referred to.

所以，就它吸引我們的地方而言，它的潛力是毋庸置疑的。而且我認為，以目前的支付水準來看，它提供了非常可觀的回報率。非常高興能補充這一點，而且保障範圍與資產手冊中規定的現有特許權使用費相同，您可以參考該手冊。

And John, there's a pushback of the pit wall to the north and the east that's been contemplated over time, not something that's currently on the books, but the hopes and dreams are with high gold prices that, that is something that would go ahead and that we could get a lot more from that royalty.

約翰，一直以來都有考慮將礦坑壁向北和向東推移，雖然目前還沒有具體的計劃，但人們希望隨著金價上漲，這項計劃能夠實施，這樣我們就能從礦區使用費中獲得更多收益。

If I could ask one more. On Discovery, the quick calculation I made was thanks hat you sold 27.8 million shares and had 52.2 million left and that you received USD 3.04 per share. Is that about right?

如果我能再問一個問題的話。在 Discovery 上，我快速計算了一下，由於你賣出了 2780 萬股，還剩下 5220 萬股，你每股獲得了 3.04 美元。這樣差不多嗎？

So John, we sold 26 million shares.

約翰，我們賣了2600萬股股票。

So you got a little more for it.

所以你多得到了一些好處。

Daniel Major from UBS.

來自瑞銀集團的丹尼爾‧梅傑。

Yes, my first one, apologies, I was slightly late joining the call if it's already been asked. But just the first one on Cobre Panama and from a, I guess, significantly involved party, but not directly at the table. I mean when you look at the catalysts that need to occur to trigger a restart the environmental audit, the renegotiation of fiscal terms, remobilizing the workforce, et cetera, what do you think kind of feels most likely to be the bottleneck in the process? And I heard the -- some commentary out of Argentina that there's still a belief that the environmental audit and the fiscal terms can be negotiated by the end of the year. Do you think that's realistic?

是的，這是我的第一個問題，抱歉，如果之前已經有人問過，我加入通話稍微晚了一點。但這只是 Cobre Panama 上的第一份，而且我猜是來自一個牽涉其中的重要一方，但並非直接參與決策。我的意思是，當你審視重啟環境審計、重新談判財政條款、重新調動勞動力等所需的催化劑時，你認為最有可能成為這個過程瓶頸的是什麼？我也聽到阿根廷的一些評論，認為環境審計和財政條款可以在年底前進行談判。你覺得這現實嗎？

That is -- Daniel, that's the time line that President Mulino had put out there as his objective. These things can always take longer, but they've been consistent on saying that is what they're aiming for. The audit is underway. There are no formal negotiations at this stage, although I know the company and the government have engaged in getting set for that. So it is -- I think it's still possible that, that kind of time line gets met.

也就是說——丹尼爾，這就是穆利諾總統提出的目標時間表。這些事情總是需要更長時間，但他們一直表示，這就是他們的目標。審計工作正在進行中。目前還沒有正式的談判，但我知道該公司和政府已經開始為此做準備。所以，我認為還是有可能在那個時間範圍內實現的。

We're encouraged by -- you probably would have seen the recent press comments by President Mulino, also comments by Tristan Pascall on acknowledging that the state would remain the owner of the minerals. And agreement on trying to negotiate on that basis. So I take that as a strong positive. The government comments is that, that has been received well. So I think that news is positive.

我們感到鼓舞——您可能已經看到了穆利諾總統最近的新聞講話，以及特里斯坦·帕斯卡爾關於承認國家仍將擁有礦產資源的講話。並同意在此基礎上進行談判。所以我認為這是一個非常積極的信號。政府方面表示，這項措施受到了好評。所以我認為這是個好消息。

The other positive news has been coming out of country is just the shift in sentiments where you saw 70%, 80% of folks post protest were anti-mining in any form, and that has shifted to a slight majority now that are open and also a good amount that I think would be supportive under the right terms, the right participation for the government of Panama, the right amount of transparency.

另一個來自該國的正面消息是，民眾情緒發生了轉變。抗議活動結束後，70%、80%的人反對任何形式的採礦活動，而現在這一比例略微上升，持開放態度的人略多於反對採礦的人，而且我認為，如果條件合適，巴拿馬政府能夠適當參與，並保持足夠的透明度，相當一部分人會支持採礦。

So I think things are definitely trending in the right direction. As we mentioned, there is movement on the ground with the government approving the various aspects of preservation and safe maintenance, the shipping of the concentrate, the power plant. The company has been rehiring folks so that they can start some of those activities. They've had a very strong response, a lot of folks looking to acquire those jobs. And I think that has also helped shift sentiment as people realize the value of the mine to the economy.

所以我認為事情肯定是朝著正確的方向發展。正如我們所提到的，政府正在推動各項工作，包括批准保護和安全維護、濃縮物的運輸以及發電廠等各個方面。該公司一直在重新招募員工，以便進行其中一些活動。他們得到了非常熱烈的反響，很多人都想獲得這些工作機會。我認為這也有助於轉變人們的看法，因為人們意識到了該礦對經濟的價值。

Okay. Thank you. The second one on the Arthur Gold project. I mean, how do you see the initial scope of the project? And obviously, we've seen some initial kind of projections, et cetera. But I mean, yes, from your perspective, how do you envisage the time line and the initial scope of the project if you have to kind of hazard a range of expectations?

好的。謝謝。第二篇是關於亞瑟·戈爾德的計畫。我的意思是，您如何看待該專案的初步範圍？顯然，我們已經看到了一些初步的預測等等。但我的意思是，是的，從你的角度來看，如果你必須承擔一系列預期風險，你會如何設想專案的進度安排和初始範圍？

Thank you, Daniel. It's Eaun Gray speaking here. First of all, we're thrilled to be involved in this project with AngloGold. We think the geological upside on the royalty grounds over time is phenomenal.

謝謝你，丹尼爾。我是伊恩·格雷。首先，我們非常高興能與英美黃金公司共同參與這個計畫。我們認為，從長遠來看，礦產資源特許權使用費的地質效益將是巨大的。

In terms of first steps in permitting, I understand that they need to start somewhere, even though the full deposit, in our view, likely hasn't emerged. So they -- I think AngloGold's disclosure is around Merlin-focused plan to start and then exploration, hopefully continuing from there.

就許可審批的第一步而言，我理解他們需要從某個地方開始，儘管我們認為，全部保證金可能還沒有到位。所以——我認為AngloGold的披露是關於以Merlin為重點的計劃，先啟動勘探工作，然後希望能夠繼續下去。

We have also been very happy to see the US permitting environment has evolved quite positively over the last little while and projects such as Stibnite where we're involved have moved along quite well. So in terms of permitting, we're hopeful on the time frame as to when that when that can happen. I think there's got to be a significant over-under in exactly when that happens with any regulatory process, but we're hopeful that the mine would start in the early portion of the 2030s.

我們也非常高興地看到，近來美國的審批環境發生了相當積極的變化，我們參與的 Stibnite 等計畫進展順利。所以就審批而言，我們對審批的時間安排抱持著希望。我認為任何監管流程的具體時間都會有很大的不確定性，但我們希望礦場能在 2030 年代初期開工。

Derick Ma, TD Cowen.

Derick Ma，TD Cowen。

At current gold prices, is there more leverage in royalties and streams on primary gold mines versus byproduct gold streams? And does that factor into the way you look at your portfolio, or your decision-making when assessing new opportunities?

以目前的金價計算，原生金礦的特許權使用費和金流是否比副產品金流更有優勢？這會影響您看待投資組合的方式，或是您在評估新機會時所做的決策？

Good question, Derick. Yes, is the short answer. Obviously, when the gold price is running on a primary gold deposit, the -- it allows operators when they look at their reserves, and that's kind of -- I think a lot of operators are looking at the reserves right now to figure out what price are they going to use at year-end. I think at the end of last year, the average for the industry was about $1,800 an ounce. I'm guessing at this, but I think the industry will be over $2,000 an ounce for the gold reserves. It means lower cutoff grades, and it means a lot of material that's going to move into the mine plan.

問得好，德瑞克。簡而言之，答案是肯定的。顯然，當金價取決於主要金礦儲量時，運營商在查看其儲量時就會考慮這一點，我認為很多運營商現在都在查看儲量，以確定他們在年底將使用的價格。我認為去年年底，該行業的平均價格約為每盎司 1800 美元。我只是猜測，但我認為黃金儲備的價格將超過每盎司 2000 美元。這意味著更低的最低礦石品位，也意味著大量的礦石將被納入採礦計畫。

Put that forward just a couple of years, let's just assume we're at $4,000 gold in three years' time. You could easily see the industry at ['26, '28], $3,000 gold for reserves. So even if the gold price stayed flat. In that scenario, our stock price would be worth a lot more because you get a huge amount of ounces that get moved into reserves.

假設幾年後，金價達到每盎司 4000 美元。您可以很容易地看到 ['26, '28] 年的行業狀況，黃金儲備為 3,000 美元。所以即使金價保持不變。在這種情況下，我們的股價會更有價值，因為大量的黃金會被轉移到儲備中。

And so that's -- on our portfolio, about half the assets are gold streams on copper mines. Half the assets are royalties on principal gold assets. So I think that's a big driver. On the other side, copper prices are doing great, too. So the same thing applies for a copper asset, higher copper prices, you'll get a lot more material moved into those mine plans. So on both sides, I think we should see great organic growth.

所以，在我們的投資組合中，大約一半的資產是銅礦的黃金流。其中一半資產是主要黃金資產的特許權使用費。所以我認為這是一個重要的驅動因素。另一方面，銅價也表現強勁。同樣的情況也適用於銅礦資產，銅價越高，就會有更多的材料投入礦山開採計畫。所以我認為雙方都應該會看到強勁的自然成長。

Okay. Great. And maybe a question on Argentina. Two of your longer-term growth assets that you've listed, Taca Taca and San Jorge are in Argentina, midterm elections are behind us now. What are your current views on Argentina as a mining jurisdiction and as an investment destination for Franco-Nevada going forward?

好的。偉大的。或許還可以問一個關於阿根廷的問題。您列出的兩項長期成長資產，Taca Taca 和 San Jorge，都位於阿根廷，而中期選舉現在已經結束了。您目前對阿根廷作為礦業管轄區和未來Franco-Nevada投資目的地有何看法？

And then maybe a follow-up on top of that is how many GEOs for Taca Taca and San Jorge are in your 2029 outlook?

此外，或許還可以進一步了解一下，在您的 2029 年展望中，Taca Taca 和 San Jorge 分別有多少個地理區域？

Yes. Maybe I'll just speak about the assets and then Sandip can comment on the guidance. The San Jorge is a, I'd call it, a midsized but good grade copper gold asset in Mendoza. The company tried to get a permit probably more than a decade ago, didn't quite get there at the time. Things have changed materially.

是的。或許我先談談資產狀況，然後桑迪普可以對績效指引發表評論。聖豪爾赫礦場是門多薩省一座中等規模但品位優良的銅金礦。該公司可能十多年前就會嘗試申請許可證，但當時並沒有成功。情況已經發生了實質的變化。

In meetings early this year, I met with the Governor for Natural Resources in Mendoza, and she was very encouraging saying, San Jorge could be the very first of the assets to move ahead under the new RIGI program. So we're very encouraged by that. No, the company is working on raising financing to move that forward.

今年年初的幾次會議上，我與門多薩省自然資源廳長會面，她非常鼓勵我說，聖豪爾赫可能是第一個在新RIGI計畫下推進的資產。我們對此感到非常鼓舞。不，該公司正在努力籌集資金以推進該項目。

Next up, Taca Taca. We're very hopeful that, that is the next big copper asset that First Quantum will build. I think as we all know, RIGI is a two-year window to get your applications in, and we're a year into that. So there's another 12 months to get that application in and then companies need to start spending and their minimum spends over the next two years. So I think this is highly likely that you'll see spending going ahead on Taca Taca in the short term.

接下來是 Taca Taca。我們非常有信心，這將是第一量子礦業公司下一個大型銅礦計畫。我想我們都知道，RIGI 的申請窗口期是兩年，現在已經過了一年。所以還有 12 個月的時間提交申請，然後公司需要在接下來的兩年內開始支出並達到最低支出。所以我認為，短期內你很可能會看到Taca Taca的支出持續增加。

For Argentina, we don't need to invest anything on those assets. We already own those interests. So that will happen regardless. For Argentina, it is the big question. Huge amount of assets there that are going to attract a lot of investment dollars. So we will consider Argentina. The -- what has been put forward in RIGI is very positive. It addresses the two big issues you have. The one is currency convertibility. That does get guaranteed if you enter into the RIGI program.

對於阿根廷來說，我們不需要對這些資產進行任何投資。我們已經擁有這些權益。所以無論如何都會發生。對阿根廷來說，這是個大問題。那裡擁有大量資產，將會吸引大量投資資金。所以我們會考慮阿根廷。RIGI提出的觀點非常正面。它解決了你提出的兩個主要問題。一是貨幣可兌換性。如果你加入RIGI計劃，這一點就能得到保證。

And then the second thing is to make sure that it has teeth that survives through multiple regimes, you do need rights to international arbitration and RIGI does afford that, too. So both those things go a long way to making Argentina an attractive destination.

其次，要確保它具有在多個政權更迭中依然存在的效力，就需要國際仲裁權，而RIGI也提供了這種權利。因此，這兩點都大大提升了阿根廷作為旅遊目的地的吸引力。

And Derick, just in terms of the 2029 guidance for those two assets, obviously, they still have to be built. So we were conservative in our estimates, but on a combined basis, it's about 5,000 GEOs.

德里克，就這兩個資產的 2029 年指導目標而言，顯然，它們還需要建造。所以我們估計得比較保守，但加起來大約有 5,000 個 GEO。

(Operator Instructions) There are no further questions on the phone line. I will now turn the conference over to Candida Hayden for any closing remarks.

（操作員指示）電話線上沒有其他問題了。現在我將把會議交給坎蒂達·海頓，請她作總結發言。

This concludes our third quarter 2025 results conference call. We expect to release our year-end 2025 results after market close on March 10. Thank you for your interest in Franco-Nevada. Goodbye.

本次2025年第三季業績電話會議到此結束。我們預計3月10日股市收盤後發布2025年終業績報告。感謝您對 Franco-Nevada 的關注。再見。

And this concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。