Franco-Nevada Reports Q2 2024 Results

Core Viewpoint - Franco-Nevada reported a decrease in year-over-year results primarily due to the absence of contributions from Cobre Panama and lower production at Candelaria and Antapaccay, despite benefiting from record gold prices in Q2 2024 [1][5]. Financial Highlights - In Q2 2024, Franco-Nevada sold 110,264 GEOs, a decrease of 35% compared to Q2 2023, with revenue of $260.1 million, down 21% [2][5]. - Adjusted EBITDA for Q2 2024 was $221.9 million, a decrease of 20% year-over-year, with net income of $79.5 million, down 57% [2][5]. - The company recognized an additional income tax expense of $69.8 million due to new tax measures related to the Global Minimum Tax initiative [2][8]. Sector-Leading ESG - Franco-Nevada is rated 1 in precious metals and gold by Sustainalytics, and has committed to the World Gold Council's Responsible Gold Mining Principles [3]. - The company has a diverse representation of 40% at the Board and top leadership levels [3]. Growth and Optionality - The company anticipates stronger contributions from Candelaria and new mines such as Tocantinzinho, Greenstone, and Salares Norte in the second half of 2024 [1][6]. - Franco-Nevada has added two long-life assets: a gold stream on SolGold's Cascabel project and a royalty on Newmont's Yanacocha operations [1][6]. Portfolio Updates - Precious Metal assets saw a decrease in GEOs sold from 132,033 in Q2 2023 to 82,350 in Q2 2024, with lower contributions from Cobre Panama, Antapaccay, and Candelaria [9]. - New projects like Tocantinzinho and Salares Norte are expected to ramp up production, contributing positively in H2 2024 [9][10]. Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.36 per share, reflecting a 5.88% increase [2][14].