Financial Data and Key Metrics Changes - Franco-Nevada reported record financial results for Q3 2025, with total revenue increasing by 77% to $487.7 million compared to Q3 2024 [12][16] - Adjusted EBITDA also reached a record, up 81% to $427.3 million from $236.2 million in the prior year [12][16] - Adjusted net income was $275 million, or $1.43 per share, reflecting a 79% increase year-over-year [13][16] - The average gold price increased by 40% year-over-year, while the average silver price rose by 34% [9][10] Business Line Data and Key Metrics Changes - Total GEOs sold increased by 26% to 138,772 in Q3 2025, compared to 110,110 in Q3 2024 [10][12] - Precious metal GEOs sold were 119,109, up 41% from the previous year [10][12] - Approximately 11,000 GEOs were delivered and sold from Cobre Panama, contributing to the strong performance [11] Market Data and Key Metrics Changes - 85% of revenue in Q3 2025 was derived from precious metals, with 88% of revenue sourced from the Americas [14][16] - The company experienced a significant increase in natural gas prices year-over-year, while iron ore prices remained flat [9][10] Company Strategy and Development Direction - The company aims for approximately 50% growth in GEOs over five years compared to last year, supported by recent acquisitions and the potential restart of Cobre Panama [5][6] - Franco-Nevada is focused on maintaining a disciplined approach to acquisitions, emphasizing organic growth alongside new deals [21][27] - The company is exploring opportunities in Australia and remains open to diversifying into other commodities like natural gas and lithium if good value is found [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of the Cobre Panama mine closure and the potential for a positive shift in public sentiment towards mining in Panama [5][81] - The company is encouraged by the recent performance of its key assets and the overall strong cash flow generation [4][9] - Management highlighted the importance of critical minerals and the positive developments in permitting processes for various projects [7][8] Other Important Information - The company reached a settlement with the Canada Revenue Agency regarding tax disputes for its Mexican and Barbadian subsidiaries, resulting in no tax payment required for foreign earnings during the specified period [16][17] - Franco-Nevada remains debt-free, with total available capital exceeding $1.8 billion as of September 30, 2025 [16] Q&A Session Summary Question: Can you talk about the commodity focus in the deal pipeline? - Management indicated that the primary focus remains on precious metals, with good prospects for adding more gold deals, while also being open to diversified opportunities if they present good value [21][24] Question: Will the focus shift more towards organic growth rather than new deals? - Management clarified that while there is strong organic growth potential, the focus will still be on acquiring new deals, maintaining discipline in the current market environment [27] Question: How does the recent gold price environment affect shareholder returns? - Management stated that the priority remains on adding quality assets, with plans to increase dividends sustainably, but share buybacks are not currently being considered [35][36] Question: What is the visibility on mining from different areas into Q4? - Management acknowledged limited visibility but expressed optimism about the performance of Musselwhite and Hemlo under new ownership [40][44] Question: What are the expectations for the restart of Cobre Panama? - Management is optimistic about the timeline for the restart, citing positive government comments and ongoing preparations [80][81] Question: How does the company view Argentina as a mining jurisdiction? - Management expressed a positive outlook on Argentina, highlighting recent regulatory changes that could attract investment [92][93]

Summary of Precious Metals Conference Call Industry Overview - The conference call focused on the precious metals sector, particularly gold, silver, and platinum group metals (PGMs) [1][2]. Key Points on Gold - **Price Outlook**: Gold is expected to reach $4,500/oz by mid-2026, supported by strong physical demand and macroeconomic factors [3][54]. - **Market Dynamics**: Recent price corrections have brought gold to healthier levels after being in 'overbought' territory. The price peaked at around $4,300/oz in October 2025 [3][13]. - **ETF Demand**: Significant ETF buying has reversed four years of net selling, with 19 million ounces (618 tonnes) purchased in 2025, closely linked to Fed policy shifts [12][35]. - **Risks**: Potential risks include price volatility, central bank reserve reductions, and competition from other asset classes [3][55]. Key Points on Silver - **Market Conditions**: Silver has experienced a physical squeeze due to a multi-year deficit, rising ETF holdings, and seasonal demand spikes [4][56]. - **Demand Drivers**: The solar sector has significantly increased silver demand, with a projected 7% CAGR from 2020 to 2025. However, demand growth may peak in 2025 as installations plateau [63][75]. - **Price Performance**: Silver prices surged to over $54/oz, driven by tight supply and increased demand, but may lag behind gold moving forward [56][76]. Key Points on Platinum Group Metals (PGMs) - **Market Correlation**: PGMs are positively correlated with gold and silver, but face unique risks. The removal of VAT exemptions on Chinese platinum imports could dampen demand [5][80]. - **Trade Risks**: Ongoing trade risks, particularly concerning palladium imports from Russia, are significant, with recent petitions filed against Russian imports [5][81]. Additional Insights - **Central Bank Activity**: Central banks added 220 tonnes of gold in Q3 2025, but overall purchases are down 12.5% year-to-date, indicating a potential decline in full-year buying below 1,000 tonnes for the first time since 2021 [30][34]. - **Jewelry Demand**: Jewelry demand remains weak in volume but robust in value, with signs of stabilization in key markets like India and China [41][42]. - **Supply Constraints**: Gold mine supply growth has been flat to down since 2019, and silver supply is largely a by-product of other metal mining, complicating supply responses to price changes [43][71]. Conclusion - The precious metals market is poised for potential upside, particularly for gold and silver, driven by macroeconomic factors and demand dynamics. However, risks from central bank actions, trade policies, and market volatility remain critical considerations for investors [53][76].

Core Insights - LaFleur Minerals Inc. is positioned in a favorable mining environment, with gold and silver prices rising due to inflation, geopolitical instability, and supply constraints, indicating growth potential for mining companies [3][4] - The transition from exploration to production is critical for mining companies, as it marks a phase where exploration risks diminish and value creation accelerates [4] - LaFleur Minerals has a fully permitted and refurbished gold-processing mill, which enhances its competitive edge over peers still seeking production capabilities [4][5] Company Overview - LaFleur Minerals Inc. focuses on developing district-scale gold projects in the Abitibi Gold Belt near Val-d'Or, Québec, with a primary emphasis on the Swanson Gold Project and the Beacon Gold Mill [5] - The Swanson Gold Project covers over 18,304 hectares (183 km²) and includes several gold-rich prospects previously held by other mining companies, enhancing its development potential [5] - The Beacon Gold Mill has a processing capacity of over 750 tonnes per day and is being considered for processing mineralized material from the Swanson project and custom milling for nearby projects [5]

Investment Backdrop for Precious Metals - The article evaluates the investment landscape for precious metals, specifically gold and silver, highlighting the potential of the Sprott Physical Gold and Silver Trust (CEF) as an investment opportunity [1]. Author's Background and Investment Strategy - The author has 15 years of experience in financial services, focusing on identifying undervalued sectors and thematic investment ideas, particularly in metals, gold, and cryptocurrency [1]. - The author emphasizes a disciplined approach to saving and investing, which has led to significant financial success over time [1]. Investment Portfolio and Focus Areas - The investment portfolio includes a variety of assets such as broad market indices (DIA, VOO, QQQM), sector-specific investments (XLE, IXC), and alternatives like Bitcoin and gold [1]. - The author specializes in macro analysis within the CEF/ETF Income Laboratory, targeting safe and reliable yields of approximately 8% through managed income portfolios [1].

Core Insights - Gold prices have reached an all-time high of $4,300 per ounce, driven by investor preference for safe-haven assets amid trade tensions between the U.S. and China [1] - Silver has also surged, hitting $52 per ounce, marking a 60% increase since April [1] Group 1: Market Dynamics - The rally in precious metals may be influenced by both speculative trading and fundamental factors [2] - The commodities sector, particularly precious metals, is less susceptible to retail trader influence compared to individual stocks [3] - Factors driving investment in gold and silver include a weak U.S. dollar, political instability, central bank buying, and increased industrial demand [7] Group 2: Investment Vehicles - Exchange-traded funds (ETFs) are recommended for gaining exposure to precious metals without the challenges of physical ownership [4] - iShares Silver Trust (SLV) offers high liquidity and holds physical silver, with $26.95 billion in assets under management [8][9] - abrdn Physical Precious Metals Basket Shares ETF (GLTR) provides diversified exposure to multiple precious metals, with a focus on gold [10][11] - Invesco DB Precious Metals Fund (DBP) invests in futures contracts to minimize tax implications, with a unique tax treatment under Section 1256 of the tax code [12][13][14]

Core Viewpoint - Gold and silver are experiencing their best week in five years, with Goldman Sachs raising its gold price target to $4,900 by December next year from $4,300, driven by strong inflows from private investors and central banks [1][4]. Group 1: Gold Market Dynamics - The rally in gold is primarily fueled by persistent inflows from long-term investors and central banks, rather than speculative trading [2][3]. - Central banks are accelerating their gold purchases, which is broadening the market's diversification rally that began in 2023 [4]. - The gold market is relatively small, approximately 70 times smaller than the US Treasury market, meaning that even minor diversification steps can significantly impact prices [5][6]. Group 2: Investment Outlook - The bullish forecast for gold is supported by central bank buying, which could provide about 15 percentage points of upside [7]. - Historical trends indicate that central bank gold buying cycles are typically long-lasting, with selling unlikely unless there is a significant easing of geopolitical risks or fiscal policy concerns [8]. - Current uncertainties regarding trade, credit, and fiscal policy are contributing to the bullish outlook for gold [9]. Group 3: Silver Market Insights - The medium-term outlook for silver prices is also positive, as Fed cuts are expected to boost ETF inflows, although the market is more volatile compared to gold [10]. - Silver's price movements are influenced by industrial demand, but the lack of central bank buying makes its outlook less certain than gold's [11][12].

Core Insights - Nassim Nicholas Taleb emphasizes the distinction between silver and gold, noting that central banks do not hoard silver, which affects its investment appeal [1] - Gold is preferred by central banks due to its established role as a reserve asset, while silver is more industrial, limiting its attractiveness for central bank reserves [2][3] Performance Comparison - Year-to-date, the iShares Silver Trust (SLV) has surged approximately 74%, while the SPDR Gold Trust (GLD) has increased about 55% [3] - Silver's higher returns come with increased risk, as its Beta relative to the S&P 500 is around 1.4, compared to gold's 0.46, indicating more dramatic price swings for silver [3] Volatility and Risk - Silver's standard deviation of returns over the past year is nearly double that of gold, highlighting its volatility [4] - Investors should be aware of silver's industrial demand fluctuations and market liquidity, which can lead to sudden price shifts [4] Investment Vehicles - ETFs like SLV provide a way for investors to gain exposure to silver without holding physical metal, with SLV trading above $46 as of mid-October 2025 [5] - Despite its strong performance, silver's volatility and lack of central bank backing categorize it as a higher-risk investment compared to gold [5][6] Strategic Considerations - While silver may present short-term upside, its elevated volatility and absence from central bank reserves sharply differentiate it from gold [6] - Investors should consider both performance and risk when allocating to precious metals, as the market treats gold and silver very differently [6]

Core Viewpoint - Bank of America has raised its 2026 price forecasts for gold to $5,000 per ounce and silver to $65, driven by supply tightness, policy uncertainty, and increasing investment demand [1][5]. Group 1: Gold Market Insights - A projected 14% increase in gold investment demand in 2026 could elevate prices to $5,000 or higher [3]. - ETF inflows into gold funds surged 880% year-over-year in September, reaching $14 billion, indicating strong investment interest [3]. - Gold investment demand now constitutes over 5% of global equity and bond markets, up from 2.8% two years ago, suggesting a significant shift in institutional positioning [4]. Group 2: Macroeconomic Factors - The macroeconomic environment remains favorable for gold, with expectations of looser monetary policy due to fiscal deficits and rising debt [5]. - A potential 28% increase in ETF flows could pave the way for gold prices to reach $6,000, although this is considered a challenging target [5]. Group 3: Silver Market Dynamics - Despite an expected 11% decline in total silver demand in 2026, silver is likely to remain in deficit for the fifth consecutive year due to insufficient mining supply [6]. - The shift in the solar industry to TopCon panels, which require less silver, is impacting demand dynamics [7]. - Tightness in the physical silver market has been noted, with increased lease rates in London indicating supply constraints [8]. Group 4: Price Projections - Bank of America anticipates potential price increases for gold and silver, projecting gold could rise to $5,000 per ounce and silver to $65 per ounce by 2026, despite acknowledging short-term risks [9].

Group 1 - Gold has recently surpassed the $4,000 mark, indicating a significant milestone in its market performance [1] - Silver has also reached a new all-time high, reflecting strong demand and market interest [1] Group 2 - The analyst expresses a particular interest in the Mining and Real Estate sectors, suggesting potential investment opportunities in these areas [1]

Summary of Triple Flag Precious Metals Conference Call Company Overview - **Company Name**: Triple Flag Precious Metals (NYSE: TFPM) - **Founded**: 2016 - **Market Position**: Fourth largest streaming and royalty company in the precious metals sector [2][3] - **Current Sales Guidance**: 105,000 to 115,000 gold-equivalent ounces for 2025, projected to rise to 135,000 to 145,000 by 2029 [3][30] - **Portfolio**: 237 assets, with 30 currently producing [3] Financial Performance - **Dividend**: $0.23 per share, increased annually since IPO in May 2021 [3] - **Available Liquidity**: Approximately $1 billion for new investments [3] - **Capital Deployment**: $2.8 billion since inception, correlating to about $280 million annually [14][15] - **Free Cash Flow**: Operating cash flow and free cash flow are effectively the same due to the absence of ongoing capital expenditures [13] Business Model and Strategy - **Streaming and Royalty Model**: Generates robust free cash flows without the drag of capital expenditures, allowing for a diverse portfolio [4][5] - **Diversification**: Includes various operators, commodities (primarily gold and silver), and jurisdictions [5][21] - **Optionality**: Embedded in contracts, allowing for direct benefits from rising commodity prices without margin variability [6][10] - **Focus on Cash Flow**: Emphasis on acquiring producing mines and near-mine exploration to quickly add value [45][46] Growth Drivers - **Current and Future Projects**: Growth to 135,000 to 145,000 gold-equivalent ounces will come from expansions of existing mines and new exploration projects [30] - **Key Assets**: Northparkes, Beta Hunt, and Hope Bay are highlighted as significant contributors to future growth [30][49] - **Recent Acquisitions**: - 1% royalty on Arthur Gold Project for slightly less than $250 million [51] - 0.5% royalty on Zhejiang's flagship lithium mine for just under $30 million [55] - 5% silver stream on Arcata and Azuca for $35 million [57] Market Outlook - **Gold Price**: Currently nearing $4,000 per ounce, with a positive long-term outlook due to structural factors such as government debt [10][11] - **Investment Philosophy**: Focus on high-quality assets with significant exploration potential, while maintaining a strong balance sheet [40][74] Cultural and Operational Insights - **Team Background**: Predominantly from larger mining companies, emphasizing a blend of operational and financial expertise [44] - **Transparency and Due Diligence**: Strong emphasis on detailed asset evaluation and open communication with partners [47][48] Conclusion - **Long-term Vision**: Commitment to growing free cash flow per share and maintaining alignment with shareholder interests, with a focus on high-quality precious metals exposure [40][74]