Financial Data and Key Metrics Changes - Franco-Nevada achieved record-breaking annual earnings of over $1 billion, reflecting a 75% increase year-over-year and a 60% earnings margin [4] - Revenue increased by 64%, adjusted EBITDA rose by 74%, and adjusted net income also increased by 74% for the year [12] - For Q4 2025, total GEOs sold increased by 18% to 141,856 compared to 120,063 in Q4 2024, with precious metal GEOs sold rising by 34% [12][15] Business Line Data and Key Metrics Changes - The company sold 519,106 total GEOs for the year, slightly exceeding the guidance range of 495,000 to 525,000 [10] - Precious metal GEOs sold were 440,140, while diversified assets contributed 78,966 GEOs sold for the year [11] - The average cash cost per GEO increased from $242 in 2020 to $325 in 2025, a 34% increase over five years, while the margin per GEO increased from $1,528 to $3,110, a 204% increase [17][18] Market Data and Key Metrics Changes - Gold prices increased by 56% year-over-year in Q4, while silver and platinum prices rose by 75% and 74%, respectively [11] - Oil prices were lower year-over-year, but natural gas prices saw a significant increase [12] - The company expects to benefit from a $70 per barrel oil price in its 2026 guidance, with a $5 increase in WTI price translating to a 7% increase in energy revenue [19][39] Company Strategy and Development Direction - Franco-Nevada aims to be the go-to gold stock while recognizing the cyclical nature of commodities and the benefits of diversification [5] - The company has added six quality long-dated assets to its portfolio, contributing to sustained production levels over the next decade [6] - The strategy includes promoting sustainable mining practices, as evidenced by being named one of the 100 most sustainable corporations globally [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for 2026, with expectations for good growth over 2025 and a strong five-year outlook [4] - The restart of Cobre Panama is seen as a significant growth opportunity, contingent on government approvals [5][22] - The company has a robust portfolio of assets that should contribute meaningfully over time, with a focus on jurisdictions with lower risk [53] Other Important Information - Franco-Nevada announced a 16% dividend increase, marking the 19th consecutive increase [4] - The company has approximately $3.1 billion in available capital and is debt-free, positioning it well for future acquisitions [9][29] - The company has identified $250 million of exploration spend on Canadian assets alone for the year [5] Q&A Session Summary Question: Expectations for South Arturo in 2026 and 2030 - Management indicated that South Arturo is performing ahead of schedule and expects strong results in 2026, with minimal contributions in 2030 [31][32] Question: Production guidance for Cascabel and stream buyback - The stream buyback will provide ounces not included in current guidance, with production volumes for 2030 expected to be between 15,000-20,000 GEOs [34][35] Question: Impact of energy prices on guidance - A $5 increase in WTI price would result in a 7% increase in energy revenue [39] Question: Cobre Panama's next steps and ramp-up timeline - The government aims for a resolution on Cobre Panama by the summit, with a ramp-up to 50% production expected in about six months post-approval [40][42] Question: Strategic positioning of publicly traded equity investments - The company intends to be long-term holders of shares obtained from supporting G Mining Ventures and Discovery Silver, with potential for liquidity if good opportunities arise [43]