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 [11][14] - For the fourth quarter, total GEOs sold increased by 18% to 141,856 compared to 120,063 in Q4 2024, with precious metal GEOs sold rising by 34% [11][12] Business Line Data and Key Metrics Changes - The company sold 519,106 total GEOs for the year, exceeding the guidance range of 495,000 to 525,000 [9] - Precious metal GEOs sold were 440,140, slightly above the top end of the guidance range, while diversified assets contributed 78,966 GEOs [10] - The average gold price increased by 56% in Q4, with silver and platinum prices rising by 75% and 74% respectively [10] Market Data and Key Metrics Changes - Precious metals accounted for 90% of total revenue, with 88% of revenue sourced from the Americas [15] - The 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 by 204% [16] 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 its five-year outlook and sustaining production levels [6] - The strategy includes promoting sustainable mining practices, as evidenced by being named one of the 100 most sustainable corporations globally [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for 2026, with expectations for further growth in GEO guidance and a strong focus on profitable business growth [4][8] - The company is well-positioned with $3.1 billion in available capital and no debt, allowing for continued growth and shareholder value creation [8] - The potential restart of Cobre Panamá could significantly enhance growth, with expectations of substantial contributions to GEOs sold [20] Other Important Information - Franco-Nevada has identified $250 million for exploration spending on Canadian assets in 2026, with expectations for a multiple of that on its global portfolio [5] - The company has added 820,000 royalty ounces with an undiscounted value of over $4 billion at current gold prices [7] Q&A Session Summary Question: Expectations for South Arturo in 2026 and 2030 - Management indicated that South Arturo is performing ahead of schedule and is expected to have a strong year in 2026, but production is anticipated to decline in 2027 [31][32] Question: Impact of oil price changes on revenue - A $5 increase in WTI price translates to a 7% increase in energy revenue [39] Question: Cobre Panamá's next steps and ramp-up timeline - The government aims for a resolution on Cobre Panamá by the upcoming summit, with a ramp-up to 50% production expected in about six months post-approval [41] 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, while also considering opportunities to realize value [42] Question: Sensitivity of cash receipts for Q1 - Management noted that the real benefit from recent high prices would likely be seen in Q2, with additional details provided in Q1 results [46] Question: Guidance for GEOs sold in 2030 - Management confirmed that guidance for 2030 would include contributions from various assets, with Bullabulling included but minimal in 2030 [60]

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 [11] - For the fourth quarter, total GEOs sold increased by 18% to 141,856 compared to 120,063 in Q4 2024, with precious metal GEOs sold rising by 34% [11][14] Business Line Data and Key Metrics Changes - The company sold 519,106 GEOs for the year, exceeding the guidance range of 495,000 to 525,000 GEOs [9] - Precious metal GEOs sold were 440,140, slightly exceeding the top end of the range, while diversified assets contributed 78,966 GEOs [10] - The average cost per GEO increased from $242 in 2020 to $325 in 2025, a 34% increase, while the margin per GEO increased from $1,528 to $3,110, a 204% increase [15][16] Market Data and Key Metrics Changes - Gold prices increased by 56% year-over-year, while silver and platinum prices rose by 75% and 74% respectively in Q4 [10] - Oil prices were lower year-over-year, but natural gas prices saw a significant increase [11] - 85% of full year 2025 revenue was generated by precious metals, with 88% sourced from the Americas [15] Company Strategy and Development Direction - The company aims to be the go-to gold stock while recognizing the cyclical nature of commodities and the benefits of diversification [5] - Franco-Nevada's strategy of supporting strong management teams has led to significant increases in share prices of associated companies [6] - The company is committed to sustainable mining practices and was recognized as one of the 100 most sustainable corporations globally [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for 2026, with expectations for further growth in GEO guidance [4][8] - The restart of Cobre Panama is seen as a significant growth opportunity, pending government approvals [5][20] - The company has a robust pipeline of acquisitions and expects continued activity in the deal environment despite market fluctuations [63] Other Important Information - Franco-Nevada has approximately $3.1 billion in available capital and is debt-free, positioning it well for future growth [8] - The company added 820,000 royalty ounces post-year-end, with an undiscounted value of over $4 billion at current gold prices [7] 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, but a decline is anticipated starting in 2027 [31][32] Question: Impact of oil price changes on revenue - A $5 increase in WTI price translates to a 7% increase in energy revenue [39] Question: Update on Cobre Panama's restart - The government aims for a resolution soon, with a ramp-up to 50% production expected within six months post-approval [41] 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, but may sell for good opportunities [42] Question: Sensitivity of cash receipts in Q1 - Management did not provide specific figures but noted that the benefits of recent high prices would likely be seen in Q2 [48] Question: Deal environment and focus on precious metals - The deal environment remains robust, with a focus primarily on precious metals, although the company remains open to other opportunities [66]

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]

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][14] - Adjusted EBITDA also reached a record, up 81% to $427.3 million from $236.2 million in the prior year [12][14] - Total GEOs sold increased by 26% to 138,772, with precious metal GEOs sold rising by 41% to 119,109 [10][12] - Adjusted net income was $275 million, or $1.43 per share, reflecting a 79% increase year-over-year [13][14] - Cash cost per GEO rose to $340 from $290, while margin per GEO increased by 42% to $3,116 [14] Business Line Data and Key Metrics Changes - The company benefited from strong contributions from key assets such as Cobre Panamá, Guadalupe, and Candelaria, along with recent acquisitions like Western Limb, Yanacocha, Porcupine, and Côté [10][11] - Approximately 11,000 GEOs were delivered from Cobre Panamá, contributing to the overall increase in GEOs sold [11] Market Data and Key Metrics Changes - Gold prices increased by 40% year-over-year, while silver prices rose by 34% [9] - The company noted a rebound in platinum and palladium prices, while iron ore prices remained flat and oil prices decreased [9] Company Strategy and Development Direction - The company aims for approximately 50% growth in GEOs over the next five years, driven by recent acquisitions and the potential restart of Cobre Panamá [5][6] - Franco-Nevada is focused on maintaining a disciplined approach to acquisitions, emphasizing organic growth alongside new deals [27][28] - 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 Panamá 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 constructive comments from the President of Panama regarding the mine's future [5][81] - 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, which will not require any tax payments on foreign earnings for the specified period [16][17] - Franco-Nevada remains debt-free, with total available capital exceeding $1.8 billion at the end of the quarter [16] Q&A Session Summary Question: Can you talk about the commodity focus in the deal pipeline? - Management confirmed 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 organic growth is strong, there is still a good pipeline for new deals, and they will maintain discipline in acquisitions [27][28] Question: How does the recent gold price environment affect shareholder returns? - Management stated that their priority remains 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 NPIs and their performance? - Management indicated limited visibility on NPIs, but expressed optimism about their performance in the current high gold price environment [40][41] Question: What are the expectations for Cobre Panamá's restart? - 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 [91][92]