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- **Record Q3 Results**: $487.7M revenue (+77% YoY), 138,772 GEOs sold (+26% YoY)
- **Strategic Acquisitions**: Six new deals add 119,109 GEOs, 50%+ growth over five years
- **Financial Strength**: Debt-free, $236.7M cash, 81% EBITDA margin
- **Cobre Panama Catalysts**: Environmental audit, gov't support for 2026 restart
- **Dividend Growth**: 2026 increase confirmed, no share buybacks

**【Management Remarks】**
- Franco-Nevada reported record Q3 2025 results with total revenue of $487.7 million, up 77% year-over-year, driven by higher gold prices and new acquisitions.
- The company completed six strategic acquisitions in 18 months, including Porcupine, Côté, and Western Limb, positioning for 50%+ GEO growth over five years.
- Debt-free balance sheet with $236.7 million in cash and $1 billion credit facility.

**【CEO Commentary】**
- Six new acquisitions (Yanacocha, Western Limb, Porcupine) added 119,109 GEOs in Q3, 41% higher than prior year.
- Cobre Panama restart progress: concentrate shipments completed, power plant pre-commissioning underway.
- Diversified portfolio: 85% revenue from precious metals, 88% from Americas, no single asset >10% revenue.

**【CFO Financial Commentary】**
- Q3 2025: 
  - Total GEOs sold 138,772 (+26% YoY)
  - Precious metal GEOs 119,109 (+41% YoY)
  - Adjusted EBITDA $427.3 million (+81% YoY)
  - Margin $3,116/geo (+42% YoY)
- 2025 guidance narrowed to 495,000-525,000 GEOs (prev 465,000-525,000)

**【Q&A Highlights】**
- **Deal Pipeline**: 60+ active opportunities, 50%+ in gold; Australia expansion with new Perth team.
- **Dividend Policy**: Sustainable & progressive; 2026 dividend increase confirmed, no buybacks.
- **Cobre Panama**: Environmental audit underway, gov't supportive; potential 2026 restart.
- **Organic Growth**: 1.8M+ GEOs in pipeline from new mines (Tocantinzinho, Stibnite Gold).

Franco Nev Corp (FNV) Q3 2025 Earnings Call Transcript

- **Record Financial Performance**: Q2 2025 revenue ($369.4M) and EBITDA ($365.7M) set new highs, driven by 42% YoY growth.
- **Strategic Acquisitions**: $250M Arthur project acquisition and Cote Gold Royalty add 1M+ oz/yr production potential by 2028.
- **Cobre Panama Restart**: 10,000 GEOs expected in Q3, with upside if operations resume.
- **Capital Strength**: $1.3B annual cash flow and $1.35B available capital support aggressive M&A pipeline.
- **Key Risks**: Cobre Panama resolution timeline, oil price volatility in Permian assets.

**【CEO Summary Section】**
- Q2 2025 marked record financial results, driven by higher precious metal prices and portfolio performance. Total revenue reached $369.4 million, a 42% year-over-year increase.
- Key growth drivers include the Arthur project in Nevada (potential 1 million oz/yr production) and the Cote Gold Mine in Canada (16M oz M&I resources). The company also acquired a 22% gold stream on the New Prosperity project in BC, contingent on First Nation approval.
- Cobre Panama's copper concentrate shipment resumed in Q3, with expectations of 10,000 GEOs in Q3 and potential restart of operations.
- The company's 5-year growth outlook now includes Castle Mountain (FAST-41 permitting) and Cascabel (SolGold's Ecuador project, targeting 2028 first production).
- Annual cash flow generation of ~$1.3 billion provides ample firepower for acquisitions, with $1.35 billion in available capital post-Arthur acquisition.

**【CFO Financial Commentary】**
- Q2 2025 highlights:
  - Total GEOs sold: 112,093 (2% YoY increase)
  - Adjusted EBITDA: $365.7 million (65% YoY increase)
  - Net income: $238.5 million ($1.24 EPS, 65% YoY increase)
- Key contributors: Guadalupe, Candelaria, and new acquisitions (Cote, Porcupine). Diversified revenue ($62.7 million) offset by higher gold prices.
- Cost of sales: $33.5 million (17% YoY increase) due to stream ounces sold. Depletion: $64 million (21% YoY increase) from higher-percentage assets.
- Liquidity: $160.3 million in cash + $1 billion credit facility = $1.16 billion total capital (post-Arthur acquisition: $1.35 billion available).
- Guidance: 465,000-525,000 total GEOs (unchanged), with upside from Cote and Cobre Panama.

**【Q&A Key Highlights】**
- **Cobre Panama Arbitration**: Suspended to facilitate government resolution; no impact on guidance but potential upside if operations restart.
- **Corporate Strategy**: Balanced focus on production (e.g., Cote, Porcupine) and development (e.g., Arthur, New Prosperity). No shift in $100-500M deal size focus.
- **Permian Assets**: Q2 outperformance due to drilling activity; outlook tied to oil prices (~$80/bbl expected in H2).
- **Hemlo NPI**: Volatile but leveraged to gold prices; Q2 contribution $7.7 million (vs. $4 million expected).
- **Buybacks**: Cote and Porcupine have 50% buyback options; no immediate impact on Franco's portfolio.
- **New Prosperity**: 22% gold stream on 40-50k oz/yr potential; timeline dependent on Chukotun First Nation land use planning (2+ years).

Franco-Nevada Corporation (FNV) Q2 2025 Earnings Call Transcript

- **Record Q1 Results**: $368M revenue (+43% YoY), fueled by 38% higher gold prices and Hemlo NPI catch-up.
- **Strategic Acquisitions**: $500M Western Limb stream and $300M Porcupine royalty add 20,000+ GEOs annually.
- **Cobre Panama Update**: Arbitration suspension discussions active; concentrate sale timeline uncertain.
- **Energy Resilience**: Permian oil royalties offset gas price volatility, but activity tied to $60/bbl+ oil.

**【CEO Opening Remarks】**
- Q1 2025 marked record top and bottom line results, driven by elevated gold prices (+38% YoY) and contributions from Hemlo NPI and Energy assets.
- Key milestones: $500M Western Limb stream acquisition closed, and $300M Porcupine royalty transaction post-quarter end.
- Cobre Panama remains on hold, with Panama President Mulino signaling openness to discussions this year.

**【CFO Financial Highlights】**
- Total revenue: $368.4M (43% YoY growth), with 79% from precious metals.
- GEOs sold: 126,585 (3% YoY), with 8% increase in precious metal GEOs.
- Adjusted EBITDA: $321.9M (49% YoY growth), driven by higher margins ($2,500/GEO vs. prior year).
- Cost control maintained: cost of sales at $38.5M, despite higher stream volumes.

**【Q&A Key Takeaways】**
- **Cobre Panama**: Arbitration suspension discussions ongoing; government may prioritize concentrate sale and power plant restart.
- **Energy Exposure**: Permian oil royalties resilient, but future volumes tied to $60/bbl+ oil prices.
- **Deal Pipeline**: $100M-$500M+ gold royalty/stream opportunities dominate, with select base metal explorations.
- **Dividend Policy**: Sustainable growth focus; no plans for extraordinary increases despite gold price strength.

Franco-Nevada Corporation (FNV) Q1 2025 Earnings Call Transcript

- **Record GEO Sales**: 463,334 GEOs in 2024, near top of guidance, driven by Candelaria and new mines. 
- **$1.3B Deal Pipeline**: Acquisitions in Ecuador, Peru, and South Africa set up 7% GEO growth in 2025. 
- **Dividend Growth**: 18th consecutive increase, with total dividends surpassing $2.5B since IPO. 
- **Cobre Panama Progress**: Potential 2025 discussions with Panama, with $10M annual arbitration costs. 
- **25% Revenue Growth**: 2025 outlook fueled by new assets, with stronger second-half deliveries. 
- **South Africa Strategy**: $500M investment in Sibanye stream, leveraging South Africa’s mining expertise. 
- **CFO Outlook**: 2025 EBITDA margin to expand as new streams ramp up with minimal cost increases.

**【CEO Summary Section】**
- **2024 Year-End Performance**: Total GEO sold reached 463,334, near the top of the revised guidance range of 445,000-465,000. Precious metal GEOs accounted for 355,000, with strong contributions from Candelaria and new mines like Tocantinzinho. 
- **Business Development**: $1.3 billion in acquisitions, including streams in Ecuador, Peru, and South Africa. Notable deals include Sibanye’s Western Limb PGM stream and the Porcupine Complex royalty partnership. 
- **2025 Outlook**: GEOs expected to grow 7% to 465,000-525,000, driven by new assets like Yanacocha, Porcupine, and Tocantinzinho. Full-year contributions from Salares Norte and Greenstone will boost production. 
- **Dividend Growth**: 18th consecutive dividend increase, with cumulative dividends since IPO exceeding $2.5 billion. 
- **Cobre Panama Update**: President Mulino’s willingness to discuss corporate Panama could lead to progress in 2025. Annual costs of $10 million related to legal proceedings are expected. 

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Revenue of $321 million (5.8% YoY increase), adjusted EBITDA of $277.4 million (9% YoY). Precious metals accounted for 79% of revenue. 
- **GEO Conversion**: Net GEOs of 107,140 (Q4 2024) reflect margin focus, with royalty GEOs driving higher margins. 
- **2025 Guidance**: Revenue expected to grow 25% YoY, with a stronger second half due to ramp-ups at Sibanye and Porcupine. 
- **Balance Sheet**: $2.4 billion in available capital post-year-end, supporting future acquisitions with no debt. 

**【Q&A Highlights】**
- **Cobre Panama Arbitration**: Ability to pause arbitrations for 45 days to facilitate negotiations. Franco remains a financier, not an owner, so ownership changes would not impact stream terms. 
- **Sibanye Stream Timing**: Q1 2025 deliveries for 2024 production; 2025 production deliveries delayed 45 days to Q2. 
- **Magino/Island Mill Integration**: Assumed 11,500 tpd from Magino ore, aligning with current guidance. 
- **M&A Strategy**: Focus on high-quality ore bodies with long life, prioritizing precious metals. Energy investments remain opportunistic. 
- **CRA Dispute**: Ongoing transfer pricing audit with potential court resolution. 
- **South Africa Exposure**: Comfortable with $500 million investment in Sibanye stream, given South Africa’s mining infrastructure and political stability improvements.

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