Franco-Nevada Corp. Q4 FY2024 earnings call

• Paul Brink noted Daniel Malchuk joined the board in January, bringing valuable perspectives from his BHP experience. 2024 was the most active year for business development with over $1.3 billion in acquisitions/commits, including gold stream investments in Cascabel, royalty on Yanacocha, and Sibanye’s PGM stream. Completion of Tocantinzinho in Brazil and partnership with Discovery Silver were highlighted. - Sandip Rana discussed commodity price comparisons (gold up 34.7% Q4 2024, 22.9% full year), 2024 performance vs guidance, fourth quarter GEO/sales/revenue/EBITDA comparisons, net GEOs measure, portfolio diversification (76.5% precious metals revenue, 83.9% from Americas), and cash costs per GEO improving from 2023.

In 2024, 76.5% of Franco-Nevada's full-year revenue was generated by precious metals. The largest contributor to revenue was Candelaria, accounting for 14.6% of the full year. Diversified assets (non-precious metal mining and energy) resulted in just over 108,000 GEOs sold for the year, with revenue from diverse site assets in line with expectations. Precious metal GEO sales for 2024 were 355,000 to 180,000, near the top end of the guidance range.

• 2025 guidance: Total GEOs sold 465,000-525,000 (7% increase from 2024), precious metals GEOs 385,000-425,000 (14% increase). Drivers include recent acquisitions, mine ramp-ups, and Valentine Gold initial ounces in H2 2025. - Longer-term: 2029 guidance 490,000-550,000 GEOs sold, with contributors like Valentine Gold, mine starts, and expansions. Energy assets expected to increase GEOs over 5 years with energy prices flat at $70 WTI and $3 MCF natural gas.

• Legal proceedings related to Cobre Panama, expecting annual costs ~$10M. - Market volatility impacting M&A discussions and general market sentiment. - Geopolitical issues potentially affecting ore movement and operations. - Ongoing tax audits, e.g., CRA transfer pricing dispute with no immediate resolution.

Q: Brian MacArthur asked about 2028-2029 guidance delta and energy percentage in guidance.

A: Sandip Rana explained partial year impact on Antapaccay and energy contribution around 16-17% in 2029; Eaun Gray mentioned energy contribution in 2025.

Q: Tanya Jakusconek asked about energy contribution percentage, second half strength, Cobre Panama concentrate, and security.

A: Sandip Rana provided energy percentage in 2029, second half strength breakdown; Paul Brink discussed Cobre Panama concentrate value and security structure linked to MPSA shares.

Q: Martin Pradier asked about Tocantinzinho, Valentine Gold 2025 expectations, and CRA audit.

A: Sandip Rana stated Tocantinzinho full ramp-up and Valentine Gold minimal GEOs in H2 2025; Sandip Rana discussed ongoing CRA transfer pricing dispute with no immediate resolution.

Q: John Tumazos asked about investment criteria and Discovery Silver deal.

A: Paul Brink explained focus on quality ore bodies and optionality; Eaun Gray discussed support for Discovery Silver and commercial relationship approach.

Q: Bernie Picchi asked about Sibanye investment in South Africa and Cobre Panama concentrate ownership.

A: Paul Brink explained South Africa's mining economy and Cobre Panama concentrate value split between Franco-Nevada and First Quantum.