Franco-Nevada Corporation Year-End 2025 Earnings Call - Record earnings, ~75% jump and aggressive low-cost royalty build

Joanna, Conference Call Operator: Morning, welcome to Franco-Nevada Corporation’s 2025 year-end results conference call and webcast. This call is being recorded on March 11, 2026. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a Q&A session where you may ask a question through the phone line or webcast. If you are joining by webcast, you may submit a written question for the Q&A session at any time during this call by typing your question in the Q&A section of the webcast platform. If you require immediate assistance during this call, please press star zero at any time for the operator. I would now like to turn the conference over to your host, Candida Hayden, Senior Analyst, Investor Relations. Please go ahead.

Candida Hayden, Senior Analyst, Investor Relations, Franco-Nevada Corporation: Thank you, Joanna. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada’s year-end 2022 results. Accompanying this call is a presentation which is available on our website at franco-nevada.com, where you’ll also find our full financial results. Presentation is also available to view on the webcast. During our call this morning, Paul Brink, President and CEO of Franco-Nevada, will provide introductory remarks, followed by Sandip Rana, Chief Financial Officer, who will provide a review of our results, followed by Eaun Gray, Chief Investment Officer, who will provide a review of our recent acquisitions. This will be followed by a Q&A period. Our full executive team is available to answer any questions. Participants may submit questions by the telephone or via the webcast.

We would like to remind participants that some of today’s commentary may contain forward-looking information, and we refer you to our detailed cautionary note on slide two of this presentation. I will now turn over the call to Paul Brink, President and CEO of Franco-Nevada.

Paul Brink, President and Chief Executive Officer, Franco-Nevada Corporation: Thanks, Candida, and good morning. 2025 was a record-breaking year for Franco-Nevada, driven by higher precious metal prices and growing production. Thanks to a strong fourth quarter, we achieved the top end of our revised 2025 GEO guidance range. Big focus for us is growing the business profitably, so it’s a proud moment when the annual earnings increased by roughly 75%. The more than $1 billion in earnings is close to a 60% earnings margin, a level of profitability that’s impressive in any sector. In January this year, we increased our dividend for the 19th consecutive time. For the record rise in our 2025 cash flow, we announced a higher than normal 16% dividend increase. Our 2026 GEO guidance shows good growth over 2025, with further growth in our 5-year outlook. In many ways, this is just the baseline.

With the abundant cash flow and capital in the gold sector, the draws will be turning on the 70,000 square kilometers of mineral tenure that we cover globally. We’ve identified $250 million of exploration spend on our Canadian assets alone this year. We expect a multiple of that on our global portfolio. A restart of Cobre Panama would add significant further growth, and the Panamanian government’s willingness to approve the processing stockpiles is a positive step in that direction. While our goal is to be the go-to gold stock, we recognize the cyclical nature of commodities and the benefits of some commodity diversification. Our guidance this year is based on $70 per barrel oil. The last I saw, WTI prices were $85 a barrel. If that’s sustained, our 2026 guidance may be too conservative.

2024 and 2025 have been two of our best ever years for capital deployment, adding six quality long-dated assets to the portfolio that contribute to our five-year outlook and help sustain those production levels over the next decade and beyond. Our strategy of being the financial bank of strong teams has worked wonders. We’ve seen the G Mining and Discovery Silver share prices increase tenfold, and they’re now some of the darlings in the sector. Post-year-end, Ian and the team have backed two other teams in North America, Paddy Downey and the Orezone team acquiring Casa Berardi from Hecla, and Richard Young and the i-80 team developing their suite of assets in Nevada. Most recently, we’ve backed Tim Goyder and the Minerals 260 team developing the Bullabulling assets in Western Australia.

We’re delighted that their share price is up 50% in the couple of weeks since the transaction was announced. By making their shareholders successful, we believe we can open the eyes of the Australian markets to the power of our financing model. You will have seen in our asset handbook the term royalty ounces, representing mineral resources and streams and royalties, where the economics are 100% attributable to us. In the deals we’ve done since year-end, we’ve added 820,000 royalty ounces. That’s an undiscounted value of over $4 billion at today’s gold prices. Our average cost was $770 an ounce, a fraction of the cost you see in other transactions in the sector.

We’re committed to promoting sustainable mining, and we’re delighted to have been named by the Corporate Knights in 2026 as one of the 100 most sustainable corporations globally. To wrap up, we’re excited about the outlook for Franco-Nevada in 2026. With the industry’s largest portfolio of gold royalties, no debt, $3.1 billion in available capital, we really are uniquely positioned to create further shareholder value. Over to you, Sandy.

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: Great. Thanks very much, Paul. Good morning, everyone. As Paul mentioned, Franco-Nevada reported record financial results for fourth quarter and year-end to December 31, 2025. Our diverse portfolio of royalty and stream assets performed well and continued to benefit from higher precious metal prices. Slide 4 provides a recap of the company’s performance against the revised guidance provided for the year. The updated guidance range was 495,000 to 525,000 total GEOs sold. Of this total, the company guided 420,000 to 440,000 precious metal GEOs, with the balance being from diversified assets. With strong performance from a number of assets during fourth quarter, the company finished the year with 519,106 GEOs sold, which was near the top end of the guidance range.

For precious metal GEOs, we slightly exceeded the top end of the range with 440,140 GEOs sold. The diversified assets, which include our non-precious metal mining assets and energy assets, resulted in 78,966 GEOs sold for the year. On slide 5, you will see a summary of commodity prices for fourth quarter and full year 2025 and 2024. Gold and silver prices increased significantly year-over-year, with the average gold price higher by 56% in the quarter. However, the two strongest performers during fourth quarter were silver and platinum, each up 75% and 74% respectively. The strong silver price performance resulted in a stronger gold-silver ratio, which benefited our silver assets, in particular Antamina, and also our Western Limb platinum stream, which benefited from stronger platinum price.

For diversified commodities, prices for iron ore remained essentially flat year-over-year. Oil was lower, but we saw a significant increase in natural gas prices year-over-year. The strong performance from our assets, combined with record gold and silver prices, resulted in record financial results for 2025 as seen on slide six. Revenue was higher by 64%, adjusted EBITDA 74%, and adjusted net income 74%. This was also the case for fourth quarter as compared to prior year as seen on slide seven. Total GEOs sold for the quarter increased 18% to 141,856, compared to 120,063 in fourth quarter 2024. Precious metal GEOs sold in the quarter were 127,959, higher by 34% compared to prior year.

50% of total GEOs sold were sourced directly from mines where precious metals are the primary commodity. For the quarter, we received strong contributions from a number of key assets. Antamina, where we benefited from both higher deliveries as fourth quarter was the highest delivery period during the year, and also benefiting from higher silver price when converting to GEOs. Both Guadalupe and Antapaccay had strong production quarters. At Hemlo, we benefited from the leverage that net profit interest provide. As you know, the Hemlo NPI is difficult to forecast as it depends on how much mining is performed on Franco-Nevada’s Interlake lands. During fourth quarter, we benefited from both higher production on our lands as well as higher margin per ounce with the rise in gold price.

In addition to the strong performance from those assets mentioned, we benefited from asset acquisitions that were new contributors to Franco-Nevada during fourth quarter, Western Limb, Porcupine, and Côté Gold. Diversified GEOs sold were 13,697 for the quarter, compared to 24,498 for prior year. This was partially due to lower diversified revenue than prior year, but the larger impact for the reduction in GEOs sold is due to the impact of higher gold prices when converting revenue to GEOs. As you can see from the chart, total revenue increased by 86% for the quarter to $597.3 million, which is a record for Franco-Nevada. Precious metals accounted for 90% of revenue.

Adjusted EBITDA, also a record, was 95% higher for the quarter at $541.2 million, compared to $277.4 million in Q4 2024. With respect to cost, we did have an increase in cost of sales compared to Q4 2024 due to higher stream ounces sold. Depletion increased to $87.3 million versus $60 million a year ago, as we received more GEOs from Antapaccay and Antamina, and began depleting our recent transactions, Yanacocha, Western Limb, Porcupine, and Côté. These assets are higher per ounce depletion assets. Finally, adjusted net income was $356.2 million, or $1.85 per share for the quarter, both up 94% versus prior year. Slide 8 highlights the continued diversification of the portfolio.

85% of our full year 2025 revenue was generated by precious metals, with revenue being sourced 88% from the Americas. No one asset generates more than 13% of revenue, as we have one of the most diverse portfolios in the industry. Slide 9 illustrates the strength of our business model to continue to generate high margins. As you can see over the last number of years, as the gold price has increased, our margin per GEO has remained fairly constant. The cash cost per GEO has increased from $242 in 2020 to $325 per GEO in 2025.

A 34% increase over this five-year period. However, the margin has increased from 1,528 per GEO in 2020 to 3,110 per GEO in 2025, a 204% increase, while during this period the average gold price increased 194%. Our business model is very profitable as royalties and streams are usually top-line revenue interest with either no cost or a fixed payment associated. As a result, as seen on slide 10, our adjusted EBITDA margin for 2025 was 91%. When accounting for depletion and taxes and other costs, our adjusted net income margin was 59%. As we look forward, slide 11 summarizes our GEO sold guidance for 2026.

Beginning in 2026, we will be adopting a fixed GEO conversion ratios based on the pricing assumptions that you see on the slide. This methodology replaces our previous variable GEO conversion ratios based on actual average commodity prices and is intended to make our GEO guidance better reflect production volumes. Our total GEO sold are expected to range from 510,000 to 570,000 ounces, with 90% from precious metals and 10% from our diversified assets. As you can see, we have provided guidance ranges for gold, silver, and PGM ounces, and for diversified assets, we are providing a revenue range.

The main drivers for the GEO sold increase year-over-year are for precious metals. We will be benefiting from full year contributions from a number of assets, both acquisitions and new mine starts, Côté Gold, Porcupine, Casa Berardi, i-80, and Valentine Gold. We will continue to benefit from the ramp-up of new mines that began production over the last couple of years, Greenstone and Salares Norte. Please note that we have not assumed any contributions from Cobre Panama. First Quantum Minerals has stated that they are awaiting formal approval to process stockpiled ore, which would produce approximately 70,000 tons of copper and result in stream deliveries to Franco-Nevada of approximately 23 ounces of gold and 265,000 ounces of silver. Timing of deliveries would be dependent on when formal approval is received. Also on the slide, we’ve provided guidance for depletion, tax, and funding commitments.

Slide 12 illustrates our outlook for 2030, which is 555,000 to 615,000 GEOs sold. Main contributors will be contributions from new mines, Stibnite Gold, Copper World, Eskay Creek, Cascabel, and Tocantinzinho. Contributions from expansions that are either underway or planned, Antapaccay, Coroccohuayco, Magino, Detour Lake, and Castle Mountain. We do anticipate a step down in deliveries at Candelaria in the second half of 2027 and at Antapaccay in the second half of 2028. For the energy assets, we’ve assumed an increase in production over the next five years, resulting in an increase in GEOs, but have kept commodity prices flat at $70 a barrel WTI and $3 Mcf natural gas.

Overall, when you look at the outlook for GEOs sold, the company has approximately 13% built-in organic growth from 2025 to 2030 at budgeted commodity prices, excluding Cobre Panamá. Cobre Panamá is a large growth driver if the mine were to restart. Should production restart, there’s the potential for materially higher GEOs depending on the conditions of the restart. Based on the average of the next five years of the Cobre Panamá mine plan, the stream could contribute between 150,000-175,000 GEOs to Franco-Nevada per year. With a Cobre Panamá restart, the company has approximately 45% built-in growth to 2030. As we look past 2030, Franco-Nevada has a very deep portfolio of assets that should begin to contribute meaningfully over time.

I won’t go into the specific details as shown on slide 13, but overall, these assets have the potential to generate over 220,000 GEOs to Franco-Nevada over time. Each asset is a different stage of development. When looking at this group of assets as a whole, they contain approximately 6 million measured and indicated and 1.7 million inferred royalty ounces. A royalty ounce is net of any cost such as stream cost, so it represents 100% cash flow to Franco-Nevada before taxes. Even beyond that, we have not included any upside from over 230 exploration assets, which provide additional optionality. In this price environment, we are seeing exploration drilling increasing on our lands. We look forward to seeing what positive news is released on some of these options over time.

With that, I will pass it over to Eaun, who will highlight the recent new additions to the portfolio.

Eaun Gray, Chief Investment Officer, Franco-Nevada Corporation: Thank you, Sandeep. It’s been an exciting year so far as we’ve delivered meaningful growth with several large acquisitions in key gold mining districts. This growth has come at a low cost per ounce of resource, which Paul highlighted earlier. Starting with our Casa Berardi stream, we were delighted to support Patrick Downey and his team in the acquisition of this established producer in Quebec. We have confidence in Patrick Downey and his team to execute their plans, and in particular, are excited by the increased exploration the property will now receive. For too long, this project has been underloved. With an extensive land package and deep cover, our team sees great promise to extend mine life and increase grades. Similar to our investment with Discovery, we see focused management as key to the success of this mine, and is now in place, so the future should be bright.

We’re also excited to have completed a financing with i-80 in February. This is the third financing we’ve completed with Richard Young and his team speaking to the strength of that relationship.

We structured this royalty to dovetail with the company’s growth plans with a step up to 3% in 2031. The royalty covers all of the precious metals assets and over 200 square kilometers of key gold trends in Nevada, our namesake. We’ll see cash flow starting immediately with Granite Creek, expanding with Archimedes and ramping up with the development of Mineral Point, which we envisage as a large-scale project. A significant portion of the financing is earmarked for acceleration of development at all three. Finally, I’d like to briefly touch on our first sizable acquisition in Australia for some time, the Bullabulling royalty.

We historically have held a royalty on a portion of the deposit, but with the renewed focus on the asset by Minerals 260, we quickly realized the larger potential of this project, which is a short distance from Kalgoorlie, a key gold producing region. We’re delighted, as Paul said, to be working with Tim Goyder and Luke McFadden, who lead the team at Minerals 260. We expect a PFS in the next few months, which should better define the project parameters for the market. The expanded resource has already been published, but extensive drilling has since been completed and will continue. Given the brownfield nature of the project in a well-established historical mining area, we see a rapid path to production with meaningful contribution to our Australian business.

To conclude, I would highlight that we’re debt-free with significant cash flow generation, which positions us well for continued acquisitive growth. With that, I’ll hand it over to the operator for any questions.

Joanna, Conference Call Operator: Of course. During this Q&A session, if you would like to ask a question, simply press star, then 1 on your telephone keypad. If you would like to withdraw your question, please press star followed by 2. If you are joining us on the webcast, please submit your question through the Q&A section of the webcast platform. First question comes from Josh Wilson with RBC Capital Markets. Please go ahead.

Josh Wilson, Analyst, RBC Capital Markets: Yeah, thank you very much. First question is just on South Arturo, very strong results in the fourth quarter. I’m wondering if you can provide any more information on expectations for 2026 and if that’s assumed as well for 2030.

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: Sure. Josh, Sandeep here. Yeah, no, South Arturo was a very strong performer in the quarter. They are mining the open pit ahead of schedule. It’s gonna carry on into 2026, so 2026 should be a strong year. And from what we’ve seen in the first part of this year, it is occurring. But starting in 2027, we do see it falling back off. It’s really a 2026 benefit with minimal for 2030.

Josh Wilson, Analyst, RBC Capital Markets: Okay. The minimum deliveries still apply for 2027, correct?

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: Yes, correct.

Josh Wilson, Analyst, RBC Capital Markets: All right. Thank you. For Cascabel, a couple questions there. I mean, first is for the stream buyback, should we assume that assuming it’s the gold payable that’s going to be received, should we assume that that’s reflected in production for guidance? Similarly for 2030, is there any additional disclosure the team can provide in terms of what the production volumes are there?

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: Sure. For the buyback on the stream, we are receiving ounces. Those ounces are not included in our guidance at this stage. We have been notified they will be delivering GEOs for the roughly $40 million buyback that has been calculated. As I said, it’s not in our guidance. We’re still working on how to account for that buyback. As we decide that, we’ll provide additional disclosure. As for 2030, Cascabel mine start is in our outlook, and it’s probably a range between 15,000-20,000 GEOs.

Josh Wilson, Analyst, RBC Capital Markets: All right. Thank you very much. One last question, just on Musselwhite, you know, very strong quarter there reported previously by the operator. It looks like the NPI didn’t pay out as high as expected. Is that something we should expect to occur, I guess, as a true up in 2026, or is there something more we should be aware about?

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: Yes, Orla did report very strong Q4. We do not have an estimate of the NPI at this stage. As you know, one of the major deductions is capital. We made an accrual. Once we get the actual number from Orla, we will make an adjustment. In all likelihood, it will be a true up, but as to the quantum, unknown at this time.

Josh Wilson, Analyst, RBC Capital Markets: Great. Thank you very much.

Joanna, Conference Call Operator: Thank you. The next question comes from Larry Liu with CIBC. Please go ahead.

Larry Liu, Analyst, CIBC: Hi, Paul, Sandeep, and Ian for taking my question today. I guess my first question would be on energy prices. If we look at the 2026 guidance, oil is calculated using $70 a barrel. Because of recent events, we’ve seen the oil price strengthen. I’m wondering if you can give us a little more sensitivity around how that would impact Franco-Nevada. As you know, Franco is one of few, if not the only company, royalty company that has exposure to energy.

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: Sure. Hi, Larry. As you’re correct, we use $70 per barrel WTI in preparing our guidance. A $5 increase in the WTI price is essentially a 7% increase in energy revenue.

Larry Liu, Analyst, CIBC: Perfect. Sounds good. Thanks, Sandip. I guess on a similar topic, now that we’re looking more towards unlocking value of the portfolio, I kind of wanna ask about Cobre Panamá. From that perspective, I’m wondering, what’s the next step after the environmental audit conclude? When should we expect a potential decision from the government? Is that something you can share with us? How long does it take for the asset to ramp up and deliveries to restart for Franco?

Paul Brink, President and Chief Executive Officer, Franco-Nevada Corporation: Thanks for the question. The best information that’s out there was the government themselves, President Mulino, saying his target is this summit to try and have a resolution on the issue. Hopeful that something can be achieved in that sort of timeline. In terms of a ramp-up, my understanding is, you know, once you’ve got a go decision, that it would be roughly six months to get to 50% of production and 12 months to get to about 90%. Although if the company is allowed to go ahead with the processing of stockpiles, that does allow them to operationalize. They’re already increasing their workforce. It would allow them to start at least one of the trains, the mill trains. I expect that could accelerate the ramp-up timeline.

Larry Liu, Analyst, CIBC: Perfect. Sounds good, Paul. I guess I have just one last question, if that’s okay, is I wanna ask about the balance sheet. Franco currently holds about $1.1 billion in publicly traded equity investments, and that’s a significant increase from just $770 million in Q3. I’m wondering, what would be strategic positioning for the public traded equity investments? Could that be a potential source of liquidity? How should we look at it?

Paul Brink, President and Chief Executive Officer, Franco-Nevada Corporation: The large part of those equities are shares that we obtained in supporting G Mining Ventures and Discovery Silver. Our intent is to be their financial backers. We want the market to know that we’re in those stories, so we intend to be long-term holders of their stock. At the same time, if there are good opportunities, if we have got good returns, there is the potential that we’ll take some money off the table. We are long-term investors. You know, so principally we’re there just to realize the value that we think both teams can add in their companies.

Larry Liu, Analyst, CIBC: Perfect. Sounds good. Thanks so much, guys, for taking my question. I’ll return back to the queue. Thank you.

Joanna, Conference Call Operator: Thank you. The next question comes from Heiko Ihle with H.C. Wainwright. Please go ahead.

Heiko Ihle, Analyst, H.C. Wainwright: Hey there. Thanks so much for taking my questions. I’m gonna

Paul Brink, President and Chief Executive Officer, Franco-Nevada Corporation: Thanks.

Heiko Ihle, Analyst, H.C. Wainwright: Follow up with one of the last questions I was asking in the oil segment. We’re three weeks away from Q1 being over. Do you have a year-to-date figure of cash receipts? And also, I’m cognizant the high prices didn’t really start until, you know, a couple of weeks ago or really just two weeks ago. But maybe a bit of color of what number we should be modeling out for the full quarter.

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: Heiko, Sandeep here. You’re right that, you know, this event is recent. I do not have a number off the top of my head. If anything, you know, the real benefit to this, if it just carries on, will be a Q2 event for us. As part of our Q1 results, we’ll provide additional color as to sensitivities, et cetera.

Heiko Ihle, Analyst, H.C. Wainwright: You wouldn’t be willing to give us a quarter-to-date estimate on receipts though, would you?

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: Not right now, no.

Heiko Ihle, Analyst, H.C. Wainwright: Okay. Fair enough. Just thinking out loud, I mean, you know, like, you know, there’s talk about, you know, mines getting put into the strait and just geopolitical risk factors are roaring even more so than they have been over the past couple of years. Just maybe a bit of color on where internally you move your discount rates and your risk-based premiums for acquisitions that you’re thinking and willing to make.

Paul Brink, President and Chief Executive Officer, Franco-Nevada Corporation: That’s a, that would be a long answer to that question. Other than that, you know, I think the main point you make is a very good point. We’ve seen de-globalization. We’ve seen the world breaking into trade blocks and now you have an added dispute on top of that. It does raise risk globally. We try to be a low-risk way to invest in this business. We need to have most of our assets in good jurisdictions. We’re very glad that that is the case. Very glad that in terms of the recent deals over the last number of years, most of that has been in Canada, the US, and Australia. We think those are super jurisdictions.

We will continue to do deals that are across the board. We do like to have most of the assets in good jurisdictions. Obviously, when you’re going into jurisdictions when there’s more risk, you’ve gotta think about the discount rate. You gotta think about the size of capital that you’re putting at risk. In particular, we think about the payback and you wanna make sure, if there is a bit more jurisdictional risk that you’re getting a faster payback.

Heiko Ihle, Analyst, H.C. Wainwright: That’s fair. Okay. I’ll get back with you. Thank you, guys.

Joanna, Conference Call Operator: Thank you. The next question comes from Tanya Jakusconek with Scotiabank. Please go ahead.

Tanya Jakusconek, Analyst, Scotiabank: Oh, great. Good morning, everybody. Thank you so much for taking my questions.

First one I’m gonna start with Sandeep on just how you’re going to be showing guidance. I understand that you’ve put out your commodity pricing and that’s what you’re going to use for the year. When you report, should I be thinking that the GEOs that you’re going to be reporting every quarter would be exactly on those commodity prices you’ve outlined, but your revenue is actually gonna be on what was realized per quarter? I’m just trying to understand how you’re gonna show it.

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: That’s correct, Tanya. Revenue will be realized at the actual prices for the period, but the GEO calculation against the guidance will be based on the prices that we’ve disclosed as part of our guidance disclosure.

Tanya Jakusconek, Analyst, Scotiabank: Okay, got it. Those two numbers will be quite different. Will you disclose both or just the one?

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: To be determined. We are having those discussions.

Tanya Jakusconek, Analyst, Scotiabank: Okay. All right, thank you for that clarity. My next question then is going to go back to the guidance. I wanna go back to 2030 ’cause we were quite off on 2030. I’m trying to understand if it’s possible for you, would you be able to take that guidance range and break that out to what is gold in that 2030 guidance? What is silver and what’s the other diversified?

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: I think we would break it out just between precious metals and diversifying, but I can give you a call after and give you some color.

Tanya Jakusconek, Analyst, Scotiabank: Okay. In that guidance as well, you gave us what the contribution from Cascabel would be. I don’t have the new deposit coming in at Antapaccay. Would you happen to know how much is in there as well? Is this new Australian Bullabulling in there in your 2030 guidance as well?

Sandip Rana, Chief Financial Officer, Franco-Nevada Corporation: I don’t have the Antapaccay Coroccohuayco number in front of me. Bullabulling is in there, but it’s minimal ounces in 2030.

Tanya Jakusconek, Analyst, Scotiabank: Okay. Okay, that’s very helpful. Thank you on that. I’m just trying to understand also, if maybe Ian wants to take this one, just on the environment that you’re in, because, you know, it’s moving quite fast, these commodity prices. Maybe just an idea of what you’re seeing out there. Any opportunities for you to double down on, you know, areas of investment that you already have exposure to. Obviously we saw the big Wheaton transaction on Antamina, so trying to understand how many other big ones are out there in that space that you’re also seeing.

Eaun Gray, Chief Investment Officer, Franco-Nevada Corporation: Thank you, Tanya, for the question. I would say overall it remains a very robust deal environment. As you’ve seen a number of transactions, we’re very proud of the deals that we got done year to date. My expectation is you’ll continue to see similar kind of deal environment to what we’ve seen over the last two years, despite the changes to prices, just based on what we’re seeing at the moment. You know, what I’m very excited about is given you know the deal that we’ve done in Australia, the deal that BHP did, you know I think the streaming market is very much in consideration by CFOs in the mining industry at the moment. That should drive further activity going forward. So I’m quite hopeful on that front.

Tanya Jakusconek, Analyst, Scotiabank: What is the size of the deal environment you’re seeing? ’Cause, you know, you can run a truck through the $0-$4.3 billion. What are most that you’re seeing? Are we still in that $100-$300 or $100-$500? I’m just trying to understand what the majority are separate from these big ones.

Eaun Gray, Chief Investment Officer, Franco-Nevada Corporation: Yeah, Tanya. Unfortunately, it’s really hard to handicap. I would say at the moment, you know, you’re gonna see a range, you know, similar sizes to, you know, what has taken place. For the last, you know, year or so, that’s what I would expect in the market going forward. There are larger transactions and smaller transactions. We’ll see what actually crosses the finish line.

Tanya Jakusconek, Analyst, Scotiabank: Is your focus, Ian, mainly on precious metals right now, or are there opportunities in other metals as well?

Eaun Gray, Chief Investment Officer, Franco-Nevada Corporation: That really hasn’t changed. We remain open to investments outside of precious metals, but you know, precious metals make up the majority of what’s in the pipeline at the moment.

Tanya Jakusconek, Analyst, Scotiabank: Okay. I’ll get back in the queue. Thank you.

Joanna, Conference Call Operator: There are no further questions on the phone line. I will now turn the Q&A session back over to Candida Hayden, who will take questions from the webcast.

Candida Hayden, Senior Analyst, Investor Relations, Franco-Nevada Corporation: Thank you, Joanna. Our first question comes from Bernie Figi from Palisade Capital. Based on the recent transactions or investments in Canada, U.S. (Nevada) and Australia, it would seem that you may have made a strategic decision to focus on OECD-type host countries, developed countries. Is this just a coincidence, a happy occurrence or deliberate?

Paul Brink, President and Chief Executive Officer, Franco-Nevada Corporation: You know, as I mentioned earlier on in terms of how we think about the portfolio, it’s, yeah, make sure that most of the assets are in great mining jurisdictions. We’re blessed. A lot of our assets are in Canada, U.S., Australia, but also in Chile, Peru, Mexico, Brazil. These are all great mining countries. We’d continue to invest in all of them. It is, you know. Yes, what we’ve done does reflect our strategy. It is a happy coincidence that all of our assets are in Canada, U.S. and Australia. It is a happy coincidence.

Candida Hayden, Senior Analyst, Investor Relations, Franco-Nevada Corporation: Thank you, Paul. There are no further questions from the webcast. This concludes our 2025 year-end results conference call and webcast. We will host our investor day on Wednesday, April 8, 2026. The in-person presentation will be hosted at the Lumi Experience Center in Toronto at 2:00 P.M. Eastern Time. The presentation will also be available to view virtually. Details will be available on our website. We expect to release our first quarter 2026 results after market close on May 12, with the conference call held the following morning. Thank you for your interest in Franco-Nevada.

Joanna, Conference Call Operator: Ladies and gentlemen, this concludes your call for today. We thank you for participating and we ask that you please disconnect your line.