Franco-Nevada Corporation

Good morning and welcome to Franco Nevada Corporation's second quarter 2023 results conference call and webcast. This call is being recorded on August 9, 2023. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer 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 the call, please press star zero for an operator. And I would like to turn the conference over to your host, Candida Hayden, Senior Analyst, Investor Relations. Please go ahead.

Thank you, Sylvie. Good morning, everyone. Thank you for joining us today to discuss Franco Nevada's second quarter 2023 results. Accompanying this call is the presentation, which is available on our website at franco-nevada.com, where you will also find our full financial results. The 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 Sandeep Rana, Chief Financial Officer, who will provide a brief review of our results. This will be followed by a Q&A period. Our full executive team is available to answer any questions. Participants may submit questions by 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 the call over to Paul Brink, President and CEO.

Thanks, Candida, and good morning. For Q2, our core assets returned to normal production and deliveries at Cobra Panama and Antipokai caught up from the disruptions in Q1. Revenue from our diversified assets was impacted by lower oil, gas, and iron ore prices compared to the relative highs of the prior year period. As a result, we expect total geos for the year to be at the low end of our guidance range. With the Cobre Panama CP100 expansion physically complete, we started to see the benefit of high throughput for the quarter, and First Quantum expects to exit the year at the 100 million ton per annum throughput rate. Following public consultation, the refreshed concession contract was signed by the government and First Quantum and is expected to be presented before the National Assembly during the current sitting. G-Mining continues to do a tremendous job with the construction of the Toca do Zinho gold mine in Brazil. We've now funded $183 million of our total $250 million stream deposit, and the project is on track for commercial production in the second half of 2024. The quarter saw first production from a couple of new mines, Argonaut's Maginot Mine in Ontario and Fortuna's Mine in Cote d'Ivoire. Goldfields expects first production from Solaris Norte in Chile before year-end. We added a number of royalty interests during the period. In Chile, we acquired 2.64% gold royalty on Barrick's Pasqual property. We also acquired a 1.5% NSR on Hochschild Mining's Vulcan gold project. And we increased our holding on Lundin Mining's Cacerones copper mine. So we now own a total 0.57% NSR on the mine. In Canada, we acquired an additional 1.5% NSR on Marathon's Valentine gold project. and we now hold a total 3% NSR on the project. During the quarter, we entered an agreement to provide royalty financing to exploration stage companies in partnership with the EMX Royalty Corp. We have great respect for EMX's team of on-the-ground geologists, and they'll be responsible for sourcing the transactions. We were active with community contributions over the three months. We contributed to Sylvania Stillwater's community initiative in Montana, and to the I-80 Fund, which supports small businesses in rural Northern Nevada. We also partnered with Perpetual Resources to build social capacity at the Stibnite Gold Project. Franka Nevada is debt-free. He is growing his cash balances, and at the end of June, we had $2.3 billion in available capital. Our business development team is active. For many operators and developers, royalty and stream financing is currently the lowest cost of available capital. With high rates, debt financing is expensive, and there's little depth in the market for new issue gold equity. With that, I'll hand the call over to Sandy.