Franco-Nevada Corporation

good morning and welcome to franco nevada corporation's third quarter 2023 results conference call and webcast this call is being recorded on november the 9th 2023 at this time all lines are in 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 Advisor on Investor Relations. Please go ahead.

Thank you, Jerry. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada's third quarter 2023 results. Accompanying this call is a presentation which is available on our website at franco-nevada.com where you will 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 Sandy Perenna, 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 over the call to Paul Brink, President and CEO of Franco de Beto.

Thanks, Candida, and good morning. We were saddened holding our board yesterday with an empty seat after the passing of Randall Oliphant early in September. Randall was a leader in the gold mining industry, had been a strong presence in our boardroom for 16 years, and played a big role in our company's success. It's missed by all of us at Franklin Nevada. Our core precious metal assets anchored the third quarter results. Both precious metal geos and revenues were up over the same period last year. Total revenues increased, although total geos were slightly down, in part due to gold prices being relatively stronger than oil and gas and iron ore prices. Fourth quarter geos are expected to be slightly higher than the third quarter. The Cobre Panama CP100 expansion is on track for year end, and we expect the core streams to perform well. As we had indicated following Q2, we expect to be near the low end of our geo guidance range for the year. Gold prices maintain at current levels. It will further boost revenues and financial results. Cobre Panama has dominated the news over the last 10 days. There have been substantial social and anti-mining process following approval by the National Assembly of the revised concession agreement in October. Last week, the government enacted a moratorium on granting new mining concession contracts. They also proposed but didn't proceed with a popular consultation on the new mining contract. Panamanian Supreme Court is now considering a number of lawsuits challenging the constitutionality of Law 406. Production in Cobra Panama has continued despite protest activity including road blockades. We've been in close contact with our partner First Quantum as the situation unfolds and together we are continuing to monitor it closely. Looking forward to 2024, we're expecting added precious metal contributions from a number of new mines. Most impactful will be the Tukutuzino stream, which e-mining ventures is progressing construction, and as you'd expect from that team, on time and on budget. We have a meaningful 3% NSR on Equinox and Orion's Greenstone project in Ontario, where first gold is expected before mid-year. We recently agreed to acquire an incremental 1% NSR on Argonaut's Maginot gold mine, taking our total NSR there also to 3%. Gino achieved commercial production November 1st and continues to ramp up production. Lastly, Goldfields' Solaris Norte project in Chile was 96% complete at the last report and we expect our first royalty payments in early 2024. We continue to get good news on the longer-term organic growth in the portfolio. Candelaria received its environmental impact approval from the regional Chilean authorities and I hope that paves the way for an expansion of their underground operations that they've been contemplating. On a similar note, Kinross are now considering an underground expansion of Tassius. Both Hud Bay and Canadian Nickel have released new studies, a PFS on Copper World with a timeline to production in 2028, and a feasibility study at Crawford Nickel. Lundeen Mining, again, is having great success with their recently acquired Caceronas mine, with throughput well ahead of the acquisition assumptions and aggressive exploration program planned. Marathon Gold had a simplified permitting process confirmed that would allow that the buried deposit expansion be included earlier in their mine plan. Finally, on our balance sheet and outlook, while developments at Cobra Panama have added uncertainty at one of our assets, Our business is designed to weather such events, and regardless of the outcome, our business will remain robust, generating strong cash flows with high margins. We have no debt and a cash balance of $1.3 billion. Including iron-drawn facilities, our available capital for deployment is $2.3 billion. We continue to be the capital provider of choice for many players, where equity capital is difficult to raise and debt capital is increasingly expensive. With that, I'll turn it over to Sandy.