Franco-Nevada Corporation

results, conference call, and webcast. This call is being recorded on May 2, 2024. 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're 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.

Thank you, Julie. Good morning, everyone. Thank you for joining us today to discuss Franco Nevada's first quarter 2024 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. 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 Sandy Brana, 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 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.

Thank you, Candida, and good morning. Yesterday, we held our AGM here in Toronto, and we're pleased to have Hugo Dryland join our board. Hugo has, for many years, led Rothschild's metal and mining advisory business, and amongst other areas, has extensive experience in project finance and international arbitration. Hugo fills the seat left empty after Randall Oliphant sadly passed away last year. Our diversified portfolio performed well, and production for the quarter met our expectations, and the Pekai geo sales were above and Candelaria geo sales slightly below our expectations. Elevated gold prices boosted our revenue and translated directly into some of our highest ever margins. Adjusted EBITDA margin was 84.2%, and adjusted net income margin was 56.9%. Royalties on new mines continue to contribute to our growth during the quarter gold fuels for the first gold at Solaris Norte and Hothshire at Mararosa. Equinox and G-Mining are on track for first production at Greenstone and Tocantinsino, respectively, in the coming months. Alamos' planned acquisition of Argonaut will help realize the full potential of the Maginot and the island deposits, including a potential expansion of the Maginot mill facility. Caliber reported good progress on the construction of Valentine Gold, and production there is expected to start in the first half of 2025. While Cobre Panama remains in preservation and safe management, we're hopeful that the issues can be resolved. The Panamanian election takes place this Sunday, May 5th. On the business development front, we closed the previously announced acquisition of natural gas royalties in the Hainesville and added a number of smaller interests. incremental royalty on Pasqualama, a royalty on Scotty Resources property in the Golden Triangle, B.C., an increase to the Condestable Gold Stream in Peru, and a silver royalty on Perpetua's Stigmite Gold property in Idaho. Our organic growth typically accelerates on the back of higher gold prices. A highlight for the quarter is the success that Agnico Eagle continues to have expanding the Detroit Lake Gold Body. and also the East Gold Eagle body at Canadian Mallardic. To wrap up, we have no debt, 2.3 billion in available capital, and an active deal pipeline. I'll hand the call over to Sandy.