Franco-Nevada Corporation

Good morning and welcome to Franco Nevada Corporation's second quarter 2025 results conference call and webcast. This call is being recorded on August 11, 2025. 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 Analyst, Investor Relations. Please go ahead.

Thank you, Joanna. Good morning, everyone. Thank you for joining us today to discuss Franklin, Nevada's second quarter 2025 results. Accompanying this call is a presentation, which is available on our website at franco-nevada.com. We 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 Brenna, 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 Nevada.

Thank you, Candida, and good morning all. For Q1 this year, we announced record financial results, and now for Q2, we're surpassing those with new records. Our portfolio largely produced as expected for the quarter, and high gold prices drove record revenue, operating cash flow, adjusted EBITDA margins, and earnings. We also saw constructive developments in Panama, including approval of the preservation and safe maintenance plan and shipment of the remaining copper concentrate from Cobre, Panama. Sentiment in country continues to shift in favor of a restart of the operation, and I'm encouraged by the Molina government's continued commitment to resolving the situation. We have attractive growth over the next five years from our existing portfolio. In particular, we'll be big beneficiaries of the move to unlock mine permitting process in the U.S. Three projects in our outlook are now moving ahead. Perpetua's Stibnite Gold, Hutt Bay's Copper World, and the news this morning is that Castle Mountain has been included in the FAST 41 permitting process. One project that's potentially new to our five-year outlook is Caskabel. The new management team at Solgold has been starting approaches to accelerate production and is now indicating first production may occur as soon as 2028. One longer term development is worth noting. There's been a positive shift in relations with the Chilcotin First Nation at New Prosperity. You may recall that Franco has a stream financing agreement to acquire a 22% gold stream. This could be a very meaningful growth driver for Franco if the Chilkootin decide to decide to support mine development. During the quarter, we acquired a royalty on Ion Gold's Cote gold mine, one of Canada's newest large scale gold mines. And we're off to a good start since our acquisition, Ion Gold has achieved nameplate throughput ahead of schedule and positive grade reconciliation. Cote and Gosselin have 16 million ounces of M&I and more than 4 million ounces of inferred resources. IAMGOLD's targeting more than 20 million ounces of M&I in an updated resource expected in the first half of 2026. The current mill is undersized for that scale of resource, and IAMGOLD's planning to publish an updated technical report in 2026 with expansion scenarios. Our team believes something in the order of 20 million tons per annum of throughput would be better suited to the size of your body. Post-quarter end, we acquired a royalty on Anglegold's Arthur project, comprised of the Merlin and silicon deposits, which together form one of the largest gold discoveries in recent years in Nevada. Anglegold has rapidly expanded the resources in the last couple of years. And I wouldn't be surprised if the current resource, which stands at 3.4 million ounces indicated and 12.9 million ounces inferred grows at a similar trajectory to Goldstrike or Cortez in their heyday. Since our acquisition, Angle Gold has announced a transaction to further consolidate the district and has pointed to ongoing high-grade drilling success. The Merlin initial assessment outlines the first number of years of production at 1 million ounces per annum, and if more high-grade is found, that production rate could be maintained for an extended period. The scale of the operation contemplated is already in the league of GoldStrike and Cortez. The last two years have been some of our most productive adding assets to the portfolio. Last year, we added interest from some of the world's biggest mineral endowments. New Marciana culture operations in Peru, Sabanier's PGM operations in the western limb of the Bushveldt in South Africa, and Solgold's Cascabel copper gold development project in Ecuador. This year, we've expanded our exposure in Canada and the U.S., adding current production from the Porcupine and Cote operations in Ontario and the Arthur project, as mentioned, in our namesake state, Nevada. Combined, the acquisition over the last two years have transformed our longer-term growth outlook. Add the potential of a COBRE restart and longer-term development of new prosperity, and you have the most exciting growth outlook in the space. The deal pipeline continues to be strong. We've dipped into our corporate revolver to complete the author acquisition, and we're happy to use this facility for the transactions we see ahead of us. With roughly $1.3 billion in annual cash flow generation, we can repay the facility rapidly. With that, I'll pass the call over to Sandy.