Franco-Nevada Corporation (FNV) Earnings Call Transcript & Summary

Good afternoon, and welcome to the launch of our 2024 ESG report and our Asset handbook. The session today is planned to take 2 hours. Some of our presentations contain forward-looking information. So, please note the cautionary statement on Slide 2. Following the presentation, we'll have a Q&A session. So you can submit a question at any time during the webcast, just type of question into the Q&A section of the webcast platform. We'll start with the highlights of our ESG report following that, and we'll put the spotlight on new mines in our portfolio. We're delighted to have 4 of our partners joining us today to speak about Tocantinzinho, Greenstone, Magino and Valentine Gold. Our team will then cover asset highlights from our asset handbook. We can't cover the full portfolio. So, we're focused on the core assets, larger, longer-term -- larger assets, longer-term options, energy assets, and the most trickily forecast the NPIs. I hope we'll leave you with a better understanding both of the potential of our asset base, also a good sense for the depth of our team. The ESG report and asset handbook are both live on our website. Please contact candidahayden@[email protected], if you'd like us to send you any hard copies. To start off, some brief comments in our business. Franco-Nevada has a history of generating leading returns. Despite the current challenges, Cobre Panama has generated 15% compound returns since their IPO outperforming all the relevant indices. Our Board is proud to have increased the dividend 17 consecutive times. I suspect they are aiming to make the dividend aristocrats, which would take 25 successive increases. We have the most diversified portfolio of cash flowing assets in our business. Today, we aim to highlight its unique exposure to both long live streams and also high optionality royalties. Our treasury is very strong at present. Our business development team is stretched with a number of opportunities right now, and I'm confident we'll see some attractive additions to the portfolio. Our focus, as always, is adding gold assets, but we're also always open to adding exposure to other metals and minerals when good opportunities present themselves. Over the long-term, we aim to keep at least 70% exposure to precious metals set in reverse. We're comfortable with up to 30% diversified revenues with up to 20% coming from oil and gas. Investors are spot for choice in the royalty and streaming space, but we believe we're a very different company from our peers. It starts with alignment with our shareholders. And by that, we mean ownership. Management and board on more than $200 million of Franco stock, and management have been increasing their ownership. As owners, our objective is to increase our cash flow and NAV per share, not just to get bigger. We managed the balance sheet conservatively to be able to provide funding throughout the cycle, which is essential to creating value in a volatile sector. We're flexible in how we provide capital. We love royalties and streams. Sometimes our partners also need debt or equity to catalyze a full-financing package to construct a new mine. Lastly, success in any form of mining investment depends on your asset selection. Some assets underperformed. But every once in a while, you'll reveal ore bodies bigger than you could imagine. Franco-Nevada has had tremendous good fortune. The royalty assets we acquired at IPO of 3.5x as much gold today as they did at that time. Turning to Cobre Panama. We're hopeful that the issues that the asset can be resolved, the Panamanian election is on May 5th. And then the next few months, we should have a sense of the new government's willingness to find a path to reopening the asset. Failing that, we'll continue to pursue international arbitration. We have a strong case, although arbitration will take many years to conclude. Given the uncertainties, we haven't included a contribution from Cobre in our current guidance, and we've taken a prudent approach to the carrying value of the asset. Turning now to the presentation, I'm starting with ESG. Principles behind the ESG have long been a focus for Franco-Nevada. ESG is incorporated in our Board mandate and our executive compensation, and it extends throughout our organization. In particular, though, we believe responsible mining is essential in today's progressive world. Christian Thatcher, our VP Legal; and Nalinie Mahon, our VP, Finance and Operations for Franco Barbados will present on the topic.

Thank you, Paul, and good afternoon. We're pleased to release our 2024 ESG report today, which describes the progress Franco and our partners have made on ESG issues and on our commitments to sustainability. Sustainable practices are integrated in all aspects of our business, although we have 6 priorities: responsible capital allocation, community and industry contributions, good governance and shareholder alignment, diversity, inclusion and well-being, climate action, and transparency and guiding principles. I'll speak briefly to each of these. When allocating capital as a royalty and stream investor, the crucial time for assessing and mitigating ESG risks is at the outside of the transaction prior to entering into agreements. During our due diligence for potential opportunities, we review environmental and social aspects of operations, along with their technical aspects. As described on this slide, we have 5 ESG-related focuses for our operations, including health and safety, urban footprint, water management and risk, tailings management and biodiversity. I'd invite you to read detailed descriptions on each of these in our ESG report. Beyond our due diligence assessments, we track how our existing assets perform in each of the 5 categories. In our ESG report, we assess the performance of the operators of our top 10 revenue-generating mining assets, which are each laid out on the map on this slide. While our agreements don't provide us operating control, among other things, we seek to obtain operator commitments to conduct operations in accordance with best operating and sustainability practices, and to provide transparent reporting on their operations. We're committed to responsible governance practices and alignment with our shareholders. Our board and management team are substantial shareholders of the company, currently holding more than $200 million in stock, and we treat shareholder funds as our own with industry-leading low G&A. As depicted on this slide, our responsible governance efforts were rewarded in 2023 with a strong ranking in the Global Mail or Games and a high score on ISS ESG cybersecurity risk assessment. We work with our operators on initiatives to benefit and uplift the communities impacted by mining operations. Our contributions funded in 2023 increased year-over-year with our ongoing in Espinar Peru funding and new contributions in Brazil, Senegal, the United States and Canada. My colleague, Nalinie will speak to these in further detail. We're proud of the diversity and inclusiveness of Franco. As depicted on this slide, 63% of our overall workforce is comprised of diverse persons. In 2023, we achieved our goal to have at least 40% diverse representation at the Board and senior management level as a group. We remain committed to achieving our target to have board diversity on ground other than gender by 2025. We strive to create an inclusive, safe and supportive environment for all our employees, which includes opportunities for hybrid work, health benefits and wellness allowances, and robust workplace policies and practices. These efforts are described in detail in our ESG report. In 2023, we expanded the Franco-Nevada Diversity Scholarship Program by granting full tuition scholarships to 5 students at 4 Canadian universities, and we're now supporting a total of 9 students through the university studies and mining-related fields. We advanced our climate initiatives in 2023 and year-to-date. Earlier this year, we adopted emission reduction targets for our corporate emissions in line with our goal to achieve net zero emissions by 2050. The targets include a 42% reduction of our Scope 1 and 2 emissions by 2030, and a 30% reduction of our overall corporate emissions by 2030, each from a 2023 base year. We have advanced the implementation of measures and programs to reduce our carbon footprint and furtherance of our emission reduction goals. For a second consecutive year, we've measured and disclosed finance emissions attributable to our royalty and stream interest included a Scope 3 category 15 emissions. Our 2022 finance emissions, which are shown on this slide, are delayed by one year due to the unavailability of prior year's data at the time of releasing our ESG report. In 2023, we again maintained carbon neutrality for our corporate operations through the reduction of emissions and the purchase of high-quality carbon credits to offset emissions that have not yet been eliminated. Our climate disclosures are aligned with the recommendations of the task force on climate-related financial disclosures. As shown on the next slide, we continue to receive recognition for our ESG efforts, and we rank highly with top ESG rating agencies. Franco-Nevada is the #1 ranked precious metals company and the #1 ranked gold company by Sustainalytics. We're rated AA by MSCI and prime by ISS ESG. Transparent ESG disclosure is critical to promoting the responsible nature and positive impacts of our industry. Our disclosure is aligned with leading reporting standards and frameworks, including SASB, GRI and TCFD. We're a long-standing member of the World Gold Council and committed to the responsible gold mining principles, or a UN global contact participant. And in addition to our annual communication on progress, we provide disclosure as to Franco-Nevada's initiatives that are aligned with and support the UN sustainable development goals. I will stop there, and I'll turn things over to Nalinie, who will give an update of our community and industry contributions for 2023.

Thanks, Christian. I'll expand in two of our ESG focus areas: community contributions and industry support. 2023 was another year of projects, which we were proud to be involved with. We continue to support in Espinar Peru or Teck Peru, which we are involved with through our investment in the Antamina project. Franco-Nevada provides funding for the uncashed project, which is in Espinar Peru's largest and longest running program in Peru. The project aims to achieve a systematic and permanent improvement in the quality of education in rural Peru. It boasts many successes so far and it's continuing to grow with plans to expand into additional communities. Also in 2023, we supported G Mining Ventures and our investment in the Tocantinzinho mine in Brazil on the building of a road and river barge, as well as improvements to a police station, both projects to benefit the local community. On the next slide, in partnership with Endeavor and our investment in the Sabodala Mine in Senegal, we contributed to two initiatives in Senegal. First, the Great Green Wall initiative, which is an ambitious reforestation and food security projects in Africa. Our contribution aids with the reforestation of approximately 260 hectares and the development of an agricultural form for women. Secondly, we contributed to their educational assistance initiative, which provides financial assistance to select students to support future leaders in mining-related fields. In the U.S., in Oklahoma, we contributed to a solar-powered water recycling project in partnership with Continental Resources. This is a project with a positive environmental impact as it enables Continental to operate with significantly less overall freshwater usage. And since there's a pipeline to carry all produced water from new wells, fewer diesel trucks are needed on the road for water transfer. Now turning to industry support. We are proud to support several mining industry organizations and initiatives. We are proactive member of the World Gold Council Board with our President and CEO, Paul Brink, currently serving as the Chair of its compensation committee. We are actively involved in the Prospectors and Developers Association of Canada with our Chair, David Harquail, currently serving as the PDAC Board member and our Senior Vice President, Business Development, Eaun Gray, serving on their convention Planning Committee. We also proudly support the Canadian Institute of Mining, Metallurgy and Petroleum, the Canadian Mineral Industry Education Foundation, Mining for Life and Threads of Life. These are all organizations focused on matters important to the mining industry, such as more sustainable future for the industry, educational scholarships and community and family support. Thank you. I'll now turn it over to Paul Brink.

Thank you, Christian. Thank you, Nalinie. The next part of this will be our partner presentations. That first up is Louis-Pierre Gignac, President and CEO of G Mining. Louis-Pierre will speak on the Tocantinzinho mine under construction in Brazil. Welcome, Louis-Pierre.

Thanks, Paul, for the introduction. I'll be presenting the Tocantinzinho project, which we acquired in October of 2021, and we've been making very rapid progress on our project. Essentially, we updated a feasibility study in February of 2022. And 6 months later, we completed our project financing package, which is on the next slide. So obviously, Franco-Nevada played an important role in our project financing, providing $250 million stream, a $75 million debt facility and a 9.9% equity contribution, providing us with a comprehensive solution. Since making a formal construction decision in September of 2022, we've made tremendous progress, and we're in the final months of construction with commissioning activities currently underway. Next slide, please. Our self-perform model is very unique, and it's allowed us to have excellent execution achieving excellent results from a cost point of view, schedule and safety. At the end of March, we've reached 87.2% complete on the overall project, 89% on the construction side, and we've spent $433 million to date and remain on time and on budget for completion and achieving commercial production in the second half of 2024. After 4.9 million orders worked on the project, the team has achieved an excellent safety performance with a total recordable of 0.32. Our total workforce on the project currently stands at 1,678 which has been decreasing from a peak that we reached of 2,200 back in August. Next slide, please. This shows a view of the site after 18 months of construction. Obviously, we're very proud of the progress and how the site looks, and is in really good shape. And I'll give you a few more details on the next slide in terms of where we stand. So, essentially, all our balance of plant infrastructure is complete and it's been handed over to operations with the focus of the remaining months of construction really on the process plant. Many of the site activities center around electrical piping and instrumentation disciplines. We have a little bit of construction left in the areas of reagent preparation, ADR and gold room, which will be completed in the next couple of months. Commissioning activities have been ongoing in various areas of the plant this month, including the commissioning of the primary crusher and ore reclaim, which are currently underway. Next slide, please. We have two tailings storage facilities for the project, which are now ready to receive tailings. 95% of our tailings from our flotation circuit will report to one facility. The Phase 1 dam is now complete, and this facility is now accumulating water to support start-up of operations. The remaining 5% of our tails report to a CIL from our CIL circuit report to a separate facility after undergoing a cyanide detox and really are sent to a line facility, which we have constructed Phase 1 with the second phase planned as part of sustaining capital. Next slide, please. Our preproduction mining activities so far have exceeded expectations in terms of productivity and costs. All of our equipment and team is currently in place for operations. We've essentially secured rock from our pit. And with an on-site aggregate plants have established really well developed roads to allow us to operate very efficiently through the rainy season. Since November, we've been mining in ore with great control activities supported by our on-site assay lab. And at the end of March, we built up 1 million tonne ore stockpile and are experiencing positive reconciliation in terms of ounces mined. The next slide, please. The ore body that we're mining consists of a large massive granite intrusion that comes to surface. And we've been mining mostly saprolite, but are now getting into hard rock. Basically, 96% of our ore body is hard rock. The positive reconciliation that we've experienced to date comes from a part that you see at surface of a andesite unit that we had modeled as Baron, but it's been proved to be mineralized through our rate control drilling. And I'd point out that the 2 million ounce reserve that we have is based on a conservative gold price of $1,400 per ounce. So we do see upside as well as we look to revise our cutoff grades as we mine the deposit. Next slide, please. Zooming out to the full land package. We're very excited about our exploration upside with 996 square kilometers of prospective ground. We essentially have on the TC trend, 35 kilometers of strike length that is largely unexplored. And we have an objective of finding additional deposits and also extensions to the existing TC deposit. Last year, our geophysics program and soil sampling, baseline work has identified at least 19 target areas that we intend to start testing several this year. And once in commercial production, we intend to increase our focus on exploration with a view of enlarging our resource base and providing upside for our shareholders, including Franco-Nevada. Thanks. That's the update I have and happy to answer any questions later as well.

Hey Louis-Pierre, we're delighted to support you and the G Mining team. We knew going into this, you had a top mine building team but that reputation has only been reinforced the way you've built Tocantinzinho. The next mine is Greenstone, if I'm right, that's set to become the second largest gold mine in Ontario after Detour. We were fortunate to acquire our royalty interest from Baixo, a package of royalties back in 2013. Greg Smith, President and CEO of Equinox is our next presenter. Please go ahead, Greg.

Thanks, Paul, and thanks, Franco-Nevada for having me on the agenda today. Just jump to the next slide quickly. I will be making some forward-looking statements, and you can see the language here, and this is also available on the Equinox Gold website. Next slide. So Franco-Nevada does have a royalty interest on a number of our assets. Today, I'm specifically here to talk about our Greenstone Gold mine in Ontario. This has been a very key focus for Equinox over the last 2.5 years. And just yesterday, we did announce that we've got first ore going through the mill and that our first gold pour is coming very soon. So we initially acquired this project when we acquired Premier Gold Mines in 2021. We initially bought a 50% interest through that transaction, and then subsequently acquired an additional 10% that gave us 60, and our 40% joint venture partner is Orion Mine Finance. So Greenstone was and is a very attractive gold development project. It sits just about 3 hours northeast of Thunder Bay, Ontario. It's right along the TransCanada Highway. It's also right along the TransCanada natural gas pipeline. And when we acquired Greenstone, it was largely permitted. It had a top-notch mine building team in place, and they had a plan to commence production -- or sorry, construction in the very near term. So in October of 2021, just about 6 months after we closed the transaction, we announced a $1.23 billion budget, and the commencement of construction. We're now 2.5 years later at the very end of a very successful build and a very safe build, and we're on track for first gold in about 5 or 6 weeks from now. Next slide, please. So Greenstone, obviously, a very important project for Equinox Gold. This, as Paul mentioned, is a mine of substantial scale. In the first 5 years, it will produce over 400,000 ounces of gold per year on a 100% basis on average. And it's got a 5.5 million ounce reserve that underpins a 14-year mine life, and we're seeing some expansion potential beyond that already. On top of that, we've got 2.6 million ounces in M&I resource or $4.5 million in MI&I that eventually could also be built into the mine plan. And wind and production, Greenstone will be our largest, longest life and lowest cost producer. Greenstone is also an important mine nationally and globally. It will be one of the largest open pit gold mines in Canada. It will be the highest grade open pit gold mine of scale in Canada, and Greenstone is also one of the very few projects in the world of this scale that's not already held by a major mining company or by a large private mining company. Next slide, please. So where are we today? Well, construction of this mine was largely complete at the end of December last year. It was on time and on budget. And since that time, we've been working through the commissioning process. Again, yesterday, we did announce that first ore had been deposited into the grinding circuit. And so, we can officially say now that we are in full hot commissioning. We've also been mining for quite some time, so we built up about a 1.5 million tonne ore stockpile in advance of the startup, also have had very positive grade reconciliation as well. And we had previously commissioned the crushing circuit and the ore storage dome back in February. And so, we already have crushed about 70,000 tons in advance of how commissioning the mills. So far, so good. I can say that we've had a few bumps in the road as we started to run all the equipment, but nothing major at all. The equipment is operating very, very well, and that's right through the crushing circuit into the high-pressure grinding rolls and now into the mills. And the next stage here will be the recovery plant. And as I mentioned, we would expect first gold in May this year, so basically just next month. We will then start to ramp up production here through the second quarter, into the third quarter with an intent to be in commercial production sometime in the third quarter. And that would have us at about 80% capacity. And then by year-end, we should be north of 90% capacity, and we'll have increased our mining rate from today at about 90,000 tonnes per day to 180,000 tonnes per day with our full fleet on-site. Next slide, please. So I'll just shift to the upside potential here at Greenstone. Equinox and also our joint venture does hold perspective and resource-bearing ground over 100 kilometer gold district to the west of Greenstone. I'm going to focus right now just on the near mine and in mine expansion potential because I think it's more relevant today, and certainly more relevant to Franco-Nevada shareholders today. So we haven't done a whole lot of exploration drilling while we've been focused on building this mine. But the drilling we have done has already indicated mine life extension in the eastern end of the pit, right at surface, and you can see that on the slide here. And then also in the western end of the pit as we pull that pit further to the west. So we think between just the very minimum work we've already done, that's going to add a few years to the mine life already. We also then have MI&I resources of about over 4 million ounces in underground. And you can see here on the slide that just continue along strike from the open pit. Those resources have never been included in an economic study that's been public. And so that's another area where we'll start to work on that, start to surface some of that value and see how those ounces will contribute to the life of mine at Greenstone here, once we get this mine into production and can kind of turn our attention to that. The other interesting near-term opportunity at Greenstone is to increase our annual production, and that's an increase in throughput. So our current mine plan and economic model is all at 27,000 tonnes per day on average. The power plant and the entire processing circuit has been sized for 30,000 tonnes per day throughput. And so we could look to increase our annual throughput by about 10%. And as we get our arms around operating this mine and get familiar with the equipment and get people trained up, we'll look at increasing that throughput and see if we could increase our annual production that way. So I think there's a healthy amount of near-mine and also operating upside potential at Greenstone that should see this mine life extended, I think, many, many more years beyond what's in the initial economic study. That was pretty quick, but I think I'm going to end there. And thanks again, Paul and Franco-Nevada for having us on the agenda today.

Thanks for joining us. I got to admit, I was wondering beforehand who was going to produce the first gold, Tocantinzinho or Greenstone. It sounds like you got your notes in front. Delighted also to hear about your thoughts on the upside, on the property and also the expansion potential. It's a super story. We're delighted to be part of it.

I appreciate that, Paul.

Richard Young is President and CEO of Argonaut. He will be presenting on Magino. Appreciate Richard taking the time. He's in the thick of working through the Alamos transaction that's recently been announced. Richard, thanks for joining us.

Well, Paul, thank you for having me, and thank you for your support, and it's a pleasure to be here to tell them Magino story. Before I get started, I'd like to draw people's attention to our safe harbor language is similar to the other presenters, we will be making forward-looking statements today, and there's our safe harbor language. Moving to the next slide. Magino is located in Ontario, a low-risk Tier 1 jurisdiction, just in Dubreuilville, Ontario, about a 10-hour drive from Toronto. And similar to Greenstone, it's home to a number of large mines, and generally speaking, they're owned by the larger cap companies. As of January 1st, Magino had 2.3 million ounces in reserves. And when you look at MI&I, it totaled 5.2 million ounces. Based on our current reserve base and mill capacity, it equates to a 19-year mine life. However, we believe that both mill capacity and reserves will increase in the coming years. Franco-Nevada holds a 3% royalty on not only the Magino mine, but our land package to the west of Magino. If we could please move to the next slide. Construction was completed in the first half of 2023. We declared commercial production on November 1 of '23. Ramp-up of both the mine and the mill have been slower than expected, but we do believe will be ramped up by the end of the current quarter. Our production guidance for the year is 120,000 to 130,000 ounces of gold. Our cash costs are $150 to $1,200, and our ASIC or $16.50 to $1,800 per ounce. There is an unusually large range between the low and high-end, and that just reflects the risk with the ramp-up that we've got this year. When you look at the ASIC number for 2024, it's not reflective of ASIC life of mine. There were a number of capital projects that had been deferred from the initial capital program and building the mine to conserve capital and cash flow that we're now getting to. But these basic numbers are not reflective of what we expect longer-term. As the reserve base increases and our throughput increases, we believe that Magino will be one of the largest and lowest cost gold mines in the country. If we can move to the next slide. What attracted the current management team to Argonaut was the fact that Magino had the opportunity to be one of the largest and lowest-cost mines in the country, as I mentioned. Magino was discovered by a junior explorer and then Argonaut acquired it just a little over a decade ago. Both companies were not well capitalized, so only initiated enough drilling to lead to the construction decision. As a result, we began a 63,000 meter drill program in August of last year. The goal was to identify or convert between 500 million and 1 million ounces of resources to serves. We're about 70% of the way through that program, and we've converted about 30 million tons to M&I. And you can see that on the slide in the pink, both below and adjacent to the pit towards the Northeast or towards bet on the slide. We're currently drilling the Saddle area. That's an area that was originally covered by a swap, so it's not well drilled. We expect to have significant success in this region. As we look forward, we believe that ultimately, we'll mine between 4 million and 4.5 million ounces in the central pit. If we can move to the next slide. As Paul mentioned, in late March, we announced the sale of Magino to Alamos Gold. The sale puts Magino in much stronger hands and a better capitalized company. A company with a balance sheet that can complete the drill program on Magino and the mill expansion to optimize the value of the mine. In addition, Alamos has identified over $0.5 billion in synergies with its adjacent Island Gold mine. The key reason that the Argonaut Board decided to sell Magino was the fact that we simply on a stand-alone basis, did not have the balance sheet to optimize the value of the mine. Any mill expansion that we could consider would have been suboptimal and would it destroy shareholder value. With the sale to Alamos, not only will Alamos be able to optimize the drill program and the mill expansion to optimize the value of Magino, shareholders will benefit in the tremendous synergies that are created with the combination. Now moving to my final slide. Over the past year, we have quietly been accumulating a significant land package to the west of Magino, all within trucking distance of our mill. This area hosts a historic underground mine, similar to what Magino was before the latest drill program. And there's been a lot of drilling on this land package over the 3-plus decades. All of the earlier expiration was all targeting high-grade underground targets. Now, with the Magino mill in place, we can now have a fresh look and target bulk tonnage deposits. As you can see on this slide, this system extends for many kilometers, and we're confident that in the foreseeable future, there will be further discoveries that will be made on this land package feeding the Magino mill. And just as a side note, I had previously worked at Triangle Gold with Franco, and we had 2 operating mines in West Africa, similar geology. And for each mine, the mill was built around a large deposit, but we identified many deposits between 5 and 30 kilometers from the mill that was trucked to that central mill. And we think that the same will happen over time here at Magino. All of this land package in the blue is subject to the Franco-Nevada 3% NSR. One final comment regarding Franco before I end my comments is that I first met the Franco team in January 1991, when I joined Barrick Gold and Ron Vince was the CFO at the time. And through my entire career spanning 4 companies, I've worked with Franco-Nevada, Pierre, Seymour, David and now Paul, have created a company that stands out in our industry for its professionalism, partnership and integrity, not to mention the fact that they've got a deep technical breadth. Our team at Argonaut, many of which I've worked with through 3 companies and over the past 20 years, we all find it a pleasure of working with the Franco team, and we hope to be able to work with Franco in the future. Thank you, Paul. That's the end of my comments.

Richard, I appreciate the presentation. I appreciate your kind words. It has been a long history between the companies. Barrick, Gabbro, Teranga, Argonaut. We're very much looking forward to finding out what your next venture is going to be. And I got to say, as you were talking there, I was reflecting on the nature of Magino, and the same applies here to Hard Rock, the thinking of the mines at Malartic, Detour, all of these started off as high grade underground mines. And then in due course, have been drilled up much bigger, lower-grade open pit targets. We've seen the success of Malartic, we've seen the success at Detour. Listening to you and Greg, I think we're going to see much of the same success both at Magino and Greenstone. Next step to present. Calibre recently acquired Valentine Gold and a deal that's a great example of good assets moving into stronger hands. Our next presenter is Ryan King, SVP, Corporate Development and IR at Calibre. Please go ahead, Ryan.

Thanks very much, Paul. And just wanted to lead off with some follow-up comments that Richard made about the depth of Franco because this asset, Valentine Gold Mine in central region of Newfoundland was -- has been around for maybe 10 years, but a couple of well-known geologists, part of the Franco team at the time, identified the opportunity here before there was any ounces really discovered and put on the books. So congratulations to Franco for identifying early opportunities through science and their geological team. Yes, if you could go on to the next slide, please. So I will be making some forward-looking statements. It's very similar to all the rest of the other presenters here. So if you can take the time to read our forward-looking statements, if not, obviously, the time here, but it's also available on our website. Next slide. So as Paul just mentioned, Calibre Mining is a junior gold producer. You can see here we produced 275,000 to 300,000 ounces of old this year. Our production profile largely coming from Nevada and Central America. But I bring that up because we have been growing year-over-year since we became a gold producer in Q4 of 2019. We've been growing really focused on gaining shareholder value and generating strong operating cash flows to reinvest back into our business. And we've grown at about a 28% production growth rate annually year-over-year since becoming a gold producer. So I think that speaks to the testament of our abilities. It speaks to the testament of our operating team. And now that we own the 100% of the Valentine Gold mine, you see in good hands. And just to talk about the quality of the people here at Calibre, our Chief Executive Officer, is a standout operator. Darren Hall is his name. Some of you may have come across his name in the past. He was Chief Operating Officer for a short period of time at Kirkland Lake Gold, Chief Operating Officer at New Market Gold, which the founders of Calibre were also the founders of Newmarket Gold, create a lot of value for shareholders but really focused on operational excellence. But prior to that, Darren was 30 years with Newmont. He spent many years optimizing assets, increasing production profiles, decreasing costs, optimizing assets in many regions for Newmont at one point in time at the end of his career there. At Newmont, he was overseeing 8 different operations for Newmont. I believe at the time, it was about 14,000 employees, which represented about 45% of Newmont's EBITDA. So a very experienced senior operator, which now Calibre is in the hands of the Valentine Gold Mine. And we're about 62% through construction of this asset now. So just recently completed the transaction with Marathon Gold. And as part of Marathon's funding package was how the royalty got created and purchased by Franco-Nevada. So, the Valentine Gold mine is, again, located in the central region of Newfoundland and a Tier 1 jurisdiction, but Newfoundland is going through quite a renaissance of exploration. There's been some numerous new discoveries and advancement of projects. And the top of the list is the Valentine asset. So 195,000 ounces a year is what the Valentine Gold mine will produce based on a 2022 feasibility study at roughly $1,000 all-in sustaining cost. So for the first 12 years of a 14-year mine life. The asset now, just a few months in our hands, we will be providing the market with an update sometime probably in the middle of May with regards to our view of how we're approaching this project, with regards to re-baselining the project in terms of time lines, but more importantly, with regards to capital to develop -- to finish developing the project. We do anticipate by H1 of 2025, very likely Q2. We will see first gold from the Valentine mine. Very excited about that. And as you can see there, 2.7 million ounces in mineral reserves, 4 million ounces in measured and indicated resources, and 1 million ounces of inferred resources. So a robust project for Calibre to diversify our portfolio. and Calibre is now fully-funded for this project. So we are working through the final details of an updated CapEx, but we are fully-funded for this project to see it through to the end of construction and production. Next slide. So in terms of stage, as I mentioned, we're 62% as of the end of March through construction. You can see following up on the graphic from the first slide as well as this one. The mill -- the grinding mill is now fully enclosed. We have just recently announced some key contracts for pre-commissioning and commissioning with reliable controls, a corporation out of Salt Lake City, they'll be working with us on those aspects of the project. You can't see it there, but substation on site has now been connected to the hydroelectric grid. So we've got permanent grid power to site now. The mills and motors, the mills are on site. As you can see there, motors are in Newfoundland, so critical elements on the island of Newfoundland. Steel mechanical piping contract just recently awarded. We're in the final negotiations of awarding our electrical and instrumentation contract, as well as we would anticipate by middle or end of Q2 here, our on-site assay lab will be operational. So making tremendous progress. But key in all of this, from Darren's perspective, our team's perspective, is not only the advancement of the project, but getting operational readiness at this stage as well. So in addition to that pre-commissioning contract, we've also just recently hired Jason Sir, VP Operations of Canada to join the team. He will join this month. Andre Morneau, who will be process plant manager in a number of superintendents that we'll be joining very shortly after. So we're already in the operational readiness approach to the project. As I mentioned, First Gold H1 of 2025, we're on schedule for that and fully-funded. Next slide, please. This is a small snippet of the exploration potential at Valentine. It may be challenging to see. So, if you'd like more details on the exploration potential, please reach out to myself, you can find contact details on Calibre's website. But very recently, middle of February. In fact, we came out with one of the pits. This is a 3-pit 14-year mine plan. But one of the pits here called Leprechaun. We have just recently come out with some grade control or control model versus the reserve model that was done in 2022. And you can see that based on these results of tens of thousands of meters of drilling, we have identified about a 15% increase in ore tonnes that was originally modeled as waste, 12% increase in ounces versus the 2022 mineral reserves. So based on that, we believe there's very tremendous upside on the project. And one aspect I'll point your attention to is on the southwest corner of that pit. We hit 46 grams over 5 meters. So these drill holes are only 20 meters from surface. So in the first initial benches of the open pit mine plant, 17 grams over 7 meters, 5 grams over 14. You see a number of excellent high-grade drill results there. What's exciting about this is that, again, this was originally modeled as waste. But to the southwest of that along the prolific Valentine shear zone where all of the gold is hosted and discovered, there's no drilling for about a kilometer to the next zone, which is called Frank, which currently has no mineral resources. So the team is advancing drilling right now. We've got about 11 of maybe about 15 drill holes into that system, into that new opportunity right now. So we're very excited to see how those results are shaping out. But in general, there's tremendous upside across the whole property, and that will lead us to the next slide. Thank you. So currently, 3 pits are part of the life of mine plan here at Valentine Gold mine currently. What we're looking at here is a mine -- or as a plan map of the overall property. It's quite a large property. The dotted lines that you see from the Southwest corner in the bottom left to the top right, those are shear zones across the property, shear zones or faults. These provide the fluid flows for mineralization, courts veining and hopefully, additional gold. But this presents a compelling opportunity because these deposits have been even very recently discovered. So for example, Leprechaun was discovered in 2014. I believe Marathon was discovered shortly thereafter. And the Berry deposit in the middle of the mine plan there wasn't discovered until 2020. So this is very young in terms of its discovery evolution. We believe there's tremendous upside. So, not only are we advancing, are we on schedule for completion and production in H1 of 2025, but we will be not only advancing the exploration this year, but a very significant program going forward in 2025 and beyond. This year, we will be doing target delineation across both of the Valentine Lake shear-zone in the Southwest there as well as the Northern contact that has seen no exploration whatsoever. So very excited about the opportunity to discover multimillion ounces. And again, it was a testament to the Franco team that identified the geological potential here before there was resources on the property, very analogous geology to Sigma Lamak with quartz tourmaline pyrite. So we believe tremendous opportunity, and Calibre recently put out an exploration update on the property, talking about not only on strike potential across the 32 kilometers of the Valentine shear-zone where resources are only on 6, but also the depth potential. At the bottom of the pits there remains tremendous upside intercepts that go 9 grams over 7 meters, or at the bottom of the Marathon pit, for example, an intercept well below the pit that hit 150 grams over 3.5 meters. So very exciting to see the potential as we unlock the value at the Valentine Gold mine. With that, Paul, I'll turn it back over to you.

Ryan, Thank you. As you alluded, Kerry Sparkes, who was our Geo at the time when we invested in Marathon. I always love the exploration potential that now. Kerry was from Newfoundland, so I was never sure if that was based on geology if that was just his hometown and bias, but delighted to see that your exploration results have proven out the former. So that concludes our partner presentations for today. Louis-Pierre, Greg, Richard and Ryan, thanks for joining us. We're delighted with your success, and we're very pleased to -- that we can play a role in it. Today, we highlighted the newly producing and soon to producing mines in the portfolio. The next time we do this, we hope to have similar presentations on some or all of Eskay Creek, Stibnite Gold, Copper World. And maybe also, we'll have Greg back to speak about Castle Mountain Phase 2. You may have also seen we recently provided some incremental financing to Perpetual Resources, acquired a small silver stream in addition to the gold royalty that we have on Stibnite Gold. Prospects of the development of that project also looking very good with the DOE providing support. And this week, you may have seen AGSM indicated interest in providing up to $1.8 billion of financing for that project build. Next up, our team will cover some of our major assets. And the first up is John Blanchette. Please go ahead, John.

Thank you, Paul, and good afternoon, everyone. I will cover some of our key assets. As you can see from the charts, the portfolio is well diversified with no single asset expected to be larger than 15% in 2024. 85% of the assets are in the Americas, and we expect 75% of revenue from precious mouse this year. Starting with Candelaria, which is one of our largest revenue generators, Candelaria represented approximately 11% of 2023 revenues and is expected to contribute approximately 15% in 2024. Lundin has a tremendous success expanding the orebodies at Candelaria, and the mine has outperformed all our original expectations. We have recouped 79% of our original $655 million investment with exploration success extending the mine life from 2028 at the time of the original acquisition to 2048 today. With the growth in identified underground reserves and resources, lending is assessing the potential for an underground expansion. A feasibility study completed in early 2022, contemplates underground throughput expansion from 15,000 tonnes per day to up to 30,000 tonnes per day. Turning to the next slide. The chart on the left illustrates Lundin's historical copper and gold production as well as guidance for 2024 and the attributable deals to Franco-Nevada. Production is forecast to increase in 2024 due to mine sequencing and resulting great profile as well as debottlenecking initiatives of the pebble crushing circuit, which were completed in 2023. Lundin has also received approval of its environmental impact assessment, allowing the extension to Candelaria mine life to 2040 and includes various measures that will support sustainable social, economic and environmental development in the Atacama region. For 2024, we anticipate between 72,500 and 82,500 GEOs, an increase of between 9% and 24% compared to the 66,700 GEOs sold in 2023. Over the long-term, the underground expansion is expected to further enhance production levels. Glencore's Endevco Mine is also one of our largest revenue generators, representing approximately 10% of Franco-Nevada's total revenue in 2023. Glencore has a strong track record of optimizing the operation and has consistently increased the throughput. We expect to achieve payback on our initial $500 million deposit in Q1 2024, well ahead of initial expectations. The stream covers 100% an entire 997 square kilometer concessions, which offers a number of large-scale regional targets. One such example is Coroccohuayco deposit, which has been re-scoped as an open pit with mine planning currently at a PFS level. The chart on the left illustrates Antapaccay historical copper and gold production from Franco-Nevada and Franco-Nevada's historical attributable Geos in 2024 guidance. For 2024, we anticipate Geo sold to decrease from 61,000 Geos in 2023 to between 50,000 and 60,000 Geos, reflecting lower expected production based on the mine sequencing. We expect rates to remain lower in 2025 and 2026 and return to current levels in 2027. While Glencore does not provide specific asset level guidance for Antapaccay, the team has a proven history of reserve replacement. Bracco has the potential to materially extend the mine life with an M&I resource of 634 million tonnes at 50% higher grades than Antapaccay reserves. Given the large land package and the Kirkland development project, we are very excited about the long-term growth prospects for this asset. I will now turn it over to Bonavie to provide an overview on Antamina.

Thank you, John, and good afternoon, everyone. Antamina has been in operation since 2001. It is one of the highest grade copper zinc metal mines globally. The large zinc credit makes it one of the lowest-cost copper mines in the world. The mine has the potential for significant mine life extension and could be one of our longest life streams. The deposit has measured and indicated mineral resources of 900 million tonnes, grading at 0.88% copper, 0.61% zinc and 11.2 grams per tonne of silver. There is a further 1.2 billion tonnes of inferred mineral resources at similar grades. Reserves are a fraction of the total resource as they are constrained by currently permitted tailings storage capacity. Regulatory approvals were received in February of this year to extend permitted tailings capacity through 2036. On the next slide, Antamina has outperformed our acquisition expectations. On areas with lead and silver stringers have been mined, production of silver has been greater than expected. Mining in 2023 and 2024 has occurred in areas with anticipated lower silver grades. In 2023, we sold 2.2 million silver ounces, and we expect similar silver deliveries for 2024, ranging between 2 million and 2.4 million ounces. We do expect Antamina to revert to higher silver grades starting in 2025. In addition, a capital program that includes moving the location of the input pressure, will provide access to higher grade ore, resulting in higher metal production. Thank you. And with that, I will turn it over to Arthur to provide an overview of our Vale Royalty.

Thanks, Bonavie, and good afternoon, everyone. Our Vale Royalty provides diversified exposure to some of the highest quality and long-lived iron ore assets in the world. We acquired our 14.7% interest in the royalty during April 2021. The Royalty provides an effective net sales royalty on Vale's northern system in Brazil and a portion of the Southeastern system upon reading protection threshold. In addition, the royalty also applies to the Sossego Copper and gold mine, the Iron Ore copper gold development project also in Carajas as well as a large land package of 15,000 hectares. The assets produce high-quality iron ore that is used to produce greener steel with lower carbon emissions. The Vale Royalty is expected to provide cash flow well into the 2050s, which is largely supported by reserves with potential for significant mine life extensions through resource conversion. Moving on to next slide. Since our acquisition of the royalty in 2021, we have benefited from a period of higher iron ore prices and also from the premium Vale's high-quality product attracts in the global markets. For 2024, we forecast U.S. contribution from the Vale Royalty of 17.5 to 22,500 GEOs with year-over-year growth driven by an increase in expected production volumes for the ongoing ramp-up at S11D. Furthermore, we expect further GEOs growth in the midterm as production from the Southeastern system is expected by Vale to commence contributions to the Royalty in 2025. This is expected to increase production volumes attributable to the Royalty by approximately 30%. The Northern system, more Franco-Nevada's attributable Royalty is 0.24% of net sales is a fully-integrated operation consisting of several mining complexes with an integrated railroad and port facilities. The Northern System includes 3 active operations, Serra Norte, Serra Sul, currently S11A-D and Serra Leste. The operations are amongst the largest and lowest cost globally and produce high-grade iron ore primarily through dry processing. In 2023, the northern system produced 173 million tonnes of iron ore. Longer-term, the capacity of the northern system is being expanded to around 240 million tonnes per annum, including the 20 million tonne per annum expansion by 2026 at S11A-D. The Southeastern system royalty interest is also a 0.24% of net sales on the portion covered and becomes payable once the threshold of 1.7 billion tons have been produced, which is expected Vale to be met in 2025. The complex is also fully integrated from mine to port. Output from the Southeastern system increased year-over-year and totaled 82 million tons of iron ore in 2023. The Royalty covers approximately 70% of the Southeastern Systems production and is expected to represent around 60 million tonnes per annum of capacity over the medium term with contributions primarily from 3 complexes, Itabira, Brucutu and Mariana, which covers parts of Fazendão and Capanema. With that, I'll turn it over to David Milstead to provide an overview on Detour.

Thank you, Arthur. Good afternoon, everyone. Today, I will be discussing our Detour Lake NSR. Detour is a prime example of the optionality of gold royalties. We all know the Goldstrike story, with close to 38 million ounces in total resources, Detour is shaping up to be the next Goldstrike in the Franco-Nevada portfolio. For an initial investment of $2 million in 1998 under the original Franco-Nevada, Detour now represents $25 million to $30 million in revenue per year for FNV or almost 400,000 2P royalty ounces to FNV under the 2% NSR. At today's gold prices, Detour could generate close to $1 billion in life of mine revenue to Franco-Nevada. Franco-Nevada's NSR royalty covers 140 square kilometers, which includes the main Detour pit and its extensions along the Sunday Lake deformation zone. Agnico Eagle continue to aggressively explore the asset and with great success. The schematic on this slide highlights the exploration upside, primarily to the west and at depth and the potential for an underground mine. Turning to the next slide. Agnico Eagle achieved a throughput rate of 25.4 million tonnes per annum in 2023 and expect the mill to reach 28 million tonnes per annum in the second half of 2024 with potential to reach 29 million tonnes per annum in 2026. Production guidance for 2024 to 2026 ranges from 690,000 to 760,000 ounces per year. Agnico Eagle is evaluating increasing throughput to 30 million to 31 million tonnes per annum, which would bring production at Detour to 1 million ounces per year with a projected mine life of 25 years plus. In the near-term, a mill optimization and underground study are both expected in H1 2024. The chart on this slide highlights a simplistic growth projection to 1 million ounces per year ahead of the new study work to be announced later this year. I will now hand it over to Jason O'Connell to discuss our energy assets.

Thanks very much, David, and good afternoon, everyone. We have a diversified portfolio of energy assets, which has long been a good complement to our core precious metals business. Investing in energy has allowed us to grow revenues and add resource optionality during times when acquisitions are either less attractive or not available in precious metals. As an example, we were able to add some incremental gas exposure at the beginning of this year, which we hope will capture a rebound in prices as the commodity cycle improves. The criteria that we look for in investing in energy are essentially the same as for mining. Those criteria include secure title where we often on a permanent or a perpetual interest in the land. Long-life assets, which produce cash flow for multiple decades and exposure through multiple commodity price cycles. Diversification, both through a large variety of operators and also through exposure to a variety of the most significant hydrocarbon basins in both Canada and the U.S. Negligible exposure to both capital and operating costs. And lastly, we look for upside exposure in the form of multiple reservoirs at depth and through advances in drilling and extraction technology, which can augment our returns. This slide provides a map of our most significant energy assets, along with outlines of the sedimentary basins where they reside. Oil assets are shown on the left side of the page, and gas-weighted assets are shown on the right. Our ROTCEs cover the majority of the foremost energy plays in North America, ranging from Northern Alberta down to Texas. The revenue contributions from each of the key contributors is provided, showing strong diversification across the portfolio and a good balance of oil, gas and natural gas liquids. Each of these assets have meaningful reserve lights, which will allow them to generate cash flow well into the future. On an aggregate basis, our Canadian assets have an estimated asset life of approximately 22 years based on proven and probable reserves. And our U.S. assets are also long lived with an aggregate estimated asset life of approximately 23 years, and that's on a proven, probable and possible basis. Revenue from our Energy division is a function of both commodity prices as well as production volumes. Production from our Canadian properties is reasonably stable, owing to our Weyburn and Orion operations, which are low decline assets by nature. However, the U.S. properties consist of shale plays, which are short cycle in nature, where wells have steep initial decline rates and which require continued capital spending by operators to drill new wells in order to sustain production volumes. Drilling levels are generally correlated with commodity prices with higher prices allowing operators the flexibility to deploy more capital. The chart on this slide shows the rig count or number of rigs operating in each of the major U.S. basins where we own royalties. You can see that rig activity fell off dramatically when oil prices collapsed in 2020, actively recovered through 2021 and 2022, and softened again a bit in the beginning of 2023. That recent softening has been more pronounced in the gas basins as prices have been weak. The outlook for drilling activity is a bit muted in the near term for natural gas as operators are attempting to rebalance supply after what's been an abnormally warm winter. And oil producers have maintained an activity pace sufficient to maintain or incrementally grow production. The chart on this slide shows the contribution of energy to our corporate revenues over time, and it highlights the timing of asset additions. There are a few items worth noting here. Until 2016, we had a portfolio of royalty assets focused solely in Western Canada that we've since grown and expanded as we've invested in the growth of the shale plays in the U.S. The last 3 transactions that we completed were in gas basins, which has helped balance our commodity mix. And you'll also notice that energy as a percentage of total revenues has fluctuated over time. With the addition of new assets over the last number of years, energy represented 17% of total revenues in 2023, which is still within the range of up to 20% that we're comfortable with. What we can afford to be opportunistic in energy. Our focus on new investments at this point continues to be in gold and precious metals. This slide expands a little bit on the prior slide. The investments that we've made in energy over the last couple of years have changed the complexion of the portfolio. This slide compares our 2023 revenue with our revenue from 2016 before we began investing in the U.S. From left to right, the charts highlight that our portfolio has had a significant absolute revenue growth of nearly sevenfold. It has an increased exposure to the United States with about 70 -- sorry, 65% of revenue coming from south of the border. It has become more gas weighted with gas now representing a much larger portion of the commodity mix at about 26%, and with another 9% coming from natural gas liquids. And whereas the portfolio was historically concentrated in Weyburn, the asset base has become much more diverse across many different basins. The portfolio now is highly diversified and is generating significant revenue from a wide range of operators, basins and commodity types. Not included in the portfolio metrics on the prior slides, is a new $125 million acquisition in the Haynesville Shale in Louisiana and Texas, which is effective January 1 of this year. The royalty portfolio is, we feel a good complement to our existing Haynesville royalties, but it's focused predominantly in Louisiana, whereas our existing assets were situated on the Texas side of the border. The Haynesville is one of the most important gas producing players in North America, benefiting from strong well economics and excellent access to infrastructure and the LNG facilities along the Gulf Coast. The build-out of LNG exports has been a meaningful driver in demand for gas and continued development will be supplied primarily from the Haynesville, which should benefit our royalties, both in terms of volumes and prices. We view this addition as a modest investment that fits our strategy of buying into what we hope is the lower part of the commodity price cycle. To finish up on energy. The chart on this slide shows the revenue build over time. 2022 was an exceptional year, given the run-up in gas prices. And last year, we generated a little over $200 million. In 2024, we are forecasting a similar amount of revenue at $75 oil and $2.50 gas with about a 9% or so growth over the next 5 years. That revenue is consistent with the overall geos that has been provided in our guidance. Thanks very much. And with that, I'll turn it back over to Paul to discuss long-term options.

Jason, I'm going to cover the longer-term options. By that, we mean interest that will likely only be in production beyond our 5-year outlook. If you take it by number, most of these are royalties on GO properties. But when you focus on the larger potential contributors, many of them are in base metals, not surprising as these tend to be the larger deposits. We've got a good number of exposure to copper, royalties on Cascabel Taca Taca, NuevaUnión, amongst others, also nickel exposure with royalties on Corfit nickel and Ring of Fire. The trainer electrification puts a real imperative on developing the next generation of copper mines, and I'm going to focus on 3 of those. Cascabel and Ecuador is one of the best copper assets under development globally in our opinion. It's a large block cave target. So gold recently released an updated PFS that takes a staged approach to develop the asset. Reserves on it are 540 million tonnes of 0.6 copper, 0.54 gold. There's also a bit of silver. The study contemplates an initial 28Glife, although that's only mining out a fraction of the resource, that's about 20% of the total M&I. Total M&I stands at about 3 billion tonnes of 0.52 copper equivalent. There's a second deposit that they've discovered on the concession called TAM. It's about 6 kilometers northeast of the Alpala deposit. Importantly, it's a near-surface open pit target. So it's got the potential to provide up to 7 years of additional mill feed, potentially while the block cave is being developed. So gold is making good progress, negotiating an investment protection agreement. They had an announcement out of the PDAC working within the both the Noboa government in Ecuador. And that the Noboa and his government have been very intent on increasing mining investment in the country. Next up is Taca Taca. Taca Taca is in Salta Province in Argentina. It's a mining-friendly province. We think it's -- this will be one of the next projects built by First Quantum. We have a 1.08% NSR on the project. It is subject to a buyback provision that would value the royalty as a function of the underlying reserves. Reserves are big, 1.8 billion tonnes of 0.44 copper with a moly and gold byproduct. Total M&I resources, MI&I resources up 2.9 billion tonnes. It's an open pit mine, contemplated 60 million tonnes per annum of throughput. Initial mine life would be about 32 years. Copper production is expected to ramp up to 275,000 tonnes per annum in the first 10 years of operations. First Quantum continues with feasibility work, predevelopment and permitting work, and they expect approval of the EIA later this year. Lastly, we hold a 1.5% NSR on the Relincho portion of Nova Una, projects a 50-50 joint venture. Tech contributed the Relincho project and Newmont, the El Morro or the La Fortuna deposit. The plan is to build a single mill alongside Relincho and connect La Fortuna to the complex through a conveyor. Relincho is a large deposit in its own right. Its reserves of 1.5 billion tonnes of 0.35 copper, and there's a further 1.5 billion tonnes of MI&I resources. The current mine plan is a 36-year mine plan, producing 250,000 tons per year of copper. That's a big mine. And the current work is on community engagement and also optimizing the production schedule between the 2 deposits. That's it on the longer-term options. I'll now turn it over to Sandip, who will discuss NPI's guidance and available capital.

Thanks, Paul. Good afternoon, everyone. As you know, Franco-Nevada has a vast portfolio of assets in excess of 400 in total. Within this portfolio, we do have a number of net profit interest. And that profit interest is typically a royalty that's payable after the operator recoups all costs, both operating and capital. Heading on the contract, the profit calculation could be on a life-of-mine basis, which basically means that an NPI royalty is not payable until the operators recouped cumulative operating and capital costs, or it could be based on an annual calculation regardless of what's happened in previous periods. Franco has both types of NPIs. In 2023, our mining NPI revenue was in excess of $30 million. NPIs provide leverage in a rising commodity price environment such as the one we are currently in. I'll briefly highlight the NPIs win in our portfolio. Our longest-standing net profit interest royalty is Goldstrike. The operation is in Nevada and operated by the joint venture between Barrick and Newmont called Nevada Gold Mines. The NPI royalties range from 2.4% to 6% depending on the specific claim. Overall, our estimate is that we cover approximately 50% of Goldstrike reserves. Goldstrike has been in operation for decades, and the NPI has been consistently paying each year. Our expectation is that the Goldstrike NPI will continue to pay out for the foreseeable future with higher payouts expected going forward as more stockpile ore is processed. The NPIs at Goldstrike are life-of-mine, so the operator is able to recoup cumulative costs before payout. The NPIs at Goldstrike do apply to the SJ, SP and the basket claims. In recent years, our largest NPI contributor has been Hemlo here in Canada. Here, we have a 50% NPI on a portion of the Western down dip underground extension, principally the lower C-zone. Intralike ore, as we call it, is the highest grade ore at Hemlo. And going forward, it will continue to represent 30% to 35% of all underground ore mined. In 2023, we did see lower GEOs and revenue as less ounces were mined overall at the property and on our lands. However, we do see a slight increase in Interlake ounces being mined in 2024 and going forward. Overall production on Hemlo is expected to be about 140,000 to 160,000 ounces in 2024 at $1,600 to $1,700 all-in sustaining cost per ounce. Hemlo is also a life-of-mine NPI royalty. Another one of our royalties is Musselwhite. It's operated by Newmont. And as you may be aware, has been designated for sale as Newmont streamlined its portfolio. Franco-Nevada has a 5% NPI royalty on the original land package. The royalty is also a life of mine NPI. Planned production for 2024 is 190,000 ounces of gold with an all-in sustaining cost of $16.20 per ounce. Current reserves are approximately 1.5 million ounces of gold. We anticipate the Musselwhite NPI paying annually at a higher rate for the foreseeable future, especially at current gold prices. Some of our other NPIs are Macassa, also known as Kirkland Lake, which is now operated by Agnico Eagle, along with an NSR that covers much of the Kirkland Lake camp and other NSR royalties on individual claims. Franco-Nevada does have a 20% profit-based royalty immediately to the southwest of the South Mine complex. The royalty is on 2 claims, Gracy Park and Boyver/Joseph. Unlike other royalties, the NPI is a quarterly accounting profit calculation. Looking forward, based on the life of mine plan we have, we do see the Macassa 20% NPI becoming payable in 2025 as Agnico mines towards the claims. Our final precious metal NPI royalty is on Pandora. It's a 5% NPI on Sibanye-Stillwater's Pandora mine, which is part of the Marikana complex in South Africa. The property forms part of the Bushveld Complex approximately 40 kilometers east of the town of Rustenburg. The property was previously operated by Lonmin before Sibanye acquired it. At current PGM prices, we only expect the Pandora MPI to pay the minimum for 2024 of 100,000 red. The deposit is very large. It's a large resource with the mine plan moving more and more on to royalty lands. The real potential here is if a second shaft is sunk to access ore which would increase production significantly. As well, if PGM prices rebound, we would expect that the NPI would pay well above the minimum, which was the case from 2019 to 2022. Finally, we have a nickel NPI royalty on BHP's Mt Keith mine in Australia. It was acquired in 2009 and is paid out historically. The royalty rate is 0.25%. However, it hasn't paid out recently, but does provide long-term nickel optionality. Now, turning to our guidance, I'd like to make clear that the guidance Franco-Nevada provides is on gold equivalent ounces sold and not produced. It represents the gold and gold equivalent ounces that Franco-Nevada earns from its royalties and streams after recoveries, refining deductions and payabilities. We believe it's a more accurate measure to forecast revenue and EBITDA than using production Geos. For 2024, we've guided to Geo sold ranging from 480,000 to 540,000. Within this range, we expect precious metal geos to be 360,000 to $400,000. In terms of the major changes year-over-year, we have not included Cobre Panama in our projections at this time. However, we have included first deliveries from a new -- from a number of new mines, Tocantinzinho, Greenstone, Posse and Solaris Norte. With respect to already producing assets, we do expect higher production from Candelaria in 2024, and also a full year of revenue from Magino and Seguela. The one asset we do anticipate delivering less Geos is Antapaccay due to lower grade. As well, 2024 will be the final year for Geos from mine way solutions as the cap on the stream will be met in Q4 of this year. As we look forward to 2028, the company already has built-in growth with expected Geo sold to be between $540,000 to $600,000 for the year. Key drivers of that growth are highlighted on the slide. Of this range, precious metal Geos are expected to be 385,000 to $425,000. Key contributors to the growth will be a number of new mines, Valentine Gold with Calibre, Stibnite with Perpetua, Eskay Creek with Kina and Castle Mountain Phase 2 with Equinox. Offsetting these new mine starts will be the fact that by 2028, we will have reached our step-downs at Candelaria and Antapaccay. Looking out to 2028, the projected overall growth in Geos for the company when excluding Cobre Panama is expected to be about 15% of the commodity prices we used for our guidance. This growth does not include any additional transactions being completed by the company. With the low cost and fixed cost nature of our business model, this increase will filter down and be reflected in EBITDA and earnings. Turning to the next slide. I'll recap our dividend philosophy. One of the core principles of Franco-Nevada Board and management is to have a progressive and sustainable dividend. We're proud of the fact that the dividend has been increased for 17 consecutive years, providing a yield of 12.9% to Canadian investors and 9.4% to U.S. investors from the IPO. Franco-Nevada has paid an increasing amount of dividends each year since IPO, despite the volatility of the gold price. The long life and steady cash flow expected from our core assets, we're confident we can continue to raise our dividend for years to come. For 2024, the company increased the dividend by approximately 6% to USD 0.36 per share per quarter. This increase was effective in Q1 of 2024. We look forward to increasing the dividend each year going forward. And finally, the company continues to be debt-free and is approximately $2.4 billion in available capital to continue to add good quality assets to the portfolio. And I will now pass it over to Bonavie, who will direct any questions the audience may have.

Thank you, Sandip. We do have a few questions from the webcast. So, perhaps for Paul. The first question is related to current opportunities. All of the new mines that we highlighted today are in the Americas, with 3 of the 4 new mines of our presenters today being in Canada. Is this a coincidence or an indication of where opportunities are geographically?

In terms of the presentations, it is coincidental. We could just pick the new mines that have been built. And where we're looking at opportunities at the moment, and it's busy for the business development team as a good spread. We're looking at opportunities that are in North America, and we're also looking at opportunities there in other regions of the world. Our overall view on diversification is we're trying to be a low-risk play. We need to make sure that most of our assets are in good jurisdictions. But the geology is what it is. Sometimes the assets are in tougher countries. We're happy to invest in what we call some of the medium countries. We always just think about what's the right dollar amount to put at risk in those countries.

Thank you. The next one relates to the outlook for our portfolio and opportunities. How does the current run-up in gold prices impact the outlook for our portfolio as well as our future business opportunities? And as a follow-on question, given the recent increase in oil prices, same question for the Energy business.

The run-up in gold prices are doubly good. First of all, the direct impact in terms of the value of the commodity. But the second thing is what it does for activity in the sector. And what we've always found is when gold price is going to run, it really drives organic growth. Operators have got the money to expand mines, developers are able to develop new mines, and everybody has the additional funds to do exploration on our properties. So we always find this is the sort of environment where we get the best organic growth. Doesn't mean it's not active on the acquisition side. When oil prices are higher, it is tougher to do deals just with gold producers. But for the base metal players that have got a gold byproduct, this is a terrific environment for them to recognize the value, capture some of the value of the gold from their deposits. So I think we'll see good organic growth. And I think there's certainly an environment, a good environment for doing byproduct streams. For the second part of your question on oil and gas, and it relates to the other diversified commodities. We try to be more opportunistic in precious metals. We're trying to invest through the cycle in the other commodities. We can pick and choose the timing more as you would have seen with the Haynesville gas acquisition. We waited until there was a downturn in gas prices. I think we're able to acquire that asset at a very attractive value. I think it's -- we like it, in particular, being on the Gulf Coast of the U.S. exposed to the growth in the LNG offtake capacity. So, I think we'll do well there over time. And I also look to other commodities that were -- that are more depressed. One of those is lithium right now. So the team is busy also looking at some prospects in that area. I always try to be opportunistic with diversified assets.

Thank you, Paul. A couple more questions actually related to commodity mix. So clearly, Franco-Nevada is focused on gold, but would you like to comment further on copper and base metals. Is there a specific percentage of revenue that we would be comfortable with, especially given that our long-term growth is in several copper mines?

We've got good exposure to copper in 2 senses. One, our biggest assets are all copper assets. Yes, we do get the gold byproduct, but obviously, higher copper prices, lower cutoff grades and more production. So you'd expect expansion for production from those assets, and we'll do back -- we'll do well on the back of it. Also, as we've chatted about the longer-term exposure in terms of royalties on a number of the next generation of copper mines. But we don't have a particular number in terms of how much exposure we would want to copper. But as we think about commodities, it's the easiest area for us to evaluate because the team has already spent so much time looking at copper deposits. It is the surest winner when it comes to electrification. It may not be the most levered winner, but it is the surest winner because you needed an EV, you need it for growing out the size, the grid for connecting the solar and the wind that we need. So it's no surprise to anybody. Copper is a favorite commodity. If we can get more exposure, we will.

Thank you, Paul. And the last question is related to our newly published ESG report. If one was to compare the 2024 report to the 2023 one, are there any key areas of additions or areas to focus on?

The number of areas, ESG is a very broad topic and what Christian outlined is -- we make sure that we cover all aspects of it and make sure that we're improving our performance year-on-year. If there's one that I'd pick as a new commitment, it's on the climate side, it is that we have now set specific targets for reducing our own emissions. So we'll take action on that. We always recognize being a very small team. That is not the big driver. The big driver is where we invest our funds and the emissions from the projects that we finance in. But nonetheless, everybody has got to play a role here. So we do feel it incumbent on ourselves to -- even for our own organization, reduce our footprint. So that's one of the incremental commitments.

Thank you, Paul. There are no further questions from the webcast, so I'll turn it back over to you for your closing remarks.

Well, thank you, Bonavie. I hope that we have been able to convey today the excitement that we have on the potential for our portfolio. I hope also that we've been able to get a good sense for the breadth of our team. There's also more to come in the portfolio. As we've mentioned, it's a very attractive transaction environment. We're well-positioned to add more assets to the portfolio. I think that next time we do an Investor Day, I'm confident that we'll have new assets that we'll be speaking about. So that will conclude it. Thank you all for your attendance and your support. Have a good evening.