The following is a summary of the Franco-Nevada Corporation (FNV) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 revenue was reported at $260.1 million compared to $329.9 million a year ago.

• GEOs sold in Q2 2024 were 110,264 compared to 168,515 in the prior year's quarter.

• Adjusted EBITDA for the quarter was at $221.9 million, and adjusted net income was $144.9 million, or $0.75 per share.

• Cost of sales decreased year-over-year, primarily due to lower GEOs delivered from Antapaccay and Candelaria and no ongoing fixed costs from Cobre Panama.

Business Progress:

• Recently added two significant assets to their portfolio: a gold stream on SolGold's Cascabel project in Ecuador and a royalty on Newmont's Yanacocha operations in Peru.

• Enhancements in Candelaria and Antapaccay expected to improve production in the latter half of the year.

• Expectations of increased revenue due to newly started productions at Salares Norte, Greenstone, and Tocantinzinho gold mines.

Opportunities:

• Potential underground expansion at Candelaria and future development of the Coroccohuayco at Antapaccay are expected to enhance long-term asset performance.

• Significant contributions anticipated from new acquisitions: Cascabel project in Ecuador and Yanacocha operations in Peru, hinting at an expanded geographical and operational footprint.

Risks:

• The performance risks tied to the lower production in Candelaria and Antapaccay due to operational challenges like geotechnical events and mining interface issues.

• Geopolitical and operational risks associated with the new investments in regions like Ecuador, highlighted by the structured deal terms to mitigate these risks.

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