The following is a summary of the Franco-Nevada Corporation (FNV) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 revenue reached $275.7 million, a 14% increase from the previous year excluding Cobre Panama revenues.

• Adjusted EBITDA for Q3 2024 was $236.2 million, compared to $255.1 million in Q3 2023.

• Adjusted net income was $153.9 million in Q3 2024, with a per share value of $0.80.

• Cash cost per GEO decreased to $290 in Q3 2024 from $304 in Q3 2023.

Business Progress:

• During Q3 2024, increased contributions came from royalties on the newly commissioned Tocantinzinho mine in Brazil and Greenstone mine.

• Delivered initial ounces from Tocantinzinho and expects stronger Q4 contributions.

• Plans to discuss the possible reopening of the Cobre Panama mine in early 2025.

• Awarded diversity scholarships and supported 13 mining engineering students.

Opportunities:

• Record gold prices in 2024 spurred higher revenue forecasts, with potential for continuing benefit in diverse asset contributions.

• The opening of new mines like Tocantinzinho and a stronger Q4 performance expected from Greenstone and Candelaria.

Risks:

• The adjusted 2024 guidance for GEOs represents a decrease from original predictions due to lower-than-expected gold deliveries and slower ramp-ups at newly contributing mines.

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