The following is a summary of the Franco-Nevada Corporation (FNV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Franco-Nevada Corporation reported a Q1 revenue of $256.8 million, down 7% YoY, although still maintaining a strong adjusted EBITDA margin of 84.2%.

• Total Gold Equivalent Ounces (GEOs) sold decreased by 15% YoY, with precious metal GEOs making up 76% of the total.

• Adjusted net income was slightly down at $146 million and the EPS also dipped by 3.8% to $0.76 per share.

• The firm has a strong financial standing with no debt and $2.3 billion in available capital, despite the lower GEOs sold and net income.

Business Progress:

• The first gold productions at Salares Norte and Mara Rosa were reported during the quarter, with expectations set for upcoming production at Greenstone and Tocantinzinho.

• Following the successful acquisition of natural gas royalties in Haynesville, the company is set to start production at Ballantyne Gold in the first half of 2025.

• A diversified portfolio saw 76% of revenue being generated by precious metals, primarily sourced from the Americas.

• The stronger second half expectations are based on new mines coming online, with potential for larger transactions at $500 million and above.

• While gold remains the primary investment focus, opportunities are being explored in other commodities, such as lithium, potentially within the range of $50 - $300 million.

More details: Franco-Nevada IR

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