Record 2025 performance was driven by significantly higher precious metal prices and growing production, resulting in annual earnings increasing by roughly 75%.

The company achieved the top end of its revised 2025 GEO guidance, finishing the year with 519,106 GEOs sold due to strong fourth-quarter contributions from Antamina, Guadalupe, and Antapacay.

Profitability remains high with a 2025 adjusted EBITDA margin of 91% and an earnings margin of approximately 60%, reflecting the low-cost nature of the royalty and stream model.

Management emphasized a strategy of being the 'financial bank' for strong mining teams, citing recent successful capital deployment in North America and Australia.

The portfolio remains highly diversified with 85% of 2025 revenue from precious metals and 88% sourced from the Americas, ensuring no single asset generates more than 13% of revenue.

Exploration activity is accelerating across the 70,000 square kilometers covered by the portfolio, with $250 million in exploration spend identified on Canadian assets alone for the current year.

2026 GEO guidance is set between 510,000 and 570,000 ounces, assuming full-year contributions from new mine starts including Porcupine, Casa Berardi, and Valentine Lake.

The 2030 outlook of 555,000 to 615,000 GEOs represents 13% organic growth, excluding any potential contributions from a Cobre Panama restart.

A potential restart of Cobre Panama could add 150,000 to 175,000 GEOs per year, which would increase the company's built-in growth to approximately 45% by 2030.

Beginning in 2026, the company will adopt fixed GEO conversion ratios to ensure guidance better reflects actual production volumes rather than fluctuating commodity prices.

Energy guidance for 2026 is based on a conservative $70 per barrel oil price, with management noting that sustained higher prices would make current estimates too conservative.

Cobre Panama remains a significant growth driver; the Panamanian government's willingness to approve processing of stockpiles is viewed as a positive step toward a full restart.

The company maintains a debt-free balance sheet with $3.1 billion in available capital, positioning it for continued acquisitive growth in a robust deal environment.

Geopolitical risks and 'deglobalization' are addressed by prioritizing asset acquisitions in stable jurisdictions like Canada, the U.S., and Australia.

Recent acquisitions have added 820,000 royalty ounces at an average cost of $770 per ounce, which management highlights as a fraction of the cost of other sector transactions.

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Management indicated the Panamanian government's target for resolution is the summer of 2026.

Once a 'go' decision is reached, the mine would take roughly 6 months to reach 50% production and 12 months to reach 90%, though stockpile processing could accelerate this.

The equity holdings primarily represent support for partners like i80 and Discovery Silver; Franco-Nevada intends to be a long-term holder to realize value from these teams.

While intended as long-term investments, management may 'take money off the table' if returns are favorable and better opportunities arise.

Guidance is based on $70 WTI; management stated that every $5 increase in the WTI price results in approximately a 7% increase in energy revenue.

The recent strength in oil prices is expected to be a 'Q2 event' in terms of financial impact if sustained.

The deal environment remains robust with CFOs increasingly considering streaming as a viable financing model following high-profile transactions by BHP and others.

Management expects a range of transaction sizes similar to the last two years, with a continued primary focus on precious metals despite openness to other commodities.

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